TCREUR_Public/091118.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

         Wednesday, November 18, 2009, Vol. 10, No. 228

                            Headlines

A U S T R I A

BOGDA-RADO BAU: Claims Filing Deadline is December 4
TOMMI GMBH: Claims Filing Deadline is December 4


C Z E C H   R E P U B L I C

KOVOPOL: Declared Bankrupt by Hradec Kralove Court


F R A N C E

BELVEDERE SA: Must Sell Marie Brizard Unit by June 30
CMA CGM: Will Begin to Break Even This Month


G E R M A N Y

HELLA KGAA: Moody's Assigns 'Ba1' Rating on EUR300 Mil. Notes
LIBERTY GLOBAL: Moody's Affirms 'Ba3' Corporate Family Rating
LIBERTY GLOBAL: S&P Puts 'B+' Rating on CreditWatch Negative
PLASTAL DEUTSCHLAND: Faurecia Nears Acquisition Deal
SEMPER FINANCE: Fitch Cuts Rating on Class E Notes to 'B'

TS CO.MIT: Fitch Cuts Ratings on Two Classes of Notes to 'C'
UPC GERMANY: Moody's Assigns 'B1' Rating on EUR1.9 Bil. Notes
UPC GERMANY: S&P Assigns Ratings on Two Proposed Debt Instruments


I R E L A N D

CDISCOUNT RETAIL: Liquidator Seeks Buyer for Business
FLEMING CONSTRUCTION: Court Approves Rescue Plan For Three Firms
LYNCH HOTEL: Emerges From Examinership


I T A L Y

RISANAMENTO SPA: Net Loss Narrows to EUR42.1MM in Third Qtr. 2009


K A Z A K H S T A N

ABAT IT: Creditors Must File Claims by November 20
CIC LLP: Creditors Must File Claims by November 20
ESEM MAI: Creditors Must File Claims by November 20
ILPA JSC: Creditors Must File Claims by November 20
KALO HOLDING: Creditors Must File Claims by November 20

KAZ TECH: Creditors Must File Claims by November 20
KOGNA LTD: Creditors Must File Claims by November 20
KOMMESK-OMIR JSC: Moody's Assigns 'B3' Financial Strength Rating
NURBERGEN LLP: Creditors Must File Claims by November 20
R-AUTO LLP: Creditors Must File Claims by November 20

RASKA LLP: Creditors Must File Claims by November 20


K Y R G Y Z S T A N

TATARSTAN LLC: Creditors Must File Claims by December 9
TUZ-TRANS LLC: Creditors Must File Claims by December 9


N E T H E R L A N D S

DALRADIAN EUROPEAN: Moody's Cuts Rating on Class D Notes to 'B2'
GREEN PARK: Moody's Junks Ratings on Two Classes of Notes
HIGHLANDER EURO: Moody's Junks Ratings on Two Classes of Notes
SKELLIG ROCK: Moody's Cuts Ratings on Two Classes of Notes to Caa3


R U S S I A

CONSTRUCTION MATERIALS: Creditors Must File Claims by November 25
GLOBEXBANK CJSC: Fitch Assigns 'D' Individual Rating
ISHIMSKAYA FUEL: Creditors Must File Claims by November 25
PERMSKAYA FUEL: Creditors Must File Claims by November 25
ROSBANK AKB: Fitch Assigns Ratings on Four-Year A3 Series Notes

SAMARA OIL: Creditors Must File Claims by November 25
SPETS-VYSOT: Creditors Must File Claims by November 25
SWEDBANK OJSC: Moody's Assigns 'E+' Bank Financial Strength Rating

* RUSSIA: Fitch Affirms Individual Ratings of Five Banks at 'D'
* KOSTROMA: Fitch Assigns B+ LT Foreign & Local Currency Ratings
* KRASNOYARSK REGION: Fitch Assigns 'BB+' Ratings on Bonds
* YAROSLAVL: Fitch Affirms 'BB-' Foreign & Local Currency Ratings


S P A I N

FTPYME BANCAJA: Fitch Junks Ratings on Four Tranches
MARTINSA-FADESA: Balance Sheet Upside-Down by EUR1.3 Billion


S W I T Z E R L A N D

CONCEPT CAPITAL: Claims Filing Deadline is November 27
CRANEX GMBH: Claims Filing Deadline is November 25
DATACARD-CMS: Claims Filing Deadline is November 27
ERICH ZUEGER: Claims Filing Deadline is November 26
FERO FELDMANN: Claims Filing Deadline is November 27

INFORMATIK-ATELIER: Claims Filing Deadline is November 26
INTERCONF TRADING: Claims Filing Deadline is November 25
LERCHENFELD IMMOBILIEN: Claims Filing Deadline is November 25
SIS SWISS: Claims Filing Deadline is November 27
TENNISCENTER LERCHENFELD: Claims Filing Deadline is November 25


U K R A I N E

CARAVAN LLC: Creditors Must File Claims by November 21
MAGNETO LLC: Creditors Must File Claims by November 21
NADRA BANK: Has Deal with Lenders to Restructure 75% of Total Debt
NAFTOGAZ OF UKRAINE: Fitch Affirms Issuer Default Ratings at 'CCC'
NOVOGRODOVKA REGIONAL: Creditors Must File Claims by November 21

RAKITNOYE PAPER: Creditors Must File Claims by November 20

* UKRAINE: Fitch Downgrades National Long-Term Rating


U N I T E D   K I N G D O M

ABBOT GROUP: S&P Puts 'B-' Corp. Rating on CreditWatch Negative
AERO INVENTORY: Receives 25 Expressions of Interest
BUSINESS MORTGAGE: Moody's Confirms Ba1 Ratings on Class B Notes
CHAMPION ENTERPRISES: Files for Chapter 11 to Sell Business
CORSAIR NO. 4: S&P Downgrades Rating on Series 12 Notes to 'BB+'

EASSDA LTD: In Administration; BDO Appointed
EMI GROUP: Terra Firms Writes Down Investment by 90%
EURO CONSTRUCTION: In Administration; KPMG Called In
SPIRIT ISSUER: Moody's Affirms Ba2 Ratings on 5 Classes of Notes


                         *********



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


BOGDA-RADO BAU: Claims Filing Deadline is December 4
----------------------------------------------------
Creditors of Bogda-Rado Bau KG have until December 4, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 18, 2009 at 11:05 a.m.

For further information, contact the company's administrator:

         Dr. Martin Koroschetz
         Schuettelstrasse 55
         1020 Vienna
         Tel: 72577
         Fax: 72 577 577
         E-mail: dr.koroschetz@aon.at


TOMMI GMBH: Claims Filing Deadline is December 4
------------------------------------------------
Creditors of Tommi GmbH have until December 4, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for December 18, 2009 at 11:15 a.m.

For further information, contact the company's administrator:

         Dr. Romana Weber-Wilfert
         Esslinggasse 7
         1010 Vienna
         Austria
         Tel: 90 333
         Fax: 90 333 66
         E-mail: wien@snwlaw.at


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


KOVOPOL: Declared Bankrupt by Hradec Kralove Court
--------------------------------------------------
CTK reports that the Regional Court in Hradec Kralove, eastern
Bohemia, has declared engineering company Kovopol bankrupt.

The report relates the company's insolvency administrator Jiri
Jakoubek said he would like to keep the production in the firm,
which has over 50 staff, going and sell it as a functioning unit.

According to the report, Kovopol has been in insolvency
proceedings since April 1 and has 220 creditors, including
Citibank Europe and Ceskoslovenska obchodni banka.


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


BELVEDERE SA: Must Sell Marie Brizard Unit by June 30
-----------------------------------------------------
Heather Smith at Bloomberg News reports that a French court on
Nov. 11 ruled that Belvedere SA should sell its Marie Brizard unit
by June 30 for at least EUR235 million (US$350 million) as a
condition to ending the company's bankruptcy case.

Bloomberg recalls Belvedere bought Marie Brizard, whose brands
include Old Lady's Gin and Tullamore Dew Whiskey, in 2005, in part
by issuing Floating Rate Notes.  Belvedere violated terms of the
notes, which led it to file for court protection from creditors,
Bloomberg recounts.

According to Bloomberg, Belvedere's recovery plan also suggests
the sale of 12 Polish distributors for at least EUR66.7 million by
Nov. 10 and the sale of company-owned stock for EUR60.6 million by
June 30.

"The sale of certain assets and capital campaigns are fundamental
facts to accomplish the plan," Bloomberg quoted the court as
saying in its 19-page ruling.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company’s range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness centre activities.


CMA CGM: Will Begin to Break Even This Month
--------------------------------------------
Laurence Frost at Bloomberg News reports that CMA CGM SA said
operations will begin to break even this month as freight-carrying
prices recover.

According to Bloomberg, Guillaume Foucault, a Paris-based
spokesman for CMA, said routes linking Asia with northern Europe,
which account for 21% of Marseille-based CMA's freight volumes,
broke even in October as the rental rate for a 40-foot container
recovered to US$2,140 from US$800 four months earlier.

Bloomberg relates the spokesman said the company "categorically
denies" a Nov. 7 report in Le Journal du Dimanche that it was
losing EUR100 million (US$149 million) a month.

CMA, Bloomberg discloses, is in talks with creditors and potential
investors after breaching covenants on US$4 billion of the debt
and using US$1.2 billion of cash in the first half, reducing
reserves to US$599 million as of June 30.

As reported by the Troubled Company Reporter-Europe on Nov. 6,
2009, CMA CGM faces an important repayment deadline Nov. 20.

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
=============


HELLA KGAA: Moody's Assigns 'Ba1' Rating on EUR300 Mil. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the
EUR300 million Fixed Rate Notes issued by Hella KGaA Hueck & Co.
The outlook on the ratings is stable.

The Ba1 instrument rating is in line with Moody's Loss-Given-
Default Methodology and reflects the pari passu ranking of the new
Fixed Rate Notes with the vast majority of the group's financial
debt.  As the group is financed primarily through senior unsecured
borrowings raised by Hella KGaA Hueck & Co there are only
immaterial amounts of secured or decentralized subsidiary
borrowings in the capital structure.  Moreover, there is only a
marginal amount of subordinated debt in form of profit
participation rights.  Although there are no upstream guarantees
for the Fixed Rate Notes there is no notching for structural
subordination given the absence of a material amount of debt at
subsidiary level and given that the issuer itself is an operating
entity which accounts for almost half of the group's revenues and
a substantial portion of its assets.

Hella's Ba1 Corporate Family Rating remains supported by a sound
business profile and the company's sizeable aftermarket business,
which has proven to be fairly resilient in the current downturn.
Although revenues in fiscal 2008/2009 declined by 17% to
EUR3.3 billion driven by a severe cyclical downturn in the
automotive industry, the group achieved an operating result above
break-even (EBIT of EUR36 million as adjusted by Moody's) which
Moody's view positively given the challenging market environment.
Moreover, Moody's expect some counter measures implemented by
management will unfold their full effect only in fiscal 2009/10,
which should allow profitability to gradually recover going
forward -- even if car production levels remain at the currently
depressed levels.  Hence, Moody's expects leverage levels to
return to levels of 3x Debt/EBITDA (as adjusted by Moody's) in the
short to medium term after a cyclical trough of 4.3x in fiscal
2008/09.

Assignments:

Issuer: Hella KGaA Hueck&Co

  -- Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD3,
     47%)

Moody's last rating action on Hella was on March 24, 2009 when
Moody's downgraded Hella's Corporate Family rating to Ba1 (stable)
from Baa3 (under review for possible downgrade).

Headquartered in Lippstadt, Germany, Hella KGaA Hueck & Co is one
of the leading automotive suppliers in automotive lighting and
electronics components, and holds a strong position in the
aftermarket.  The company employs approximately 23,000 people at
70 locations in more than 30 countries.


LIBERTY GLOBAL: Moody's Affirms 'Ba3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Liberty Global Inc.'s Ba3
Corporate Family Rating following the announcement that UPC
Germany GmbH, an indirectly wholly owned subsidiary of LGl and LGI
have entered into a share purchase agreement with Unity Media
S.C.A. to acquire all the issued and outstanding capital stock of
Unitymedia GmbH for EUR2.0 billion.  The total acquisition cost
including net financial debt amounts to ~Euro 3.5 billion (before
transaction fees).

In Moody's view the acquisition will usefully complement LGI's
existing European footprint which encompasses operations in other
German speaking territories (Austria, parts of Switzerland) and
should allow for operating synergies, particular in network
operating cost and capex.  Unitymedia is well positioned in the
German cable market, operating in some of the country's most
affluent regions.  Moody's also believes that Unitymedia's
strategic focus on its integrated triple play offering, broadband/
telephony penetration and monetization of its digital pay TV
delivery capabilities should underpin revenue growth and solid
margins.  However, the agency also notes that this debt-financed
transaction at a ratio of acquisition value to LQA cable EBITDA
(IFRS - unadjusted) of ~ 7.7x will consume a substantial portion
of LGI's flexibility at the current Ba3 rating level.  Liberty
Global expects to fund the transaction from (i) debt of ~Euro 2.5
billion raised at the target asset level (ii) the issuance of a
convertible bond (Euro 500 million -equivalent) (iii) proceeds
from a recent share placing (US$128 million) and (iv) existing
resources.  The challenges in rebuilding financial flexibility and
in integrating this substantial asset together with some
uncertainty about further corporate developments (J-COM
resolution) inform a negative outlook.  Moody's currently expects
that the exercise of a put against LGI that obliges it to purchase
the remaining 20% shares in VTR that it does not already own can
be achieved in a debt-neutral manner.

LGI's recent Q3 results show a solid operating performance.  YTD
Rebased OCF growth of 8%, and FCF growth of 24%, broadly in line
with the company's public guidance of 5-7% and 25%.  The rebased
revenue growth was driven by the strong performance in Telenet and
J:COM.  The UPC broadband division, which represents 37% of the
consolidated revenue but more than 50% of the total proportionate
revenue, grew at 1% on a constant currency basis.  In some markets
including Hungary, Austria and Romania, UPC is experiencing the
negative impact of the challenging economic environment as well as
continuing competitive pressure.  However, the negative revenue
trends in these subsidiaries are more than offset by growth in the
rest of Eastern Europe, The Netherlands and Ireland as well as an
overall EBITDA margin improvement.

Ratings affected by the announcement are:

  -- Liberty Global, Inc. (CFR at Ba3): Outlook to negative (from
     stable)

The last rating action for Liberty Global occurred on 4 April 2007
when a Ba3 PDR was assigned.

Liberty Global, Inc, is an international broadband communications
provider of video, voice and Internet access services, active in
Europe (UPC Broadband, Telenet, Chellomedia), The Americas (VTR,
Liberty Puerto Rico) and Asia Pacific (J:COM, Austar).  The
company is based in Englewood, Colorado in the USA.


LIBERTY GLOBAL: S&P Puts 'B+' Rating on CreditWatch Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'B+'
long-term corporate credit rating and all other ratings on U.S.-
listed, international cable TV operator and broadband services
provider Liberty Global Inc. and its subsidiaries on CreditWatch
with negative implications.

At the same time, S&P placed the 'BB-' long-term corporate credit
rating and all other ratings on German cable TV operator
Unitymedia GmbH and its subsidiaries on CreditWatch with negative
implications.

"The CreditWatch placements follow the announcement that LGI has
entered into a stock purchase agreement with Unity Media S.C.A.
(not rated) to acquire all of the issued and outstanding capital
stock of Unitymedia," said Raam Ratnam, Standard & Poor's credit
analyst.

LGI will acquire 100% of the shares of Unitymedia for an equity
purchase price of approximately US$2.0 billion from its parent,
which is owned by a group of shareholders led by BC Partners and
Apollo.

Together with Unitymedia's reported net debt on Sept. 30, 2009, of
approximately US$1.5 billion, the total consideration is
approximately US$3.5 billion, excluding transaction costs.

LGI intends to finance this transaction with debt financing on
Unitymedia's business of US$2.5 billion, existing liquidity
available to LGI, the net proceeds from the sale of US$750 million
in convertible notes, and a share placement of approximately
US$128 million.

The negative CreditWatch placement on LGI and Unitymedia is based
on S&P's view of the likelihood that the pro forma leverage of
both these entities will increase significantly following the
completion of the proposed transaction.  S&P believes that the
completion of the transaction will pressure the financial risk
profile of both entities and will significantly reduce debt
protection measures.

S&P will review the CreditWatch listing on completion of the
acquisition; this is subject to regulatory approvals and the
finalization of transaction documents.  On completion of the
transaction, it is likely that the ratings on LGI and Unitymedia
will be closely linked.

The resolution of the Creditwatch listing on the issue ratings may
also be subject to the resolution of uncertainties surrounding the
eventual debt pushdown to Unitymedia, which S&P believes will take
place after the transaction's completion.


PLASTAL DEUTSCHLAND: Faurecia Nears Acquisition Deal
----------------------------------------------------
Chris Reiter at Bloomberg News, citing Sueddeutsche Zeitung,
reports that Faurecia SA is close to completing the purchase of
Plastal Deutschland GmbH, an insolvent German maker of plastic
auto components.

According to Bloomberg, the Munich-based newspaper said the French
car-parts supplier and Siegfried Beck, Plastal's insolvency
administrator, may resolve remaining details in the coming days.

Bloomberg relates Sueddeutsche said no large-scale firings are
planned after the acquisition.  Plastal employs roughly 3,000
employees, two-third of who are based in Germany, Bloomberg
discloses.


SEMPER FINANCE: Fitch Cuts Rating on Class E Notes to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded Semper Finance 2007-1 GmbH's class C
to E commercial mortgage-backed floating-rate notes, and affirmed
the ratings of the class A1+, A2, and B notes.  At the same time,
Fitch has revised the Outlook of the class B notes to Negative
from Stable.  The outlooks for the class C to E notes are
Negative.

The rating actions are:

  -- Class A1 (XS0305670308): paid-in-full

  -- EUR280,109 class A1+ (XS0305670647) affirmed at 'AAA';
     Outlook Stable

  -- EUR10,000,000 class A2 (XS0305670993) affirmed at 'AAA';
     Outlook Stable

  -- EUR51,800,000 class B (XS0305671298) affirmed at 'AA';
     Outlook revised to Negative from Stable

  -- EUR51,700,000 class C (XS0305671454) downgraded to 'BBB' from
     'A'; Outlook Negative

  -- EUR49,100,000 class D (XS0305672262) downgraded to 'BB' from
     'BBB'; Outlook Negative

  -- EUR20,300,000 class E (XS0305672692) downgraded to 'B' from
     'BB'; Outlook Negative

  -- EUR8,700,000 class F (XS0305672858): not rated

  -- EUR11,400,000 class G (XS0305673070): not rated

  -- EUR7,683,722 threshold amount: not rated

The downgrades of the class C to E notes reflect an increase in
loan delinquencies and Fitch's expectation of rising arrears
levels and further loan defaults.

Semper 2007-1 is a synthetic securitization of loans originated by
Eurohypo AG (rated 'A'/'F1'/Rating Watch Negative).  The reference
pool consists of loans secured either by senior- or subordinate-
ranking mortgages on commercial properties located throughout
Germany.  The majority of claims are seasoned fixed-rate loans
scheduled to amortize in full over 30 year terms.  They are mostly
granted to SME-like borrowers or private individuals.  Few loans
have structural features commonly found in CMBS transactions, such
as debt service coverage and loan-to-value ratio covenants.
Furthermore, only limited data and information is available with
regards to the underlying real estate collateral.

As of August 2009, the reference portfolio consisted of 317 loans
with an aggregate current balance of EUR653.9 million and a
reported weighted-average LTV of 68.9%.  Some 35% of the initial
pool balance had repaid by this reporting date, following
prepayments and scheduled repayments.  Although this has led to
increased levels of credit enhancement, with the top 10 and 20
obligors representing 22% and 32% of the aggregate pool balance,
respectively, the junior note classes remain exposed to single
obligor risk.

Reported arrears have risen to 3.4% of the outstanding portfolio,
and although this consists of only ten delinquent loans, Fitch
considers it a sign of growing risk of loan defaults in the near-
to medium-term.  A weak economic environment coupled with
deteriorating conditions in commercial real estate markets is
creating difficulties for borrowers seeking financing.

In February 2008, Eurohypo paid the class A1 notes in full for
regulatory reasons, by exercising its call option.  The call does
not change the risk profile of the remaining notes because it did
not reduce the balance of the reference pool on which protection
was bought.  Eurohypo simply opted to give up its protection
against credit losses exceeding a certain amount.

Fitch analyzed the mortgage portfolio by using a combined approach
of the agency's CMBS and CDO methodologies.


TS CO.MIT: Fitch Cuts Ratings on Two Classes of Notes to 'C'
------------------------------------------------------------
Fitch Ratings has downgraded six classes of notes of TS Co.mit One
GmbH, removed them from Rating Watch Negative and assigned
Outlooks and Loss Severity Ratings:

  -- EUR88.2 million class A secured notes (ISIN: XS0261661796):
     downgraded to 'A' from 'AAA'; removed from RWN; assigned
     Stable Outlook; assigned 'LS-2'

  -- EUR11.8 million class B secured notes (ISIN: XS0261661879):
     downgraded to 'BBB' from 'AA'; removed from RWN; assigned
     Negative Outlook; assigned 'LS-4'

  -- EUR10.9 million class C secured notes (ISIN: XS0261661952):
     downgraded to 'B' from 'A'; removed from RWN; assigned
     Negative Outlook; assigned 'LS-4'

  -- EUR8.0 million class D secured notes (ISIN: XS0261662091):
     downgraded to 'CCC' from 'BBB'; removed from RWN

  -- EUR8.9 million class E secured notes (ISIN: XS0261662174):
     downgraded to 'C' from 'BB'; removed from RWN

  -- EUR5.0 million class F secured notes (ISIN: XS0261662257):
     downgraded to 'C' from 'B'; removed from RWN

The transaction is a cash securitization of certificates of
indebtedness (Schuldscheindarlehen) of German SMEs.  The portfolio
companies were selected by Commerzbank AG ('A+'/Outlook
Stable/'F1+'/Support Rating '1'), the originator and servicer of
the transaction.

The notes were placed on RWN on August 6, 2009 as a result of
Fitch's revised rating criteria for European granular corporate
balance sheet securitizations.  Whilst the rating actions
announced capture the updated rating criteria, which were used to
determine the rating loss rates for the notes, they are also
driven by the negative performance of the underlying assets and
the high obligor concentration in the pool.  Although the
portfolio has amortized to a great extent, with the current pool
excluding defaulted assets at 24.4% of the initial portfolio, the
resulting increase in the credit enhancement of the notes is not
sufficient to support the notes' prior ratings.

Based on the latest available portfolio information as of
September 2009, the number of performing debtors decreased to 152
from 372 at closing.  The largest exposure accounted for 4.1%, and
the top industry was business services with 14.1% of the portfolio
excluding defaulted assets.  The weighted average life of the
portfolio decreased to one year from 2.6 years at issue.

Since closing in July 2006, 28 debtors (7.5% of all borrowers)
have defaulted on EUR39.4 million of loans, implying a performance
of the securitized portfolio in the range of 'BB-'/'B+'.  Based on
such underperformance and on Fitch's expectation of rising
defaults and delinquencies, given the unfavorable economic
conditions in Germany, the initial default assumption for
borrowers in the portfolio has been revised to 'B+'/'B'.

Fitch has examined the current status of the transaction's excess
spread trapping mechanisms and found they provide limited support.
The reserve account, which provided a cushion of EUR1.5 million at
closing, equaled zero as of the September 2009 investor report.
The balance of the overcollateralization account, representing a
provision for potential future defaults, was EUR1.4 million.  The
principal deficiency ledger was EUR10.1 million after the
September 2009 payment date, and under Fitch's modeling cannot not
be significantly reduced by maturity even if no further defaults
occur.

Based on the credit enhancement and excess spread available, the
class A notes could absorb up to 26% of new defaults under Fitch's
modeling which covers the seven largest exposures.  The class B
notes could withstand up to 19%, and class C notes up to 11% of
new defaults.  As class D could only withstand the default of the
top borrower, Fitch believes that there is a real possibility of
default on class D.  Defaults on the class E and F notes are
inevitable in the agency's view, since the current PDL amount
cannot be significantly reduced until the maturity of the
transaction.


UPC GERMANY: Moody's Assigns 'B1' Rating on EUR1.9 Bil. Notes
-------------------------------------------------------------
Moody's Investors Service said that it had assigned a (P)B1 rating
to UPC Germany GmbH's proposed EUR1.9 billion Euro-equivalent
senior secured notes due 2017, a (P)B3 rating to the proposed
EUR600 million of senior notes due 2019 and a (P) B1 Corporate
Family Rating.  UPC Germany is indirectly wholly owned by Liberty
Global Inc.  The debt rated on a provisional basis is issued to
part-fund the issuer's acquisition of German cable communications
company Unitymedia GmbH.  The ratings are based on the assumption
that following completion of the acquisition the notes will become
obligations of legal entities within Unitymedia GmbH and will be
supported by Unitymedia GmbH's credit.

On November 13 2009, UPC Germany and LGI entered into a share
purchase agreement with Unity Media S.C.A. to acquire all the
issued and outstanding capital stock of Unitymedia GmbH for
EUR2.0 billion.  The total acquisition cost including net
financial debt amounts to ~Euro 3.5 billion (before transaction
fees).  Completion of the transaction, which is subject to
regulatory review, is expected to occur in the first half of 2010.
In order to finance the acquisition the issuer will issue the
notes (~EUR2.5 billion) and will receive the remainder in the form
of an equity contribution from LGI.  Should LGI's capital
contribution not take the form of equity, ratings might have to be
re-evaluated, Moody's added.  Prior to completion proceeds from
the notes will be held in segregated escrow accounts and will be
secured by pledges over the issuer security interests under the
respective escrow agreements and a pledge of the shares of the
issuer.  If the transaction is not completed and in a number of
other defined circumstances the issuer is obliged to redeem the
bonds (at a price of 101) with any shortfall after return of
escrowed monies to be born by LGI.  Following completion of the
transaction the rated notes will be "pushed down" to Unitymedia
GmbH, which will assume the senior notes and to Unitymedia Hessen
GmbH and Unitymedia NRW GmbH, which will jointly assume the senior
secured notes.  The senior secured notes will be secured by a
security package that includes senior guarantees of certain
subsidiaries and first priority pledges over certain assets within
the issuer group and the senior notes will benefit from
subordinated guarantees from certain subsidiaries, a pledge over
the issuer's shares and junior priority pledges over the shares of
certain subsidiaries of the issuer.

The provisional B1 CFR reflects the company's relatively high
initial leverage (Moody's Debt/EBITDA of ~5.6x on a LQA pro forma
basis excluding synergies) with leverage remaining above 5x in the
near-term even if synergies can broadly be realized as projected
and limited free cash flow.  While savings mainly in the areas of
network operations and capex that capitalize on LGI's scale and
know-how appear directionally achievable, Moody's still sees
meaningful execution risk in arriving at the planned synergies.
The indicated ratings remained underpinned by the steady growth of
the company's cable business, its strong market position within
the German cable TV, Internet and Telephony.  Moody's also believe
that the company's strategic focus on its integrated triple play
offering, broadband/telephony penetration and monetization of its
digital pay TV delivery capabilities should underpin revenue
growth and solid margins.  The post transaction capital structure
will be complemented by a revolving credit facility of
~EUR80 million, which Moody's would expect to show good headroom
relative to any restrictive covenant(s) and/or any other usage
restrictions.  Cash generated from operations and the RCF will be
the main sources of liquidity for the company, which Moody's
regards as adequate in the absence of any refinancing needs in the
near-to-medium term.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

The stable outlook indicated reflects Moody's expectation that
post transaction Unitymedia will remain focused on developing its
current business so that the stated objective of managing leverage
within a 4-5x leverage (as measured by LGI) can be achieved over
time.

UPC Germany GmbH is an indirectly wholly-owned subsidiary of
Liberty Global, Inc.  The company was set up to effect the planned
acquisition of Unitmedia GmbH and is expected to be merged with
and into Unitymedia GmbH following completion of the acquisition.


UPC GERMANY: S&P Assigns Ratings on Two Proposed Debt Instruments
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned issue-
level and recovery ratings to two proposed debt instruments to be
issued by UPC Germany GmbH, an indirect wholly owned subsidiary of
Liberty Global Inc (B+/Watch Neg/--).  UPC Germany was formed to
acquire all of the issued and outstanding share capital of
UnitymediaGmbH (BB-/Watch Neg/--).

S&P assigned an issue rating of 'BB-' to UPC Germany's proposed
EUR1.9 billion-equivalent senior secured notes, one notch above
the corporate credit rating on LGI.  The recovery rating on this
instrument is '2', indicating S&P's expectation of substantial
(70%-90%) recovery in the event of a payment default.

At the same time, S&P assigned an issue rating of 'B-' to UPC
Germany's proposed EUR600 million senior notes, two notches below
the CCR on LGI.  The recovery rating on this debt is '6',
indicating S&P's expectation of negligible (0%-10%) recovery in
the event of a payment default.

In addition, the ratings on both the proposed EUR1.9 billion-
equivalent notes and the proposed EUR600 million notes were placed
on CreditWatch with negative implications.

Given that the CCR on LGI is currently on CreditWatch with
negative implications, S&P highlights that if the CCR on LGI were
to be lowered by one notch, the issue ratings on the proposed
bonds would also be lowered by one notch, i.e., the issue rating
on the senior secured bond would be lowered to 'B', and the issue
rating on the senior notes would be lowered to 'CCC+'.

S&P understands that following the closure of the bond issue, the
net proceeds will be held in escrow while regulatory and other
approvals are sought.  The proceeds will be released on completion
of the acquisition.  S&P also understand that the obligations
under the bonds will then be pushed down to Unity Media GmbH,
Unitymedia Hessen GmbH & Co KG (BB-/Watch Neg/--), and Unitymedia
NRW GmbH (not rated).

S&p's recovery rating assessment assumes, among other conditions
being fulfilled, the completion of the acquisition of Unitymedia
and the successful execution of the debt pushdown and security
package.  If either of these events does not take place, S&P's
recovery ratings and analysis may change.

If the acquisition were not completed, it is S&P's understanding
that the bond proceeds would be returned to noteholders.  S&P's
recovery analysis is also conditional on the finalization of a
revolving credit facility and the intercreditor agreement, which
S&P understands will not be in place when the bonds are issued.

In the event that the debt pushdown did occur, but the security
could not be taken as planned, S&P believes that the senior
secured and senior notes would effectively rank pari passu with
each other.  If this were to be the case, then recovery prospects
for the senior notes could be enhanced, while recovery prospects
for the senior secured bondholders could move into a lower
recovery rating category.

                        Recovery Analysis

Assuming the successful completion of the acquisition and debt
pushdown, recovery prospects for the bonds are supported by a
relatively comprehensive security package and favorable insolvency
regime.

S&P has valued Unitymedia as a going concern.  Given Unitymedia's
leading market position in Germany, high barriers to entry, and
healthy operating margins, S&P believes that a default would most
likely result from excessive leverage.  S&P's default scenario
envisages a trading deterioration of Unitymedia's operating
businesses and does not take into account dividend payments to, or
corporate actions by, LGI that may affect Unitymedia's credit
quality.

At S&P's hypothetical point of default, S&P value Unitymedia at
about EUR1.9 billion.  After deducting priority claims principally
comprising a fully drawn revolving credit facility and costs of
enforcement, S&P see substantial (70%-90%) recovery prospects for
senior secured noteholders.  This leaves negligible (0-10%)
recovery prospects for senior noteholders.

A full recovery report for UPC Germany GmbH will be published
shortly.

                           Creditwatch

S&P aims to review the CreditWatch on completion of the
acquisition and debt pushdown, at the same time that S&P reassess
the CreditWatch on Unitymedia and LGI.  The resolution of the
CreditWatch on the issue ratings may be subject to the removal of
any outstanding uncertainties surrounding the eventual debt
pushdown to Unitymedia.  This, S&P understand, will take place
after the transaction's completion.

                           Ratings List

                           New Ratings

                         UPC Germany GmbH

                         Senior Secured*

               Proposed EUR1.9 billion notes      BB-
                Recovery Rating                   2

                          Subordinated*

               Proposed EUR600 million notes      B-
                Recovery Rating                   6

    * Guaranteed by Unitymedia Hessen GmbH & Co. KG, Unitymedia
      Management GmbH, and Unitymedia Hessen Verwaltung.


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


CDISCOUNT RETAIL: Liquidator Seeks Buyer for Business
-----------------------------------------------------
Ian Kehoe at The Sunday Business Post Online reports that Internet
retailer CDiscount Retail Ltd. has been put up for sale by a
liquidator after losing EUR6.3 million in ten months.

The report says an information memorandum is being circulated
within the industry, seeking potential buyers for the business.

According to the report, the company, which launched in Ireland at
the beginning of December 2008, has total debts of EUR8.2 million,
and is now insolvent.  The EUR6 million funding from its investors
has been written off, the report discloses, citing court documents
relating to the liquidation.

The provisional liquidator, Michael McAteer, a partner with Grant
Thornton, is hoping to sell the business as a going concern, the
report states.

Based in Co Louth, CDiscount Retail Ltd. operated as the regional
base of a French online retailer.


FLEMING CONSTRUCTION: Court Approves Rescue Plan For Three Firms
----------------------------------------------------------------
Vivion Kilfeather at The Irish Examiner reports that the High
Court approved a 10-year rescue plan for three companies in the
Fleming Construction Group, which has debts of EUR1 billion.

According to the report, Mr. Justice Brian McGovern said he
believed the survival proposals would turn around the fortunes of
the three companies -- John J Fleming Construction, JJ Fleming
Holdings and Tivway; would preserve 137 jobs and eventually give a
return to creditors "way beyond what would be achieved in a
liquidation".

The report relates the judge said he was satisfied the support
pledged by the banks to the companies under the scheme was
substantial and the three companies had a reasonable prospect of
survival.

The report recalls after the Fleming companies were placed under
court protection last summer, examiner George Maloney put forward
the scheme, which provides for a sale of the group’s contracting
arm and other assets to a new company, Donban, backed by an
unnamed investor, for EUR3.6 million.


LYNCH HOTEL: Emerges From Examinership
--------------------------------------
BreakingNews.ie reports that Lynch Hotel Group on Monday emerged
from its examinership process.

BreakingNews.ie relates the company voluntarily undertook the
process in order to protect its business and the employment of
more than 500 staff members across the seven hotels it owns and
operates in the west of Ireland.

All properties in the group remain intact and will continuing
trading as normal as part of the Group, BreakingNews.ie says.

As reported by the Troubled Company Reporter-Europe on Aug. 3,
2009, the Irish Times said the group sought court protection
because it was unable to pay its debts, which stood at EUR22.85
million.  The group's main creditors include the Revenue
Commissioners, AIB, Bank of Scotland (Ireland), Bank of Ireland,
Diageo Ireland and Celtic Linen Ltd., according to the Irish
Times.

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


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


RISANAMENTO SPA: Net Loss Narrows to EUR42.1MM in Third Qtr. 2009
-----------------------------------------------------------------
Elisa Martinuzzi at Bloomberg News reports that Risanamento SpA
said its third-quarter loss narrowed to EUR42.1 million (US$63
million) from EUR88.5 million in the year-earlier period.

According to Bloomberg, the company had net debt of EUR2.9 billion
at the end of September.

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, Bloomberg News said a Milan court approved a restructuring
plan for Risanamento, refusing a prosecutors' request to declare
the company bankrupt.  Bloomberg disclosed the company reached an
agreement with creditors on a reorganization plan in September
after reporting net debt of EUR2.9 billion (US$4.3 billion) for
the first half.

                         Restructuring Plan

On Sept. 10, 2009, the Troubled Company Reporter-Europe reported
that Bloomberg News, citing daily Il Sole 24 Ore, said
Risanamento's restructuring plan, backed by 60% of the real estate
company's creditors, includes a EUR150-million (US$218 million)
capital increase, the conversion of EUR350 million of debt and the
sale of assets, excluding property in New York and Paris.

                       About Risanamento SpA

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


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


ABAT IT: Creditors Must File Claims by November 20
--------------------------------------------------
Creditors of LLP Abat It have until November 20, 2009, to submit
proofs of claim to:

         Tole Bi Str. 295
         Almaty
         Kazakhstan

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


CIC LLP: Creditors Must File Claims by November 20
----------------------------------------------
Creditors of LLP CIC have until November 20, 2009, to submit
proofs of claim to:

         Tole Bi Str. 295
         Almaty
         Kazakhstan

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


ESEM MAI: Creditors Must File Claims by November 20
---------------------------------------------------
JSC Esem Mai is currently undergoing liquidation.  Creditors have
until November 20, 2009, to submit proofs of claim to:

         Momynov Street
         Shymkent
         South Kazakhstan
         Kazakhstan


ILPA JSC: Creditors Must File Claims by November 20
---------------------------------------------------
Branch of JSC Ilpa is currently undergoing liquidation.  Creditors
have until November 20, 2009, to submit proofs of claim to:

         Kunayev Str. 21
         Almaty
         Kazakhstan


KALO HOLDING: Creditors Must File Claims by November 20
-------------------------------------------------------
LLP Kalo Holding Kazakhstan is currently undergoing liquidation.
Creditors have until November 20, 2009, to submit proofs of claim
to:

         Jeltoksan Str. 88-38
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZ TECH: Creditors Must File Claims by November 20
---------------------------------------------------
LLP Kaz Tech Group is currently undergoing liquidation.  Creditors
have until November 20, 2009, to submit proofs of claim to:

         Vostok-1, 3
         Karaganda
         Kazakhstan


KOGNA LTD: Creditors Must File Claims by November 20
----------------------------------------------------
Creditors of LLP Company Kogna Ltd. have until November 20, 2009
to submit proofs of claim to:

         Makatayev Str. 127
         05000, Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 10, 2009,
after finding it insolvent.

The Court is located at:

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


KOMMESK-OMIR JSC: Moody's Assigns 'B3' Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service had assigned a first-time insurance
financial strength rating of B3 to Kommesk-Omir JSC.  The rating
outlook is stable.

Kommesk-Omir is a Kazakhstan based insurance company primarily
focused on retail and small corporate risks in Kazakhstan.  It is
owned by a private equity fund that is controlled by the Centras
group -- a financial conglomerate.  Kommesk-Omir is the 20th
largest insurer in Kazakhstan with gross written premiums of
KZT1,709 million in 2008 (US$14 million) and total assets of
KZT2,704 million (US$23 million).

The rating is based on Kommesk-Omir's adequate position within the
Kazakhstan insurance market supported by its relatively low risk
investment strategy -- with limited exposure to equities, its long
history of insurance provision in Kazakhstan and its ownership by
Centras group, which could provide risk management expertise.
These positives are offset by the company's exposure to a
relatively weak economy (Kazakhstan, rated Baa2/Neg), the
competitive pressures it is under within compulsory insurance
lines in Kazakhstan, the company's low market share, and the
uncertainty over the long-term ownership of the company as a
result of private equity ownership.

Moody's said that upward rating pressure for Kommesk-Omir may
evolve over time from 1) a significant improvement in the market
position of Kommesk-Omir, as indicated by sustained market share
improvements 2) improvement in the Kazakhstan economic and
Sovereign environment, evidenced by an upgrade in the Government
rating or 3) through a improved investment portfolio, with greater
exposure to more diversified and higher rated bonds and deposits

On the other hand, the rating may experience downward pressure
from 1) a deterioration in the Sovereign environment or reductions
in premium levels and market position, 2) protracted poor claims
environment resulting in continued significant losses or 3) an
increased investment risk such as investments in illiquid assets
or volatile equities

This rating was assigned:

* Kommesk-Omir JSC -- B3 insurance financial strength rating,
  stable outlook

Based in Almaty Kazakhstan, Kommesk-Omir had total assets
KZT2,704 million as at December 31, 2008 and total equity of
KZT1,739 million.


NURBERGEN LLP: Creditors Must File Claims by November 20
--------------------------------------------------------
Creditors of LLP Nurbergen have until November 20, 2009, to submit
proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Seifullin Str. 37
         Uralsk
         West Kazakhstan
         Kazakhstan

The court commenced bankruptcy proceedings against the company on
August 25, 2009.


R-AUTO LLP: Creditors Must File Claims by November 20
-----------------------------------------------------
Creditors of LLP R-Auto have until November 20, 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
September 1, 2009.


RASKA LLP: Creditors Must File Claims by November 20
----------------------------------------------------
Creditors of LLP Company Raska have until November 20, 2009 to
submit proofs of claim to:

         Makatayev Str. 127
         05000, Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 10, 2009,
after finding it insolvent.

The Court is located at:

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


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


TATARSTAN LLC: Creditors Must File Claims by December 9
-------------------------------------------------------
LLC Trade House Tatarstan is currently undergoing liquidation.
Creditors have until December 9, 2009, to submit proofs of claim
to:

         Pushkin Str. 78
         Bishkek
         Kyrgyzstan
         Tel: (0-555) 25-25-38


TUZ-TRANS LLC: Creditors Must File Claims by December 9
-------------------------------------------------------
LLC Tuz-Trans is currently undergoing liquidation.  Creditors have
until December 9, 2009, to submit proofs of claim to:

         Gagarin Str. 17
         Kant
         Chui
         Kyrgyzstan
         Tel: (+996 3132) 5-27-83


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


DALRADIAN EUROPEAN: Moody's Cuts Rating on Class D Notes to 'B2'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Dalradian European CLO I B.V.  The Class A-1 and the
Variable Funding Notes remain Aaa mainly due to the current over
collateralisation.

  -- EUR52.5M Class A2 Senior Secured Floating Rate Notes,
     Downgraded to Aa2; previously on Mar 4, 2009 Aaa Placed Under
     Review for Possible Downgrade

  -- EUR27.85M Class B Deferrable Secured Floating Rate Notes,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR19.25M Class C Deferrable Secured Floating Rate Notes,
     Downgraded to Ba2; previously on Mar 19, 2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- EUR24.5M Class D Deferrable Secured Floating Rate Notes,
     Downgraded to B2; previously on Mar 19, 2009 Downgraded to B1
     and Remained On Review for Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine and second lien loan
exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2669.3), an increase in the amount of defaulted
securities (currently 7% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 9.17% of the portfolio), and a failure of some par
value tests.  These measures were taken from the recent trustee
report dated 30 September 2009.  Moody's also performed a number
of sensitivity analyses, including consideration of a further
decline in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


GREEN PARK: Moody's Junks Ratings on Two Classes of Notes
---------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Green Park CDO B.V.  Given that this is a relatively
well-performing CLO, the Class A notes remain Aaa.

  -- EUR24,500,000 Class B Senior Secured Floating Rate Notes due
     2023, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- EUR27,800,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2023, Confirmed at Baa3; previously on March 19,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade;

  -- EUR28,700,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to B1; previously on March 19,
     2009 Downgraded to Ba3 and Remained On Review for Possible
     Downgrade;

  -- EUR14,600,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2023, Downgraded to Caa2; previously on March 19,
     2009 Downgraded to B3 and Remained On Review for Possible
     Downgrade;

  -- EUR4,000,000 Class R Combination Notes due 2023 (current
     rated balance of EUR2,923,995), Downgraded to Caa1;
     previously on March 4, 2009 Ba3 Placed Under Review for
     Possible Downgrade;

  -- EUR4,000,000 Class S Combination Notes due 2023 (current
     rated balance of EUR3,326,135), Downgraded to Baa3;
     previously on March 4, 2009 A2 Placed Under Review for
     Possible Downgrade;

  -- EUR7,000,000 Class T Combination Notes due 2023 (current
     rated balance of EUR6,140,220), Downgraded to Ba2; previously
     on March 4, 2009 Baa1 Placed Under Review for Possible
     Downgrade;

  -- EUR10,000,000 Class U Combination Notes due 2023 (current
     rated balance of EUR8,049,047), Downgraded to Baa3;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade;

  -- EUR14,000,000 Class V Combination Notes due 2023 (current
     rated balance of EUR11,954,125), Downgraded to Baa1;
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade.

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2820), an increase in the amount of defaulted
securities (currently 3% of the portfolio), and an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 8.6% of the portfolio).  These measures were taken from
the recent trustee report dated October 12, 2009.  Moody's also
performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


HIGHLANDER EURO: Moody's Junks Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Highlander Euro B.V.

Issuer: Highlander Euro CDO B.V.

  -- EUR276.25M Class A-1 Primary Senior Secured Floating Rate
     Notes due 2022, Downgraded to Aa2; previously on Aug 29, 2006
     Assigned Aaa

  -- EUR48.75M Class A-2 Primary Senior Secured Folating Rate
     Notes due 2022, Downgraded to Baa2; previously on Mar 4, 2009
     Aa1 Placed Under Review for Possible Downgrade

  -- EUR45M Class B Primary Senior Secured Floating Rate Notes due
     2022, Downgraded to Ba3; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR41.25M Class C Primary Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Caa2; previously on
     Mar 19, 2009 Downgraded to Ba2 and Remained On Review for
     Possible Downgrade

  -- EUR25M Class D Primary Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Ca; previously on Mar 19,
     2009 Downgraded to B2 and Remained On Review for Possible
     Downgrade

Issuer: Highlander EURo CDO (Cayman) Ltd.

  -- EUR13.75M Class E Secondary Senior Secured Deferrable
     Floating Rate Notes due 2022-1, Downgraded to Ca; previously
     on Aug 29, 2006 Assigned Ba3

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below.  Moody's notes that the deal has material exposure to
mezzanine obligations, which Moody's expects to have a negative
impact on the recovery rate.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


SKELLIG ROCK: Moody's Cuts Ratings on Two Classes of Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Skellig Rock B.V.  Classes A-1, A-2a and A-3 remain at
Aaa mainly due to overcollateralisation.

  -- EUR32,500,000 Class A 2b Senior Floating Rate Notes due 2022,
     Confirmed at Aa1; previously on 4 March 2009, Aa1 Placed
     Under Review for Possible Downgrade;

  -- EUR38,000,000 Class B Senior Floating Rate Notes due 2022;
     Downgraded to A2; previously on 4 March 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR34,000,000 Class C Deferrable Interest Floating Rate Notes
     due 2022; Confirmed at Baa3; previously on 19 March 2009,
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR27,000,000 Class D Deferrable Interest Floating Rate Notes
     due 2022; Confirmed at B1; previously on 19 March 2009,
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- EUR13,500,000 Class E Deferrable Interest Floating Rate Notes
     due 2022; Downgraded to Caa3; previously on 19 March 2009,
     Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade;

  -- EUR7,000,000 Class Q Combination Notes due 2022 (current
     Rated Balance of EUR5,895,332); Downgraded to Ba1;
     previously on 4 March 2009, Baa1 Placed Under Review for
     Possible Downgrade;

  -- EUR8,000,000 Class R Combination Notes due 2022 (current
     Rated Balance of EUR6,705,273); Downgraded to Baa3;
     previously on 4 March 2009, A3 Placed Under Review for
     Possible Downgrade;

  -- EUR10,000,000 Class S Combination Notes due 2022 (current
     Rated Balance of EUR7,429,466); Downgraded to Caa3;
     previously on 4 March 2009, Ba3 Placed Under Review for
     Possible Downgrade;

  -- EUR8,000,000 Class T Combination Notes due 2022 (current
     Rated Balance of EUR6,628,254); Downgraded to Baa3;
     previously on 4 March 2009, A3 Placed Under Review for
     Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, non-Euro senior secured loans, and mezzanine loans.

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

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

According to Moody's, the downgrade rating actions taken on the
notes are also a result of slight credit deterioration of the
underlying portfolio.  This is observed through a decline in the
average credit rating as measured through the portfolio weighted
average rating factor 'WARF' (currently 2554), an increase in the
amount of defaulted securities (currently 5% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of Class E par value test.  These
measures were taken from the recent trustee report dated 30
September 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.  Due to the impact of aforementioned
stresses, key inputs used by Moody's in its analysis, such as par,
weighted average rating factor, and the weighted average recovery
rate may be different from trustee's reported numbers.

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


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


CONSTRUCTION MATERIALS: Creditors Must File Claims by November 25
-----------------------------------------------------------------
Creditors of LLC Construction Materials Plant (TIN 4502019348,
PSRN 1074502000385) have until November 25, 2009, to submit proofs
of claims to:

         P. Sidor
         Insolvency Manager
         Minskaya Str. 88
         Tumen
         Russia

The Arbitration Court of Kurganskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?34 – 2465/2009.

The Debtor can be reached at:

         LLC Construction Materials Plant
         Avtomobilistov Str. 20
         Shadrinsk
         Kurgasnakaya
         Russia


GLOBEXBANK CJSC: Fitch Assigns 'D' Individual Rating
----------------------------------------------------
Fitch Ratings has assigned Russia's CJSC GLOBEXBANK ratings of
Long-term Issuer Default 'BB', Short-term IDR 'B', Individual
'D/E', Support '3' and National Long-term 'AA-(rus)'.  The
Outlooks for the Long-term IDR and National Long-term rating are
Evolving.

GB's IDRs and Support Rating are underpinned by potential support,
in case of need, from its majority shareholder, Russia's state-
owned Vnesheconombank ('BBB'/Negative Outlook).  The three-notch
difference between the Long-term IDRs of VEB and GB reflects
Fitch's view that GB does not seem to represent a strategic
investment for VEB, given VEB's stated intention to sell the bank
in the medium term.  However, Fitch notes that VEB's sale price
targets seem to make a disposal somewhat less likely in the near
term.

The Evolving Outlook reflects uncertainties regarding the future
role of GB within the VEB group and the bank's possible sale, and
indicates the potential for the rating to be either downgraded or
upgraded in the medium term.  GB's ratings could be downgraded if
VEB is downgraded, or if GB is sold to a buyer with a weaker
credit profile than VEB.  GB could be upgraded if it is sold to a
highly-rated owner, while some upward pressure on the ratings
could also result should GB become a more strategically important
and more closely integrated subsidiary of the VEB group.

The Individual rating reflects risks associated with the bank's
recent and planned rapid growth, GB's high customer concentration
on both sides of the balance sheet and its undiversified funding
base, as well as the absence of any track record following the
bank's failure and rescue in H208.  The rating also considers the
bank's currently adequate liquidity position and comfortable
capital ratios.

GB's loan portfolio has been growing rapidly since end-2008 (in
H109: 51%; in Q309 alone: 108%), albeit from a low base, mainly
driven by large loans to corporate clients.  At end-Q309 the 20
largest exposures represented almost 89% of the loan book, with
the top five accounting for half of the portfolio.  Fitch notes
that any aggressive business expansion in the current difficult
macroeconomic environment in Russia carries considerable credit
risks.

Loans overdue by more than 90 days accounted for 1.6% of gross
loans at end-Q309.  However, this is largely a consequence of the
Q408 sale of most of the bank's impaired loans (primarily made to
real estate projects related to the bank's former major
shareholder) to another VEB subsidiary, VEB-Invest; about 74% of
the bank's end-Q309 loan book has been issued in 2009 and has had
little time to become delinquent.  Given recent and planned rapid
loan growth, high concentrations and the nature of some loans,
Fitch believes that asset quality could deteriorate as the loan
book seasons in a still difficult operating environment.

Liquidity is currently reasonable (at November 1, 2009 liquid
assets accounted for 15% of total assets), but may become tighter
as the bank continues to rapidly expand its loan portfolio.
However, a RUB15 billion credit line from VEB and an unutilized
unsecured funding facility (equal to 0.8x equity) from the Central
Bank of Russia give some comfort.  The funding base is currently
poorly diversified and concentrated.  At end-Q309, 88% of non-
equity funding was sourced from customer accounts, 37% of which
were represented by the 20 largest customers.  At end-Q309, GB's
core capital/total assets ratio was a solid 33%; however, rapid
expansion could quickly utilize the bank's capital.

GB was established in 1992 and until 2008 was a captive bank,
primarily providing financing to its shareholder's investment
projects in the real estate and construction sectors.  In October
2008, following a major liquidity shortfall, VEB bought GB for a
token sum from the bank's former owner Anatoly Motylev, as a
measure aimed at stabilizing the banking sector.  At end-Q309 VEB
owned 98.94% of GB.

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.


ISHIMSKAYA FUEL: Creditors Must File Claims by November 25
----------------------------------------------------------
Creditors of LLC Ishimskaya Fuel Company (TIN 7205010468, PSRN
1027201231375) have until November 25, 2009, to submit proofs of
claims to:

         Yu.Vasilyev-Chebotarev
         Insolvency Manager
         50 let OktyabryaStr. 60/64
         625023 Tumen
         Russia

The Arbitration Court of Tumenskaya will convene at 09:10 a.m. on
March 23, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?70–2637/2009.

The Debtor can be reached at:

          LLC Ishimskaya Fuel Company
          Respubliki Str. 1B
          Ishim
          Tumenskaya
          Russia


PERMSKAYA FUEL: Creditors Must File Claims by November 25
---------------------------------------------------------
Creditors of CJSC Permskaya Fuel Company (TIN 5902137725, PSRN
1025900521635)  have until November 25, 2009, to submit proofs of
claims to:

         T. Volkova
         Insolvency Manager
         Post User Box 6952
         614068 Perm
         Russia

The Arbitration Court of Permskiy will convene at 10:00 a.m. on
March 15, 2010, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?50–4329/2009.

The Debtor can be reached at:

          CJSC Permskaya Fuel Company
          Okulova Str. 80
          614068 Perm
          Russia


ROSBANK AKB: Fitch Assigns Ratings on Four-Year A3 Series Notes
---------------------------------------------------------------
Fitch Ratings has assigned Rosbank's RUB5 billion four-year 12% A3
series notes and RUB5 billion five-year 12% A5 series notes final
Long-term local currency ratings of 'BBB+' and final National
Long-term ratings of 'AAA(rus)'.

Both A3 and A5 series notes were issued under Rosbank's RUB30bn
bond programme and have put options exercisable on 16 May 2011.
Rosbank is rated Long-term foreign currency Issuer Default 'BBB+'
with Negative Outlook, Short-term IDR 'F2', Long-term local
currency IDR 'BBB+', also with Negative Outlook, Individual 'D',
Support '2' and National Long-term 'AAA(rus)' with Stable Outlook.

Rosbank is one of top 10 banks in Russia with a strong retail
focus.  The bank operates in 70 regions in Russia through its vast
network of about 700 outlets.  The bank is 64.7%-owned by France's
Societe Generale (rated 'A+'/Stable).

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.


SAMARA OIL: Creditors Must File Claims by November 25
-----------------------------------------------------
Creditors of CJSC Samara Oil Company (TIN 6319105834) have until
November 25, 2009, to submit proofs of claims to:

         N. Yershova
         Insolvency Manager
         Post User Box 3222
         443052 Samara
         Russia

The Arbitration Court of Samarskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?55–6576/2009.

The Court is located at:

         The Arbitration Court of Samarskaya
         Avrory Str. 148
         443045 Samara
         Russia

The Debtor can be reached at:

         CJSC Samara Oil Company
         Pobedy Str. 105/49
         443009 Samara
         Russia


SPETS-VYSOT: Creditors Must File Claims by November 25
------------------------------------------------------
Creditors of LLC Spets-Vysot-Stroy Rostov (TIN 6164261725, PSRN
1076164002485) (Construction) have until November 25, 2009, to
submit proofs of claims to:

         M. Sogomonov
         Insolvency Manager
         Buynakskaya Sr. 2/56
         344037 Rostov-on-Don
         Russia

The Arbitration Court of Rostovskaya will convene at 4:00 p.m. on
November 19, 2009, to hear bankruptcy proceedings.  The case is
docketed under Case No. ?53–23656/2008.

The Court is located at:

          The Arbitration Court of Rostovskaya
          Stanislaskogo Str. 8a
          Rostov-on-Don
          Russia

The Debtor can be reached at:

          LLC Spets-Vysot-Stroy Rostov
          Gvardeyskiy pereulok 49A
          344011 Rostov-on-Don
          Russia


SWEDBANK OJSC: Moody's Assigns 'E+' Bank Financial Strength Rating
------------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to Swedbank OJSC (Russia): E+ bank financial strength rating, Ba3
long-term, and Not Prime short-term local and foreign currency
deposit ratings.  Concurrently, Moody's Interfax Rating Agency
assigned a long-term national scale rating of Aa3.ru to Swedbank
Russia.  Moscow-based Moody's Interfax is majority-owned by
Moody's, a leading global rating agency.  The outlook on the BFSR
is stable, while the long-term deposit ratings carry a negative
outlook.  The national scale rating carries no specific outlook.

Swedbank Russia's E+ BFSR, which translates into a Baseline Credit
Assessment of B3, is underpinned by the bank's evolving risk
management and corporate governance practices introduced by its
parent Swedbank AB, as well as the relatively reliable funding
from Swedbank AB.  However, the bank's BFSR is constrained by its
underdeveloped franchise, rapid loan growth in the past few years,
substantial borrower and industry concentrations (construction and
real estate, amounting to 38% of the gross loans at end-1H 2009).
Swedbank Russia's weakening asset quality and low recurring
profitability may prove challenging for its capitalization in the
near term.

Swedbank Russia's Ba3 deposit ratings factor in high probability
of parental support from Swedbank AB, and consequently receive a
three-notch uplift from the bank's B3 BCA.

The negative outlook on the bank's deposit ratings reflects the
negative outlook on the ratings of Swedbank AB, the bank's support
provider.

Swedbank Russia's ratings have limited upside potential in the
short term; however, positive pressure may be exerted on the
ratings if and when the bank demonstrates significant improvement
in its asset quality and capitalization, and generates good
recurring earnings.  Conversely, further deterioration in the
bank's asset quality (if not adequately covered by loan-loss
provisions) or incurring losses impacting substantially the bank's
capital levels might result in a downgrade of Swedbank Russia's
ratings.

Headquartered in Moscow, Swedbank Russia reported total assets of
US$2.1 billion, shareholders equity of US$185 million and net
income of US$0.9 million as of year-end 2008, according to the
banks IFRS financial report.  Swedbank AB owns 85% of the bank's
shares; the remaining 15% are controlled by the European Bank for
Reconstruction and Development.


* RUSSIA: Fitch Affirms Individual Ratings of Five Banks at 'D'
---------------------------------------------------------------
Fitch Ratings has affirmed five Russian banks -- Bank Saint
Petersburg, Credit Bank of Moscow, Evrofinance Mosnarbank,
National Reserve Bank and Roseurobank -- at Long-term Issuer
Default 'B'.  The Outlooks on EVMB, NRB and REB are Stable,
reflecting those banks' considerable loss absorption capacity,
while those on BSP and CBOM are Negative, reflecting their more
moderate capital buffers.  A full list of rating actions is
provided at the end of this commentary.

EVMB's asset quality remained satisfactory at end-Q309, with NPLs
(loans overdue by 90 days or more) equal to 2.8% of the portfolio
and restructured loans comprising 4.3%.  Following a significant
de-leveraging of the balance sheet in Q209-Q309, the regulatory
capital ratio rose further to a strong 34% at end-Q309, while
liquidity is comfortable, with highly liquid assets equal to more
than 60% of customer funding.  At the same time, EVMB's ratings
remain constrained by its limited franchise and concentrated
balance sheet, and significant uncertainties remain in respect to
the bank's future strategy, ownership structure and potential
policy role.

Loan impairment has increased significantly at NRB, with NPLs
rising to 16.8% at end-Q309 and restructured loans comprising a
further 6% of the portfolio.  In addition, market risks have
increased again following the acquisition of an approximately 20%
stake in Aeroflot from the broader National Reserve Corporation
(NRC).  At end-Q309, securities holdings accounted for about 40%
of total assets, with Aeroflot and Gazprom shares comprising 50%
and 33% of the portfolio, respectively.  However, NRB's capital
base (regulatory capital ratio of 43% at end-Q309) remains
sufficient to absorb considerable losses in both the loan and
securities portfolios, while liquidity is supported by the
availability of Central Bank of Russia funding, either on an
unsecured basis or through refinancing of the Aeroflot/Gazprom
stakes.

At end-Q309, loans overdue by more than 30 days at REB accounted
for 7.4% of the portfolio, while restructured loans comprised 6%
of gross loans, mainly due to one large exposure.  REB's borrower
concentrations have been decreasing, but still remain high, with
the top 20 loans accounting for 115% of end-Q309 IFRS equity.  The
regulatory and Basel total capital ratios were a solid 22.4% and
31.9% respectively, at end-Q309, following significant loan book
contraction in Q209-Q309 and receipt of RUB1.9bn of subordinated
facilities from shareholders and Vnesheconombank ('BBB'/Negative),
while reserve coverage of loans overdue by 30 days was a sound
166%.  Highly liquid assets comprised a large 26% of the balance
sheet at end-Q309, while unused CBR facilities are significant and
upcoming wholesale funding redemptions moderate.

Reported loan impairment at BSP remains low, with NPLs of 2% at
end-H109 and restructured loans running at 6.6%.  At the same
time, the high proportion of construction/real estate lending and
rapid growth prior to the economic crisis make the risk of a
future increase in loan impairment recognition somewhat higher
than at most other Russian banks, in Fitch's view.  Loss
absorption capacity is also moderate by current market standards,
with the end-Q309 regulatory capital ratio standing at 13.7%, tier
2 capital comprising a large (41%) share of the total and the
reserves/loans ratio able to rise from 7.4% to 12% before a breach
of regulatory capital requirements.

However, BSP's liquidity position is currently satisfactory
(highly liquid assets at end-Q309 covered several times the
USD125m eurobond, which matures at end-November 2009) and the
bank's solid regional franchise in Saint-Petersburg, broad deposit
base and high cost efficiency are also positive for the bank's
credit profile.  If BSP successfully places its planned USD200m
convertible preference share issue in December 2009 and is able to
maintain satisfactory asset quality ratios in coming quarters,
then the Outlook may be revised back to Stable.

CBOM's reported levels of NPLs and restructured loans were
significantly lower than many peers, at 3.4% and 4.6%,
respectively, at end-Q309.  During 2009 the bank's capitalization
has been supported by a RUB3bn equity injection and improved pre-
impairment performance, with the regulatory capital adequacy ratio
standing at 13.8% at end-Q309.  At the same time, Fitch views
CBOM's loss absorption capacity as moderate, with the bank able to
increase its reserves/loans ratio to 12% from the actual level of
6.1% at end-Q309 without breaching minimum capital requirements.
In addition, although the liquidity position is currently stable,
the bank faces some refinancing risk, as big-ticket wholesale
funding maturing during 2010 is equal to a significant 14% of
assets.  That said, if CBOM is able to maintain moderate loan
impairment ratios and a satisfactory liquidity position as it pays
down / refinances its wholesale funding in 2010, the Outlook could
be revised to Stable.

The assessment of the banks referenced in this comment is the
latest part of a broader review of Fitch-rated banks in Russia.
Fitch will shortly publish on its website, www.fitchratings.com,
research on each of the institutions referred to in this comment.

The rating actions are:

Bank Saint Petersburg

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

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

  -- Subordinated debt programme: affirmed at 'CCC'

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

Credit Bank of Moscow

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Negative

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB-(rus)'; Outlook
     Negative

Evrofinance Mosnarbank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB(rus)'; Outlook
     Stable

National Reserve Bank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB-(rus)'; Outlook
     Stable

Rosevrobank

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '5'

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

  -- National Long-term Rating: affirmed at 'BBB-(rus)'; Outlook
     Stable

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.


* KOSTROMA: Fitch Assigns B+ LT Foreign & Local Currency Ratings
----------------------------------------------------------------
Fitch Ratings has assigned Russia's Kostroma region Long-term
foreign and local currency ratings of 'B+', a Short-term foreign
currency rating of 'B' and a National Long-term rating of
'A(rus)'.  The Outlooks for all the Long-term ratings are Stable.

The rating action affects a RUB692.4 million outstanding domestic
bond (ISIN RU000A0JPKB0) issued by the region.  Fitch has also
assigned the outstanding bond a Long-term local currency rating of
'B+' and a National Long-term rating of 'A(rus)'.

The ratings reflect the region's short-term debt maturity profile,
an expected deterioration in budget performance in 2009 due to the
overall economic downturn and its weaker-than-national average
economic profile.  However, the ratings also factor in the
region's satisfactory budgetary performance in 2005-2008 and
continued support from the federal government in the form of
transfers and budget loans.

The Stable Outlooks reflect Fitch's expectation that fiscal
discipline, a gradual economic recovery starting from 2010 and
continuing support from the federal budget should allow the region
to overcome the negative impact of the current economic downturn
and stabilize budget performance.

The region's per capita gross regional product equalled 75% of the
national median in 2007, while per capita nominal income was 80%
of the national median in December 2008.  The regional economy is
well-diversified and has a low concentration by company and
sector, which makes it less vulnerable to negative shocks in any
one sector.

Although Kostroma's historically weak economic base has resulted
in the region's low fiscal capacity, this is compensated by steady
transfers from the federal government.  Transfers totalled 36% of
operating revenue in 2008.  A high dependence on federal transfers
limits the region's budget revenue flexibility, but the stable
nature of the transfers has helped to underpin revenue proceeds so
far in 2009 despite the difficult economic environment.  The
region's administration expects operating revenue to rise 5% in
2009 in nominal terms, driven by a 31% increase of current
transfers from the federal budget.

The region's budgetary performance has steadily improved over the
last five years.  The operating balance averaged 6.5% of operating
revenue in 2004-2005 and has since expanded to 13.8% in 2008.  The
economic downturn in Russia should weaken the region's budget
performance in 2009, although the operating balance should remain
positive at about 6% of operating revenue.

Direct risk increased at mid-2009, but should remain manageable at
RUB4.4bn this year, or about 31% of operating revenue.  After
assuming in early 2009 the guarantee provided to the City of
Kostroma as direct debt, the region is almost free of contingent
liabilities, since the risk stemming from public sector entities
is immaterial.  However, Fitch notes that 54% of the region's debt
is short-term bank loans.  By end-2009 the region plans to
substitute these short-term bank loans with a RUB2.3 billion
domestic bond issue to improve its risk structure.

The Kostroma region is located in the central part of European
Russia.  The region's capital, the City of Kostroma, is located
372km northeast from Moscow.  The region accounted for 0.2% of the
Russian Federation's GDP (2007) and 0.5% of its population in
2007.


* KRASNOYARSK REGION: Fitch Assigns 'BB+' Ratings on Bonds
----------------------------------------------------------
Fitch Ratings has assigned the Krasnoyarsk Region's
RUB10.2 billion domestic bond issue (ISIN RU000A0JQF1), due
November 8, 2012, a final Long-term local currency rating of 'BB+'
and National Long-term rating of 'AA(rus)'.  The region is rated
Long-term foreign and local currency 'BB+' with Stable Outlooks,
respectively, Short-term foreign currency 'B', and National Long-
term 'AA(rus)' with a Stable Outlook.

The bond issue has fixed step-down quarterly coupon with an 11.64%
initial rate.  The principal will be amortized by 30% of the
initial bond issue value on November 11, 2010, and by another 30%
of the initial value on November 10, 2011.  The remaining 40% of
the initial value will be redeemed on November 8, 2012.  The
proceeds from the bond will be used to finance the region's budget
deficit.

The Krasnoyarsk region is located in the eastern Siberian part of
Russia.  The region accounts for 2.6% of Russia's (2007) GDP and
around 2% of its population.


* YAROSLAVL: Fitch Affirms 'BB-' Foreign & Local Currency Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed the Russian region of Yaroslavl's Long-
term foreign and local currency ratings at 'BB-' respectively,
while affirming the region's Short-term foreign currency rating at
'B'.  The agency has also affirmed its National Long-term rating
at 'A+(rus)'.  All the Long-term rating Outlooks are Stable.

The ratings reflect the region's revenue concentration in few
companies -- some of which are cyclical businesses -- and the
considerable amount of debt maturities over the next 12 months.
The ratings also factor in the region's satisfactory budgetary
performance, supported by ongoing federal aid and prudent fiscal
management.  The Stable Outlooks reflect Fitch's expectation that
slow recovery of the local economy, federal current and capital
transfers, and sound fiscal management will continue to support
the region's operating revenue, leading to consolidation of its
budgetary performance.  They also reflect the agency's
expectations that the region will be able to refinance its
maturing direct debt obligations in Q409 and Q110.

The Yaroslavl Region reported satisfactory budgetary performance
in 2008, with the operating balance increasing to 13.4% of
operating revenue (2007: 12.2%).  Effective control over operating
expenditure allowed the region to narrow deficit before debt
variation to 3.2% of total revenue by end-2008 from 4.6% in 2007.
The region's capex increased to 22.9% of total spending in 2008
(2007: 16.1%), due to federal investments in the region's
capital's preparation for its 1000th anniversary, scheduled for
2010.

The region's direct risk stabilized at 40.1% of current revenue in
2008 (2007: 41.4%), while the payback ratio improved to less than
four years from four and a half years in 2007.  However, the
region's direct risk profile is relatively short-term with
repayments of RUB1.7bn in Q409 and RUB6.4bn by end-2010.  Debt
maturing in Q409 and in Q110 is fully covered by cash reserves,
federal budget loan and stand-by credit lines secured by the
region.  The region's contingent liabilities are immaterial and
limited to the fully self-servicing debt of its public companies;
while prudent debt management practices should help to keep debt
coverage ratios at a satisfactory level in 2009-2010.

The region's industrial economy provides strong tax capacity and
the per capita gross regional product was 11% above the median of
Russian regions in 2007.  However, the contraction of cyclical
industries depressed tax revenue in 2008 and in Q109.
Nonetheless, this is mitigated by federal transfers, which
increased to 19.3% of operating revenue in 2008 from 15.4% in
2007.  Although fiscal concentration of the region is significant,
tax revenue from the top 10 companies as a share of total revenue
collected decreased to 24.6% in 2008 from 31.5% in 2007.

The Yaroslavl region is located in the northern part of European
Russia.  It accounts for 0.9% of the national population (2007)
and its GRP represents 0.9% of the national GDP.


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


FTPYME BANCAJA: Fitch Junks Ratings on Four Tranches
----------------------------------------------------
Fitch Ratings has downgraded a total of nine tranches of FTPYME
Bancaja Fondo de Titulizacion de Activos 2, 3, 4, 6 and PYME
Bancaja 5 Fondo de Titulizacion de Activos and affirmed the
remaining tranches.  All transactions are collateralised debt
obligations of small- and medium-sized enterprise loans originated
by Caja de Ahorros de Valencia Castellon y Alicante.  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:

FTPYME Bancaja 2 Fondo de Titulizacion de Activos (Bancaja 2):

  -- EUR65,933,213 Class A3 (G) (ISIN ES0339751028) affirmed at
     'AAA'; Stable Outlook

  -- EUR12,098,739 Class B (ISIN ES0339751036) affirmed at 'A';
     off RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-1'

  -- EUR4,442,505 Class C (ISIN ES0339751044) affirmed at 'BB';
     off RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-2'

FTPYME Bancaja 3 Fondo de Titulizacion de Activos (Bancaja 3):

  -- EUR100,379,135 Class A3 (G) (ISIN ES0304501028) affirmed at
     'AAA'; Stable Outlook

  -- EUR12,361,278 Class B (ISIN ES ES0304501036) affirmed at
     'AA'; off RWN; assigned Negative Outlook and Loss Severity
     Rating 'LS-2'

  -- EUR19,975,920 Class C (ISIN ES0304501044) downgraded to 'B'
     from 'BB'; off RWN; assigned Negative Outlook and Loss
     Severity Rating 'LS-2'

  -- EUR8,204,120 Class D (ISIN ES0304501051) downgraded to 'CCC'
     from 'B'; off RWN

FTPYME Bancaja 4 Fondo de Titulizacion de Activos (Bancaja 4):

  -- EUR107,241,235 Class A3 (G) (ISIN ES0339731020) affirmed at
     'AAA'; Stable Outlook

  -- EUR71,300,000 Class B (ISIN ES0339731038) affirmed at 'A';
     Outlook changed to Positive from Stable and assigned Loss
     Severity Rating 'LS-2'

  -- EUR23,300,000 Class C (ISIN ES0339731046) affirmed at 'BBB+';
     off RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-3'

  -- EUR25,500,000 Class D (ISIN ES0339731053) affirmed at 'B';
     off RWN; assigned Stable Outlook and Loss Severity Rating
     'LS-3'

  -- EUR24,000,000 Class E (ISIN ES0339731061) affirmed at 'CC';
     off RWN

PYME Bancaja 5 Fondo de Titulizacion de Activos (Bancaja 5):

  -- EUR202,942,015 Class A3 (ISIN ES0372259020) affirmed at
     'AAA'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-1'

  -- EUR62,700,000 Class B (ISIN ES0372259038) downgraded to 'BBB'
     from 'A'; off RWN; assigned Stable Outlook and Loss Severity
     Rating 'LS-2'

  -- EUR24,100,000 Class C (ISIN ES0372259046) downgraded to 'CCC'
     from 'BB'; off RWN

  -- EUR28,800,000 Class D (ISIN ES0372259053) downgraded to 'C'
     from 'CC'; off RWN

FTPYME Bancaja 6 Fondo de Titulizacion de Activos (Bancaja 6):

  -- EUR325,682,078 Class A2 (ISIN ES0339735013) downgraded to
     'BBB' from 'AA'; off RWN; assigned Stable Outlook and Loss
     Severity Rating 'LS-1'

  -- EUR70,354,782 Class A3 (G) (ISIN ES0339735021) affirmed at
     'AAA'; Stable Outlook

  -- EUR47,500,000 Class B (ISIN ES0339735039) downgraded to 'CCC'
     from 'BBB'; off RWN

  -- EUR22,500,000 Class C (ISIN ES0339735047) downgraded to 'CC'
     from 'B'; off RWN

  -- EUR27,000,000 Class D (ISIN ES0339735054) downgraded to 'C'
     from 'CC'; off RWN

The downgrades largely reflect the implementation of Fitch's
revised SME CDO rating criteria coupled with increasing default
and delinquency levels and difficult macro-economic conditions in
Spain.  Positively, several of the reviewed transactions are well-
seasoned and have thus benefitted from substantial de-leveraging
and credit enhancement increases.  Reflecting Bancaja's core
operating footprint, all the transactions exhibit high
geographical concentrations in the region of Valencia.  Likewise,
most transactions have heavy exposure to real estate and related
sectors.

Fitch's analysis of these transactions was based on updated loan-
by-loan data that was provided by the debt management company -
EdT.

Given the high percentage of mortgage collateral in these
transactions, recoveries on defaulted loans is a key factor that
will drive performance over time.  While acknowledging the
mortgage collateral in place, Fitch also considered several
recovery rate sensitivity analysis as well as recoveries reported
to date on existing funds.  Due to the ongoing correction in the
real estate market and growing illiquidity in the market, Fitch
expects that recoveries on defaulted loans will remain under
pressure and take longer to realize in the current environment.

The Bancaja 2 portfolio amortized to 15% of the initial portfolio
balance and performs in line with Fitch's expectations.
Delinquency rates for obligors who are three months and 18 months
overdue as a percentage of outstanding principal balance are at
4.1% and 0.7%, respectively.  The single obligor concentration
increased slightly to 12% for the top 10 obligors but is still
commensurate with the current ratings.

Classes A3 (G) and B of Bancaja 3 benefited from continued de-
leveraging of the transaction.  Their current CE increased to 32%
and 24% from 11% and 8% respectively.  The Bancaja 3 portfolio
exhibits geographical concentration in the region of Valencia (56%
of outstanding principal balance) and industry concentration in
the real estate sector (30%).  These concentrations, together with
increased single obligor concentration (top 10 obligors represent
16.9% of the outstanding principal balance compared to 7.2% at
closing), the relatively small reserve fund of EUR5m and limited
credit enhancement for the Class C and D notes (9.4% and 3.6%
respectively), are the reason for the downgrade of the respective
notes.

Classes A3 (G), B, C, and D of Bancaja 4 experienced significant
increases in CE compared to closing levels as the portfolio
amortised rapidly to 14.1% of the initial outstanding notional.
The credit enhancement of the Class A3 (G) notes increased to
63.4% from 9.6% at closing, 32.0% to 4.9% for Class B, to 21.8%
from 3.3% for Class C and 10.6% from 1.6% for Class D.  Bancaja 4
benefits from the highest CE of all Fitch-rated Bancaja SME CDOs.
Additionally, Bancaja 4's reserve fund is at its required level of
EUR24m and provides additional comfort to all rated notes while
portfolio concentration remains at acceptable levels.

Three-month delinquency rates of Bancaja 5 increased to 11.6% in
September 2009 from 3.4% in September 2008.  The amount of
defaulted loans (loans more than 18 months overdue) increased to
4% of outstanding principal balance in September 2009 from 1% in
January 2009.  The defaults caused the reserve fund to fall short
of its target balance by EUR6.1m.  The experienced defaults and
the relatively small CE levels of Class B and C of 16.1% and 7.8%
respectively led to the downgrade of all classes of notes other
than Class A3 (G) by one category.

Eighty-five percent of the outstanding balance of Bancaja 6's
portfolio was originated in 2006 and 2007.  The amount of defaults
as a percentage of outstanding balance increased to 3.1% in
September 2009 from 0% in March 2009.  Over the same period, the
three-month delinquency rate remained stable at just above the 10%
mark and was at 11.2% in September 2009.  Consequently, the
reserve fund was utilised to provision for defaults and currently
falls short of its target level of EUR27m by EUR14.3m.  Expected
losses and inadequate available CE of Class B (7.9%), Class C
(3.1%) and Class D (0%) led to the downgrade of these tranches.
Only Class A2 (downgraded to 'BBB' from 'AA') and Class A3 (G)
(benefitting from a guarantee and affirmed at 'AAA') still warrant
investment-grade ratings.

The ultimate interest and principal repayment of tranche A3 of
Bancaja 2 and tranches A3 (G) of Bancaja 3, 4, and 6 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.


MARTINSA-FADESA: Balance Sheet Upside-Down by EUR1.3 Billion
------------------------------------------------------------
Ben Sills at Bloomberg News, citing El Pais, reports that
liabilities of Martinsa-Fadesa SA exceed its assets by EUR1.3
billion (US$1.9 billion).

According to Bloomberg, the newspaper, citing a report by
Martinsa's administrator, said the company, which filed for court
protection last year, has total liabilities of around EUR7
billion.

Headquartered in Corunna, Spain, Martinsa Fadesa SA --
http://www.martinsafadesa.com/-- develops residential and
commercial property projects, including hotels, shopping centers
and golf courses, as well as industrial projects, among others.
The company also operates in Portugal, Romania, Hungary,
Ireland, France, Bulgaria, Mexico, the Dominican Republic, the
Czech Republic, Slovakia, and Poland.


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


CONCEPT CAPITAL: Claims Filing Deadline is November 27
------------------------------------------------------
Creditors of Concept Capital ManagementService AG are requested to
file their proofs of claim by November 27, 2009, to:

         Limacher Peter
         Liquidator
         Baarerstrasse 2
         6301 Zug
         Switzerland

The company is currently undergoing liquidation in Schaffhausen.
The decision about liquidation was accepted at a general meeting
held on October 2, 2009.


CRANEX GMBH: Claims Filing Deadline is November 25
--------------------------------------------------
Creditors of Cranex GmbH are requested to file their proofs of
claim by November 25, 2009, to:

         Lambrigger Treuhand AG
         Industriestrasse 49
         6302 Zug
         Switzerland

The company is currently undergoing liquidation in Zug.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 28, 2009.


DATACARD-CMS: Claims Filing Deadline is November 27
---------------------------------------------------
Creditors of Datacard-CMS GmbH are requested to file their proofs
of claim by November 27, 2009, to:

         Christophe Rapin
         Liquidator
         Pestalozzi Lachenal Patry, 65
         1211 Genève 3
         Switzerland

The company is currently undergoing liquidation in Hergiswil NW.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 17, 2009.


ERICH ZUEGER: Claims Filing Deadline is November 26
---------------------------------------------------
Creditors of Erich Zueger AG are requested to file their proofs of
claim by November 26, 2009, to:

         Erich Zueger AG
         Hauptstrasse 36a
         8637 Laupen
         Switzerland

The company is currently undergoing liquidation in Wald ZH.  The
decision about liquidation was accepted at a general meeting held
on September 24, 2009.


FERO FELDMANN: Claims Filing Deadline is November 27
----------------------------------------------------
Creditors of Fero Feldmann GmbH are requested to file their proofs
of claim by November 27, 2009, to:

         Heidy Galli
         Liquidator
         Staedtli 17
         3380 Wangen an der Aare
         Switzerland

The company is currently undergoing liquidation in Wolfwil.  The
decision about liquidation was accepted at a shareholders' meeting
held on October 9, 2009.


INFORMATIK-ATELIER: Claims Filing Deadline is November 26
---------------------------------------------------------
Creditors of Informatik-Atelier am Rotbach GmbH are requested to
file their proofs of claim by November 26, 2009, to:

         Informatik-Atelier am Rotbach GmbH
         Kalberweid 1120
         9053 Teufen AR
         Switzerland

The company is currently undergoing liquidation in Buehler.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on October 8, 2009.


INTERCONF TRADING: Claims Filing Deadline is November 25
--------------------------------------------------------
Creditors of Interconf Trading AG are requested to file their
proofs of claim by November 25, 2009, to:

         Corinne Sieger
         Liquidator
         Forchstr. 452
         Mail box: 1432
         8032 Zurich
         Switzerland

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


LERCHENFELD IMMOBILIEN: Claims Filing Deadline is November 25
-------------------------------------------------------------
Creditors of Lerchenfeld Immobilien GmbH are requested to file
their proofs of claim by November 25, 2009, to:

         Joseph B. Koch
         Liquidator
         Bronschhoferstr. 2
         9500 Wil SG
         Switzerland

The company is currently undergoing liquidation in Wil SG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 24, 2009.


SIS SWISS: Claims Filing Deadline is November 27
------------------------------------------------
Creditors of SIS GmbH Swiss Industrial Supplies are requested to
file their proofs of claim by November 27, 2009, to:

         Sibylle Vokinger
         Oberguetschstrasse 9
         6003 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholder’s meeting held on September 15, 2009.


TENNISCENTER LERCHENFELD: Claims Filing Deadline is November 25
---------------------------------------------------------------
Creditors of Tenniscenter Lerchenfeld GmbH are requested to file
their proofs of claim by November 25, 2009, to:

         Joseph B. Koch
         Liquidator
         Bronschhoferstr. 2
         9500 Wil SG
         Switzerland

The company is currently undergoing liquidation in Wilen TG.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on September 24, 2009.


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


CARAVAN LLC: Creditors Must File Claims by November 21
----------------------------------------------------
Creditors of LLC Caravan (code EDRPOU 25530130) have until
November 21, 2009, to submit proofs of claim to I. Gaborak, the
company's insolvency manager.

The Economic Court of Dnepropetrovsk commenced bankruptcy
proceedings against the company on October 5, 2009.  The case is
docketed under Case No. B29/309-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Caravan
         Kolkhoznaya Str. 56
         Yubileynoye
         52005 Dnepropetrovsk
         Ukraine


MAGNETO LLC: Creditors Must File Claims by November 21
----------------------------------------------------
Creditors of LLC Magneto (code EDRPOU 32821471) have until
November 21, 2009, to submit proofs of claim to:

         LLC Tshekay
         Insolvency Manager
         I. Mazepa Str. 26
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on Ocotber 7, 2009.  The case is docketed
under Case No. 44/188-6-50/554.

The Court is located at:

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

The Debtor can be reached at:

         LLC Magneto
         Office 5A
         Krasnoarmeyskaya Str. 62
         03150 Kiev
         Ukraine


NADRA BANK: Has Deal with Lenders to Restructure 75% of Total Debt
------------------------------------------------------------------
Dragon Capital reports that Nadra Bank has reached an agreement
with its lenders to restructure more than 75% of its total debt.

According to the report, the bank has so far completed
restructuring talks with holders of its US$175 million 9.25%
Eurobond maturing in June 2010, domestic bondholders, export
credit agencies as well as the NBU.  Nadra's total debt stands at
around US$2.1 billion, with almost half of it owned by the NBU,
the report discloses.

Nadra, the report says, has to restructure the remaining US$470
million of liabilities to avoid liquidation.  If Nadra fails to
restructure the remaining amount, the bank is expected to be
declared bankrupt and liquidated, with its deposits to be
transferred to another bank and the priority in debt recovery to
be given to the NBU, the report notes.

                        About Nadra Bank

VAT Nadra Bank a.k.a Nadra KB VAT or Commercial Bank Nadra OJSC
(KSE:NADR) -- http://www.nadra.com.ua/rus/-- is a Ukraine-based
nation-wide universal commercial bank.  It provides financial
services to three client segments: individuals, small and
medium-sized enterprises and corporate clients.  Its customer
services platform comprises a network of branches located in all
Ukrainian major cities, numerous Automated Teller Machines (ATM)
and Point of Sale terminals (POS), as well as an electronic
contact center.  Nadra KB VAT has in its offer micro-loans, credit
lines, overdrafts, personal and corporate credit and debit cards,
current accounts, time deposits, cash management services, deposit
taking, cash management and account services, corporate cards and
securities transactions.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 1,
2009, Standard & Poor's Ratings Services said that it had affirmed
its 'SD' (selective default) long-term counterparty credit ratings
on Ukraine-based Nadra Bank.  The ratings were lowered to 'SD'
from 'CC' on March 2, 2009, after Nadra failed to make interest
payments on certain deposits and failed to honor drawings made on
certain of its letters of credit.


NAFTOGAZ OF UKRAINE: Fitch Affirms Issuer Default Ratings at 'CCC'
------------------------------------------------------------------
Fitch Ratings has taken various rating actions on these Ukrainian
corporates following the agency's downgrade of Ukraine's sovereign
rating to 'B-' from 'B' on November 12.  The sovereign Outlook is
Negative.

The affected Ukrainian companies and rating actions are:

DTEK Holding Limited

  -- Long-term foreign currency Issuer Default Rating: downgraded
     to 'B-' from 'B'; Outlook Negative (The rating is constrained
     by Ukraine's Country Ceiling of 'B-'.)

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

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

  -- National senior unsecured rating: affirmed at 'AA+(ukr)';
     Recovery Rating of 'RR4' withdrawn

Metinvest B.V.

  -- Long-term foreign currency IDR: downgraded to 'B-'from 'B';
     Outlook Negative (The rating is constrained by Ukraine's
     Country Ceiling of 'B-'.)

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

  -- Long-term local currency IDR: downgraded to 'B' from 'B+';
     Outlook Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- National Long-term rating: upgraded to 'AA+(ukr)' from 'AA-
     (ukr)'; Outlook Stable (This rating action follows a
     recalibration of the National Scale.)

  -- National Short-term rating: upgraded to 'F1+(ukr)' from
     'F1(ukr)'; (This rating action follows a recalibration of the
     National Scale.)

PJSC Azovstal Iron and Steel Works

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative (The Outlook is aligned with Ukraine's
     sovereign rating Outlook.)

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

  -- Long-term local currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative

  -- Short-term local currency IDR: affirmed at 'B'

  -- Senior unsecured foreign currency rating: downgraded to 'B-'
     from 'B'; Recovery Rating 'RR4'

  -- National Long-term rating: upgraded to 'AA-(ukr)' from
     'A+(ukr)'; Outlook Stable

MHP S.A.

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative.  (This rating is constrained by Ukraine's
     Country Ceiling of 'B-'.)

  -- Long-term local currency IDR: 'B'; placed on Rating Watch
     Negative

  -- Senior unsecured foreign currency rating: downgraded to 'B-'
     from 'B'; Recovery Rating of 'RR4'

OJSC Myronivsky Hliboproduct

  -- Long-term foreign currency IDR: downgraded to 'B-' from 'B';
     Outlook Negative.  (This rating is constrained by Ukraine's
     Country Ceiling of 'B-'.)

  -- Long-term local currency IDR: 'B'; placed on RWN

  -- National Long-term rating: 'A-(ukr)'; placed on Rating Watch
     Evolving

OJSC Concern Stirol

  -- Long-term foreign currency IDR: affirmed at 'B-'; Outlook
     revised to Negative from Stable (The Outlook has been aligned
     with Ukraine's sovereign rating outlook.)

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

NJSC Naftogaz of Ukraine

  -- Long-term foreign currency IDR: affirmed at 'CCC'; Outlook
     Negative

  -- Long-term local currency IDR: affirmed at 'CCC'; Outlook
     Negative

  -- Sovereign-guaranteed foreign currency bond rating: downgraded
     to 'B-' from 'B'; Recovery Rating 'RR4' (The rating has been
     aligned with Ukraine's sovereign rating.)

Ukrainian companies whose ratings are not affected by the
sovereign downgrade are listed below.  These companies are not
constrained by Ukraine's Country Ceiling.  Company-specific
factors and concerns have been factored into their respective
current ratings.

Interpipe Limited

  -- Long-term foreign currency IDR: 'CCC'; RWN
  -- Short-term foreign currency IDR: 'C'; RWN
  -- Senior unsecured: 'CCC'; RWN; 'RR4'

TMM Real Estate Developments plc

  -- Long-term foreign currency IDR: 'CC'; RWN
  -- Long-term local currency IDR: 'CC; RWN


NOVOGRODOVKA REGIONAL: Creditors Must File Claims by November 21
----------------------------------------------------------------
Creditors of OJSC Selidov Coal Subsidiary Company Novogrodovka
Regional Housing and Operation Management (code EDRPOU 22039095)
have until November 21, 2009, to submit proofs of claim to:

         E. Lesnikov
         Insolvency Manager
         O. Koshevoy Str. 37/19
         Novogrodovka
         85481 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on September 9, 2009.  The case is docketed
under Case No. 5/139B.

The Court is located at:

         The Economic Court of Donetsk
         Artem str. 157
         Donetsk
         Ukraine

The Debtor can be reached at:

         OJSC Selidov Coal Subsidiary Company
         Novogrodovka Regional Housing and Operation Management
         Pionerskaya Str. 5
         Novogrodovka
         85483 Donetsk
         Ukraine


RAKITNOYE PAPER: Creditors Must File Claims by November 20
----------------------------------------------------------
Creditors of LLC Rakitnoye Paper Plant (code EDRPOU 35013542) have
until November 20, 2009, to submit proofs of claim to:

         E. Boreyko
         Insolvency Manager
         Office 63
         Khomenko Str. 22
         18008 Cherkassy
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 20, 2009.  The case is docketed
under Case No. B18/188-09.

The Court is located at:

         The Economic Court of Kiev
         Komintern str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         LLC Rakitnoye Paper Plant
         Okruzhnaya Str. 4
         Rakitnoye
         09600 Kiev
         Ukraine


* UKRAINE: Fitch Downgrades National Long-Term Rating
-----------------------------------------------------
Fitch Ratings has downgraded Ukraine's National Long-term rating
to 'AA-(ukr)' from 'AA(ukr)'.  The Outlook is Stable.

The downgrade of Ukraine's National Long-term rating follows
Fitch's downgrade of Ukraine's Long-term foreign and local
currency Issuer Default Ratings to 'B-' from 'B' on November 12.
The Outlooks on the Long-term IDRs are Negative.


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


ABBOT GROUP: S&P Puts 'B-' Corp. Rating on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B-' long-term corporate credit ratings on U.K.-based oil and gas
explorer Abbot Group Ltd. and related entity Turbo Alpha Ltd. on
Creditwatch with negative implications.  The '3' recovery rating
on Turbo Alpha's senior secured bank facility remains unaffected.

"The CreditWatch placement reflects the risk of further
deterioration in Abbot Group's already highly leveraged credit
metrics and S&P's concerns regarding its covenant headroom.  It
further reflects S&P's view that pressure on Abbot Group's
operating profits will continue in 2010-2011, as oil companies
continue to seek lower their supply costs," said Standard & Poor's
credit analyst Per Karlsson.

In its credit scenario S&P see a risk that the group's adjusted
debt to EBITDA will exceed 7x in 2010-2011.

The other key risk relates to a breach of the group's financial
covenants.  S&P understands that discussion with banks on
covenants has started; the extent of potential support from
shareholder First Reserve is, however, unclear at this stage.
During the first nine months of 2009, management reported EBITDA
of US$230 million, excluding some US$9 million in rationalization
costs, which points to year-end EBITDA of around US$315 million.
Covenant headroom, notably company-reported net debt to EBITDA,
will therefore be extremely low in 2009 (the covenants require
5.7x at year-end 2009) and will very likely be breached in 2010
when the covenant tightens quarterly to 5.1x by year end.

The outlook for 2010-2011 remains challenging for Abbot Group, as
downward pressure on prices in new drilling contracts could reduce
prices by 10%-15%.  S&P think performance by Abbot Group's
manufacturing division may also weaken as contract intake is low.
Furthermore; Abbot's jack-up drilling rigs need to be re-
contracted in late 2010, which add further risk that EBITDA will
weaken.  Consequently S&P see a clear risk that EBITDA will
continue to weaken in 2010 and 2011, possibly to the $260 million-
$280 million range.  In S&P's opinion, debt to EBITDA will remain
very weak.

S&P expects to resolve the CreditWatch status in late
January/early February 2010, once S&P gain more insight into the
group's end-2009 covenant compliance status.


AERO INVENTORY: Receives 25 Expressions of Interest
---------------------------------------------------
Jeremy Lemer at The Financial Times reports that Aero Inventory
plc has received 25 expressions of interest from potential buyers.

According to the FT, Jim Tucker, KPMG partner and lead
administrator, said he was in early stage discussions with parties
including both trade and financial buyers about purchasing all or
part of the company.

The FT recalls Aero called in the administrators after the sharp
downturn in the aviation industry hit its cash flow and existing
financial backers, spooked by delayed results, improperly valued
stock and the suspension of its shares, refused to provide
emergency funding.

The company had net debt of US$466.2 million (GBP280 million) at
the half-year and is extremely cash intensive, the FT says.

Aero Inventory plc -- http://www.aero-inventory.com/-- is a
holding company to its subsidiary undertakings.  Aero Inventory
(UK) Limited is primarily engaged in procurement and inventory
management for the aerospace industry.  Aero Inventory (Hong Kong)
Limited, Aero Inventory (Switzerland) AG, Aero Inventory
(Australia) Pty Limited, Aero Inventory (Canada) Inc., Aero
Inventory (Bahrain) SPC and Aero Inventory Japan KK provide
customer support in relation to the activities of Aero Inventory
(UK) Limited. Aero Inventory (USA) Inc. provides services to Aero
Inventory (UK) Limited in relation to the procurement and
purchasing of aircraft parts, logistics and the sale of parts to
non-contract customers in the United States.  The Company
principally operates in the United Kingdom, rest of Europe and
Middle East, America and Asia Pacific.


BUSINESS MORTGAGE: Moody's Confirms Ba1 Ratings on Class B Notes
----------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Business Mortgage Finance No. 3 plc (amounts reflect
initial outstandings):

  -- GBP42.5 million Class M Mortgage Backed Floating Rate Notes
     due 2038, upgraded to A1; previously on 23 April 2009 A2
     placed under review for possible downgrade;

  -- GBP9.5 million Class B1 Mortgage Backed Floating Rate Notes
     due 2038, confirmed at Ba1; previously on 23 April 2009 Ba1
     placed under review for possible downgrade;

  -- EUR8 million Class B2 Mortgage Backed Floating Rate Notes
     due 2038, confirmed at Ba1; previously on 23 April 2009 Ba1
     placed under review for possible downgrade.

At the same time Moody's has affirmed the Aaa ratings of the Class
A1, A2, A1 DAC, A2 DAC and the MERC Notes.  Moody's does not rate
the Class C Notes issued by BMF3.

In total, approximately GBP52 million and EUR8 million of CMBS
bonds have been affected by the rating action.  As described
further under sub-heading 3, "Rating Rationale", the action taken
has been due to Moody's revising its expected loss projection for
the transaction as a whole.

1) Transaction Overview

Business Mortgage Finance No. 3 plc represents the third true-sale
securitization by UK lender Commercial First of a portfolio of
annuity style amortizing floating rate mortgage loans.  At closing
the transaction portfolio consisted of 1,311 loans, which were
advanced to individuals and secured by first-ranking mortgages
over mixed-use commercial properties across the UK.

The transaction features 8 classes of Notes, of which the Class C
is not rated by Moody's.  The Notes are floating rate and issued
in both Euros and GBP, while the underlying loans are 100% GBP
denominated.  The transaction has (i) hedging to mitigate basis
risk, interest rate risk, and cross-currency risk between the
underlying loan contracts and the Notes; (ii) a liquidity facility
of GBP19.55 million; and (iii) a cash reserve fund, currently with
an available balance of GBP 10.07 million and a target balance of
GBP10.625 million.  The transaction is currently distributing
principal redemptions to the Notes in order of seniority; however
pro-rata amortization of the Notes is allowed subject to certain
performance tests being met.

2) Transaction Performance History

As seen with all the BMF transactions, loan arrears rates have
been increasing since closing.  As at the 17 August 2009 Note
interest payment date, a total of 178 loans were in arrears, with
a current total principal balance of GBP43.80m (44.8% of the
current pool balance).  The reported principal outstanding balance
of loans which were more than three monthly installments in
arrears represented 28.1% of the total portfolio (113 loans).  At
the same date, 127 loans were in litigation, with a loan amount of
GBP31.46 million which represents 32.2% of the current portfolio
principal balance.  Loans in litigation include those which are
three months in arrears as well as those which are more than three
months in arrears.  Of these, for 47 loans the servicer had begun
litigation proceedings, for 54 loans the servicer had obtained a
possession order and for 26 loans the properties were already in
possession.

In total 61 loans have suffered a loss, and cumulative losses have
been GBP3.86 million.  The aggregate losses have been 3.9% of the
current pool balance and 1.5% of the original pool balance.
However, the relatively high loan interest margins in the
transaction and the collection activities of the servicer, have
mitigated a large proportion of the losses so far, with losses
after such amounts ("excess spread") being GBP0.892 million.  In
other words; approximately 77% of the lifetime losses have been
absorbed by excess spread, and were not passed onto the Issuer.
The un-absorbed losses were met by deductions to the reserve fund,
however no principal deficiency balance has been recorded on any
class of Notes so far.

Loans which are in arrears are, on average, still paying a part of
their installment, which explains why excess spread has been able
to absorb losses while delinquency rates have been rising.
Looking at the 12 months of collection data between August 2008
and July 2009 inclusive, and ignoring small arrears balances of
less than GBP250; 14.3% of loans prepaid in full, of which more
than half of these loans had begun the period with arrears.
Slightly less than one third (33.1%) of loans over the period
studied began the period current, and ended the period current
however there were 11.6% of loans which started current, but ended
the period in arrears.  In terms of loans which began the period
in arrears, 29.3% began with arrears of greater than GBP 250, and
had become more delinquent by at least one more GBP over the
observation period.  The remainder of cases (11.8%) began the
period in arrears, and became less delinquent over time.  Over the
period studied, the collection ratio, being the ratio between the
opening arrears balance plus installments due, divided by the
total amounts paid was approximately 90%.

3) Rating Rationale

Moody's rating review rating action in April this year for the
Class M and B Notes was prompted by these factors: (i) the higher
than expected arrears levels compared with Moody's expectations at
closing; and (ii) Moody's concerns about continuing falling real
estate values and a challenging economic backdrop for small
businesses across the country, which increased the risk related to
long-term affordability of the loans and also the risk of impaired
sales prices upon loan foreclosure for the foreseeable future.

However, as was mentioned in section 2, despite relatively high
arrears levels, the collection activity of the servicer has
allowed a significant amount of losses to be absorbed so far.  In
addition to this, the transaction subordination levels (including
the reserve fund) have increased materially since closing: the
Class A Notes benefit from 2.68x the original subordination
levels, the Class B Notes benefit from 2.91x the original
subordination levels and the Class C Notes benefit from 3.48x the
original subordination levels.  Therefore, despite the expectation
of higher arrears and losses, Moody's was able to upgrade the
current ratings of the Class M Notes and to confirm the ratings of
the Class B Notes.  The ratings of the Class B Notes are expected
to remain sensitive to future collections activity by the
servicer.

The ratings of the Class A Notes and of the Class A Detachable
Coupons were also affirmed due to the available subordination and
liquidity, which protect them even in the increased default and
loss scenarios currently anticipated by Moody's.

The MERC Notes were also affirmed, as Moody's has not altered its
view of the ability of the Issuer to pass on early redemption fees
to MERC Noteholders.

The analysis for the ratings of the Notes as a whole was based on
an updated pool cut and the recent performance history of each
loan.  Moody's analysis concluded that the expected future default
rate in the pool is now both higher than at closing and more
front-loaded than was anticipated at closing.  The expectation of
front loaded default rates is due to the general economic backdrop
for this sector (negative outlook over the next few years),
combined with a lack of / reduction in availability of credit to
the borrowers under the loan contracts which may reduce the
ability of such borrowers to avoid defaults in the medium term.

Losses upon default were also re-based, by considering what would
be the likely achievable sales price in the event of a forced sale
over the next two to six years.  Commercial and residential
property values across the UK have fallen significantly in recent
times and Moody's expects only moderate recovery by 2011.  Moody's
estimates that the value of the properties securing this
transaction have declined by 25-35% since the properties were last
valued, depending on the particular location and quality of the
real estate asset concerned.  This means that, with average pool
LTVs of 72% (the loan balance is updated, valuations are not
updated and are from October 2005 on average) and after
considering senior expenses, losses are likely to materialize in
the expected case if the defaulted loans would be enforced upon.
Therefore, Moody's believes that the servicer's strategy going
forward will be to delay enforcement where possible in order to
maximize future loan recoveries by continuing to make collections,
even partially, in the near term.

4) Moody's Portfolio Analysis

As at the August 2009 interest payment date, the most common
property types in the pool were residential and mixed-use
commercial properties.  The mixed-use properties typically
comprise a commercial unit on the ground floor, and a flat or
maisonette for residential use situated directly above it.
However, the types of properties in the pool are very diverse:
comprising a very wide spectrum of property types.  The top 3
regional concentrations based on Moody's postcode conversion
tables as a percentage of loan current balance in August 2009
were: South East 18.7%, South West 14.9% and North West 10.3%.
Greater London represented 8.6%.  There were no significant
borrower concentrations in the pool, and this is reflected by the
loan Herfindahl Index which was 227.3 for 509 loans remaining.

In terms of loan characteristics, all are Libor-linked floating
rate loans, and all are amortizing, to mature on average by 25
March 2031.  The average loan size according to end July 2009 data
was GBP192,082 with a weighted average LTV of 65.2% based on the
latest available underwritten values (generally the same as those
at closing).  The weighted average loan margin at end July 2009
was 4.33%.


CHAMPION ENTERPRISES: Files for Chapter 11 to Sell Business
-----------------------------------------------------------
Champion Enterprises, Inc., and its domestic operating
subsidiaries filed voluntary petitions for reorganization under
Chapter 11 of the U.S. Bankruptcy Code.  The Company is taking
this action to improve its capital structure and further
strengthen its competitive position.  The Company's operations in
the United Kingdom and Canada were not included in and will not be
impacted by the filing.

In conjunction with the filing, the company has obtained a
US$40 million debtor-in-possession credit facility from certain of
its current lenders that will be available to fund postpetition
operating expenses and to ensure that it continues to meet its
obligations to employees, customers, and trade partners.  A
portion of these funds will be available for use outside the U.S.
to ensure the continued adequacy of working capital for the
Company's non-U.S. operations.

The Company expects that this restructuring will be accomplished
through a court-supervised sale of its operations.  The Company
chose to pursue a broader sale process in which its lenders and
others may participate after opting not to accept a third party
offer for the company.  To that end, the company's investment
banker has already received initial indications of interest from a
number of parties expressing a desire to participate in this sale
process over the coming weeks.

"Our company has operated for many years with a significant debt
load.  As we've had to downsize to keep up with the declining
markets, this debt has become increasingly burdensome," said
Champion Chairman, President and Chief Executive Officer William
C. Griffiths.  "Despite our best efforts to reposition the company
for diversified growth, the continued challenging economic
conditions both here and abroad have negatively impacted our
capacity for debt.

"As a result, management and the Board decided that the Chapter 11
process provides us with the timeliest and orderly means to
restructure our debt obligations and facilitate a sale and
recapitalization of the Company so we can be best positioned to
capitalize on future opportunities.  Filing for Chapter 11 will
allow us to maintain our going concern value for the benefit of
our stakeholders while we address current market realities."

Mr. Griffiths noted that in response to the challenging housing
market and impaired capital markets, Champion has already
successfully implemented a number of initiatives aimed at
improving operating performance, including the reduction of
overhead costs, closure or idling of 15 underperforming
manufacturing facilities in the U.S. since mid-2006, staff
reductions at operating plants to better match current demand
levels, increased focus on multi-family, military and commercial
sales opportunities and enhancement of single-family home product
offerings.

"Our balance sheet is the problem, not our operations.  The next
step in our reorganization is to restructure our balance sheet and
position our company to capitalize on the anticipated recovery in
the residential and commercial construction markets," said
Mr. Griffiths.

The Company emphasized that daily operations are expected to
continue throughout the restructuring.  The company filed nearly
20 "first-day motions" covering the continuation of employees and
business operations, as well as post-petition DIP financing, the
continuation of supplier payments, customer warranty programs and
retailer rebate programs, and other case administration matters.
The Company anticipates that these first-day motions will be heard
this week.  Pursuant to the relief requested in those motions,
homes will be sold, manufactured and delivered as normal and
employees will be paid and continue to receive the same benefits
as before the filing.

"Despite the current challenges in our core markets, we still
believe there are considerable opportunities in the factory-built
construction industry in the future," said Mr. Griffiths.
"Addressing our liabilities through the Company's bankruptcy
filing is the last step in a comprehensive restructuring we began
some time ago.  We fully expect to proceed through this
restructuring swiftly and with the strong support of our lenders.
Throughout the process we will continue designing and
manufacturing high quality products for our retailers, builders
and developers."

The Company filed its voluntary petitions in the U.S. Bankruptcy
Court for the District of Delaware in Wilmington.

                    About Champion Enterprises

Troy, Michigan-based Champion Enterprises, Inc. --
http://www.championhomes.com/-- operates 27 manufacturing
facilities in North America and the United Kingdom distributing
its products through independent retailers, builders and
developers.  The Champion family of builders produces manufactured
and modular homes, as well as modular buildings for government and
commercial applications.

As of July 4, 2009, the Company had US$596.4 million in total
assets; and total current liabilities of US$269.6 million, long-
term debt of US$193.5 million, deferred tax liabilities of
US$38.1 million, and other long-term liabilities of US$31.4
million; resulting in shareholders' equity of US$63.6 million.


CORSAIR NO. 4: S&P Downgrades Rating on Series 12 Notes to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered, removed from
CreditWatch negative, and withdrew its credit ratings on two
European synthetic collateralized debt obligation tranches.

S&P lowered and removed from CreditWatch negative the ratings on
these tranches after running them on S&P's new CDO Evaluator model
version 5.0, which incorporates S&P's new corporate CDO criteria.

The arrangers for the two transactions recently notified us that
they had redeemed early and so S&P withdrew the ratings on them.

                          Ratings List

Ratings Lowered, Removed From Creditwatch Negative, and Withdrawn

                           Claris Ltd.
   EUR28.57 Million Rainbow Floating-Rate Credit-Linked Notes
                            Series 12

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

                   Corsair (Jersey) No.  4 Ltd.
US$200 Million Floating-Rate Secured Portfolio Credit-Linked Notes
                           Series 12

                           Rating
                           ------
                   To                     From
                   --                     ----
                   BB+                     AA/Watch Neg
                   NR                      BB+

                          NR -- Not rated.


EASSDA LTD: In Administration; BDO Appointed
--------------------------------------------
BBC News reporsts that Eassda Ltd. has been placed into the hands
of administrators BDO after being hit by the downturn in the
housing market and construction industry.

According to the report, Essda was put into administration after a
winding-up petition was lodged against the company over an unpaid
tax bill.  The petition was served by Revenue and Customs in
September, the report recalls.

"Following their appointment, the administrators and their team at
BDO are undertaking an assessment and review of the company's
position with a view to the marketing and sale of the sites held
within the company," the report quoted a statement from BDO as
saying.

Templepatrick-based Eassda Ltd. is a construction firm owned by
the Jackson family.


EMI GROUP: Terra Firms Writes Down Investment by 90%
----------------------------------------------------
Martin Arnold and Andrew Edgecliffe-Johnson at The Financial Times
report that Terra Firma, the private equity house run by Guy
Hands, has written its investment in EMI Group down by 90% as it
as it offers to put another GBP1 billion (US$1.7 billion) into the
music group to restructure its debt.

According to the FT, Mr. Hands’ offer to inject more equity into
the company in return for Citigroup writing off GBP1 billion of
its GBP2.6 billion loan has been rejected by the bank, leaving
negotiations between them deadlocked.

Mr. Hands, the FT says, wants to keep control of the company and
is demanding a high price for any new money he puts in, arguing
that Citi has tried and failed to find a better offer to inject
fresh capital.  EMI’s debt is due to be repaid in 2014, the FT
notes.

EMI -- http://www.emigroup.com/-- is the fourth largest record
company in terms of market share (behind Universal Music Group,
Sony Music Entertainment, and Warner Music Group).  It houses
recorded music segment EMI Music and EMI Music Publishing.  EMI
Music distributes CDs, videos, and other formats primarily through
imprints and divisions such as Capitol Records and Virgin, and
sports a roster of artists such as The Beastie Boys, Norah Jones,
and Lenny Kravitz.  EMI Music Publishing, the world's largest
music publisher, handles the rights to more than a million songs.
EMI Music operates through regional divisions (EMI Music North
America, International, and UK & Ireland).  Private equity firm
Terra Firma owns EMI.


EURO CONSTRUCTION: In Administration; KPMG Called In
----------------------------------------------------
BBC News reports that Euro Construction Corporation has gone into
administration.

The administration of Euro Construction is being jointly handled
by KPMG's Belfast and Dublin offices.

Citing the Dublin-based newspaper, the Sunday Business Post, the
report says the administrator was appointed as the behest of
Ulster Bank which has an exposure of about EUR30 million to Euro
Construction.

Euro Construction Corporation is based in Waringstown and owned by
businessman Raymond Acheson.


SPIRIT ISSUER: Moody's Affirms Ba2 Ratings on 5 Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has affirmed these classes of Notes
issued by Spirit Issuer plc (amounts reflecting initial
outstanding):

  -- GBP150M Class A1 Secured Notes due 2028; Affirmed at Ba2;
     previously on Apr 13, 2009 Downgraded

  -- GBP200M Class A2 Secured Notes due 2031; Affirmed at Ba2;
     previously on Mar 10, 2009 Downgraded

  -- GBP250M Class A3 Secured Notes due 2021; Affirmed at Ba2;
     previously on Apr 13, 2009 Downgraded

  -- GBP350M Class A4 Secured Notes due 2027; Affirmed at Ba2;
     previously on Mar 10, 2009 Downgraded

  -- GBP300M Class A5 Secured Notes due 2034; Affirmed at Ba2;
     previously on Apr 13, 2009 Downgraded

Spirit Issuer plc represents a whole-business securitization of a
portfolio of currently 698 managed pubs and 603 leased pubs
located across the UK.  The transaction closed in November 2004
and was restructured in June 2006.

Moody's affirmation of the ratings of the Notes was driven by a
number of counter-balancing factors, the most significant of which
are:

  (i) The observed declining trend of EBITDA and free cash flow of
      the securitized estate in particular of the managed estate
      since Moody's last rating action in March 2009.  Both EBITDA
      and FCF reported for the last two quarters of 2009 for the
      underlying portfolio are below Moody's revised expectations.
      This is due to (a) the further performance deterioration of
      the portfolio on a per pub basis as well as (b) property
      disposals by the Borrower.

(ii) At the same time, the Borrower Group has recently
      repurchased and cancelled Notes with a principal value of
      approximately GBP254 million, amounting to approximately 20%
      of the original balance of the transaction.  The
      cancellation of the Notes has mitigated the effect of
      declining EBITDA and FCF.  Therefore the ratio of
      securitized debt to Moody's expected sustainable FCF has
      been maintained and is currently well within limits
      consistent with the current ratings of Ba2.

Over the past three quarters, the Issuer has disposed 104 pubs
from the estate, the majority of which were managed pubs.  Given
the ongoing changes in the size and the composition of the
underlying estate, Moody's will continue to focus its performance
analysis of sustainable EBITDA and FCF on both, total portfolio
and on a per pub basis.

Moody's expects that the EBITDA and FCF per pub will decrease
further in 2010, both for the managed estate and for the leased
estate, due to (i) changing beer consumption habits, (ii)
continuing declines in beer sales, and also a continuing
contraction of achievable profit margins.

Moody's initially analyzed and monitors this transaction using its
rating approach for whole business transactions.  In this
approach, a sustainable annual FCF is derived over the medium to
long term horizon of the transaction, and multipliers are then
applied to the cash flows to reach the debt which could be issued
at the targeted long-term rating level for the Notes.

On March 10, 2009 Moody's downgraded the class A2 and A4 Notes to
Ba2 from Baa2.  On September 7, 2009, Moody's assigned a
counterparty instrument rating to the liquidity facility provided
by Lloyds TSB Bank PLC.  The most recent Performance Overview for
the transaction was published on August 17, 2009.

                            *********

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

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                 * * * End of Transmission * * *