TCREUR_Public/091215.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

          Tuesday, December 15, 2009, Vol. 10, No. 247

                            Headlines

A U S T R I A

AGENTUR 2000: Claims Filing Deadline is January 4
BUBLOVA MIRIAM: Claims Filing Deadline is December 28
BAUMSCHULEN SCHICK: Claims Filing Deadline is December 28
HYPO ALPE-ALDRIA: Austrian Banks to Grant Liquidity, APA Says
METALLHANDEL & KABELRECYCLING: Claims Filing Deadline is Dec. 28

TELE-ELECTRONIC: Claims Filing Deadline is December 28
TTN LACKFABRIK: Claims Filing Deadline is December 28


B U L G A R I A

CIBANK AD: Fitch Downgrades Individual Rating to 'D/E'


D E N M A R K

TDC A/S: Fitch Assigns 'BB' Rating on New EUR273.5 Mil. Notes


G E R M A N Y

ARCANDOR AG: Metro's Karstadt Takeover May Lead to 25,000 Job Cuts
GENERAL MOTORS: CFO Young Named VP of International Operations
LYONDELL CHEMICAL: Parent to Close Germany Plant


G R E E C E

* GREECE: Gov't Promises to Cut Budget Deficit Over Next 4 Years


I C E L A N D

KAUPTHING BANK: SFO to Launch Formal Investigation Into Collapse


I R E L A N D

LANSDOWNE MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
OAK HILL: Moody's Downgrades Rating on Class E Notes to 'Caa2'
PENTA CLO: Moody's Junks Ratings on Two Classes of Notes
STANTON MBS: S&P Downgrades Rating on Class D Notes to 'BB'
STARTS PLC: S&P Withdraws 'CCC-' Rating on Series 2007-22 Notes


I T A L Y

FEDERCONSORZI: Creditor Suit Is Valid, UnicCredit Letter Shows
PIAGGIO & C: S&P Assigns 'BB' Rating on EUR150 Mil. Senior Notes


L U X E M B O U R G

ARCELORMITTAL: To Slash 3.5% of Global Workforce
BEVERAGE PACKAGING: S&P Cuts Rating on EUR480 Mil. Notes to 'B-'
GSC EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3'
HARVEST CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa2
PENTA CLO: Moody's Junks Ratings on Three Classes of Notes


N E T H E R L A N D S

ELEPHANT TALK: Posts US$5.6 Million Net Loss in Q3 2009
EURO-GALAXY CLO: Moody's Junks Ratings on Two Classes of Notes
HUDSON CLO: Moody's Confirms Rating on Class B-2 Notes at 'Caa3'
ING GROEP: To Repay Half of Dutch State Aid
JUBILEE CDO: Moody's Cuts Ratings on Two Classes of Notes to Caa2

MORGAN STANLEY: Moody's Cuts Rating on Class S Notes to 'Caa3'
SSMO CJSC: S&P Assigns Global Scale Issue Rating at 'B'


R U S S I A

* TVER OBLAST: S&P Assigns 'B+' Long-Term Debt Rating on Bonds


S W E D E N

GENERAL MOTORS: Saab Closes Sale of Tooling to BAIC


S W I T Z E R L A N D

ALPINA NAHRUNGSMITTEL: Claims Filing Deadline is December 28
AXEMO SOFTWARE: Claims Filing Deadline is December 28
DATASPIRIT GMBH: Claims Filing Deadline is December 28
HEGGIDORN IMMOBILIEN: Claims Filing Deadline is December 28
HORAND AUTOMATEN: Claims Filing Deadline is December 28

KREAVIS GMBH: Claims Filing Deadline is December 28
ORBIT 1 REISEN: Claims Filing Deadline is December 28
PC PHARMACOSMETICS: Claims Filing Deadline is December 23
RENDITENBERATUNG AG: Claims Filing Deadline is December 28
VAN DER MOOLEN: Asks Court to Investigate Management

WIDI GMBH: Claims Filing Deadline is December 28


T U R K E Y

* TURKEY: Fitch Affirms Individual Ratings on Five Banks at 'D'


U N I T E D   K I N G D O M

AMEY LAGAN: S&P Downgrades Long-Term Debt Rating to 'BB+'
ASHTEAD GROUP: S&P Raises Rating on US$550 Mil. Notes to 'B+'
CLARIS LIMITED: Moody's Cuts Rating on EUR21MM Notes to 'B3'
CONSUMER UNSECURED: Moody's Junks Rating on GBP20MM Certificate
DUBAI WORLD: Abu Dhabi to Provide US$10 Billion Funding

ROADCHEF FINANCE: S&P Downgrades Ratings on Two Classes of Notes
SOLUTIA INC: Discontinues Operations at Cologne, Germany
SOUTHERN PACIFIC: Moody's Junks Ratings on Ten Classes of Notes
TITAN EUROPE: Moody's Affirms Rating on Class D Notes at 'C'
URSUS EPC: Fitch Junks Ratings on Three Classes of Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheet


                         *********



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A U S T R I A
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AGENTUR 2000: Claims Filing Deadline is January 4
-------------------------------------------------
Creditors of Agentur 2000 Incentive + Reisen GmbH have until
January 4, 2010, to file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 18, 2010 at 9:30 a.m.

For further information, contact the company's administrator:

         Mag. Johanna Abel-Winkler
         Franz-Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72-15
         E-mail: office@abel-abel.at


BUBLOVA MIRIAM: Claims Filing Deadline is December 28
-----------------------------------------------------
Creditors of Bublova Miriam have until December 28, 2009, to file
their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 8, 2010 at 11:05 a.m.

For further information, contact the company's administrator:

         Mag. Wolfgang Herzer
         Schuettelstrasse 55, Carre Rotunde
         1020 Vienna
         Austria
         Tel: 72 577
         Fax: 72 577 577
         E-mail: wolfgang.herzer@blw-legal.com


BAUMSCHULEN SCHICK: Claims Filing Deadline is December 28
---------------------------------------------------------
Creditors of Baumschulen Schick GmbH 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 9:00 a.m.

For further information, contact the company's administrator:

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


HYPO ALPE-ALDRIA: Austrian Banks to Grant Liquidity, APA Says
-------------------------------------------------------------
Zoe Schneeweiss at Bloomberg News, citing the Austrian Press
Agency, reports that Austria's biggest banks will grant liquidity
to Hypo Alpe-Adria Bank International AG should the Austrian
government take over the majority of the bank.

According to Bloomberg, Vienna-based APA said Austria will also
have to guarantee the liquidity provided.

Bayerische Landesbank currently holds a 67% stake in the bank,
Bloomberg discloses.

                       BayernLB's Exposure

Separately, Bloomberg News, citing Sueddeutsche Zeitung, reports
that the Bavarian government is expecting Bayerische Landesbank to
lose at least EUR3 billion (US$4.4 billion) on Hypo Alpe-Adria
Bank.  Bloomberg relates the newspaper said in the worst case
BayernLB would lose EUR6 billion.

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing with a balance sheet of EUR43
billion.  In banking, HGAA serves both corporate and retail
customers and offers services ranging from traditional lending
through savings and deposits to complex investment products and
asset management services.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 11,
2009, Moody's Investors Service downgraded the bank financial
strength rating of Hypo Alpe-Adria-Bank International AG to E+
from D-.  Moody's said the downgrade of the BFSR reflects Moody's
expectation that Hypo Alpe-Adria will not be able to operate
profitably until 2011.  The historically low profitability of the
bank does not provide a sufficient buffer to absorb the effects of
the continuing downturn in the global economy and the persistent
economic turmoil in international capital markets that is likely
to have a worsening negative impact on the economies of Hypo Alpe
Adria's core markets in South-Eastern Europe.  Hence, Moody's
expects pressure on earnings, asset quality and capital ratios to
increase further and the likelihood that the bank would need
outside support to rise.


METALLHANDEL & KABELRECYCLING: Claims Filing Deadline is Dec. 28
----------------------------------------------------------------
Creditors of Metallhandel & Kabelrecycling Gerhard Klim GmbH 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 10:45 a.m.

For further information, contact the company's administrator:

         Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39 Serie
         Fax: 533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at


TELE-ELECTRONIC: Claims Filing Deadline is December 28
------------------------------------------------------
Creditors of Tele-Electronic GmbH have until December 28, 2009, to
file their proofs of claim.

A court hearing for examination of the claims has been scheduled
for January 8, 2010 at 11:05 a.m.

For further information, contact the company's administrator:

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


TTN LACKFABRIK: Claims Filing Deadline is December 28
-----------------------------------------------------
Creditors of TTN Lackfabrik GmbH 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 10:00 a.m.

For further information, contact the company's administrator:

         Mag. Christian Atzwanger
         Luefteneggerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/77 88 67-0
         Fax: 0732/7832644
         E-mail: office@schuh-atzwanger.at


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


CIBANK AD: Fitch Downgrades Individual Rating to 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Cibank AD Bulgaria's Long-term Issuer
Default rating at 'BBB+' with Negative Outlook, Short-term IDR at
'F2' and Support rating at '2'.  The agency also downgraded
Cibank's Individual rating to 'D/E' from 'D'.

The downgrade of the Individual rating reflects Cibank's rapidly
deteriorating asset quality, combined with higher credit costs and
lower business volumes, as the Bulgarian economy continues to
contract.  These factors are expected to significantly affect
internal capital generation and could result in the bank needing a
capital injection.

The IDRs and Support rating of Cibank reflect Fitch's view of the
high probability of potential support Cibank can expect to receive
from its 81.7% shareholder, Belgian KBC Bank (rated 'A'/Stable),
in case of need.  The Negative Outlook reflects that on Bulgaria's
sovereign long-term foreign currency IDR of 'BBB-'.  Cibank's IDRs
are at Bulgaria's Country Ceiling level of 'BBB+'.  Should Fitch
downgrade Bulgaria's ratings, Cibank's IDRs would also be
downgraded.

Cibank's NPLs, loans overdue by 90 days including restructured
loans, increased significantly in 9M09, mainly due to its legacy
commercial real estate portfolio and the seasoning of the loan
portfolio after years of faster growth.  Fitch expects the
downward trend in asset quality to continue as the Bulgarian
economy continues to contract.  While revenues improved in 9M09,
this may not be sustainable as business volumes are not expected
to materially increase in 2010.

Cibank benefits from integrated risk management systems with KBC
group.  It largely funds itself from term retail deposits and KBCB
is committed to supporting Cibank's future funding needs.

Cibank was the 10th largest bank in the country by end-Q309
assets, with a 2.6% market share.  Originally a corporate bank,
its focus on retail and SME lending is now increasing.  Its parent
plans to pursue its overall bancassurance strategy in Bulgaria
through a partnership between Cibank and DZI, which is also owned
by the KBC group.

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.


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D E N M A R K
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TDC A/S: Fitch Assigns 'BB' Rating on New EUR273.5 Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned Danish telecom operator TDC A/S's new
EUR273.5 million senior unsecured notes, due 2015, a final rating
of 'BB'.

The new bond issue has a coupon of 5.875% and was issued at a
price discount of 99.429%, corresponding to a yield to maturity of
5.991%.  The terms and conditions of the new 2015 bonds
substantially mirror those of the existing EUR750 million 6.5%
2012 senior unsecured TDC bonds rated 'BB'.  The new notes are
being exchanged for approximately EUR256 million of the 2012
bonds, which will partially extend TDC's upcoming debt
amortization profile.

TDC's current ratings are:

  -- Long-term Issuer Default Rating: 'BB'; Outlook Positive
  -- Short-term IDR: 'B'
  -- Senior secured facilities: 'BB+'
  -- Senior unsecured: 'BB'
  -- NTC Holding ApS senior notes: 'BB-'


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G E R M A N Y
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ARCANDOR AG: Metro's Karstadt Takeover May Lead to 25,000 Job Cuts
------------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that WirtschaftsWoche
magazine, citing Arcandor AG insolvency manager Rolf Weidmann,
said a Metro AG acquisition of Arcandor's Karstadt department
stores may lead to 25,000 job losses.

According to Bloomberg, Mr. Weidmann told the magazine Metro would
probably close stores in cities that have both Karstadt and its
own Kaufhof outlets.  Bloomberg relates Mr. Weidmann, as cited by
WirtschaftsWoche, said he aims to sell the remaining Karstadt
properties, including sports outlets, by the middle of next year.

                        About Arcandor AG

Germany-based Arcandor AG (FRA:ARO) -- http://www.arcandor.com/--
formerly KarstadtQuelle AG, is a tourism and retail group.  Its
three core business areas are tourism, mail order services and
department store retail.  The Company's business areas are covered
by its three operating segments: Thomas Cook, Primondo and
Karstadt.  Thomas Cook Group plc is a tour operator with
operations in Europe and North America, set up as a result of a
merger between MyTravel and Thomas Cook AG.  It also operates the
e-commerce platform, Thomas Cook, supporting travel services.
Primondo has a portfolio of European universal and specialty mail
order companies, including the core brand Quelle.  Karstadt
operates a range of department stores, such as cosmopolitan
stores, including KaDeWe (Kaufhaus des Westens), Karstadt
Oberpollinger and Alsterhaus; Karstadt brand department stores;
Karstadt sports department stores, offering sports goods in a
variety of retail outlets, and a portal, karstadt.de that offers
online shopping, among others.

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

As reported in the Troubled Company Reporter-Europe, on June 9,
2009, Arcandor filed for bankruptcy protection after the German
government turned down its request for loan guarantees.  On
June 8, 2009, the government rejected two applications for help by
the company, which employs 43,000 people.  The retailer sought
loan guarantees of EUR650 million (US$904 million) from Germany's
Economy Fund program.  It also sought a further EUR437 million
from a state-owned bank.


GENERAL MOTORS: CFO Young Named VP of International Operations
--------------------------------------------------------------
General Motors said Monday that Ray G. Young has been named vice
president, International Operations, reporting to Tim Lee,
president of GM International Operations, effective February 1,
2010.

In this newly created role, Young, 47, will lead the International
Operations Finance organization, in addition to other
international operating responsibilities that will be further
clarified in the near term.

"Ray has been instrumental in leading the company through an
extraordinarily complex bankruptcy and subsequent actions taken to
reshape GM's business.

Looking ahead at the needs of our business, it has become clear
that Ray's vast global experience and financial expertise will be
essential in managing the challenges and dynamics of growing our
international business, " said Chairman and CEO, Edward E.
Whitacre, Jr.

In addition, Ray will continue to be the Chief Financial Officer
of General Motors until a replacement is named.

Dow Jones Newswires' Nathan Becker says the move comes after GM
earlier this month announced a string of management changes,
including the ouster of former Chief Executive Fritz Henderson,
who was replaced on an interim basis by Mr. Whitacre.  Then other
management changes fell in place, reflecting Mr. Whitacre's desire
that younger and stronger leaders take on more prominent roles at
the 101-year-old auto maker, according to Mr. Becker.

                     About General Motors

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

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


LYONDELL CHEMICAL: Parent to Close Germany Plant
------------------------------------------------
LyondellBasell announced that it will shut down one polypropylene
(PP) line in Wesseling, Germany, by the end of 2009.  As a
result, PP capacity at the site will be reduced by 110KT.

"We have concluded that our current polypropylene operating rate
at Wesseling is no longer economically viable," said Anton de
Vries, LyondellBasell's president of Europe, Asia & International.
"The affected line in Wesseling is one of the smallest and oldest
PP units we have in LyondellBasell.  We continue to invest in
state-of-the-art facilities."

He added, "We will continue to meet the needs of our customers
even as we rationalize certain assets."

                      About Lyondell Chemical

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

Basell AF and Lyondell Chemical Company merged operations in 2007
to form LyondellBasell Industries, the world's third largest
independent chemical company.  LyondellBasell became saddled with
debt as part of the US$12.7 billion merger.  On January 6, 2009,
LyondellBasell Industries' U.S. operations and one of its European
holding companies -- Basell Germany Holdings GmbH -- filed
voluntary petitions to reorganize under Chapter 11 of the U.S.
Bankruptcy Code to facilitate a restructuring of the company's
debts.  The case is In re Lyondell Chemical Company, et al.,
Bankr. S.D.N.Y. Lead Case No. 09-10023).  Seventy-nine Lyondell
entities, including Equistar Chemicals, LP, Lyondell Chemical
Company, Millennium Chemicals Inc., and Wyatt Industries, Inc.
filed for Chapter 11.  In May 2009, one of the cases was dismissed
-- Case No. 09-10068 -- because it is duplicative of Case No. 09-
10040 relating to Debtor Glidden Latin America Holdings.

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

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

Luxembourg-based LyondellBasell Industries AF S.C.A. and another
affiliate were voluntarily added to Lyondell Chemical's
reorganization filing under Chapter 11 on April 24, 2009, in order
to seek protection against claims by certain financial and U.S.
trade creditors.  On May 8, 2009, LyondellBasell Industries added
13 non-operating entities to Lyondell Chemical Company's
reorganization filing under Chapter 11 of the U.S. Bankruptcy
Code.  All of the entities are U.S. companies and were added to
the original Chapter 11 filing for administrative purposes.  The
filings will have no impact on current business or operations as
none of the entities manufactures or sells products.

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


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* GREECE: Gov't Promises to Cut Budget Deficit Over Next 4 Years
----------------------------------------------------------------
The Wall Street Journal's Marcus Walker and Dow Jones Newswires'
Alkman Granitsas report Greece's government promised to cut its
budget deficit radically over the next four years, reacting to
pressure from financial markets as well as concerns about
unsustainable public debts among the euro zone's weaker economies.

According to the report, Prime Minister George Papandreou said
late Monday that his country would bring its ballooning deficit
down from nearly 13% of gross domestic product this year to 3% in
2013, the maximum allowed under European Union rules, in a much-
awaited speech to business and labor leaders.

In his remarks, Mr. Papandreou reaffirmed that his government aims
to reduce the budget deficit to 9.1% of GDP in 2010, through a
combination of EUR8 billion (US$11.69 billion) in spending cuts
and new taxes, the report says.

"Greece faces the risk of sinking under its debt," Mr. Papandreou
said, according to the report.

The report notes credit markets have become increasingly nervous
about Greece's public finances following the revelation in
November that the country's budget deficit is heading toward 13%
of GDP this year -- twice the official projection just weeks
earlier.

The report notes Fitch last week downgraded Greece's debt to BBB-
plus, the lowest level of any euro-zone government, while Standard
& Poor's warned it might downgrade Greece over the next few weeks.


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KAUPTHING BANK: SFO to Launch Formal Investigation Into Collapse
----------------------------------------------------------------
Telegraph reports that the Serious Fraud Office is preparing to
launch a formal investigation into Kaupthing Bank hf amid
suspicions that it may have been involved in criminal activity.

Telegraph, citing sources, says the SFO is expected to announce
this week that following four months of intelligence gathering it
is to launch an official inquiry.  The prosecutor is expected to
appoint one of its most experienced investigators to take charge,
Telegraph discloses.

Telegraph recalls Kaupthing collapsed last October, along with two
other Icelandic banks, Glitnir and Landsbanki, leaving 300,000
British savers unable to access their money and institutions
nursing.

                        About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations in
more than a dozen countries, the bank offers a range of services
including retail banking, corporate finance, asset management,
brokerage, private banking, treasury, and private wealth
management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008 the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter on Nov. 30, 2008,
Olafur Gardasson, assistant for Kaupthing Bank hf., in a
proceeding under Act No. 21/1991, pending before the Reykjavik
District Court, and foreign representative of the Debtor, filed a
petition under chapter 15 of title 11 of the United States Code in
the United States Bankruptcy Court for the Southern District of
New York commencing the Debtor's chapter 15 case ancillary to the
Icelandic Proceeding and seeking recognition for the Icelandic
Proceeding as a "foreign main proceeding" under the Bankruptcy
Code and relief in aid of the Icelandic Proceeding.


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LANSDOWNE MORTGAGE: Moody's Junks Ratings on Four Classes of Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of nine
classes of notes issued by Lansdowne Mortgage Securities No.1 plc
and Lansdowne Mortgage Securities No.2 plc.  The nine affected
tranches, listed below, had been placed on review for possible
downgrade on 22 July 2009 due to worse-than-expected collateral
performance and considerations on the macro-economic environment
in Ireland.  The rating actions conclude the review and take into
account the increased loss expectations for the two mortgage
portfolios backing Lansdowne 1 and Lansdowne 2.

Lansdowne 1 closed in April 2006 and its current pool factor is
approximately 32.5%.  The assets supporting the notes are first-
ranking mortgage non-conforming loans secured on residential
properties located in Ireland.  The asset pool has a weighted
average seasoning exceeding 46 months and an indexed weighted
average loan-to-value of 65.4%.  The weighted average loan-to-
value for the asset pool at closing was 60.2%.  The increase on
the indexed weighted average LTV is a result of the house price
depreciation that has been observed in Ireland since closing.  The
house price depreciation is also the reason for 4.3% of the
outstanding portfolio to have an indexed LTV that currently
exceeds 100%.

The cumulative losses realized since closing for Lansdowne 1 are
equal to 0.09% of the original portfolio balance.  The outstanding
repossessions until the last payment date accounted for 0.67% of
the original portfolio balance.  However, as enforcement
procedures in Ireland are usually lengthy, Moody's considers loans
with delinquencies exceeding 270 days as a proxy for defaults.  In
the September 2009 payment date, the 270+ delinquencies for this
transaction accounted for 16.72% of the outstanding pool balance.
Compared to the June 2009 investor report the total delinquency
loans have increased from 41.4% to 46.0% of the outstanding
balance of the portfolio and the 90+ days delinquencies have
increased from 27.4% to 32.0% of the outstanding balance of the
portfolio. The EUR3.7 million reserve fund for Lansdowne 1 is
fully funded and cannot amortize as the delinquency trigger has
been breached.  The further advances released since closing are
equal to EUR8.82 million, but no more further advances are allowed
in the deal due to the breach of the delinquency trigger.

Lansdowne 2 closed in November 2006 and the current pool factor is
approximately 45.6%.  The assets supporting the notes are first-
ranking mortgage non-conforming loans secured on residential
properties located in Ireland.  The asset pool has a weighted
average seasoning exceeding 36 months and an indexed weighted
average loan-to-value of 76.3%.  The weighted average loan-to-
value for the asset pool at closing was 60.7%.  The increase on
the indexed weighted average LTV is a result of the house price
depreciation that has been observed in Ireland since closing.  The
house price depreciation is also the reason for 27.1% of the
outstanding portfolio to have an indexed LTV that currently
exceeds 100%.

The cumulative losses realized since closing for Lansdowne 2 are
equal to 0.07% of the original portfolio balance.  The outstanding
repossessions until the last payment date accounted for 1.22% of
the original portfolio balance.  However, as enforcement
procedures in Ireland are usually lengthy, Moody's considers loans
with delinquencies exceeding 270 days as a proxy for defaults.  In
the September 2009 payment date, the 270+ delinquencies for this
transaction accounted for 19.9% of the outstanding pool balance.
Compared to the June 2009 investor report the total delinquency
loans have increased from 41.6% to 44.9% of the outstanding
balance of the portfolio and the 90+ days delinquencies have
increased from 30.9% to 34.0% of the outstanding balance of the
portfolio. The EUR5.25 million reserve fund for Lansdowne 2 is
fully funded and cannot amortize as the delinquency trigger has
been breached.  The further advances released since closing are
equal to EUR13.35 million, but no more further advances are
allowed in the deal due to the breach of the delinquency trigger

Taking into account the current amount of realized losses, and
completing a roll-rate and severity analysis for the non-defaulted
portion of the portfolios of both transactions, Moody's has
increased its total loss expectations to 4.5% and 7% of the
original portfolio balance for Lansdowne 1 and Lansdowne 2
respectively.  Moody's has also assessed updated loan-by-loan
information of the outstanding portfolio to determine the
volatility of future losses and has used a coefficient of
variation of about 30% in both deals to calibrate the loss
distribution curve, which is one of the inputs into Moody's RMBS
cash-flow model.

The current credit enhancement available below the class A notes
(excluding excess spread) equals approximately 33.9% for Lansdowne
1 and 21.9% in Lansdowne 2.

For Lansdowne 2 the class X notes bear interest at a fixed rate of
1.7% per annum on the amount of the outstanding balance of all
notes until the payment date in June 2010.  The interest on class
X is paid pro-rata with interest on the class A notes and the
interest rate swap payments.  Moody's has confirmed the rating of
the class X notes in Lansdowne 2 in consideration of the short
remaining period of interest payment due in this class and the
expected available funds in the structure in the next quarters.

In Lansdowne 1 the class X notes have ceased to receive interest
in September 2009 and their principal balance, which is deposited
in a dedicated ledger in the issuer account, will be repaid by
final redemption of the notes.  Therefore Moody's has taken no
rating action on this class.

Moody's has also factored into its analysis the negative sector
outlook for Irish RMBS.  The sector outlook reflects these
expectations of key macro-economic indicators: GDP to contract by
1.6% in 2010, followed by growth of 2.1% in 2011, unemployment to
increase to 13.8% by 2010 from 12.8%, house prices to decrease by
around 30% from their peak in 2007 to a trough in 2010 and further
increases in personal insolvencies.

The classes of notes affected by the rating actions are:

Lansdowne 1:

  -- Class A2, downgraded to Aa1; previously on 18 April 2006
     assigned Aaa;

  -- Class M1, downgraded to A1; previously on 22 July 2009 Aa2
     and placed under review for possible downgrade;

  -- Class M2, downgraded to Ba1; previously on 22 July 2009 A1
     and placed under review for possible downgrade;

  -- Class B1, downgraded to Caa2; previously on 22 July 2009 Baa2
     and placed under review for possible downgrade;

  -- Class B2, downgraded to C; previously on 22 July 2009 Ba1 and
     placed under review for possible downgrade;

Lansdowne 2:

  -- Class A2, downgraded to A2; previously on 22 July 2009 Aaa
     and placed under review for possible downgrade;

  -- Class X, confirmed to Aaa; previously on 22 July 2009 Aaa and
     placed under review for possible downgrade;

  -- Class M1, downgraded to Ba2; previously on 22 July 2009 Aa3
     and placed under review for possible downgrade;

  -- Class M2, downgraded to Caa2; previously on 22 July 2009 A2
     and placed under review for possible downgrade;

  -- Class B, downgraded to C; previously on 22 July 2009 Baa2 and
     placed under review for possible downgrade;

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


OAK HILL: Moody's Downgrades Rating on Class E Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Oak Hill European Credit Partners I P.L.C

  -- EUR300,000,000 Class A Senior Secured Floating Rate Notes due
     2022, Downgraded to Aa1; previously on Jul 14, 2006 Assigned
     Aaa

  -- EUR28,500,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to A3; previously on Mar 4, 2009
     Aa2 Placed Under Review for Possible Downgrade

  -- EUR11,750,000 Class C-1 Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Ba1; previously on Mar 19,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR13,250,000 Class C-2 Senior Secured Deferrable Fixed Rate
     Notes due 2022, Downgraded to Ba1; previously on Mar 19, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2022, Confirmed at B1; previously on Mar 19, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Caa2; previously on Mar 19,
     2009 Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- EUR6,000,000 Class R Combination Notes due 2022, Downgraded
     to Baa3; previously on Mar 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 some mezzanine and second lien loan
exposure representing 16.6% of the collateral assets.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of moderate credit deterioration of the underlying
portfolio.  This is observed through an increase in the proportion
of securities from issuers rated Caa1 and below (currently 11.86%
of the portfolio), an increase in the amount of defaulted
securities (currently 1.5% of the portfolio) and a decline in the
average credit rating as measured through the portfolio weighted
average rating factor 'WARF' (currently 2,729 compared to 2,465 in
January 2009).  All coverage tests are passing despite some
deterioration since January 2009.  These measures were taken from
the recent trustee report dated 01 November 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 of this transaction, the recent deal performance in
the current market environment, specific documentation features
and the collateral manager's track record.  All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


PENTA CLO: Moody's Junks Ratings on Two Classes of Notes
--------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Penta CLO 1 S.A.  The Class A-1 Notes remain Aaa mainly
due to the current over collateralization.  These notes are also
protected by some structural features of the principal waterfall.

  -- EUR26,000,000 Class A-2 Senior Floating Rate Notes due 2024,
     Downgraded to A1; previously on Mar 4, 2009 Aaa Placed Under
     Review for Possible Downgrade

  -- EUR48,000,000 Class B Senior Deferrable Floating Rate Notes
     due 2024, Downgraded to Ba1; previously on Mar 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR21,000,000 Class C Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to B1; previously on Mar 17,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR15,000,000 Class D Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to Caa2; previously on
     Mar 17, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade

  -- EUR13,000,000 Class E Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to Caa3; previously on
     Mar 17, 2009 Downgraded to B2 and Remained On Review for
     Possible Downgrade

  -- EUR5,500,000 Class Q Combination Notes due 2024, Downgraded
     to B2; previously on Mar 4, 2009 A2 Placed Under Review for
     Possible Downgrade

  -- EUR 5,000,000 Class R Combination Notes due 2024, Downgraded
     to B2; previously on Mar 4, 2009 A2 Placed Under Review for
     Possible Downgrade

  -- EUR 8,000,000 Class S Combination Notes due 2024, Downgraded
     to Caa2; previously on Mar 4, 2009 Baa1 Placed Under Review
     for Possible Downgrade

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as well as approximately 20% mezzanine and second
lien loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2574), an increase in the amount of defaulted
securities (currently approximately 6% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 4.3% of the portfolio), and a failure of the
Class E Par Value test.  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.


STANTON MBS: S&P Downgrades Rating on Class D Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class A1, A2, B, C, and D notes issued by Stanton MBS I PLC, a
cash flow collateralized debt obligation of asset-backed
securities transaction.  At the same time, S&P removed the class
A2, B, C, and D notes from CreditWatch negative.

These rating actions follow S&P's assessment of the decline of the
event-of-default overcollateralization ratio to 112%, as reported
by the trustee in November 2009, from a level of 120% reported in
August 2009.  A drop of the OC ratio to below 100% will constitute
an event of default.  As outlined in the transaction documents,
following an event of default, the most senior class of
noteholders (currently the class A1 noteholders) can direct the
trustee to accelerate the repayment of the notes.

As outlined in the transaction documents, the manager calculates
the event-of-default OC ratio by using an adjusted collateral
balance and dividing it by the outstanding notional amount of the
class A1 and A2 notes.  When calculating the collateral balance,
adjustments are made to, among others, the principal balance of
assets rated 'B+' and lower, assets purchased at a price of less
than 90% of par, and defaulted assets.

S&P understands that the decline in the event-of-default OC test
result is largely due to an increase of assets in the portfolio
rated 'B+' and lower.  S&P has also observed an increase in the
reported balance of defaulted assets to 4.5% of the collateral
balance in November 2009, from 1.4% in August 2009.

S&P is lowering the ratings on the class A1, A2, B, C, and D notes
as a result of these developments and the surrounding uncertainty
S&P see regarding the development of the event-of-default OC test
results.

Stanton MBS I's portfolio comprises primarily European prime and
subprime residential mortgage-backed securities, commercial
mortgage-backed securities, and to a lesser extent CDOs of
corporate loans and other ABS.

                           Ratings List

                         Stanton MBS I PLC
          EUR302.32 Million Secured Floating-Rate Notes

                          Ratings Lowered

                                      Rating
                                      ------
            Class             To                  From
            -----             --                  ----
            A1Rev FRN         AA                  AAA
            A1 FRN            AA                  AAA

      Ratings Lowered and Removed From Creditwatch Negative

                                  Rating
                                  ------
        Class             To                  From
        -----             --                  ----
        A2                AA-                 AAA/Watch Neg
        B                 A-                  A+/Watch Neg
        C                 BBB+                A/Watch Neg
        D                 BB                  BBB-/Watch Neg

                   FRN -- Floating-rate notes.


STARTS PLC: S&P Withdraws 'CCC-' Rating on Series 2007-22 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the notes issued by STARTS (Ireland) PLC's series 2007-22, a
synthetic collateralized debt obligation of investment-grade
corporate bonds transaction.

The withdrawal follows the complete redemption of the notes
following their repurchase on Oct. 19, 2009, according to the
repurchase notice.

                         Rating Withdrawn

                       STARTS (Ireland) PLC
                          Series 2007-22

                   Rating                    Balance (mil.)
                   ------                    --------------
Class           To     From               Current      Previous
-----           --     ----               -------      --------
Notes           NR     CCC-                  0.00          25.0

                          NR Not rated.


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


FEDERCONSORZI: Creditor Suit Is Valid, UnicCredit Letter Shows
--------------------------------------------------------------
Elisa Martinuzzi at Bloomberg News reports that hedge funds suing
UniCredit SpA over Federconsorzi, a bankrupt farm-services
company, contend that a letter from the Italian lender last year
shows their EUR80-million (US$115 million) suit doesn't breach the
statute of limitations.

Elliott Management Corp.'s Kensington International and
Springfield Associates funds allege that assets of Federconsorzi,
which went bankrupt in 1991, were sold for half their value to
banks including UniCredit, Bloomberg discloses, citing the hedge
funds' lawyer, Giovanni Nervi.  A firm now owned by UniCredit was
involved in arranging the disposals, Bloomberg says.

Bloomberg, citing the creditors' lawyer, notes the hedge funds
will use the documents filed in a Rome court Dec. 10, which
include the UniCredit letter, to demonstrate their case is still
valid.


PIAGGIO & C: S&P Assigns 'BB' Rating on EUR150 Mil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
debt rating to the EUR150 million 7% senior unsecured notes due
2016 issued by Piaggio & C. SpA (BB/Negative/--).  At the same
time, S&P assigned a recovery rating of '3' to this debt,
indicating its expectation of meaningful (50%-70%) recovery for
creditors in the event of a payment default.  The new notes are
unsecured and rank pari passu with the existing unsecured debt
issued by Piaggio.

The 'BB' rating on the new notes is in line with S&P's corporate
credit rating on Piaggio.  S&P understands that the proceeds from
the bond issuance will be used to partially repay the outstanding
EUR61 million notes due 2012 and that the remainder will be used
to repay other short-term indebtedness.

                         Recovery Analysis

The recovery rating on the proposed notes is '3' indicating S&P's
expectation of meaningful (50%-70%) recovery for creditors in the
event of a payment default.

For S&P's hypothetical default scenario, S&P has valued the
business as a going concern given Piaggio's well-recognized brands
and strong market position.  S&P assume an erosion in the group's
profitability, mainly due to intense competition in the sector,
reduced demand, and lower prices.

At the point of default, S&P has assumed that the revolving credit
facility, working-capital facility, and other senior debt will be
fully drawn.  S&P has also estimated that, at S&P's hypothetical
point of default in 2012, the company's EBITDA will be about
EUR130 million.  S&P's estimate of the stressed enterprise value
at default is about EUR570 million.

After deducting priority liabilities, comprising enforcement costs
and priority debt facilities, S&P estimate recovery prospects for
noteholders of 50%-70%, hence its recovery rating of '3'.  This
reflects S&P's view of the weak security package: The lack of
tangible security and negative pledge provisions highlights the
risk that, at default, the company's capital structure and
priority ranking could be materially different.  The recovery
rating also reflects S&P's view of the uncertainties of the
Italian jurisdiction for the recovery prospects of noteholders.

S&P expects to publish a detailed recovery report shortly.

                           Ratings List

                            New Rating

                         Piaggio & C. SpA

                         Senior Unsecured

          EUR150 million 7% notes due 12/01/2016      BB
           Recovery Rating                          3


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


ARCELORMITTAL: To Slash 3.5% of Global Workforce
------------------------------------------------
The Wall Street Journal's Robert Guy Matthews and Dow Jones
Newswires' Alex MacDonald report ArcelorMittal is looking to
eliminate about 10,000 jobs, with most of the cuts likely in
Europe and the U.S., where the growth potential is more limited.

According to the report, ArcelorMittal declined to specify layoff
numbers, but people familiar with the matter said the target is
about 3.5% of the 287,000 employees the company had as of
September 30.  The report says many of the cuts are expected to
affect workers who were furloughed after a round of plant idling
earlier this year; the work force also is expected to be reduced
through attrition.

According to the report, ArcelorMittal also said it would increase
steel production so that its capacity utilization rate would rise
to about 70% at the end of this year from 61% in the third
quarter, but that the rate would stay at that level until 2013.
The report says ArcelorMittal added it doesn't expect steel prices
to recover to the heights of 2007 for a decade.

"Company representatives discussed the possibility that the
business could expect some global work-force reductions next year
due mainly to natural attrition and optimization of production,"
Giles Read, spokesman for the steelmaker, said according to the
report. "We don't wish to comment on any figures discussed since
they are not final."

The report also notes ArcelorMittal is still investing and
expanding in the emerging markets.  In the past few months, the
steelmaker said that it has invested in a mill in India and bid to
take over steel operations in Zimbabwe; and is also searching for
more expansion in Brazil, where it can be close to its nearby
iron-ore supply.

                       About ArcelorMittal

ArcelorMittal -- Http://www.arcelormittal.com/ -- is the world's
leading steel company, with operations in more than 60 countries.

ArcelorMittal is the leader in all major global steel markets,
including automotive, construction, household appliances and
packaging, with leading R&D and technology, as well as sizeable
captive supplies of raw materials and outstanding distribution
networks.  With an industrial presence in over 20 countries
spanning four continents, the Company covers all of the key steel
markets, from emerging to mature.

In 2008, ArcelorMittal had revenues of $124.9 billion and crude
steel production of 103.3 million tonnes, representing
approximately 10% of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on
the Spanish stock exchanges of Barcelona, Bilbao, Madrid and
Valencia (MTS).


BEVERAGE PACKAGING: S&P Cuts Rating on EUR480 Mil. Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
issue rating on the EUR480 million 8% senior notes due 2016 issued
by Beverage Packaging Holdings (Luxembourg) II S.A.
(B+/Negative/--), a financial subsidiary of Reynolds Group Holding
Ltd. (B+/Negative/--) to 'B-' from 'B+'.  S&P has also revised the
recovery rating on the notes to '6' from '3', indicating S&P's
expectation of negligible (0%-10%) recovery in an event of payment
default.  At the same time S&P removed the ratings from
CreditWatch, where they were placed with negative implications on
Oct. 27, 2009.

The rating action follows completion of the acquisition of two
U.S.-based packaging interests, the Closure Systems International
group of companies and the Reynolds Consumer Products group of
companies, by BPII-related entity Beverage Packaging Holdings
(Luxembourg) III S.a r.l.

The 'B-' issue-level rating and the recovery rating of '6' on
BPII's EUR420 million 9.5% subordinated notes due 2017 remain
unchanged.

In addition, S&P affirmed the 'BB-' issue-level ratings on the
US$1,155 million and EUR330 million senior secured credit
facilities borrowed by Reynolds Consumer Products Holdings Inc.
The recovery ratings on these facilities remain unchanged at '2',
indicating substantial (70%-90%) recovery for creditors in an
event of payment default.

At the same time S&P affirmed the 'BB-' issue-level ratings on the
pari passu-ranking $1,125 million and EUR450 million senior
secured notes issued by Reynolds Group Issuer (Lux) S.A. The
recovery ratings of '2' on these senior secured debt instruments
remains unchanged, indicating substantial (70%-90%) recovery for
creditors in an event of payment default.

The 'BB-' ratings on the senior secured debt issues are one notch
above the 'B+' corporate credit rating on the group.

                         Recovery Analysis

Post-default recovery prospects for the senior secured bank
facilities and senior secured notes are, in S&P's view, at the
high end of the 70%-90% range.  S&P note that senior secured
leverage in the new capital structure is higher than in the
previous structure of Beverage Packaging Holdings (Luxembourg) I
S.A.  This results in weaker cover for first-lien debt holders and
additional subordination for senior and subordinated BPII note
holders than was the case prior to completion of the acquisition.

The recovery ratings reflect S&P's expectations of a fairly
comprehensive, but shared, security package, with guarantees and
specific asset security and share pledges from Reynolds Group
Holding Ltd.  They also reflect the satisfactory business profile
of the group's three distinct operating businesses, which S&P
believes would underpin valuations in a stressed scenario.  S&P
estimate the stressed enterprise value at about EUR2.2 billion on
a going-concern basis after a hypothetical payment default, taking
into account stressed asset valuations.  In S&P's view, the
multijurisdictional nature of the group and security-sharing
arrangements between loans and bonds could complicate any
insolvency and enforcement proceedings.  S&P believe, however,
that cross-guarantees, shared first-lien security, and
intercreditor deeds could mitigate these complications.

                           Ratings List

                    CreditWatch/Outlook Action

         Beverage Packaging Holdings (Luxembourg) II S.A.


                                     To               From
                                     --               ----
Senior Secured EUR480 mil.
  8% nts  ser due 12/15/2016         B-               B+/Watch Neg
   Recovery Rating                   6                3

                         Ratings Unchanged

                                          To               From
                                          --               ----
       Subordinated EUR420 mil. 9.5%
       sr sub nts ser due 06/15/2017      B-               B-
        Recovery Rating                   6                6

                         Ratings Affirmed

             Reynolds Consumer Products Holdings Inc*

              EUR80 mil. revolver                 BB-
               Recovery rating                     2

             US$120 mil. revolver                 BB-
               Recovery rating                     2

            US$1,035 mil. snr secd Term Loan B    BB-
               Recovery rating                     2

              EUR250 mil. snr secd Term Loan B    BB-
               Recovery rating                     2

                Reynolds Group Issuer (Lux) S.A.**

             US$1,125 mil. snr secd notes          BB-
               Recovery rating                     2

              EUR450 mil. snr secd notes          BB-
               Recovery rating                     2

     * Guaranteed by Reynolds Group Holding Ltd.

     ** Guaranteed by Reynolds Group Holding Ltd. and Beverage
        Packaging Holdings (Luxembourg) I S.A.


GSC EUROPEAN: Moody's Cuts Rating on Class E Notes to 'Caa3'
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by GSC European CDO III S.A.

  -- EUR219M Class A1 Floating Rate Notes due 2022, Downgraded to
     Aa3; previously on April 29, 2006 Assigned Aaa;

  -- EUR25M Class A1-D Delayed Draw Floating Floating Rate Notes
     due 2022, Downgraded to Aa3; previously on April 29, 2006
     Assigned Aaa;

  -- EUR15M Class A2 Zero Coupon Accreting Notes due 2022,
     Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa;

  -- EUR25M Class A3 Revolving Floating Notes due 2022,
     Downgraded to Aa3; previously on April 29, 2006 Assigned Aaa;

  -- EUR25M Class B Floating Rate Notes due 2022, Downgraded to
     Baa2; previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- EUR31M Class C Floating Rate Notes due 2022, Downgraded to
     Ba3; previously on March 19, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- EUR23.5M Class D1 Floating Rate Notes due 2022, Downgraded
     to Caa1; previously on March 19, 2009 Downgraded to B1 and
     Remained On Review for Possible Downgrade;

  -- EUR1M Class D2 Floating Rate Notes due 2022, Downgraded to
     Caa1; previously on March 19, 2009 Downgraded to B1 and
     Placed Under Review for Possible Downgrade;

  -- EUR13.5M Class E Floating Rate Notes due 2022, Downgraded to
     Caa3; previously on March 19, 2009 Downgraded to Caa1 and
     Placed Under Review for Possible Downgrade;

  -- EUR15M Class V combination Notes due 2022, Downgraded to
     Aa1; previously on April 29, 2006 Assigned Aaa;

  -- EUR10M Class W combination Notes due 2022, Downgraded to B1;
     previously on March 4, 2009 Baa2 Placed Under Review for
     Possible Downgrade;

  -- EUR6M Class X combination Notes due 2022, Downgraded to B2;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade.

In addition, this rating is withdrawn.  These notes were split
back into their original components and thus are no longer
outstanding under Combination notes format.

  -- US$20M Class T combination Notes due 2022 Notes, Withdrawn;
     previously on April 29, 2006 Assigned Aaa.

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

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and a failure of all but the A/B overcollateralisation
ratio tests.  As a result of such OC tests failures, interest is
currently deferring on classes D and E.  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.


HARVEST CLO: Moody's Cuts Ratings on Two Classes of Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Harvest CLO II SA.  The Class A-1A Notes remain Aaa
mainly due to the current over collateralization.

  -- EUR249,450,000 Class A2 Senior Floating Rate Notes due 2020
     (current balance of EUR 245,914,233.95), Downgraded to Aa1;
     previously on May 2, 2005 Assigned Aaa;

  -- EUR66,150,000 Class B Senior Floating Rate Notes due 2020,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR32,100,000 Class C-1 Senior Subordinated Deferrable
     Floating Rate Notes due 2020, Downgraded to Ba2; previously
     on March 19, 2009 Downgraded to Baa3 and Remained On Review
     for Possible Downgrade;

  -- EUR3,000,000 Class C-2 Senior Subordinated Deferrable Fixed
     Rate Notes due 2020, Downgraded to Ba2; previously on
     March 19, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade;

  -- EUR17,250,000 Class D-1 Senior Subordinated Deferrable
     Floating Rate Notes due 2020, Downgraded to B2; previously on
     March 19, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade;

  -- EUR3,000,000 Class D-2 Senior Subordinated Deferrable Fixed
     Rate Notes due 2020, Downgraded to B2; previously on
     March 19, 2009 Downgraded to Ba3 Placed Under Review for
     Possible Downgrade;

  -- EUR11,500,000 Class E-1 Senior Subordinated Deferrable
     Floating Rate Notes due 2020, Downgraded to Caa2; previously
     on March 19, 2009 B2 Placed Under Review for Possible
     Downgrade;

  -- EUR2,000,000 Class E-2 Senior Subordinated Deferrable Fixed
     Rate Notes due 2020, Downgraded to Caa2; previously on
     March 4, 2009 B2 Placed Under Review for Possible Downgrade;

  -- EUR2,600,000 Class R Combination Rate Notes due 2020,
     Downgraded to Caa1; previously on March 4, 2009 Ba1 Placed
     Under Review for Possible Downgrade;

  -- EUR6,000,000 Class S Combination Notes due 2020, Downgraded
     to B3; previously on March 4, 2009 Baa3 Placed Under Review
     for Possible Downgrade;

  -- EUR5,000,000 Class V Combination Notes due 2020, Downgraded
     to Ba3; previously on March 4, 2009 A3 Placed Under Review
     for Possible Downgrade;

In addition, these ratings are withdrawn.  These notes were split
back into their original components and thus are no longer
outstanding under Combination notes format.

  -- EUR6,400,000 Class Q Combination Notes due 2020, Withdrawn;
     previously on March 4, 2009 Ba1 Placed Under Review for
     Possible Downgrade;

  -- EUR2,500,000 Class T Combination Notes due 2020, Withdrawn;
     previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade.

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly 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 2737), and an increase in the proportion of
securities from issuers rated Caa1 and below (currently 12% of the
portfolio).  These measures were taken from the recent trustee
report dated 13 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.


PENTA CLO: Moody's Junks Ratings on Three Classes of Notes
----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Penta CLO 1 S.A.  The Class A-1 Notes remain Aaa mainly
due to the current over collateralization.  These notes are also
protected by some structural features of the principal waterfall.

  -- EUR26,000,000 Class A-2 Senior Floating Rate Notes due 2024,
     Downgraded to A1; previously on Mar 4, 2009 Aaa Placed Under
     Review for Possible Downgrade

  -- EUR48,000,000 Class B Senior Deferrable Floating Rate Notes
     due 2024, Downgraded to Ba1; previously on Mar 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR21,000,000 Class C Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to B1; previously on Mar 17,
     2009 Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR15,000,000 Class D Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to Caa2; previously on
     Mar 17, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade

  -- EUR13,000,000 Class E Senior Subordinated Deferrable Floating
     Rate Notes due 2024, Downgraded to Caa3; previously on
     Mar 17, 2009 Downgraded to B2 and Remained On Review for
     Possible Downgrade

  -- EUR5,500,000 Class Q Combination Notes due 2024, Downgraded
     to B2; previously on Mar 4, 2009 A2 Placed Under Review for
     Possible Downgrade

  -- EUR 5,000,000 Class R Combination Notes due 2024, Downgraded
     to B2; previously on Mar 4, 2009 A2 Placed Under Review for
     Possible Downgrade

  -- EUR 8,000,000 Class S Combination Notes due 2024, Downgraded
     to Caa2; previously on Mar 4, 2009 Baa1 Placed Under Review
     for Possible Downgrade

This transaction is a managed high yield collateralized loan
obligation with exposure to predominantly European senior secured
loans, as well as well as approximately 20% mezzanine and second
lien loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through a decline in the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2574), an increase in the amount of defaulted
securities (currently approximately 6% of the portfolio), an
increase in the proportion of securities from issuers rated Caa1
and below (currently 4.3% of the portfolio), and a failure of the
Class E Par Value test.  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.


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


ELEPHANT TALK: Posts US$5.6 Million Net Loss in Q3 2009
-----------------------------------------------------
Elephant Talk Communications, Inc. reported a net loss of
US$5.6 million for the three months ended Sept. 30, 2009, compared
with a net loss of US$3.9 million for the same period of the
previous year.  Revenue for the three months ended Sept. 30, 2009,
was US$11.5 million, compared to US$11.3 million for the same
period in 2008.

For the nine months ended September 30, 2009, the Company reported
a net loss of US$10.5 million, compared with a net loss of
US$9.1 million for the same period in 2008.  Revenue for the nine
months ended Sept. 30, 2009, was US$32.2 million, a drop of
US$2.8 million or 8.1%, compared with US$35.0 million for the same
period in 2008.

At September 30, 2009, the Company's consolidated balance sheets
showed US$24.2 million in total assets, US$23.6 million in total
liabilities, and US$660,205 in total shareholders' equity.

The Company's consolidated balance sheets at September 30, 2009,
also showed strained liquidity with US$10.5 million in total
current assets available to pay US$12.5 million in total current
liabilities.

A full-text copy of the Company's Form 10-Q is available at no
charge at http://researcharchives.com/t/s?4ba4

              Financial Condition and Going Concern

The Company has an accumulated deficit of roughly US$55.5 million
as of September 30, 2009.  Historically, the Company has relied on
a combination of debt and equity financings to fund ongoing cash
requirements.  As of November 11, 2009, the Company received a
total of US$5.4 million in loans (including accrued interest) from
QAT II Investments SA, a related party, which were subsequently
converted into the Company's private placement of convertible
notes and warrants, and the Company received an additional
US$6.9 million in gross proceeds from the sale of securities to
other accredited investors.  Management believes that the cash
balance at September 30, 2009, in combination with the net
proceeds received from the sale of the securities in October of
2009, will provide the Company with sufficient funds through the
fourth quarter  of 2009.

Although the Company has previously been able to raise capital as
needed, such capital may not continue to be available at all, or
if available, that the terms of such financing may be dilutive to
existing shareholders or otherwise on terms not favorable to the
Company or existing shareholders.  Further, the current global
financial situation may offer additional challenges to raising the
required capital.  If the Company is unable to secure additional
capital, as circumstances require, it may not be able to continue
operations.

As of September 30, 2009, these conditions raise substantial doubt
about the Company's ability to continue as a going concern.

                       About Elephant Talk

Based in Schiphol, The Netherlands, Elephant Talk Communications
Inc. (OTC BB: ETAK) -- http://www.elephanttalk.com/-- currently
provides traditional telecom services, media streaming, and
distribution services primarily to the business-to-business
community as well as Mobile Virtual Network Enabler and Mobile
Virtual Network Operator services within the telecommunications
market where it has a presence.  Historically, the Company has
primarily derived its revenues from traditional fixed-line
services, but since 2006, significant investments have been made
in mobile enabling services and platforms.  The first revenues
from these mobile services started during the fourth quarter of
2008.

The Company was incorporated on February 5, 1962, under the laws
of the state of California as Altius Corporation and involved in
the manufacturing of freeway signs.  In March 1997, Altius
acquired Starnet Universe Internet, Inc., a web developer and
Internet Service Provider and the Company changed its name to
Staruni Corporation.  On January 4, 2002, Staruni Corporation
merged with Elephant Talk, Limited, a company incorporated in Hong
Kong, and filed a Certificate of Amendment of Articles of
Incorporation to amend the corporate name to Elephant Talk
Communications, Inc.


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

  -- EUR88,000,000 Class A 1 Senior Floating Rate Notes due 2021,
     Downgraded to Aa2; previously on 26 September 2006, Assigned
     Aaa;

  -- EUR178,500,000 Class A 2 Senior Floating Rate Delayed Draw
     Notes due 2021, Downgraded to Aa2; previously on 26 September
     2006, Assigned Aaa;

  -- EUR16,000,000 Class B-1 Senior Floating Rate Notes due 2021,
     Downgraded to Baa2; previously on 4 March 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR12,000,000 Class B-2 Senior Fixed Rate Notes due 2021,
     Downgraded to Baa2; previously on 4 March 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR24,500,000 Class C Deferrable Interest Floating Rate Notes
     due 2021, Downgraded to Ba3; previously on 19 March 2009,
     Downgraded to Baa3 and Placed Under Review for Possible
     Further Downgrade;

  -- EUR14,000,000 Class D Deferrable Interest Floating Rate Notes
     due 2021, Downgraded to Caa1; previously on 19 March 2009,
     Downgraded to Ba3 and Placed Under Review for Possible
     Further Downgrade;

  -- EUR13,500,000 Class E Deferrable Interest Floating Rate Notes
     due 2021, Downgraded to Caa3; previously on 19 March 2009,
     Downgraded to B3 and Placed Under Review for Possible Further
     Downgrade;

  -- EUR14,000,000 Class P Combination Notes due 2021 (current
     Rated Balance of EUR11,971,823.14), Downgraded to Baa2;
     previously on 4 March 2009, Aa2 Placed Under Review for
     Possible Downgrade;

  -- EUR4,000,000 Class Q Combination Notes due 2021 (current
     Rated Balance of EUR2,811,549.64), Downgraded to Caa3;
     previously on 4 March 2009, Ba1 Placed Under Review for
     Possible Downgrade;

  -- EUR3,500,000 Class R Combination Notes due 2021 (current
     Rated Balance of EUR2,829,723.54), Downgraded to Caa2;
     previously on 4 March 2009, Baa2 Placed Under Review for
     Possible Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, non-Euro senior secured loans, and 14.4% of second-
lien loans, high-yield bonds, and mezzanine loans.

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

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

According to Moody's, the 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 2821), an increase in the amount of defaulted
securities (currently 4% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below, and a
failure of Class E par value test.  Per Euro-Galaxy CLO documents,
even though the Class E par value test is breached, no diversion
of cash flows occurs during the reinvestment period.  Class E par
value test is only cured during the amortization period with
interest proceeds.  These measures were taken from the recent
trustee report dated 13 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
aforementioned stresses, key inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and the
weighted average recovery rate may be different from trustee's
reported numbers.

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


HUDSON CLO: Moody's Confirms Rating on Class B-2 Notes at 'Caa3'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Hudson CLO 1 B.V.

  -- Up to EUR80,000,000 Class A-1R Senior Secured Variable
     Funding Notes due 2023 (currently EUR76,639,223 outstanding),
     Downgraded to Aa1; previously on April 19, 2007 Assigned Aaa;

  -- EUR190,000,000 Class A-1E Senior Secured Floating Rate Notes
     due 2023 (current EUR182,207,214 outstanding), Downgraded to
     Aa1; previously on April 19, 2007 Assigned Aaa;

  -- EUR35,500,000 Class A-2 Senior Secured Floating Rate Notes
     due 2023 (current EUR35,500,000 outstanding), Downgraded to
     Baa1; previously on March 4, 2009 Aa2 Placed under Review for
     Possible Downgrade;

  -- EUR27,500,000 Class A-3 Deferrable Senior Secured Floating
     Rate Notes due 2023(current EUR27,500,000 outstanding),
     Downgraded to Ba2; previously on March 18, 2009 Downgraded to
     Ba1 and Remained On Review for Possible Downgrade;

  -- EUR24,000,000 Class B-1 Deferrable Senior Secured Floating
     Rate Notes due 2023(current EUR24,333,536 outstanding),
     Confirmed at Caa1; previously on March 18, 2009 Downgraded to
     Caa1 and Remained On Review for Possible Downgrade;

  -- EUR20,000,000 Class B-2 Deferrable Senior Secured Floating
     Rate Notes due 2023(current EUR20,834,772 outstanding),
     Confirmed at Caa3; previously on March 18, 2009 Downgraded to
     Caa3 and Remained On Review for Possible Downgrade;

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine and second liens loan
exposure (7.7%).

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', an increase in the amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below.  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.


ING GROEP: To Repay Half of Dutch State Aid
-------------------------------------------
Michael Steen at The Financial Times reports that ING Groep N.V.
will repay half of the EUR10 billion (US$14.8 billion) it received
as a capital injection from the Dutch state on December 21
following a EUR7.5 billion rights issue to raise funds.

According to the FT, the group said it would repay a total of
EUR5.606 billion, consisting of the EUR5 billion it received from
the state in October 2008, a coupon of EUR259 million and a
repayment premium of EUR347 million.

The FT says group is preparing for a fundamental restructuring
that will see it sell or spin off its insurance arm to focus on
banking as part of a series of measures that it agreed with EU
competition regulators to compensate for the state aid that it
received during the financial crisis.

The FT recalls the group launched its EUR7.5 billion rights issue
on November 27, pricing the new shares at a nearly 40% discount to
the theoretical ex-rights price on that day.  Aside from repaying
half of the capital injection, the proceeds of the issue are
earmarked for new payments ordered by the EU to the Dutch state
for state guarantees that ING won on a portfolio of risky US
mortgage-backed assets, which was the source for investor concern
at the height of the crisis, the FT notes.

Headquartered in Amsterdam, the Netherlands, ING Groep N.V. --
http://www.ing.com/-- is a global financial institution offering
banking, investments, life insurance and retirement services.  The
Company serves more than 85 million private, corporate and
institutional customers in Europe, North and Latin America, Asia
and Australia.  ING has six business lines: Insurance Europe,
Insurance Americas, Insurance Asia/Pacific, Wholesale Banking,
Retail Banking and ING Direct.  In July 2008, the Company
completed the acquisition of CitiStreet LLC, a retirement plan and
benefit service and administration company in United States.  In
November 2008, ING Groep N.V. increased its stake in joint venture
Billington Holdings PLC from 50% to 100%.  In February 2009, the
Company announced that it closed the sale of its Taiwanese life
insurance business to Fubon Financial Holding Co. Ltd.  In April
2009, the Company sold its non-state pension fund business and its
holding company in Russia to Aviva plc.


JUBILEE CDO: Moody's Cuts Ratings on Two Classes of Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Jubilee CDO IV B.V.  The Class S, U, W and Z Combination
Notes' ratings are withdrawn given that these notes were
previously split back into their original components.  Although
the ratings on the Class D-1, Class D-2, Class E-1 and the
Restricted Class E Notes were assigned on August 5, 2004, they
inadvertently were not published on Moodys.com at that time.
Moody's is now correcting the rating histories for those classes.

  -- EUR258.3M Class A Floating rate Notes due 2019 Notes (current
     balance of EUR 255,011,133), Downgraded to Aa1; previously on
     Aug 5, 2004 Definitive Rating Assigned Aaa

  -- EUR36.2M Class B-1 Floating Rate Notes due 2019 Notes,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- EUR13M Class B-2 Fixed Rate Notes due 2019 Notes, Downgraded
     to Baa1; previously on Mar 4, 2009 Aa1 Placed Under Review
     for Possible Downgrade

  -- EUR36.9M Class C Deferrable Floating Rate Notes due 2019
     Notes, Downgraded to Ba3; previously on Mar 20, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- EUR9.4M Class D-1 Deferrable Floating Rate Notes due 2019
     Notes, Downgraded to Caa2; previously on Mar 20, 2009
     Downgraded to B2 and Remained On Review for Possible
     Downgrade

  -- EUR7M Class D-2 Deferrable Floating Rate Notes due 2019,
     Downgraded to Caa2; previously on Mar 20, 2009 Downgraded to
     B2 and Remained On Review for Possible

  -- EUR8.1M Class E-1 Deferrable Floating Rate Notes (current
     balance of EUR 1,192,738), Downgraded to Caa3; previously on
     Mar 20, 2009 Downgraded to Caa2 and Remained On Review for
     Possible Downgrade

  -- EUR0.1M Restricted Class E Deferrable Floating Rate Notes
     (current balance of EUR 14,159), Downgraded to Caa3;
     previously on Mar 20, 2009 Downgraded to Caa2 and Remained On
     Review for Possible Downgrade

  -- EUR20M Class T Combination Notes, Downgraded to A2;
     previously on Aug 5, 2004 Assigned Aa1

  -- EUR5M Class V Combination Notes, Downgraded to Caa1;
     previously on Aug 5, 2004 Assigned Baa3

  -- EUR11.25M Class X Combination Notes, Downgraded to B3;
     previously on Aug 5, 2004 Assigned Baa3

  -- EUR3M Class Y Combination Notes, Downgraded to Caa2;
     previously on Aug 5, 2004 Assigned B2

  -- EUR5M Class S Combination Notes, Withdrawn; previously on Aug
     5, 2004 Assigned Aaa

  -- EUR6M Class U Combination Notes, Withdrawn; previously on Aug
     5, 2004 Assigned A3

  -- EUR15M Class W Combination Notes, Withdrawn; previously on
     Aug 5, 2004 Assigned Aa1

  -- EUR10M Class Z Combination Notes, Withdrawn; previously on
     Aug 5, 2004 Assigned Baa3

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 (currently
19.8%).

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 2849), an increase in the amount of defaulted
securities (currently 4.2% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 10.2% of the portfolio), and the failure of Class D par
value test and Class E par value tests.  The Class A/B par value
test deteriorated from 128% in March 2009 to 121% in November
2009.  These measures were taken from the recent trustee report
dated 20 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
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


MORGAN STANLEY: Moody's Cuts Rating on Class S Notes to 'Caa3'
--------------------------------------------------------------
Moody's Investors Service tool these rating actions on notes
issued by Morgan Stanley Investment Management Garda B.V.:

  -- EUR254,000,000 Class A Senior Floating Rate Notes due 2022,
     Downgraded to Aa2; previously on February 1, 2007 Assigned
     Aaa;

  -- EUR22,000,000 Class B Senior Floating Rate Notes due 2022,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- EUR21,000,000 Class C Deferrable Interest Floating Rate Notes
     due 2022, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- EUR14,000,000 Class D Deferrable Interest Floating Rate Notes
     due 2022, Downgraded to B2; previously on March 18, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- EUR13,000,000 Class E Deferrable Interest Floating Rate Notes
     due 2022, Downgraded to Caa2; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- EUR6,000,000 Class P Combination Notes due 2022 (current
     balance of EUR5,816,938), Downgraded to Caa1; previously on
     March 4, 2009 A1 Placed Under Review for Possible Downgrade;

  -- EUR4,000,000 Class S Combination Notes due 2022 (current
     balance of EUR3,532,050), Downgraded to Caa3; previously on
     March 4, 2009 Ba1 Placed Under Review for Possible Downgrade;

  -- EUR6,000,000 Class F Deferrable Interest Floating Rate Notes
     due 2022, Confirmed at Caa3; previously on March 18, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some second lien and 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 2957), and an increase in the proportion of
securities from issuers rated CCC and below (currently 14.58% of
the portfolio).  These measures were taken from the recent trustee
report dated 30 October 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
EUR10 million, accounting for roughly 3% of the collateral
balance.  The Class E Par Value Test was reported at 104.89%
versus a test level of 105.60%, however this test comes into
effect after the reinvestment period.  Hence, there are no
principal reductions to the Class A notes or deferred interest
payments to the Class F notes.  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.


SSMO CJSC: S&P Assigns Global Scale Issue Rating at 'B'
-------------------------------------------------------
Standard & Poor's Rating Services said that it assigned its 'B'
global scale issue rating and 'ruA' Russia national scale rating
to the proposed Russian ruble 2 billion (US$65 million) senior
unsecured notes to be issued by Russia-based construction and
development group CJSC SSMO LenSpecSMU (B/Stable/B, Russia
national scale 'ruA').  S&P also assigned a recovery rating of
'4', indicating Standard & Poor's expectation of average (30%-50%)
recovery in the event of a payment default.  The corporate credit
ratings on LSS are unchanged.

The issue rating on the US$100 million (US$24.4 million currently
outstanding) credit-linked notes issued by Golden Ring Finance
S.A. and guaranteed by LSS, is unchanged at 'B', the same level as
the corporate credit rating on the guarantor company.  The
recovery rating is also unchanged at '4', indicating S&P's
expectation of average (30%-50%) recovery.

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

                         Recovery Analysis

The proposed RUR2.0 billion notes are an unsecured obligation of
LSS.  S&P assumes that these notes rank pari passu with the CLNs
and other unsecured debt issued or guaranteed by LSS.

The cover of the unsecured debt is at the low end of the rating
range.  Downward pressure on the unsecured debt ratings is
possible should the share of secured debt in the capital structure
increase.  Material ruble depreciation versus the U.S. dollar
could depress estimated recoveries to below the rating range.  The
recovery prospects are based on a discrete-asset based valuation
of about RUR13.5 billion (US$385 million).  Recovery and issue
ratings take into account the unsecured nature of the rated issues
and the Russian jurisdiction, which S&P see as relatively creditor
unfriendly.

In addition, the LenSpecSMU group has RUR580 million outstanding
under the RUR1.5 billion unsecured bonds issue with a Russia
national scale rating of 'ruA', and about $100 million equivalent
in unrated bank debt.

                          Ratings List

                          (New rating)
                      CJSC SSMO LenSpecSMU

                    RUR2 bil. (proposed) notes

           Senior Unsecured                            B
           Russia National Scale                       ruA
           Recovery Rating                             4


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


* TVER OBLAST: S&P Assigns 'B+' Long-Term Debt Rating on Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B+' long-term debt rating and 'ruA+' Russia national scale rating
to the Russian ruble (RUR) 3 billion (almost US$100 million)
senior unsecured fixed-coupon amortizing bond to be issued by the
Tver Oblast (B+/Negative/--; Russia national scale 'ruA+').

The oblast is issuing the bond to cover its expected budget
deficit in 2009 and 2010.  This issue, to be placed on Dec. 17,
2009, will have 18 fixed coupon payments (to be defined at
placement) and will mature in 2014.  On Dec. 13, 2012, 40% of the
principal will be redeemed, followed by 40% on Dec. 12, 2013; the
remaining 20% will be redeemed on June 12, 2014.

"The ratings on the bond mirror those on the oblast," said
Standard & Poor's credit analyst Boris Kopeykin.

The ratings on Tver Oblast, located in the Russian Federation
(foreign currency BBB/Negative/A-3; local currency
BBB+/Negative/A-2; Russia national scale 'ruAAA') reflect the
oblast's low revenue and expenditure flexibility and
predictability, on account of its dependence on central government
decisions; its relatively high debt service; modest wealth levels;
and its continued, albeit decreasing dependence on its largest
taxpayers.  The ratings are supported by the oblast's favorable
location between Moscow (BBB/Negative/--) and St. Petersburg (BBB/
Negative/--), which is beneficial for economic development in the
region, and its low contingent liabilities.


===========
S W E D E N
===========


GENERAL MOTORS: Saab Closes Sale of Tooling to BAIC
----------------------------------------------------
Saab Automobile AB said Monday it had closed on the sale to
Beijing Automotive Industry Holdings Co. Ltd. of certain Saab 9-3,
current 9-5 and powertrain technology and tooling.  Saab will
assist BAIC to integrate this technology into future BAIC
vehicles.

Jan Ake Jonsson, Managing Director of Saab Automobile said:"This
arrangement is excellent for both parties, now and for the future.
We have developed a good relationship with BAIC and look forward
to working with them to integrate this Saab technology into their
future vehicles."

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2009, GM said its Board of Directors has received expressions of
interest in Saab since the conclusion of negotiations with
Koenigsegg Group AB.  The Financial Times' John Reed reported GM
would sell or wind down Saab in February as part of a
restructuring plan mandated by the U.S. government, which became
its majority owner July, under which it is scaling back its
sprawling operations to focus on four core brands.

GM, Times Online says, is thought to have ruled out selling BAIC
the whole company, worried about transfer of technology.

                     About General Motors

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

GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code.  Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.

At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.

The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts.  Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company.  GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel.  Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors.  GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.

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


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


ALPINA NAHRUNGSMITTEL: Claims Filing Deadline is December 28
------------------------------------------------------------
Creditors of Alpina Nahrungsmittel AG are requested to file their
proofs of claim by December 28, 2009, to:

         MRM Michael Rueegg
         Seestrasse 510
         8038 Zurich
         Switzerland

The company is currently undergoing liquidation in Zurich.  The
decision about liquidation was accepted at a general meeting held
on August 20, 2009.


AXEMO SOFTWARE: Claims Filing Deadline is December 28
-----------------------------------------------------
Creditors of Axemo Software AG are requested to file their proofs
of claim by December 28, 2009, to:

         B&P tax and legal AG
         Talstrasse 82
         8022 Zurich
         Switzerland

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


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

         dataspirit GmbH
         Haldenwiesli 19a
         8207 Schaffhausen
         Switzerland

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


HEGGIDORN IMMOBILIEN: Claims Filing Deadline is December 28
-----------------------------------------------------------
Creditors of Heggidorn Immobilien AG are requested to file their
proofs of claim by December 28, 2009, to:

         Dieter Aegerter
         Molerweg 74
         2540 Grenchen
         Switzerland

The company is currently undergoing liquidation in Muehleberg.
The decision about liquidation was accepted at an extraordinary
general meeting held on October 30, 2009.


HORAND AUTOMATEN: Claims Filing Deadline is December 28
-------------------------------------------------------
Creditors of Horand Automaten AG are requested to file their
proofs of claim by December 28, 2009, to:

         Marianne Horand
         Liquidator
         Oberrenggstrasse 6
         Mail Box: 150
         8135 Langnau a/A
         Switzerland

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


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

         Thomas Herzog
         Liquidator
         Grieshaldenweg 43
         4414 Zeiningen
         Switzerland

The company is currently undergoing liquidation in Zeiningen.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on November 6, 2009.


ORBIT 1 REISEN: Claims Filing Deadline is December 28
-----------------------------------------------------
Creditors of Orbit 1 Reisen GmbH are requested to file their
proofs of claim by December 28, 2009, to:

         Marc Ambuehl
         Limmatstr. 123
         8005 Zurich
         Switzerland

The company is currently undergoing liquidation in Chur.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on August 26, 2005.


PC PHARMACOSMETICS: Claims Filing Deadline is December 23
---------------------------------------------------------
Creditors of PC Pharmacosmetics AG are requested to file their
proofs of claim by December 23, 2009, to:

         PC Pharmacosmetics AG
         Oltnerstr. 81
         4663 Aarburg
         Switzerland

The company is currently undergoing liquidation in Aarburg.  The
decision about liquidation was accepted at an extraordinary
general meeting held on October 27, 2009.


RENDITENBERATUNG AG: Claims Filing Deadline is December 28
----------------------------------------------------------
Creditors of Renditenberatung AG are requested to file their
proofs of claim by December 28, 2009, to:

         Renditenberatung AG
         Monbijoustrasse 30
         3001 Bern
         Switzerland

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


VAN DER MOOLEN: Asks Court to Investigate Management
----------------------------------------------------
Jurjen van de Pol at Bloomberg News reports that ASR Nederland NV
asked the Enterprise Chamber of the Amsterdam Appeals Court to
investigate the management of Van der Moolen Holding NV.

Bloomberg relates the investor group said in a statement on its
Web site Friday "VEB, ASR and several shareholders are of the
opinion there is sufficient reason to doubt the rightness of
management at Van der Moolen."

"We support this because we find it useful," Bloomberg quoted Van
der Moolen's administrator Paul Schaink as saying.  "It will be
investigated and it partly lightens our work, therefore the
administrators are willing to contribute EUR50,000 (US$74,000) to
the costs of an investigation."

Bloomberg recalls Van der Moolen was declared bankrupt on Sept. 10
after posting three straight years of losses.

                       About Van der Moolen

Headquartered in Amsterdam, Netherlands, Van der Moolen Holding
N.V. -- http://www.vandermoolen.com/-- is an international
securities trading and brokerage firm that specializes in
providing low-cost liquidity in markets worldwide.  Its business
is to make money on financial markets, as a broker and proprietary
trader in securities, futures, derivatives indexes and exchange
traded funds.


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

         Elisabeth Wiedmer
         Liquidator
         Bahnhofstrasse 52
         8957 Spreitenbach
         Switzerland

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


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


* TURKEY: Fitch Affirms Individual Ratings on Five Banks at 'D'
---------------------------------------------------------------
Fitch Ratings has upgraded 19 Turkish banks' and financial
institutions' Long- and Short-term foreign and local currency
Issuer Default Ratings and Support Ratings and revised their
Support Rating Floors.  A full rating breakdown is provided below.

The rating actions reflect Fitch's upgrade of the Republic of
Turkey's Long-term foreign currency IDR to 'BB+' from 'BB-' and
the Long-term local currency IDR to 'BB+' from 'BB' on 3 December
2009.  The sovereign's Long-term IDRs were removed from Rating
Watch Positive and assigned a Stable Outlook.  Turkey's Short-term
IDR was affirmed at 'B' and its Country Ceiling was upgraded to
'BBB-' from 'BB'.

The IDRs of the Turkish banks referenced in the group below move
in tandem with the sovereign's IDRs.  These banks are state-owned
or state-controlled and their IDRs are thus equalized with those
of the Turkish sovereign.  The upgrade of the Support Ratings and
the revision of Support Rating Floors of these banks reflect the
improved capacity of the sovereign to provide such support.

T. C. Ziraat Bankasi A.S.:

  -- Long-term foreign currency IDR: upgraded to 'BB+' from 'BB-';
     removed from Rating Watch Positive; assigned Stable Outlook

  -- Long-term local currency IDR: upgraded to 'BB+' from 'BB';
     removed from RWP; assigned Stable Outlook

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

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

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable
     Outlook

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

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed
     from RWP

Turkiye Halk Bankasi A.S:

  -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: affirmed at 'B'

  -- STLC IDR: affirmed at 'B'

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable
     Outlook

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

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed
     from RWP

Turkiye Vakiflar Bankasi T.A.O.

  -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: affirmed at 'B'

  -- STLC IDR: affirmed at 'B'

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable
     Outlook

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

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed
     from RWP

Turkiye Kalkinma Bankasi A.S:

  -- LTFC IDR: upgraded to 'BB+' from 'BB-'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BB+' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: affirmed at 'B'

  -- STLC IDR: affirmed at 'B'

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: revised to 'BB+' from 'BB-'; removed
     RWP

The Long- and Short-term IDRs, National Long-term and Support
ratings of these group of banks are driven by potential support
from highly-rated foreign shareholders.  The banks' LTLC IDRs are
capped two notches above the sovereign's LTLC IDR.  The LTFC IDRs
of these banks are constrained by Turkey's Country Ceiling of
'BBB-'.  The upgrade of the banks' Support ratings, as referenced
in the group below, to '2' reflects the upgrade of their LTFC IDRs
to the Country Ceiling of 'BBB-'.

Yapi Ve Kredi Bankasi A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: upgraded to'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

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

  -- Support Rating: upgraded to '2' from '3'

Denizbank A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: upgraded to '2' from '3'

Turk Ekonomi Bankasi A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: upgraded to 'BBB' from 'BBB-'; removed from RWP;
     assigned Stable Outlook

  -- STFC IDR: upgraded to'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

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

  -- Support Rating: upgraded to '2' from '3'

  -- Subordinated debt: upgraded to 'BBB-' from 'BB'; removed from
     RWP

The Long- and Short-term IDRs, National Long-term and Support
ratings of Finansbank A.S. are driven by potential support from
its foreign shareholder, National Bank of Greece (rated
'BBB+'/Stable).  While potential support from NBG is considered
strong, NBG's ability to provide such support, in case of need, is
considered by the agency to be not as strong as for the banks
referenced in the group above whose foreign shareholders are more
highly rated than NBG.  As such, Finansbank's LTLC IDR is rated
one notch above the sovereign's LTLC IDR.  The banks' LTFC IDR is
not constrained by Turkey's Country Ceiling.  The upgrade of the
bank's Support rating to '2' reflects the upgrade of the LTFC IDR
to the Country Ceiling of 'BBB-'.

Finansbank A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: upgraded to '2' from '3'

The Long- and Short-term IDRs, National Long-term and Support
ratings of this bank, Kuveyt Turk Katilim Bankasi A.S, reflects
Fitch's view of the probability of support from its 62.2% owner,
Kuwait Finance House (KFH, rated 'A+'/Stable/Individual Rating 'C/
D'/Rating Watch Negative/'F1').  KFH's Long-term IDR is in turn
driven by support from the Kuwaiti sovereign (rated 'AA'/Stable),
and Fitch believes this support would, to an extent, also flow to
the strategically important Turkish subsidiary, if required.
Kuveyt Turk Katilim Bankasi A.S's LTLC IDR has been affirmed at
one notch above Turkey's sovereign LTLC IDR.  The bank's LTFC IDR
has been upgraded to the Country Ceiling level and is not
constrained.  The upgrade of the bank's Support rating reflects
the upgrade of its LTFC IDR to the Country Ceiling of 'BBB-'.

Kuveyt Turk Katilim Bankasi A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: upgraded to '2' from '3'

The Long-term IDRs, Support rating and National Long-term rating
of this bank, Alternatifbank A.S., are driven by potential support
from ABank's majority shareholder, Anadolu Group, in case of need.
Fitch does not rate Anadolu Group.  However, the agency rates the
group's main operating subsidiary, Anadolu Efes Biracilik ve Malt
Sanayi A.S.  (Anadolu Efes, rated 'BB+'/Negative) and bases its
opinion on potential support for ABank on this rating.  As Anadolu
Efes's LTFC IDR has been upgraded to 'BB+' following the sovereign
upgrade, ABank's LTFC IDR has been upgraded to 'BB'.  The Negative
Outlook for the LTFC IDR of ABank reflects a similar Outlook for
Anadolu Efes' LT IDRs.

Alternatifbank A.S.

  -- LTFC IDR: upgraded to 'BB' from 'BB-'; Outlook Negative

  -- LTLC IDR: affirmed at 'BB'; Outlook changed to Negative from
     Stable

  -- STFC IDR: affirmed at 'B'

  -- STLC IDR: affirmed at 'B'

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

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '3'

The Long-term IDRs of this bank, Bankpozitif Kredi Ve Kalkinma
Bankasi A.S., are driven by potential support from its highly-
rated foreign shareholder, Bank Hapoalim B.M. (rated 'A-'/Stable)
which controls 69.83% of the bank.  Bank Hapoalim's LTFC IDR is
driven by support from the Israeli sovereign (rated 'A'/Stable).
Bankpozitif's LTLC IDR has been affirmed one notch above the
Turkish sovereign's LTLC IDR.  Bankpozitif's LTFC IDR has been
upgraded to the Country Ceiling and is not constrained.  The
upgrade of the bank's Support rating reflects the upgrade of
bank's LTFC IDR to the Country Ceiling of 'BBB-'.

Bankpozitif Kredi Ve Kalkinma Bankasi A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: upgraded to '2' from '3'

  -- Senior unsecured debt: upgraded to 'BBB-' from 'BB'; removed
     from RWP

  -- Subordinated debt: upgraded to 'BB+' from 'BB-'; removed from
     RWP

The LT IDRs of this bank, Turkland Bank A.S., are also driven by
potential support from its highly-rated foreign shareholder, Arab
Bank plc which is ultimately owned by Arab Bank group (rated
'A-'/Stable) which controls 50% of the bank.  Lebanon-based Bank
Med Sal holds a 41% stake in Turkland.  While Arab Bank group and
Bank Med Sal are partners in several joint ventures, Bank Med Sal
is not rated by Fitch and thus the agency is not able to form a
clear opinion of its ability to support Turkland, alongside Arab
Bank group, in case of need.  Turkland's LTLC IDR has been
affirmed one notch above the sovereign's LTLC IDR.  The bank's
LTFC IDR is not constrained by Turkey's Country Ceiling.  The
upgrade of the Support rating reflects the upgrade of the bank's
LTFC IDR to the Country Ceiling of 'BBB-'.

Turkland Bank A.S.

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: upgraded to '2' from '3'

The Long-term IDRs of these systemically important banks are
driven by their intrinsic financial strength which is reflected in
their Individual ratings of 'C'.  Their LTLC IDRs are rated one
notch above the sovereign's LTLC IDR, and the LTFC IDRs are rated
at the Country Ceiling level and are not constrained.  Fitch
considers that, in case of need, they would receive support from
the Turkish state and the Turkish sovereign's improving capacity
to provide such support has resulted in an upgrade of their
Support ratings and a revision of their Support Rating Floors.

Turkiye Is Bankasi A.S:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: upgraded to '3' from '4'; removed from RWP

  -- Support Rating Floor: revised to 'BB' from 'B+'; removed from
     RWP

Turkiye Garanti Bankasi A.S.:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: upgraded to '3' from '4'; removed from RWP

  -- Support Rating Floor: revised to 'BB' from 'B+'; removed from
     RWP

Akbank T.A.S.:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR: affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: upgraded to '3' from '4'; removed from RWP

  -- Support Rating Floor: revised to 'BB' from 'B+'; removed from
     RWP

The upgrade of this bank's LTFC IDR reflects the similar rating
action taken on its parent's (Turkiye Is Bankasi A.S.) rating.
The parent's improved ability to support its subsidiary has
resulted in the upgrade of the bank's LTFC IDR.

Turkiye Sinai Kalkinma Bankasi A.S:

  -- LTFC IDR: upgraded to 'BB+' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR affirmed at 'BB+'; removed from RWP; assigned Stable
     Outlook

  -- STFC IDR: affirmed at 'B'

  -- STLC IDR: affirmed at 'B'; removed from RWP

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

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

  -- Support Rating: affirmed at '3'

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

Garanti Finansal Kiralama A.S.:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Support rating: affirmed at '3'

Is Finansal Kiralama A.S.:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Support rating: affirmed at '3'

Garanti Faktoring Hizmetleri A.S.:

  -- LTFC IDR: upgraded to 'BBB-' from 'BB'; removed from RWP;
     assigned Stable Outlook

  -- LTLC IDR affirmed at 'BBB-'; removed from RWP; assigned
     Stable Outlook

  -- STFC IDR: upgraded to 'F3' from 'B'

  -- STLC IDR: affirmed at 'F3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Stable
     Outlook

  -- Support rating: affirmed at '3'

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


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


AMEY LAGAN: S&P Downgrades Long-Term Debt Rating to 'BB+'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term debt rating on an index-linked senior secured bond
issued by U.K.-based special-purpose vehicle Amey Lagan Roads
Financial PLC (ProjectCo) to 'BB+' from 'BBB-'.  At the same time
it lowered its long-term debt rating on a European Investment Bank
(EIB, AAA/Stable/A-1+) loan issued to ProjectCo to 'BB+' from
'BBB-'.  The outlook on both ratings is stable.

"The rating action reflects a projected weakening of the project's
financial profile compared with S&P's original expectations," said
Standard & Poor's credit analyst Timon Binder.

This is a result of higher interest payments due to a margin step
up in the EIB loan agreement.  The EIB fully exercised its right
to increase the margin on its loan due to successive downgrades of
Ambac Assurance U.K. Ltd. (CC/Developing/--), which provides
payment guarantees.  Accordingly, the projected minimum Debt
Service Cover Ratio decreased to 1.10x from 1.18x at financial
close while the average DSCR, until 2025, decreased to 1.17x from
the 1.20x originally expected.  The minimum DSCR is expected to
improve to 1.13x from 2014 onward, but will remain below 1.20x
until 2025.

Furthermore the Construction Joint Venture, comprising Lagan
Construction Ltd. and Ferrovial Agroman (Ireland) Ltd., is
currently about two months behind its originally projected
construction timetable due to archaeological work and bad weather
in the summers of 2008 and 2009.  However, the weather risk is
held at CJV level, while the liabilty for the archaeological
findings, is dependent on whether they were "foreseeable".
According to ProjectCo management, this risk should be borne by
the CJV or the Northern Ireland Department for Regional
Development.  ProjectCo expects that construction will be
completed no later than March 23 2011 compared with January 18
2011 as stipulated in the original contract.  S&P understands that
the currently projected liquidated damages are well within the
defined cap (12 month delay), so S&P is not presently concerned
about the completion delay.

The debt comprises GBP144.963 million in index-linked guaranteed
secured bonds, including GBP24 million in variation bonds, due
2037, and GBP120.963 in index-linked guaranteed loan facilities
from the EIB, due 2035.  The proceeds of both the bonds and the
loan were onlent to ProjectCo and used to design, build, finance,
and operate three contiguous upgrading, widening, and new
construction highway schemes to the south and west of Belfast in
Northern Ireland.  By employing an availability-based payment
mechanism, ProjectCo is insulated from traffic risk.  The project
includes a high proportion of existing roads and structures which
may increase lifecycle risk above that of a pure new-build road.

The stable outlook reflects S&P's view that management is
adequately managing the liquidity position of the project through
the construction phase given the additional cost of approximately
GBP2 million due to the EIB margin step-up.


ASHTEAD GROUP: S&P Raises Rating on US$550 Mil. Notes to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its issue
rating on Ashtead Group PLC's US$550.0 million 9.0% second-lien
notes due 2016, and US$250.0 million 8.6% second-lien notes due
2015, to 'B+' from 'B'.  At the same time, S&P raised the recovery
ratings on these notes to '5' from '6', reflecting S&P's
expectation of modest (10%-30%) recovery in the event of payment
default.

The issue rating on the group's asset backed loan facilities,
which comprise three separate tranches totaling US$1.86 billion,
is 'BB+', with a recovery rating of '1'.  This rating applies to
the US$225.0 million term loan B, the US$303.0 million revolving
tranche, and the US$1.3 billion extended revolving tranche, which
mature in 2011, 2011, and 2013 respectively.  The ABL facility,
which was originally set up in 2006 and totaled US$1.75 billion,
was amended to US$1.86 billion in November 2009.  At the same
time, the term of the US$1.3 billion tranche was extended to 2013
from 2011.

The second-lien notes are issued by Ashtead Capital Inc. and
Ashtead Holdings PLC, respectively.  They benefit from
substantially the same security package as the existing ABL, but
on a second-ranking basis.

The upgrade reflects S&P's understanding that the two
nonextendable tranches within the ABL, that is, US$303.0 million
revolving facility due August 2011, and a US$225.0 million term
loan B due 2011, will be repaid at their points of maturity, and
therefore S&P has assumed reduced debt levels at the point of
S&P's hypothetical default in 2013.

The upgrade also reflects S&P's view that the borrowing base
facility might not be fully drawn at the point of hypothetical
default.  For the purpose of its analysis, S&P anticipate that 80%
of the facility would be available and drawn.  This results in its
expectation of modest (10%-30%) recovery prospects for second-lien
holders.

                        Recovery Analysis

The group's US$1.75 billion revolving credit facility due August
2011 was amended in November 2009 and increased to US$1.86
billion.  The facility is split into three tranches:

* US$1.3 billion extendable revolving credit facility due Nov. 22,
  2013;

* US$303.0 million due August 2011; and

* US$225.0 million term loan B with an original maturity of August
  2011.

The rating on all tranches of the ABL facilities, issued by
Ashtead Group, is 'BB+', two notches higher than the 'BB-'
corporate credit rating.  The recovery rating on these ABL
facilities is '1', indicating S&P's expectation of very high (90%-
100%) recovery for senior secured lenders in the event of a
payment default.  This reflects that the facility benefits from a
comprehensive security package and is structured around the value
of the underlying collateral.

S&P considers that Ashtead Group would be reorganized rather than
liquidated in the event of default.  However, S&P has used a
discreet asset valuation method because S&P believes that the
enterprise value would be closely correlated to asset values.

S&P's default scenario assumes the continuation of the current
downward trend in the construction industry, and reduced demand
through to 2011 and beyond.  S&P assume that based on its
expectations of market pickup, Ashtead could resort to extensive
borrowing under the revolving credit facility.  In S&P's
hypothetical default scenario, S&P also assume that a subsequent
lack of demand for rental equipment could lead the company to a
position of accumulated trading losses, resulting in default in
2013 when the US$1.3 billion ABL is due.

S&P's recovery ratings assume 80% availability and drawdowns under
the revolving credit facility as this would be permitted by the
current borrowing base calculations due to Ashtead Group's
extensive asset base.  S&P anticipate that the stressed book value
would be about US$1.4 billion, resulting in very high (90%-100%)
recovery for the US$1.3 billion ABL.  S&P believes that some value
would flow through to the second-lien notes, resulting in recovery
prospects in the 10%-30% range, which corresponds to a recovery
rating of '5'.

Ratings List

                            New Rating

                         Ashtead Group PLC

            Senior Secured US$303 mil.
            revolving fac bank ln due 8/31/2011    BB+
             Recovery Rating                       1

            Senior Secured US$225 mil.
            term loan B due 8/31/2011              BB+
            Recovery Rating                         1

                         Ratings Upgraded

                       Ashtead Capital Inc.

                                             To           From
                                             --           ----
      Senior Secured US$550 mil.
      second-lien nts due 8/15/2016*         B+           B
       Recovery Rating                       5            6

                       Ashtead Holdings PLC

                                             To           From
                                             --           ----
      Senior Secured US$250 mil.  callable
      Second-lien nts due 8/1/2015*          B+           B
       Recovery Rating                       5            6

                * Guaranteed by Ashtead Group PLC.


CLARIS LIMITED: Moody's Cuts Rating on EUR21MM Notes to 'B3'
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of Notes issued by Claris Limited for the
Millesime 2007-2 transaction and one related CDS entered into by
Societe Generale.  The securities affected by the rating actions
are:

Issuer: Claris Limited Series 88 & 89 (Millesime 2007-2 Portfolio)

  -- EUR21M Series 88/2007-1, Downgraded to B3; previously on
     Jul 7, 2009 Downgraded to Ba2

  -- EUR43M Series 89/2007-1, Downgraded to Baa1; previously on
     Jul 7, 2009 Downgraded to A2

Issuer: Societe Generale - Credit Default Swap (Millesime 2007-2
portfolio)

  -- EUR5M Credit default swap ref EXO-1224830, Downgraded to B3;
     previously on Jul 7, 2009 Downgraded to Ba2

Millesime 2007-2 is a synthetic collateralized debt obligation
transaction backed by a portfolio of European Asset Backed
Securities.

The rating downgrade actions reflect a general deterioration in
the credit quality of the underlying portfolio.  This credit
deterioration can be observed through a decline in the average
credit rating (as measured by an increase in the weighted average
rating factor).  The current portfolio WARF is 27.8 versus a WARF
of 5.6 at the time of the previous rating action, equivalent to a
Aa2 pool.  Over 25% of the referenced portfolio have been
downgraded or placed under review for possible downgrade since
Moody's last review of the transaction in July 2009.  A
significant portion of the portfolio consists of Prime RMBS at
almost 41% followed by Subprime RMBS and Retail CMBS at 13.8% and
13.3%, respectively.  The UK represents the largest exposure at
36% of the portfolio, followed by Spain at 18.7% and Germany at
16.7%.

There is no subordination for the CDS and Series 88 and given
these relatively thin tranches, any one default in any of the top
10 lowest rated reference assets in the pool will virtually wipe
away such tranches.  Currently, no assets are rated below Baa3 in
the portfolio.


CONSUMER UNSECURED: Moody's Junks Rating on GBP20MM Certificate
---------------------------------------------------------------
Moody's Investors Service downgraded all outstanding classes of
certificates issued by Consumer Unsecured Reperforming Loans PLC:

Issuer: Consumer Unsecured Reperforming Loans PLC

  -- GBP27.141M C Certificate, Downgraded to A1; previously on 17
     September 2008 Aa3 Placed Under Review for Possible Downgrade

  -- GBP46.707M D Certificate, Downgraded to Ba2; previously on 17
     September 2008 Baa2 Placed Under Review for Possible
     Downgrade

  -- GBP20.04M E Certificate, Downgraded to Caa1; previously on 17
     September 2008 Ba3 Placed Under Review for Possible
     Downgrade.

Ratings of the Class A and B Certificates were withdrawn following
their full repayment.

All the affected tranches had been placed on review for possible
downgrade on 17 September 2008 because of their exposure to Lehman
Brothers Holding Inc.  The rating actions conclude the review and
take into account the worse-than-expected performance and the
increased loss expectations for the loan portfolio backing the
issued notes as well as the hedging exposure to LBHI and to
Capstone, an entity ultimately owned by LBHI performing certain
loan administration functions.  Moody's notes that the weak
performance of the transaction is the main driver for the rating
action.

                           Performance

Moody's has taken into account the current amount of cumulative
defaults, and completed a roll-rate analysis for the non-defaulted
portion of the portfolio, finally adjusting its default
expectations for this portfolio to 35% of the original balance.
The original expected gross rate was 30%, ultimately translating
into 25% seasoning-adjusted default rate which was used as
modelling assumption.  The coefficient of variation, which was
assumed to be 31% at closing, has been updated to 20% during the
review to reflect the transaction seasoning.  The mean default
rate and the coefficient of variation are the two key parameters
used by Moody's to generate the default distribution curve.
Another crucial input of the cash flow model Moody's used to
analyse the transaction is the recovery rate, set to 0% on this
review as opposed to 7.5% assumed at deal inception.  No recovery
flows have been reported on the investor report since closing.

                             Hedging

Following the bankruptcy filing of LBHI, as guarantor of Lehman
Brothers Special Financing's obligations under the Swaps, an event
of default has occurred in the hedging agreements in place for the
transaction.  As of December 11, the hedging agreements have not
been terminated, and no replacement swaps have been entered into
by the issuer.  In the current rating review, Moody's has assumed
that the issuer will not enter into replacement swaps and will be
exposed to interest rate and basis risk until transaction maturity
due to the interest rate mismatch between the fixed-rate loans and
the note Libor; Moody's has run some stressed interest rate
scenario and concluded the current ratings are commensurate with
the above risks.

                            Servicing

Finally, the rating actions incorporate the potential operational
risks associated with Capstone Mortgage Services Ltd ("Capstone"),
performing the master and special loan administration functions in
the transaction, in conjunction with Lloyds TSB acting as loan
administrator.  Following a recent review of Capstone's servicing
operations, Moody's is satisfied with the ability of Capstone to
perform its duties considering its current resources, systems and
procedures.  Uncertainties remain with regard to the ownership
structure and funding strategy of Capstone in the future.  Moody's
was informed recently by the Issuer that Capstone had sent notice
for resignation earlier in 2009, but as no replacement has been
appointed, Capstone remains master and special loan administrator
of the securitized pool.  This consideration of the residual
operational risk has affected the ratings of the senior notes in
the reviewed transactions by approximately one notch.  Moody's
will continue to monitor the situation.

CURL represented the first securitization of re-performing
unsecured consumer loans in the UK.  The re-performing loans were
originated by Lloyds TSB Bank Plc (Aa3/P-1) to refinance unsecured
personal loans, overdrafts and/or credit card balances of existing
Lloyds TSB customers.  The transaction is static and the
noteholders are repaid on a pass-through basis.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other non-
credit risks have not been addressed, but may have a significant
effect on yield to investors.

Moody's will continue to monitor the performance of this ABS
transaction closely.


DUBAI WORLD: Abu Dhabi to Provide US$10 Billion Funding
-------------------------------------------------------
Margaret Coker at The Wall Street Journal reports that Dubai on
Monday said the government of Abu Dhabi would provide US$10
billion to meet the debt obligations of Dubai World.

Ms. Coker says the timing of the bailout coincided with a deadline
for a US$4.1-billion payment related to an Islamic bond, or sukuk,
issued by Dubai World's real-estate subsidiary Nakheel, which
matured Monday.

"But it also raised fresh questions about the opaque and
complicated relationship between Abu Dhabi, the capital of the
U.A.E., and Dubai, its financial and trade hub," Ms. Coker says.

Ms. Coker says the funding brings Abu Dhabi's direct and indirect
support for Dubai to US$25 billion so far.  That sent stock
markets in both emirates soaring, she says.

By underwriting Dubai World, Ms. Coker says, Abu Dhabi triggered
an immediate bout of investor optimism that promises to ease its
own borrowing costs.  The move also appeared aimed at protecting
the United Arab Emirate's reputation as a global transportation
hub, according to one person familiar with the situation.

According to Ms. Coker, in the wake of Dubai's announcement for a
six-month standstill of its debts, worry over the implied support
Abu Dhabi would give its own companies hit hard.  After the Dubai
announcement in late November, Ms. Coker relates the cost of
insuring Abu Dhabi debt against default soared from just under
US$100,000 per US$10 million to over US$177,000 earlier this
month, according to market tracker CMA.  Late Monday in London,
that had eased back to about US$151,500, she says.

Last week, according to Ms. Coker, Moody's Investors Service
placed the credit rating of several Abu Dhabi companies, including
Mubadala Development Co., a vehicle that has financed much of the
capital's infrastructure projects, on review for a possible
downgrade, citing the uncertainty over government support.
Mubadala said last week that it was confident that its strategic
importance and "sound business model" put it in a strong position
with credit agencies.

The rising cost of its own borrowing appears to have outweighed
any hesitancy in Abu Dhabi about providing more cash to Dubai,
analysts said, according to Ms. Coker.

                         6-Month Standstill

The Troubled Company Reporter, citing The Wall Street Journal and
Bloomberg News, ran a story about Dubai World seeking a six-month
standstill on its debt obligations.  In a statement obtained by
the Journal and Bloomberg, the government of Dubai said it would
restructure Dubai World and has appointed Deloitte LLP to lead the
restructuring effort, naming an executive at the consultancy as
the group's "chief restructuring officer."

The standstill will immediately affect US$3.52 billion of Islamic
bonds due December 14 from the Company's property unit Nakheel.

Bloomberg News' Arif Sharif and Laura Cochrane said Dubai World
has US$59 billion in liabilities.  Bloomberg said Dubai
accumulated US$80 billion of debt by expanding in banking, real
estate and transportation before credit markets seized up last
year.

The Journal said Standard & Poor's in an October report estimated
Dubai World could be responsible for as much as 50% of Dubai's
total government and corporate debt load of some US$80 billion to
US$90 billion.

                          Large Exposure

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2009, The Wall Street Journal's Chip Cummins, Dana Cimilluca and
Sara Schaefer Munoz, citing a person familiar with the matter,
said that U.K.'s Royal Bank of Scotland Group PLC, HSBC Holdings
PLC, Barclays PLC, Lloyds Banking Group PLC, Standard Chartered
PLC and ING Groep NV of the Netherlands, are among the
international banks that have large exposure in Dubai World.

RBS has lent roughly US$1 billion to Dubai World, another person
said, according to the Journal.  Sources also told the Journal
Barclays's exposure to Dubai World is roughly US$200 million, and
that exposure is effectively hedged.

David Robertson at The (U.K) Times reported Credit Suisse has
estimated that European banks could have EUR40 billion
(GBP36 billion) in loans to Dubai and much of this could be at
risk if the Gulf emirate defaults.

The Journal, citing people familiar with the matter, said the
banks with the greatest exposure to Dubai World are Abu Dhabi
Commercial Bank and Emirate NBD PJSC, people familiar with the
matter said.

Dow Jones Newswires' Margot Patrick related that a report by the
Emirates Banks Association said the top eight foreign banks in the
United Arab Emirates by lending volume -- HSBC, Standard
Chartered, Barclays, HSBC, Royal Bank of Scotland's ABN Amro,
Citigroup Inc., BNP Paribas SA, Lloyds and Credit Agricole SA's
Calyon, -- extended about US$36 billion in loans in 2008
throughout the federation, without breaking down the loans by
emirate or type of borrower.

                        About Dubai World

Dubai World -- http://www.dubaiworld.ae/-- is Dubai's flag bearer
in global investments.  As a holding company it operates a highly
diversified spectrum of industrial segments and plays a major role
in the emirate's rapid economic growth.  Dubai World's investment
spans four strategic growth areas of 21st Century commerce namely,
Transport & Logistics, Drydocks & Maritime, Urban Development and
Investment & Financial Services.  Dubai World's portfolio includes
DP World, one of the largest marine terminal operators in the
world; Drydocks World & Dubai Maritime City designed to turn Dubai
into a major ship-building and maritime hub; Economic Zones World
which operates several free zones around the world including Jafza
and TechnoPark in Dubai; Nakheel the property developer behind
iconic projects such as The Palm Islands and The World among
others; Limitless the international real estate master planner
with current development projects in various parts of the world;
Leisurecorp a global sports and leisure investment group,
reshaping the industry by unlocking value across investment,
development and brand opportunities; Dubai World Africa which
oversees the regional development and portfolio of investments in
the African continent; and Istithmar World, the group's investment
arm that has a global footprint in finance, capital, leisure,
aviation and various other business ventures.

The Sun Never Sets on Dubai World, its Web site says.


ROADCHEF FINANCE: S&P Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Roadchef Finance Ltd.'s class A2 and B notes.

The rating actions follow S&P's assessment of the estate's
performance to date, along with S&P's assessment of the
willingness and ability of the parent Delek Real Estate to
continue to support the transaction.

Roadchef recently cured a breach of its debt-service coverage
ratio covenant after an equity injection cure from the development
group following the sale of a motorway service station held
outside the securitized estate.  This cure comprised an injection
of GBP5.0 million in Q4 2008, and a further injection of
GBP0.9 million on Nov. 4, 2009.  Even though technically it
remains in compliance with this covenant, in S&P's analysis
Roadchef does not generate sufficient cash flow to meet its debt
service obligations.  The next debt service payment is due in
October 2010.

Despite a reported improvement in Q3, EBITDA continues to be down
year-on-year, and EBITDA to DSCR and free cash flow  to DSCR were
0.89x and 0.88x, respectively in the 12 months to October 2009, if
S&P excludes the benefits of the equity cure.  In S&P's view, this
means that Roadchef would have been unlikely to be able to meet
its scheduled debt service without the aforementioned injections,
and without continued support from its parent.

S&P highlighted Roadchef's reliance on its parent (Delek) in its
last transaction update in September 2008.  In S&P's view,
however, Delek's ability to support the Roadchef transaction has
subsequently reduced.

Under its base case, S&P continues to expect Roadchef to grow its
EBITDA modestly over the next 12 months, based on its expectations
that the U.K. economy will start to grow again 2010.  This may
increase people's willingness to spend at motorway service areas
during their travels.  Downside risks, however, persist in S&P's
view, with unemployment expected to continue to increase in the
U.K.

Marked increases in short-term interest rates or taxes could
affect customer ability and willingness to spend.  Further
pressures could come from increasing fuel prices if this affected
people's willingness to take trips within the U.K. S&P note the
ratings could come under pressure if S&P sees a further
deterioration in EBITDA or FCF, or if Delek Real Estate's level of
support were to diminish.

Roadchef Finance is a corporate securitization of most of Roadchef
Ltd.'s operating business.  The transaction closed in December
1998.  S&P continues to view the business risk profile of Roadchef
as weak.

The ratings address the full and timely payment of interest and
principal due on the notes (based primarily on S&P's ongoing
assessment of the underlying business risk of the borrowers), the
integrity of the transaction's legal and tax structure, and the
robustness of the cash flow analysis, and structural enhancements.

The collateral for the notes comprises loans made to three
Roadchef-owned entities: Roadchef Motorways Ltd., Takeabreak
Motorway Services Ltd., and Blue Boar Motorways Ltd. Each loan is
secured on interests in 16 motorway service areas across the U.K.

Roadchef currently has approximately a 17% market share and
attracts about 60 million visitors per year.

                            Rating List

                       Roadchef Finance Ltd.
          GBP210 Million Fixed- and Floating Rate Notes

                         Ratings Lowered

                                      Rating
                                      ------
            Class             To                  From
            -----             --                  ----
            A2                B                   BB
            B                 B-                  B


SOLUTIA INC: Discontinues Operations at Cologne, Germany
--------------------------------------------------------
Solutia Inc. (NYSE: SOA) announced it will discontinue
manufacturing at its plant in Cologne, Germany, effective as soon
as practical.  Taminco N.V. will acquire certain assets and
assume certain contracts and commercial obligations relating to
the tetramethylthiuram disulfide (TMTD) and tetraethylthiuram
disulfide (TETD) products.  As a part of that transaction,
Solutia will continue to produce TMTD and TETD at Cologne for
Taminco during a transition period, which is expected to conclude
by the end of the first quarter 2010.  Solutia will continue to
manufacture and provide Perkacit DPTT to customers.

"Due to the emergence of lower cost competition, the TMTD and TETD
products manufactured by Solutia at Cologne are no longer
competitive on a global scale," said Mike Donnelly, president and
general manager, for Solutia's Technical Specialties business.
"This decision is consistent with Solutia's strategy to strengthen
core businesses that are market leaders with attractive margins
and a presence that spans the globe.  We will work to ensure the
employees impacted by this change are treated fairly, and will
help customers transition to a new supply arrangement with
Taminco."

Solutia's Technical Specialties segment offers advanced products
that meet or exceed rigorous specifications and are distributed
through a reliable, global manufacturing and supply system.  Its
products include specialty fluids and rubber chemicals that
improve durability, increase safety and enhance energy efficiency.
The service team works closely with customers to constantly
improve key performance and quality levels and to anticipate and
develop solutions to market challenges.

                        About Solutia Inc.

Based in St. Louis, Missouri, Solutia Inc. (NYSE: SOA) --
http://www.solutia.com/-- and its subsidiaries, manufactures and
sells chemical-based materials, which are used in consumer and
industrial applications worldwide.

The company and 15 debtor-affiliates filed for chapter 11
protection on December 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03-
17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.  On November 29, 2007, the Court
confirmed a consensual reorganization plan for Solutia.  Solutia
emerged from Chapter 11 protection February 28, 2008.  Solutia was
represented by Kirkland & Ellis LLP, and Blackwell Sanders LLP in
the Chapter 11 case.  Akin Gump Strauss Hauer & Feld LLP
represented the unsecured creditors.  Solutia's US$2.05 billion
exit financing facility was funded by Citigroup Global Markets
Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank
Securities Inc.  The exit financing is being used to pay certain
creditors, and for ongoing operations.

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

                           *     *     *

In October 2009, Standard & Poor's Ratings Services said that it
raised its ratings on reorganized Solutia Inc., including the
corporate credit rating, to 'B+' from 'B'.  The outlook is
positive.

Moody's also affirmed the 'B1' corporate family rating for
Solutia.  Moody's said the rating reflects the Company's high
leverage and weak, but improving, credit metrics along with the
uncertainty surrounding its environmental remediation activities.


SOUTHERN PACIFIC: Moody's Junks Ratings on Ten Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of:

  -- Classes D1c and E1c notes issued by Southern Pacific
     Securities 05-1 PLC;

  -- Classes D1a, E1c and E2c notes issued by Southern Pacific
     Securities 05-2 PLC;

  -- Classes A2a, A2c, C1a, C1c, D1a, D1c and E1c notes issued by
     Southern Pacific Securities 05-3 PLC;

  -- Classes A, D and E notes issued by Southern Pacific Financing
     05-B PLC.

In total, Moody's Investors Service has downgraded the ratings of
15 classes of notes and has confirmed the ratings of 11 classes of
notes issued by Southern Pacific Securities 05-1, Southern Pacific
Securities 05-2, Southern Pacific Securities 05-3 and Southern
Pacific Financing 05-B (together the "Affected Transactions").  In
addition, Class A2a and A2c notes of Southern Pacific Securities
05-1 and Class DTc notes of Southern Pacific Securities 05-3 have
been fully repaid and their ratings have been withdrawn.

The 26 affected tranches, listed at the end of this press release,
had been placed on review for possible downgrade on 17 September
2008 because of their exposure to Lehman Brothers Holding Inc.
These notes were also on review for possible downgrade due to
worse-than-expected performance as detailed in a press release
dated 26 June 2009 when Moody's placed on review 13 UK Non-
Conforming RMBS transactions and commented on 14 other UK NC RMBS
transactions.  The rating actions conclude the review and take
into account increased loss expectations for the four mortgage
portfolios backing these transactions as well as the exposure to
LBHI or to entities ultimately owned by LBHI performing servicing
and cash management functions.  Moody's notes that the weak
performance of these transactions is the main driver for the
rating action.

                      Transaction Overview

All the performance data mentioned in this paragraph refer to the
investor reports published in September 2009.  Updated data will
be shortly available in the investor reports which will be
published on 10 December 2009.

Southern Pacific Securities 05-1 closed in February 2005 and the
current pool factor is approximately 14%.  The assets supporting
the notes are first and second lien non-conforming mortgage loans
secured by residential properties located in England, Wales,
Scotland and Northern Ireland, with approximately 44% of the
outstanding portfolio represented by interest-only loans.  The
second lien mortgages represent about 10% of the current pool
balance.  The original weighted average LTV at closing was
approximately 76% while the current weighted average indexed LTV
has slightly decreased to approximately 73% partially due to the
house price appreciation after closing of the transaction.

The cumulative losses realized since closing in Southern Pacific
Securities 05-1 amount to 2.20% of the original portfolio balance,
with an average loss severity since inception of 11% for first
liens and 48% for second liens.  The reserve fund is currently
fully funded and represents 3.5% of the current pool balance.

Southern Pacific Securities 05-2 closed in August 2005 and the
current pool factor is approximately 18%.  The assets supporting
the notes are first and second lien non-conforming mortgage loans
secured by residential properties located in England, Wales,
Scotland and Northern Ireland, with approximately 42% of the
outstanding portfolio represented by interest-only loans.  The
second lien mortgages represent about 13% of the current pool
balance.  The original weighted average LTV at closing was
approximately 77% while the current weighted average indexed LTV
has slightly decreased to approximately 74%.

The cumulative losses realized since closing in Southern Pacific
Securities 05-2 amount to 2.88% of the original portfolio balance,
with an average loss severity since inception of 15% for first
liens and 47% for second liens.  The reserve fund is currently
funded at 75% the target level and represents 2.0% of the current
pool balance.

Southern Pacific Securities 05-3 closed in November 2005 and the
current pool factor is approximately 27%.  The assets supporting
the notes are first and second lien non-conforming mortgage loans
secured by residential properties located in England, Wales,
Scotland and Northern Ireland, with approximately 46% of the
outstanding portfolio represented by interest-only loans.  The
second lien mortgages represent about 8% of the current pool
balance.  The original weighted average LTV at closing was
approximately 76% while the current weighted average indexed LTV
is 75%.

The cumulative losses realized since closing in Southern Pacific
Securities 05-3 amount to 2.79% of the original portfolio balance,
with an average loss severity since inception of 17% for first
liens and 40% for second liens.  The reserve fund is currently
fully funded and represents 1.8% of the current pool balance.  In
addition to the standard reserve fund, the structure is also
supported by an Interest Rate Cap Proceeds Reserve Fund which also
provides support to the notes.  This additional reserve is
currently funded at 0.5% of the current pool balance.

Southern Pacific Financing 05-B closed in July 2005 and the
current pool factor is approximately 27%.  The assets supporting
the notes are first lien non-conforming/near prime mortgage loans
secured by residential properties located in England, Wales,
Scotland and Northern Ireland, with approximately 50% of the
outstanding portfolio represented by interest-only loans.  The
original weighted average LTV at closing was approximately 80%
while the current weighted average indexed LTV is 76%.

The cumulative losses realized since closing in Southern Pacific
Financing 05-B amount to 1.34% of the original portfolio balance,
with an average loss severity since inception of 17%.  The reserve
fund is currently funded at 91% of the target balance and
represents 3.3% of the current pool balance.

                 Revised Performance Expectations

According to the latest investor reports, 90+ days delinquencies
have recently stabilized while the amount of outstanding
repossessions has decreased.  As per the latest reporting date in
September 2009, 90+ days delinquencies plus repossessions
represented 36.2% of the outstanding balance of the portfolio in
Southern Pacific Securities 05-1, 39.1% in Southern Pacific
Securities 05-1, 40.8% in Southern Pacific Securities 05-3 and
25.2% in Southern Pacific Financing 05-B.  .

In the last two quarters the servicer has reported payment rates
of far above 100% for all four transactions.  The payment rate
compares the actual interest collections with the scheduled
interest in the period.  Therefore a payment rate of above 100%
indicates that borrowers were on average able to partially cure
their arrears.  This performance is supported by the current
benign interest rate environment which is currently particularly
beneficial for these pools as all borrowers pay floating rate
interest.  Even though this characteristic currently supports
arrears performance, Moody's has taken into account in the
analysis that such payment ability could be put at risk in case
the interest rate environment became less favorable in the future.

Moody's has assessed updated loan-by-loan information of the
outstanding portfolio to determine the volatility of future
losses.  As a consequence, Moody's has revised its Milan Aaa CE
for the Affected Transactions to 39% for Southern Pacific
Securities 05-1, Southern Pacific Securities 05-2 and Southern
Pacific Securities 05-3.  As of closing, these numbers were 17.5%
for Southern Pacific Securities 05-1, 19% for Southern Pacific
Securities 05-2 and 17.3% for Southern Pacific Securities 05-3.
For Southern Pacific Financing 05-B, the Milan Aaa CE was
increased from 19.1% as of closing to 26%.

The current credit enhancement of the Class A notes of the
Affected Transactions (excluding excess spread) equals
approximately 94.5% in Southern Pacific Securities 05-2, 66.2% in
Southern Pacific Securities 05-3 and 41.9% in Southern Pacific
Financing 05-B.

Considering the current amount of realised losses, and completing
a roll-rate and severity analysis for the non-defaulted portion of
the portfolio, Moody's has also increased its total loss
expectations to 4.5%, 6.0% and 6.5% of the original portfolio
balance for Southern Pacific Securities 05-1, Southern Pacific
Securities 05-2 and Southern Pacific Securities 05-3 respectively
(vs.  2.1%, 1.85% and 2.3% assumed at closing).  The total loss
expectation for Southern Pacific Financing 05-B was increased to
3.5% of the original portfolio balance compared to the expectation
at closing of 1.5%.

The loss expectation and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into Moody's RMBS cash-flow
model.  Moody's has also factored into its analysis the negative
sector outlook for UK non-conforming RMBS.  The sector outlook
reflects these expectations of key macro-economic indicators: GDP
to contract by 4.1% in 2009, followed by growth of 0.9% in 2010,
unemployment to increase to 9.6% by 2010 from 7.8%, house prices
to decrease by over 30% from their peak in 2007 to a trough in
2010 and further increases in personal insolvencies.

    Swaps, Servicing, Liquidity Facilities And Cash Management

Some of the notes in the four transactions are denominated in EUR.
The Issuers have entered into currency swap agreements with
Barclays Bank PLC to hedge the foreign exchange risk.

The Affected Transactions are exposed to unhedged basis risk
between the interest received on the mortgage loans and the
interest due on the notes.  While both payments are based on 3-
Month-LIBOR, basis risk is introduced into the transactions as the
loans in the pools reset 9 days earlier than the notes.  These
unhedged basis risks had been previously sized by Moody's and have
not been the driver of the rating actions.

In addition, the breach of a rating trigger by the liquidity
facility provider has resulted in stand-by drawings of the
liquidity facilities for all four transactions.  These stand-by
drawings have caused increased costs for the structures.  The
performance triggers are currently breached and the amounts of the
liquidity facilities can no longer amortise so that their relative
balances are increasing compared to the outstanding note amounts
causing an increase in costs for the structure over time.  Moody's
has considered these increased costs and the resulting decrease in
available excess spread over time in the cash flow analysis.
Currently the drawn amounts of the liquidity facilities represent
47% of the current balance in Southern Pacific Securities 05-1,
36% of the current balance in Southern Pacific Securities 05-2,
20% of the current balance in Southern Pacific Securities 05-3 and
21% of the current balance in Southern Pacific Financing 05-B.

Finally, the rating actions incorporate the potential operational
risks associated with the timely performance of the servicing and
cash management functions in transaction name.  In this
transaction, Capstone Mortgage Services Ltd. is the appointed
servicer and cash bond administrator.  Following a review of
Capstone servicing operations, Moody's is satisfied with the
ability of the servicer to perform its duties considering current
resources, systems and procedures.

However, Moody's considers the back-up servicing and cash
management arrangements in place with HML to be not sufficiently
hot to ensure in all circumstances, including a Aaa-scenario, the
timely payment of principal and interest on the notes and payments
to the cross-currency swap provider, due to the limited time
available in the structure between the determination date and the
payment date and taking into account the grace periods under the
notes and the swaps.

In Moody's view, the lack of a highly-rated entity performing the
servicing and cash management functions make the most senior
classes particularly vulnerable to the absence of sufficiently hot
back-up agreements.  In Southern Pacific Securities 05-3, the
consideration of this residual operational risk has affected the
ratings of the Classes A2a and A2c notes by two notches, whereas
in Southern Pacific Financing 05-B, the consideration of this
residual operational risk has affected the ratings of the Class A
notes by one notch as in this transaction there is no cross-
currency swap included in the structure.  Despite the existing
operational risk, Moody's confirms the Aaa ratings of Class A2c
notes of Southern Pacific Securities 05-2 due to the very short
remaining term of these notes as they are expected to be repaid
within the next 6 months.

                     List Of Affected Notes

The classes of notes affected by the rating actions are:

Southern Pacific Securities 05-1:

  -- Class B1c confirmed at Aa2; previously on 17 September 2008
     Aa2 and placed under review for possible downgrade;

  -- Class C1c confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class D1c downgraded to Caa2; previously on 17 September 2008
     Baa2 and placed under review for possible downgrade;

  -- Class E1c downgraded to C; previously on 17 September 2008
     Ba1 and placed under review for possible downgrade.

Southern Pacific Securities 05-2:

  -- Class A2c, confirmed at Aaa; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class B1a confirmed at Aa2; previously on 17 September 2008
     Aa2 and placed under review for possible downgrade;

  -- Class B1c confirmed at Aa2; previously on 17 September 2008
     Aa2 and placed under review for possible downgrade;

  -- Class C1a confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class C1c confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class D1a downgraded to Caa2; previously on 17 September 2008
     Baa2 and placed under review for possible downgrade;

  -- Class E1c downgraded to C; previously on 17 September 2008
     Ba2 and placed under review for possible downgrade;

  -- Class E2c downgraded to C; previously on 17 September 2008
     Ba2 and placed under review for possible downgrade.

Southern Pacific Securities 05-3:

  -- Class A2a, downgraded to Aa2; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class A2c, downgraded to Aa2; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class B1a confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class B1c confirmed at Aa3; previously on 17 September 2008
     Aa3 and placed under review for possible downgrade;

  -- Class C1a downgraded to Ba2; previously on 17 September 2008
     A3 and placed under review for possible downgrade;

  -- Class C1c downgraded to Ba2; previously on 17 September 2008
     A3 and placed under review for possible downgrade;

  -- Class D1a downgraded to Ca; previously on 17 September 2008
     Baa3 and placed under review for possible downgrade;

  -- Class D1c downgraded to Ca; previously on 17 September 2008
     Baa3 and placed under review for possible downgrade;

  -- Class E1c downgraded to C; previously on 17 September 2008
     Ba2 and placed under review for possible downgrade;

Southern Pacific Financing 05-B:

  -- Class A downgraded to Aa1; previously on 17 September 2008
     Aaa and placed under review for possible downgrade;

  -- Class B confirmed at Aa2; previously on 17 September 2008 Aa2
     and placed under review for possible downgrade;

  -- Class C confirmed at A2; previously on 17 September 2008 A2
     and placed under review for possible downgrade;

  -- Class D downgraded to Caa2; previously on 17 September 2008
     Baa2 and placed under review for possible downgrade;

  -- Class E downgraded to C; previously on 17 September 2008 Ba2
     and placed under review for possible downgrade.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transactions.  Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.


TITAN EUROPE: Moody's Affirms Rating on Class D Notes at 'C'
------------------------------------------------------------
Moody's Investors Service has affirmed, confirmed and downgraded
these classes of Notes issued by Titan Europe 2007-3 Limited
(amounts reflect initial outstandings):

  -- GBP463.04M Class A1 Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Baa1; previously on Nov. 2,
     2009 Aa2 Placed Under Review for Possible Downgrade

  -- GBP115.76M Class A2 Commercial Mortgage Backed Floating Rate
     Notes due 2016, Downgraded to Ba3; previously on Nov. 2, 2009
     Ba1 Placed Under Review for Possible Downgrade

  -- GBP54.39M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2016, Confirmed at B3; previously on Nov. 2, 2009
     B3 Placed Under Review for Possible Downgrade

  -- GBP52.79M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2016, Confirmed at Ca; previously on Nov. 2, 2009
     Ca Placed Under Review for Possible Downgrade

  -- GBP53.19M Class D Commercial Mortgage Backed Floating Rate
     Notes due 2016, Affirmed at C; previously on June 16, 2009
     Downgraded to C

Moody's does not rate the Class E, Class F, Class G, Class V and
Class X Notes issued by Titan Europe 2007-3 Limited.  The rating
action concludes the review for possible downgrade that was
initiated for the Class A1, Class A2, Class B and the Class C
Notes on 2 November 2009.

Titan Europe 2007-3 Limited closed in August 2007 and represents
the securitization of initially 20 mortgage loans originated by
Credit Suisse and secured by first-ranking legal mortgages over
initially 35 commercial properties located across the UK.  The
properties were predominantly office (53%) and mixed-use (37%).
61% of the properties were located in the Greater London area.
The remaining collateral pool consisted of retail (5%), warehouse
(3%) and industrial (3%) properties located throughout England.

Moody's review for possible downgrade of the Class A1, Class A2,
Class B and Class C Notes on 2 November 2009 was prompted by the
deferral of interest on all Classes of Notes except for the Class
A1 and Class X Notes on the October 2009 Note IPD.  The Backup
Advance Provider had deemed certain advances provided under the
defaulted Project Metro Loan (5.5% of the current pool) to be non-
recoverable.  Therefore, the Backup Advance Provider (i) did not
provide any advances to cover interest shortfalls on the Project
Metro Loan as of the 23 October 2009 IPD and (ii) requested the
cancellation of the advances made on the July 2009 IPD.
Consequently, there were insufficient funds to fully cover the
interest due on the Notes on the October 2009 Note IPD and all
interest due on the Class G, Class F, Class E, Class D, Class C
and Class B was deferred.  Interest due on the Class A2 Notes was
partially deferred.

The downgrades of the Class A1and A2 Notes and the
confirmation/affirmation on the other Moody's rated Notes follow
an assessment of the risk of potential further interest deferrals
on these Notes and the expected timing and likelihood of the
repayment of deferred interest in relation to the Class A2 Notes
over time.  The rating actions also take into consideration the
further deterioration of the underlying collateral portfolio since
Moody's latest downgrade action in June 2009.

Given the increased uncertainty resulting from a) the uncertainty
about Advances being available for the non-performing loans in the
future, b) a potential reimbursement of previously provided
Advances and c) the significant and highly volatile level of
expenses and costs that are senior to the interest payments due on
the Notes, the risk in relation to timely interest payments of the
Class A1 and the Class A2 Notes has significantly increased.  The
June 2009 rating action already incorporated the significant risk
of interest deferrals on the Class B, Class C and Class D Notes.

In Moody's view, the transaction faces an increased risk of a
potential interest shortfall on the Class A1 Notes and a
subsequent Note Event of Default.  However, the rating agency
expects that due to the senior position in the waterfall, accrual
of interest on the Class A1 Notes would be temporary in nature.
Therefore, Moody's assesses at this point in time the Class A1
Notes to be of investment grade quality, but highlights the
significant rating sensitivity of this class to further
deterioration of the collateral pool, potential reimbursements of
other Advances and/or an increase in senior costs, which could
lead to a downgrade of this class to a sub-investment grade level
if interest were accrued as a result.

Likewise, the timing and likelihood of a full repayment of
deferred interest on the Class A2 Notes is highly sensitive to the
development of senior ranking expenses, potential reimbursements
of other advances and to the performance of the collateral
portfolio.  In adverse scenarios, it might take several Note IPDs
to repay the deferred interest on this class.

Moody's analysis includes scenarios assuming reimbursements of
Advances advanced by the Backup Advance Provider and/or the
Advance Provider with respect to the other two defaulted loans
(Bacchus Loan (7.6% of the current pool) and Holmewood
Chesterfield Loan (2.6% of the current pool)) and further interest
shortfalls on the Notes if the servicer, Advance Provider or
Backup Advance Provider decides that Advances would be non-
recoverable.

The further deterioration of the collateral pool mentioned above
includes the default of the Bacchus Loan as of the July 2009 Note.
Given the request by the servicer to revalue the industrial
properties securing this loan, there is an imminent risk of a
further appraisal reduction beside the appraisal reduction already
in place in relation to the other two defaulted loans.


URSUS EPC: Fitch Junks Ratings on Three Classes of Notes
--------------------------------------------------------
Fitch Ratings has downgraded the class A to E CMBS notes of Ursus
EPC plc.  The class A and B notes have Negative Outlooks.  Fitch
has also assigned Recovery Ratings to the class C, D and E notes.
A full rating breakdown follows:

  -- GBP28.9m class A due July 2012 (XS0225923274) downgraded to
     'A' from 'AAA'; Outlook Negative

  -- GBP0.01m class X1 (XS0225925139) affirmed at 'AAA'; Outlook
     Stable

  -- GBP0.005m class X2 (XS0225928828) affirmed at 'AAA'; Outlook
     Stable

  -- GBP0.005m class X3 (XS0225930212) affirmed at 'AAA'; Outlook
     Stable

  -- GBP0.005m class X4 (XS0225931020) affirmed at 'AAA'; Outlook
     Stable

  -- GBP5.2m class B due July 2012 (XS0225931889) downgraded to
     'BBB' from 'AA'; Outlook Negative

  -- GBP5.2m class C due July 2012 (XS0225932697) downgraded to
     'CCC' from 'A'; assigned 'RR4'

  -- GBP5.1m class D due July 2012 (XS0225933406) downgraded to
     'CC' from 'BBB'; assigned 'RR6'

  -- GBP2.9m class E due July 2012 (XS0225934719) downgraded to
     'CC' from 'BB-'; assigned 'RR6'

The rating action reflects the failure to repay, and subsequent
transfer to special servicing, of the Lamorna and Shazr loans at
maturity on 15 October 2009, and also the uncertainty surrounding
the impending maturities of the two remaining loans -- the
Castlegate Shopping Centre and the TK Maxx Distribution Centre
loans -- which are both scheduled for April 2010.  Fitch's
criteria for European CMBS surveillance was used to analyze the
quality of the remaining underlying commercial loan.

Net income derived from the underlying property collateral remains
robust, with the interest coverage ratios of each loan exceeding
1.32x.  However, the overwhelming risk in the transaction lies
with the refinancing prospects of these borrowers, particularly
given the beleaguered condition of non-prime UK commercial
property and bank lending markets.  Fitch estimates the current
weighted average loan-to-value ratio of the remaining loans to be
approximately 130%, implying a high likelihood of loss for junior
classes.

The Lamorna and Shazr loans are two cross-collateralized and
cross-defaulted facilities with a current combined outstanding
balance of GBP3.5 million.  Neither loan was repaid on the
scheduled maturity date of 15 October 2009.  The loans are secured
by a portfolio of tertiary high street retail and adjoining
residential properties located in east London.  Fitch believes
that the exit debt yield based on in-place rent stands at 10.7%,
lower than the prevailing yield on assets of this quality.  The
agency estimates a combined LTV of 112%.

The Castlegate Shopping Centre loan has a current outstanding
balance of GBP36.1 million and is secured by a single secondary
shopping centre located in Stockton-on-Tees.  The property has an
EDY based on passing rent of 7.7%, which is unlikely to be
sufficient to avoid some loss.  Fitch's estimated LTV of 136%
bears out this expectation, given the imminent maturity date.

The TK Maxx Distribution Centre loan has amortized to
GBP7.7 million, from GBP8.4 million at closing.  It is secured by
a single distribution centre situated near Wakefield, Yorkshire,
and fully let to TK Maxx Ltd on a lease expiring in March 2015.
Based on the current lease in place, the loan EDY is quite healthy
at 10.3%.  However, uncertainty as to the sustainability of
projected income after the TK Maxx lease expires, as well as a
significantly weakened investment market for light industrial
properties in the current market, leads Fitch to estimate that the
current LTV is in the region of 107%.

The transaction's ratings may be affected by the actions of the
servicer and special servicer in maximizing recoveries under the
remaining loans prior to the legal final maturity of the
transaction in July 2012.  Fitch will monitor developments in this
regard closely.


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


* Large Companies with Insolvent Balance Sheet
----------------------------------------------


                                   Total
                                   Shareholders     Total
  Company           Ticker         Equity (U$)    Assets (US$)
  -------           ------         ------           ------

AUSTRIA
-------
LIBRO AG             LIB AV          -109013328.02    171684389.13
LIBRO AG             LIBR AV         -109013328.02    171684389.13
LIBRO AG             LB6 GR          -109013328.02    171684389.13
LIBRO AG             LBROF US        -109013328.02    171684389.13
SKYEUROPE            SKY PW           -89480486.93     159076577.5
SKYEUROPE            SKYP PW          -89480486.93     159076577.5
SKYEUROPE HLDG       S8E GR           -89480486.93     159076577.5
SKYEUROPE HLDG       SKYPLN EU        -89480486.93     159076577.5
SKYEUROPE HLDG       SKYA PZ          -89480486.93     159076577.5
SKYEUROPE HLDG       SKY LI           -89480486.93     159076577.5
SKYEUROPE HLDG       SKY EU           -89480486.93     159076577.5
SKYEUROPE HLDG       SKURF US         -89480486.93     159076577.5
SKYEUROPE HLDG       SKYPLN EO        -89480486.93     159076577.5
SKYEUROPE HLDG       SKYV IX          -89480486.93     159076577.5
SKYEUROPE HLDG       SKY EO           -89480486.93     159076577.5
SKYEUROPE HLDG       SKY AV           -89480486.93     159076577.5
SKYEUROPE HOL-RT     SK1 AV           -89480486.93     159076577.5

BELGIUM
-------
SABENA SA            SABA BB          -84766501.61   2196477160.83

CYPRUS
------
LIBRA HOLIDA-RTS     LGWR CY           -27821889.5    240947718.02
LIBRA HOLIDA-RTS     LBR CY            -27821889.5    240947718.02
LIBRA HOLIDAY-RT     3167808Z CY       -27821889.5    240947718.02
LIBRA HOLIDAYS       LHGCYP EU         -27821889.5    240947718.02
LIBRA HOLIDAYS       LHGR CY           -27821889.5    240947718.02
LIBRA HOLIDAYS       LHGCYP EO         -27821889.5    240947718.02
LIBRA HOLIDAYS G     LHG EO            -27821889.5    240947718.02
LIBRA HOLIDAYS G     LHG CY            -27821889.5    240947718.02
LIBRA HOLIDAYS G     LHG EU            -27821889.5    240947718.02
LIBRA HOLIDAYS G     LHG PZ            -27821889.5    240947718.02
LIBRA HOLIDAYS-P     LBHG PZ           -27821889.5    240947718.02
LIBRA HOLIDAYS-P     LBHG CY           -27821889.5    240947718.02

CZECH REPUBLIC
--------------
CKD PRAHA HLDG       297687Q GR       -89435858.16    192305153.03
CKD PRAHA HLDG       CDP EX           -89435858.16    192305153.03
CKD PRAHA HLDG       CKDPF US         -89435858.16    192305153.03
CKD PRAHA HLDG       CKDH CP          -89435858.16    192305153.03
CKD PRAHA HLDG       CKDH US          -89435858.16    192305153.03
SETUZA AS            SETUZA CP        -61453764.17    138582273.56
SETUZA AS            SZA GR           -61453764.17    138582273.56
SETUZA AS            SETUZA PZ        -61453764.17    138582273.56
SETUZA AS            SETU IX          -61453764.17    138582273.56
SETUZA AS            2994755Q EU      -61453764.17    138582273.56
SETUZA AS            2994763Q EU      -61453764.17    138582273.56
SETUZA AS            SZA EX           -61453764.17    138582273.56
SETUZA AS            2994767Q EO      -61453764.17    138582273.56
SETUZA AS            2994759Q EO      -61453764.17    138582273.56

DENMARK
-------
ELITE SHIPPING       ELSP DC          -27715991.74    100892900.29
ROSKILDE BAN-NEW     ROSKN DC         -532868894.9   7876687324.02
ROSKILDE BAN-RTS     ROSKT DC         -532868894.9   7876687324.02
ROSKILDE BANK        ROSK EO          -532868894.9   7876687324.02
ROSKILDE BANK        RKI GR           -532868894.9   7876687324.02
ROSKILDE BANK        ROSKF US         -532868894.9   7876687324.02
ROSKILDE BANK        ROSK EU          -532868894.9   7876687324.02
ROSKILDE BANK        ROSBF US         -532868894.9   7876687324.02
ROSKILDE BANK        ROSK PZ          -532868894.9   7876687324.02
ROSKILDE BANK        ROSK DC          -532868894.9   7876687324.02
ROSKILDE BANK        RSKC IX          -532868894.9   7876687324.02
ROSKILDE BANK-RT     916603Q DC       -532868894.9   7876687324.02

FRANCE
------
CARRERE GROUP        CARG FP           -9829536.83    279906699.95
CARRERE GROUP        CRRHF US          -9829536.83    279906699.95
CARRERE GROUP        CAR2 EO           -9829536.83    279906699.95
CARRERE GROUP        CAR2 EU           -9829536.83    279906699.95
CARRERE GROUP        CARF PZ           -9829536.83    279906699.95
CARRERE GROUP        CRGP IX           -9829536.83    279906699.95
CARRERE GROUP        CAR FP            -9829536.83    279906699.95
CARRERE GROUP        XRR GR            -9829536.83    279906699.95
CHAINE ET TRAME      CTRM FP           -46169771.5    134467847.56
CHAINE ET TRAME      CHTR FP           -46169771.5    134467847.56
GRANDE PAROISSE      GAPA FP          -927267926.9       629287290
GRANDE PAROISSE      GDPXF US         -927267926.9       629287290
GRANDE PAROISSE      GDPA FP          -927267926.9       629287290
IMMOB HOTEL BALN     IMHB FP          -66874823.95    301323804.92
IMMOB HOTELIERE      IMH GR           -66874823.95    301323804.92
IMMOB HOTELIERE      IMHO FP          -66874823.95    301323804.92
IMMOB HOTELIERE      IMBHF US         -66874823.95    301323804.92
IMMOB HOTELIERE      IMHO PZ          -66874823.95    301323804.92
IMMOB HOTELIERE      IMHO EO          -66874823.95    301323804.92
IMMOB HOTELIERE      SIH FP           -66874823.95    301323804.92
IMMOB HOTELIERE      IMMH IX          -66874823.95    301323804.92
IMMOB HOTELIERE      IMHO EU          -66874823.95    301323804.92
LAB DOLISOS          LADL FP          -27752176.19    110485462.44
LAB DOLISOS          DOLI FP          -27752176.19    110485462.44
MATUSSIERE & FOR     1007765Q FP      -77896683.67    293868350.79
MATUSSIERE & FOR     MTUSF US         -77896683.67    293868350.79
MB RETAIL EUROPE     MBRE EO           -46169771.5    134467847.56
MB RETAIL EUROPE     MBRE EU           -46169771.5    134467847.56
MB RETAIL EUROPE     MBRE FP           -46169771.5    134467847.56
MB RETAIL EUROPE     CTRF IX           -46169771.5    134467847.56
MB RETAIL EUROPE     MBRE PZ           -46169771.5    134467847.56
NORTENE              NRTP IX          -35623999.56    117566786.87
NORTENE              NORT FP          -35623999.56    117566786.87
NORTENE              NRTN FP          -35623999.56    117566786.87
ORBIS PLC            OBS PO            -4168498.48     127701679.5
OROSDI               OROS FP              -7291.55    131233317.62
OROSDI-BACK          BACK IX              -7291.55    131233317.62
OROSDI-BACK          OROS EU              -7291.55    131233317.62
OROSDI-BACK          ORBA FP              -7291.55    131233317.62
OROSDI-BACK          OROS EO              -7291.55    131233317.62
OROSDI-BACK          OROS PZ              -7291.55    131233317.62
ORSU METALS CORP     E4M GR             -123563000       104843000
ORSU METALS CORP     OSU LN             -123563000       104843000
OUTSIDE LIVING I     NORT PZ          -35623999.56    117566786.87
OUTSIDE LIVING I     NORT EU          -35623999.56    117566786.87
OUTSIDE LIVING I     OLIN PZ          -35623999.56    117566786.87
OUTSIDE LIVING I     OLIN FP          -35623999.56    117566786.87
OUTSIDE LIVING I     NORT EO          -35623999.56    117566786.87
PAGESJAUNES          PGJUF US       -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ TQ         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJGBX EU      -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJUSD EU      -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ EU         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJUSD EO      -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJGBX EO      -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJGBP EO      -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ EB         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ PZ         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ VX         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ FP         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ IX         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ LI         -3303869370.49    970555919.29
PAGESJAUNES GRP      QS3 GR         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ EO         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJP IX        -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ QM         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ BQ         -3303869370.49    970555919.29
PAGESJAUNES GRP      PAJ NQ         -3303869370.49    970555919.29
PREMIER FARNELL      PFLSEK EO        -53758146.86    722693619.54
RHODIA SA            RHAGBP EO       -913748142.24   6150227880.48
RHODIA SA            RHA EB          -913748142.24   6150227880.48
RHODIA SA            RHA IX          -913748142.24   6150227880.48
RHODIA SA            2324015Q EO     -913748142.24   6150227880.48
RHODIA SA            RHA VX          -913748142.24   6150227880.48
RHODIA SA            2324011Q EU     -913748142.24   6150227880.48
RHODIA SA            RHAGBX EU       -913748142.24   6150227880.48
RHODIA SA            RHADF US        -913748142.24   6150227880.48
RHODIA SA            RHA EU          -913748142.24   6150227880.48
RHODIA SA            RHAUSD EO       -913748142.24   6150227880.48
RHODIA SA            RHANR PZ        -913748142.24   6150227880.48
RHODIA SA            RHAY IX         -913748142.24   6150227880.48
RHODIA SA            RHA TQ          -913748142.24   6150227880.48
RHODIA SA            RHA FP          -913748142.24   6150227880.48
RHODIA SA            RHD GR          -913748142.24   6150227880.48
RHODIA SA            RHDAF US        -913748142.24   6150227880.48
RHODIA SA            3218857Q IX     -913748142.24   6150227880.48
RHODIA SA            RHA EO          -913748142.24   6150227880.48
RHODIA SA            RHA QM          -913748142.24   6150227880.48
RHODIA SA            RHA PZ          -913748142.24   6150227880.48
RHODIA SA            RHA NQ          -913748142.24   6150227880.48
RHODIA SA            RHDI GR         -913748142.24   6150227880.48
RHODIA SA            RHANR FP        -913748142.24   6150227880.48
RHODIA SA            RHA BQ          -913748142.24   6150227880.48
RHODIA SA            RHAUSD EU       -913748142.24   6150227880.48
RHODIA SA            RHAGBX EO       -913748142.24   6150227880.48
RHODIA SA - NEW      RHANV FP        -913748142.24   6150227880.48
RHODIA SA - NEW      3156011Q FP     -913748142.24   6150227880.48
RHODIA SA - NEW      2335921Q FP     -913748142.24   6150227880.48
RHODIA SA-ADR        RHAYY US        -913748142.24   6150227880.48
RHODIA SA-RIGHTS     RHADS FP        -913748142.24   6150227880.48
RHODIA SA-RIGHTS     653447Q FP      -913748142.24   6150227880.48
SDR CENTREST         117241Q FP      -132420119.65    252176017.15
SELCODIS             SLCO EO          -21481214.33    175720770.81
SELCODIS             SLCO FP          -21481214.33    175720770.81
SELCODIS             SLCO EU          -21481214.33    175720770.81
SELCODIS             SLCO PZ          -21481214.33    175720770.81
Selcodis             SPVX FP          -21481214.33    175720770.81
SELCODIS             SPVX IX          -21481214.33    175720770.81
STAGECOACH GROUP     SGC1AUD EU      -113434621.81   2507562891.85
THOMSON - NEW        2336061Q FP     -587281616.69   6690514314.58
THOMSON - NEW        TMSNV FP        -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS EB          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMM ES          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TNM GR          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMMLF US        -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS NQ          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMSGBX EU       -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS GK          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMMN FP         -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS FP          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMSUSD EU       -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMSGBP EO       -587281616.69   6690514314.58
THOMSON (EX-TMM)     TNMA GR         -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS US          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS PZ          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS BQ          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMM IX          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS QM          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS TQ          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMM VX          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMM LN          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS EU          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS EO          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMS VX          -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMSUSD EO       -587281616.69   6690514314.58
THOMSON (EX-TMM)     TMSGBX EO       -587281616.69   6690514314.58
THOMSON MULT-ADR     TMS-P US        -587281616.69   6690514314.58
THOMSON MULTI-NE     ZTM FP          -587281616.69   6690514314.58
THOMSON MULTIMED     TMM FP          -587281616.69   6690514314.58
TROUVAY CAUVIN       ETEC FP               -396978    133986439.74
TROUVAY CAUVIN       TVYCF US              -396978    133986439.74

GERMANY
-------
AGOR AG              DOO GR             -482446.63    144432986.17
AGOR AG              DOOG IX            -482446.63    144432986.17
AGOR AG              DOO EU             -482446.63    144432986.17
AGOR AG              DOOD PZ            -482446.63    144432986.17
AGOR AG              DOO EO             -482446.63    144432986.17
AGOR AG              NDAGF US           -482446.63    144432986.17
AGOR AG-RTS          2301918Z GR        -482446.63    144432986.17
ALNO AG              ANO EO           -68516656.94    290459933.75
ALNO AG              ANO GR           -68516656.94    290459933.75
ALNO AG              ANO PZ           -68516656.94    290459933.75
ALNO AG              ALNO IX          -68516656.94    290459933.75
ALNO AG              ANO EU           -68516656.94    290459933.75
ALNO AG-NEW          ANO1 GR          -68516656.94    290459933.75
ALNO AG-RTS          2259765Z GR      -68516656.94    290459933.75
BROKAT AG            BKISF US         -27139391.98    143536859.72
BROKAT AG            BRKAF US         -27139391.98    143536859.72
BROKAT AG            BROAF US         -27139391.98    143536859.72
BROKAT AG            BROFQ US         -27139391.98    143536859.72
BROKAT AG -NEW       BRJ1 GR          -27139391.98    143536859.72
BROKAT AG -NEW       BRJ1 NM          -27139391.98    143536859.72
BROKAT AG-ADR        BROA US          -27139391.98    143536859.72
BROKAT TECH -ADR     BROAQ US         -27139391.98    143536859.72
BROKAT TECH AG       BSA LN           -27139391.98    143536859.72
BROKAT TECH AG       BRJ NM           -27139391.98    143536859.72
BROKAT TECH AG       BRJ GR           -27139391.98    143536859.72
BROKAT TECH-ADR      BRJA GR          -27139391.98    143536859.72
CBB HOLD-NEW 97      COB2 GR          -42994732.85    904723627.84
CBB HOLDING AG       COBG PZ          -42994732.85    904723627.84
CBB HOLDING AG       COBG IX          -42994732.85    904723627.84
CBB HOLDING AG       COB2 EU          -42994732.85    904723627.84
CBB HOLDING AG       COB2 EO          -42994732.85    904723627.84
CBB HOLDING AG       CUBDF US         -42994732.85    904723627.84
CBB HOLDING AG       COB GR           -42994732.85    904723627.84
CBB HOLDING-NEW      COB1 GR          -42994732.85    904723627.84
CBB HOLDING-NEW      COB3 GR          -42994732.85    904723627.84
CINEMAXX AG          CNEMF US         -42008900.33    144431938.27
CINEMAXX AG          MXCG IX          -42008900.33    144431938.27
CINEMAXX AG          MXCUSD EU        -42008900.33    144431938.27
CINEMAXX AG          MXC PZ           -42008900.33    144431938.27
CINEMAXX AG          MXC EO           -42008900.33    144431938.27
CINEMAXX AG          MXC GR           -42008900.33    144431938.27
CINEMAXX AG          MXC EU           -42008900.33    144431938.27
CINEMAXX AG          MXCUSD EO        -42008900.33    144431938.27
CINEMAXX AG-RTS      MXC8 GR          -42008900.33    144431938.27
DEVELICA DEUTSCH     DDE IX          -107879893.78   1235370056.81
DEVELICA DEUTSCH     DDE PG          -107879893.78   1235370056.81
DEVELICA DEUTSCH     DDE LN          -107879893.78   1235370056.81
DEVELICA DEUTSCH     DDE PZ          -107879893.78   1235370056.81
DEVELICA DEUTSCH     D4B GR          -107879893.78   1235370056.81
DORT ACTIEN-BRAU     944167Q GR       -12689156.29    117537053.71
DORT ACTIEN-RTS      DAB8 GR          -12689156.29    117537053.71
EDOB ABWICKLUNGS     ESC PZ           -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESC TQ           -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESC EU           -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESC BQ           -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESCDF US         -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESC EO           -22323463.23    425598807.76
EDOB ABWICKLUNGS     ESC GR           -22323463.23    425598807.76
EM.TV & MERC-NEW     ETV1 GR          -22067409.41    849175624.65
EM.TV & MERC-NEW     ETV1 NM          -22067409.41    849175624.65
EM.TV & MERC-RTS     ETV8 GR          -22067409.41    849175624.65
EM.TV & MERC-RTS     ETV8 NM          -22067409.41    849175624.65
EM.TV & MERCHAND     ETV NM           -22067409.41    849175624.65
EM.TV & MERCHAND     ETVMF US         -22067409.41    849175624.65
EM.TV & MERCHAND     EMTVF US         -22067409.41    849175624.65
EM.TV & MERCHAND     985403Q GR       -22067409.41    849175624.65
EM.TV & MERCHAND     ETV VX           -22067409.41    849175624.65
EM.TV & MERCHAND     ETV LN           -22067409.41    849175624.65
ESCADA AG            ESCG IX          -22323463.23    425598807.76
ESCADA AG -PFD       ESC3 GR          -22323463.23    425598807.76
ESCADA AG-NEW        835345Q GR       -22323463.23    425598807.76
ESCADA AG-NEW        ESCN GR          -22323463.23    425598807.76
ESCADA AG-NEW        ESCN EU          -22323463.23    425598807.76
ESCADA AG-NEW        ESCC GR          -22323463.23    425598807.76
ESCADA AG-NEW        ESCD GR          -22323463.23    425598807.76
ESCADA AG-NEW        3069367Q GR      -22323463.23    425598807.76
ESCADA AG-NEW        ESCN EO          -22323463.23    425598807.76
ESCADA AG-RTS        ESCE GR          -22323463.23    425598807.76
ESCADA AG-SP ADR     ESCDY US         -22323463.23    425598807.76
KAUFRING AG          KFR PZ           -19296489.56    150995473.81
KAUFRING AG          KFR EU           -19296489.56    150995473.81
KAUFRING AG          KFR EO           -19296489.56    150995473.81
KAUFRING AG          KAUG IX          -19296489.56    150995473.81
KAUFRING AG          KFR GR           -19296489.56    150995473.81
MANIA TECHNOLOGI     MIAVF US          -35060806.5    107465713.61
MANIA TECHNOLOGI     MNI GR            -35060806.5    107465713.61
MANIA TECHNOLOGI     MNIG IX           -35060806.5    107465713.61
MANIA TECHNOLOGI     MNI NM            -35060806.5    107465713.61
MANIA TECHNOLOGI     2260970Z GR       -35060806.5    107465713.61
MANIA TECHNOLOGI     MNI1 EU           -35060806.5    107465713.61
MANIA TECHNOLOGI     MNI PZ            -35060806.5    107465713.61
MANIA TECHNOLOGI     MNI1 EO           -35060806.5    107465713.61
MATERNUS KLINI-N     MAK1 GR          -17804909.71    189933668.63
MATERNUS-KLINIKE     MAK PZ           -17804909.71    189933668.63
MATERNUS-KLINIKE     MNUKF US         -17804909.71    189933668.63
MATERNUS-KLINIKE     MAKG IX          -17804909.71    189933668.63
MATERNUS-KLINIKE     MAK EO           -17804909.71    189933668.63
MATERNUS-KLINIKE     MAK GR           -17804909.71    189933668.63
MATERNUS-KLINIKE     MAK EU           -17804909.71    189933668.63
NORDAG AG            DOO1 GR            -482446.63    144432986.17
NORDAG AG-PFD        DOO3 GR            -482446.63    144432986.17
NORDAG AG-RTS        DOO8 GR            -482446.63    144432986.17
NORDSEE AG           533061Q GR        -8200552.05    194616922.62
PRIMACOM AG          PRC GR           -18656728.68    610380925.67
PRIMACOM AG          PRC NM           -18656728.68    610380925.67
PRIMACOM AG          PRCG PZ          -18656728.68    610380925.67
PRIMACOM AG          PCAGF US         -18656728.68    610380925.67
PRIMACOM AG          PRC EO           -18656728.68    610380925.67
PRIMACOM AG          PRC2 GR          -18656728.68    610380925.67
PRIMACOM AG          PRCG IX          -18656728.68    610380925.67
PRIMACOM AG          PRC EU           -18656728.68    610380925.67
PRIMACOM AG-ADR      PCAG US          -18656728.68    610380925.67
PRIMACOM AG-ADR      PCAGY US         -18656728.68    610380925.67
PRIMACOM AG-ADR+     PCAG ES          -18656728.68    610380925.67
RAG ABWICKL-REG      ROS GR            -1744121.91    217776125.75
RAG ABWICKL-REG      ROS1 EU           -1744121.91    217776125.75
RAG ABWICKL-REG      ROSG PZ           -1744121.91    217776125.75
RAG ABWICKL-REG      RSTHF US          -1744121.91    217776125.75
RAG ABWICKL-REG      ROS1 EO           -1744121.91    217776125.75
RINOL AG             RILB IX                 -2.71    168095049.11
RINOL AG             RILB EO                 -2.71    168095049.11
RINOL AG             RIL GR                  -2.71    168095049.11
RINOL AG             RNLAF US                -2.71    168095049.11
RINOL AG             RILB PZ                 -2.71    168095049.11
RINOL AG             RILB EU                 -2.71    168095049.11
RINOL AG             RILB GR                 -2.71    168095049.11
ROSENTHAL AG         2644179Q GR       -1744121.91    217776125.75
ROSENTHAL AG-ACC     ROS4 GR           -1744121.91    217776125.75
ROSENTHAL AG-ADR     RSTHY US          -1744121.91    217776125.75
ROSENTHAL AG-REG     ROSG IX           -1744121.91    217776125.75
SANDER (JIL) AG      JLSDF US          -6153256.92    127548039.68
SANDER (JIL) AG      SAD GR            -6153256.92    127548039.68
SANDER (JIL)-PRF     SAD3 GR           -6153256.92    127548039.68
SANDER (JIL)-PRF     2916161Q EO       -6153256.92    127548039.68
SANDER (JIL)-PRF     2916157Q EU       -6153256.92    127548039.68
SANDER (JIL)-PRF     SAD3 PZ           -6153256.92    127548039.68
SINNLEFFERS AG       WHG GR            -4491629.96    453887060.07
SPAR HAND-PFD NV     SPA3 GR         -442426199.47   1433020960.55
SPAR HANDELS-AG      773844Q GR      -442426199.47   1433020960.55
SPAR HANDELS-AG      SPHFF US        -442426199.47   1433020960.55
TA TRIUMPH-A-RTS     1018916Z GR     -120075877.67    410015192.03
TA TRIUMPH-ACQ       TWNA EU         -120075877.67    410015192.03
TA TRIUMPH-ACQ       TWNA GR         -120075877.67    410015192.03
TA TRIUMPH-ADLER     TWNG IX         -120075877.67    410015192.03
TA TRIUMPH-ADLER     TWN GR          -120075877.67    410015192.03
TA TRIUMPH-ADLER     TTZAF US        -120075877.67    410015192.03
TA TRIUMPH-ADLER     TWN EO          -120075877.67    410015192.03
TA TRIUMPH-ADLER     TWN EU          -120075877.67    410015192.03
TA TRIUMPH-ADLER     TWN PZ          -120075877.67    410015192.03
TA TRIUMPH-NEW       TWN1 GR         -120075877.67    410015192.03
TA TRIUMPH-RT        TWN8 GR         -120075877.67    410015192.03
TA TRIUMPH-RTS       3158577Q GR     -120075877.67    410015192.03
VIVANCO GRUPPE       VVA1 EU          -22198683.12    111990951.35
VIVANCO GRUPPE       VVAG IX          -22198683.12    111990951.35
VIVANCO GRUPPE       VVA1 EO          -22198683.12    111990951.35
VIVANCO GRUPPE       VVA GR           -22198683.12    111990951.35
VIVANCO GRUPPE       VIVGF US         -22198683.12    111990951.35
VIVANCO GRUPPE       VVA1 PZ          -22198683.12    111990951.35
VIVANCO GRUPPE       VVA1 GR          -22198683.12    111990951.35

GREECE
------
AG PETZETAKIS SA     PTZ GR           -30790135.48    234437763.45
AG PETZETAKIS SA     PZETF US         -30790135.48    234437763.45
AG PETZETAKIS SA     PETZK EO         -30790135.48    234437763.45
AG PETZETAKIS SA     PETZK GA         -30790135.48    234437763.45
AG PETZETAKIS SA     PTZ1 GR          -30790135.48    234437763.45
AG PETZETAKIS SA     PETZK EU         -30790135.48    234437763.45
AG PETZETAKIS SA     PETZK PZ         -30790135.48    234437763.45
ALMA-ATERM-AUCT      ATERME GA         -4110971.32     105276552.2
ALMA-ATERMON SA      ATERM EO          -4110971.32     105276552.2
ALMA-ATERMON SA      ATERM EU          -4110971.32     105276552.2
ALMA-ATERMON SA      ATERM PZ          -4110971.32     105276552.2
ALTEC SA -AUCT       ALTECE GA       -103590250.31    177563163.73
ALTEC SA INFO        ALTEC PZ        -103590250.31    177563163.73
ALTEC SA INFO        ALTEC EU        -103590250.31    177563163.73
ALTEC SA INFO        AXY GR          -103590250.31    177563163.73
ALTEC SA INFO        ALTEC GA        -103590250.31    177563163.73
ALTEC SA INFO        ATCQF US        -103590250.31    177563163.73
ALTEC SA INFO        ALTEC EO        -103590250.31    177563163.73
ALTEC SA INFO-RT     ALTECR GA       -103590250.31    177563163.73
ALTEC SA INFO-RT     ALTED GA        -103590250.31    177563163.73
ARIES MARITIME T     RAMS US             -57875000       197992000
ARIES MARITIME T     A1M GR              -57875000       197992000
ASPIS PRON-PF RT     ASASPR GA        -154558841.2    846005811.89
ASPIS PRONIA -PF     ASAPR GA         -154558841.2    846005811.89
ASPIS PRONIA GE      AISQF US         -154558841.2    846005811.89
ASPIS PRONIA GE      ASASK GA         -154558841.2    846005811.89
ASPIS PRONIA GE      ASASK EU         -154558841.2    846005811.89
ASPIS PRONIA GE      ASASK PZ         -154558841.2    846005811.89
ASPIS PRONIA GE      ASASK EO         -154558841.2    846005811.89
ASPIS PRONIA-PF      ASASP GA         -154558841.2    846005811.89
ASPIS PRONIA-PF      APGV GR          -154558841.2    846005811.89
ASPIS PRONIA-RT      ASASKR GA        -154558841.2    846005811.89
ASPIS PRONOIA GE     APGG IX          -154558841.2    846005811.89
ASPIS PRONOIA GE     APG GR           -154558841.2    846005811.89
ATERMON DYNAMIC      ATERM GA          -4110971.32     105276552.2
EMPEDOS SA           EMPED GA         -33637669.62     174742646.9
EMPEDOS SA-RTS       EMPEDR GA        -33637669.62     174742646.9
KOUMBAS INSUR-RT     KOUMD GA         -39842421.26    236519943.73
KOUMBAS RTS          KOUMR GA         -39842421.26    236519943.73
KOUMBAS SYNERGY      KOUM GA          -39842421.26    236519943.73
KOUMBAS SYNERGY      KOUM EU          -39842421.26    236519943.73
KOUMBAS SYNERGY      KOUM PZ          -39842421.26    236519943.73
KOUMBAS SYNERGY      KOUM EO          -39842421.26    236519943.73
KOUMBAS SYNERGY      KOUMF US         -39842421.26    236519943.73
NAOUSSA SPIN -RT     NAOYD GA         -44175513.67    341686153.14
NAOUSSA SPIN-AUC     NAOYKE GA        -44175513.67    341686153.14
NAOUSSA SPIN-RTS     NAOYKR GA        -44175513.67    341686153.14
NAOUSSA SPINNING     NML1 GR          -44175513.67    341686153.14
NAOUSSA SPINNING     NML GR           -44175513.67    341686153.14
PETZET - PFD-RTS     PETZPD GA        -30790135.48    234437763.45
PETZETAKIS - RTS     PETZKD GA        -30790135.48    234437763.45
PETZETAKIS-AUC       PETZKE GA        -30790135.48    234437763.45
PETZETAKIS-PFD       PETZP GA         -30790135.48    234437763.45
PETZETAKIS-PFD       PTZ3 GR          -30790135.48    234437763.45
RADIO KORASS-RTS     KORAR GA        -100972173.86    180679253.63
RADIO KORASSI-RT     KORAD GA        -100972173.86    180679253.63
RADIO KORASSIDIS     RAKOF US        -100972173.86    180679253.63
RADIO KORASSIDIS     RKC GR          -100972173.86    180679253.63
RADIO KORASSIDIS     KORA GA         -100972173.86    180679253.63
THEMELIODOMI         THEME GA         -55751178.85    232036822.56
THEMELIODOMI-AUC     THEMEE GA        -55751178.85    232036822.56
THEMELIODOMI-RTS     THEMER GA        -55751178.85    232036822.56
THEMELIODOMI-RTS     THEMED GA        -55751178.85    232036822.56
UNITED TEXTILES      UTEX EU          -44175513.67    341686153.14
UNITED TEXTILES      UTEX PZ          -44175513.67    341686153.14
UNITED TEXTILES      UTEX EO          -44175513.67    341686153.14
UNITED TEXTILES      UTEX GA          -44175513.67    341686153.14
UNITED TEXTILES      NAOYK GA         -44175513.67    341686153.14
UNITED TEXTILES      NAOSF US         -44175513.67    341686153.14

HUNGARY
-------
HUNGARIAN TELEPH     HUGC IX             -75973000       835658048
HUNGARIAN TELEPH     HUC GR              -75973000       835658048
HUNGARIAN TELEPH     HUC EX              -75973000       835658048
INVITEL HOLD-ADR     IHO US              -75973000       835658048
INVITEL HOLD-ADR     0IN GR              -75973000       835658048
INVITEL HOLDINGS     3212873Z HB         -75973000       835658048
OT OPTIMA TELEKO     2299892Z CZ         -48565065    119632635.47
OT-OPTIMA TELEKO     OPTERA CZ           -48565065    119632635.47

IRELAND
-------
BOUNDARY CAPITAL     BCP IX           -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP LN           -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP1 EO          -10192301.85    119787800.54
BOUNDARY CAPITAL     BCM GR           -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP1 EU          -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP1 PG          -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP1 PZ          -10192301.85    119787800.54
BOUNDARY CAPITAL     BCP ID           -10192301.85    119787800.54
BOUNDARY CAPITAL     BCPI IX          -10192301.85    119787800.54
ELAN CORP PLC        ELN EO             -370500000      1669500032
ELAN CORP PLC        ELA LN             -370500000      1669500032
ELAN CORP PLC        ECN VX             -370500000      1669500032
ELAN CORP PLC        ELN NR             -370500000      1669500032
ELAN CORP PLC        ELNCF US           -370500000      1669500032
ELAN CORP PLC        ELA PO             -370500000      1669500032
ELAN CORP PLC        ELN TQ             -370500000      1669500032
ELAN CORP PLC        ELNUSD EO          -370500000      1669500032
ELAN CORP PLC        ELN EU             -370500000      1669500032
ELAN CORP PLC        ELN LN             -370500000      1669500032
ELAN CORP PLC        ELNGBX EO          -370500000      1669500032
ELAN CORP PLC        DRX1 PZ            -370500000      1669500032
ELAN CORP PLC        ELNUSD EU          -370500000      1669500032
ELAN CORP PLC        ELN EB             -370500000      1669500032
ELAN CORP PLC        ELN ID             -370500000      1669500032
ELAN CORP PLC        ELNGBP EO          -370500000      1669500032
ELAN CORP PLC        ELN IX             -370500000      1669500032
ELAN CORP PLC        ELA IX             -370500000      1669500032
ELAN CORP PLC        DRX GR             -370500000      1669500032
ELAN CORP PLC        DRXG IX            -370500000      1669500032
ELAN CORP-ADR        EAN GR             -370500000      1669500032
ELAN CORP-ADR        EANG IX            -370500000      1669500032
ELAN CORP-ADR        QUNELN AU          -370500000      1669500032
ELAN CORP-ADR        ELAD LN            -370500000      1669500032
ELAN CORP-ADR        ELN US             -370500000      1669500032
ELAN CORP-ADR UT     ELN/E US           -370500000      1669500032
ELAN CORP-CVR        LCVRZ US           -370500000      1669500032
ELAN CORP-CVR        ELNZV US           -370500000      1669500032
MCINERNEY -RT FP     MCIF LN         -113397336.28    441922391.66
MCINERNEY -RT FP     MCIF ID         -113397336.28    441922391.66
MCINERNEY -RT NP     MCIN ID         -113397336.28    441922391.66
MCINERNEY -RT NP     MCIN LN         -113397336.28    441922391.66
MCINERNEY HLDGS      MK9 GR          -113397336.28    441922391.66
MCINERNEY HLDGS      MK9C PZ         -113397336.28    441922391.66
MCINERNEY HLDGS      MCI IX          -113397336.28    441922391.66
MCINERNEY HLDGS      MCI EO          -113397336.28    441922391.66
MCINERNEY HLDGS      MNEYF US        -113397336.28    441922391.66
MCINERNEY HLDGS      MCII IX         -113397336.28    441922391.66
MCINERNEY HLDGS      MK9 PO          -113397336.28    441922391.66
MCINERNEY HLDGS      MCI PO          -113397336.28    441922391.66
MCINERNEY HLDGS      MCI LN          -113397336.28    441922391.66
MCINERNEY HLDGS      MCIGBP EO       -113397336.28    441922391.66
MCINERNEY HLDGS      MCIGBX EU       -113397336.28    441922391.66
MCINERNEY HLDGS      MCI EU          -113397336.28    441922391.66
MCINERNEY HLDGS      MCIGBX EO       -113397336.28    441922391.66
MCINERNEY HLDGS      MCI VX          -113397336.28    441922391.66
MCINERNEY HLDGS      MCI ID          -113397336.28    441922391.66
MCINERNEY PROP-A     MYP ID          -113397336.28    441922391.66
MCINERNEY PROP-A     MYP LN          -113397336.28    441922391.66
MCINERNEY PROP-A     MCIYF US        -113397336.28    441922391.66
MCINERNEY-ADR        MNEYY US        -113397336.28    441922391.66
PAYZONE PLC          PAYZ LN         -138030903.22    510010035.33
PAYZONE PLC          PAYZ PG         -138030903.22    510010035.33
PAYZONE PLC          PAYZ EU         -138030903.22    510010035.33
PAYZONE PLC          PAYZ IX         -138030903.22    510010035.33
PAYZONE PLC          4P6 GR          -138030903.22    510010035.33
PAYZONE PLC          PAYZ PZ         -138030903.22    510010035.33
PAYZONE PLC          PAYZ EO         -138030903.22    510010035.33
WATERFORD - RTS      WWWA ID         -505729895.23    820803256.03
WATERFORD - RTS      WWWA GR         -505729895.23    820803256.03
WATERFORD - RTS      WWWB GR         -505729895.23    820803256.03
WATERFORD - RTS      WWWB ID         -505729895.23    820803256.03
WATERFORD - RTS      508519Q LN      -505729895.23    820803256.03
WATERFORD - RTS      508523Q LN      -505729895.23    820803256.03
WATERFORD W-ADR      WATWY US        -505729895.23    820803256.03
WATERFORD WDGEWD     WATWF US        -505729895.23    820803256.03
WATERFORD WDGEWD     WATFF US        -505729895.23    820803256.03
WATERFORD WE-RTS     WTFN ID         -505729895.23    820803256.03
WATERFORD WE-RTS     WTFN LN         -505729895.23    820803256.03
WATERFORD WE-RTS     WTFN VX         -505729895.23    820803256.03
WATERFORD WE-RTS     WTFF ID         -505729895.23    820803256.03
WATERFORD WE-RTS     WTFF LN         -505729895.23    820803256.03
WATERFORD WED-RT     WWWD ID         -505729895.23    820803256.03
WATERFORD WED-RT     WWWD GR         -505729895.23    820803256.03
WATERFORD WED-RT     586556Q LN      -505729895.23    820803256.03
WATERFORD WED-RT     586552Q LN      -505729895.23    820803256.03
WATERFORD WED-RT     WTFR LN         -505729895.23    820803256.03
WATERFORD WED-RT     WWWC GR         -505729895.23    820803256.03
WATERFORD WED-RT     WWWC ID         -505729895.23    820803256.03
WATERFORD WED-UT     WTFU EU         -505729895.23    820803256.03
WATERFORD WED-UT     WTFU VX         -505729895.23    820803256.03
WATERFORD WED-UT     WTFU PO         -505729895.23    820803256.03
WATERFORD WED-UT     WTFU ID         -505729895.23    820803256.03
WATERFORD WED-UT     WTFU EO         -505729895.23    820803256.03
WATERFORD WED-UT     WWWD PZ         -505729895.23    820803256.03
WATERFORD WED-UT     WTFUGBX EO      -505729895.23    820803256.03
WATERFORD WED-UT     WTFU IX         -505729895.23    820803256.03
WATERFORD WED-UT     WWW PO          -505729895.23    820803256.03
WATERFORD WED-UT     WTFUGBX EU      -505729895.23    820803256.03
WATERFORD WED-UT     WTFU LN         -505729895.23    820803256.03
WATERFORD WED-UT     WWW GR          -505729895.23    820803256.03
WATERFORD-ADR UT     WFWA GR         -505729895.23    820803256.03
WATERFORD-ADR UT     WATFZ US        -505729895.23    820803256.03
WATERFORD-SUB        3001875Z ID     -505729895.23    820803256.03

ICELAND
-------
AVION GROUP          B1Q GR             -223771648      2277793536
EIMSKIPAFELAG HF     HFEIM EO           -223771648      2277793536
EIMSKIPAFELAG HF     HFEIM IR           -223771648      2277793536
EIMSKIPAFELAG HF     HFEIM PZ           -223771648      2277793536
EIMSKIPAFELAG HF     HFEIM EU           -223771648      2277793536
EIMSKIPAFELAG HF     HFEIMEUR EO        -223771648      2277793536
EIMSKIPAFELAG HF     HFEIMEUR EU        -223771648      2277793536
EIMSKIPAFELAG HF     AVION IR           -223771648      2277793536

ITALY
-----
AEDES AXA+W          AEAXAW IM        -24405906.61   1350851664.42
AEDES SPA            AE PZ            -24405906.61   1350851664.42
AEDES SPA            AE TQ            -24405906.61   1350851664.42
AEDES SPA            AEDSF US         -24405906.61   1350851664.42
AEDES SPA            AE IM            -24405906.61   1350851664.42
AEDES SPA            AE EO            -24405906.61   1350851664.42
AEDES SPA            AEDI IX          -24405906.61   1350851664.42
AEDES SPA            AE EU            -24405906.61   1350851664.42
AEDES SPA            LLB GR           -24405906.61   1350851664.42
AEDES SPA RNC        AEDE IM          -24405906.61   1350851664.42
AEDES SPA-OPA        AEDROP IM        -24405906.61   1350851664.42
AEDES SPA-OPA        AEOPA IM         -24405906.61   1350851664.42
AEDES SPA-RTS        AESA IM          -24405906.61   1350851664.42
AEDES SPA-RTS        AEAA IM          -24405906.61   1350851664.42
AEDES SPA-SVGS R     AEDRAA IM        -24405906.61   1350851664.42
BINDA SPA            BNDAF US         -11146475.29    128859802.94
BINDA SPA            BND IM           -11146475.29    128859802.94
BROGGI IZAR FABB     BIF IM             -178432.46    134255668.53
CART SOTTRI-BIND     DEM IM           -11146475.29    128859802.94
CIRIO FINANZIARI     CRO IM           -422095869.5   1583083044.16
CIRIO FINANZIARI     FIY GR           -422095869.5   1583083044.16
COIN SPA             GC IX           -151690764.75    791310848.67
COIN SPA             965089Q GR      -151690764.75    791310848.67
COIN SPA             GUCIF US        -151690764.75    791310848.67
COIN SPA-RTS         GCAA IM         -151690764.75    791310848.67
COIN SPA/OLD         GC IM           -151690764.75    791310848.67
COMPAGNIA ITALIA     ICT IM          -137726596.25    527372691.43
COMPAGNIA ITALIA     CITU IX         -137726596.25    527372691.43
COMPAGNIA ITALIA     CGLUF US        -137726596.25    527372691.43
CORNELL BHN          INN IM             -178432.46    134255668.53
CORNELL BHN          INO1 IX            -178432.46    134255668.53
CORNELL BHN          BY EO              -178432.46    134255668.53
CORNELL BHN          CBX IM             -178432.46    134255668.53
CORNELL BHN          BY EU              -178432.46    134255668.53
CREDITO FOND-RTS     CRFSA IM        -200209050.26   4213063202.32
CREDITO FONDIARI     CRF IM          -200209050.26   4213063202.32
ELIOS HOLDING        EH IM              -178432.46    134255668.53
ELIOS HOLDING-NE     EH00 IM            -178432.46    134255668.53
ELIOS HOLDING-RT     EHAA IM            -178432.46    134255668.53
ELIOS SPA            EHM IM             -178432.46    134255668.53
I VIAGGI DEL VEN     IV7 GR           -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE PZ           -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE IX           -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE EO           -92020221.43    318192568.61
I VIAGGI DEL VEN     IVGIF US         -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE EU           -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE IM           -92020221.43    318192568.61
I VIAGGI DEL VEN     VVE TQ           -92020221.43    318192568.61
I VIAGGI-RTS         VVEAA IM         -92020221.43    318192568.61
INNOTECH SPA         ELIOF US           -178432.46    134255668.53
OLCESE SPA           O IM             -12846689.89    179691572.79
OLCESE SPA-RTS       OAA IM           -12846689.89    179691572.79
OLCESE VENEZIANO     OLVE IM          -12846689.89    179691572.79
OMNIA NETWORK SP     ONTI IX           -47468652.4     322390901.7
OMNIA NETWORK SP     ONT IM            -47468652.4     322390901.7
OMNIA NETWORK SP     ONT PZ            -47468652.4     322390901.7
OMNIA NETWORK SP     ONT EO            -47468652.4     322390901.7
OMNIA NETWORK SP     ONT TQ            -47468652.4     322390901.7
OMNIA NETWORK SP     ONT EU            -47468652.4     322390901.7
PARMALAT FINA-RT     PRFR AV       -18419390028.95   4120687886.18
PARMALAT FINANZI     PRFI VX       -18419390028.95   4120687886.18
PARMALAT FINANZI     FICN AV       -18419390028.95   4120687886.18
PARMALAT FINANZI     PMLFF US      -18419390028.95   4120687886.18
PARMALAT FINANZI     PAF GR        -18419390028.95   4120687886.18
PARMALAT FINANZI     PARAF US      -18419390028.95   4120687886.18
PARMALAT FINANZI     PMT LI        -18419390028.95   4120687886.18
PARMALAT FINANZI     PRF IM        -18419390028.95   4120687886.18
RISANAMEN-RNC OP     RNROPA IM         -84106314.4   4618461222.59
RISANAMENTO -OPA     RNOPA IM          -84106314.4   4618461222.59
RISANAMENTO -RNC     RNR IM            -84106314.4   4618461222.59
RISANAMENTO NAPO     RN5 GR            -84106314.4   4618461222.59
RISANAMENTO SPA      RN EU             -84106314.4   4618461222.59
RISANAMENTO SPA      RN EO             -84106314.4   4618461222.59
RISANAMENTO SPA      RN IM             -84106314.4   4618461222.59
RISANAMENTO SPA      RN TQ             -84106314.4   4618461222.59
RISANAMENTO SPA      RNGBP EO          -84106314.4   4618461222.59
RISANAMENTO SPA      RNGBX EO          -84106314.4   4618461222.59
RISANAMENTO SPA      RSMNF US          -84106314.4   4618461222.59
RISANAMENTO SPA      RNGBX EU          -84106314.4   4618461222.59
RISANAMENTO SPA      RN IX             -84106314.4   4618461222.59
RISANAMENTO SPA      RN PZ             -84106314.4   4618461222.59
RISANAMENTO-RTS      RNAA IM           -84106314.4   4618461222.59
SNIA BPD             SN GR           -141933883.93    150445252.43
SNIA BPD-ADR         SBPDY US        -141933883.93    150445252.43
SNIA SPA             SNIXF US        -141933883.93    150445252.43
SNIA SPA             SN EU           -141933883.93    150445252.43
SNIA SPA             SBPDF US        -141933883.93    150445252.43
SNIA SPA             SN EO           -141933883.93    150445252.43
SNIA SPA             SN TQ           -141933883.93    150445252.43
SNIA SPA             SSMLF US        -141933883.93    150445252.43
SNIA SPA             SIAI PZ         -141933883.93    150445252.43
SNIA SPA             SIAI IX         -141933883.93    150445252.43
SNIA SPA             SNIB GR         -141933883.93    150445252.43
SNIA SPA             SNIA GR         -141933883.93    150445252.43
SNIA SPA             SN IM           -141933883.93    150445252.43
SNIA SPA - RTS       SNAAW IM        -141933883.93    150445252.43
SNIA SPA- RTS        SNAXW IM        -141933883.93    150445252.43
SNIA SPA-2003 SH     SN03 IM         -141933883.93    150445252.43
SNIA SPA-CONV SA     SPBDF US        -141933883.93    150445252.43
SNIA SPA-DRC         SNR00 IM        -141933883.93    150445252.43
SNIA SPA-NEW         SN00 IM         -141933883.93    150445252.43
SNIA SPA-NON CON     SPBNF US        -141933883.93    150445252.43
SNIA SPA-RCV         SNR IM          -141933883.93    150445252.43
SNIA SPA-RCV         SNIVF US        -141933883.93    150445252.43
SNIA SPA-RIGHTS      SNAW IM         -141933883.93    150445252.43
SNIA SPA-RNC         SNRNC IM        -141933883.93    150445252.43
SNIA SPA-RNC         SNIWF US        -141933883.93    150445252.43
SNIA SPA-RTS         SNSO IM         -141933883.93    150445252.43
SNIA SPA-RTS         SNAA IM         -141933883.93    150445252.43
SOCOTHERM SPA        SOCEF US        -161739278.54     398222827.1
SOCOTHERM SPA        SCTM IX         -161739278.54     398222827.1
SOCOTHERM SPA        SCTI PZ         -161739278.54     398222827.1
SOCOTHERM SPA        SCT IM          -161739278.54     398222827.1
SOCOTHERM SPA        SCT EO          -161739278.54     398222827.1
SOCOTHERM SPA        SCT TQ          -161739278.54     398222827.1
SOCOTHERM SPA        SCT EU          -161739278.54     398222827.1
TECNODIFF ITALIA     TDIFF US         -89894162.82    152045757.48
TECNODIFF ITALIA     TDI IM           -89894162.82    152045757.48
TECNODIFF ITALIA     TEF GR           -89894162.82    152045757.48
TECNODIFF ITALIA     TDI NM           -89894162.82    152045757.48
TECNODIFF-RTS        TDIAOW NM        -89894162.82    152045757.48
TECNODIFFUSIONE      TDIAAW IM        -89894162.82    152045757.48
TISCALI - RTS        TIQA GR         -421259823.53    632152613.61
TISCALI - RTS        TISAAW IM       -421259823.53    632152613.61
TISCALI SPA          TISN NA         -421259823.53    632152613.61
TISCALI SPA          TISN IX         -421259823.53    632152613.61
TISCALI SPA          TIQ GR          -421259823.53    632152613.61
TISCALI SPA          TISGBX EU       -421259823.53    632152613.61
TISCALI SPA          TIS EO          -421259823.53    632152613.61
TISCALI SPA          TIS NR          -421259823.53    632152613.61
TISCALI SPA          TIS IM          -421259823.53    632152613.61
TISCALI SPA          TIS VX          -421259823.53    632152613.61
TISCALI SPA          TISN VX         -421259823.53    632152613.61
TISCALI SPA          TIQG IX         -421259823.53    632152613.61
TISCALI SPA          TIQ1 GR         -421259823.53    632152613.61
TISCALI SPA          TISGBP EO       -421259823.53    632152613.61
TISCALI SPA          TISN IM         -421259823.53    632152613.61
TISCALI SPA          TIS EU          -421259823.53    632152613.61
TISCALI SPA          TISGBX EO       -421259823.53    632152613.61
TISCALI SPA          TSCXF US        -421259823.53    632152613.61
TISCALI SPA          TIS TQ          -421259823.53    632152613.61
TISCALI SPA          TIS NA          -421259823.53    632152613.61
TISCALI SPA          TISN FP         -421259823.53    632152613.61
TISCALI SPA          TIS PZ          -421259823.53    632152613.61
TISCALI SPA          TIS IX          -421259823.53    632152613.61
TISCALI SPA          TIS FP          -421259823.53    632152613.61
TISCALI SPA- RTS     TISAXA IM       -421259823.53    632152613.61
TISCALI SPA- RTS     3391621Q GR     -421259823.53    632152613.61
YORKVILLE BHN        CBXI PZ            -178432.46    134255668.53
YORKVILLE BHN        BY IM              -178432.46    134255668.53
YORKVILLE BHN        BY TQ              -178432.46    134255668.53

LUXEMBOURG
----------
CARRIER1 INT-AD+     CONE ES             -94729000       472360992
CARRIER1 INT-ADR     CONEE US            -94729000       472360992
CARRIER1 INT-ADR     CONEQ US            -94729000       472360992
CARRIER1 INT-ADR     CONE US             -94729000       472360992
CARRIER1 INTL        CJNA GR             -94729000       472360992
CARRIER1 INTL        CJN GR              -94729000       472360992
CARRIER1 INTL        CJN NM              -94729000       472360992
CARRIER1 INTL SA     CONEF US            -94729000       472360992
CARRIER1 INTL SA     1253Z SW            -94729000       472360992

NETHERLANDS
-----------
BAAN CO NV-ASSEN     BAANA NA          -7854741.41    609871188.88
BAAN COMPANY NV      BAAN EO           -7854741.41    609871188.88
BAAN COMPANY NV      BAAVF US          -7854741.41    609871188.88
BAAN COMPANY NV      BAAN EU           -7854741.41    609871188.88
BAAN COMPANY NV      BAAN PZ           -7854741.41    609871188.88
BAAN COMPANY NV      BNCG IX           -7854741.41    609871188.88
BAAN COMPANY NV      BAAN IX           -7854741.41    609871188.88
BAAN COMPANY NV      BAAN NA           -7854741.41    609871188.88
BAAN COMPANY NV      BAAN GR           -7854741.41    609871188.88
BAAN COMPANY-NY      BAANF US          -7854741.41    609871188.88
BUSINESSWAY INTL     BITLE US             -2543870       139709648
BUSINESSWAY INTL     BITL US              -2543870       139709648
CNW ORLANDO INC      CNWD US              -2543870       139709648
GLOBALNETCARE        GBCRE US             -2543870       139709648
GLOBALNETCARE        GBCR US              -2543870       139709648
ICBS INTERNATION     ICBOE US             -2543870       139709648
ICBS INTERNATION     ICBO US              -2543870       139709648
JAMES HARDIE IND     726824Z NA         -153000000      2120699904
JAMES HARDIE IND     600241Q GR         -153000000      2120699904
JAMES HARDIE IND     HAH AU             -153000000      2120699904
JAMES HARDIE IND     HAH NZ             -153000000      2120699904
JAMES HARDIE NV      JHXCC AU           -153000000      2120699904
JAMES HARDIE-ADR     JHINY US           -153000000      2120699904
JAMES HARDIE-ADR     JHX US             -153000000      2120699904
JAMES HARDIE-CDI     JHIUF US           -153000000      2120699904
JAMES HARDIE-CDI     JHX AU             -153000000      2120699904
JAMES HARDIE-CDI     JHA GR             -153000000      2120699904
LIBERTY GL EU-A      UPC NA         -5505478849.55   5112616630.06
ROYAL INVEST INT     RIIC US              -2543870       139709648
UNITED PAN -ADR      UPEA GR        -5505478849.55   5112616630.06
UNITED PAN-A ADR     UPCOY US       -5505478849.55   5112616630.06
UNITED PAN-EUR-A     UPC LI         -5505478849.55   5112616630.06
UNITED PAN-EUR-A     UPC LN         -5505478849.55   5112616630.06
UNITED PAN-EUROP     UPCEF US       -5505478849.55   5112616630.06
UNITED PAN-EUROP     UPCOF US       -5505478849.55   5112616630.06
UNITED PAN-EUROP     UPC VX         -5505478849.55   5112616630.06
UNITED PAN-EUROP     UPE1 GR        -5505478849.55   5112616630.06
UNITED PAN-EUROP     UPE GR         -5505478849.55   5112616630.06
WAH KING INVEST      WAHK US              -2543870       139709648
WAH KING INVEST      WAHKE US             -2543870       139709648
                     RIICE US             -2543870       139709648

NORWAY
------
NEXUS FLOATING P     NEXU NO            -158054000       353053024
NEXUS FLOATING P     NEXUS EO           -158054000       353053024
NEXUS FLOATING P     NEXUSEUR EU        -158054000       353053024
NEXUS FLOATING P     NEXUS EU           -158054000       353053024
NEXUS FLOATING P     NEXUS BY           -158054000       353053024
NEXUS FLOATING P     NEXUS NO           -158054000       353053024
NEXUS FLOATING P     NEXUSEUR EO        -158054000       353053024
NEXUS FLOATING P     NEXUS PZ           -158054000       353053024
NEXUS FLOATING P     NEXUSGBX EU        -158054000       353053024
PETRO GEO-SERV       265143Q NO       -18066142.21    399710323.59
PETRO GEO-SERV       PGS GR           -18066142.21    399710323.59
PETRO GEO-SERV       PGS VX           -18066142.21    399710323.59
PETRO GEO-SERV-N     PGSN NO          -18066142.21    399710323.59
PETRO GEO-SV-ADR     PGSA GR          -18066142.21    399710323.59
PETRO GEO-SV-ADR     PGOGY US         -18066142.21    399710323.59
PETROLIA DRI-NEW     PDRN NO             -25943000       499350016
PETROLIA DRI-RTS     PDRT NO             -25943000       499350016
PETROLIA DRILLIN     PDR NO              -25943000       499350016
PETROLIA DRILLIN     PDR TQ              -25943000       499350016
PETROLIA DRILLIN     PDR1 IX             -25943000       499350016
PETROLIA DRILLIN     PDREUR EO           -25943000       499350016
PETROLIA DRILLIN     PDR BY              -25943000       499350016
PETROLIA DRILLIN     P8D GR              -25943000       499350016
PETROLIA DRILLIN     PDR PZ              -25943000       499350016
PETROLIA DRILLIN     PDREUR EU           -25943000       499350016
PETROLIA DRILLIN     PDR EO              -25943000       499350016
PETROLIA DRILLIN     PDR EU              -25943000       499350016

POLAND
------
KROSNO               KROS IX           -2241614.77    111838141.19
KROSNO               KRS LI            -2241614.77    111838141.19
KROSNO               KRS1EUR EU        -2241614.77    111838141.19
KROSNO               KRS PW            -2241614.77    111838141.19
KROSNO               KRS1EUR EO        -2241614.77    111838141.19
KROSNO SA            KRS1 EO           -2241614.77    111838141.19
KROSNO SA            KRS1 EU           -2241614.77    111838141.19
KROSNO SA            KRNFF US          -2241614.77    111838141.19
KROSNO SA            KROSNO PW         -2241614.77    111838141.19
KROSNO SA            KRS PZ            -2241614.77    111838141.19
KROSNO SA-RTS        KRSP PW           -2241614.77    111838141.19
KROSNO-PDA-ALLT      KRSA PW           -2241614.77    111838141.19
TOORA                TOR PW             -288818.39    147004954.18
TOORA                2916661Q EO        -288818.39    147004954.18
TOORA                TOR PZ             -288818.39    147004954.18
TOORA                2916665Q EU        -288818.39    147004954.18
TOORA-ALLOT CERT     TORA PW            -288818.39    147004954.18
BENFICA              SLBENX PX        -16614056.44    234366255.59
BENFICA              SLBEN PZ         -16614056.44    234366255.59
BENFICA              SLBEN EU         -16614056.44    234366255.59
BENFICA              SLBE IX          -16614056.44    234366255.59
BENFICA              SLBEN EO         -16614056.44    234366255.59
BENFICA              SLBEN PL         -16614056.44    234366255.59
LISGRAFICA IMPRE     LIAG PL          -11584933.86    107940470.59
LISGRAFICA IMPRE     LIG PL           -11584933.86    107940470.59
LISGRAFICA IMPRE     LIG PZ           -11584933.86    107940470.59
LISGRAFICA IMPRE     LIAG EO          -11584933.86    107940470.59
LISGRAFICA IMPRE     LIG EO           -11584933.86    107940470.59
LISGRAFICA IMPRE     LIAG EU          -11584933.86    107940470.59
LISGRAFICA IMPRE     LIG EU           -11584933.86    107940470.59
LISGRAFICA-RTS       LIGDS PL         -11584933.86    107940470.59
PORCELANA VISTA      PVAL PL          -75871846.95    148731546.57
SPORT LISBOA E B     1249Z PL         -16614056.44    234366255.59
SPORTING-SOC DES     SCPL IX           -4083492.14     225687305.9
SPORTING-SOC DES     SCP1 PZ           -4083492.14     225687305.9
SPORTING-SOC DES     SCP PL            -4083492.14     225687305.9
SPORTING-SOC DES     SCDF EO           -4083492.14     225687305.9
SPORTING-SOC DES     SCPX PX           -4083492.14     225687305.9
SPORTING-SOC DES     SCDF PL           -4083492.14     225687305.9
SPORTING-SOC DES     SCG GR            -4083492.14     225687305.9
SPORTING-SOC DES     SCDF EU           -4083492.14     225687305.9
VAA VISTA ALEGRE     VAF EU           -75871846.95    148731546.57
VAA VISTA ALEGRE     VAF PL           -75871846.95    148731546.57
VAA VISTA ALEGRE     VAF EO           -75871846.95    148731546.57
VAA VISTA ALEGRE     VAF PZ           -75871846.95    148731546.57
VAA VISTA ALEGRE     VAFX PX          -75871846.95    148731546.57
VAA VISTA ALTAN      VAFK PL          -75871846.95    148731546.57
VAA VISTA ALTAN      VAFK EU          -75871846.95    148731546.57
VAA VISTA ALTAN      VAFKX PX         -75871846.95    148731546.57
VAA VISTA ALTAN      VAFK PZ          -75871846.95    148731546.57
VAA VISTA ALTAN      VAFK EO          -75871846.95    148731546.57

ROMANIA
-------
ARDAF                ARDF RO          -57541345.69    142988411.25
OLTCHIM RM VALCE     OLT EU           -89344235.29    511515508.85
OLTCHIM RM VALCE     OLT RO           -89344235.29    511515508.85
OLTCHIM RM VALCE     OLT PZ           -89344235.29    511515508.85
OLTCHIM RM VALCE     OLT EO           -89344235.29    511515508.85
OLTCHIM RM VALCE     OLTEUR EU        -89344235.29    511515508.85
OLTCHIM RM VALCE     OLTEUR EO        -89344235.29    511515508.85
OLTCHIM RM VALCE     OLTCF US         -89344235.29    511515508.85
RAFO SA              RAF RO          -457922636.25    356796459.26
UZINELE SODICE G     UZIM RO          -35878364.71    104942905.83

RUSSIA
------
ALFA CEMENT-BRD      ALCE* RU           -672832.37    105454563.92
ALFA CEMENT-BRD      AFMTF US           -672832.37    105454563.92
ALFA CEMENT-BRD      ALCE RU            -672832.37    105454563.92
AMO ZIL              ZILL RM         -171193521.47    350870451.06
AMO ZIL-CLS          ZILL* RU        -171193521.47    350870451.06
AMO ZIL-CLS          ZILL RU         -171193521.47    350870451.06
AMUR SHIP-BRD        AMZS* RU          -99051792.6    1089408984.8
AMUR SHIP-BRD        AMZS RU           -99051792.6    1089408984.8
DAGESTAN ENERGY      DASB* RU         -33465586.31    128437866.54
DAGESTAN ENERGY      DASB RM          -33465586.31    128437866.54
DAGESTAN ENERGY      DASB RU          -33465586.31    128437866.54
EAST-SIBERIA-BRD     VSNK* RU        -116177580.51    140342466.16
EAST-SIBERIA-BRD     VSNK RU         -116177580.51    140342466.16
EAST-SIBERIAN-BD     VSNK$ RU        -116177580.51    140342466.16
FINANCIAL LE-BRD     FLKO RU          -28157479.23    503349976.11
FINANCIAL LE-BRD     FLKO* RU         -28157479.23    503349976.11
FINANCIAL LEASIN     137282Z RU       -28157479.23    503349976.11
FINANCIAL LEASIN     FLKO RM          -28157479.23    503349976.11
GUKOVUGOL            GUUG RU          -57835245.31    143665227.24
GUKOVUGOL            GUUG* RU         -57835245.31    143665227.24
GUKOVUGOL-PFD        GUUGP RU         -57835245.31    143665227.24
GUKOVUGOL-PFD        GUUGP* RU        -57835245.31    143665227.24
KOLENERGOSBY-CLS     KOSB RU           -8070130.63     103789430.5
KOLENERGOSBY-CLS     KOSB* RU          -8070130.63     103789430.5
KOLENERGOSBY-PFD     KOSBP RU          -8070130.63     103789430.5
KOLENERGOSBY-PFD     KOSBP* RU         -8070130.63     103789430.5
KOLENERGOSBY-PFD     KOSBPG RU         -8070130.63     103789430.5
KOLENERGOSBY-T+0     KOSBG RU          -8070130.63     103789430.5
KOLENERGOSBYT        KOSB RM           -8070130.63     103789430.5
KOMPANIYA GL-BRD     GMST RU          -69058321.52    1307372497.9
KOMPANIYA GL-BRD     GMST* RU         -69058321.52    1307372497.9
MZ ARSENAL-$BRD      ARSE RU           -4671159.21    193672793.35
MZ ARSENAL-BRD       ARSE* RU          -4671159.21    193672793.35
MZ ARSENAL-BRD       ARSE$ RU          -4671159.21    193672793.35
SAMARANEFTEGA-P$     SMNGP RU        -331600428.45    891998590.74
SAMARANEFTEGAS       SVYOF US        -331600428.45    891998590.74
SAMARANEFTEGAS       SMNG* RU        -331600428.45    891998590.74
SAMARANEFTEGAS       SMNG RM         -331600428.45    891998590.74
SAMARANEFTEGAS       SMNG$ RU        -331600428.45    891998590.74
SAMARANEFTEGAS-$     SMNG RU         -331600428.45    891998590.74
SAMARANEFTEGAS-P     SMNGP$ RU       -331600428.45    891998590.74
SAMARANEFTEGAS-P     SMNGP RM        -331600428.45    891998590.74
SAMARANEFTEGAS-P     SMNGP* RU       -331600428.45    891998590.74
TERNEYLES-BRD        TERL RU           -15178937.2    182115156.77
TERNEYLES-BRD        TERL* RU          -15178937.2    182115156.77
TRANSAERO AIRLIN     TRNS RU           -32834680.5     456883935.5
TRANSAERO AIRLIN     TRNS* RU          -32834680.5     456883935.5
URGALUGOL-BRD        YRGL RU          -15706613.04    105440541.07
URGALUGOL-BRD        YRGL* RU         -15706613.04    105440541.07
URGALUGOL-BRD-PF     YRGLP RU         -15706613.04    105440541.07
VOLGOGRAD KHIM       VHIM* RU          -6661016.16    113935933.35
VOLGOGRAD KHIM       VHIM RU           -6661016.16    113935933.35
ZIL AUTO PLANT       ZILL$ RU        -171193521.47    350870451.06
ZIL AUTO PLANT-P     ZILLP RU        -171193521.47    350870451.06
ZIL AUTO PLANT-P     ZILLP* RU       -171193521.47    350870451.06
ZIL AUTO PLANT-P     ZILLP RM        -171193521.47    350870451.06

SERBIA
------
DUVANSKA             DIVR SG           -7729350.78    109207260.53
IMK 14 OKTOBAR A     IMKO SG           -5175836.42    110102264.18
PINKI AD             PNKI SG          -36537862.34    120707517.98
ZASTAVA AUTOMOBI     ZAKG SG         -396504649.08    174692011.08

SPAIN
-----
ACTUACIONES ACTI     AGR SM          -148097530.94    674738808.26
AGRUPACIO - RT       AGR/D SM        -148097530.94    674738808.26
FERGO AISA SA        AISA EU         -148097530.94    674738808.26
FERGO AISA SA        AISA SM         -148097530.94    674738808.26
FERGO AISA SA        AISA EO         -148097530.94    674738808.26
FERGO AISA SA        AISA PZ         -148097530.94    674738808.26
MARTINSA FADESA      MTF1 LI        -1847997044.09   8832898708.34
MARTINSA FADESA      4PU GR         -1847997044.09   8832898708.34
MARTINSA FADESA      MFAD PZ        -1847997044.09   8832898708.34
MARTINSA FADESA      MTF EO         -1847997044.09   8832898708.34
MARTINSA FADESA      MTF SM         -1847997044.09   8832898708.34
MARTINSA FADESA      MTF EU         -1847997044.09   8832898708.34
MARTINSA-FADESA      MTF NR         -1847997044.09   8832898708.34

TURKEY
------
BESIKTAS FUTBOL      BKTFF US         -10396040.97    175760356.28
BESIKTAS FUTBOL      BJKAS TI         -10396040.97    175760356.28
BESIKTAS FUTBOL      BWX GR           -10396040.97    175760356.28
BESIKTAS FUTBOL      BJKASY TI        -10396040.97    175760356.28
BESIKTAS FUTBOL      BJKASM TI        -10396040.97    175760356.28
EGS EGE GIYIM VE     EGDIS TI          -7732138.55    147075066.65
EGS EGE GIYIM-RT     EGDISR TI         -7732138.55    147075066.65
IKTISAT FINAN-RT     IKTFNR TI        -46900661.12    108228233.63
IKTISAT FINANSAL     IKTFN TI         -46900661.12    108228233.63
MUDURNU TAVUKC-N     MDRNUN TI        -64930189.62     160408172.1
MUDURNU TAVUKCUL     MDRNU TI         -64930189.62     160408172.1
SIFAS                SIFAS TI          -15439198.6    130608103.96
TUTUNBANK            TUT TI         -4024959601.58   2643810456.86
YASARBANK            YABNK TI       -4024959601.58   2643810456.86

UKRAINE
-------
AZOVZAGALMASH MA     AZGM UZ          -16212049.02    277693905.54
BANK FORUM -GDR      FRMB038 RU         -5331676.8   2243068981.53
BANK FORUM -GDR      639540Z LX         -5331676.8   2243068981.53
BANK FORUM -GDR      B5F GR             -5331676.8   2243068981.53
BANK FORUM -GDR      BFJG IX            -5331676.8   2243068981.53
BANK FORUM JSC       FORM UZ            -5331676.8   2243068981.53
DNEPROPETROVSK       DMZP UZ          -15926384.43    424303604.81
DNIPROOBLENERGO      DNON UZ           -3607242.03    284973578.64
DONETSKOBLENERGO     DOON UZ         -209532649.12    360933614.97
LUGANSKOBLENERGO     LOEN UZ          -26290526.22    191765121.16
NAFTOKHIMIK PRIC     NAFP UZ          -19746288.63    299014707.54
NAFTOKHIMIK-GDR      N3ZA GR          -19746288.63    299014707.54
ODESSA OIL REFIN     ONPZ UZ          -70727947.39    325964086.89

UNITED KINGDOM
--------------
ABBOTT MEAD VICK     648824Q LN         -1685852.9    168258996.33
ADVANCE DISPLAY      ADTP PZ        -3015578834.69   2590007903.69
AEA TECHNOLO-FPR     AATF PZ         -215101594.95    121405069.97
AEA TECHNOLO-FPR     AATF LN         -215101594.95    121405069.97
AEA TECHNOLO-NPR     AATN PZ         -215101594.95    121405069.97
AEA TECHNOLO-NPR     AATN LN         -215101594.95    121405069.97
AEA TECHNOLOGY       EAETF US        -215101594.95    121405069.97
AEA TECHNOLOGY       AAT LN          -215101594.95    121405069.97
AEA TECHNOLOGY       AAT IX          -215101594.95    121405069.97
AEA TECHNOLOGY       AAT EO          -215101594.95    121405069.97
AEA TECHNOLOGY       AAT PO          -215101594.95    121405069.97
AEA TECHNOLOGY       AATGBP EO       -215101594.95    121405069.97
AEA TECHNOLOGY       AAT VX          -215101594.95    121405069.97
AEA TECHNOLOGY       AEY GR          -215101594.95    121405069.97
AEA TECHNOLOGY       AAT EU          -215101594.95    121405069.97
AEA TECHNOLOGY       AAT PZ          -215101594.95    121405069.97
AIRTOURS PLC         ATORF US        -379721841.57   1817512773.61
AIRTOURS PLC         AIR LN          -379721841.57   1817512773.61
AIRTOURS PLC         AIR VX          -379721841.57   1817512773.61
ALLDAYS PLC          ALDYF US        -120493900.04    252232072.87
ALLDAYS PLC          317056Q LN      -120493900.04    252232072.87
AMER BUS SYS         ARB LN             -497127008       121439000
AMEY PLC             AMY VX           -48862569.33    931527720.46
AMEY PLC             AMEYF US         -48862569.33    931527720.46
AMEY PLC             AMY LN           -48862569.33    931527720.46
AMEY PLC-ASSENT      AMYA LN          -48862569.33    931527720.46
AMEY PLC-NEW         AMYN LN          -48862569.33    931527720.46
ANKER PLC            DW14 GR          -21861359.81       115463159
ANKER PLC            ANK PO           -21861359.81       115463159
ANKER PLC            ANK LN           -21861359.81       115463159
ANKER PLC - ASSD     ANKC LN          -21861359.81       115463159
ANKER PLC - ASSD     ANKB LN          -21861359.81       115463159
ANKER PLC-ASSD       ANKA LN          -21861359.81       115463159
ATKINS (WS) PLC      ATK QM          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK PZ          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK EU          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK LN          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK TQ          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK IX          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATKGBP EO       -207093344.95   1339139513.43
ATKINS (WS) PLC      6W2 GR          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK EO          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK PO          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK NQ          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK EB          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK BQ          -207093344.95   1339139513.43
ATKINS (WS) PLC      WATKF US        -207093344.95   1339139513.43
ATKINS (WS) PLC      ATKEUR EO       -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK NR          -207093344.95   1339139513.43
ATKINS (WS) PLC      ATKEUR EU       -207093344.95   1339139513.43
ATKINS (WS) PLC      ATK VX          -207093344.95   1339139513.43
BCH GROUP PLC        BCH LN            -5728274.38    187993198.22
BLACK & EDGINGTO     BLE LN          -134177517.41    149159301.57
BNB RECRUITMENT      BNB PO           -10242627.53    103637704.96
BNB RECRUITMENT      BNB IX           -10242627.53    103637704.96
BNB RECRUITMENT      BNB LN           -10242627.53    103637704.96
BNB RECRUITMENT      BQX GR           -10242627.53    103637704.96
BNB RECRUITMENT      BNBRF US         -10242627.53    103637704.96
BOOKER PLC           987188Q LN        -59832880.4   1298182548.71
BOOKER PLC           1330Q GR          -59832880.4   1298182548.71
BOOKER PLC           BKERF US          -59832880.4   1298182548.71
BOOKER PLC-ADR       BOK$ LN           -59832880.4   1298182548.71
BOOKER PLC-ADR       BKRUY US          -59832880.4   1298182548.71
BRADSTOCK GROUP      BSKGF US          -1855444.44    268563822.49
BRADSTOCK GROUP      BDK LN            -1855444.44    268563822.49
BRIT ENERGY LTD      523362Q LN     -5822867500.78   4921095749.61
BRIT ENERGY PLC      BEN1 GR        -5822867500.78   4921095749.61
BRIT ENERGY PLC      BGYEF US       -5822867500.78   4921095749.61
BRIT ENERGY PLC      555140Q VX     -5822867500.78   4921095749.61
BRIT ENERGY PLC      BHEGF US       -5822867500.78   4921095749.61
BRIT ENERGY-A        BENA GR        -5822867500.78   4921095749.61
BRIT ENERGY-ADR      BHEFF US       -5822867500.78   4921095749.61
BRIT NUCLEAR         1046Z LN        -4247644149.6  40325778907.11
BRIT TELECOM         BTE GR         -5730703493.62  46660870566.45
BRIT TELECOM         9484 JP        -5730703493.62  46660870566.45
BRIT TELECOM PLC     BTPLF US       -5730703493.62  46660870566.45
BRIT TELECOM PLC     BTPWF US       -5730703493.62  46660870566.45
BRIT TELECOM PLC     BT/A VX        -5730703493.62  46660870566.45
BRIT TELECOM-ADR     1481Q CN       -5730703493.62  46660870566.45
BRIT TELECOM-ADR     BTEA GR        -5730703493.62  46660870566.45
BRIT TELECOM-RTS     BTY-R US       -5730703493.62  46660870566.45
BRITISH ENER-$US     BGYD AR        -5822867500.78   4921095749.61
BRITISH ENER-$US     BGYNYD AR      -5822867500.78   4921095749.61
BRITISH ENER-ADR     BGYNY US       -5822867500.78   4921095749.61
BRITISH ENER-BLK     BGYNYB AR      -5822867500.78   4921095749.61
BRITISH ENER-BLK     BGYB AR        -5822867500.78   4921095749.61
BRITISH ENER-C/E     BGYNYC AR      -5822867500.78   4921095749.61
BRITISH ENER-C/E     BGYC AR        -5822867500.78   4921095749.61
BRITISH ENER-CED     BGYNY AR       -5822867500.78   4921095749.61
BRITISH ENER-CED     BGY AR         -5822867500.78   4921095749.61
BRITISH ENERGY-A     BGYA PO        -5822867500.78   4921095749.61
BRITISH ENERGY-A     BHEAF US       -5822867500.78   4921095749.61
BRITISH ENERGY-A     BGYA VX        -5822867500.78   4921095749.61
BRITISH ENERGY-A     3012442Q LN    -5822867500.78   4921095749.61
BRITISH ENERGY-A     BGYGF US       -5822867500.78   4921095749.61
BRITISH TELE-FP      BT/F LN        -5730703493.62  46660870566.45
BRITISH TELE-NP      BT/N LN        -5730703493.62  46660870566.45
BRITISH TELE-NP      BTPXF US       -5730703493.62  46660870566.45
BRITVIC              B6S GR            -3988699.91   1361742201.36
BRITVIC PLC          BVIC TQ           -3988699.91   1361742201.36
BRITVIC PLC          BVIC PZ           -3988699.91   1361742201.36
BRITVIC PLC          BVICGBP EO        -3988699.91   1361742201.36
BRITVIC PLC          BVIC QM           -3988699.91   1361742201.36
BRITVIC PLC          BVIC LN           -3988699.91   1361742201.36
BRITVIC PLC          BVIC BQ           -3988699.91   1361742201.36
BRITVIC PLC          BVICUSD EO        -3988699.91   1361742201.36
BRITVIC PLC          BVIC EU           -3988699.91   1361742201.36
BRITVIC PLC          BVICEUR EU        -3988699.91   1361742201.36
BRITVIC PLC          BVIC EO           -3988699.91   1361742201.36
BRITVIC PLC          BVICEUR EO        -3988699.91   1361742201.36
BRITVIC PLC          BVIC VX           -3988699.91   1361742201.36
BRITVIC PLC          BVIC NQ           -3988699.91   1361742201.36
BRITVIC PLC          BTVCF US          -3988699.91   1361742201.36
BRITVIC PLC          BVIC EB           -3988699.91   1361742201.36
BRITVIC PLC          BVIC IX           -3988699.91   1361742201.36
BRITVIC PLC          BVICUSD EU        -3988699.91   1361742201.36
BRITVIC PLC          BVIC NR           -3988699.91   1361742201.36
BT GROUP PLC         BT PZ          -5730703493.62  46660870566.45
BT GROUP PLC         BT/A NR        -5730703493.62  46660870566.45
BT GROUP PLC         BT/AEUR EO     -5730703493.62  46660870566.45
BT GROUP PLC         BT/APEN EO     -5730703493.62  46660870566.45
BT GROUP PLC         BT/ VX         -5730703493.62  46660870566.45
BT GROUP PLC         BT/AGBP EO     -5730703493.62  46660870566.45
BT GROUP PLC         BT/A PO        -5730703493.62  46660870566.45
BT GROUP PLC         BTQ GR         -5730703493.62  46660870566.45
BT GROUP PLC         BT/A EU        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A NQ        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A QM        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A TQ        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A LN        -5730703493.62  46660870566.45
BT GROUP PLC         BT/AUSD EO     -5730703493.62  46660870566.45
BT GROUP PLC         BTGOF US       -5730703493.62  46660870566.45
BT GROUP PLC         BT/APEN EU     -5730703493.62  46660870566.45
BT GROUP PLC         BTEG IX        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A EB        -5730703493.62  46660870566.45
BT GROUP PLC         BT/AEUR EU     -5730703493.62  46660870566.45
BT GROUP PLC         BT/A BQ        -5730703493.62  46660870566.45
BT GROUP PLC         BT/A EO        -5730703493.62  46660870566.45
BT GROUP PLC         BT IX          -5730703493.62  46660870566.45
BT GROUP PLC         BT/AUSD EU     -5730703493.62  46660870566.45
BT GROUP PLC-ADR     BT/$ LN        -5730703493.62  46660870566.45
BT GROUP PLC-W/I     BTWI LN        -5730703493.62  46660870566.45
BT GROUP-ADR         BTQA GR        -5730703493.62  46660870566.45
BT GROUP-ADR WI      BTY-W US       -5730703493.62  46660870566.45
BT GROUP-CED $US     BTYD AR        -5730703493.62  46660870566.45
BT GROUP-CED $US     BTD AR         -5730703493.62  46660870566.45
BT GROUP-CED BLK     BTB AR         -5730703493.62  46660870566.45
BT GROUP-CED BLK     BTYB AR        -5730703493.62  46660870566.45
BT GROUP-CED C/E     BTC AR         -5730703493.62  46660870566.45
BT GROUP-CED C/E     BTYC AR        -5730703493.62  46660870566.45
BT GROUP-CEDEAR      BT AR          -5730703493.62  46660870566.45
BT GROUP-CEDEAR      BTY AR         -5730703493.62  46660870566.45
BT GROUP-SPON AD     BT US          -5730703493.62  46660870566.45
BT GROUP-SPON AD     BTYN MM        -5730703493.62  46660870566.45
BT GROUP-SPON AD     BTY US         -5730703493.62  46660870566.45
BT GROUP-SPON AD     BT MM          -5730703493.62  46660870566.45
CARLISLE GROUP       506819Q LN       -11904426.45    203548565.03
CHRYSALIS GROUP      CHS VX            -5851089.05    101497520.61
CHRYSALIS GROUP      CHS EO            -5851089.05    101497520.61
CHRYSALIS GROUP      CHS LN            -5851089.05    101497520.61
CHRYSALIS GROUP      CHS PZ            -5851089.05    101497520.61
CHRYSALIS GROUP      CLYSF US          -5851089.05    101497520.61
CHRYSALIS GROUP      CHSEUR EU         -5851089.05    101497520.61
CHRYSALIS GROUP      CHSEUR EO         -5851089.05    101497520.61
CHRYSALIS GROUP      CHSUSD EO         -5851089.05    101497520.61
CHRYSALIS GROUP      CHS EU            -5851089.05    101497520.61
CHRYSALIS GROUP      5CY GR            -5851089.05    101497520.61
CHRYSALIS GROUP      HR4 GR            -5851089.05    101497520.61
CHRYSALIS GROUP      CHSUSD EU         -5851089.05    101497520.61
CHRYSALIS GROUP      CHSGBP EO         -5851089.05    101497520.61
CHRYSALIS GROUP      CHS PO            -5851089.05    101497520.61
CHRYSALIS GROUP      CHS IX            -5851089.05    101497520.61
CHRYSALIS GROUP      CYGUF US          -5851089.05    101497520.61
CLIPPER WINDPOWE     CWP PZ             -218336000       776211968
CLIPPER WINDPOWE     C2W GR             -218336000       776211968
CLIPPER WINDPOWE     CWP LN             -218336000       776211968
CLIPPER WINDPOWE     CWP PG             -218336000       776211968
CLIPPER WINDPOWE     CRPWF US           -218336000       776211968
CLIPPER WINDPOWE     CWP EO             -218336000       776211968
CLIPPER WINDPOWE     CWPA LN            -218336000       776211968
CLIPPER WINDPOWE     3470635Q LN        -218336000       776211968
CLIPPER WINDPOWE     CWP EU             -218336000       776211968
CLIPPER WINDPOWE     CWP IX             -218336000       776211968
COMPASS GROU-OLD     1259Q LN        -668101173.88   2972459078.38
COMPASS GROUP        QOP GR          -668101173.88   2972459078.38
COMPASS GRP-ADR      CMSJY US        -668101173.88   2972459078.38
COMPASS GRP-ADR      CMSGY US        -668101173.88   2972459078.38
COSTAIN GROU-RTS     COSF LN          -19097658.92    649978943.25
COSTAIN GROU-RTS     COSN LN          -19097658.92    649978943.25
COSTAIN GROUP        COSTEUR EU       -19097658.92    649978943.25
COSTAIN GROUP        COST PO          -19097658.92    649978943.25
COSTAIN GROUP        COST IX          -19097658.92    649978943.25
COSTAIN GROUP        COSTEUR EO       -19097658.92    649978943.25
COSTAIN GROUP        COST LN          -19097658.92    649978943.25
COSTAIN GROUP        COST EU          -19097658.92    649978943.25
COSTAIN GROUP        COST PZ          -19097658.92    649978943.25
COSTAIN GROUP        COST VX          -19097658.92    649978943.25
COSTAIN GROUP        COSTUSD EO       -19097658.92    649978943.25
COSTAIN GROUP        COSTUSD EU       -19097658.92    649978943.25
COSTAIN GROUP        COSTGBP EO       -19097658.92    649978943.25
COSTAIN GROUP        CSGFF US         -19097658.92    649978943.25
COSTAIN GROUP        COST EO          -19097658.92    649978943.25
DAILY MAIL TST       DMGO PZ         -139060248.43   3723159410.94
DAILY MAIL TST       DMGO IX         -139060248.43   3723159410.94
DAILY MAIL TST       DMGO PO         -139060248.43   3723159410.94
DAILY MAIL TST       DGW GR          -139060248.43   3723159410.94
DAILY MAIL TST       DMGO EU         -139060248.43   3723159410.94
DAILY MAIL TST       DMGO VX         -139060248.43   3723159410.94
DAILY MAIL TST       DMGOGBP EO      -139060248.43   3723159410.94
DAILY MAIL TST       DMTOF US        -139060248.43   3723159410.94
DAILY MAIL TST       DMGO EO         -139060248.43   3723159410.94
DAILY MAIL TST       DMGO LN         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGTUSD EO      -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT EO         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGTEUR EU      -139060248.43   3723159410.94
DAILY MAIL TST A     DMGTGBP EO      -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT PZ         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT IX         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGTEUR EO      -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT EU         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT NR         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT EB         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT BQ         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT TQ         -139060248.43   3723159410.94
DAILY MAIL TST A     DMTGF US        -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT PO         -139060248.43   3723159410.94
DAILY MAIL TST A     DGW1 GR         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT NQ         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT QM         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT VX         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGT LN         -139060248.43   3723159410.94
DAILY MAIL TST A     DMGTUSD EU      -139060248.43   3723159410.94
DANKA BUS SYSTEM     DNK VX             -497127008       121439000
DANKA BUS SYSTEM     DANKF US           -497127008       121439000
DANKA BUS SYSTEM     3205291Q EO        -497127008       121439000
DANKA BUS SYSTEM     DNK PZ             -497127008       121439000
DANKA BUS SYSTEM     DNK IX             -497127008       121439000
DANKA BUS SYSTEM     3205287Q EU        -497127008       121439000
DANKA BUS SYSTEM     3205283Q EO        -497127008       121439000
DANKA BUS SYSTEM     DNK LN             -497127008       121439000
DANKA BUS SYSTEM     DNK PO             -497127008       121439000
DANKA BUS-$US CE     DANKD AR           -497127008       121439000
DANKA BUS-ADR        DB6 GR             -497127008       121439000
DANKA BUS-ADR        DANKE US           -497127008       121439000
DANKA BUS-ADR        AP39 LI            -497127008       121439000
DANKA BUS-ADR        DANKY US           -497127008       121439000
DANKA BUS-BLK CE     DANKB AR           -497127008       121439000
DANKA BUS-C/E CE     DANKC AR           -497127008       121439000
DANKA BUS-CEDEAR     DANK AR            -497127008       121439000
DAWSON HOLDINGS      DWN PZ           -54451186.72    128196101.01
DAWSON HOLDINGS      DWN1EUR EU       -54451186.72    128196101.01
DAWSON HOLDINGS      DWN1GBP EO       -54451186.72    128196101.01
DAWSON HOLDINGS      DWN PO           -54451186.72    128196101.01
DAWSON HOLDINGS      DWHGF US         -54451186.72    128196101.01
DAWSON HOLDINGS      DWN IX           -54451186.72    128196101.01
DAWSON HOLDINGS      DWN1 EU          -54451186.72    128196101.01
DAWSON HOLDINGS      DWN1 EO          -54451186.72    128196101.01
DAWSON HOLDINGS      DWN VX           -54451186.72    128196101.01
DAWSON HOLDINGS      DWN1EUR EO       -54451186.72    128196101.01
DAWSON HOLDINGS      DWN LN           -54451186.72    128196101.01
DE LA RUE PLC        DLARGBP EO       -49140782.93    785933430.86
DE LA RUE PLC        DLARCHF EO       -49140782.93    785933430.86
DE LA RUE PLC        DLAR PO          -49140782.93    785933430.86
DE LA RUE PLC        DLAR VX          -49140782.93    785933430.86
DE LA RUE PLC        DLAR NR          -49140782.93    785933430.86
DE LA RUE PLC        DL1A GR          -49140782.93    785933430.86
DE LA RUE PLC        DLAR NQ          -49140782.93    785933430.86
DE LA RUE PLC        DLAR PZ          -49140782.93    785933430.86
DE LA RUE PLC        DLAR IX          -49140782.93    785933430.86
DE LA RUE PLC        DL1C GR          -49140782.93    785933430.86
DE LA RUE PLC        DELRF US         -49140782.93    785933430.86
DE LA RUE PLC        DLARF US         -49140782.93    785933430.86
DE LA RUE PLC        DLARUSD EU       -49140782.93    785933430.86
DE LA RUE PLC        DLAR EO          -49140782.93    785933430.86
DE LA RUE PLC        DLAR BQ          -49140782.93    785933430.86
DE LA RUE PLC        DLAR QM          -49140782.93    785933430.86
DE LA RUE PLC        DLAR TQ          -49140782.93    785933430.86
DE LA RUE PLC        DLAR EU          -49140782.93    785933430.86
DE LA RUE PLC        DLARUSD EO       -49140782.93    785933430.86
DE LA RUE PLC        DLAREUR EU       -49140782.93    785933430.86
DE LA RUE PLC        DL1 GR           -49140782.93    785933430.86
DE LA RUE PLC        DLARCHF EU       -49140782.93    785933430.86
DE LA RUE PLC        DLAR LN          -49140782.93    785933430.86
DE LA RUE PLC        DLAR EB          -49140782.93    785933430.86
DE LA RUE PLC        DL1B GR          -49140782.93    785933430.86
DE LA RUE PLC        DLAREUR EO       -49140782.93    785933430.86
DE LA RUE PLC        DLRUF US         -49140782.93    785933430.86
DE LA RUE-ADR        DLUEY US         -49140782.93    785933430.86
DE LA RUE-ADR        DERUY US         -49140782.93    785933430.86
DE LA RUE-PREF       DLAP PZ          -49140782.93    785933430.86
DE LA RUE-PREF       3115438Q EU      -49140782.93    785933430.86
DE LA RUE-PREF       DLAP LN          -49140782.93    785933430.86
EASYNET GROUP        EZNGF US         -45232889.17    322770283.93
EASYNET GROUP        ESY VX           -45232889.17    322770283.93
EASYNET GROUP        EAY GR           -45232889.17    322770283.93
EASYNET GROUP        ESY PO           -45232889.17    322770283.93
EASYNET GROUP        ESY LN           -45232889.17    322770283.93
EASYNET GROUP-CV     91009Z LN        -45232889.17    322770283.93
EMI GROUP -ASSD      EMIA LN        -2265916256.89   2950021937.14
EMI GROUP LTD        EMI LN         -2265916256.89   2950021937.14
EMI GROUP PLC        EMIPF US       -2265916256.89   2950021937.14
EMI GROUP PLC        3020138Q GR    -2265916256.89   2950021937.14
EMI GROUP PLC        EMI VX         -2265916256.89   2950021937.14
EMI GROUP PLC        EMI IX         -2265916256.89   2950021937.14
EMI GROUP PLC        EMI PO         -2265916256.89   2950021937.14
EMI GROUP PLC-B      1019425Q LN    -2265916256.89   2950021937.14
EMI GROUP-ADR        38IS LN        -2265916256.89   2950021937.14
EMI GROUP-ADR        EMI$ LN        -2265916256.89   2950021937.14
EMI GROUP-ADR        EMIPY US       -2265916256.89   2950021937.14
EUROPEAN HOME        FPAKF US         -14328735.16    110864081.39
EUROPEAN HOME        EHR LN           -14328735.16    110864081.39
EUROPEAN HOME        KLZ PO           -14328735.16    110864081.39
EUROPEAN HOME        EHR PZ           -14328735.16    110864081.39
EUROPEAN HOME        EHRGBP EO        -14328735.16    110864081.39
EUROPEAN HOME        EHR EU           -14328735.16    110864081.39
EUROPEAN HOME        EHR VX           -14328735.16    110864081.39
EUROPEAN HOME        EHREUR EO        -14328735.16    110864081.39
EUROPEAN HOME        EHR PO           -14328735.16    110864081.39
EUROPEAN HOME        EHREUR EU        -14328735.16    110864081.39
EUROPEAN HOME        EHR EO           -14328735.16    110864081.39
EUROPEAN HOME        KLZ VX           -14328735.16    110864081.39
EUROPEAN MINERAL     EPM CN             -123563000       104843000
EUROPEAN MINERAL     EUM PO             -123563000       104843000
EUROPEAN MINERAL     EPMLF US           -123563000       104843000
EUROPEAN MINERAL     EUM LN             -123563000       104843000
EUROPEAN MINERAL     EPM/U CN           -123563000       104843000
FAREPAK PLC          FPK LN           -14328735.16    110864081.39
FARNELL ELEC-ADR     FRN$ LN          -53758146.86    722693619.54
FARNELL ELEC-ADR     FRNZ LN          -53758146.86    722693619.54
FARNELL ELEC-RFD     FRNR LN          -53758146.86    722693619.54
FARNELL ELECTRON     FRNL LN          -53758146.86    722693619.54
GALIFORM PLC         GFRM LN         -116415877.06    612420067.12
GALIFORM PLC         GFRM TQ         -116415877.06    612420067.12
GALIFORM PLC         MFI PO          -116415877.06    612420067.12
GALIFORM PLC         GFRM VX         -116415877.06    612420067.12
GALIFORM PLC         GFRM EU         -116415877.06    612420067.12
GALIFORM PLC         GFRM EO         -116415877.06    612420067.12
GALIFORM PLC         GFRMGBP EO      -116415877.06    612420067.12
GALIFORM PLC         GFRM QM         -116415877.06    612420067.12
GALIFORM PLC         GFRM EB         -116415877.06    612420067.12
GALIFORM PLC         GFRM IX         -116415877.06    612420067.12
GALIFORM PLC         GFRMNOK EO      -116415877.06    612420067.12
GALIFORM PLC         GFRM PO         -116415877.06    612420067.12
GALIFORM PLC         GFRM PZ         -116415877.06    612420067.12
GALIFORM PLC         GFRM BQ         -116415877.06    612420067.12
GALIFORM PLC         GFRM NR         -116415877.06    612420067.12
GALIFORM PLC         GLFMF US        -116415877.06    612420067.12
GALIFORM PLC         MFIFF US        -116415877.06    612420067.12
GALIFORM PLC         GFRMEUR EO      -116415877.06    612420067.12
GALIFORM PLC         GFRMNOK EU      -116415877.06    612420067.12
GALIFORM PLC         GFRM NQ         -116415877.06    612420067.12
GALIFORM PLC         MFI VX          -116415877.06    612420067.12
GALIFORM PLC         GFRMEUR EU      -116415877.06    612420067.12
GALIFORM PLC         MFI IX          -116415877.06    612420067.12
GARTLAND WHALLEY     GWB LN           -10986769.42    145352034.49
GO-AHEAD GROUP       GOGGBP EO        -15712050.26   1619995129.64
GO-AHEAD GROUP       GOGEUR EO        -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG TQ           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG EU           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG VX           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOGEUR EU        -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG BQ           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG NR           -15712050.26   1619995129.64
GO-AHEAD GROUP       G9X GR           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG PO           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG EB           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG NQ           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG IX           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG LN           -15712050.26   1619995129.64
GO-AHEAD GROUP       GHGUF US         -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG PZ           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG QM           -15712050.26   1619995129.64
GO-AHEAD GROUP       GOG EO           -15712050.26   1619995129.64
GREEN (E) & PART     GEP LN           -27530263.14       313453511
HAWTIN PLC           HWN GR            -3873861.33    110875080.83
HAWTIN PLC           HTI PG            -3873861.33    110875080.83
HAWTIN PLC           HTI LN            -3873861.33    110875080.83
HAWTIN PLC           HTI PZ            -3873861.33    110875080.83
HAWTIN PLC           HTI EU            -3873861.33    110875080.83
HAWTIN PLC           HTI PO            -3873861.33    110875080.83
HAWTIN PLC           HTI EO            -3873861.33    110875080.83
HAWTIN PLC           HTI IX            -3873861.33    110875080.83
HAWTIN PLC           HTI VX            -3873861.33    110875080.83
HILTON G-CRT OLD     HIGT BB         -547740614.03   1922113569.01
HILTON GROUP PLC     HG/ LN          -547740614.03   1922113569.01
HILTON GROUP PLC     HG PO           -547740614.03   1922113569.01
HILTON GROUP PLC     HLTGF US        -547740614.03   1922113569.01
HILTON GROUP-ADR     HLTGY US        -547740614.03   1922113569.01
HILTON GROUP-CER     HG BB           -547740614.03   1922113569.01
HILTON GROUP-CRT     HIG BB          -547740614.03   1922113569.01
HOGG ROBINSON GR     HRGEUR EU           -11371715    739481804.82
HOGG ROBINSON GR     HRG LN              -11371715    739481804.82
HOGG ROBINSON GR     HRGEUR EO           -11371715    739481804.82
HOGG ROBINSON GR     HOGGF US            -11371715    739481804.82
HOGG ROBINSON GR     HRG VX              -11371715    739481804.82
HOGG ROBINSON GR     HRG EO              -11371715    739481804.82
HOGG ROBINSON GR     HRG IX              -11371715    739481804.82
HOGG ROBINSON GR     HRG PZ              -11371715    739481804.82
HOGG ROBINSON GR     HRGGBP EO           -11371715    739481804.82
HOGG ROBINSON GR     DQX GR              -11371715    739481804.82
HOGG ROBINSON GR     HRG EU              -11371715    739481804.82
INTERCONTIN-ADR      IHG US              -39000000      2911000064
INTERCONTIN-ADR      IHG-W US            -39000000      2911000064
INTERCONTIN-ADR      IHGA LN             -39000000      2911000064
INTERCONTINENTAL     IHG NQ              -39000000      2911000064
INTERCONTINENTAL     IC1 GR              -39000000      2911000064
INTERCONTINENTAL     IHG QM              -39000000      2911000064
INTERCONTINENTAL     IHGEUR EO           -39000000      2911000064
INTERCONTINENTAL     IC1A GR             -39000000      2911000064
INTERCONTINENTAL     988082Q GR          -39000000      2911000064
INTERCONTINENTAL     IHGCHF EO           -39000000      2911000064
INTERCONTINENTAL     IHG NR              -39000000      2911000064
INTERCONTINENTAL     IC1C GR             -39000000      2911000064
INTERCONTINENTAL     IHG IX              -39000000      2911000064
INTERCONTINENTAL     IC1B GR             -39000000      2911000064
INTERCONTINENTAL     IHG EU              -39000000      2911000064
INTERCONTINENTAL     IHG PO              -39000000      2911000064
INTERCONTINENTAL     IHGCHF EU           -39000000      2911000064
INTERCONTINENTAL     IHGOF US            -39000000      2911000064
INTERCONTINENTAL     IHGUSD EU           -39000000      2911000064
INTERCONTINENTAL     IHG BQ              -39000000      2911000064
INTERCONTINENTAL     IHG TQ              -39000000      2911000064
INTERCONTINENTAL     INCNF US            -39000000      2911000064
INTERCONTINENTAL     ICHGF US            -39000000      2911000064
INTERCONTINENTAL     IHG VX              -39000000      2911000064
INTERCONTINENTAL     IHGEUR EU           -39000000      2911000064
INTERCONTINENTAL     IHG PZ              -39000000      2911000064
INTERCONTINENTAL     IHGGBP EO           -39000000      2911000064
INTERCONTINENTAL     IHGUSD EO           -39000000      2911000064
INTERCONTINENTAL     IHG EO              -39000000      2911000064
INTERCONTINENTAL     IHG EB              -39000000      2911000064
INTERCONTINENTAL     IHG LN              -39000000      2911000064
JARVIS PLC           JRVS IX          -64739862.73    130951085.97
JARVIS PLC           JRVS EO          -64739862.73    130951085.97
JARVIS PLC           JRVSEUR EU       -64739862.73    130951085.97
JARVIS PLC           JRVSEUR EO       -64739862.73    130951085.97
JARVIS PLC           JRVS VX          -64739862.73    130951085.97
JARVIS PLC           JRVSGBP EO       -64739862.73    130951085.97
JARVIS PLC           JRVS PZ          -64739862.73    130951085.97
JARVIS PLC           JVSPF US         -64739862.73    130951085.97
JARVIS PLC           JVR GR           -64739862.73    130951085.97
JARVIS PLC           JRVS EU          -64739862.73    130951085.97
JARVIS PLC           JRVS LN          -64739862.73    130951085.97
JARVIS PLC           JRVS PO          -64739862.73    130951085.97
JESSOPS PLC          JSP EO            -42702021.2    112964060.38
JESSOPS PLC          JSPEUR EO         -42702021.2    112964060.38
JESSOPS PLC          JSPGBP EO         -42702021.2    112964060.38
JESSOPS PLC          JSP EU            -42702021.2    112964060.38
JESSOPS PLC          JS4 GR            -42702021.2    112964060.38
JESSOPS PLC          JSPEUR EU         -42702021.2    112964060.38
JESSOPS PLC          JSP PO            -42702021.2    112964060.38
JESSOPS PLC          JSP IX            -42702021.2    112964060.38
JESSOPS PLC          JSP VX            -42702021.2    112964060.38
JESSOPS PLC          JSP LN            -42702021.2    112964060.38
JESSOPS PLC          JSP PZ            -42702021.2    112964060.38
KAZAKHSTAN MNRLS     KMCO/U CN          -123563000       104843000
KAZAKHSTAN MNRLS     KMCO CN            -123563000       104843000
KAZAKHSTAN MNRLS     KMC/U CN           -123563000       104843000
KAZAKHSTAN MNRLS     KMCOF US           -123563000       104843000
KLEENEZE PLC         KLZ LN           -14328735.16    110864081.39
LADBROKE GROUP       LADB LN         -547740614.03   1922113569.01
LADBROKE GRP-IDR     695767Q BB      -547740614.03   1922113569.01
LADBROKE GRP-OLD     LADB BB         -547740614.03   1922113569.01
LADBROKES - FPR      LADF PZ         -547740614.03   1922113569.01
LADBROKES - FPR      LADF LN         -547740614.03   1922113569.01
LADBROKES PLC        LAD VX          -547740614.03   1922113569.01
LADBROKES PLC        LAD QM          -547740614.03   1922113569.01
LADBROKES PLC        LAD TQ          -547740614.03   1922113569.01
LADBROKES PLC        HG/ VX          -547740614.03   1922113569.01
LADBROKES PLC        LADNZD EO       -547740614.03   1922113569.01
LADBROKES PLC        LAD BQ          -547740614.03   1922113569.01
LADBROKES PLC        LAD EU          -547740614.03   1922113569.01
LADBROKES PLC        LADEUR EU       -547740614.03   1922113569.01
LADBROKES PLC        LAD NQ          -547740614.03   1922113569.01
LADBROKES PLC        LAD EB          -547740614.03   1922113569.01
LADBROKES PLC        LADUSD EO       -547740614.03   1922113569.01
LADBROKES PLC        LAD NR          -547740614.03   1922113569.01
LADBROKES PLC        LAD GR          -547740614.03   1922113569.01
LADBROKES PLC        LADGBP EO       -547740614.03   1922113569.01
LADBROKES PLC        LADNZD EU       -547740614.03   1922113569.01
LADBROKES PLC        LAD EO          -547740614.03   1922113569.01
LADBROKES PLC        LADEUR EO       -547740614.03   1922113569.01
LADBROKES PLC        LAD IX          -547740614.03   1922113569.01
LADBROKES PLC        LAD PO          -547740614.03   1922113569.01
LADBROKES PLC        LAD LN          -547740614.03   1922113569.01
LADBROKES PLC        LDBKF US        -547740614.03   1922113569.01
LADBROKES PLC        LAD PZ          -547740614.03   1922113569.01
LADBROKES PLC-AD     LDBKY US        -547740614.03   1922113569.01
LADBROKES PLC-AD     LDBKY LN        -547740614.03   1922113569.01
LADBROKES PLC-CE     LAD BB          -547740614.03   1922113569.01
LADBROKES PLC-NP     LADN PZ         -547740614.03   1922113569.01
LADBROKES PLC-NP     LADN LN         -547740614.03   1922113569.01
LAMBERT FENCHURC     LMF LN            -1453050.04   1826806853.46
LEEDS SPORTING       LEDPF US          -73166148.8    143762193.66
LEEDS SPORTING       LES LN            -73166148.8    143762193.66
LEEDS UNITED PLC     889687Q GR        -73166148.8    143762193.66
LEEDS UNITED PLC     LUFC LN           -73166148.8    143762193.66
LEEDS UNITED PLC     LDSUF US          -73166148.8    143762193.66
LONDON TOWN PLC      LTW PZ           -21897636.36     175672299.2
LONDON TOWN PLC      LTW IX           -21897636.36     175672299.2
LONDON TOWN PLC      LTW EU           -21897636.36     175672299.2
LONDON TOWN PLC      LTWR LN          -21897636.36     175672299.2
LONDON TOWN PLC      LTW EO           -21897636.36     175672299.2
LONDON TOWN PLC      LTWX LN          -21897636.36     175672299.2
LONDON TOWN PLC      LTW PO           -21897636.36     175672299.2
LONDON TOWN PLC      LOU GR           -21897636.36     175672299.2
LONDON TOWN PLC      LTW PG           -21897636.36     175672299.2
LONDON TOWN PLC      LTW LN           -21897636.36     175672299.2
M 2003 PLC           MTWOF US       -2203513803.24   7204891601.83
M 2003 PLC           203055Q LN     -2203513803.24   7204891601.83
M 2003 PLC-ADR       MTWOE US       -2203513803.24   7204891601.83
M 2003 PLC-ADR       MTWOY US       -2203513803.24   7204891601.83
MARCONI PLC          MNI BB         -2203513803.24   7204891601.83
MARCONI PLC          MONI BB        -2203513803.24   7204891601.83
MARCONI PLC          MY2 GR         -2203513803.24   7204891601.83
MARCONI PLC          MRCQF US       -2203513803.24   7204891601.83
MARCONI PLC          203083Q VX     -2203513803.24   7204891601.83
MARCONI PLC          MNI LN         -2203513803.24   7204891601.83
MARCONI PLC-ADR      MCONY US       -2203513803.24   7204891601.83
MARCONI PLC-ADR      MONIE US       -2203513803.24   7204891601.83
MARCONI PLC-ADR      MRCQY US       -2203513803.24   7204891601.83
MARCONI PLC-ADR      MONIY US       -2203513803.24   7204891601.83
MARCONI PLC-ADR      QUQMON AU      -2203513803.24   7204891601.83
MARCONI PLC-ADR      MCBA GR        -2203513803.24   7204891601.83
MARCONI PLC-ADR      MY2A GR        -2203513803.24   7204891601.83
MARCONI PLC-ADR      MONI US        -2203513803.24   7204891601.83
MFI FURNITURE GR     MFI LN          -116415877.06    612420067.12
MINERVA PLC          MNR LN           -76016914.25   1319730522.55
MINERVA PLC          MNR PZ           -76016914.25   1319730522.55
MINERVA PLC          MNRGBP EO        -76016914.25   1319730522.55
MINERVA PLC          M7E GR           -76016914.25   1319730522.55
MINERVA PLC          MNR EO           -76016914.25   1319730522.55
MINERVA PLC          MNR IX           -76016914.25   1319730522.55
MINERVA PLC          MNREUR EO        -76016914.25   1319730522.55
MINERVA PLC          MNR PO           -76016914.25   1319730522.55
MINERVA PLC          MNVAF US         -76016914.25   1319730522.55
MINERVA PLC          MNR VX           -76016914.25   1319730522.55
MINERVA PLC          MNREUR EU        -76016914.25   1319730522.55
MINERVA PLC          MNRA LN          -76016914.25   1319730522.55
MINERVA PLC          MNR NR           -76016914.25   1319730522.55
MINERVA PLC          MNR EU           -76016914.25   1319730522.55
MINERVA PLC          MNR TQ           -76016914.25   1319730522.55
MINERVA PLC-NP       MNRN LN          -76016914.25   1319730522.55
MYTRAVEL GROUP       MT/S LN         -379721841.57   1817512773.61
MYTRAVEL GROUP       MT IX           -379721841.57   1817512773.61
MYTRAVEL GROUP       ARO2 GR         -379721841.57   1817512773.61
MYTRAVEL GROUP       MT/S PO         -379721841.57   1817512773.61
MYTRAVEL GROUP       MT/S VX         -379721841.57   1817512773.61
MYTRAVEL GROUP       MYTPF US        -379721841.57   1817512773.61
MYTRAVEL GROUP P     MT/ VX          -379721841.57   1817512773.61
MYTRAVEL GROUP P     1018144Q GR     -379721841.57   1817512773.61
MYTRAVEL GROUP P     MYTGF US        -379721841.57   1817512773.61
MYTRAVEL GROUP-A     2281919Q GR     -379721841.57   1817512773.61
MYTRAVEL GROUP-A     MYTVF US        -379721841.57   1817512773.61
NEW STAR ASSET       3226435Q EO     -397718038.04    292972732.12
NEW STAR ASSET       3226439Q EU     -397718038.04    292972732.12
NEW STAR ASSET       3226447Q EO     -397718038.04    292972732.12
NEW STAR ASSET       NSAM PO         -397718038.04    292972732.12
NEW STAR ASSET       N6S GR          -397718038.04    292972732.12
NEW STAR ASSET       NSAM PZ         -397718038.04    292972732.12
NEW STAR ASSET       NWSAF US        -397718038.04    292972732.12
NEW STAR ASSET       3226443Q EO     -397718038.04    292972732.12
NEW STAR ASSET       NSAA LN         -397718038.04    292972732.12
NEW STAR ASSET       NSAM TQ         -397718038.04    292972732.12
NEW STAR ASSET       3226431Q EU     -397718038.04    292972732.12
NEW STAR ASSET       NSAM LN         -397718038.04    292972732.12
NEW STAR ASSET       NSAM IX         -397718038.04    292972732.12
NORTHERN ROCK        NRK VX          -586206492.33 152084295061.92
NORTHERN ROCK        NRK PZ          -586206492.33 152084295061.92
NORTHERN ROCK        2733269Q EU     -586206492.33 152084295061.92
NORTHERN ROCK        2733277Q EU     -586206492.33 152084295061.92
NORTHERN ROCK        2733289Q EO     -586206492.33 152084295061.92
NORTHERN ROCK        NRK LN          -586206492.33 152084295061.92
NORTHERN ROCK        2733265Q EO     -586206492.33 152084295061.92
NORTHERN ROCK        2733273Q EO     -586206492.33 152084295061.92
NORTHERN ROCK        NRK PO          -586206492.33 152084295061.92
NORTHERN ROCK        NRKI IX         -586206492.33 152084295061.92
NORTHERN ROCK        2733281Q EO     -586206492.33 152084295061.92
NORTHERN ROCK        NRK IX          -586206492.33 152084295061.92
NORTHERN ROCK        NHRKF US        -586206492.33 152084295061.92
NORTHERN ROCK        2733285Q EU     -586206492.33 152084295061.92
NORTHERN ROCK        NR3 GR          -586206492.33 152084295061.92
ORANGE PLC           951641Q LN      -593935051.02    2902299501.9
ORANGE PLC           ORNGF US        -593935051.02    2902299501.9
ORANGE PLC           1460Q GR        -593935051.02    2902299501.9
ORANGE PLC-ADR       ORA$ LN         -593935051.02    2902299501.9
ORANGE PLC-ADR       ORNGY US        -593935051.02    2902299501.9
ORANGE PLC-ADR       ONG GR          -593935051.02    2902299501.9
ORBIS PLC            OBS PZ            -4168498.48     127701679.5
ORBIS PLC            OBS LN            -4168498.48     127701679.5
ORBIS PLC            OBG PO            -4168498.48     127701679.5
ORBIS PLC            OBS IX            -4168498.48     127701679.5
ORBIS PLC            RLP GR            -4168498.48     127701679.5
ORBIS PLC            ORBSF US          -4168498.48     127701679.5
ORSU METALS CORP     ORSUF US           -123563000       104843000
ORSU METALS CORP     EUM IX             -123563000       104843000
ORSU METALS CORP     E4M1 GR            -123563000       104843000
ORSU METALS CORP     EPMCF US           -123563000       104843000
ORSU METALS CORP     ORSM007 RU         -123563000       104843000
ORSU METALS CORP     OSU CN             -123563000       104843000
ORSU METALS CORP     OSU PZ             -123563000       104843000
ORSU METALS CORP     OSU PG             -123563000       104843000
ORSU METALS CORP     OSUGBX EO          -123563000       104843000
ORSU METALS CORP     OSUMF US           -123563000       104843000
ORSU METALS CORP     ORSM007* RU        -123563000       104843000
O TWELVE ESTATES     OTE EU             -7152968.9    297722697.37
O TWELVE ESTATES     O2T GR             -7152968.9    297722697.37
O TWELVE ESTATES     OTE PG             -7152968.9    297722697.37
O TWELVE ESTATES     OTEEUR EO          -7152968.9    297722697.37
O TWELVE ESTATES     OTE LN             -7152968.9    297722697.37
O TWELVE ESTATES     OTE PZ             -7152968.9    297722697.37
O TWELVE ESTATES     OTE EO             -7152968.9    297722697.37
O TWELVE ESTATES     OTE IX             -7152968.9    297722697.37
PARK FOOD GROUP      PKFD LN          -52867263.19    185089877.26
PARK GROUP PLC       PKG EU           -52867263.19    185089877.26
PARK GROUP PLC       PRKG IX          -52867263.19    185089877.26
PARK GROUP PLC       PKG LN           -52867263.19    185089877.26
PARK GROUP PLC       PRKGF US         -52867263.19    185089877.26
PARK GROUP PLC       PKG PZ           -52867263.19    185089877.26
PARK GROUP PLC       PKGGBP EO        -52867263.19    185089877.26
PARK GROUP PLC       PKG VX           -52867263.19    185089877.26
PARK GROUP PLC       PKG EO           -52867263.19    185089877.26
PARK GROUP PLC       PKG PO           -52867263.19    185089877.26
PATIENTLINE PLC      2928907Q EO      -54677284.64     124948245.8
PATIENTLINE PLC      PTL LN           -54677284.64     124948245.8
PATIENTLINE PLC      PTL PO           -54677284.64     124948245.8
PATIENTLINE PLC      PTL PZ           -54677284.64     124948245.8
PATIENTLINE PLC      PTL VX           -54677284.64     124948245.8
PATIENTLINE PLC      2928903Q EU      -54677284.64     124948245.8
PATIENTLINE PLC      PTL IX           -54677284.64     124948245.8
PATIENTLINE PLC      2928899Q EO      -54677284.64     124948245.8
PREMIER FARN-ADR     PFLZ LN          -53758146.86    722693619.54
PREMIER FARN-ADR     2246804Q US      -53758146.86    722693619.54
PREMIER FARN-ADR     PIFLY US         -53758146.86    722693619.54
PREMIER FARNELL      PFL PO           -53758146.86    722693619.54
PREMIER FARNELL      PFL IX           -53758146.86    722693619.54
PREMIER FARNELL      PFLSEK EU        -53758146.86    722693619.54
PREMIER FARNELL      PFL BQ           -53758146.86    722693619.54
PREMIER FARNELL      PFL NR           -53758146.86    722693619.54
PREMIER FARNELL      PFLEUR EU        -53758146.86    722693619.54
PREMIER FARNELL      PFLUSD EU        -53758146.86    722693619.54
PREMIER FARNELL      PFL LN           -53758146.86    722693619.54
PREMIER FARNELL      PFL EB           -53758146.86    722693619.54
PREMIER FARNELL      PFL QM           -53758146.86    722693619.54
PREMIER FARNELL      PFL PZ           -53758146.86    722693619.54
PREMIER FARNELL      PFLUSD EO        -53758146.86    722693619.54
PREMIER FARNELL      PFLGBP EO        -53758146.86    722693619.54
PREMIER FARNELL      PFL EO           -53758146.86    722693619.54
PREMIER FARNELL      PFL VX           -53758146.86    722693619.54
PREMIER FARNELL      PFLEUR EO        -53758146.86    722693619.54
PREMIER FARNELL      PFL EU           -53758146.86    722693619.54
PREMIER FARNELL      PFL NQ           -53758146.86    722693619.54
PREMIER FARNELL      PIFLF US         -53758146.86    722693619.54
PREMIER FARNELL      PML GR           -53758146.86    722693619.54
PREMIER FARNELL      PFL TQ           -53758146.86    722693619.54
PROSTRAKAN GROUP     PKNGF US          -1646349.91    143067806.91
PROSTRAKAN GROUP     PSKEUR EU         -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK EU            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSKGBP EO         -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK EO            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK PZ            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSKEUR EO         -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK IX            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK VX            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK LN            -1646349.91    143067806.91
PROSTRAKAN GROUP     PSK PO            -1646349.91    143067806.91
REAL ESTATE OP-O     REA GR          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO IX          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO LN          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO EU          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO ID          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO EO          -145048365.85   2933767506.67
REAL ESTATE OP-O     REOGBP EO       -145048365.85   2933767506.67
REAL ESTATE OP-O     REO PZ          -145048365.85   2933767506.67
REAL ESTATE OP-O     REO VX          -145048365.85   2933767506.67
REGUS LTD            273187Q LN       -46111835.37       367181111
REGUS PLC            RGU GR           -46111835.37       367181111
REGUS PLC            2296Z LN         -46111835.37       367181111
REGUS PLC            REGSF US         -46111835.37       367181111
REGUS PLC            273195Q VX       -46111835.37       367181111
REGUS PLC-ADS        REGS US          -46111835.37       367181111
REGUS PLC-ADS        REGSY US         -46111835.37       367181111
REGUS PLC-ADS        RGUA GR          -46111835.37       367181111
REGUS PLC-ADS        REGSV US         -46111835.37       367181111
RENTOKIL INITIAL     RKLIF US        -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO EU          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO BQ          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO NQ          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOUSD EU       -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO VX          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO1 GR         -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO LN          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOKF US        -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOG IX         -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO PZ          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOGBP EO       -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO NR          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO PO          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO IX          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO QM          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOUSD EO       -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO GR          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO TQ          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO EO          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOEUR EU       -351331070.14   3368925867.22
RENTOKIL INITIAL     RTO EB          -351331070.14   3368925867.22
RENTOKIL INITIAL     RTOEUR EO       -351331070.14   3368925867.22
RENTOKIL-SP ADR      AP76 LI         -351331070.14   3368925867.22
RENTOKIL-SP ADR      RTOKY US        -351331070.14   3368925867.22
SAATCHI & SA-ADR     SSI$ LN         -119260804.15    705060824.55
SAATCHI & SA-ADR     SSA US          -119260804.15    705060824.55
SAATCHI & SAATCH     188190Q GR      -119260804.15    705060824.55
SAATCHI & SAATCH     SSATF US        -119260804.15    705060824.55
SAATCHI & SAATCH     SSI LN          -119260804.15    705060824.55
SCOTTISH MEDIA       1442Q GR         -49061227.23    212049868.01
SCOTTISH MEDIA       SSMR LN          -49061227.23    212049868.01
SCOTTISH MEDIA       SSM LN           -49061227.23    212049868.01
SCOTTISH TELEV       SCTVF US         -49061227.23    212049868.01
SETON HEALTHCARE     2290Z LN         -10585179.82    156822902.77
SFI GROUP PLC        SUYFF US        -108067115.81    177647536.08
SFI GROUP PLC        SUF LN          -108067115.81    177647536.08
SKYEPHAR-RTS F/P     SKPF VX         -134177517.41    149159301.57
SKYEPHAR-RTS F/P     SKPF LN         -134177517.41    149159301.57
SKYEPHAR-RTS N/P     SKPN LN         -134177517.41    149159301.57
SKYEPHAR-RTS N/P     SKPN VX         -134177517.41    149159301.57
SKYEPHARMA -SUB      2976665Z LN     -134177517.41    149159301.57
SKYEPHARMA PLC       SK8A GR         -134177517.41    149159301.57
SKYEPHARMA PLC       SKP EO          -134177517.41    149159301.57
SKYEPHARMA PLC       SKP PZ          -134177517.41    149159301.57
SKYEPHARMA PLC       SKYEF US        -134177517.41    149159301.57
SKYEPHARMA PLC       SKP EU          -134177517.41    149159301.57
SKYEPHARMA PLC       SKPEUR EO       -134177517.41    149159301.57
SKYEPHARMA PLC       SKP IX          -134177517.41    149159301.57
SKYEPHARMA PLC       SKP TQ          -134177517.41    149159301.57
SKYEPHARMA PLC       SKP VX          -134177517.41    149159301.57
SKYEPHARMA PLC       SKP LN          -134177517.41    149159301.57
SKYEPHARMA PLC       SKPGBP EO       -134177517.41    149159301.57
SKYEPHARMA PLC       SKPEUR EU       -134177517.41    149159301.57
SKYEPHARMA PLC       SKP1 VX         -134177517.41    149159301.57
SKYEPHARMA PLC       SKP PO          -134177517.41    149159301.57
SKYEPHARMA PLC       SK8C GR         -134177517.41    149159301.57
SKYEPHARMA-ADR       SK8N GR         -134177517.41    149159301.57
SKYEPHARMA-ADR       SKYE US         -134177517.41    149159301.57
SKYEPHARMA-ADR       SKYPY US        -134177517.41    149159301.57
SKYEPHARMA-ADR       AP80 LI         -134177517.41    149159301.57
SKYEPHARMA-ADR       SKYEY US        -134177517.41    149159301.57
SKYEPHARMA-ADR       SK8 GR          -134177517.41    149159301.57
SMG PLC              SMG PO           -49061227.23    212049868.01
SMG PLC              SMG LN           -49061227.23    212049868.01
SMG PLC-FUL PAID     SMGF LN          -49061227.23    212049868.01
SMG PLC-NIL PAID     SMGN LN          -49061227.23    212049868.01
SMITHS NEWS PLC      NWS PO          -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2 TQ         -111380853.65    310693960.19
SMITHS NEWS PLC      NWS1GBP EO      -111380853.65    310693960.19
SMITHS NEWS PLC      NWS1 EO         -111380853.65    310693960.19
SMITHS NEWS PLC      NWS IX          -111380853.65    310693960.19
SMITHS NEWS PLC      NWS PZ          -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2GBP EO      -111380853.65    310693960.19
SMITHS NEWS PLC      NWS LN          -111380853.65    310693960.19
SMITHS NEWS PLC      SMWPF US        -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2EUR EU      -111380853.65    310693960.19
SMITHS NEWS PLC      NWS1 EU         -111380853.65    310693960.19
SMITHS NEWS PLC      NWS1 BQ         -111380853.65    310693960.19
SMITHS NEWS PLC      SMWPY US        -111380853.65    310693960.19
SMITHS NEWS PLC      NWS VX          -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2EUR EO      -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2 EU         -111380853.65    310693960.19
SMITHS NEWS PLC      NWS2 EO         -111380853.65    310693960.19
STAGECOACH GROUP     SGC1 EB         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 EO         -113434621.81   2507562891.85
STAGECOACH GROUP     SHP4 GR         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1EUR EO      -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1AUD EO      -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 NQ         -113434621.81   2507562891.85
STAGECOACH GROUP     SAGKF US        -113434621.81   2507562891.85
STAGECOACH GROUP     SGC IX          -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1USD EO      -113434621.81   2507562891.85
STAGECOACH GROUP     SGC2 VX         -113434621.81   2507562891.85
STAGECOACH GROUP     SGCG PZ         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1GBP EO      -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1USD EU      -113434621.81   2507562891.85
STAGECOACH GROUP     SHP GR          -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 BQ         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 EU         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC PO          -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 NR         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 QM         -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1EUR EU      -113434621.81   2507562891.85
STAGECOACH GROUP     SGC LN          -113434621.81   2507562891.85
STAGECOACH GROUP     SGC1 TQ         -113434621.81   2507562891.85
STAGECOACH GRP-B     SGCB LN         -113434621.81   2507562891.85
STAGECOACH-NEW       SGCN LN         -113434621.81   2507562891.85
STV GROUP PLC        STVGEUR EU       -49061227.23    212049868.01
STV GROUP PLC        STVGEUR EO       -49061227.23    212049868.01
STV GROUP PLC        STVGGBP EO       -49061227.23    212049868.01
STV GROUP PLC        STVG EO          -49061227.23    212049868.01
STV GROUP PLC        SMG IX           -49061227.23    212049868.01
STV GROUP PLC        SMGPF US         -49061227.23    212049868.01
STV GROUP PLC        STVG EU          -49061227.23    212049868.01
STV GROUP PLC        SMG PZ           -49061227.23    212049868.01
STV GROUP PLC        SMG VX           -49061227.23    212049868.01
STV GROUP PLC        STVG LN          -49061227.23    212049868.01
STV GROUP PLC        STVG VX          -49061227.23    212049868.01
TELEWEST COM-ADR     TWSTY US       -3702234580.99   7581020925.22
TELEWEST COM-ADR     940767Q GR     -3702234580.99   7581020925.22
TELEWEST COM-ADR     TWSTD US       -3702234580.99   7581020925.22
TELEWEST COM-ADR     TWT$ LN        -3702234580.99   7581020925.22
TELEWEST COMM        TWSTF US       -3702234580.99   7581020925.22
TELEWEST COMM        715382Q LN     -3702234580.99   7581020925.22
TELEWEST COMM        TWT VX         -3702234580.99   7581020925.22
TELEWEST COMM        604296Q GR     -3702234580.99   7581020925.22
THORN EMI PLC        THNE FP        -2265916256.89   2950021937.14
THORN EMI-ADR        TORNY US       -2265916256.89   2950021937.14
THORN EMI-ADR        THN$ LN        -2265916256.89   2950021937.14
THORN EMI-CDR        THN NA         -2265916256.89   2950021937.14
THORN EMI-REGD       1772Q GR       -2265916256.89   2950021937.14
TOPPS TILES PLC      TPT EO           -85010363.51    146193829.21
TOPPS TILES PLC      TPT PO           -85010363.51    146193829.21
TOPPS TILES PLC      TPTGBP EO        -85010363.51    146193829.21
TOPPS TILES PLC      TPTJY US         -85010363.51    146193829.21
TOPPS TILES PLC      TPT IX           -85010363.51    146193829.21
TOPPS TILES PLC      TPT BQ           -85010363.51    146193829.21
TOPPS TILES PLC      TPT TQ           -85010363.51    146193829.21
TOPPS TILES PLC      TPTJF US         -85010363.51    146193829.21
TOPPS TILES PLC      TPT VX           -85010363.51    146193829.21
TOPPS TILES PLC      TPTEUR EU        -85010363.51    146193829.21
TOPPS TILES PLC      TPT PZ           -85010363.51    146193829.21
TOPPS TILES PLC      TPTEUR EO        -85010363.51    146193829.21
TOPPS TILES PLC      TPT EU           -85010363.51    146193829.21
TOPPS TILES PLC      TPT LN           -85010363.51    146193829.21
TOPPS TILES-NEW      TPTN LN          -85010363.51    146193829.21
UTC GROUP            UGR LN           -11904426.45    203548565.03
VIRGIN MOB-ASSD      VMOC LN         -392165437.58    166070003.71
VIRGIN MOB-ASSD      VMOA LN         -392165437.58    166070003.71
VIRGIN MOBILE        VMOB LN         -392165437.58    166070003.71
VIRGIN MOBILE        VMOB PO         -392165437.58    166070003.71
VIRGIN MOBILE        VMOB VX         -392165437.58    166070003.71
VIRGIN MOBILE        VGMHF US        -392165437.58    166070003.71
VIRGIN MOBILE        UEM GR          -392165437.58    166070003.71
WARNER ESTATE        WNERGBP EO       -37798939.99     432125169.9
WARNER ESTATE        WRL GR           -37798939.99     432125169.9
WARNER ESTATE        WNER VX          -37798939.99     432125169.9
WARNER ESTATE        WNER IX          -37798939.99     432125169.9
WARNER ESTATE        WNEHF US         -37798939.99     432125169.9
WARNER ESTATE        WNER EU          -37798939.99     432125169.9
WARNER ESTATE        WNER EO          -37798939.99     432125169.9
WARNER ESTATE        WNER PO          -37798939.99     432125169.9
WARNER ESTATE        WNER PZ          -37798939.99     432125169.9
WARNER ESTATE        WNER LN          -37798939.99     432125169.9
WATSON & PHILIP      WTSN LN         -120493900.04    252232072.87
WHITE YOUNG GREE     WHY EU           -27530263.14       313453511
WHITE YOUNG GREE     WHY PZ           -27530263.14       313453511
WHITE YOUNG GREE     WHY VX           -27530263.14       313453511
WHITE YOUNG GREE     WHY IX           -27530263.14       313453511
WHITE YOUNG GREE     WHYEUR EU        -27530263.14       313453511
WHITE YOUNG GREE     WHY LN           -27530263.14       313453511
WHITE YOUNG GREE     WHY EO           -27530263.14       313453511
WHITE YOUNG GREE     WHYGBP EO        -27530263.14       313453511
WHITE YOUNG GREE     WHYEUR EO        -27530263.14       313453511
WHITE YOUNG GREE     WHY PO           -27530263.14       313453511
WHITE YOUNG-NEW      WHYN LN          -27530263.14       313453511
WINCANTON PL-ADR     WNCNY US         -63105009.98   1416979805.92
WINCANTON PLC        WIN LN           -63105009.98   1416979805.92
WINCANTON PLC        WNCNF US         -63105009.98   1416979805.92
WINCANTON PLC        WIN1USD EU       -63105009.98   1416979805.92
WINCANTON PLC        WIN1EUR EU       -63105009.98   1416979805.92
WINCANTON PLC        WIN1EUR EO       -63105009.98   1416979805.92
WINCANTON PLC        WIN1 NQ          -63105009.98   1416979805.92
WINCANTON PLC        WIN1 TQ          -63105009.98   1416979805.92
WINCANTON PLC        WIN1USD EO       -63105009.98   1416979805.92
WINCANTON PLC        WIN1 EU          -63105009.98   1416979805.92
WINCANTON PLC        WIN1GBP EO       -63105009.98   1416979805.92
WINCANTON PLC        WIN VX           -63105009.98   1416979805.92
WINCANTON PLC        WIN1 QM          -63105009.98   1416979805.92
WINCANTON PLC        WIN IX           -63105009.98   1416979805.92
WINCANTON PLC        WIN PO           -63105009.98   1416979805.92
WINCANTON PLC        WIN1 EO          -63105009.98   1416979805.92
WINCANTON PLC        WIN1 BQ          -63105009.98   1416979805.92
WINCANTON PLC        WIN1 EB          -63105009.98   1416979805.92
WINCANTON PLC        WIN PZ           -63105009.98   1416979805.92
XXPERT RENTAL        XPRT CN            -123563000       104843000

                            *********

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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