TCREUR_Public/091211.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

           Friday, December 11, 2009, Vol. 10, No. 245

                            Headlines

A U S T R I A

100% QUALITY: Claims Filing Deadline is December 28
AURA GMBH: Claims Filing Deadline is December 31
COMPETENCE CIRCLE: Claims Filing Deadline is December 31


B U L G A R I A

EUROBANK EFG: Fitch Affirms Individual Rating at 'D'
UNITED BULGARIAN: Fitch Affirms Individual Rating at 'D'


G E R M A N Y

TV-LOONLAND AG: Files for Insolvency; Administrator Appointed


G R E E C E

* GREECE: Must Reduce Deficit; EU Backing Likely
* GREECE: Fitch Downgrades Ratings to 'BBB+'; Outlook Negative


I R E L A N D

AER LINGUS: Finance Director Steps Down; Talks with Pilots Fail
ANGLO IRISH: May Need EUR4 Bln Cash Injection From Irish Gov't.
AVOCA CLO: Moody's Downgrades Rating on Class E Notes to 'Caa3'
IRISH NATIONWIDE: Moody's Keeps 'E+' Rating Under Review
PARTHOLON CDO: Moody's Junks Ratings on Three Classes of Notes


I T A L Y

ALITALIA SPA: Raises EUR1.2 Million in Art Auction
MARIELLA BURANI: Board Mulls EUR83.5-Mln Stock Sale
WIND ACQUISITION: Moody's Assigns 'B3' Rating on EUR500 Mil. Notes
WIND TELECOMUNICAZIONI: S&P Cuts Corporate Credit Rating to 'B+'


K A Z A K H S T A N

ADAL URALSK: Creditors Must File Claims by December 23
DOMINANT DEVELOPMENT: Creditors Must File Claims by December 23
ER TABYSY: Creditors Must File Claims by December 23
EUROASIA NOMAD: Creditors Must File Claims by December 23
GASYR LLP: Creditors Must File Claims by December 23

IMPLANT SERVICE: Creditors Must File Claims by December 23
JARSUAT-12 LLP: Creditors Must File Claims by December 23
OTANDASTAR ORAL: Creditors Must File Claims by December 23
SANG-A GLOBAL: Creditors Must File Claims by December 23
TRISZOR LLP: Creditors Must File Claims by December 23


K Y R G Y Z S T A N

DIVATONNE LLC: Creditors Must File Claims by January 6
SPA-SERAM LLC: Creditors Must File Claims by January 6


L U X E M B O U R G

LECTA SA: Moody's Changes Outlook to Stable; Affirms 'B2' Ratings


N E T H E R L A N D S

DUCHESS VII: Moody's Confirms 'Caa1' Rating on Class E Notes
NORTH WESTERLY: Moody's Downgrades Rating on Class D Notes to 'B1'


R O M A N I A

BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
BANCPOST SA: Fitch Affirms Individual Rating at 'D/E'


R U S S I A

B&N BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
SISTEMA-HALS JSC: Fitch Downgrades Issuer Default Rating to 'RD'


S W I T Z E R L A N D

BIRUNDA AG: Claims Filing Deadline is December 31
BUERO TOGGENBURG: Claims Filing Deadline is December 31
CHINA DIRECT: Claims Filing Deadline is December 31
GHR AG: Claims Filing Deadline is December 21
HOTEL NIESENBLICK: Claims Filing Deadline is December 18

KARICH EDV: Claims Filing Deadline is December 18
MIKAWO CONSULTING: Claims Filing Deadline is December 31
RTB REPRO: Claims Filing Deadline is December 31
XSANA GMBH: Claims Filing Deadline is December 28
VARNHOLT CONSULTING: Claims Filing Deadline is December 28


T U R K E Y

MERINOS HALI: Fitch Puts 'B' Issuer Rating on Negative Watch


U K R A I N E

ING BANK: Moody's Withdraws 'D' Bank Financial Strength Rating


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: S&P Affirms 'BB-/B' Corporate Credit Ratings
CAIRN SC: S&P Downgrades Rating on US$40 Mil. Notes to 'CC'
CATALYST HEALTHCARE: S&P Affirms 'BB+' Underlying Ratings on Debt
EFFECTIVE COSMETICS: Administration Looms; Stores to Be Closed
GRAPHITE MORTGAGES: S&P Puts 'BB'-Rated Notes on Watch Negative

INFINIS HOLDINGS: Moody's Assigns 'B1' Corporate Family Rating
NORTHERN ROCK: S&P Raises Rating on Subordinated Debt to 'BB'
PALLION HOUSING: In Administration; Portfolio May Be Sold
ROYAL BANK: Nears Deal to Sell Asian Assets to HSBC Holdings

* BINGHAM MCCUTCHEN: Sara Smith Joins Finance Practice in London

* BOOK REVIEW: Unique Value - The Secret of All Great Business


                         *********



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


100% QUALITY: Claims Filing Deadline is December 28
---------------------------------------------------
Creditors of 100% Quality Erzeugung und Vertrieb GmbH & Co KG have
until December 28, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 11, 2010 at 9:50 a.m.

For further information, contact the company's administrator:

         Dr. Felix Stortecky
         W.A.-Mozartstrasse 4
         7093 Jois
         Austria
         Tel: 02160/712 07
         Fax: 02160/71207-22
         E-mail: office@stortecky.at


AURA GMBH: Claims Filing Deadline is December 31
------------------------------------------------
Creditors of Aura GmbH have until December 31, 2009, to file their
proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 14, 2010 at 10:00 a.m.

For further information, contact the company's administrator:

         Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at


COMPETENCE CIRCLE: Claims Filing Deadline is December 31
--------------------------------------------------------
Creditors of Competence Circle Service GmbH have until
December 31, 2009, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 14, 2010 at 9:30 a.m.

For further information, contact the company's administrator:

         Dr. Alexander Schoeller
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33, 713 34 05
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at


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


EUROBANK EFG: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of National Bank of Greece and Efg Eurobank Ergasias.

The rating actions follow the downgrade of the Long-term Issuer
Default Ratings of Greece's large commercial banks to 'BBB+' from
'A-' on 8 December 2009 (see separate rating action commentary,
dated 8 December 2009, entitled "Fitch downgrades Greek Banks on
Sovereign Rating Action", available on www.fitchratings.com).  The
rating actions reflect the agency's view that, while the Greek
banks' propensity to support their international banking
subsidiaries remains unchanged, their ability to do so has been
reduced as reflected in yesterday's downgrade of their Long-term
IDRs.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders.

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable
  -- Short-term IDR downgraded to 'F3' from 'F2'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Long-term IDR of Banca Romaneasca S.A. is affirmed as it was
previously constrained by the 'BBB' Country Ceiling of Romania and
is therefore not affected by the downgrade of the parent.  The
bank's Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  However, the Outlook of Banca Romaneasca S.A. is
constrained by the Negative Outlook on the Romanian Sovereign.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'A+(zaf)' from 'AA-
    (zaf)', Outlook Stable

  -- National Short-term rating downgraded to 'F1(zaf)' from
     'F1+(zaf)

  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD:

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook
     Negative

  -- Short-term IDR downgraded to 'F3' from 'F2'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '2'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Bancpost S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D/E'
  -- Support Rating affirmed at '2'

The Long-term IDR of Bancpost S.A. is affirmed as it was
previously constrained by the Country Ceiling of Romania and is
therefore not affected by the downgrade of the parent.  The bank's
Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  The Negative Outlook on the Long-term IDR mirrors
that of the parent bank and is in line with the Negative Outlook
on the Romanian Sovereign.

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


UNITED BULGARIAN: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of National Bank of Greece and Efg Eurobank Ergasias.

The rating actions follow the downgrade of the Long-term Issuer
Default Ratings of Greece's large commercial banks to 'BBB+' from
'A-' on 8 December 2009 (see separate rating action commentary,
dated 8 December 2009, entitled "Fitch downgrades Greek Banks on
Sovereign Rating Action", available on www.fitchratings.com).  The
rating actions reflect the agency's view that, while the Greek
banks' propensity to support their international banking
subsidiaries remains unchanged, their ability to do so has been
reduced as reflected in yesterday's downgrade of their Long-term
IDRs.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders.

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable
  -- Short-term IDR downgraded to 'F3' from 'F2'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Long-term IDR of Banca Romaneasca S.A. is affirmed as it was
previously constrained by the 'BBB' Country Ceiling of Romania and
is therefore not affected by the downgrade of the parent.  The
bank's Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  However, the Outlook of Banca Romaneasca S.A. is
constrained by the Negative Outlook on the Romanian Sovereign.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'A+(zaf)' from 'AA-
    (zaf)', Outlook Stable

  -- National Short-term rating downgraded to 'F1(zaf)' from
     'F1+(zaf)

  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD:

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook
     Negative

  -- Short-term IDR downgraded to 'F3' from 'F2'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '2'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Bancpost S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D/E'
  -- Support Rating affirmed at '2'

The Long-term IDR of Bancpost S.A. is affirmed as it was
previously constrained by the Country Ceiling of Romania and is
therefore not affected by the downgrade of the parent.  The bank's
Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  The Negative Outlook on the Long-term IDR mirrors
that of the parent bank and is in line with the Negative Outlook
on the Romanian Sovereign.

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


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


TV-LOONLAND AG: Files for Insolvency; Administrator Appointed
-------------------------------------------------------------
Mike Gavin at Bloomberg News reports that TV-Loonland AG said it
has filed for insolvency.

Bloomberg relates TV Loonland said a Munich court has appointed a
preliminary administrator for the company.

TV-Loonland AG is a German producer of family and children
television programs.


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


* GREECE: Must Reduce Deficit; EU Backing Likely
------------------------------------------------
Andrea Thomas at Dow Jones Newswires reports that German Finance
Minister Wolfgang Schaeuble said Thursday that the financial
situation in Greece is reason for concern, and although the
country has a right to solidarity, Greece must pursue the path of
reducing its deficit as demanded by the European Commission by
itself.

According to Dow Jones, the commission has demanded that Greece
reduce its budget deficit, which is expected to reach 12.7% of
gross domestic product this year.

Dow Jones relates German Chancellor Angela Merkel said earlier
Thursday that the European Union shares a responsibility for
Greece.  The chancellor's comments countered a growing sense of
unease in the bond market that Greece, which angered its partners
in the European Union with a massive upward revision to its budget
deficit only a few weeks ago, might be left to default by an EU no
longer prepared to tolerate the country's chronic deficits, Dow
Jones notes.

"What happens in a member country influences all the others,
particularly when you have a common currency," Dow Jones quoted
Ms. Merkel as saying after a meeting of the European People's
Party in Bonn.  "That is why we all share a common
responsibility."

Fitch Ratings Inc. on Tuesday cut Greece's credit rating to BBB+
with a negative outlook due to concern about the medium-term
outlook for the country's public finances, Dow Jones discloses.

                           Bankruptcy

AFP reports Jean-Claude Juncker, the president of the Eurogroup,
which unites the 16 countries that share the euro, said on
Thursday the budget situation in Greece is "tense" but the country
should avoid bankruptcy.

"The budgetary situation is very tense, that's the least you can
say." the AFP quoted Mr. Juncker, who is also prime minister of
Luxembourg, as saying at a meeting of centre-right EU leaders from
the European People's Party. "I totally exclude a state bankruptcy
in Greece."

Dow Jones relates Belgian Finance Minister Didier Reynders said at
the group's next monthly meeting, on Jan. 19, it will have to
consider how to help Greece.

                              Debt

BBC News reports Greece's deputy finance minister Philippos
Sachinidis has said the country's has reached the highest level in
its modern history.  Mr. Sachinidis, as cited by BBC News, said
the country's debt stood at EUR300 billion (US$442 billion;
GBP272 billion).

BBC relates separately, Sweden's prime minister, who currently
holds the European Union presidency, said Greece's problems should
be solved domestically.


* GREECE: Fitch Downgrades Ratings to 'BBB+'; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Greece's Long-term foreign currency
and local currency Issuer Default Ratings to 'BBB+' from 'A-'.
The Outlook is Negative.  The Short-term foreign currency is
downgraded to 'F2' from 'F1'.  The Country Ceiling is affirmed at
'AAA', in line with the common country ceiling for euro area
sovereigns.

The downgrade reflects concerns over the medium-term outlook for
public finances given the weak credibility of fiscal institutions
and the policy framework in Greece, exacerbated by uncertainty
over the prospects for a balanced and sustained economic recovery.
Though it is probable that fiscal adjustment under the auspices of
the Stability and Growth Pact will be sufficient to forestall
penalties under the Excessive Deficit Procedure, Fitch's current
assessment is that the government debt burden is likely to rise to
close to 130% of GDP before stabilizing.  Given the poor
historical track record of public finance management, Fitch is not
convinced that the substantive pension reform and other measures
necessary to contain public spending pressures and broaden the tax
base will be sufficiently strong to materially reduce debt over
the medium- to long-term and hence Greece's vulnerability to
future adverse shocks.

While Fitch believes that the government's target to narrow the
fiscal deficit by 3.6pp of GDP to 9.1% in 2010 is achievable, the
lack of substantive structural policy measures reduces confidence
that medium term consolidation efforts will be aggressive enough
to ensure public debt ratios are stabilized and then reduced over
the next three to five years.  Present government proposals rely
more heavily on revenue-raising measures, particularly moves to
counter tax evasion -- where the pay off is highly uncertain --
rather than current spending where structural fiscal weaknesses
are most acute.  About half the proposed cuts in the deficit rely
on temporary one-off measures, while little of the recent fiscal
deterioration can be attributed to the economic downturn, which
has been relatively mild, or to support for the financial sector
which has been minimal.

In the face of downside risks to medium-term growth associated
with Greece's large current account deficit -- which has seen GDP
growth supported by strong capital inflows over the last few years
--  the likely rise in public debt to more than 120% of GDP next
year and further to 125% in 2011 would leave the public finances
highly exposed to shocks.  One such shock is the ageing population
which, in combination with a highly generous and unreformed
pension system, will lead to one of the largest projected
increases in ageing-related expenditures -- at 15% of GDP -- in
the EU between 2010 and 2050 according to the European Commission.

Fitch recognizes the efforts that the government has made to
improve fiscal transparency and understands that further measures
will be announced in January 2010 to support the reduction in the
fiscal deficit to 3% of GDP by 2013 as recommended by the EC under
the EDP, including supplementary fiscal measures to underpin
realization of the 2010 Budget deficit target.  The EC and
European Council have already indicated that Greece will face a
higher degree of surveillance and more detailed controls than
other countries under the EDP.

Increased peer pressure from within the EU and EMU is likely to
strongly influence policy choices in the near-term.  However,
sustained consolidation over the medium term will require enduring
domestic political commitment to austere fiscal policies.
Greece's poor historical track record of reducing deficits and
debt is evidenced most recently by the failure to reduce debt
ratios over 2003 to 2008 despite strong growth and the sharp
structural deterioration in the public finances in 2009.  Fiscal
slippage relative to current plans could result in a further
downgrade, while the emergence of a much stronger policy
commitment and its consistent implementation could see the Outlook
revised to Stable.

Greece's sovereign ratings remain supported by its high-income
economy relative to rating peers and membership of the EU and EMU
which protects the economy from abrupt shifts in the balance of
payments and currency pressures.  The banking sector has also held
up relatively well through the global crisis.  Moreover, the
average maturity of public debt at around eight years, despite
increased short-term borrowing during the course of 2009, reduces
the government's exposure to interest rate shocks.


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


AER LINGUS: Finance Director Steps Down; Talks with Pilots Fail
---------------------------------------------------------------
David Robertson at The Times reports that Sean Coyle, Aer Lingus
Group plc's finance director, has resigned amid wider unrest at
the company.

According to the report, Mr. Coyle, who was also the head of
short-haul operations, will leave at the end of the month and will
step down from the company's board.

The report relates negotiations between Aer Lingus and its pilots
broke down again Wednesday over the failure to secure cost
savings.  The report recalls Christoph Mueller, its chief
executive, said last week that an earlier estimate of 676 job
losses would rise to more than 1,000 because unions had refused a
wage cut for those earning over EUR35,000 (GBP32,000).

Aer Lingus lost EUR73.9 million in the first six months of this
year and has been unable to give guidance for possible full-year
losses, the report discloses.  Mr. Mueller has warned that if Aer
Lingus is not able to address its financial difficulties, the
airline may be forced into a merger with Ryanair, its Irish rival,
the report notes.

Aer Lingus Group Plc and its subsidiaries --
http://www.aerlingus.com/-- operates as a low fares Irish airline
primarily providing passenger and cargo transportation services
from Ireland to the United Kingdom and Europe (short haul) and
also to the United states (long haul).  The Company is primarily
organized into two segments: passenger, which includes revenues
and costs relating to the carriage of passengers, and cargo, which
relates to the revenues and costs from the transportation of
cargo.  During the year ended December 31, 2008, three group
companies (Seres Limited, Duneast Limited and Crodley Limited)
were put into liquidation and dissolved.


ANGLO IRISH: May Need EUR4 Bln Cash Injection From Irish Gov't.
---------------------------------------------------------------
BreakingNews.ie reports that the Irish government may have to
inject more cash into Anglo Irish Bank.

According to the report, the bank may need up to EUR4 billion next
year.

It is said that Anglo may suffer a EUR10 billion loss on the money
going into NAMA, the report notes.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch affirmed Anglo Irish Bank Corporation Ltd.'s
individual rating at 'E'.


AVOCA CLO: Moody's Downgrades Rating on Class E Notes to 'Caa3'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Avoca CLO IV PLC.  The Class A1A Senior Secured Floating
Rate Notes remain Aaa mainly due to the current over
collateralization.

  -- EUR255,000,000 (Current balance of EUR250,520,799.05)
     Class A1B Senior Secured Floating Rate Notes due 2022,
     Downgraded to Aa1; previously on Jan 6, 2006 Definitive
     Rating Assigned Aaa

  -- EUR6,000,000 Class A2 Senior Secured Floating Rate Notes
     due 2022, Downgraded to A1; previously on Mar 4, 2009 Aa1
     Placed Under Review for Possible Downgrade

  -- EUR31,000,000 Class B Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Baa2; previously on Mar 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR27,000,000 Class C1 Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Ba3; previously on Mar 13,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR5,000,000 Class C2 Senior Secured Deferrable Fixed Rate
     Notes due 2022, Downgraded to Ba3; previously on Mar 13, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR20,500,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Caa1; previously on Mar
     13, 2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR20,500,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Caa3; previously on Mar
     13, 2009 Downgraded to Caa1 and Remained On Review for
     Possible Downgrade

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to 100% European 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 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 2845 versus a trigger of 2600), an increase in
the amount of defaulted securities (currently 2.6% of the
portfolio), an increase in the proportion of securities from
issuers rated Caa1 and below (currently 9.0% of the portfolio),
and a failure of most par value tests (Class B to Class E 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, 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.


IRISH NATIONWIDE: Moody's Keeps 'E+' Rating Under Review
--------------------------------------------------------
Moody's Investors Service has changed the direction of the review
on the Baa3/Prime-3 bank deposit and senior debt ratings and the
Ba1 subordinated debt rating of Irish Nationwide Building Society
to "direction uncertain".  The E+ bank financial strength rating
(mapping to a baseline credit assessment -- "BCA" -- of B3) is
also placed on review -- direction uncertain.  The backed-Aa1
rated senior debt, maturing prior to September 29 2010, and the
backed short-term issuer rating of Prime-1, covered by the Irish
government guarantee, are unaffected by this action.

The Baa3/Prime-3 bank deposit and senior debt ratings and the Ba1
subordinated debt rating were originally placed on review for
possible downgrade on August 6, 2009, following the announcement
by the society that it was to offer an exchange on two senior
unsecured debt issues and one subordinated debt issue that mature
after the expiry of the Irish government's blanket guarantee at a
price significantly below par.  Moody's has concluded that this
was an opportunistic exchange based on market prices, rather than
a distressed exchange, and that therefore the government is
currently still likely to continue to protect both creditors and
depositors of the building society.

The change in the direction of the review reflects the likelihood
that INBS will be merged into EBS Building Society, a higher rated
entity, with whom discussions are now taking place.  This merger
will be facilitated by the changes that the government has made to
the Building Societies Act that will now allow the Minister of
Finance to take a "Special Investment Share" in the society giving
the Minister the power to pass any resolution or block any
resolution in a general meeting.  Therefore, it is Moody's
expectation that these powers will be used by the government to
inject capital and to facilitate a merger of INBS and EBS.  In
addition as any potential wind-up or restructuring of the society
along the lines of a good bank / bad bank would be likely to
trigger the guarantee Moody's attach a low probability to the
government following that option.

Ross Abercromby, Vice President and lead analyst for the society
added that "If INBS does not merge with EBS, or another entity, in
the near future then it is likely that the ratings would be
downgraded to non-investment grade, reflecting the higher
potential for losses at the end of the two-year guarantee period.
This takes into account Moody's view that the society's viability
as a stand-alone entity is low."

The society's E+ (BCA: B3) BFSR is also placed on review --
direction uncertain.  This reflects the likelihood of the merger
with the higher rated EBS, but also incorporates the risk that if
the merger does not go ahead then the implications on the
society's stand-alone creditworthiness is negative given the
damage to the franchise and the requirement for a substantial
capital injection post the transfer of assets to NAMA.

The last rating action on INBS was on August 6, 2009 when the
Baa3/Prime-3 bank deposit and senior debt ratings and the Ba1
subordinated debt rating were placed on review for possible
downgrade.

Irish Nationwide Building Society, headquartered in Dublin,
Ireland, had total assets of EUR14.4 billion at year-end 2008.


PARTHOLON CDO: Moody's Junks Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Partholon CDO I PLC.

  -- EUR271.443M Class A-1 Floating Rate Notes, Downgraded to Aa3;
     previously on Oct 6, 2003 Definitive Rating Assigned Aaa

  -- EUR9M Class A-3 Zero Coupon Notes, Downgraded to Aa3;
     previously on Oct 6, 2003 Definitive Rating Assigned Aaa

  -- EUR31.432M Class B-1 Floating Rate Notes, Downgraded to Ba2;
     previously on Mar 4, 2009 Aa3 Placed Under Review for
     Possible Downgrade

  -- EUR2.25M Class B-2 Fixed Rate Notes, Downgraded to Ba2;
     previously on Mar 4, 2009 Aa3 Placed Under Review for
     Possible Downgrade

  -- EUR4M Class B-3 Zero Coupon Notes, Downgraded to Ba2;
     previously on Mar 4, 2009 Aa3 Placed Under Review for
     Possible Downgrade

  -- EUR28.45M Class C-1 Floating Rate Notes, Downgraded to Caa3;
     previously on Mar 20, 2009 Downgraded to B2 and Remained On
     Review for Possible Downgrade

  -- EUR7.75M Class C-2 Fixed Rate Notes, Downgraded to Caa3;
     previously on Mar 20, 2009 Downgraded to B2 and Remained On
     Review for Possible Downgrade

  -- EUR24M Class J Combination Notes, Confirmed at Aa2;
     previously on Mar 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade

  -- EUR9M Class P Combination Notes, Withdrawn; previously on Oct
     6, 2003 Definitive Rating Assigned Aaa

  -- EUR7M Class Q Combination Notes, Withdrawn; previously on Oct
     6, 2003 Definitive Rating Assigned Baa2

  -- EUR4M Class R Combination Notes, Downgraded to Ba1;
     previously on Oct 6, 2003 Assigned Aa3

  -- EUR10M Class S Combination Notes, Downgraded to Caa1;
     previously on Mar 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

Moody's has withdrawn the rating assigned to the EUR9 million
Class P and EUR7 million Class Q Combination Notes.  These notes
were split back into their original components and thus are no
longer outstanding under Combination notes format.

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.

According to Moody's, the rating actions taken on the notes are
the 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 2884), an increase in the amount of defaulted
securities (currently 2% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 20.3% of the portfolio), a failure of all par value
tests (including a Class C par value test equal to 99.15%) and a
3% bucket of loans having a maturity falling after the maturity of
the notes.  These measures were taken from the recent trustee
report dated 1st November 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 also 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.


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


ALITALIA SPA: Raises EUR1.2 Million in Art Auction
--------------------------------------------------
Flavia Krause-Jackson and Flavia Rotondi at Bloomberg News report
that Alitalia SpA raised EUR1.2 million (US$1.8 million) in
Tuesday's auction of its collection of 20th-century paintings.

Bloomberg relates auction house Finarte Casa d'Aste SpA conducted
the sale of about 200 pieces of modern Italian art Tuesday night.
According to Bloomberg, the company failed to sell a Gino Severini
work valued at EUR500,000 at the auction.

Bloomberg notes Tuesday's sale was part of a breakup and
bankruptcy plan for the carrier ordered by the Italian government.

Based in Rome, Alitalia S.p.A. -- http://www.alitalia.it/--
provides air travel services for passengers and air transport of
cargo on national, international and inter-continental routes,
including United States, Canada, Japan and Argentina.  The Italian
government owns 49.9% of Alitalia.

As reported in the Troubled Company Reporter-Europe on November 7,
2008, Alitalia S.p.A. filed for Chapter 15 protection with the
U.S. Bankruptcy Court in the Southern District of New York.
Italy's national airline experienced financial difficulties for a
number of years caused, in large measure, by a combination of
competition from low-cost air carriers, poor management and
onerous union obligations, according to papers filed with the
court.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million in
2000 and 2001 respectively.  Alitalia posted EUR93 million in net
profits in 2002 after a EUR1.4 billion capital injection.  The
carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million
in 2006, and EUR494.64 million in 2007.

In the petition filed October 29, 2008, Prof. Augusto Fantozzi,
the appointed administrator, said the airline's financial
difficulties have been and exacerbated by spiraling fuel prices.

On August 29, 2008, Alitalia declared insolvency and filed for
commencement of extraordinary administration procedure at the
Tribunal of Rome.  Italian Prime Minister Silvio Berlusconi
appointed Mr. Fantozzi as extraordinary commissioner.
Under the Bankruptcy Bill, the Administrator has supplanted the
directors and other management of Alitalia.


MARIELLA BURANI: Board Mulls EUR83.5-Mln Stock Sale
---------------------------------------------------
Elisa Martinuzzi and Marco Bertacche at Bloomberg News report that
Mariella Burani Fashion Group SpA said the board proposed an
EUR83.5-million stock sale to shareholders.

Mariella Burani said in a stock exchange statement Wednesday that
an agreement to restructure its debt is unlikely to be reached
before Dec. 16, when shareholders are due to vote on the stock
sale.

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2009, Bloomberg News, citing Messaggero, disclosed that Burani's
creditors aren't positive about a rescue plan, which includes
writing off EUR120 million (US$181 million) of debt.
According to Bloomberg, Messagero said the proposal also includes
conversion of EUR60 million of debt into equity, rescheduling
EUR308 million of debt and a new loan of EUR35 million.

Mariella Burani Fashion Group SpA -- http://www.mariellaburani.it/
-- is an Italy-based company, operating in the fashion market.  It
designs, produces and distributes a range of apparel, knitwear,
leather accessories, jewelry and footwear.  The Company divides
its operation into four divisions: Clothing Division, Leather
Division, Digital Fashion and Fashion Jewellery.  The Company's
brand portfolio comprises the Company's own brands, such as
Mariella Burani, Rene Lezard, Amuleti J, Blossom Burani, Ter et
Bantine, Braccialini, FrancescoBiasia, Baldinini, Coccinelle,
Sebastian, Facco Gioielli, Valente, Rosato and Calgaro, among
others, and the licensed brands: Vivienne Westwood (Anglomania),
Emmanuel Ungaro (Fuchsia), Alviero Martini, Thierry Mugler
(Mugler), Patrizia Pepe (bimbo), Missoni, Warner Bros, Miss Sixty,
Sweet Years, Gherardini e John Galliano, among others.  Among the
subsidiaries there are: Mariella Burani Retail Srl, Antichi
Pelletteri SpA, Coccinelle Store France SA and Mandarina Duck
Gmbh.


WIND ACQUISITION: Moody's Assigns 'B3' Rating on EUR500 Mil. Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the EUR500 million (which may increase up to EUR750 million)
new senior notes, due 2017, to be issued by Wind Acquisition
Holdings Finance S.A.  The notes will be guaranteed by Wind
Acquisition Holdings Finance S.p.A., the direct parent entity of
WIND Telecomunicazioni S.p.A., and will be secured by a first
ranking pledge on the shares of WAHF S.p.A. held by Weather
Investments S.p.A.  The new senior notes will accrue interest on a
non-cash basis and be payable in the form of additional notes
until July 2014.  WAHF S.A. will have the right, but not the
obligation, to make interest payments under the notes in cash
until the July 2014 interest payment.  In July 2014 and onwards,
the interest payments under the notes will be payable only in
cash.  The proceeds of the notes will be made available to WAHF
S.p.A.'s parent company, Weather, to repay early maturities of its
debt and enhance the overall liquidity position of the group.  The
(P)B3 rating of the new notes reflects that they will be
structurally subordinated to all indebtedness of Wind, including
its senior notes due 2015 and 2017.  The assigned rating assumes
that there will be no material variations to the draft legal
documentation reviewed by Moody's.

Concurrently, Moody's affirmed the Ba3 corporate family rating of
Wind and the negative outlook on the company's ratings, as the
proposed notes issuance does not have any impact on the company's
free cash flow until the first cash interest payment which is due
in July 2014.  Moody's analytical approach factors in a potential
refinancing of the new notes as an obligation that might
eventually weigh on Wind's financial profile, and therefore
includes the new notes in Wind's leverage calculation.  Although
additional debt suggests an accelerated financial integration of
Wind with the rest of the group and further weakens the company's
financial flexibility, Moody's believes it can still be
accommodated within the current rating category.  In this context,
Moody's positively notes that Wind's Ba3 CFR takes into account
the company's solid operational performance in 9M 2009 despite
challenging macro-economic conditions, as well as its intention to
pre-pay a EUR336 million senior credit facility that is due in
2011.

Wind's inability to pay cash interest on the new notes would
result in a cross-default on its senior credit facilities and
second-lien notes, and if those are accelerated, upon its high-
yield notes.  Moody's cautiously notes that Wind will not be able
to distribute dividends in July 2014 unless (as per its latest
annual compliance certificate) the company's Net Debt/EBITDA ratio
(as defined under its restricted payments covenant) pro-forma any
dividends is less than or equal to 3.0x, which Moody's believes
will be difficult to deliver.  However, the affirmation of the CFR
reflects Moody's expectation that Wind should be able to refinance
its senior credit facilities and second-lien notes in 2012, before
their final maturities in 2013 and 2014.  Concurrently, Wind
should also be able to reset the restrictive covenants to ensure
its ability to upstream dividends to cover WAHF S.A.'s cash
interest payments in 2014 and onwards.

Wind's Ba3 rating assumes that its EBITDA margin should remain in
the mid-30s and gradually improve beyond 2010, to support both the
company's free cash flow generation capacity and de-leveraging
prospects.  Any failure to deliver on that front could result in
both a downward rating action on the CFR and further divergence
between the CFR and the rating on the WAHF S.A.'s new senior
notes.

The last rating action was implemented on 29 June 2009, when
Moody's affirmed Wind's Ba3 CFR, but changed the outlook to
negative from stable.

Moody's assigns provisional ratings when the assignment of a final
rating is subject to the fulfillment of contingencies, but it is
highly likely that the rating will become definitive after all
documents are received or an obligation is issued into the market.
A provisional rating is denoted by placing a (P) in front of the
rating.

Wind Telecomunicazioni S.p.A is a leading integrated telecoms
operator in Italy, where it is active in the wireless market
(under the Wind brand), the fixed-line voice, broadband and data
services market (through its Infostrada brand), and the Internet
services market, including narrowband and portal services (under
the Libero brand).  In the year ended December 2008, Wind reported
revenues of EUR5.5 billion and EBITDA of EUR2.0 billion.


WIND TELECOMUNICAZIONI: S&P Cuts Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Wind Telecomunicazioni SpA, Italy's second-
largest integrated alternative telecoms operator, to 'B+' from
'BB-'.  The outlook is stable.

Accordingly, Standard & Poor's also lowered its ratings on the
Wind Telecomunicazioni's existing debt by one notch:

* Wind Telecomunicazioni's senior secured bank loan and financing
  vehicle Wind Finance SL S.A.'s second-lien bonds to 'BB-' from
  'BB'; and

* Financing vehicle Wind Acquisition Finance S.A.'s third-lien
  notes to 'B+' from 'BB-'.

At the same time, Standard & Poor's assigned its 'B+' long-term
corporate credit rating to Wind Telecomunicazioni's parent
company, Wind Acquisition Holdings Finance SpA.  The outlook is
stable.

Lastly, Standard & Poor's assigned a long-term issue rating of
'B-' and a recovery rating of '6' to the EUR500 million-equivalent
of payment-in-kind notes to be issued by WAHF SpA's financing
vehicle Wind Acquisition Holdings Finance S.A. (WAHF S.A.) and
guaranteed by WAHF SpA.  The '6' recovery rating indicates
Standard & Poor's expectation of "negligible" (0%-10%) recovery
for creditors in the event of a payment default.

The rating actions follow the announcement that WAHF S.A. has
launched a EUR500 million-equivalent PIK note issue.  WAHF S.A.
will upstream the note proceeds to various Weather group entities.
The proceeds will be made available to Weather Investments SpA in
order to repay short-term maturities of its debt and to repay the
bridge loan related to the acquisition of the assets of WIND
Hellas Telecommunications S.A.(SD/--/--).

"Our downgrade of Wind Telecomunicazioni reflects what S&P views
as a more aggressive financial policy than the one S&P had
factored into S&P's previous analysis, led by the company's
ultimate parent Weather Investments SpA and involving increasing
use of Wind Telecomunicazioni's balance sheet to sustain other,
weaker companies across the Weather group," said Standard & Poor's
credit analyst Leandro de Torres Zabala.

S&P's assignment of a 'B+' corporate credit rating to WAHF SpA,
the same as that on subsidiary Wind Telecomunicazioni, reflects
the consolidated view S&P take of the Wind group in its credit
analysis.

As recently as June 2009, Wind Telecomunicazioni issued
EUR2.7 billion of senior unsecured notes, the proceeds of which
were used to refinance WAHF SpA's almost EUR2 billion of existing
PIK notes, upstream EUR500 million to the Weather group for
various applications, and pay for EUR200 million of the
refinancing's transaction costs.  The new PIK notes launch
therefore represents the second debt issuance at the Wind group
level aimed at upstreaming funds, and reflects, in S&P's opinion,
the spillover onto Wind Telecomunicazioni of various funding
issues across the wider Weather group.  S&P is consequently
narrowing the rating differential across the group.  Also, the
high interest that S&P expects to accrue on the new notes (which
WAHF S.A. may pay in kind for three and a half years, resulting in
a large liability), combined with certain limitations on cash
upstreaming from Wind Telecomunicazioni to WAHF SpA and a cross-
default clause in the documentation of the senior credit
facilities and second-lien bonds with respect to the new PIK
notes, makes Wind Telecomunicazioni's already highly leveraged
capital structure more complex and risky in S&P's opinion.

The current rating assumes continued strong operating performance
at Wind Telecomunicazioni, particularly in its core Italian mobile
telephony business.

"This should result in significant FOCF generation--though
considerably more modest than in previous years--which S&P assume
the company will primarily dedicate to reducing its high debt,"
said Mr.  de Torres.  "We also assume that debt will not increase
further at Wind Telecomunicazioni or its parent, and that Wind
Telecomunicazioni will maintain a comfortable debt maturity
profile at all times."


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


ADAL URALSK: Creditors Must File Claims by December 23
------------------------------------------------------
Creditors of LLP Adal Uralsk have until December 23, 2009, to
submit proofs of claim to:

         Vagonnaya Str. 2/1
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on
September 16, 2009, after finding it insolvent.

The Court is located at:

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


DOMINANT DEVELOPMENT: Creditors Must File Claims by December 23
---------------------------------------------------------------
LLP Dominant Development is currently undergoing liquidation.
Creditors have until December 23, 2009, to submit proofs of claim
to:

         Dostyk Ave. 87v
         Almaty
         Kazakhstan


ER TABYSY: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLP Er Tabysy Shag have until December 23, 2009, to
submit proofs of claim to:

         Auelbekov Str. 139a
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on
September 2, 2009, after finding it insolvent.

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of Kokshetau
         Gorky Str. 37
         Kokshetau
         Kazakhstan


EUROASIA NOMAD: Creditors Must File Claims by December 23
---------------------------------------------------------
LLP Euroasia Nomad Trade is currently undergoing liquidation.
Creditors have until December 23, 2009, to submit proofs of claim
to:

         Kulmanov Str. 23
         Atyrau
         Kazakhstan


GASYR LLP: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLP Gasyr have until December 23, 2009, to submit
proofs of claim to:

         Kazakhstan Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan

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

The Court is located at:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Bajov Str. 2
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


IMPLANT SERVICE: Creditors Must File Claims by December 23
----------------------------------------------------------
LLP Implant Service Astana is currently undergoing liquidation.
Creditors have until December 23, 2009, to submit proofs of claim
to:

         Jambyl Str. 20
         Sorokovaya Station
         Almaty District
         Astana
         Kazakhstan


JARSUAT-12 LLP: Creditors Must File Claims by December 23
---------------------------------------------------------
Creditors of LLP Jarsuat-12 have until December 23, 2009, to
submit proofs of claim to:

         Masanchi Str. 98b-42
         Almaty
         Kazakhstan

The Specialized Inter-Regional Economic Court of Almaty commenced
bankruptcy proceedings against the company on September 2, 2009,
after finding it insolvent.

The Court is located at:

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


OTANDASTAR ORAL: Creditors Must File Claims by December 23
----------------------------------------------------------
Creditors of LLP Otandastar Oral have until December 23, 2009, to
submit proofs of claim to:

         Dostyk Ave. 204
         Uralsk
         West Kazakhstan
         Kazakhstan

The Specialized Inter-Regional Economic Court of West Kazakhstan
commenced bankruptcy proceedings against the company on
October 7, 2009, after finding it insolvent.

The Court is located at:

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


SANG-A GLOBAL: Creditors Must File Claims by December 23
--------------------------------------------------------
LLP Sang-A Global is currently undergoing liquidation.  Creditors
have until December 23, 2009, to submit proofs of claim to:

         Suyunbai Ave. 2
         Almaty
         Kazakhstan


TRISZOR LLP: Creditors Must File Claims by December 23
------------------------------------------------------
Creditors of LLP Triszor have until December 23, 2009, to submit
proofs of claim to:

         Zelenaya Str. 40
         Baiserke
         Ilyisky District
         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


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


DIVATONNE LLC: Creditors Must File Claims by January 6
------------------------------------------------------
LLC Divatonne is currently undergoing liquidation.  Creditors have
until January 6, 2010, to submit proofs of claim to:

         Baatyr Str. 5v-16
         Bishkek
         Kyrgyzstan


SPA-SERAM LLC: Creditors Must File Claims by January 6
------------------------------------------------------
LLC Spa-Seram is currently undergoing liquidation.  Creditors have
until January 6, 2010, to submit proofs of claim to:

         Micro District Alamedin-1, 29-57
         Bishkek
         Kyrgyzstan


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


LECTA SA: Moody's Changes Outlook to Stable; Affirms 'B2' Ratings
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Lecta
S.A. to stable from negative.  At the same time, the rating agency
affirmed the company's B2 corporate family rating and the B2
probability of default rating.  It also affirmed Lecta's B2 rating
of its EUR598 million senior secured floating-rate notes due 2014
and the Caa1 rating of its EUR150 million senior unsecured
floating-rate notes due 2014.

"The outlook change to stable was prompted by Lecta's relatively
robust operating performance and cash flow generation during the
course of 2009, despite a significant volume contraction for
coated fine paper," said Christian Hendker, a Moody's Assistant
Vice President and lead analyst for the EMEA paper industry.
Lecta's performance was supported by a contraction in input costs
-- especially for pulp, while fine paper prices were largely
defended -- as well as cost reductions and temporary capacity
adjustments.  As a result Retained Cash Flow to Debt in the last
twelve months ending September was clearly above the 5% threshold
for the B2 rating category.  "While Moody's anticipates that
profitability levels are likely to be pressured in 2010 and beyond
from rising pricing pressure and input costs, which have begun to
rise again in the past few weeks, a slight recovery in underlying
volumes together with implemented cost reduction measures should
support a preservation of credit metrics broadly in line with
Moody's requirements for the B2 rating category going forward,"
said Mr. Hendker.

The outlook stabilization is based on Moody's expectation of
largely stable operating performance going forward on the back of
the company's improving performance in 2009.  However, in the
absence of a significant turnaround in demand levels, structural
pressure in the Western European coated fine paper industry
remains challenging, reflected in a significant supply and demand
imbalance that negatively impacts pricing.  Therefore, Lecta's
stable positioning in the B2 rating category depends on the
continued ability of the industry to curtail production to weak
and only gradually recovering demand levels, as demonstrated over
the past few quarters, absent of any announcements of permanent
closure of capacity to preserve sufficient pricing levels.

The B2 rating continues to positively take into account Lecta's
(i) leading market position in its core south European markets of
coated fine paper, (ii) the favorable product mix in higher-margin
coated fine and specialty paper grades, as well as (iii) the
proximity to customers, which allows production and shipping
flexibly and lowers transportation costs, in addition to overall
lean overhead functions.  Furthermore, the rating benefits from
Lecta's continued ability to generate positive free cash flows,
one of Moody's thresholds for a rating outlook stabilization.  In
the last 12 months ending September 2009 Lecta generated positive
free cash flows of around EUR29 million despite significant cash
restructuring payouts.  The positive free cash flow, which was
supported by the strengthening of underlying funds from operations
and tight working capital management, supported the preservation
of a strong liquidity position with around EUR155 million of cash
on hand, access to an undrawn EUR60 million revolving credit
facility without conditionality language and no maturities before
2014.

At the same time, the rating remains constrained by Lecta's highly
leveraged capital structure, as evidenced by credit metrics below
Moody's requirements for the B2 rating category, such as net debt-
to-EBITDA (including restructuring expenses) ratio of slightly
above 7.0x in the last 12 months ending September 2009.  While
leverage has improved compared to FYE2008 figures, Moody's expects
credit metrics to be gradually strengthened on a continued basis,
supported a cyclical stabilization.  While Lecta's performance in
2009 benefited from lower input costs due to the low vertical
integration, this will lead to constant performance volatility
particularly in a scenario of rising input costs.  Other factors
that underpin Lecta's rating are its small absolute scale, its
regional concentration and its segmental focus on coated fine
paper.

Outlook Actions:

Issuer: Lecta S.A.

  -- Outlook, Changed to Stable From Negative

Update to LGD Assessment:

Issuer: Lecta S.A.

  -- Senior Unsecured Bond/Debenture, Caa1, LGD Assessment Changed
     to LGD 5, 77% from LGD 5, 82%

The last rating action was on 7 April 2009, when Moody's
downgraded Lecta's CFR to B2 from B1 with a negative outlook.

With legal headquarters in Luxembourg, Lecta S.A. is among
Europe's leading coated fine paper manufacturers.  It has
production facilities in Spain, Italy and France.  The company
also has a specialty paper division and distribution businesses in
the Iberian, French and Argentinean markets.  Lecta generated
group sales of EUR1.4 billion over the last 12 months ending
September 2009.


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


DUCHESS VII: Moody's Confirms 'Caa1' Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Duchess VII CLO B.V.  The Class A-1 and the Variable
Funding Notes remain Aaa mainly due to the current over
collateralization.

  -- EUR35m Class B Second Priority Deferrable Secured Floating
     Rate Notes due 2023, Downgraded to A2; previously on March 4,
     2009 Aa2 Placed under Review for Possible Downgrade

  -- EUR25m Class C Third Priority Deferrable Secured Floating
     Rate Notes due 2023, Confirmed at Baa3; previously on
     March 19, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade

  -- EUR32.5m Class D Fourth Priority Deferrable Secured Floating
     Rate Notes due 2023, Confirmed at B1; previously on March 19,
     2009 Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR15m Class E Fifth Priority Deferrable Secured Floating
     Rate Notes due 2023, Confirmed at Caa1; previously on March
     19, 2009 Downgraded to Caa1 and Remained On Review for
     Possible Downgrade

  -- EUR10m Class O Combination Notes due 2023, Downgraded to
     Baa3; previously on March 4, 2009 A3 Placed under Review for
     Possible Downgrade

  -- EUR7m Class W Combination Notes due 2023, Downgraded to Ba2;
     previously on March 4, 2009 Baa1 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 18.06% 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 2747), an increase in the amount of defaulted
securities (currently 3.6% of the portfolio) and an increase in
the proportion of securities from issuers rated Caa1 and below
(currently 11.83% of the portfolio).  These measures were taken
from the recent trustee report dated 24 November 2009.  Moody's
also performed a number of sensitivity analyses, including
consideration of a further decline in portfolio WARF quality.  Due
to the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


NORTH WESTERLY: Moody's Downgrades Rating on Class D Notes to 'B1'
------------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by North Westerly III B.V.

  -- EUR290,000,000 Class A Senior Floating Rate Notes due October
     2022 (currently EUR283,283,527.52 outstanding), Downgraded
     to Aa2; previously on August 4, 2006 Assigned Aaa;

  -- EUR32,000,000 Class B Deferrable Interest Floating Rate Notes
     due October 2022, Downgraded to Baa2; previously on March 4,
     2009 Aa3 Placed under Review for Possible Downgrade;

  -- EUR17,000,000 Class C Deferrable Interest Floating Rate Notes
     due October 2022, Downgraded to Ba2; previously on March 19,
     2009 Downgraded to Baa3 and Placed under Review for Possible
     Downgrade;

  -- EUR15,500,000 Class D Deferrable Interest Floating Rate Notes
     due October 2022, Downgraded to B1; previously on March 19,
     2009 Downgraded to Ba3 and Placed under Review for Possible
     Downgrade;

  -- EUR14,500,000 Class E Deferrable Interest Floating Rate Notes
     due October 2022 (currently EUR15,626,284.54 outstanding),
     Downgraded to Caa2; previously on March 19, 2009 Downgraded
     to B3 and Placed under Review for Possible Downgrade;

  -- EUR10,000,000 Class P Combination Notes due October 2022,
     Downgraded to B2; previously on March 4, 2009 Baa3 Placed
     under Review for Possible Downgrade;

  -- EUR6,000,000 Class R Combination Notes due October 2022,
     Downgraded to B1; previously on March 4, 2009 Baa1 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 11% 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 2845), an increase in the amount of defaulted
securities (currently 2.5% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 13.48% of the portfolio), and a failure of the Class D
and Class E 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
combined with a decrease in the expected recovery rates.  Due to
the impact of all the aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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


=============
R O M A N I A
=============


BANCA ROMANEASCA: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of National Bank of Greece and Efg Eurobank Ergasias.

The rating actions follow the downgrade of the Long-term Issuer
Default Ratings of Greece's large commercial banks to 'BBB+' from
'A-' on 8 December 2009 (see separate rating action commentary,
dated 8 December 2009, entitled "Fitch downgrades Greek Banks on
Sovereign Rating Action", available on www.fitchratings.com).  The
rating actions reflect the agency's view that, while the Greek
banks' propensity to support their international banking
subsidiaries remains unchanged, their ability to do so has been
reduced as reflected in yesterday's downgrade of their Long-term
IDRs.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders.

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable
  -- Short-term IDR downgraded to 'F3' from 'F2'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Long-term IDR of Banca Romaneasca S.A. is affirmed as it was
previously constrained by the 'BBB' Country Ceiling of Romania and
is therefore not affected by the downgrade of the parent.  The
bank's Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  However, the Outlook of Banca Romaneasca S.A. is
constrained by the Negative Outlook on the Romanian Sovereign.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'A+(zaf)' from 'AA-
    (zaf)', Outlook Stable

  -- National Short-term rating downgraded to 'F1(zaf)' from
     'F1+(zaf)

  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD:

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook
     Negative

  -- Short-term IDR downgraded to 'F3' from 'F2'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '2'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Bancpost S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D/E'
  -- Support Rating affirmed at '2'

The Long-term IDR of Bancpost S.A. is affirmed as it was
previously constrained by the Country Ceiling of Romania and is
therefore not affected by the downgrade of the parent.  The bank's
Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  The Negative Outlook on the Long-term IDR mirrors
that of the parent bank and is in line with the Negative Outlook
on the Romanian Sovereign.

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


BANCPOST SA: Fitch Affirms Individual Rating at 'D/E'
-----------------------------------------------------
Fitch Ratings has taken various rating actions on the subsidiaries
of National Bank of Greece and Efg Eurobank Ergasias.

The rating actions follow the downgrade of the Long-term Issuer
Default Ratings of Greece's large commercial banks to 'BBB+' from
'A-' on 8 December 2009 (see separate rating action commentary,
dated 8 December 2009, entitled "Fitch downgrades Greek Banks on
Sovereign Rating Action", available on www.fitchratings.com).  The
rating actions reflect the agency's view that, while the Greek
banks' propensity to support their international banking
subsidiaries remains unchanged, their ability to do so has been
reduced as reflected in yesterday's downgrade of their Long-term
IDRs.

The bank subsidiaries' Long-term IDRs are based on the
institutional support from their shareholders.

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook Stable
  -- Short-term IDR downgraded to 'F3' from 'F2'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D'
  -- Support Rating affirmed at '2'

The Long-term IDR of Banca Romaneasca S.A. is affirmed as it was
previously constrained by the 'BBB' Country Ceiling of Romania and
is therefore not affected by the downgrade of the parent.  The
bank's Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  However, the Outlook of Banca Romaneasca S.A. is
constrained by the Negative Outlook on the Romanian Sovereign.

The South African Bank of Athens Limited

  -- National Long-term rating downgraded to 'A+(zaf)' from 'AA-
    (zaf)', Outlook Stable

  -- National Short-term rating downgraded to 'F1(zaf)' from
     'F1+(zaf)

  -- Support Rating affirmed at '2'

The Stable Outlook on the Long-term IDR mirrors that of the parent
bank.

Efg Eurobank Ergasias S.A.'s subsidiaries:

Eurobank EFG Bulgaria AD:

  -- Long-term IDR downgraded to 'BBB' from 'BBB+'; Outlook
     Negative

  -- Short-term IDR downgraded to 'F3' from 'F2'

  -- Individual Rating affirmed at 'D'

  -- Support Rating affirmed at '2'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Bancpost S.A.

  -- Long-term IDR affirmed at 'BBB', Outlook Negative
  -- Short-term IDR affirmed at 'F3'
  -- Individual Rating affirmed at 'D/E'
  -- Support Rating affirmed at '2'

The Long-term IDR of Bancpost S.A. is affirmed as it was
previously constrained by the Country Ceiling of Romania and is
therefore not affected by the downgrade of the parent.  The bank's
Long-term IDR is now one-notch below the parent's, whereas
previously it was two notches under due to the Country Ceiling
constraint.  The Negative Outlook on the Long-term IDR mirrors
that of the parent bank and is in line with the Negative Outlook
on the Romanian Sovereign.

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


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


B&N BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service assigned B2 long-term and Not Prime
short-term local and foreign currency deposit ratings and an E+
bank financial strength rating to B&N Bank.  The outlook on all
the ratings is stable.  At the same time, Moody's Interfax Rating
Agency affirmed the bank's A3.ru long-term national scale credit
rating.  Moscow-based Moody's Interfax is majority owned by
Moody's.

According to Moody's, B&N Bank's ratings are underpinned by the
bank's visibility in the retail-deposit-taking market, the
adequate geographic diversification of its business and its
satisfactory financial indicators -- notably, its adequate
capitalization and liquidity profiles -- while asset quality
deterioration has stressed its profitability, thus requiring
additional provisioning.  B&N Bank's ratings are primarily
constrained by relatively high single-name and industry
concentrations in the loan portfolio, some corporate governance
and risk management issues (which are, however, common for Russian
banks) and the still challenging operating environment in Russia.

B&N Bank -- ultimately controlled by an individual -- is a visible
player on the market especially in the area of retail deposit
taking: it is ranked 15th in terms of deposits from individuals
among Russian banks.  This funding source contributed over 63% of
the bank's total non-equity funding at 30 June 2009, bringing
welcome granularity to its liabilities.  In Moody's view, such
deposits, which are sensitive to confidence in the system, were
well balanced by a high volume of liquid instruments, accounting
for 36% of total assets.

Moody's notes that the bank's asset quality has been eroded by the
deteriorating operating environment in Russia.  The bank reported
a ratio of over 9% of overdue loans to gross loans at 30 June
2009, although overdue loans were adequately covered by
provisions, which represented 10.2% of the gross loan portfolio.
At the same time, B&N Bank's loan book remains highly concentrated
both in terms of single-name and industry exposure.  The Top 20
credit exposures including lending and off-balance-sheet credit
commitments exceeded 300% of Tier 1 equity at the end of H1 2009,
making the bank's financial fundamentals vulnerable to the
performance of certain names and sectors.

Further product diversification of B&N's business and franchise
growth, as well as a decline in the level of credit concentration,
could have positive implications for the bank's risk positioning
and, thus, for its ratings as this strategy would reduce the
vulnerability of the bank's profitability and capitalization to
any sharp asset quality correction.  Moreover, the bank's track
record of healthy profitability and acceptable asset quality in
the current stressed operating environment could be positive for
the ratings.  On the other hand, Moody's cautions that a
significant weakening of the bank's liquidity position, a further
increase in borrower concentration and/or weakening profitability,
capital adequacy levels and material deterioration of the bank's
franchise would exert downward pressure on the ratings.

Moody's last rating action on B&N Bank was on 12 July 2005, when
Moody's Interfax Rating Agency assigned an A3.ru NSR to the
entity.

Headquartered in Moscow, B&N Bank reported total IFRS assets of
RUB72.6 billion (US$2.3 million) at 30 June 2009 and a net loss of
RUB665 million (US$17 million) for the six months then ended.


SISTEMA-HALS JSC: Fitch Downgrades Issuer Default Rating to 'RD'
----------------------------------------------------------------
Fitch Ratings has downgraded Russia based property developer JSC
Sistema-Hals' Long-term Issuer Default Rating to 'RD' (Restricted
Default) from 'CCC' and removed it from Rating Watch Negative,
following the redemption of promissory notes with a face value of
US$119.3 million (owed to related party AFK Sistema JSC) for a
total of US$493.

Immediately thereafter, Fitch has upgraded the Long-term IDR to
'CCC' from 'RD', reflecting the underlying credit risk of SH after
the redemption of the promissory notes but placed it on RWN.

The redemption of the promissory notes met Fitch's two
requirements for classification as a coercive debt exchange,
namely that it constitutes a loss for investors, by virtue of the
redemption being made at a discount of 99.99% to face value and it
was de facto coercive, in that SH needs a recapitalization if it
is to avoid a payment default.  As such, Fitch considers this
repayment of promissory notes a CDE and this drives the downgrade
of the IDR to 'RD'.  Fitch now regards SH debt originated from
Sistema as deeply subordinated.  Should a further repayment of
this debt be made at less than par, the agency will not comment
again on this specific matter.  The IDR is placed on RWN to
reflect the real possibility of the occurrence of another CDE
(possibly including non-shareholder originated debt).

SH continues to exhibit weak underlying trading, with 9M09 revenue
down 80% y-o-y, negative operating EBITDAR and US$1.35 billion of
gross debt.  The 'CCC' IDR continues to benefit from a two-notch
uplift over SH's standalone credit profile due to expected support
from shareholder Bank VTB JSC (VTB, 'BBB'/Negative Outlook).  On
3 December 2009 SH announced that VTB had increased its
shareholding in SH to 51.24% from 19.74% as a result of exercising
an option.  Fitch had been expecting this action.

SH's ratings could be upgraded if VTB and/or Sistema commit to
providing substantial support to SH, such as a full debt
restructuring, including explicit and legally enforceable
guarantees on SH's debt, or if SH's standalone credit profile
improves.  However, the ratings could be downgraded if SH
experiences a payment default and tangible financial support is
not forthcoming from main shareholders within the applicable grace
period.  SH's ratings could also be downgraded to 'RD' if the
company initiates a debt restructuring that qualifies as a CDE, or
repays non-Sistema creditors at less than par.

A full list of rating actions is detailed below:

  -- Long-term IDR downgraded to 'RD' from 'CCC'; off RWN and
     thereafter upgraded to 'CCC'; placed on RWN

  -- Short-term IDR is affirmed at 'C'

  -- National Long-term rating downgraded to 'RD(rus)' from 'B-
     (rus)'; off RWN and thereafter upgraded to 'B-(rus)'; placed
     on RWN


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


BIRUNDA AG: Claims Filing Deadline is December 31
-------------------------------------------------
Creditors of Birunda AG are requested to file their proofs of
claim by December 31, 2009, to:

         Kurt Altorfer
         Mail box: A19
         8302 Kloten
         Switzerland

The company is currently undergoing liquidation in Neuhausen am
Rheinfall.  The decision about liquidation was accepted at a
general meeting held on September 18, 2009.


BUERO TOGGENBURG: Claims Filing Deadline is December 31
-------------------------------------------------------
Creditors of Buero Toggenburg GmbH are requested to file their
proofs of claim by December 31, 2009, to:

         Thomas Gugger
         Liquidator
         Fuerstenlandstrasse 122
         9001 St. Gallen
         Switzerland

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


CHINA DIRECT: Claims Filing Deadline is December 31
---------------------------------------------------
Creditors of China Direct Holding GmbH are requested to file their
proofs of claim by December 31, 2009, to:

         lic. iur. Mario Pfiffner
         Mail box: 342
         7500 St. Moritz
         Switzerland

The company is currently undergoing liquidation in St. Moritz.
The decision about liquidation was accepted at a shareholders'
meeting held on May 18, 2009.


GHR AG: Claims Filing Deadline is December 21
---------------------------------------------
Creditors of GHR AG are requested to file their proofs of claim by
December 21, 2009, to:

         Gerhard Roth
         Tavelweg 2
         3074 Bern Muri
         Switzerland

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


HOTEL NIESENBLICK: Claims Filing Deadline is December 18
--------------------------------------------------------
Creditors of Hotel Niesenblick Heiligenschwendi AG are requested
to file their proofs of claim by December 18, 2009, to:

         Fernand Steinmann
         Liquidator
         Schwendi 323b
         3625 Heiligenschwendi
         Switzerland

The company is currently undergoing liquidation in
Heiligenschwendi.  The decision about liquidation was accepted at
an extraordinary general meeting held on August 13, 2009.


KARICH EDV: Claims Filing Deadline is December 18
-------------------------------------------------
Creditors of Karich Edv GmbH are requested to file their proofs of
claim by December 18, 2009, to:

         Hanspeter Karich
         Froehlichstrasse 24
         5200 Brugg
         Switzerland

The company is currently undergoing liquidation in Brugg.  The
decision about liquidation was accepted at a shareholders' meeting
held on August 11, 2009.


MIKAWO CONSULTING: Claims Filing Deadline is December 31
--------------------------------------------------------
Creditors of Mikawo Consulting AG are requested to file their
proofs of claim by December 31, 2009, to:

         Burren & Blum
         Bruennenstrasse 126
         3018 Bern
         Switzerland

The company is currently undergoing liquidation in Bern.  The
decision about liquidation was accepted at an extraordinary
general meeting held on June 12, 2009.


RTB REPRO: Claims Filing Deadline is December 31
------------------------------------------------
Creditors of RTB Repro Team AG are requested to file their proofs
of claim by December 31, 2009, to:

         RTB Repro Team AG
         Gewerbestrasse 15
         3053 Laetti
         Switzerland

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


XSANA GMBH: Claims Filing Deadline is December 28
-------------------------------------------------
Creditors of Xsana GmbH are requested to file their proofs of
claim by December 28, 2009, to:

         Marc Allenspach
         Rosenwiese 12
         8863 Buttikon
         Switzerland

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


VARNHOLT CONSULTING: Claims Filing Deadline is December 28
----------------------------------------------------------
Creditors of Varnholt Consulting AG are requested to file their
proofs of claim by December 28, 2009, to:

         Fischer + Partner Treuhand AG
         Volkshausstrasse 20
         9630 Wattwil
         Switzerland

The company is currently undergoing liquidation in Alt St. Johann.
The decision about liquidation was accepted at a general meeting
held on March 12, 2009.


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


MERINOS HALI: Fitch Puts 'B' Issuer Rating on Negative Watch
------------------------------------------------------------
Fitch Ratings has placed Turkey-based machine-made carpet
manufacturer Merinos Hali Sanayi ve Ticaret A.S.'s Long-term local
and foreign currency Issuer Default Ratings of 'B' and its
National Long-term rating of 'BBB+(tur)' on Rating Watch Negative.

The RWN reflects Fitch's concerns about the company's operating
performance in the first nine months of FY09 and its expectations
for weak performance, including cash flow generation in 2010.
Based on its unaudited interim accounts, Merinos reported flat
revenues on a year-on-year basis, and falling operating margins
(7%) in H109 compared with FY08 levels (15%), although the latter
recovered slightly in Q309 and may improve further in Q409.
Merinos maintained its net debt flat at TRY199 million at end-Q309
compared to end-FY08, which resulted in deteriorating key credit
metrics.

Fitch aims to resolve the RWN after it has received a detailed
management update on the company's revenues, operating margins,
cash generation performance and expected key financial metrics at
end-FY09.  Fitch notes that any potential downgrade upon
resolution of this RWN could be by more than one notch.


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


ING BANK: Moody's Withdraws 'D' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of ING Bank
Ukraine:

  -- Bank's Financial Strength Rating of D (Negative);

  -- Long-term local currency deposit rating of Ba1(Stable);

  -- Long-term foreign currency deposit rating of B3(Negative);

  -- Short-term local and foreign currency deposit ratings of Not-
     Prime (Stable);

  -- Long-term National Scale deposit rating of Aa1.ua.

Moody's notes that, as of the date of the ratings withdrawal, ING
Bank Ukraine had no outstanding public debt.

Moody's has withdrawn these ratings for business reasons following
the official request from ING Bank Ukraine.

The bank's long-term global foreign currency deposit rating of B3
had been constrained by the foreign currency country ceiling for
deposits in Ukraine, which carry a Negative outlook.  Any change
to this ceiling would have been correspondingly reflected in the
ING Bank Ukraine's foreign currency deposit rating.

The outlook on the bank's BFSR was changed to negative on 30
December 2008, reflecting the substantial increase in credit and
liquidity risk for Ukrainian banks, arising from the steep
depreciation of the Ukrainian hryvna over Q4 2008.

Moody's previous rating action on ING Bank Ukraine was implemented
on 12 May 2009 when Moody's downgraded the bank's global foreign
currency deposit ratings following downgrade of the country's
ceiling.

With head office in Kiev, ING Bank Ukraine reported total IFRS
assets of UAH9.6 billion (US$1.2 billion) as of 31 December 2008
and net income of UAH206 million (US$26.8 million) for the year
then ended.


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


ATRIUM EUROPEAN: S&P Affirms 'BB-/B' Corporate Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said it has affirmed its
'BB-/B' long- and short-term corporate credit ratings on Jersey-
based property company Atrium European Real Estate Ltd.  The
outlook is stable.

At the same time, S&P removed the ratings from CreditWatch with
negative implications, where they were originally placed on
June 9, 2009.

"The affirmation follows Atrium's successful completion of the
exchange, into newly created shares, on EUR428 million of the
convertible bond issued to Citi Property Investors and Gazit Globe
Ltd. on Dec. 1, 2009," said Standard & Poor's credit analyst
Pierre Georges.  "The transaction's direct impact on Atrium
includes reduced leverage, improved credit metrics, and a
simplified shareholding structure, which S&P believes are all
positive factors for the ratings."

S&P has also integrated the reduced likelihood of an acceleration
of the 2006 bond, which in its view no longer threatens the
company's liquidity position.

The ratings continue to reflect S&P's view of Atrium's aggressive
and relatively unproven growth strategy in the high-risk Eastern
European retail real estate markets, and expectations of very
challenging real estate markets in the years ahead.  These risks
include depressed asset valuations, which increase Atrium's loan-
to-value ratio; expectations of weaker consumer consumption
levels; a higher tenant default rate; and the negative effects of
currency swings, which together will likely pressure cash flows in
its view.  S&P also believe that the company still lacks critical
mass and strong market positions in some of its markets, which
weighs negatively on its operating performance.

"The stable outlook reflects S&P's perception of Atrium's
increasingly stable operating performance and improved capital
structure, which support the current ratings," said Mr.  Georges.
"We think that Atrium will likely maintain conservative leverage
until it successfully completes its large development pipeline,
and its portfolio of standing retail real estate assets generates
a reliable stream of rental income."

In addition, S&P expects the company will likely maintain
sufficient liquidity resources to meet any unexpected shortfalls
in income or cost overruns in its development projects.

S&P could raise the ratings if Atrium continues to limit its
development activities, cash flow metrics improve, and market
conditions show signs of sustainable recovery.

Alternatively, S&P could revise the outlook to negative if the
market downturn becomes increasingly severe, large acquisitions
significantly deteriorate Atrium's credit metrics, or if
unexpected changes in the capital structure or corporate
governance hamper the still-fragile confidence investors have in
the company.


CAIRN SC: S&P Downgrades Rating on US$40 Mil. Notes to 'CC'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series I
US$40 million, variable-rate, secured portfolio, callable credit-
linked notes due 2017 issued by Cairn SC Jersey Finance Ltd. to
'CC' from 'CCC-'.

The rating downgrade reflects S&P's expectation of an imminent
loss to the investor.  The portfolio in the transaction had
suffered several credit events, which have resulted in an
aggregate loss that exceeded the available subordination and
reduced the principal amount of the notes.  S&P expects this to
result in an interest payment shortfall on the next interest
payment date.  The rating on the notes will be lowered to 'D'
should the interest loss be realized.

The rating action on the affected transaction is:

Rating lowered:

    Name                             Rating To    Rating From
    ----                             ---------    -----------
    Cairn SC Jersey Finance Ltd.     CC           CCC-
    Series I


CATALYST HEALTHCARE: S&P Affirms 'BB+' Underlying Ratings on Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'BB+'
long-term underlying ratings on the debt issued by U.K.-based
special-purpose vehicle Catalyst Healthcare (Romford) Financing
PLC and removed them from CreditWatch where they were placed with
negative implications on June 25, 2009.  The outlook is positive.

The debt comprises GBP128.4 million of senior secured bonds, due
in 2038, and a GBP100 million European Investment Bank senior
secured loan due 2034.  The funds are being used by the project's
operating company, Catalyst Healthcare (Romford) Ltd. (ProjectCo;
not rated), to design, build, and operate a hospital in Romford,
in the U.K.

"The removal of the ratings from CreditWatch reflects S&P's
assessment that the project's financial profile has stabilized,"
said Standard & Poor's credit analyst Ekaterina Lebedeva.  "Our
view is based on the project's forecast minimum debt-service cover
ratio of 1.14x and 1.28x on average in the revised August 2009
financial model."

This financial performance is better than expected and reflects
the project's continued good operational performance, minimal
deductions, and the adjustment of certain model items.

Although S&P expects the DSCRs to improve over the next 12 months,
they continue to significantly diverge from previously expected
levels.  Given the relatively low DSCRs of project finance
structures, S&P expects an investment-grade project (one rated
'BBB' or higher) to consistently deliver higher ratios.  In
addition, the volatility of the DSCRs highlights some potential
issues with the ProjectCo's adjustments of the financial model,
such as the new cost and accrual assumptions.

The project remains well hedged against long-term inflation
trends.  However, S&P believes the hedges are ineffective against
short-term swings in inflation, such as those over the past 12
months.  If inflation levels remain volatile, S&P assume that the
ProjectCo may need to utilize its debt-service reserve to cover
temporary cash-flow shortfalls.  Because the project uses a
standard six-month debt-service reserve, its liquidity could come
under pressure should operational issues coincide with inflation
volatility in the future.  The project has currently retained
about GBP10 million in cash.  This is partly because of a
distribution covenant in the project documentation that prevents
payments to shareholders if the DSCR is less than 1.15x.  S&P
expects that once the DSCR increases to more than 1.15x, all the
unrestricted cash will be rapidly distributed.

Positively, the controlling creditor, FSA, has accepted the
ProjectCo's March 2009 compliance certificate, which stated that
the DSCRs were much higher than later models calculated and were
based on reasonable assumptions of retail price index levels
before the certificate was issued.  FSA has also waived the
distribution covenant, based on the model's minimum projected DSCR
of 1.14x in March 2009 and March 2010, which would be below the
covenant trigger level of 1.15x.  This allowed servicing of
interest and principal on the junior debt in September 2009 in
full and on time, although no cash distributions were permitted.

In S&P's view, the 'BB+' underlying ratings on the bonds and loan
reflect a number of credit weaknesses: the project's exposure to
RPI volatility and structural weaknesses, such as the amortization
of subordinated debt before that of the senior debt.  These
weaknesses are mitigated by these credit strengths: the successful
completion of construction, with very limited latent defects; a
strong operational record; the project's availability-based
revenue stream, with negligible exposure to third-party revenues;
and the experience of consortium members.

"The outlook is positive because S&P believes that the project's
financial profile is likely to improve, reflected in a DSCR that
is close to or better than 1.15x," said Ms. Lebedeva.


EFFECTIVE COSMETICS: Administration Looms; Stores to Be Closed
--------------------------------------------------------------
David Robertson at The Times reports that Effective Cosmetics,
formerly Virgin Cosmetics, is to be put into administration.
According to the report, the administrator's plans include closing
the last 10 stores, which were rebranded as Effective Cosmetics
last year, after January 10.

The report recalls Virgin Cosmetics struggled to find a footing in
a competitive market and Sir Richard Branson sold the business
last year.  The report relates the new owners of Virgin Cosmetics
decided this year that they could not keep the retail stores
operating and have closed about half so far.  The remainder will
close from next month, once they run out of stock or available
staff, the report says.  About 80 staff will lose their jobs, the
report states.

The stores, which include outlets at the Trafford Shopping Centre
in Manchester, Lakeside in Essex and Meadowhall in Sheffield, lost
GBP1 million in the five months to the end of August on turnover
of GBP1.7 million, the report discloses.  However, the remaining
home sales and internet operations will continue as the Vie
Cosmetics, the report notes.

Virgin Cosmetics was one of a number of high-profile businesses,
including Virgin Brides, Virgin Cola and Virgin Vodka, that were
launched with great fanfare during the 1990s.


GRAPHITE MORTGAGES: S&P Puts 'BB'-Rated Notes on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
the subordinate notes in Graphite Mortgages PLC's series 2005-2,
and 2006-1.  All other notes issued in these series are unaffected
by these actions.  Provide Graphite 2005-1 is scheduled to redeem
on Dec. 10, 2009, and so S&P has not taken rating actions on this
series at this point.

The actions follow S&P's credit analysis of the most recent loan-
level information S&P has received for each transaction.  This
analysis showed weakening collateral performance in the key
indicators for these series.  Falling house prices and
deterioration in pool performance have led to an increase in its
assumptions for probability of default and loss severity.

Over recent quarters, S&P has seen an increase in losses leading
to the erosion of the relevant threshold amount, which acts as a
first-loss piece.  For Graphite 2005-2, this has reduced to
GBP9.1 million in October 2009 from GBP14.7 million at closing,
and for Graphite 2006-1 to EUR12.2 million in November 2009, from
EUR28.1 million at closing.

S&P has also seen an increase in long-term delinquencies, with 90+
day delinquencies for Graphite 2005-2 reaching 4.63% in October
2009 up from 1.72% in October 2008, and 5.07% in November 2009 for
Graphite 2006-1, up from 2.32% a year earlier.  As a result, the
transactions' replenishment criteria are no longer satisfied and
both transactions are amortizing.  Graphite 2005-2 and Graphite
2006-1 started amortizing in April 2009 and February 2009,
respectively.

To resolve the CreditWatch placements S&P will perform its credit
analysis with the updated loan-level information after the next
interest payment date and the associated investor reports that S&P
receive.

                          Ratings List

              Ratings Placed On CreditWatch Negative

                  Graphite Mortgages PLC 2005-2
    GBP301.3 Million Floating-Rate Credit-Linked Notes Provide
                         Graphite 2005-2

                                   Ratings
                                   -------
               Class       To                 From
               -----       --                 ----
               C           AA/Watch Neg       AA
               D1          BBB+/Watch Neg     BBB+
               D2          BBB/Watch Neg      BBB
               E           BB/Watch Neg       BB

                  Graphite Mortgages PLC 2006-1
     EUR519.7 Million Floating-Rate Credit-Linked Notes Provide
                         Graphite 2006-1

                                   Ratings
                                   -------
               Class       To                 From
               -----       --                 ----
               C1          A/Watch Neg        A
               C2          A-/Watch Neg       A-
               D1          BBB/Watch Neg      BBB
               D2          BBB-/Watch Neg     BBB-
               E           BB/Watch Neg       BB


INFINIS HOLDINGS: Moody's Assigns 'B1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
Rating and Ba3 probability of default rating to Infinis Holdings.
Concurrently, Moody's assigned a provisional (P)B1 senior
unsecured rating to the GBP275 million Senior Notes due 2014 to be
issued by Infinis plc.  The outlook on all ratings is stable.

Moody's rating assessment of Infinis Holdings focuses on Infinis
plc as the dominant subsidiary but further takes into account
other activities and indebtedness within the group.

The assigned ratings are supported by strong cash flow generation
from Infinis' electricity production across a diversified
portfolio of landfill sites, by management's significant
experience in the area and by the attractive regulatory incentives
for renewable electricity generation.  The ratings are constrained
by the limited scale of the group's operations, exposure to
volatile electricity prices, landfill gas reserves that will
decline over time, high financial leverage and significant
refinancing risk.

Infinis operates on 80 sites of which 59 are owned or operated by
WRG and which together account for 78% of the company's current
capacity.  Infinis pays no fee for operating on these sites (other
than a small fee in respect of some) and has the right to extract
gas for as long as electricity generation is commercially viable.
The other 21 sites on which Infinis operates are owned by landfill
operators including Cory Environmental, Biffa, Veolia and Viridor.
On these sites, Infinis manages the landfill gas and sells the
electricity generated in return for the payment of royalties to
the owner under the terms of a range of leases.

Moody's believes that the risk of volatility in gas and
electricity production is to some extent mitigated by the
diversification of Infinis' portfolio.  The ten largest sites
account for 49% of capacity and the largest (Brogborough) for
11.1% of installed capacity.  In addition, gas is typically
produced in a number of cells at each site meaning that a problem
in one area need not affect the site as a whole and Moody's note
that the risk of losses due to engine failure is limited by the
number of engines in the portfolio.

Notwithstanding the small scale of the company, Moody's has
considered that its exposure to volume and price risk as an
electricity generator is further mitigated by Infinis' role and
contractual arrangements in the incentives UK renewable energy
market.

Infinis sells its electricity to a range of counterparties,
generally under short to medium term contracts and with the
benefit of certain regulatory incentives for renewable energy.
Approximately 40% of its electricity output in the near future is
expected to be sold under the Non-Fossil Fuel Obligation scheme.
This was introduced in 1990 and required the electricity
Distribution Network Operators in England and Wales to purchase
electricity from the nuclear power and renewable energy sectors at
a fixed price (which varied across five different tranches).  The
remaining output is sold under the more recent (2002) Renewable
Obligation Order which places an obligation on licensed
electricity suppliers in the United Kingdom to source an
increasing proportion of electricity from renewable sources.  This
proportion increases every year with a target of 15% of total
electricity supplied coming from renewables in 2015.  Suppliers
must meet their obligation each year by presenting the regulator
with Renewables Obligation Certificates to the full value of their
obligation or using a buy-out clause which allows them to pay for
any shortfall (or some combination of both).  Proceeds received by
the regulator under the buy-out clause are redistributed to
generators according to the number of ROCs awarded to them.  Under
the NFFO, Infinis is able to achieve prices of between GBP35 and
GBP61/MWh, whilst under the RO the company's current average all-
in price for the year ended 30 September 2009 is GBP95.99/MWh.

Infinis sells a significant proportion of the electricity under
the RO together with the ROCs and LECs forward to a portfolio of
off-takers through competitive tenders.  As at 30 September 2009,
the company had sold 88.5% and 78% of projected electricity output
until October 2010 and October 2011 respectively providing
reasonable visibility in respect of earnings in those years.
Moody's notes that under the terms of the forward sale agreements,
Infinis is not exposed to potential loss if actual output falls
short of the amount contracted.

Consolidated leverage on a Debt to EBITDA basis is expected to be
close to 4.0x.  Management anticipates that the company will
benefit from significant free cash flow generation over the
medium-term, although Moody's notes that this will be dependent on
achieved electricity prices.  Capital investment needs are
moderate, and maintenance requirements will reduce over time as
the asset portfolio matures.  However, Moody's notes the history
of acquisitions by Infinis Holdings and the high likelihood that
available cash flows will be applied to future investments.
Moody's note also that part of the proceeds of the planned
financing will be used to fund a dividend payment (albeit through
repayment of shareholder loan) and that the transaction will leave
the company with a significant refinancing risk on maturity of the
Notes, at which time the remaining life of the landfill gas
reserves will have shortened.

Infinis has made acquisitions in the past and appears likely to
continue to grow in the future through both acquisitions and
investment in related businesses including the development of wind
farms.  Indeed, Infinis Energy Limited, has recently made a public
offer to acquire shares in Novera Energy Limited, another
renewable energy company with a portfolio of landfill gas, hydro
and wind assets with a total capacity of 118MW.  Prior to the
offer, IEL owned approximately 43% of Novera and its stake has now
increased to over 50%.

The consideration for the offer will be met from existing cash
reserves within the Infinis group.  Given the size of the
transaction and the similarities between the two businesses,
Moody's does not anticipate that the transaction will impact
Infinis' CFR or the rating of the Notes.  Moody's note, however,
that continued development of the group and investment outside of
Infinis may take management's attention away from the core
business on which lenders are reliant.

Moody's notes that the terms of the Notes provide certain
protections but the provisions are not, in Moody's opinion,
sufficient to insulate lenders to Infinis from the risks inherent
in the group as a whole.

The indenture has restricted payment and debt incurrence covenants
based around a Fixed Charge Cover Ratio of 2.0x and (in the case
of restricted payments) a basket based on 50% of Consolidated Net
Income.  It also permits restricted payments up to an aggregate
amount of GBP30 million.  A further GBP30 million bucket applies
to investments in restricted subsidiaries.

In assigning the (P)B1 rating of the Notes, Moody's has assumed a
65% group Loss Given Default.  The 65% LGD assumption reflects the
group's debt capital structure, which will primarily consist of
the Notes to be issued.  The 65% LGD assumption is in line with
Moody's general approach towards all-bond transactions.
Accordingly Moody's LGD estimate for the Notes is LGD 4.  Due to
the high LGD assumption, the PDR is assessed at Ba3, one notch
higher than the B1 CFR assigned to the group.

The stable outlook reflects Moody's view that Infinis' capital
structure is reasonably resilient to downside sensitivities.

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 endeavour to assign a
definitive rating to the Notes.  A definitive rating may differ
from a provisional rating.

Infinis Holdings, based in Northampton (England), is a holding
company for a group focused on renewable energy.  The group's
principal subsidiary, Infinis plc, generates electricity from
landfill gas with an in-house capacity of approximately 262MW and
a further 45MW of outsourced capacity.  Infinis accounts for about
33% of the UK landfill gas market, substantially ahead of its
peers and it is the second largest renewable electricity generator
in the UK, generating 8% of all renewable electricity.


NORTHERN ROCK: S&P Raises Rating on Subordinated Debt to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'A/A-
1' counterparty credit ratings on U.K. bank Northern Rock PLC.  At
the same time, the 'A' issue ratings on Northern Rock's long-term
senior unsecured debt were affirmed.  Furthermore, these ratings
were removed from CreditWatch, where they were placed with
negative implications on March 6, 2009.  Additionally, the rating
on Northern Rock's dated subordinated lower Tier 2 debt was raised
to 'BB' from 'CCC'.  The ratings on its perpetual subordinated
debt and preference shares were unaffected.  The outlook is
stable.

The U.K. government (United Kingdom is rated AAA/Negative/A-1+)
yesterday published legislation under which the planned
restructuring of Northern Rock will be implemented, and Northern
Rock additionally announced further details regarding the profile
of each entity.  About GBP19 billion of customer deposits, about
GBP10 billion of unencumbered residential mortgages, and a
significant amount of liquid assets will be transferred to a new
legal entity (BankCo), which will be named Northern Rock PLC and
be regulated as a deposit-taking bank.  BankCo will undertake new
mortgage and deposit business within a competitive framework
agreed with the European Commission.  Northern Rock, the existing
rated legal entity, will be renamed Northern Rock (Asset
Management) PLC and will hold the residual assets and liabilities,
including all rated senior unsecured, subordinated, covered bond,
and residential mortgage-backed security issues.  NRAM will be
closed to new business and will run off its balance sheet over a
number of years.  It will be regulated as a mortgage provider, for
which the requirements are less onerous than those applicable to
deposit-taking banks.  BankCo and NRAM will both receive
government support, which was approved by the EC in October 2009.

"The rating actions on NRAM principally reflect S&P's view of the
significant government support that will be provided to this
entity based on yesterday's announcements," said Standard & Poor's
credit analyst Richard Barnes.

The U.K. government will own 100% of NRAM, supply it with
substantial senior funding, provide a guarantee arrangement
covering most of its third-party obligations except for RMBS and
subordinated issues, and commit to inject up to GBP1.6 billion of
common equity, if required.  In S&P's view, this support partly
compensates for what S&P expects to be weak aspects of NRAM's
credit profile, particularly its asset quality and capitalization.

S&P does not expect to rate NRAM's senior unsecured debt at the
same level as the ratings on the U.K. sovereign because S&P has
concluded that the guarantee arrangement in respect of these
instruments does not meet its sovereign-guaranteed debt criteria
for rating substitution.  S&P considers that the guarantee is
insufficiently specific in respect of certain aspects of the
criteria, and S&P observe that it entitles NRAM to exercise rights
of set-off.  S&P note that the terms of the guarantee arrangement
in respect of NRAM's covered bonds is still under review.

The upgrade of the dated subordinated lower Tier 2 debt to 'BB'
from 'CCC' reflects S&P's view that the risk of nonpayment of
coupons has diminished somewhat.  Unlike the case of Bradford &
Bingley PLC (--/--/A-1), the legislation published yesterday will
not, when it comes into effect, change the terms of NRAM's lower
Tier 2 issues to enable coupons to be suspended to conserve
capital.  Although such a change could still be made in future,
its exclusion from the legislation published yesterday indicates
to us that the government is comfortable for NRAM's lower Tier 2
issues to remain subject to their original terms.

"The stable outlook on Northern Rock, which S&P expects to apply
equally to NRAM following completion of the split, reflects its
expectation that it will remain 100% government owned and continue
to receive material government support for several years to come,
while it manages down its balance sheet," added Mr.  Barnes.

A negative rating action could result from a reassessment of the
level and likely duration of government support, or from a
weakening of NRAM's stand-alone credit profile.  A positive rating
action is not considered likely, but could potentially result from
a strengthening of NRAM's stand-alone credit profile.


PALLION HOUSING: In Administration; Portfolio May Be Sold
---------------------------------------------------------
Sunderland Echo reports that Pallion Housing has gone into
administration.

According to the report, Pallion Housing's remaining portfolio of
95 mixed commercial and residential properties could be sold off
after the firm went into administration as a result of a winding-
up order from a creditor.

The report relates Neil Matthews at Deloitte's Newcastle office,
confirmed Pallion Housing was in administration but was being run
as a going concern, with the directors still involved.

Pallion Housing is owned by Sunderland businessman John Finn.


ROYAL BANK: Nears Deal to Sell Asian Assets to HSBC Holdings
------------------------------------------------------------
Royal Bank of Scotland Group PLC is close to selling its retail-
and commercial-banking assets in China, India and Malaysia to HSBC
Holdings PLC, Patricia Kowsmann at the Wall Street Journal
reports, citing people familiar with the situation.

The Journal relates the people said regulatory approval is pending
for the deal, which is expected to close this month but could
still fall through.  The assets in China, India and Malaysia are
the final piece of an auction that began earlier this year, as the
U.K. bank continues to trim operations to repay a government
bailout during the financial crisis, the Journal notes.

RBS, the Journal discloses, will soon see the U.K. government
owning 84% of the bank, compared with 70% currently, after it
decided to participate in a state insurance plan to protect it
against big impairment losses.  The bank is going through a
massive restructuring following a total GBP45.5 billion capital
injection by the government since last year, the Journal says.

                             About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2009, Fitch Ratings placed The Royal Bank of Scotland Group's (RBS
Group) and The Royal Bank of Scotland's Individual Ratings of 'E'
on Rating Watch Positive.

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


* BINGHAM MCCUTCHEN: Sara Smith Joins Finance Practice in London
----------------------------------------------------------------
Continuing its strategic investment in global financial services
capabilities in London and building on the momentum of its recent
combination with McKee Nelson LLP, Bingham McCutchen LLP has added
Sarah Smith, former co-head of Sidley Austin London's
international finance group, as a partner in the London office.

Ms. Smith, who also led Sidley & Austin's Singapore-based finance
practice from 1996 to 1998, will focus on general finance and
restructuring matters, working closely with London partners James
Roome, co-head of Bingham's global Financial Restructuring Group
and London managing partner, and Barry Russell, leader of
Bingham's London Finance Practice.

"The need to restructure existing debt, both in the United Kingdom
and internationally, will continue as a result of the current
economic climate," said Mr. Roome.  "Sarah's experience in working
with financial institutions around the world, combined with
Bingham's global restructuring platform in the United Kingdom,
United States and Tokyo, will bring added value for clients."

"Sarah is an excellent technical lawyer who provides focused
advice and understands her clients' businesses," added Mr.
Russell.  "Those attributes are crucial as our clients continue to
confront complex legal issues as a result of the global financial
crisis."

Ms. Smith joins Bingham as it builds globally upon its August
combination with legacy McKee Nelson, known for its structured
finance, tax and financial institutions litigation strength.  She
also brings significant experience in structured finance and
securitisation and domestic and cross-border asset-based lending,
covering a wide  range of industries, asset types and countries.
She has advised global financial institutions on a variety of debt
structures, programs and instruments, including the restructuring
of debt and debt programs, and also has experience in advising
bondholder committees on credit-related issues.  She is noted by
both Chambers Global and Chambers UK as a Band 1 practitioner in
securitisation, the guide’s highest ranking.

Bingham's existing depth and strength in those areas attracted Ms.
Smith to the firm.

"Bingham's strong platform provides me with the unique opportunity
to help clients facing sophisticated finance and restructuring
issues today while allowing me to build upon Bingham's recognized
securitisation and structured finance practice in a constantly
evolving global economic environment," said Ms. Smith.

In recent months, Bingham has grown its London office, home to
leading financial restructuring, finance, financial institutions
litigation and UK financial regulatory practices.  In June, Stuart
Sinclair joined as a tax partner.  Mr. Sinclair advises clients on
all aspects of direct and indirect UK tax, focusing on domestic
and cross-border corporate tax matters.  He has particular
experience in the financial services industry.  Counsel Richard
Hornshaw and associate Chris Webber joined the financial
institutions litigation practice in August.

Bingham offers a broad range of market-leading practices focused
on global financial services firms and Fortune 100 companies.  The
firm has 1,100 lawyers in 12 locations in the United States,
United Kingdom and Asia.


* BOOK REVIEW: Unique Value - The Secret of All Great Business
              Strategies
--------------------------------------------------------------
Author: Andrea Dunham and Barry Marcus, with Mark Stevens and
Patrick
       Barwise
Publisher: BeardBooks
Softcover: 303 pp.
List Price: US$34.95  trade paper
(reprint of 1993 book published by Macmillan).

"Never stop leveraging what you do uniquely well," the authors
tell the reader.  This is the aim of a corporation seeking to
profit from its unique value.  Any good businessperson will know
how to do this leveraging in his or her given business
environment.  The challenge, however, is determining the
corporation's unique value; which is, in most cases, an
interrelated set of strengths.  The book instructs the reader on
the process and method for determining unique value: how to
recognize it; how to inculcate it into the corporate culture, and
how to keep it in focus and preserve it during changing business
conditions.

Using many charts and diagrams, Dunham and Marcus illustrate their
trademarked Unique Value = ROI Model. ROI -- return on investment
-- is a familiar business ratio.  It is not ordinarily linked to
something called "unique value."  But the authors make a
compelling argument that the two are related.  In fact, a case can
be made that nearly every business achieves its ROI from its
unique value, even though ROI is the universally accepted
financial measure of a corporation's productivity.  With Dunham
and Marcus offering this new perspective on ROI, one quickly
realizes that unique value (and ROI) is a function of marketing,
customer relations, strategic planning, and other less tangible
corporate factors.  Although the authors do not elaborate on the
relationship between unique value and these factors, it is easy to
draw the conclusion that ROI is as much a result of image or
market presence as it is financial planning and management.

The Unique Value Model is best seen as a pyramid with the
"informing concept" of the Unique Value strategy at its peak.  The
pyramid has four bases: Consumer/Customer, Business Systems and
Skills, Product/Technology, and Competition.  These are the four
major interrelated factors of any business organization.  The
authors posit that each of these has to be "analyzed, structured,
and fully understood" for the Unique Value = ROI Model to be
informative and effective.  The Unique Value Model serves as an
inherent guide, or touchstone, for managing a corporation.

Unique Value is ultimately concerned with decision-making and
operations.  This is what Marcus and Dunham mean by their advice
to "never stop leveraging what you do uniquely well."  The authors
demonstrate how corporate managers can apply their knowledge of
Unique Value to shape employee activity and interactions with
customers or clients, plan marketing campaigns, decide upon the
content and style of advertising, follow closely what certain
competitors are doing, look for particular acquisitions, and other
practices upon which the success of corporation depends.  Mid- and
lower-level employees may not even know there is such a core
concept as Unique Value; but they will be a part of its embodiment
from the leadership of executives and managers.

IBM, Frito-Lay, Seagram's, Yamaha, and Holiday Inn are among the
prominent businesses that are used as examples of how Unique Value
can be applied to ROI.  Aspects of the model are already widely,
though, in many cases, only partially practiced by successful
corporations.  After reading this book, it's hard to imagine how a
corporation can be successful without heeding the principles of
unique value.  The challenges posed by today's business
environment are greater than ever.  Competition is fierce, both at
home and from abroad; consumer demands are fickle; and politics
pervades everything from taxes to the environment.  Corporations
that can clearly articulate and unerringly implement their Unique
Value have an advantage over their competitors.  As the
originators of the Unique Value = ROI Model, Marcus and Dunham no
one can do a better job on instructing corporate leaders on this
matter of vital interest to corporations.

Andrea Dunham and Barry Marcus were partners in founding the
management and marketing consulting firm Dunham & Marcus.  One of
the major developers of the proprietary Unique Value = ROI Model,
Marcus is now CEO of Unique Value International, a consulting firm
in the areas of marketing and brand development.

                            *********

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.


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