TCREUR_Public/091126.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

          Thursday, November 26, 2009, Vol. 10, No. 234

                            Headlines

A U S T R I A

FSL VERLAG: Claims Filing Deadline is December 29
IGNIS GMBH: Claims Filing Deadline is December 29
MARCELLO GMBH: Claims Filing Deadline is December 29
QUINTA VERMOEGENSBERATUNG: Claims Filing Deadline is December 29


B U L G A R I A

EUROBANK EFG: Fitch Affirms Individual Rating at 'D'


C R O A T I A

AGROKOR DD: Moody's Assigns 'B2' Rating on EUR400 Mil. Notes
AGROKOR DD: S&P Affirms Long-Term Corporate Credit Rating at 'B'


D E N M A R K

TDC A/S: Owners Start Strategic Review; Eye Share Sale


F R A N C E

CMA CGM: To Meet With Creditors Today, Le Figaro Says


I C E L A N D

HAGAR: Iceland Chief Malcolm Walker Mulls Investment


I R E L A N D

ARGON CAPITAL: Moody's Lifts Ratings on Series 69 Notes to 'Caa3'
CELTIC RESIDENTIAL: S&P Cuts Ratings on Class C Notes to Low-B
DUBLIN DOCKLANDS: Faces Bankruptcy Over EUR27-Mil. Losses in 2008
VERSAILLES CLO: Moody's Junks Rating on EUR14MM Class E Notes


G R E E C E

DRYSHIPS INC: Prospectus for Notes, Shares Offering Filed


K A Z A K H S T A N

ASIA FOOD: Creditors Must File Claims by December 9
BN INVEST: Creditors Must File Claims by December 9
BOLASHAK TRADE: Creditors Must File Claims by December 9
CREATIVE GROUP: Creditors Must File Claims by December 9
ELECTRO TRANS: Creditors Must File Claims by December 9

EURO MAX: Creditors Must File Claims by December 9
JER BARLAU: Creditors Must File Claims by December 9
MAYOLIKA STYLE: Creditors Must File Claims by December 9
SUN TECH: Creditors Must File Claims by December 9
TEMIRBANK JSC: S&P Downgrades Counterparty Credit Ratings to 'D/D'

TIM STROY: Creditors Must File Claims by December 9


K Y R G Y Z S T A N

ARA AND CO: Creditors Must File Claims by December 16
NEW DESTINATION: Creditors Must File Claims by December 16


N E T H E R L A N D S

BOYNE VALLEY: Moody's Confirms Rating on Class E Notes at 'Caa1'
BRUCKNER CDO: Moody's Junks Ratings on Six Classes of Notes
EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on EUR15MM Notes
GRESHAM CAPITAL: Moody's Junks Rating on EUR13.65 MM Class E Notes
HALCYON STRUCTURED: Moody's Junks Rating on EUR20MM Class E Notes

JOOST TECHNOLOGIES: Adconion Media Group Acquires Assets
LYONDELL CHEMICAL: Reliance Should Bid Below $12BB, Analysts Say
LYONDELL CHEMICAL: S&P Sees Limited Benefits for Reliance
MESDAG BV: Moody's Cuts Rating on EUR39.4MM Class D Notes to 'Ba3'
SCHOUTEN CERALCO: Files for Bankruptcy Before Breda Court


R U S S I A

AK BARS: Moody's Maintains Review on 'Ba3' Debt Ratings
AVTOVAZ OAO: Russia to Transform Company with Renault's Help
PROMSVYAZBANK OJSC: Moody's Puts Ba3 Rating on Subordinated Notes
UC RUSAL: Derispaka, VEB to Get Over 50% Control After IPO

* RUSSIA: May Shut Down 80 Banks Next Year, Vedomosti Says


T U R K E Y

RADIAN ASSET: S&P Cuts Insurer Financial Enhancement Rating to BB


U K R A I N E

METALIST ORIS: Creditors Must File Claims by November 28
NIKAS-99 LLC: Creditors Must File Claims by November 28
SANTANA TRADING: Creditors Must File Claims by November 28
SUGAR COMPANY: Creditors Must File Claims by November 28
TREMBITA AGRICULTURAL: Creditors Must File Claims by November 28

UKRAINE RAIL: Moody's Maintains Neg. Outlook on 'B2' Rating
UKREURO-EXPORT LLC: Creditors Must File Claims by November 28
UKRFLOWLINE LLC: Creditors Must File Claims by November 28


U N I T E D   K I N G D O M

DONINGTON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'D'
LEHMAN BROTHERS: Moody's Withdraws Ratings on Structured Notes
LUDGATE FUNDING: S&P Affirms Rating on Class S Notes at 'CCC-'
NATIONAL EXPRESS: Rights Issue Will Get Backing, Chairman Says
NIPSON DIGITAL: MCR Appointed as Joint Administrators

RELAX GROUP: Cleardebt Acquires Bank Debt at Discount


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                         *********



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


FSL VERLAG: Claims Filing Deadline is December 29
-------------------------------------------------
Creditors of FSL Verlag GmbH have until December 29, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 10:30 a.m.

For further information, contact the company's administrator:

         Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49 239
         E-mail: office@viehboeck.at


IGNIS GMBH: Claims Filing Deadline is December 29
-------------------------------------------------
Creditors of Ignis GmbH have until December 29, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 9:00 a.m.

For further information, contact the company's administrator:

         Dr. Michael Lentsch
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 0 41
         Fax: 02622/27246
         E-mail: office@kosch-partner.at


MARCELLO GMBH: Claims Filing Deadline is December 29
----------------------------------------------------
Creditors of Marcello GmbH have until December 29, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 12:15 p.m.

For further information, contact the company's administrator:

         Dr. Klemens Dallinger
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at


QUINTA VERMOEGENSBERATUNG: Claims Filing Deadline is December 29
----------------------------------------------------------------
Creditors of Quinta Vermoegensberatung GmbH have until
December 29, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 12, 2010 at 12:00 p.m.

For further information, contact the company's administrator:

         Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@pitzal-partner.at


===============
B U L G A R I A
===============


EUROBANK EFG: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Eurobank EFG Bulgaria AD's ratings at
Long-term foreign currency Issuer Default 'BBB+' with Negative
Outlook, Short-term IDR 'F2', Individual 'D' and Support '2'.

The IDRs and Support rating of EFGB reflect the high potential of
support from its foreign 99.9% shareholder, EFG Eurobank Ergasias
S.A. (rated 'A-'/Negative) in case of need, and its close
integration and cooperation with its parent bank.  The Negative
Outlook reflects that on Bulgaria's Long-term IDRs.  EFGB's IDRs
are at Bulgaria's Country Ceiling and should Fitch downgrade
Bulgaria's ratings or Eurobank's, EFGB's IDRs would also be
downgraded.

EFGB's Individual rating reflects rapidly deteriorating asset
quality -- especially in consumer loans -- due to the slowdown in
the Bulgarian economy, as well as the pressure this puts on
profitability together with lower business volumes.  The
Individual rating also considers the benefits EFGB derives from
being part of the Eurobank group and its national franchise.
Downward pressure on the Individual rating could come from further
significant deterioration in asset quality, putting pressure on
profitability and, ultimately, capital.

Credit risk has been increasing rapidly in recent years as the
bank expanded its loan book, especially in retail and SME loans,
amid strong domestic credit growth.  However, asset quality has
deteriorated considerably owing to slowing Bulgarian economy and
seasoning of the loan portfolio after years of fast growth.  Non-
performing loans (NPL defined as loans overdue more than 90 days
as reported to the regulator) increased significantly and the NPL
ratio is higher than the banking sector average.  Fitch expects
the downward trend in asset quality to continue as loans season in
a weakening operating environment.

EFGB is a universal bank providing a broad range of banking
services to customers through its wide branch network.  EFGB's
assets totalled BGN6bn, making it the fifth-largest Bulgarian bank
at end-September 2009.

In Fitch's rating criteria, the Individual Rating reflects the
standalone strength of a bank while the Support Rating reflects
the probability of support from a majority shareholder and/or the
State.


=============
C R O A T I A
=============


AGROKOR DD: Moody's Assigns 'B2' Rating on EUR400 Mil. Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B2/LGD3
rating to the proposed EUR400 million senior notes to be issued by
Agrokor D.D.  The company's B2 corporate family rating and B2
probability of default rating remain unchanged at present.  The
outlook for all the ratings is stable.

The rating action follows the announcement made by Agrokor on 23
October of its intention to redeem the outstanding EUR150 million
bonds at a price of 101.75.  Moody's understands that backstop
funds were provided by relationship banks through a bridge loan
maturing in July 2011, which Agrokor expects to repay, together
with a portion of its short-term bilateral facilities, with the
proceeds from the issue.

As part of the overall refinancing of the existing capital
structure, Agrokor has also renegotiated the covenant levels on
its EUR246 million of bank debt, reducing the minimum coverage
ratio to 3.0x from 3.75x and increasing the maximum leverage level
to 3.75x from 3.5x.  The new set of covenants will remain in place
until maturity.

"Moody's view the refinancing contemplated through this
transaction as being positive for the Agrokor credit and if
executed as planned should lead to an improvement in Agrokor's
liquidity position, increasing the headroom within the new set of
covenants and extending the maturity profile of its financial
liabilities," said Stefano del Zompo, lead analyst for Agrokor at
Moody's.  "The current ratings also take into consideration the
solid performance sustained by the company in a challenging
business environment and the growth prospects for Agrokor's
business."

"The (P)B2/LGD3 rating assigned to the proposed senior unsecured
notes reflects their effective subordination to only a very
limited amount of secured debt at the level of the operating
subsidiaries, as well as limitations to the amount of debt that
could rank ahead of the notes with respect to the assets of the
guarantors.  The rating is also based on Moody's understanding the
indenture of the notes will prevent the company's bank debt to be
refinanced on a secured basis" added Mr. del Zompo.

Moody's notes that many of the covenants included in the
description of the notes are common with those seen in the
documentation for other high yield issuers but the agency
highlights that (i) the guarantor group will include companies
representing approximately 77% of consolidated EBITDA and 60% of
total assets at the outset, but no maintenance covenant has been
included in the indenture of the notes; (ii) language in the
indenture allows the use of proceeds from asset sales for purposes
other than the redemption of the notes, including capital
expenditures and the acquisition of long-term assets.  Therefore
Moody's warns that the percentage of EBITDA and assets
guaranteeing the bonds might vary and potentially decrease over
time.  Moody's nevertheless also note that the companies
comprising the guarantor group are the entities which hold the
groups key retail and branded consumer products.

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

The outlook is stable, reflecting the improved headroom within the
company's covenant structure and the positive business
performance.  Moody's believes that an increase in covenant
headroom to above 20%, in the context of stable operating
performance, could be positive for the rating.  Conversely,
negative pressure could arise if headroom were to decrease below
current levels.

The last rating action was implemented on 13 September 2007, when
Moody's changed Agrokor's outlook to stable from positive due to
weaker-than-expected performance and tight covenant headroom.

Based in Zagreb, Croatia, Agrokor is a food and retail
conglomerate, with leading market shares in selected food segments
and the food retail market in Croatia.  In the nine months to
30 September 2009, Agrokor generated consolidated net revenues and
EBITDA of around HRK19.7 billion and HRK1.6 billion, respectively.


AGROKOR DD: S&P Affirms Long-Term Corporate Credit Rating at 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit and senior secured debt ratings on
Croatia-based food manufacturer and retailer Agrokor d.d.  At the
same time, a 'B' issue rating was assigned to Agrokor's proposed ?
400 million senior unsecured notes due 2016.

"The affirmation follows the company's announcement of the planned
issue of seven-year ?400 million senior unsecured notes, with
which it aims to improve its debt maturity profile and decrease
reliance on short-term debt," said Standard & Poor's credit
analyst Anton Geyze.

S&P views this transaction as positive for the rating.
Nevertheless, S&P is maintaining its negative outlook.

The ratings reflect Agrokor's highly leveraged financial profile,
its limited, although improving, geographic diversification, and
its large exposure to developing economies.  Agrokor's business
profile is supported by the company's entrenched market positions
in the Croatian retail segment and several key food segments in
Croatia and neighboring countries, such as ice cream, mineral
water, and agriculture.

The rating on the proposed notes is based on preliminary
information and is subject to S&P's satisfactory review of final
documentation.  In the event of any changes to the amount or terms
of the bond, the issue rating could be subject to further review.

S&P understands that the new bond will bear no maintenance
covenants, only incurrence ones.  Agrokor intends to use net
proceeds from the new bond issue to refinance existing senior
secured notes due 2011 and part of Agrokor's existing short-term
debt.

As of Sept. 30, 2009, the proportion of short-term debt to total
indebtedness was a very high 51%.  Agrokor's management estimates
that after refinancing, that ratio will decline to less than 20%.

No recovery rating has yet been assigned to the proposed senior
unsecured notes.

S&P views Agrokor's liquidity position outside the proposed bond
issue as "weak".

"The negative outlook reflects S&P's concerns over Agrokor's
ability to reduce its high debt leverage, which stems from
significant investments, and, consequently, limited discretionary
cash flow generation," said Mr. Geyze.

S&P could lower the ratings if Agrokor were to fail to maintain
its adjusted net debt to EBITDA at about 5x.  The ratings could
also be lowered if the group were unable to reduce the risk of
covenant breaches and increase its financial covenant headroom to
more than 10% on any test date.

Future affirmations of the ratings would be supported if the group
were able to demonstrate sustained improvement in its liquidity
position, for example, achieve and maintain financial covenant
leeway of more than 15% on any test date; increase availability of
committed financing sources, such as cash and medium -to long-term
committed lines; and continue to maintain limited amounts of
short-term debt.


=============
D E N M A R K
=============


TDC A/S: Owners Start Strategic Review; Eye Share Sale
------------------------------------------------------
Martin Arnold at The Financial Times reports that the private
equity owners of TDC A/S have started a strategic review that is
expected to result in a big share sale next year.

Nordic Telephone Company, controlled by Apax Partners, Blackstone,
Kohlberg Kravis Roberts, Permira and Providence Equity Partners,
owns 87.9% of TDC, according to the FT..

"The goal of focusing the company on the Nordic region, as we set
out to do, is now well advanced," the FT quoted Kurt Bjoerklund,
co-managing partner of Permira and a director of NTC, as saying.
"We therefore find that timing and conditions are right with
regards to investigating strategic alternatives for TDC."

Headquartered in Copenhagen, Denmark, TDC A/S -- http://tdc.com/
-- is a provider of telecommunications solutions in Scandinavia,
Switzerland and Hungary.  The Company's activities comprise six
principal business segments.  The Business Nordic segment provides
telecommunications solutions, such as data communications and
Internet services, to business customers in Denmark and other
Scandinavian countries.  The Fixnet Nordic segment offers landline
services to residential, including small office/home office (SoHo)
customers, and wholesale customers in Denmark.  The Mobile Nordic
segment provides mobile services to residential, SoHo and
wholesale customers in Denmark.  The YouSee segment is a Danish
provider of cable television, broadband and telephony. The Sunrise
segment is a telecommunications provider in Switzerland and its
activities include mobile and landline telephony, as well as
Internet services.  The Other activities segment includes
Hungarian Telephone and Cable Corp (HTCC), TDC IT and
Headquarters.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on June 5,
2009, Standard & Poor's affirmed the 'BB-' issue rating on TDC's
unsecured notes maturing up to 2012.  In addition, the issue
rating on the EUR7.2 billion (EUR3.6 billion outstanding as of
March 31, 2009) senior secured facilities issued by TDC was
affirmed at 'BB+', two notches higher than the corporate credit
rating.

On January 22, 2009, the Troubled Company Reporter-Europe reported
that, Fitch Ratings revised TDC A/S's (TDC) Outlook to Positive
from Stable due to the company's improving operational metrics and
continued deleveraging.  At the same time, the agency affirmed
TDC's Long-term Issuer Default Rating (IDR) at 'BB-' (BB minus)
and Short-term IDR at 'B'.  All of TDC's instrument ratings were
affirmed at their current levels.


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


CMA CGM: To Meet With Creditors Today, Le Figaro Says
-----------------------------------------------------
David Whitehouse at Bloomberg News, citing Le Figaro, reports that
CMA CGM SA will meet with its creditors including more than 70
banks at France's finance ministry today, Nov. 26.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said CMA is trying to restructure US$5.6 billion of
borrowings after plunging demand for goods left it in breach of
some debt covenants.

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.


=============
I C E L A N D
=============


HAGAR: Iceland Chief Malcolm Walker Mulls Investment
----------------------------------------------------
James Hall and Rowena Mason at the Daily Telegraph report that
ex-Baugur chief Jon Asgeir Johannesson has approached Malcolm
Walker about investing in his Hagar retail empire in Iceland.

According to the report, Mr. Johannesson is attempting to raise up
to GBP35 million to secure the future of Hagar, which runs Bonus,
Hagkaup, Debenhams and 10 to 11 stores in Iceland.

The report notes Mr. Johannesson over the summer tried to find
investors to save Hagar.  The report relates Mr. Walker, the chief
executive of the Deeside-based Iceland frozen food chain, said
that he is considering helping his friend out with a much-needed
financial lifeline.

"It is something that I would look at, to make a very small
investment on a personal basis.  On a personal level I have always
found [Jon Asgeir] to be an honourable guy," the report quoted
Mr. Walker as saying.

The report recalls earlier this year Kaupthing -- now renamed
Arion Bank -- proceeded to seize Hagar's assets, which had been
put up as collateral for a loan to its parent company, called
1998.  The holding company has debts of ISK60 billion (GBP150
million), which it cannot service.  But Mr. Johannesson proposed a
deal under which Kaupthing would write off a third of the loan and
retain 40pc of Hagar if it could attract the new capital, the
report recounts.


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


ARGON CAPITAL: Moody's Lifts Ratings on Series 69 Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Argon Capital PLC -- Series 69

  -- Series 69 EUR 113,000,000 Secured Floating Rate Credit-Linked
     Notes, Upgraded to Caa3; previously on Mar 25, 2009
     Downgraded to Ca.

This transaction represents the repackaging of two CDO tranches,
Clear PLC Series 18 notes, a managed synthetic CDO tranche and
Anderson Valley II CDO P.L.C. notes, a managed hybrid CDO.

All interest and principal payments Argon Capital PLC receives on
the Clear PLC notes are used to pay interest and principle due on
the Notes; If any distributions are received from the Anderson
Valley Notes they will be paid to Note holders as an additional
amount.  This rating action is the result of the upgrade of Clear
PLC Series 18 to Caa3 from Ca.


CELTIC RESIDENTIAL: S&P Cuts Ratings on Class C Notes to Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Celtic Residential
Irish Mortgage Securitisation No. 12 Ltd. and Celtic Residential
Irish Mortgage Securitisation No. 13 Ltd.'s class B and C notes.
At the same time, S&P has placed its rating on the class A3 notes
in both transactions on CreditWatch negative and affirmed all
other notes.

Irish house prices have continued to decline and are currently 25%
lower than their peak in February 2007 and back to December 2003
levels.  In addition, severe delinquencies have increased in
recent quarters.  In Celtic 12, 90+ day delinquencies increased to
4.66% in September 2009 from 3.27% in March.  In Celtic 13, 90+
day delinquencies increased to 1.71% in October 2009 from 1.32% in
April.

These two factors have led to an increase in S&P's weighted-
average foreclosure frequency and weighted-average loss severity.
The WAFF represents the total mortgage balance assumed to default
and the WALS represents the total amount of the defaulted balance
that is not recovered.  These values are applied in S&P's cash
flow analysis.

Using the most recent loan-level data, S&P has performed updated
credit and cash flow analysis.  S&P's analysis shows that the
class B and C notes are no longer able to pass the respective 'AA'
and 'BBB' rating stresses and S&P lowered its ratings accordingly.
The downgrades in Celtic 13 are by fewer notches than those in
Celtic 12 due to Celtic 13's lower arrears and higher credit
enhancement at closing.

While significant repossessions are yet to materialize in these
transactions (and as a whole in Irish RMBS) S&P look to 90+ and
180+ day arrears as indicators of possible future repossessions in
the market.  Rapidly decreasing house prices in Ireland may signal
an increased likelihood of higher realized loss severities for
loans that ultimately default.

S&P has placed the class A3 notes in both Celtic 12 and Celtic 13
on CreditWatch negative.  S&P expects to resolve the CreditWatch
placements when S&P receive updated loan-level information after
the next payment dates.  S&P will seek to take into account
potential future movements in house prices, severe delinquencies,
and potential repossessions.

Celtic 12 and 13 are Irish residential mortgage-backed securities
transactions.  First Active PLC originated the loans backing
Celtic 12 and Ulster Bank Ireland Ltd. originated the loans
backing Celtic 13.  Celtic 12 closed in June 2007 and Celtic 13
closed in December 2007.

                          Ratings List

   Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
  EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes

            Ratings Lowered and Removed From CreditWatch Negative

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

              Rating Placed On CreditWatch Negative

                                Rating
                                ------
               Class       To                 From
               -----       --                 ----
               A3          AAA/Watch Neg      AAA

                         Rating Affirmed

                        Class       Rating
                        -----       ------
                        A2          AAA

  Celtic Residential Irish Mortgage Securitisation No. 13 Ltd.
EUR1,996.2 Million Residential Mortgage-Backed Floating-Rate Notes

            Ratings Lowered and Removed From CreditWatch Negative

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

         Rating Placed On CreditWatch Negative

                                Rating
                                ------
               Class       To                 From
               -----       --                 ----
               A3          AAA/Watch Neg      AAA

                        Ratings Affirmed

                        Class       Rating
                        -----       ------
                        A1          AAA
                        A2          AAA


DUBLIN DOCKLANDS: Faces Bankruptcy Over EUR27-Mil. Losses in 2008
-----------------------------------------------------------------
The Irish Examiner, citing Fine Gael environment spokesman
Phil Hogan, reports that the Dublin Docklands Development
Authority is facing bankruptcy after making losses of EUR27
million in 2008.

According to the report, Mr. Hogan said there are serious concerns
that the taxpayer will be forced to bail out the organization and
those responsible for the massive losses will get away scot-free.
The report relates the Kilkenny TD said these latest revelations
come on back of information that the Irish Glass Bottle Site had
its value written down by 85%.

Mr. Hogan said developers got involved with the DDDA and there are
serious concerns that those responsible will get away "scot-free,"
the report discloses.


VERSAILLES CLO: Moody's Junks Rating on EUR14MM Class E Notes
-------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Versailles CLO M.E. I P.L.C.  Given that this is a
relatively well-performing CLO, the Class S notes remain Aaa.

  -- EUR102.75M Class A-1-D Senior Delayed Draw Floating Rate
     Notes due 2023 Notes, Downgraded to Aa1; previously on
     November 29, 2006 Assigned Aaa

  -- EUR95.3M Class A-1-T Senior Secured Floating Rate Notes due
     2023 Notes, Downgraded to Aa1; previously on November 29,
     2006 Assigned Aaa

  -- EUR33M Class A-2 Senior Variable Funding Floating Rate Notes
     due 2023 Notes, Downgraded to Aa1; previously on November 29,
     2006 Assigned Aaa

  -- EUR22.5M Class B Senior Secured Floating Rate Notes due 2023
     Notes, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR18M Class C Deferrable Secured Floating Rate Notes due
     2023 Notes, Downgraded to Ba2; previously on March 19, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade

  -- EUR12.2M Class D Deferrable Secured Floating Rate Notes due
     2023 Notes, Downgraded to B1; previously on March 19, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade

  -- EUR14M Class E Deferrable Secured Floating Rate Notes due
     2023 Notes, Downgraded to Caa2; previously on March 19, 2009
     Downgraded to B3 and 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 moderate credit deterioration of the underlying
portfolio.  This is observed through an increase in the amount of
defaulted securities (currently 1% of the portfolio), and an
increase in the proportion of securities from issuers rated Caa1
and below (currently 1.33% of the portfolio).  The portfolio
weighted average rating factor 'WARF' is currently 2459.  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 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.
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.


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


DRYSHIPS INC: Prospectus for Notes, Shares Offering Filed
---------------------------------------------------------
DryShips Inc. filed with the Securities and Exchange Commission
prospectus supplements in connection with its offering of:

     -- $400,000,000 aggregate principal amount of 5.00%
        Convertible Senior Notes due December 1, 2014

        See http://ResearchArchives.com/t/s?4a53

     -- up to an aggregate of 26,100,000 shares of common stock

        See http://ResearchArchives.com/t/s?4a54

The shares of common stock being offered are shares that the
Company will loan to Deutsche Bank AG, London Branch, an affiliate
of Deutsche Bank Securities Inc., the underwriter.

The 5.00% Convertible Senior Notes are convertible into shares of
common stock.  The notes will be the Company's senior unsecured
obligations, will rank equal in right of payment to all other
senior unsecured debt, and will rank senior to all of its future
subordinated debt.  The Company has granted Deutsche Bank
Securities the right to purchase up to an additional US$60,000,000
principal amount of the notes to cover over-allotments.

DryShips said Deutsche Bank Securities or its affiliates intend to
use the short position created by the share loan and the short
sales of the borrowed shares for purposes reasonably designed to
facilitate transactions by which investors in the 5.00%
Convertible Senior Notes may hedge their investments through short
sales or privately negotiated derivative transactions.  The
Company will not receive any proceeds from the sale of the
borrowed shares, but will receive a nominal lending fee of $0.01
per share from the share borrower for the use of the borrowed
shares.  The share borrower or its affiliates will receive all the
proceeds from the sale of the borrowed shares.

As reported by the Troubled Company Reporter, DryShips this month
signed an agreement with Deutsche Schiffsbank on waiver terms for
two facilities with an aggregate of US$117.5 million of its
outstanding debt.  DryShips also signed a separate agreement with
Commerzbank and West LB on waiver terms for US$70 million of its
outstanding debt.

                       About DryShips Inc.

DryShips Inc. -- http://www.dryships.com/-- based in Greece, is
an owner and operator of drybulk carriers and offshore oil deep
water drilling that operate worldwide.  As of the day of this
release, DryShips owns a fleet of 39 drybulk carriers comprising 7
Capesize, 30 Panamax and 2 Supramax, with a combined deadweight
tonnage of over 3.4 million tons, 2 ultra deep water
semisubmersible drilling rigs and 4 ultra deep water newbuilding
drillships.  DryShips Inc.'s common stock is listed on the NASDAQ
Global Market where trades under the symbol "DRYS".

As of September 30, 2009, the Company had US$5,404,843,000 in
total assets against US$1,900,444 in total current liabilities and
US$836,760,000 in total non-current liabilities, resulting in
US$2,667,639,000 in stockholders' equity.


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


ASIA FOOD: Creditors Must File Claims by December 9
---------------------------------------------------
Creditors of LLP Asia Food Ltd. have until December 9, 2009, to
submit proofs of claim to:

         Jambyl Str. 9
         Karaganda
         Kazakhstan

The Specialized Inter-Regional Economic Court of Karaganda
commenced bankruptcy proceedings against the company on
September 1, 2009, after finding it insolvent.

The Court is located at:

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


BN INVEST: Creditors Must File Claims by December 9
---------------------------------------------------
Creditors of LLP Bn Invest Aktobe have until December 9, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on August 18, 2009,
after finding it insolvent.

The Court is located at:

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


BOLASHAK TRADE: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Bolashak Trade have until December 9, 2009, to
submit proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 26, 2009,
after finding it insolvent.

The Court is located at:

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


CREATIVE GROUP: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Creative Group have until December 9, 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 2, 2009.


ELECTRO TRANS: Creditors Must File Claims by December 9
-------------------------------------------------------
LLP Electro Trans Ltd. is currently undergoing liquidation.
Creditors have until December 9, 2009, to submit proofs of claim
to:

         Djandosov Str. 60a
         Bostandyksky District
         Almaty
         Kazakhstan


EURO MAX: Creditors Must File Claims by December 9
--------------------------------------------------
Creditors of Joint Enterprise Euro Max have until
December 9, 2009, to submit proofs of claim to:

         Makataev Str. 127
         050000 Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on August 24, 2009,
after finding it insolvent.

The Court is located at:

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


JER BARLAU: Creditors Must File Claims by December 9
----------------------------------------------------
Creditors of LLP Jer Barlau have until December 9, 2009, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
September 1, 2009.


MAYOLIKA STYLE: Creditors Must File Claims by December 9
--------------------------------------------------------
Creditors of LLP Mayolika Style have until December 9, 2009, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on August 18, 2009,
after finding it insolvent.

The Court is located at:

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


SUN TECH: Creditors Must File Claims by December 9
--------------------------------------------------
LLP Sun Tech Snub Ltd. is currently undergoing liquidation.
Creditors have until December 9, 2009, to submit proofs of claim
to:

         Ugo-Zapad 8
         Aktobe
         Kazakhstan


TEMIRBANK JSC: S&P Downgrades Counterparty Credit Ratings to 'D/D'
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long- and short-term counterparty credit ratings on Kazakhstan-
based Temirbank JSC to 'D/D' from 'CC/C'.  At the same time, the
Kazakhstan national scale rating was lowered to 'D' from 'kzCC'.

"The downgrade reflects S&P's understanding that the bank, as
announced on Nov. 23, 2009, intends to restructure its debt
obligations, in what S&P would consider a distressed exchange
offer," said Standard & Poor's credit analyst Mikhail Nikitin.

The downgrade follows the bank's having missed interest payments
on its senior notes pursuant to Temir Capital B.V.'s US$1.2
billion global medium-term note program and to US$300 million
senior notes.  S&P understands that the bank also defaulted on the
two related-party deposits due to its major shareholder BTA Bank
J.S.C. (D/D) on Nov. 6 and 9, 2009.

The plan will restructure the bank's international bond guarantees
and domestic bonds, certain trade finance-related transactions,
and certain related-party obligations of JSC Temirbank.  All
retail and commercial deposits (with the exception of certain
related-party deposits) and the bank's other operating liabilities
will be excluded from restructuring.  The bank has stated that
National Welfare Fund Samruk-Kazyna will provide it with equity
funding and become its majority shareholder upon successful
completion of the restructuring.

According to its rating definitions, S&P assign a 'D' (default)
rating when S&P believes that any default would be a general
default rather than a selective default on a specific issue or
class of obligations.  S&P understands that the bank plans to
propose a detailed restructuring plan and discuss the
restructuring options with creditors.

"It is currently unclear whether the Agency of the Republic of
Kazakhstan on Regulation and Supervision of Financial Markets and
Financial Organizations would put the bank into bankruptcy if it
is not satisfied with the restructuring process," said Mr.
Nikitin.

S&P believes that Samruk Kazyna's acquisition of a majority stake
in Temirbank is also uncertain under these circumstances.


TIM STROY: Creditors Must File Claims by December 9
---------------------------------------------------
Creditors of LLP Tim Stroy Group have until December 9, 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 2, 2009.


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


ARA AND CO: Creditors Must File Claims by December 16
-----------------------------------------------------
LLC Ara and Co is currently undergoing liquidation.  Creditors
have until December 16, 2009, to submit proofs of claim:

Inquires can be addressed to (+996 312) 90-27-24


NEW DESTINATION: Creditors Must File Claims by December 16
----------------------------------------------------------
LLC New Destination is currently undergoing liquidation.
Creditors have until December 16, 2009, to submit proofs of claim
to:

         Logvinenko Str. 26a-53
         Bishkek
         Kyrgyzstan


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


BOYNE VALLEY: Moody's Confirms Rating on Class E Notes at 'Caa1'
-----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Boyne Valley B.V. Given that this is a relatively well-
performing CLO, the Class A-1 notes and the Class A-2a notes
remain Aaa.

  -- EUR5,600,000 Class A-2b Senior Floating Rate Notes due 2022,
     Confirmed at Aa1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- EUR33,200,000 Class B Senior Floating Rate Notes due 2022,
     Downgraded to A1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR38,800,000 Class C-1 Deferrable Interest Floating Rate
     Notes due 2022, Confirmed at Ba1; previously on March 19,
     2009 Downgraded to Ba1 and Remained On Review for Possible
     Downgrade;

  -- EUR6,800,000 Class C-2 Deferrable Interest Fixed Rate Notes
     due 2022, Confirmed at Ba1; previously on March 19, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade;

  -- EUR15,600,000 Class D Deferrable Interest Floating Rate Notes
     due 2022, Confirmed at B1; previously on March 19, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade;

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

  -- EUR10,000,000 Class P Combination Notes due 2022 (current
     rated balance of EUR7,409,030), Downgraded to Ba1;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade;

  -- EUR10,000,000 Class R Combination Notes due 2022 (current
     rated balance of EUR8,054,137), Downgraded to Ba2; previously
     on March 4, 2009 Baa3 Placed Under Review for Possible
     Downgrade;

  -- EUR10,000,000 Class S Combination Notes due 2022 (current
     rated balance of EUR7,408,550), Downgraded to Ba1; 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 on the notes also take
into account moderate credit deterioration of the underlying
portfolio.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF quality.

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.


BRUCKNER CDO: Moody's Junks Ratings on Six Classes of Notes
-----------------------------------------------------------
Moody's Investors Service took these rating actions on several
classes of Notes issued by Bruckner CDO I BV.

  -- EUR28.75M Class A2-1 Secured Floating Rate Notes, Downgraded
     to A3; previously on Mar 11, 2009 Confirmed at Aa3

  -- EUR8.5M Class A2-2 Secured Fixed Rate Notes, Downgraded to
     A3; previously on Mar 11, 2009 Confirmed at Aa3

  -- EUR10.25M Class B Secured Floating Rate Notes, Downgraded to
     Ba2; previously on Mar 11, 2009 Downgraded to A2

  -- EUR4.6M Class C-1 Deferrable Interest Secured Floating Rate
     Notes, Downgraded to Caa1; previously on Mar 11, 2009
     Downgraded to Baa3

  -- EUR1.15M Class C-2 Deferrable Interest Secured Fixed Rate
     Notes, Downgraded to Caa1; previously on Mar 11, 2009
     Downgraded to Baa3

  -- EUR2.6M Class D-1 Deferrable Interest Secured Floating Rate
     Notes, Downgraded to Caa3; previously on Mar 11, 2009
     Confirmed at B2

  -- EUR8.4M Class D-2 Deferrable Interest Secured Fixed Rate
     Notes, Downgraded to Caa3; previously on Mar 11, 2009
     Confirmed at B2

  -- EUR6.3M Class Q Combination Notes, Downgraded to Caa3;
     previously on Mar 11, 2009 Downgraded to B2

  -- EUR7M Class R Combination Notes, Downgraded to Ca; previously
     on Mar 11, 2009 Confirmed at Caa2

  -- EUR10.1M Class S Combination Notes, Downgraded to Caa3;
     previously on Mar 11, 2009 Downgraded to B1

This transaction is a managed cash CDO of European Structured
Finance assets, with exposure to predominantly European RMBS,
Consumer ABS, CLO and SME transactions.

The rating actions taken on the notes are a result of credit
deterioration of the underlying portfolio.

The 10 years WARF has deteriorated to 939 as reported by the
trustee in September 2009, (corresponding to an average portfolio
rating of Ba1) compared to a WARF of 484 (Baa2) as reported by the
Trustee in February 2009 at the time of the last rating actions.
6% of the portfolio is composed of EMEA CLO and Spanish SME
currently under review for possible downgrade.  Moody's in its
analyses also takes into account an average portfolio rating of B2
as a result of standard stresses applied on the probability of
default of each assets and the implementation of the forward
looking measure for notching securities under review for possible
downgrade.  The Caa and below rated collateral obligations
currently represent 6.4% of the portfolio.  Although there haven't
been any defaulted assets according to the latest trustee report,
assets representing 2.2% of the portfolio are currently rated Ca
or C by Moody's.  The current WAL of the portfolio is 2.73.


EUROCREDIT CDO: Moody's Confirms 'Caa1' Rating on EUR15MM Notes
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Eurocredit CDO I B.V.  The Class I notes remain Aaa
mainly due the current over collateralization arising from the
significant amount of deleveraging experienced by the note.

  -- EUR100M Class II Senior Secured Floating Rate Notes due 2012
     Notes, confirmed Aa2; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR41.5M Second Priority Secured Fixed Rate Notes due 2012
     Notes, upgraded to Ba2; previously on Mar 20, 2009 Downgraded
     to B1 and Remained On Review for Possible Downgrade

  -- EUR15M Third Priority Secured Fixed Rate Notes due 2012
     Notes, confirmed Caa1; previously on Mar 20, 2009 Downgraded
     to Caa1 and Remained On Review for Possible Downgrade

This transaction is a managed cash collateralized debt obligation
with exposure to predominantly European high yield bonds and
senior secured loans.

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 14.86% 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.

Moody's notes that the upgrade actions have incorporated the
aforementioned stresses as well as credit deterioration in the
underlying portfolio.  However, the actions reflect updated
analysis indicating that the impact of these factors on the
ratings of these notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach.

According to Moody's, the rating actions taken on the notes
additionally take into account 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 3465 including defaults),
an increase in the amount of defaulted securities (currently
12.46% of the portfolio), an increase in the proportion of
securities from issuers rated Caa1 and below (currently 15.54% of
the portfolio), and a failure of Moody's minimum diversity test
and the third priority notes par value tests.  These measures were
taken from the recent trustee report dated 30 October 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, specific documentation features
and the collateral manager's track record.  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.


GRESHAM CAPITAL: Moody's Junks Rating on EUR13.65 MM Class E Notes
------------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Gresham Capital CLO II B.V.

  -- EUR121.5M Class A Senior Secured Floating Rate Notes due
     2026, Downgraded to Aa2; previously on Dec 27, 2006 Assigned
     Aaa

  -- EUR75M Senior Secured Floating Rate Variable Funding Notes
     due 2026, Downgraded to Aa2; previously on Dec 27, 2006
     Assigned Aaa

  -- EUR22.8M Class B Deferrable Secured Floating Rate Notes,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR17.1M Class C Deferrable Secured Floating Rate Notes due
     2026, Downgraded to Ba2; previously on Mar 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR14.7M Class D Deferrable Secured Floating Rate Note,
     Downgraded to B1; previously on Mar 19, 2009 Downgraded to
     Ba3 and Remained On Review for Possible Downgrade

  -- EUR13.65M Class E Deferrable Secured Floating Rate Notes due
     2026, Downgraded to Caa2; previously on Mar 19, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

  -- EUR5M Class S1 Combination Notes due 2026, Downgraded to Ba2;
     previously on Mar 4, 2009 A2 Placed Under Review for Possible
     Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to European senior secured loans,
structured finance securities 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 2537), an increase in the amount of defaulted
securities (currently 3.3% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 15.5% of the portfolio), and a failure of Class D and
Class E par value tests.  These measures were taken from the
recent trustee report dated 20 Oct 2009.  Moody's also performed a
number of sensitivity analysis, 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
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.


HALCYON STRUCTURED: Moody's Junks Rating on EUR20MM Class E Notes
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Halcyon Structured Asset Management European CLO 2006-I
B.V.  Given that this is a relatively well-performing CLO, the
Class A-1 and A-1R notes remain Aaa.

  -- EUR40M Class B Senior Secured Floating Rate Notes due 2021,
     Downgraded to Aa3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR30M Class C Senior Secured Deferrable Floating Rate Notes
     due 2021, Confirmed at Baa3; previously on March 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR15M Class D Senior Secured Deferrable Floating Rate Notes
     due 2021, Confirmed at Ba3; previously on March 19, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

  -- EUR20M Class E Senior Secured Deferrable Floating Rate Notes
     due 2021, Downgraded to Caa1; previously on March 19, 2009
     Downgraded to B3 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.

According to Moody's, the rating actions taken on the notes take
into account moderate credit deterioration of the underlying
portfolio.  This is observed through a slight decline in the
average credit rating as measured through the portfolio weighted
average rating factor 'WARF' (currently 2689), an increase in the
amount of defaulted securities (currently 6% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 7.76% of the portfolio), and a failure of
Class D and Class E Par Value Tests.  These measures were taken
from the recent trustee report dated 29 October 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 below mentioned 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.

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.

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.


JOOST TECHNOLOGIES: Adconion Media Group Acquires Assets
--------------------------------------------------------
Media Week reports that Adconion Media Group has acquired assets
from Joost Technologies B.V. for an undisclosed sum.

According to the report, following the acquisition, 60% of Joost's
team will be folded into Adconion as it continues to operate
Joost.com, providing clients with a destination site to showcase
and distribute its branded entertainment content.

As reported by the Troubled Company Reporter-Europe on Oct. 16,
2009, the U.K. arm of Joost was put into liquidation after failing
to find a buyer.  The FT disclosed Joost failed to strike crucial
deals with large media companies.

Joost Technologies B.V. -- http://www.joost.com/-- focuses on
providing online video platforms for media companies, targeting
cable and satellite providers, broadcasters, and video
aggregators.  Formerly a Web site for consumers to access nearly
60,000 television shows, movies, and music videos, in 2009 Joost
restructured after losing its licensing agreement with Sony
Pictures.  It continues to operate Joost.com as a video site.
Joost has offices in London and New York.  The company was founded
in 2006 by Skype co-founders Niklas Zennstrom and Janus Friis, who
are also investors in Joost.


LYONDELL CHEMICAL: Reliance Should Bid Below $12BB, Analysts Say
----------------------------------------------------------------
Various analysts say that India-based Reliance Industries Ltd.
would benefit from a combination with LyondellBasell Industries if
it buys the Rotterdam-based chemical co. for less than US$12
billion.

Reliance has submitted a preliminary offer to pay an undisclosed
amount of cash to buy a controlling stake in LyondellBasell, which
currently is in Chapter 11 protection in the U.S.

Reliance's bid for bankrupt LyondellBasell will be "positive" if
India's largest company pays less than US$12 billion, brokerage
CLSA Asia-Pacific Markets said, according to a report by Bloomberg
News.  "Any acquisition in the range of US$11 to US$12 billion
could be funded with just one year of internal accrual," said Amit
Rustagi, a Mumbai-based analyst at Antique Stock Broking. Reliance
will receive as much as $12 billion in "free cash flow" annually
as its biggest gas field reaches full output next year, he said.
Free cash flow is operating cash flow minus capital spending.

According to Bloomberg, the two companies' combined revenue of
$80 billion would outsize Dow Chemical Co., the largest U.S.
chemical company, and BASF SE. Reliance would gain access to the
U.S. fuel market, the world?s biggest, and become the largest
producer of polypropylene used in refrigerator casings.  Reliance
can use its US$5.5 billion cash reserves to help fund what would
be its largest offshore purchase.

The Wall Street Journal, citing unidentified people, said Reliance
Industries made an offer of around US$12 billion to take a
controlling interest in LyondellBasell.  The Financial Times cited
an unnamed person close to Reliance as saying the company plans to
pay US$10 billion for the stake.  The Times of India, citing an
unidentified banker, said the price may be at least US$12 billion,
while the Economic Times, a sister publication, said it may range
from US$6 billion to US$10 billion.  Reuters reported a price of
as much as US$12 billion.

                         Competing Bids?

Bloomberg News, citing two people familiar with the matter,
reports that China Petroleum & Chemical Corp., the nation's
biggest oil refiner, and U.S. buyout firm TPG have weighed a bid
for LyondellBasell that could challenge Reliance Industries Ltd.'s
offer of about $12 billion.

                       The Chapter 11 Plan

Lyondell Chemical filed its Plan on September 11, 2009, asking
creditors to forgo about US$18 billion of its US$27 billion debt.
However, lawsuits that could affect recovery by creditors have
delayed the plan approval process.

A full-text copy of the Debtors' Joint Plan is available for free
at http://bankrupt.com/misc/Lyondell_Sept11JointReorgPlan.pdf

A full-text copy of the Debtors' Disclosure Statement is
available for free at:

    http://bankrupt.com/misc/Lyondell_Sept11DisclosureStat.pdf

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  It is the global leader in
polyolefins technology, production and marketing; a pioneer in
propylene oxide and derivatives; and a significant producer of
fuels and refined products, including biofuels.  Through research
and development, LyondellBasell develops innovative materials and
technologies that deliver exceptional customer value and products
that improve quality of life for people around the world.
Headquartered in The Netherlands, LyondellBasell --
http://www.lyondellbasell.com/-- is privately owned by Access
Industries.

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.


On January 6, 2009, LyondellBasell Industries' U.S. operations and
one of its European holding companies -- Basell Germany Holdings
GmbH -- filed voluntary petitions to reorganize under Chapter 11
of the U.S. Bankruptcy Code to facilitate a restructuring of the
company's debts.  The case is In re Lyondell Chemical Company, et
al., Bankr. S.D.N.Y. Lead Case No. 09-10023). Luxembourg-based
LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.

The Hon. Robert E. Gerber presides over the case.  Deryck A.
Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York,
serves as the Debtors' bankruptcy counsel.  Evercore Partners
serves as financial advisors, and Alix Partners and its subsidiary
AP Services LLC, serves as restructuring advisors.  AlixPartners'
Kevin M. McShea acts as the Debtors' Chief Restructuring Officer.
Clifford Chance LLP serves as restructuring advisors to the
European entities.  Lyondell Chemical estimated that consolidated
assets total US$27.12 billion and debts total US$19.34 billion as
of the bankruptcy filing date.

Lyondell has obtained approximately US$8 billion in DIP financing
to fund continuing operations.  The DIP financing includes two
credit agreements: a US$6.5 billion term loan, which comprises a
US$3.25 billion in new loans and a US$3.25 billion roll-up of
existing loans; and a US$1.57 billion asset-backed lending
facility.

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


LYONDELL CHEMICAL: S&P Sees Limited Benefits for Reliance
---------------------------------------------------------
The consolidated financial metrics of Reliance Industries Ltd.
(BBB/Negative/--), India's largest private sector company, could
weaken over the next 12 months if the company proceeds with a
proposal to acquire Netherlands-based LyondellBasell Industries AF
S.C.A (not rated); Standard & Poor's Ratings Services therefore
stands by its negative rating outlook.  Although Standard & Poor's
acknowledges that the transaction could bring some strategic
benefits, it believes the synergies would be limited.

"The acquisition would weaken Reliance Industries' metrics even
after factoring in the company's cash and cash equivalent of about
US$4 billion as at Sept. 30, 2009.  However, we believe that its
financial risk profile could change if competitive bidding from
other interested companies increases the bid price, or the company
sells some of its treasury stocks," said Standard & Poor's credit
analyst Yasmin Wirjawan.

According to the company, the transaction remains contingent on
the resolution of LyondellBasell's existing litigation and future
obligations, if any.  Reliance Industries has submitted a
preliminary non-binding offer to acquire, for cash, a controlling
interest in LyondellBasell, a highly backward-integrated commodity
chemical producer.

Standard & Poor's expects Reliance Industries' market position in
the chemical market and its geographical diversification to
improve if the acquisition materializes because LyondellBasell is
one of the largest chemical producers in the world with operations
in North America and Europe.  The transaction would also provide
Reliance Industries with access to LyondellBasell's leading
technology.  Conversely, LyondellBasell should be able to improve
its operating performance through Reliance Industries' experience
of running highly efficient operations.

"The combined company would, however, remain significantly exposed
to the cyclical nature of the commodity industry, and we expect
limited integration benefits," said Ms. Wirjawan.

The timeline for completing the proposed acquisition is uncertain,
as LyondellBasell must first emerge from Chapter 11 (or
bankruptcy) proceedings and finalize its reorganization. The
transaction is at an early stage and may or may not materialize;
and if it proceeds, the terms could be amended. The transaction
also requires approval from the respective boards, shareholders,
and the U.S. Bankruptcy Court.

"The negative rating outlook on our rating for Reliance Industries
also factors in the relatively weak global economic environment,
which has undermined the profitability of commodity-related
companies like Reliance Industries and LyondellBasell," said
Standard & Poor's credit analyst, Suzanne Smith, managing
director, Corporate & Government Ratings, South and Southeast
Asia.  The outlook also takes into consideration the uncertainty
over the size of the cash flow contribution to the company from
gas production due to legal disputes with Reliance Natural
Resources Ltd. (RNRL) and NTPC Ltd. (BBB/Negative/--).


MESDAG BV: Moody's Cuts Rating on EUR39.4MM Class D Notes to 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has taken these rating actions on Notes
issued by Mesdag (Charlie) B.V. (amounts reflecting original
outstandings):

  -- EUR355M Class A Commercial Mortgage Backed Floating Rate
     Notes 2007 due 2019, Affirmed at Aaa; previously on Apri 19,
     2007 Definitive Rating Assigned Aaa

  -- EUR44.7M Class B Commercial Mortgage Backed Floating Rate
     Notes 2007 due 2019, Downgraded to A1; previously on Apr 8,
     2009 Aa2 Placed On Review for Possible Downgrade

  -- EUR44.7M Class C Commercial Mortgage Backed Floating Rate
     Notes 2007 due 2019, Downgraded to Baa2; previously on Apr 8,
     2009 A2 Placed On Review for Possible Downgrade

  -- EUR39.4M Class D Commercial Mortgage Backed Floating Rate
     Notes 2007 due 2019, Downgraded to Ba3; previously on Apr 8,
     2009 Baa3 Placed On Review for Possible Downgrade

Moody's does not rate the Classes E and X Notes issued by Mesdag
(Charlie) B.V. The rating action concludes the review for possible
downgrade that was initiated for the Classes B, C and D Notes on 8
April 2009 and takes Moody's updated central scenarios into
account, as described in Moody's Special Report "Moody's Updates
on Its Surveillance Approach for EMEA CMBS".

1) Transaction and Portfolio Overview

Mesdag (Charlie) B.V. closed in April 2007 and represents the
true-sale securitization of initially 9 mortgage loans originated
by NIBC.  The loans are secured by first-ranking legal mortgages
over initially 149 (currently 128) commercial and residential
properties located in Germany (88% of initial underwriter's market
value) and The Netherlands (12% of initial underwriter's market
value).  The overall properties is was mainly residential (83%),
office (15%) and a mix of residential, office, retail and other
uses.

Since closing, 10.1% of the initial pool repaid or prepaid.  The
NRW Loan (EUR 34.8 million initially) was fully prepaid in October
2007.  The Tommy Loan was partially prepaid during the first
quarter of 2009, following the disposal of one of the properties.
Furthermore, some scheduled amortization occurred on some of the
loans, notably the Berlin Loan (28% of the current securitized
pool).  The current portfolio balance is approximately
EUR443.9 million compared with EUR 493.7 million initially.

The three largest loans in the pool are the TOR Loan, the Berlin
Loan and the Tommy Loan, which together contribute 81.3% of the
total current securitized balance.  The other 5 loans together
contribute 18.7% of the total current securitized balance.  The
current loan Herfindahl index is 3.5, compared to 4.1 at closing.

2) Transaction Performance History

Since closing, the prepayment proceeds and the scheduled
amortization have been allocated to the Notes on a mix of
sequential, modified pro-rata and pro-rata basis, according to the
provisions of the three loan buckets.  The prepayment of the NRW
Loan was applied on a pro-rata basis, whereas the partial
prepayment of the Tommy Loan was applied fully sequential.  The
Class A subordination level has very marginally increased from
28.1% to 28.6% since closing.

As of the last interest payment date, none of the loans were on
the servicer's watchlist or in special servicing.

3) Rating Rationale

The affirmation of Class A and the downgrades of the Classes B, C,
and D Notes follow a detailed re-assessment of the loan and
property portfolio's credit risk.  Hereby, Moody's main focus was
on property value declines, term default risk, refinancing risk
and the anticipated work-out timing for potentially defaulting
loans.  In its review, Moody's reassessed each loan in the
transaction and especially concentrated on the five largest loans
in the portfolio accounting for on aggregate 95% of the current
portfolio i.e.  the TOR Loan, the Berlin Loan, the Tommy Loan and
the Dutch Offices I and Dutch Offices II Loans.

As outlined in more detail below, the rating action is mainly
driven by:

     (i) The recent performance of the German and Dutch commercial
         and residential property markets;

    (ii) Moody's opinion about future property market performance;
         and

   (iii) The in Moody's view increased refinancing risk of the
         securitized loans.

Prompted by, in most cases, a higher default risk assessment at
the loan maturity dates, Moody's now anticipates that a
substantial portion of the portfolio will default over the course
of the transaction term.  However, Moody's still expects only a
low amount of losses on the securitized portfolio, despite the
negative impact of reduced property values.  Given the back-loaded
default risk profile for most of the loans and the anticipated
work-out strategy for potentially defaulting loans, those expected
losses would crystallize mostly towards the end of the transaction
term, in 2013 and later.  A notable exception is the Schiphol Loan
(2.6% of the current pool), which could default at expiry of the
loan term in December 2010, in particular if the current lease was
not extended.

The current subordination levels of 19.4% for the Class B Notes,
10.1% for the Class C Notes and 2.0% for the Class D Notes provide
some protection against those expected losses.  However, the
likelihood of higher than expected losses on the portfolio has
increased considerably, which results in the rating action.  The
Class A Notes, benefiting from 28.6% subordination, are in Moody's
view still sufficiently protected against the increase in
portfolio credit risk, which results in the rating affirmation.

The Class B, C, and D Notes are subordinated in the transaction's
capital structure.  Due to this additional leverage, the higher
portfolio risk assessment has a relatively bigger impact on the
expected loss of the more junior Notes than on the expected loss
of the more senior Notes.

4) Moody's Portfolio Analysis

Property Values.  Property values in Germany and The Netherlands
have declined mid-2009 and are expected to continue to decline at
least until 2010.  Moody's estimates that compared to the
underwriter's values at closing, the values of the properties
securing this transaction have declined on a like-for-like basis
on average by approximately 17% until mid-2009, and up to 27% for
the portfolio securing the Tommy Loan.  Looking ahead, Moody's
anticipates further declines until 2010 and 2011, resulting in, on
average, a 20% overall value decline from the closing U/W value.

Based on this property value assessment, Moody's estimates that
the transaction's mid-2009 weighted average securitized loan-to-
value ratio was 89% compared to the current U/W LTV of 73%.  Due
to the further envisaged declines, the WA LTV will increase in
Moody's opinion to 94% in 2010 and will only gradually recover
thereafter.  Accounting for the expected amortization on some of
the loans and market recovery from 2011 onwards, the overall
leverage will be 78% based on anticipated market values at
refinancing.

Moody's has taken the anticipated property value development,
including a gradual recovery from 2011 onwards, into account when
analyzing the default risk at loan maturity and the loss given
default for each securitized loan.

Refinancing Risk.  The Schiphol Loan (2.6% of the current pool) is
due to refinance in December 2010.  This loan is secured by an
office property near Amsterdam Schiphol International Airport, let
to the Dutch Government on a lease expiring in December 2010 and
to be extended for a further five years, unless the tenant gives
notice otherwise before the end of 2009.  Should the five year
lease extension be cancelled, Moody's would anticipate a very high
refinancing risk for this loan.  One further loan, the Dutch
Offices I Loan accounting for 7.5% of the current pool, will
mature in December 2011.  The remaining loans have maturity dates
in 2013, 2014 and 2016.  Moody's adjustment of the refinancing
risk assessment is primarily due to the decrease in property
values and for the shorter loans its expectations that commercial
real estate lending will remain scarce over the next 2 to 3 years.
For loans maturing later, as Moody's expects property values in
the Continental European markets to only slowly recover from 2011
onwards, all these loans, with the exceptions of the Berlin Loan
and the Tommy Loan, will still be highly leveraged at their
respective expected maturity dates.  Consequently, in Moody's
view, the default risk at maturity has increased substantially
compared to the closing analysis for most of the loans.

Term Default Risk.  The occupational markets in Continental Europe
are currently characterized by falling rents, increasing vacancy
rates and higher than average tenant default rates.  In
particular, loans secured by Properties which will experience
significant lease rollover over the next few years could be, in
Moody's view, especially exposed to weakening occupational
markets.  As a consequence, Moody's has incorporated into its
analysis an allowance for deterioration in coverage ratios and
weakening tenant qualities, in turn increasing the term default
risk assumption for some of the loans.

Overall Default Risk.  Based on its revised term and maturity
default risk assessment for the securitized loans, Moody's
anticipates that a substantial portion of the portfolio will
default over the course of the transaction term.  The default risk
of all the loans is predominantly driven by refinancing risk.  The
refinancing risk of the Schiphol Loan is mainly driven by the
lease extension status.  Excluding the Schiphol Loan, the TOR Loan
(43.2% of the current pool) has, in Moody's view, the highest
default risk, while the Tommy Loan (10.1% of the current pool) has
the lowest risk of defaulting.  Due to its predominance in the
pool and relatively high default risk, the TOR Loan is accounting
for a very large portion of the portfolio expected loss.

Concentration Risk.  The portfolio securitized in this transaction
exhibits an average concentration in terms of property types and
property location.

Work-Out Strategy.  In scenarios where a loan defaults, Moody's
current expectation is that the servicer will most likely not
pursue an immediate sale of the property in the depressed market
conditions.  Therefore, Moody's has assumed that in most cases,
upon default, a sale of the mortgaged properties and ultimate
work-out of the loan will occur at a later point in time.

Increased Portfolio Loss Exposure.  Taking into account the
increased default risk of the loans, the most recent performance
of the commercial property markets in Germany and The Netherlands,
Moody's opinion about future property market performance and the
most likely work-out strategies for defaulted loans, Moody's
anticipates a comparably low amount of losses on the securitized
portfolio, which will, given the anticipated work-out strategy for
defaulted loans, crystallize only towards the end of the
transaction term.


SCHOUTEN CERALCO: Files for Bankruptcy Before Breda Court
---------------------------------------------------------
Schouten Ceralco B.V. has filed for bankruptcy with the court of
Breda.

During the last few weeks, Schouten Ceralco has explored several
possibilities to continue its activities as a trading company in
agricultural products.  Unfortunately, this has not led to a
positive result.

Catherine Hornby at Reuters reports that market players said that
talk about Schouten Ceralco facing financial difficulties had led
to position adjustments in recent days.

"Those who had sold to Schouten went to sell somewhere else, and
those who were buyers went to buy somewhere else, and this has led
to a boost in activity," Reuters quoted a cash cereals broker as
saying.  "The only thing left for these clients is to buy
handkerchiefs.  There is not a great deal they will get back. One
cannot shave a bald man."

The broker told Reuters "The bankruptcy is only for Schouten
Ceralco, but there are several other (Schouten units) so the
question is what will happen with the others."

Schouten Ceralco -- http://www.royalschouten.com/-- is part of
the Royal Schouten Group.  The company supplies soy, corn, palm
oil, grains, and other products to the food, feed, and bio-energy
markets.  Schouten Products develops and produces vegetable-based
ingredients, including toasted soya, tapioca, and corngluten meal,
that are used to produce animal feed.


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


AK BARS: Moody's Maintains Review on 'Ba3' Debt Ratings
-------------------------------------------------------
Moody's Investors Service has maintained the review for a possible
downgrade on the ratings of AK Bars Bank.  The review is expected
to be concluded in December 2009, after additional analysis of the
recent capital increase.  The rating agency is also awaiting
further clarifications on the level of ABB's credit risk exposure.

Moody's placed ABB's Ba3 debt and deposit ratings, E+ bank
financial strength rating (mapping to a B2 baseline credit
assessment) and Aa3.ru National Scale Rating on review for
possible downgrade following a downgrade to those levels on 28
July 2009.  The downgrades were driven by the weakening of ABB's
financial fundamentals, particularly capitalisation and asset
quality.

Moody's understands that a regional state company and a state fund
have made a capital injection of RUB9 billion (US$310 million)
into the bank in November 2009.  Following the capital increase,
Moody's requested additional comments from ABB in respect of the
ultimate new shareholders of the bank.  As ABB's debt and deposit
ratings all benefit from a two-notch uplift due to expected
support from the government of Tatarstan, the rating agency is
seeking greater clarity regarding the new shareholding structure
of the bank.

In addition, Moody's is also examining ABB's credit risk exposure.
The bank has large loans issued to related-party borrowers in
higher risk industries, including securities trading.  The rating
agency is stress-testing of ABB's asset quality to evaluate the
impact of expected asset quality deterioration on the bank's
capitalisation level.

The last rating action on ABB was implemented on 28 July 2009,
when Moody's downgraded the bank's ratings and placed them on
review for possible downgrade.

The principal methodologies used in rating Bank Finance and Credit
were "Bank Financial Strength Ratings: Global Methodology" and
"Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology," which can be found at
www.moodys.com in the Rating Methodologies sub-directory under the
Research & Ratings tab.  Other methodologies and factors that may
have been considered in the process of rating this issuer can also
be found in the Rating Methodologies sub-directory on Moody's
website.

Headquartered in the City of Kazan in Tatarstan, Russian
Federation, ABB ranks among the 20 largest Russian banks.  At mid-
2009, under IFRS, ABB reported total consolidated assets and total
equity of RUB207 billion (US$6.6 billion) and RUB17.8 billion
(US$569 million), respectively (vs. RUB203 billion and RUB18.3,
respectively, at YE2008).  The bank was founded in 1993 by the
government of Tatarstan, which controls the bank.  The government
does not own this majority stake directly, but controls the bank
through various companies and ministries.  The bank has a dominant
position in Tatarstan, largely due to the support from the
regional government.


AVTOVAZ OAO: Russia to Transform Company with Renault's Help
------------------------------------------------------------
Ilya Khrennikov at Bloomberg News reports that Russian Prime
Minister Vladimir Putin's deputy Igor Shuvalov pledged to
"transform" troubled automaker OAO AvtoVAZ in partnership with
part-owner Renault SA.

According to Bloomberg, Mr. Shuvalov said in a statement
distributed after a meeting of senior officials in Moscow Tuesday
that Mr. Putin will discuss plans to turn AvtoVAZ into a "modern"
producer of "high-quality" cars during his trip to Paris this
week.

Bloomberg relates Mr. Shuvalov said AvtoVAZ will preserve the Lada
brand.

As reported by the Troubled Company Reporter-Europe on Nov. 5,
2009, the Financial Times said the Russian government was
considering raising nearly US$2 billion on the market to help
Avtovaz stave off bankruptcy and pay off its debts.  The FT
disclosed Mr. Putin said the government was looking at plans to
raise RUR54.8 billion (US$1.87 billion, GBP1.1 billion) to help
Avtovaz, Russia's biggest carmaker, pay off RUR38 billion in debt
and inject at least another RUR12 billion in funds to upgrade the
company's outdated Lada cars and RUR4.8 billion to create new
jobs.

Based in Tolyatti, Russia, AVTOVAZ OAO (AVTOVAZ JSC) --
http://www.lada-auto.ru/-- is engaged in the manufacture of
passenger cars.  The Company's main brands are LADA PRIORA, LADA
Kalina, LADA Samara, LADA 110 and others.  The Company is also
involved in the manufacture of automobile components, distribution
of automobiles and spare parts and operation of automobile service
centers.  The Company is also active in a variety of other
sectors, such as power supply, transportation, utilities,
construction, insurance, banking and finance.  AVTOVAZ OAO sells
its products on the domestic market, as well as exports them to
Kazakhstan, Ukraine, Azerbaijan, Armenia, Egypt, Syria, Greece,
Belarus, Uruguay, Cyprus, Germany and others.  It operates through
one representative office located in Moscow, several subsidiaries
and affiliated companies.


PROMSVYAZBANK OJSC: Moody's Puts Ba3 Rating on Subordinated Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to the
subordinated notes issued under the Loan Participation Notes
issuance program of Promsvyazbank (Russia).  The LPNs were issued
on a limited recourse basis by PSB Finance S.A.  for the sole
purpose of funding a loan to Promsvyazbank.  The outlook on the
rating is negative.

The total maximum size of the program is US$3 billion, while the
amount of the drawdown is US$200 million.  The issue has a coupon
rate of 12.75% and matures in 2015.  The program allows for
issuance of both senior and subordinated notes; the drawdown
represents a subordinated class of debt.

Moody's noted that the one-notch differential between this rating
and Promsvyazbank's Ba2 global local currency deposit rating
represents the level of subordination of the notes, which are
ranked junior to senior creditors and pari passu among themselves.

The holders of the notes will rely for repayment solely and
exclusively on the ability of Promsvyazbank to make payments under
the loan agreement.  Promsvyazbank is rated Ba2/Not Prime for
long- and short-term foreign and local currency deposits, and D
for financial strength.  All of Promsvyazbank's ratings carry a
negative outlook.

The loan agreement and all matters arising from or connected with
it are governed by and shall be construed in accordance with
English law.

Moody's previous rating action on Promsvyazbank was on 16 March
2009 when the outlook on the D bank financial strength rating and
Ba2 long-term global local and foreign currency deposit ratings of
Promsvyazbank was changed to negative from stable.

As of mid-2009, Promsvyazbank reported total IFRS assets of
RUB414 billion (US$13.3 billion) down from RUB462 billion
(US$15.7 billion) as of YE2008, shareholders' equity decreased to
RUB39.5 billion (US$1.3 billion) from RUB40.0 billion
(US$1.4 billion).  Its net IFRS after-tax loss for the six months
of 2009 totalled RUB384 million (US$12.4million) compared to
after-tax income of RUB2.563 billion (US$109.5million) for the
previous reporting period.

PSB Finance S.A. is a special purpose vehicle incorporated under
the laws of Luxembourg.


UC RUSAL: Derispaka, VEB to Get Over 50% Control After IPO
----------------------------------------------------------
Paul Abelsky and Maria Kolesnikova at Bloomberg News report that
Russia Finance Minister Alexei Kudrin said Oleg Deripaska and
state-owned lender Vnesheconombank will control more than 50% of
United Co. Rusal after the company's initial public offering.

"With a placement of a 10 percent stake, Deripaska will lose
control," Bloomberg quoted Mr. Kudrin as saying at a conference
organized by Vedomosti, a newspaper.  "But, by buying 3 percent,
we get a controlling stake.  Three percent is necessary to keep
control."

Rusal, Bloomberg discloses, plans to sell a 10% stake in Hong Kong
this year to help repay more than US$14 billion of debt.

                        Debt Restructuring

Catherine Belton at The Financial Times report bankers working for
Rusal worked through the night on Wednesday in an effort to clinch
a US$7.4 billion debt restructuring agreement.  According to the
FT, the company must finalize a deal with more than 70 foreign and
Russian creditors before it can go ahead with the IPO.

The Hong Kong Stock Exchange will hold a crucial hearing on the
IPO today and may not give it the green light if not all of the
banks have signed off on the restructuring.

The FT relates people close to the company insisted on Wednesday
that, even though Mr. Deripaska's stake in the company could slip
below 50% as a result of the share offering and debt
restructuring, Mr. Deripaska would still retain control.

                            About Rusal

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


* RUSSIA: May Shut Down 80 Banks Next Year, Vedomosti Says
----------------------------------------------------------
Anna Shiryaevskaya at Bloomberg News reports that Vedomosti,
citing Alexander Turbanov, head of Russia's Deposit Insurance
Agency, said Russian regulators may close 80 banks next year as
the country's worst financial crisis in more than a decade make it
harder for smaller lenders to raise capital.


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


RADIAN ASSET: S&P Cuts Insurer Financial Enhancement Rating to BB
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on three
emerging market (Turkish) asset-backed future flow diversified
payment rights securitizations issued by Garanti Diversified
Payment Rights Finance Co. (Turkiye Garanti Bankasi), VB DPR
Finance Co. (Vakifbank), and Yapi Kredi Diversified Payment Rights
Finance Co.

The rating actions follow the Nov. 24, 2009, lowering of S&P's
insurer financial enhancement rating on Radian Asset Assurance
Inc. (Radian), the bond insurer, to 'BB' from 'BBB-'.

Under S&P's criteria, its issue rating on an insured bond reflects
the higher of its rating on the bond insurer (monoline) and
Standard & Poor's underlying rating (SPUR) on the securities (see
"Methodology: The Interaction Of Bond Insurance And Credit
Ratings," published on Aug. 24, 2009).  S&P's 'BBB-' ratings on
the three transactions were previously based on Radian's insurer
financial enhancement rating ('BBB-') and the transactions' SPURs
('BBB-') because they were equal.  Upon Radian's rating downgrade,
S&P affirmed its ratings on the three transactions to reflect the
corresponding SPURs ('BBB-') and the delinking of the ratings on
the transactions from S&P's rating on the bond insurer.

S&P will continue to surveil the ratings on these future flow
securitizations and revise them as necessary to reflect any
changes in the transactions' underlying credit quality.

                         Ratings Affirmed

           Garanti Diversified Payment Rights Finance Co.

                      Series                 Rating
                      ------                 ------
                      2005-F                 BBB-

                  VB DPR Finance Co. (Vakifbank)

                      Series                 Rating
                      ------                 ------
                      2006-C                 BBB-

         Yapi Kredi Diversified Payment Rights Finance Co.

                      Series                 Rating
                      ------                 ------
                      2006-C                 BBB-


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


METALIST ORIS: Creditors Must File Claims by November 28
--------------------------------------------------------
Creditors of LLC Metalist Oris Plant (code EDRPOU 23289049) have
until November 28, 2009, to submit proofs of claim to:

         N. Martinenko
         Insolvency Manager
         Post Office Box 151
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 26, 2009.  The case is docketed
under Case No. 26/170/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Metalist Oris Plant
         40 years of Soviet Ukraine Str. 57-V/155
         69035 Zaporozhye
         Ukraine


NIKAS-99 LLC: Creditors Must File Claims by November 28
-------------------------------------------------------
Creditors of LLC Nikas-99 (code EDRPOU 33210391) have until
November 28, 2009, to submit proofs of claim to:

         N. Martinenko
         Insolvency Manager
         Post Office Box 151
         69006 Zaporozhye
         Ukraine

The Economic Court of Zaporozhye commenced bankruptcy proceedings
against the company on October 26, 2009.  The case is docketed
under Case No. 26/171/09.

The Court is located at:

         The Economic Court of Zaporozhye
         Shaumian Str. 4
         69600 Zaporozhye
         Ukraine

The Debtor can be reached at:

         LLC Nikas-99
         Pobeda Str. 2
         69001 Zaporozhye
         Ukraine


SANTANA TRADING: Creditors Must File Claims by November 28
----------------------------------------------------------
Creditors of LLC Santana Trading (code EDRPOU 34622061) have until
November 28, 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 13, 2009.  The case is
docketed under Case No. B26/226-09.

The Court is located at:

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

The Debtor can be reached at:

         LLC Santana Trading
         Teplichnaya str. 27-a
         Yubileynoye
         52005 Dnepropetrovsk
         Ukraine


SUGAR COMPANY: Creditors Must File Claims by November 28
--------------------------------------------------------
Creditors of LLC Sugar Company of Ukraine (code EDRPOU 35093701)
have until November 28, 2009, to submit proofs of claim to:

         I. Kapeliushny
         Insolvency Manager
         Post Office Box 53
         03037 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on October 12, 2009.  The case is docketed
under Case No. 44/619-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sugar Company of Ukraine
         Makeyevsky Lane 1
         04114 Kiev
         Ukraine


TREMBITA AGRICULTURAL: Creditors Must File Claims by November 28
----------------------------------------------------------------
Creditors of Agricultural LLC Trembita (code EDRPOU 31269197) have
until November 28, 2009, to submit proofs of claim to V. Melnik,
the company's insolvency manager.

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on October 19, 2009.  The case is docketed
under Case No. B-39/208-09.

The Court is located at:

         The Economic Court of Kharkov
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Trembita
         Office 81
         Lenin Str. 76
         Balakleya
         Kharkov
         Ukraine


UKRAINE RAIL: Moody's Maintains Neg. Outlook on 'B2' Rating
-----------------------------------------------------------
Moody's Investors Service stated that last week's default by an
unrated state-owned company is consistent with the agency's B2
(negative outlook) sovereign credit rating for the government of
Ukraine.  The company, Ukraine Rail (Ukrzaliznytsia), defaulted on
a principal payment on a Barclays Capital-led syndicated loan on
20 November 2009, and Moody's is responding to questions that were
raised about the possible impact on the sovereign's own rating.

"There is no sovereign guarantee for this loan," noted Moody's
analyst Jonathan Schiffer, "and there are no cross-default clauses
between this loan and a second Ukrzaliznytsia loan arranged by
Deutsche Bank that does contain a government guarantee for $700
million that would trigger a sovereign default."

Moody's noted that Ukrzaliznytsia is current on payments for the
Deutsche Bank loan.  The government of Ukraine itself has no major
debt payments until March 2010 and a very light foreign currency
debt payment schedule for 2010 in comparison to available foreign
currency reserves.

In Moody's opinion, the government is again giving clear signals
that it does not wish to assume responsibility for outstanding
debt of quasi-sovereign corporates and banks.  The authorities
seem to prefer to conserve foreign currency reserves for the
purposes of paying the government's own foreign currency debt.
They also may want a cushion against the possibility of any future
adverse movements in the exchange rate.

"While there have been defaults by quasi-sovereign corporations
such as Ukrzaliznytsia and Naftogaz, to date the sovereign has not
shown any weakening in its intention to pay its own debts," said
Mr. Schiffer.

Nevertheless, Moody's noted that Ukraine's B2 rating incorporates
weak macroeconomic fundamentals, a banking system that remains
under strain, and distinctly poor coordination between fiscal and
monetary policies.  While some of these problems may well reflect
political in-fighting in the run-up to the Presidential election
in January-February 2010, the fiscal loosening inherent in recent
legislation -- which may raise the budget deficit by up to 7% of
GDP in 2010 -- is a serious concern.  Hence, the negative outlook
on the B2 sovereign rating remains in place.

Moody's last rating action on Ukraine was taken on May 12, 2009,
when the debt ratings of the government were downgraded to B2 with
a negative outlook from B1 following a review for possible
downgrade.  On that same date, Moody's also downgraded the foreign
currency country ceiling for bonds to B1 from Ba3, and the ceiling
for foreign currency bank deposits to B3 from B2, both with a
negative outlook.  The local currency country bond ceiling was
also downgraded to Ba1 from A3, while the local currency bank
deposit ceiling rating was affirmed at Ba1.


UKREURO-EXPORT LLC: Creditors Must File Claims by November 28
-------------------------------------------------------------
Creditors of LLC Ukreuro-Export (code EDRPOU 36535938) have until
November 28, 2009, to submit proofs of claim to:

         V. Solomakha
         Insolvency Manager
         Post Office Box 14
         54056 Nikolayev
         Ukraine

The Economic Court of Nikolayev commenced bankruptcy proceedings
against the company on October 13, 2009.  The case is docketed
under Case No. 5/269/09.

The Court is located at:

         The Economic Court of Nikolayev
         Admiralskaya Str. 22-a
         54009 Nikolayev
         Ukraine

The Debtor can be reached at:

         LLC Ukreuro-Export
         Velikaya Morskaya Str. 63/2
         Nikolayev
         Ukraine


UKRFLOWLINE LLC: Creditors Must File Claims by November 28
----------------------------------------------------------
Creditors of LLC Ukrflowline (code EDRPOU 35533348) have until
November 28, 2009, to submit proofs of claim to:

         A. Malevany
         SKD Str. 24/2
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on October 15, 2009. The case is docketed
under Case No. 7/169-09.

The Court is located at:

         The Economic Court of Sumy
         Shevchenko Ave. 18/1
         40477 Sumy
         Ukraine

The Debtor can be reached at:

         LLC Ukrflowline
         Novomistenskaya Str. 33/28
         40030 Sumy
         Ukraine


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


DONINGTON HOLDINGS: S&P Downgrades Corporate Credit Rating to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on U.K.-based racetrack operator
Donington Holdings PLC to 'D' (Default) from 'CCC-' following the
entry of its subsidiary, Donington Ventures Leisure Ltd., into
administration.  At the same time, the long-term rating and the
'CCC-' debt rating on Donington's proposed GBP135 million senior
secured notes due 2016 were removed from CreditWatch, where they
were placed with negative implications on Oct. 29, 2009.  In
addition, Donington's long-term rating, along with its debt rating
and associated recovery rating of '4', were subsequently
withdrawn.

The rating actions follow the announcement by DVLL that it is
entering into administration.  Recently, S&P has not received the
information from Donington that would allow us to maintain ongoing
surveillance in accordance with S&P's standards.  Donington is
therefore no longer under surveillance by Standard & Poor's.

On Oct. 29, 2009, S&P lowered its long-term corporate credit and
issue ratings on Donington to 'CCC-' and placed the ratings on
CreditWatch with negative implications following S&P's
understanding that the funding plans for Donington's upgrade
program had not materially progressed, jeopardizing its ability to
host the F1 British Grand Prix in 2010.


LEHMAN BROTHERS: Moody's Withdraws Ratings on Structured Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has withdrawn the
ratings of notes issued by certain structured notes transactions
that have exposure to Lehman Brothers International (Europe).
Moody's explained that Lehman Brothers International (Europe) acts
as a swap counterparty in the Transactions and that its
obligations as such are guaranteed by Lehman Brothers Holdings
Inc.  In each case, the rating assigned to the structured notes is
directly linked to the rating of the guarantor, Lehman Brothers
Holdings Inc, whose Moody's ratings were withdrawn following a
bankruptcy filing by that entity.

The rating actions are:

Pinyon Tree 2005-1, Limited

  -- US$30,000,000 Pinyon Tree 2005-1 Note Due July 25, 2017;
     Withdrawn; Previously on December 17, 2008 Downgraded to C

Banyan Tree 2004-1, Limited

  -- US$200,000,000 Banyan Tree Note Due January 20, 2017;
     Withdrawn; Previously on December 17, 2008 Downgraded to C

Aspen Noah, Limited

  -- US$50,000,000 Aspen Noah, Limited Notes Due October 30,
     2019; Withdrawn; Previously on December 17, 2008 Downgraded
     to C

Aspen Lucian, Limited

  -- US$30,000,000 Aspen Lucian, Limited Notes Due October 30,
     2019; Withdrawn; Previously on December 17, 2008 Downgraded
     to C

Aspen Bell, Limited

  -- US$40,000,000 Aspen Bell, Limited Notes Due October 30,
     2019; Withdrawn; Previously on December 17, 2008 Downgraded
     to C

Aspen Ambrose, Limited

  -- US$10,000,000 Aspen Ambrose, Limited Notes Due October
     30, 2019; Withdrawn; Previously on December 17, 2008
     Downgraded to C


LUDGATE FUNDING: S&P Affirms Rating on Class S Notes at 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Ludgate Funding PLC's
class A2a and A2b series 2006-FF1 notes.  At the same time, S&P
affirmed the rating on all other classes of notes.  The 'D' rating
on the class E notes is unaffected.

The downgrades on the senior classes are due to S&P's view of
weakening credit enhancement resulting from the fully depleted
reserve fund, drawings on the liquidity facility, and an increase
in losses in recent quarters.  The losses have led to an
uncleared class E note principal deficiency ledger balance of
GBP1.71 million, resulting in undercollateralization of 1.0%.

As of the June investor report, credit enhancement for the class
A2a and A2b notes was 14.3% (taking into account the class E note
PDL balance).  Due to low quarterly prepayments of 7.2% and
increasing losses, the corresponding credit enhancement figure for
September was 14.2%.

There is a GBP287,540 outstanding drawing on the liquidity
facility.  This is primarily due to the unhedged mismatch between
the Bank of England base rate received from the loans and three-
month LIBOR due on the notes.  On the September interest payment
date, the liquidity facility was not available to meet interest
payments for the class E notes as the PDL balance was greater than
50% of the outstanding note balance.  The increase in the PDL
balance resulting from increased losses has led to the decline in
credit enhancement for the class A2a and A2b notes.

Ludgate Funding series 2006-FF1 is a U.K. nonconforming
residential mortgage-backed securities transaction.  The
collateral comprises a pool of first-ranking mortgages secured
over freehold and leasehold, owner-occupied, and buy-to-let
properties in the U.K. originated by Wave Lending (formerly
Freedom Funding).

                          Ratings List

                       Ludgate Funding PLC
       GBP271.8 Million and EUR156.4 Million Mortgage-Backed
                Floating-Rate Notes Series 2006-FF1

            Ratings Lowered and Removed From CreditWatch Negative

                           Rating
                           ------
         Class      To                    From
         -----      --                    ----
         A2a        AA+                   AAA/Watch Neg
         A2b        AA+                   AAA/Watch Neg

                         Ratings Affirmed

                         Class      Rating
                         -----      ------
                         Ba         A
                         Bb         A
                         C          BBB-
                         D          B
                         MERCs      AAA
                         S          CCC-

                        Rating Unaffected

                         Class      Rating
                         -----      ------
                         E          D


NATIONAL EXPRESS: Rights Issue Will Get Backing, Chairman Says
--------------------------------------------------------------
The Financial Times reports that John Devaney, chairman of
National Express Group plc, is adamant that a GBP360 million
rights issue will be "resoundingly agreed" at today's
extraordinary meeting, in spite of opposition from Jorge Cosmen,
the company's largest shareholder and deputy chairman.

According to the FT, Mr. Devaney said he has the commitment of 20
institutional shareholders and there was "no question" the rights
issue would not be approved.  The FT relates National Express's
chairman said the bus and rail operator has no choice but to press
ahead with the rights issue, given that it risks breaching a key
term of its loan agreement in December.

The FT notse in spite of Mr. Cosmen's objections, he will retain
his right to a seat on the board regardless of whether his family
takes up the rights issue.

"He's an asset to the company," the FT quoted Mr. Devaney as
saying.  "There's no question of asking him to resign."

As reported by the Troubled Company Reporter-Europe on Nov. 25,
2009, the FT said the Cosmen family has increased its stake for
the third time in a week in an attempt to block the company's
rescue rights issue.  The FT disclosed the Cosmen family, led by
National Express deputy chairman Jorge Cosmen, has spent about
GBP5.84 million in three share deals in the past three trading
days, raising its holding from 18.5% to 19.72%.

National Express Group PLC -- http://www.nationalexpressgroup.com/
-- is the holding company of the National Express Group of
companies.  Its subsidiary companies provide mass passenger
transport services in the United Kingdom and overseas.  The
Company's segments comprise: UK Bus; UK Coach; UK Trains; North
American Bus; European Coach and Bus, and Central functions.  Its
subsidiaries include Tayside Public Transport Co. Limited, Durham
School Services LP, Stock Transportation Limited, Dabliu
Consulting SLU, Tury Express SA, General Tecnica Industrial SLU
and Continental Auto SLU.  In June 2009, the Company announced the
completion of the sale of Travel London, its London bus business,
to NedRailways Limited, a subsidiary of NS Dutch Railways


NIPSON DIGITAL: MCR Appointed as Joint Administrators
-----------------------------------------------------
Paul Clark and Geoff Bouchier, both partners at MCR in London,
have been appointed as Joint Administrators of Nipson Digital
Printing Systems plc on Friday, November 20, 2009.

On November 12, 2009, the Board resolved to place the Company in
Administration and requested that trading in the Company's shares
be suspended pending clarification of the Company's financial
position.

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


RELAX GROUP: Cleardebt Acquires Bank Debt at Discount
-----------------------------------------------------
James Hall at the Daily Telegraph reports that David Mond, the
chief executive of debt relief company Cleardebt, on Friday
acquired debt in Relax Group from its bank at "what is believed to
have been a deeply-discounted price."

According to the report, Mr. Mond said Monday night that he had
bought the debt as an investment as there could be parts of the
company that could be salvaged or sold.  He denied that he bought
the stake specifically to place Relax into administration, the
report relates.

"I took the punt as an investor," the report quoted Mr. Mond as
saying, adding that the company's administration was imminent
regardless.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2009, Relax Group on Nov. 23 was placed into administration with
Jonathan Elman Avery-Gee of Kay Johnson Gee being appointed as
administrators of the company.

On October 6, 2009, the company requested a suspension of trading
of its shares with immediate effect pending clarification of the
company's financial position.

Relax Group PLC, formerly Debts.co.uk plc, --
http://www.relax-group.co.uk/-- is a provider of a range of
solutions, including individual voluntary arrangements, Scottish
trust deeds, debt management plans and secured loans or second
mortgages, to over-indebted individuals.  The Company's
subsidiaries include The Debt Counsellors Limited, Debtcare
Limited, Adie Financial Solutions Limited, Neville Eckley Limited,
Scarlet Loans and Mortgages Limited, The Loan Group Limited,
Switch Mortgages Limited and Relax Finance Limited. In March 2008,
the Company acquired PB Recovery Limited.  In May 2008, the
Company acquired Relax Finance Limited.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
    21st Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 21-23, 2010
INSOL
    International Annual Regional Conference
       Madinat Jumeirah, Dubai, UAE
          Contact: 44-0-20-7929-6679 or http://www.insol.org/

Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Michigan
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Ocean Edge Resort, Brewster, Massachusetts
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Conference
       The Ritz-Carlton Amelia Island, Amelia, Fla.
          Contact: http://www.abiworld.org/

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine
C. Tumanda, Joy A. Agravante and Peter A. Chapman, Editors.

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

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

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

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


                 * * * End of Transmission * * *