TCREUR_Public/091221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, December 21, 2009, Vol. 10, No. 251

                            Headlines



B E L G I U M

FORTIS BANK: Moody's Corrects Rating Outlook to Developing
KREMIKOVTZI AD: EU Commission Says Restructuring Failed


E S T O N I A

ESTONIAN AIR: Estonia to Hold Talks with SAS AB Over 49% Stake


F R A N C E

REXEL SA: Fitch Assigns 'BB-' Senior Unsecured Bond Rating


G E R M A N Y

CART 1: Fitch Junks Ratings on Two Classes of Notes
PROVIDE VR: Fitch Lowers Rating on Class E Notes to 'CCC'


G R E E C E

FAGE DAIRY: S&P Changes Outlook to Stable; Affirms 'B-' Rating


I R E L A N D

ADAGIO II: Moody's Junks Rating on EUR10.5MM Class E Notes
ATHENEE CDO: S&P Corrects Ratings on 11 Series of Notes
CELF LOW: Moody's Cuts Ratings on Three Classes of Notes to 'B3'
FLEMING GROUP: Supreme Court to Decide on Survival Plan Next Year
HARVEST V: Fitch Corrects Press Release; Cuts Ratings on Tranches

* IRELAND: Mitchell Calls for Probe Into Hotel Bankruptcies


I T A L Y

BANCAPULIA SPA: Moody's Reviews D Bank Financial Strength Rating
DA VINCI: Fitch Cuts Rating on Class C Notes to 'D' From 'CC'


K A Z A K H S T A N

AKMOLINSKY KIRPICHNY: Creditors Must File Claims by January 6
AKTOBE MONTAGE: Creditors Must File Claims by January 6
AKTOBE TRANS: Creditors Must File Claims by January 6
KOKSHETAUSKOYE REMONTNO: Creditors Must File Claims by January 6
KST SVYAZ: Creditors Must File Claims by January 6

STARLINE KZ: Creditors Must File Claims by January 6
TERRA HOLDING: Creditors Must File Claims by January 6
TRANS STROY: Creditors Must File Claims by January 6


K Y R G Y Z S T A N

ARSEN-AGRO CO: Creditors Must File Claims by January 20
BIM-PRINT LLC: Creditors Must File Claims by January 20
SILICIUM LLC: Creditors Must File Claims by January 20
VORSAN COMPANY: Creditors Must File Claims by January 20


L A T V I A

LIEPAJAS METALURGS: EU Approves Latvian State Guarantee


L U X E M B O U R G

BARBICAN NO 1: S&P Downgrades Rating on EUR4.9 Mil. Notes to 'BB'
WIND ACQUISITION: Fitch Assigns 'B' Rating on Two New Notes


M O L D O V A

* MOLDOVA: Fitch Affirms Long-Term Issuer Default Rating at 'B-'


N E T H E R L A N D S

CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Caa2'
FAB CBO: S&P Junks Rating on Class B Notes From 'BBB'
GRESHAM CAPITAL: Fitch Lowers Rating on Class E Notes to 'B'
SCEPTRE CAPITAL: S&P Cuts Rating on EUR25 Mil. Notes to 'CCC-'
WOOD STREET: Moody's Confirms 'Caa3' Rating on Class E Notes


P O L A N D

TARCHOMINSKIE ZAKLADY: EU Authorizes PLN40.5MM Loan Restructuring


R O M A N I A

EFG CREVEDIA: Liquidator Sells Plot of Land in Auction
PIC SA: Owner Says Survival Depends on Suppliers
TRIDENT: Expects Turnover of EUR30 Million This Year


R U S S I A

AK BARS: Moody's Confirms 'E+' Bank Financial Strength Rating
BANK ROSSIYA: Fitch Affirms Individual Rating at 'D/E'
BAYMAKSKIY MEAT: Creditors Must File Claims by December 23
DVK-STROY: Creditors Must File Claims by December 23
METALLURG-MASH: Creditors Must File Claims by December 23

HOME 2000: Creditors Must File Claims by December 23
NOVADOR LLC: Creditors Must File Claims by December 23
OTP BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
PETRO-PAK: Creditors Must File Claims by December 23
PROM-UPAK: Creditors Must File Claims by December 23

ROAD-CONSTRUCTION: Creditors Must File Claims by December 23
RUS'-LES: Creditors Must File Claims by December 23
RUSSIAN AGRICULTURAL: Fitch Affirms Individual Rating at 'D'
SERPUKHOVSKIY TEXTILE: Creditors Must File Claims by December 23
VITIMSKAYA MINING: Creditors Must File Claims by December 23

* RUSSIA: Bank Bankruptcies to Rise in 2010, Melikyan Says


S L O V A K   R E P U B L I C

MATADOR AUTOMOTIVE: Moody's Confirms 'Ba1' Corporate Family Rating


S P A I N

CM BANCAJA: Fitch Affirms Rating on Class E Notes at 'CC'


S W E D E N

GENERAL MOTORS: Parties Inquire About Saab; Spyker Sends New Bid
SAS AB: Estonia to Hold Talks to Buy 49% Stake in Estonian Air


U K R A I N E

DTEK HOLDINGS: Moody's Reviews 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

FLYGLOBESPAN: E-Clear Holds GBP30 Mln Payments Made by Passengers
FOSTER STONE: Court to Hear Winding-Up Petition on March 3
INDEPENDENT NEWS: Lebedev in Talks to Acquire U.K. Newspapers
LANCSVILLE CONSTRUCTION: In Administration; Vantis Appointed
THPA FINANCE: Fitch Cuts Rating on GBP30MM Class C Notes to 'BB-'

WHITE TOWER: Fitch Cuts Ratings on Two Classes of Notes to 'C'

* UK: Banks Face Increased Risk of Property Loan Default
* Compulsory Liquidations Cost UK Plc GBP887 Mln, CreditPal Says


X X X X X X X X

* BOND PRICING: For the Week December 14 to December 18, 2009




                         *********



=============
B E L G I U M
=============


FORTIS BANK: Moody's Corrects Rating Outlook to Developing
----------------------------------------------------------
Moody's Investors Service has corrected moodys.com to reflect the
current outlook of Fortis Bank SA/NV's CASHES securities as
"developing."

The last rating action on CASHES was on July 16, 2009, when the
securities were downgraded from Ba2 to Ba3 and assigned a
developing outlook.  However, the securities incorrectly appeared
to be under review for possible downgrade on moodys.com.  Moody's
has corrected the outlook on moodys.com to developing.

Headquartered in Brussels, Fortis Bank SA/NV had total assets of
EUR496 billion and reported shareholders equity (including
minority interest) of EUR17.947 billion at the end of June 2009.


KREMIKOVTZI AD: EU Commission Says Restructuring Failed
-------------------------------------------------------
The European Commission on December 16 said it has found that the
Bulgarian steel producer Kremikovtzi did not implement the
business plan established for its restructuring, which had been
agreed by the Commission in 2006 on the basis of a special steel
protocol to the Europe Agreement applicable to EU/Bulgaria
relations prior to the 2007 accession.

Between 1998 and 2005, the company received about EUR222 million
restructuring aid, but failed to modernize its infrastructure and
to reduce its production costs.  The company went bankrupt in
August 2008 and Bulgaria initiated the recovery of the aid plus
interest in the context of the ongoing liquidation proceedings.

Restructuring aid for ailing steel producers is strictly
prohibited within the EU.  However, in the context of pre-
accession, candidate countries may be given the opportunity to
grant aid in order to restructure their steel industries once,
before having to comply with the EU's regime for state aid to
steelmakers.

Bulgaria made use of this opportunity and decided in 2004 to
support the country's biggest steel company Kremikovtzi with
restructuring aid totaling about EUR222 to help it becoming
competitive in the long term and to be able to survive on the
market without further state support.

The conditions for granting this aid were set out in a special
steel protocol (Protocol 2) to the Europe Agreement.  In
particular, Kremikovtzi was due to set up a business plan which
would bring the company back to viability by 2006.  However, at
the end of 2006, the company had implemented only part of the plan
and was still in a poor condition.

The Commission accepted to prolong the restructuring period until
2008.  To ensure that the Protocol 2 to the Europe Agreement is
respected, the EU and Bulgaria agreed at the EU-Bulgaria
Association Council of December 29, 2006 on specific rules for the
monitoring of the implementation progress.  In this context,
Bulgaria committed to recover the aid from Kremikovtzi if needed.

In line with its monitoring obligations under this agreement, the
Commission has now concluded that Kremikovtzi failed to implement
the business plan in a satisfactory way.  Indeed, essential
modernization and environmental investments originally foreseen
were not carried out.  In addition, the company failed to reduce
production costs and continuously suffered from a lack of working
capital for endogenous reasons that heavily affected its
operational business.  As a result, the company went bankrupt in
August 2008.

Bulgaria has already initiated the recovery of the aid of EUR222
million plus interests, in the context of the current liquidation
proceedings.

                         About Kremikovtzi

Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a company principally engaged in
the steel industry.  Its production capacity includes a complete
steel production cycle, from ore mining to finished products, such
as hot rolled and cold rolled products (coils, slabs, plates,
blooms and billets), different thickness wire rods and tubes.  The
Company's product range also includes coke and chemical products,
ferro-alloys and metallurgical lime.  The Company operates through
a number of subsidiaries, including Kremikovtzi Trans EOOD,
Nezavisima laboratoriya za analizi EOOD, Kremikovtzi rudodobiv AD,
Ferosplaven zavod EOOD, Global Trade Trans and Kremi Logistics
EOOD, among others.  The Company has undergone the insolvency
process since August 6, 2008.


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


ESTONIAN AIR: Estonia to Hold Talks with SAS AB Over 49% Stake
--------------------------------------------------------------
Ott Ummelas at Bloomberg News reports that Estonia's Economy
Minister Juhan Parts will hold talks with SAS AB on purchasing the
Scandinavian carrier's 49% stake in AS Estonian Air.

According to Bloomberg, SAS Group, owner of Scandinavia's biggest
airline, said in February it would sell its foreign units to
refocus on the Nordic region.

"Certainly the aim of the government isn't to keep Estonian Air in
the state's hands even if this transaction will be possible,"
Bloomberg quoted Prime Minister Andrus Ansip as saying in a news
conference in Tallinn Thursday.  "This market is very competitive
and requires very specific competencies and tight cooperation with
other airlines, therefore we think Estonian Air should also have a
strategic investor in the future."

Bloomberg recalls Estonian Air Chief Executive Officer Andrus
Aljas said in February the airline, which operates six aircraft,
has lost money in the past three years and needs a "strong"
strategic partner to survive.  Mr. Ansip, as cited by Bloomberg,
said the government "isn't happy" with the current management of
the company and wants Estonia to have better connections with
other European cities.

AS Estonian Air -- http://www.estonian-air.ee/-- serves
destinations throughout Western and Eastern Europe.  Including the
planes flown by subsidiary Estonian Air Regional, the carrier
operates a fleet of some 10 Boeing and Saab aircraft.  The company
offers scheduled passenger services to about 20 European
destinations and charter passenger transportation to more than 50.
It also offers cargo transport and handling services for
third-party airlines.  The Estonian government owns a third of the
carrier.  Scandinavian airline SAS owns about half of Estonian Air
but announced plans in early 2009 that it plans to divest its 49%
stake.


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


REXEL SA: Fitch Assigns 'BB-' Senior Unsecured Bond Rating
----------------------------------------------------------
Fitch Ratings has assigned Rexel, SA's EUR575 million 8.25% bond
due 2016, a final senior unsecured rating of 'BB-'.

The bond's rating is in line with Rexel's senior unsecured 'BB-'
rating, which itself reflects the group's focused business
strategy and the expected financial flexibility going forward.
Rexel's Long-term Issuer Default Rating is 'BB-' with Stable
Outlook.

The assignment of the final rating follows Fitch's review of the
bond's final documentation which conforms to information received
at the time the agency assigned the expected rating on
December 7, 2009.

The bonds will rank pari passu with the new bank credit facility.
Both groups of creditors will benefit on an aggregate basis from
guarantees provided by certain subsidiaries representing 86.5% of
consolidated EBITDA (LTM September 2009), 68.9% of sales (for the
same period) and 67.9% of consolidated total assets as of 30
September 2009.

Rexel is a world leader in the distribution of low and ultra-low
voltage electrical products.  It operates in 34 countries across
Europe, the Americas and Asia/Pacific through a network of about
2,300 branches.  LTM to September 2009 sales of EUR11.8 billion
are split between Europe (58%), North America (31%) and Asia-
Pacific (7%), with a group EBITDA of EUR520.8 million (4.4%
margin) or EUR624.5 million (5.3%) before one-off and
restructuring costs.


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


CART 1: Fitch Junks Ratings on Two Classes of Notes
---------------------------------------------------
Fitch Ratings has downgraded six classes of notes of CART 1 Ltd.,
removed them from Rating Watch Negative and assigned Negative
Outlooks and Loss Severity Ratings:

  -- EUR17 million class A+ notes (ISIN: XS0306449488): downgraded
     to 'BBB' from 'AAA'; removed from RWN; assigned Negative
     Outlook and Loss Severity Rating 'LS-4'

  -- EUR8.5 million class A notes (ISIN: XS0295190721): downgraded
     to 'BBB' from 'AA+'; removed from RWN; assigned Negative
     Outlook and 'LS-5'

  -- EUR51 million class B secured notes (ISIN: XS0295192263):
     downgraded to 'B' from 'AA-'; removed from RWN; assigned
     Negative Outlook and 'LS-3'

  -- EUR17 million class C secured notes (ISIN: XS0295192420):
     downgraded to 'B' from 'A+'; removed from RWN; assigned
     Negative Outlook and 'LS-4'

  -- EUR38.25 million class D secured notes (ISIN: XS0295192776):
     downgraded to 'CCC' from 'BBB+'; removed from RWN

  -- EUR48.45 million class E secured notes (ISIN: XS0295193311):
     downgraded to 'CC' from 'BB'; removed from RWN

The transaction is a partially funded synthetic collateralized
debt obligation referencing a portfolio of loans, overdraft
facilities and other payment claims to SMEs and larger companies
based predominantly in Germany.  The debt instruments were
originated by Deutsche Bank AG (DB, rated 'AA-/F1+' Negative
Outlook), who is also the credit default swap counterparty.  The
reference portfolio may be replenished in accordance with the
eligibility and replenishment criteria until June 2014.

The notes were placed on RWN on August 6, 2009 pending full
analysis after the release of Fitch's revised rating criteria for
European granular corporate balance sheet securitizations (SME
CLOs).  While the rating actions announced capture the updated
rating criteria, which were used to determine the rating loss
rates for the notes, they are also driven by the deteriorating
performance of the underlying assets and the high obligor
concentration in the pool.

Since closing in June 2006, borrowers have defaulted on 4.5% of
the pool notional, among them the top borrower, implying a
performance consistent with an average credit quality of the
securitized portfolio in the range of 'BB', as opposed to 'BBB-
'/'BB+' at closing.  The lowest-rated categories on DB's internal
scale contain further seven borrowers representing roughly 3% of
the total pool notional, which have not yet caused a credit event,
but are likely to do so in Fitch's view.  Based on such
underperformance and on Fitch's expectation of rising defaults and
delinquencies due to the unfavorable economic conditions in
Germany, the default assumptions for borrowers in the portfolio
have been tightened.  At closing the assessment of the borrowers
was based on the mapping of DB's internal ratings to Fitch's
rating scale.  For purposes of this review the mapping results for
each borrower based on the most recent DB's internal ratings were
revised downwards by one notch.

High concentrations in this transaction have also contributed to
higher rating loss rates in Fitch's modeling.  Although the
concentrations in the portfolio have been falling since closing,
they remain high with the exposure to the largest borrower group
at 3.1% of the current portfolio including defaulted assets and
for the top five borrower groups at 12.9%, as of the investor
report in November 2009.  The top industry is business services at
25.6% of the portfolio, including defaulted assets.

The majority of the assets in the pool are unsecured.  For
purposes of this review Fitch has therefore applied its standard
recovery assumptions for unsecured loans according to the
collateral quota of each borrower group.

Following the described analysis, the current credit enhancement
of the notes (14.9%, 14.4%, 11.3%, 10.3%, 8% and 5% for classes
A+, A, B, C, D and E, respectively) is not sufficient to support
the notes' prior ratings.  The Negative Outlooks reflect Fitch's
view that the portfolio will continue to see more credit
deterioration.


PROVIDE VR: Fitch Lowers Rating on Class E Notes to 'CCC'
---------------------------------------------------------
Fitch Ratings has downgraded two tranches from the PROVIDE-VR
series of synthetic RMBS transactions and affirmed 11 others.  The
transactions contain residential mortgage loans originated by
seven institutions belonging to the German Cooperative Banking
Group.  The Outlooks have also been revised to Negative.

The negative rating actions reflect the erosion of the first loss
piece caused by losses realized on defaulted loans.  Both
transactions have their unrated most junior notes as their first
loss piece instead of a reserve fund, therefore all losses
realized by these transactions are allocated to these notes.  As
these tranches are collateralized, any allocation of losses
reduces the credit enhancement of the senior notes.  PROVIDE-VR
2003 PLC and PROVIDE-VR 2004 PLC have allocated EUR4.7 million and
EUR1.7 million, respectively to the most junior tranche, as of
their latest interest payment date in September 2009.  Fitch
expects continued allocation of losses due to the current volume
of loans in arrears.  As of the latest IPD, EUR1.2 million remains
in the highest three months plus arrears bucket for PROVIDE-VR
2003 and EUR1.1 million remains in PROVIDE-VR 2004's three months
plus arrears bucket.

Although the constant annualized default rate for PROVIDE-VR 2003
has reduced to 1.23% in September 2009 from 1.35% in June 2009,
the CDR has increased to 0.83% from 0.17% for the same period for
PROVIDE-VR 2004.  Fitch expects the CDR to remain at similar
levels and therefore losses will continue to accrue, causing the
first loss pieces to be utilized.  The current performance of
Provide-VR 2004 is better than that of the 2003 transaction,
resulting in a change in Outlook to the most junior class rather
than a downgrade.  Should performance deteriorate then rating
action is likely.

Rating actions are:

Provide VR 2003-1 Plc:

  -- Senior credit default swap: affirmed at 'AAA'; Outlook Stable

  -- Class A+ (ISIN DE000A0AAZ03): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A (ISIN DE000A0AAZ11): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class B (ISIN DE000A0AAZ29): affirmed at 'AA'; Outlook
     revised to Stable from Positive; assigned a Loss Severity
     Rating of 'LS-2'

  -- Class C (ISIN DE000A0AAZ37): affirmed at 'A'; Outlook revised
     to Negative from Positive; assigned a Loss Severity Rating of
     'LS-2'

  -- Class D (ISIN DE000A0AAZ45): downgraded to 'B' from 'BBB';
     assigned Negative Outlook and a Loss Severity Rating of 'LS-
     3'

  -- Class E (ISIN DE000A0AAZ52): downgraded to 'CCC' from 'BB';
     assigned a Recovery Rating of 'RR5'

Provide VR 2004-1 Plc:

  -- Senior credit default swap: affirmed at 'AAA'; Outlook Stable

  -- Class A+ (ISIN DE000A0DDC04Z03): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A (ISIN DE000A0DDC12): affirmed at 'AAA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class B (ISIN DE000A0DDC20): affirmed at 'AA'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class C (ISIN DE000A0DDC38): affirmed at 'A'; Outlook Stable;
     assigned a Loss Severity Rating of 'LS-2'

  -- Class D (ISIN DE000A0DDC46): affirmed at 'BBB'; Outlook
     revised to Negative from Stable; assigned a Loss Severity
     Rating of 'LS-3'

Fitch has employed its credit cover multiple methodology in
reviewing the deals to assess the level of credit support
available to each class of notes.


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


FAGE DAIRY: S&P Changes Outlook to Stable; Affirms 'B-' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Greece-based dairy group Fage Dairy Industry S.A.  to
stable from negative.  At the same time, S&P affirmed the 'B-'
long-term corporate credit rating and the 'B-' issue rating on the
group's EUR130 million 7.5% senior unsecured notes due 2015.

"The outlook revision reflects the recovery of Fage's operating
profit to historical levels.  This recovery supports a substantial
improvement in the group's credit protection measures,
particularly in its liquidity position, which S&P now consider to
be adequate," said Diego Festa, Standard & Poor's credit analyst.

These positive trends primarily derive from the substantial
increase in Fage's operating profits in the U.S. Specifically,
Fage's operating profits have benefited from the elimination of
transport costs and import tariffs since operations at the group's
U.S. yogurt facility began in April 2008.  This year, 100% of the
yogurt that Fage sold in the U.S. was produced locally.  A
reduction in milk prices also lifted operating profits, milk being
Fage's largest input cost.  The price of milk in the U.S. is less
than one-half of the price in Germany and Greece, where Fage used
to source milk.  The profit contribution from Fage's growing U.S.
yogurt business was therefore adequate to offset the continuing
competitive pressure in Fage's core domestic market.

S&P believes that Fage will maintain a financial leverage ratio of
debt to EBITDA at levels comfortably below 6.0x on a Standard &
Poor's-adjusted basis.

Downside rating risk could arise if the group were unable to meet
and sustain the ratio guidance outlined above.  Downside risk
could also arise if Fage were to fail to maintain an adequate
liquidity position.  Specifically, this means adjusted EBITDA
interest coverage of more than 2.0x, and short-term maturities
that are fully covered by unrestricted cash, FOCF from operations,
and availability under committed bank lines.

S&P may consider taking a positive rating action if Fage were to
exercise restraint in its discretionary spending and financial
policy.  In particular, upside rating potential would arise if
Fage were to show a track record of stable operating profits and
discretionary cash flow generation leading to adjusted ratios of
EBITDA interest coverage of above 2.5x and of debt to EBITDA below
5.0x.


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I R E L A N D
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ADAGIO II: Moody's Junks Rating on EUR10.5MM Class E Notes
----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Adagio II CLO PLC.  Given that this is a relatively
well-performing CLO, the Class A2A notes remain Aaa.

  -- EUR158.25M Class A-1 Senior Floating Rate Notes due 2021,
     Downgraded to Aa1; previously on Dec 15, 2005 Assigned Aaa

  -- EUR8M Class A-2B Senior Floating Rate Notes due 2021,
     Downgraded to Aa2; previously on Mar 4, 2009 Aa1 Placed Under
     Review for Possible Downgrade

  -- EUR35.875M Class B Senior Floating Rate Notes due 2021,
     Downgraded to Baa1; previously on Mar 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- EUR14.59M Class C-1 Senior Subordinated Deferrable Floating
     Rate Notes due 2021, Downgraded to Ba2; previously on Mar 4,
     2009 A2 Placed Under Review for Possible Downgrade

  -- EUR8.16M Class C-2 Senior Subordinated Deferrable Fixed Rate
     Notes due 2021, Downgraded to Ba2; previously on Mar 4, 2009
     A2 Placed Under Review for Possible Downgrade

  -- EUR3.925M Class D-1 Senior Subordinated Deferrable Floating
     Rate Notes due 2021, Downgraded to B3; previously on Mar 4,
     2009 Baa2 Placed Under Review for Possible Downgrade

  -- EUR9.2M Class D-2 Senior Subordinated Deferrable Fixed Rate
     Notes due 2021, Downgraded to B3; previously on Mar 4, 2009
     Baa2 Placed Under Review for Possible Downgrade

  -- EUR10.5M Class E Senior Subordinated Deferrable Floating Rate
     Notes due 2021, Downgraded to Caa3; previously on Mar 4, 2009
     Ba2 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.  The Portfolio Manager uses CDOROM as a managing
tool together with other management criteria which include a
weighted average life test and a weighted average spread test.

According to Moody's, the rating actions taken on the notes take
into account moderate credit deterioration of the underlying
portfolio.  This is observed through the average credit rating as
measured through the portfolio weighted average rating factor
'WARF' (currently 2522), the amount of defaulted securities
(currently 3% of the portfolio), the proportion of securities from
issuers rated Caa1 and below (currently 8% of the portfolio), and
a slight deterioration of the par value tests.  Currently all par
value tests are in compliance.  However Moody's notes that, unlike
the majority of European CLOs, the calculation of the par value
tests would include haircuts on Caa assets only if certain
conditions are met, which is not the case currently.  These
measures were taken from the recent trustee report dated 30
November 2009.  Moody's also performed a number of sensitivity
analyses, including consideration of a further decline in
portfolio WARF.  Due to the impact of all the below mentioned
stresses, key model inputs used by Moody's in its analysis, such
as par, weighted average rating factor, and weighted average
recovery rate, may be different from trustee's reported numbers.

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

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

In addition to the quantitative factors that are explicitly
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.


ATHENEE CDO: S&P Corrects Ratings on 11 Series of Notes
-------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 11
series of notes issued by Athenee CDO PLC.

The ratings on the notes had been lowered on Nov. 25, 2009,
following S&P's criteria update on corporate collateralized debt
obligations.  However, the analysis performed in the Nov. 25,
2009, downgrades included a particular defaulted reference entity
in the portfolios of the affected series, which has now been
removed after S&P received additional information from the
arranger.  Due to the removal of this entity from the portfolios,
S&P has raised the ratings on the 11 series.

                        Ratings Corrected

    Deal Name                        Ratings From   Ratings To
    ---------                        ------------   ----------
    Athenee CDO PLC Series 2007-2    B-             B+
    Athenee CDO PLC Series 2007-3    CCC+           B+
    Athenee CDO PLC Series 2007-4    CCC            B
    Athenee CDO PLC Series 2007-5    CCC            B-
    Athenee CDO PLC Series 2007-6    CCC            B
    Athenee CDO PLC Series 2007-7    CCC            B
    Athenee CDO PLC Series 2007-8    CCC+           B+
    Athenee CDO PLC Series 2007-9    B-             B+
    Athenee CDO PLC Series 2007-12   CCC+           B-
    Athenee CDO PLC Series 2007-14   CCC+           B
    Athenee CDO PLC Series 2007-15   B-             B+


CELF LOW: Moody's Cuts Ratings on Three Classes of Notes to 'B3'
----------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by CELF Low Levered Partners plc.

  -- EUR70.5M Class A-1 Senior Secured Revolving Floating Rate
     Notes due 4 March 2024, Downgraded to Aa3; previously on
     Jan. 24, 2007 Definitive Rating Assigned Aaa

  -- EUR86.5M Class A-2 Senior Secured Delayed Draw Floating Rate
     Notes due 4 March 2024, Downgraded to Aa3; previously on
     Jan. 24, 2007 Definitive Rating Assigned Aaa

  -- EUR86.5M Class A-3 Senior Secured Floating Rate Notes due
     4 March 2024, Downgraded to Aa3; previously on Jan 24, 2007
     Definitive Rating Assigned Aaa

  -- EUR26.5M Class B Senior Secured Deferrable Floating Rate
     Notes due 4 March 2024, Downgraded to Baa3; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade

  -- EUR14M Class C Senior Secured Deferrable Floating Rate Notes
     due 4 March 2024-1, Downgraded to Ba3; previously on Mar 4,
     2009 A2 Placed Under Review for Possible Downgrade

  -- EUR30M Class D-1 Subordinated Notes due 4 March 2024,
     Downgraded to B3; previously on Mar 4, 2009 Baa2 Placed Under
     Review for Possible Downgrade

  -- EUR22M Class D-2 Subordinated Notes due 4 March 2024,
     Downgraded to B3; previously on Mar 4, 2009 Baa2 Placed Under
     Review for Possible Downgrade

  -- EUR19M Class D-3 Subordinated Notes due 4 March 2024,
     Downgraded to B3; previously on Mar 4, 2009 Baa2 Placed Under
     Review for Possible Downgrade

  -- EUR12M Class S Combination Notes due 4 March 2024, Withdrawn;
     previously on Mar 4, 2009 Baa2 Placed Under Review for
     Possible Downgrade

Moody's has withdrawn the rating assigned to the EUR12,000,000
Class S Combination Notes due 2024.  These notes were split back
into their original components and thus are no longer outstanding
under Combination notes form.

The ratings of the Class D-1, D-2 and D-3 Subordinated Notes
address the expected loss posed to investors by the legal final
maturity in March 2024 as a proportion of the rated balance, where
the rated balance is equal, at any time, to the principal amount
of such Subordinated Notes on the Issue Date minus the aggregate
of all payments made from the issue date to such date, either
through interest or principal payments.  It is not an opinion
about the ability of the issuer to pay interest.

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
21.11% of the portfolio).

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 2943), an increase in the amount of defaulted
securities (currently 3.02% of the portfolio), an increase in the
proportion of securities from issuers rated Caa1 and below
(currently 16.05% of the portfolio), and a failure of reinvestment
test.  These measures were taken from the recent trustee report
dated 28 October 2009.  Moody's also performed a number of
sensitivity analyses, including consideration of a further decline
in portfolio WARF quality.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


FLEMING GROUP: Supreme Court to Decide on Survival Plan Next Year
-----------------------------------------------------------------
BreakingNews.ie reports that the Supreme Court will rule early
next year on whether to approve a survival plan for three
companies in the Fleming group.

The report recalls the survival scheme was approved by Mr. Justice
Brian McGovern in the High Court in November.

The report relates Dutch-owned ACC, which opposed the scheme,
appealed the decision on the grounds it prejudices the bank's
capability to recover the money it is owed by the Fleming Group.
Paul Sreenan SC, counsel for ACC, said the scheme is somewhat
"artificial" and is effectively a receivership, the report notes.

According to the report, the appeal concluded Thursday before the
five-judge Supreme Court, comprised of the Chief Justice
Mr. John Murray, Ms. Justice Susan Denham, Mr. Justice Adrian
Hardiman, Mr. Justice Hugh Geoghegan and Mr. Justice Nial
Fennelly.  The report says the Chief Justice said that the court
would give judgment as expeditiously as possible, but given the
issues raised it would not be possible to do so before the next
legal term commences on January 11.

The Cork-based group which has interests in construction has debts
of roughly EUR1 billion, including EUR269 million to Anglo Irish
Bank and EUR21.5 million to ACC, the report discloses.


HARVEST V: Fitch Corrects Press Release; Cuts Ratings on Tranches
-----------------------------------------------------------------
Fitch Ratings corrects a version published earlier, assigning the
Class A2 notes a Loss Severity Rating of 'LS-4' and not 'LS-2' as
previously stated.

Fitch downgraded eight tranches on Harvest V CLO PLC and affirmed
two others.  The transaction is a collateralized loan obligations
of leveraged loans managed by Mizuho Investment Management UK
Limited.  The Rating Watch Negative on six tranches has been
removed.  The RWN was assigned in August 2009 following an
increase of defaults which have been compounded by continued
negative rating migration in the European leveraged loan market.
The rating actions are:

  -- EUR245.9 million Class A-D (ISIN: XS0293379342): affirmed at
     'AAA'; Outlook Negative; assigned Loss Severity Rating 'LS-2'

  -- EUR160.5 million Class A-R: affirmed at 'AAA'; Outlook
     Negative; assigned 'LS-2'

  -- EUR32.5 million Class A2 (ISIN: XS0293379771): downgraded to
     'AA' from 'AAA'; Outlook Negative; assigned 'LS-4'

  -- EUR42.5 million Class B (ISIN: XS0293380191): downgraded to
     'A' from 'AA'; Outlook Negative; assigned 'LS-4'

  -- EUR30 million Class C1 (ISIN: XS0293380274): downgraded to
     'BBB' from 'A'; removed from RWN; assigned Negative Outlook
     and 'LS-4'

  -- EUR10 million Class C2 (ISIN: XS0293951280): downgraded to
     'BBB' from 'A'; removed from RWN; assigned Negative Outlook
     and 'LS-4'

  -- EUR26 million Class D (ISIN: XS0293380431): downgraded to
     'BB' from 'BBB'; removed from RWN; assigned Negative Outlook
     and 'LS-5'

  -- EUR26 million Class E1 (ISIN: XS0293380514): downgraded to
     'B' from 'BB'; removed from RWN; assigned Negative Outlook
     and 'LS-5'

  -- EUR5 million Class E2 (ISIN: XS0293952684): downgraded to 'B'
     from 'BB'; removed from RWN; assigned Negative Outlook and
     'LS-5'

  -- EUR10 million Class Q (ISIN: XS0293380944): downgraded to
     'BB-' from 'A-'; removed from RWN; assigned Negative Outlook

The rating actions reflect the recent leveraged loan defaults and
increasing 'CCC'-rated asset exposure in the portfolios.  Fitch
employed its global rating criteria for corporate CDOs to analyze
the quality of the underlying assets.  In accordance with the
agency's cash flow analysis criteria, Fitch also modeled the
transactions' priority of payments including relevant structural
features such as the excess spread-trapping mechanism and coverage
tests.  Although some credit protection remains for the downgraded
notes, the Outlook is Negative, reflecting the increased
likelihood of downgrades driven by lower-than-expected recoveries.
The performance of the downgraded tranches is highly dependent on
portfolio recovery prospects.

Harvest V has suffered seven defaults to date which represents
11.3% of the target par amount of the transaction.  In addition,
15.3% of the portfolio are rated 'CCC' or lower.  As a result of
negative portfolio migration, the credit enhancement of all
tranches has been reduced and the class C, D, and E OC tests are
now breached.  Interest payments to class D and lower-ranked
classes would henceforth be cut off until the OC tests are back in
compliance.  The downgrades of the class A2, class B, class C1,
class C2, class D, class E1 and class E2 notes reflect their
reduced protection following the defaults and negative portfolio
migration.  The affirmation of the class A-D and class A-R notes
reflects the robust CE driven by OC and excess spread.  In the
last two payment dates in May 2009 and November 2009, a total of
EUR6m of interest proceeds was diverted to repay the class A-D and
class A-R notes.

The class Q combination notes are reliant on cash distribution
made to the class C1 and class E1 notes.  However, the class A/B
coverage test could come under pressure and consequently interest
distributions could be cut-off for the combination notes.  As
such, the agency is downgrading the Class Q.


* IRELAND: Mitchell Calls for Probe Into Hotel Bankruptcies
-----------------------------------------------------------
Brian O'Mahony at Irish Examiner.com reports that Fine Gael TD
Olivia Mitchell has called for an investigation into serious
allegations that banks are in effect keeping bankrupt
"developer-hotels" functioning until NAMA can take them over.

According to the report, Ms. Mitchell, who is the party
spokesperson on Arts, Sports and Tourism, has written to the
Competition Authority on this issue that hoteliers argue is
forcing them to the brink.

The report says Ms. Mitchell has requested the authority carry out
a full investigation to see if the banks and a range of developer
hotels are "guilty of reckless trading and predatory pricing".

"Many of these tax incentivized hotels were never viable entities
yet banks are artificially keeping them in business just long
enough to get their huge loans transferred to NAMA, when they will
become the taxpayers' problem," the report quoted Ms. Mitchell as
saying.  "The irony is that, because these hotels already owe the
banks so much, they are kept afloat, while traditional owner-
operated hotels, which could have a future, can't get working
capital."


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


BANCAPULIA SPA: Moody's Reviews D Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service placed the D Bank Financial Strength
Rating and Ba2 Baseline Credit Assessment of BancApulia S.p.A. on
review for possible upgrade.  The rating agency also affirmed and
changed the outlook to stable from negative on the bank's Baa2
long-term deposit ratings, and affirmed the Prime-2 short-term
deposit rating.

These rating actions follow the shareholders' approval of the
proposed merger between BancApulia and Banca Meridiana S.p.A.
(Banca Meridiana, not rated by Moody's), a wholly owned subsidiary
of Veneto Banca Holding (Veneto Banca, not rated by Moody's).

Moody's said that the review will focus on the extent to which the
capital adequacy and liquidity of BancApulia are strengthened by
the merger, as well as on the potential strengthening of
BancApulia's franchise and on the synergies which the merger may
offer.

BancApulia and Banca Meridiana announced their intention to merge
in January 2009.  Following various regulatory approvals, the
shareholders of the two banks approved the transaction on 15 and
December 16, 2009, respectively.  The banks are expected to
formally conclude the merger in the first quarter of 2010.

As a result of the merger, Veneto Banca will become the
controlling shareholder of BancApulia.  The structure of the
merger foresees Veneto Banca taking a 50.6% stake in BancApulia in
the first quarter of 2010, at which time BancApulia and Banca
Meridiana will legally merge.

Veneto Banca is a cooperative bank historically based in the
region of Veneto in Italy with a client base mainly composed of
small and medium-sized enterprises and retail clients.  Total
assets stood at EUR21 billion at end-December 2008.  Banca
Meridiana is a smaller retail and commercial bank, also based in
BancApulia's home region of Puglia with 51 branches and total
assets of EUR1.6 billion at end-December 2008.  It became part of
the Veneto Banca group in 2002.

Moody's understands that the new BancApulia is set to become a
fully integrated banking subsidiary, within the federal model of
the Veneto Banca group, and that certain functions will be
centralised at the Veneto Banca Holding level, with the new
BancApulia focusing increasingly on commercial activities.  In
addition, once the merger has been completed in the first quarter
of 2010, the new BancApulia's capital adequacy will be
significantly increased (EUR93 million), with the Tier 1 ratio
expected to increase to about 11%, from 6.84% at end-June 2009.

Moody's said that it views the transaction positively as
BancApulia will become part of a stronger and larger banking
group, and thus gain access to the latter's greater resources and
potential economies of scale, which could in the medium term
improve its challenged profitability and efficiency measures.  In
addition, the merger with Banca Meridiana strengthens BancApulia's
position in its home region of Puglia.  Notably, the transaction
addresses issues relating to liquidity and capitalization, which
triggered negative rating actions in 2008 and 2009.

BancApulia's Baa2/Prime-2 deposit ratings and the change in
outlook to stable from negative reflect the current and expected
support for the bank from Veneto Banca, notably in terms of
capital, liquidity and funding, as well as expected benefits
deriving from the envisioned tight integration.

This rating was placed on review for possible upgrade:

  -- BancApulia: BFSR at D

The outlook on this rating was changed to stable from negative:

  -- BancApulia: long-term deposits at Baa2

The previous rating action on BancApulia was on July 1, 2009 when
the BFSR of BancApulia was downgraded to D.

BancApulia SpA is headquartered in San Severo, Italy.  At
June 30, 2009, it had total assets of EUR4.5 billion.


DA VINCI: Fitch Cuts Rating on Class C Notes to 'D' From 'CC'
-------------------------------------------------------------
Fitch Ratings has affirmed and downgraded the notes issued by Da
Vinci Synthetic plc (issuer):

  -- Class A: affirmed at 'B-'; Negative Outlook

  -- Class B: affirmed at 'CCC'; assigned a Recovery Rating of
     'RR4'

  -- Class C: downgraded to 'D' from 'CC'; assigned a Recovery
     Rating of 'RR6'

The rating action follows the allocation of credit protection
arising from the credit event on eight reference obligations,
amounting to approximately US$68 million, triggered by the default
of Alitalia.

During the last reporting period, credit protection of
US$35.8 million was allocated to the first loss piece and the
class C note.  As a result, the class C note has suffered a loss
of approximately EUR7.8 million.

The transaction is a synthetic securitization of a portfolio of
financial leases and loans secured on aircraft and associated
aircraft collateral.  Merrill Lynch International Bank
('A+'/F1+'/Outlook Stable) entered into a credit default swap with
Intesa Sanpaolo ('AA-'/F1+'/Outlook Stable) under which it sold
protection on a reference portfolio of up to US$650 million.  MLI
split the CDS into a senior piece, mezzanine piece and a first
loss piece of US$26 million.  The mezzanine piece was subscribed
by the issuer and was further split to represent the class A, B
and C notes.  All financial lease or loan obligations (the
reference portfolio) relate to the financing or re-financing of
aircraft.

Fitch expects 2010 to be another challenging year for the airline
industry.  Some airlines have already announced plans to cut
capacity which will most likely increase the number of grounded
and available-for-sale aircraft.  In light of these developments,
Fitch believes that aircraft values will be negatively impacted in
the near future.

Fitch believes that the ratings, Outlooks and Recovery Ratings now
reflect the uncertainty related to the recovery proceeds which can
be achieved in the current economic climate.  The agency will
continue to monitor the transaction, the airline sector and the
market value of aircraft, and update the ratings of the notes as
appropriate.


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


AKMOLINSKY KIRPICHNY: Creditors Must File Claims by January 6
-------------------------------------------------------------
LLP Akmolinsky Kirpichny Zavod-1 is currently undergoing
liquidation.  Creditors have until January 6, 2010, to submit
proofs of claim to:

         Abylai-Han Ave. 1
         Kokshetau
         Kazakhstan


AKTOBE MONTAGE: Creditors Must File Claims by January 6
-------------------------------------------------------
Creditors of LLP Aktobe Montage have until January 6, 2010, to
submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 6, 2009,
after finding it insolvent.

The Court is located at:

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


AKTOBE TRANS: Creditors Must File Claims by January 6
-----------------------------------------------------
Creditors of LLP Aktobe Trans Montage have until January 6, 2010,
to submit proofs of claim to:

         Altynsarin Str. 31
         Aktobe
         Kazakhstan

The Specialized Inter-Regional Economic Court of Aktobe commenced
bankruptcy proceedings against the company on October 6, 2009,
after finding it insolvent.

The Court is located at:

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


KOKSHETAUSKOYE REMONTNO: Creditors Must File Claims by January 6
----------------------------------------------------------------
JSC Kokshetauskoye Remontno-Stroitelnoye Upravleniye is currently
undergoing liquidation.  Creditors have until January 6, 2010, to
submit proofs of claim to:

         Internatsionalnaya Str. 151
         Kokshetau
         Kazakhstan


KST SVYAZ: Creditors Must File Claims by January 6
--------------------------------------------------
LLP Kst Svyaz Energo Stroy is currently undergoing liquidation.
Creditors have until January 6, 2010, to submit proofs of claim
to:

         Volynov Str. 14-37
         Kostanai
         Kazakhstan


STARLINE KZ: Creditors Must File Claims by January 6
----------------------------------------------------
Creditors of JSC Starline KZ have until January 6, 2010, to submit
proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 19, 2009.


TERRA HOLDING: Creditors Must File Claims by January 6
----------------------------------------------------
Creditors of LLP Terra Holding have until January 6, 2010, to
submit proofs of claim to:

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

The court commenced bankruptcy proceedings against the company on
October 22, 2009.


TRANS STROY: Creditors Must File Claims by January 6
----------------------------------------------------
Creditors of LLP Trans Stroy Erementau have until January 6, 2010,
to submit proofs of claim to:

         Auelbekov Str. 139a
         Kokshetau
         Kazakhstan

The Specialized Inter-Regional Economic Court of Kokshetau
commenced bankruptcy proceedings against the company on
September 28, 2009, after finding it insolvent.

The Court is located at:

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


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


ARSEN-AGRO CO: Creditors Must File Claims by January 20
-------------------------------------------------------
LLC Arsen-Agro Co. is currently undergoing liquidation.  Creditors
have until January 20, 2010, to submit proofs of claim:

Inquires can be addressed to (0-543) 19-45-28.


BIM-PRINT LLC: Creditors Must File Claims by January 20
-------------------------------------------------------
Joint Kyrgyz-Russian LLC Bim-Print is currently undergoing
liquidation.  Creditors have until January 20, 2010, to submit
proofs of claim to:

         Kulatov Str. 1a
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 90-60-70


SILICIUM LLC: Creditors Must File Claims by January 20
------------------------------------------------------
LLC Silicium is currently undergoing liquidation.  Creditors have
until January 20, 2010, to submit proofs of claim to:

         Toktonaliyev Str. 84-12
         Bishkek
         Kyrgyzstan


VORSAN COMPANY: Creditors Must File Claims by January 20
--------------------------------------------------------
LLC Vorsan Company is currently undergoing liquidation.  Creditors
have until January 20, 2010, to submit proofs of claim:

Inquires can be addressed to (0-707) 93-22-22.


===========
L A T V I A
===========


LIEPAJAS METALURGS: EU Approves Latvian State Guarantee
-------------------------------------------------------
The European Commission on December 15 authorized, under EU state
aid rules, an EUR89 million state guarantee that Latvia intends to
provide to the steel manufacturer JSC Liepajas Metalurgs for
financing its modernization.  LM is an economically sound company
of strategic importance for the Latvian economy.  Due to the
financial crisis, LM could not raise money necessary for its
modernization without a state guarantee.  The decision is based on
the Commission's Temporary Framework for state aid measures giving
Member States additional scope to facilitate access to finance in
the present economic and financial crisis.  The Temporary
Framework's wage cap restriction (which limits the maximum amount
of loans to be covered by state guarantees) has recently been
amended to take into account the situation of low wage countries
such as Latvia.

LM is planning to use a commercial loan of EUR89 million for a
EUR95 million project to continue the modernization of its
installations, notably with a view to continuing to meet EU
environmental standards.  Ninety percent of the guarantee to be
provided by Latvia meets the conditions of the Commission's
Temporary Framework.  In particular, the beneficiary pays an
adequate premium for the provision of the guarantee and provides
collateral covering a large proportion of the guaranteed amount.
Moreover, the loan and the corresponding guarantee would be
limited to duration of ten years.

The remaining 10% of the state guarantee will be provided on
market conditions and therefore does not constitute state aid.
For the market-priced part of the guarantee, the Commission
concluded that, in the current market situation and taking into
account all conditions of the transaction, the premium charged by
the Latvian State constitutes the market price for the risk
involved in issuing such a guarantee.

On December 8, 2009, the Commission introduced a technical
modification to the Temporary Framework, to take into account the
situation of Member States with low labor costs.

This amendment gives Member States two alternatives to determine
the maximum amount of investment loans to be covered by a
guarantee under the Temporary Framework.  In addition to the
original limit, based on the total annual wage bill of the
beneficiary, Member States can now also use an alternative limit
based on the EU 27 average labor costs, as established by
Eurostat.

Liepajas metalurgs AS (Liepajas metalurgs JSC) --
http://lm.metalurgs.lv/-- is a Latvia-based metallurgical
company.  It is mainly involved in the production of low carbon
and low-alloyed steel products, including reinforcing bars, steel
wire, nails and castings.  The Company provides such services as
ship chartering and ship agency, cargo handling, as well as
loading port services, construction materials production, sport
arena management, athletic stadium and other sports and cultural
activities.  As of December 31, 2008, it operated through four
subsidiaries: 95.17%-owned Liepajas osta LM JSC (Liepaja's Port
LM), 95%-owned Sports Club Liepajas metalurgs Ltd, 90%-owned
Olympic Center Ice-Hockey Liepajas metalurgs Ltd and a wholly
owned subsidiary Rukis LM Ltd, as well as four associated
companies: Elme Messer Metalurgs Ltd, SMA LM Mineral Ltd, Satini
LM JSC, and Metalurgs and Duna Ltd.  The Company?s sells its
products on the domestic and foreign markets.


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


BARBICAN NO 1: S&P Downgrades Rating on EUR4.9 Mil. Notes to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB' from 'BBB' its
credit rating on Barbican No. 1 Ltd.'s EUR4.9 million EUROMAX IV
combination notes series 2006-1.

The Barbican No. 1 note is a combination note collateralized by
EUROMAX IV MBS S.A.'s class B and subordinated notes.

S&P lowered the rating assigned to the Barbican No. 1 note to
reflect its recent rating action on EUROMAX IV MBS's notes.

S&P lowered the ratings on EUROMAX IV MBS's notes to reflect its
assessment of the decline of the event-of-default
overcollateralization ratio to 103.9%, as reported by the trustee
in November 2009, from a level of 112.8% reported in August 2009.
The overcollateralization ratio value was reported as 120.1% on
the effective date of EUROMAX IV MBS in October 2006.  A drop of
the overcollateralization ratio to below 100% would constitute an
event of default under the terms and conditions of EUROMAX IV
MBS's notes and as such would affect the Barbican No. 1 note.

S&P has lowered the rating on Barbican No. 1's note to reflect
increased uncertainty over an acceleration of the EUROMAX IV MBS
notes that would arise following a drop of the
overcollateralization ratio to below 100%.

Barbican No. 1 is a collateralized debt obligation of asset-backed
securities, which closed in May 2006.  It is backed (via the
EUROMAX IV MBS notes) by a pool of European retail and commercial
mortgage-backed securities.


WIND ACQUISITION: Fitch Assigns 'B' Rating on Two New Notes
-----------------------------------------------------------
Fitch Ratings has assigned Wind Acquisition Holdings Finance
S.A.'s new 12.25% EUR325 million and US$625 million senior
payment-in-kind notes, due 2017, a final rating of 'B'.

The proposed EUR500 million equivalent issuance was upsized to
EUR750 million equivalent, which increases the group's net
leverage to 4.6x, in line with the pro forma level of 4.6x at
Q109.  However, this will not affect the company's interest and
cashflow cover metrics in the short term due to the PIK nature of
the interest coupons for the first four years.  The resulting
metrics therefore continue to support Wind's Long-term IDR at
'BB-'.  The agency notes that the new WAHF S.A. senior PIK notes
include a debt incurrence test, set at 5.0x for Wind's net
leverage, but that there is additional flexibility and baskets
within the permitted indebtedness definition.  Current rating
headroom is likely to be constrained to a maximum 5.0x
consolidated (WAHF) leverage, with this level reducing as the
refinancing horizon of 2012/2013 draws closer.

As Fitch has previously noted, although the new WAHF S.A. PIK note
issuance is at the holding company level, outside the Wind
restricted group, the agency will include the proposed PIK notes
in its analysis of Wind's financial condition and credit profile.
This is because Wind's senior bank facilities reference WAHF
S.p.A. (the guarantor of the WAHF S.A. notes) for cross-default
purposes, and because the new notes are PIK for the first four
years only, after which they become cash-pay and are expected to
be serviced via dividends from Wind.  The issuance at the
immediate parent company level also highlights the heightened
event risk for Wind, as WAHF S.A.'s shareholders have demonstrated
a continued willingness to use Wind's financial strength to
support other group entities outside Wind's restricted group.

The WAHF S.A. senior PIK notes are guaranteed by WAHF SpA, the
immediate parent of Wind, and are secured on the shares of WAHF
SpA and intercompany loans.  Therefore, the PIK notes are
structurally subordinated to all of the debt at Wind, and
consequently Fitch estimates that the WAHF S.A. senior PIK notes
would achieve weak recoveries in a distress or default scenario.
This is reflected in the 'B' rating, which is two notches below
Wind's Long-term IDR, and one notch below the rating of the Wind
Acquisition Finance S.A. senior notes.

Wind ratings are:

  -- Long-term Issuer Default Rating: 'BB-'; Outlook Stable.

  -- Short-term IDR: 'B'

  -- Wind senior bank facilities: 'BB+'

  -- Wind Finance SL S.A. second lien notes: 'BB+'

  -- Wind Acquisition Finance S.A. 2015 and 2017 senior notes:
     'B+'


=============
M O L D O V A
=============


* MOLDOVA: Fitch Affirms Long-Term Issuer Default Rating at 'B-'
----------------------------------------------------------------
Fitch Ratings has affirmed Moldova's Long-term foreign currency
Issuer Default Rating at 'B-' and its Long-term local currency IDR
at 'B'.  Both ratings have Stable Outlooks.  The agency also
affirmed Moldova's Short-term foreign currency IDR at 'B' and its
Country Ceiling at 'B-'.  Fitch has simultaneously withdrawn all
the ratings.

Moldova's Long-term foreign currency IDR of 'B-' reflects the
external financing risks and the structural weaknesses of the
economy, as well as the prolonged uncertainty surrounding the
domestic political situation.

Fitch will no longer provide rating or analytical coverage of this
issuer.


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


CADOGAN SQUARE: Moody's Cuts Rating on Class E Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Cadogan Square CLO III B.V.

  -- EUR342,650,000 Class A Senior Secured Floating Rate Notes
     due 2023 Notes (currently EUR341,424,731 outstanding),
     Downgraded to Aa2; previously on December 20, 2006 Assigned
     Aaa

  -- EUR36,100,000 Class B Senior Secured Floating Rate Notes due
     2023 Notes, Downgraded to Baa2; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade

  -- EUR27,500,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2023 Notes, Downgraded to Ba2; previously on
     March 19, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade

  -- EUR30,000,000 Class D Senior Secured Deferrable Floating
     Rate Notes due 2023 Notes, Downgraded to B2; previously on
     March 19, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade

  -- EUR18,750,000 Class E Senior Secured Deferrable Floating
     Rate Notes due 2023 Notes, Downgraded to Caa2; previously on
     March 19, 2009 Downgraded to Caa1 and Placed Under Review for
     Possible Downgrade

  -- EUR7,000,000 Class X Combination Notes due 2023 Notes
     (current Rated Balance of EUR5,854,633), Downgraded to B1;
     previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade

The ratings assigned to the Class X Combination Notes address the
repayment of the Rated Balance on or before the legal final
maturity.

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans, as well as some mezzanine loans and second liens
exposure (11.15%).

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 2917), an increase in the amount of defaulted
securities (currently 3.5% of the portfolio), an increase in the
proportion of securities from issuers rated Caa/CCC and below
(currently 12.56% of the portfolio), and a failure of the Class E
Par Value Test (deterioration of the Class E Par Value Test from
105.6% in January 2009 to 101.32% 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
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.


FAB CBO: S&P Junks Rating on Class B Notes From 'BBB'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on F.A.B.
CBO 2002-1 B.V.'s class A1 notes, and lowered and removed from
CreditWatch negative its credit ratings on the class A2 and B
notes.

These rating actions follow a deterioration of the asset ratings
that S&P considers appropriate in its analysis.  S&P's analysis
shows that approximately 32% of the portfolio represents assets
currently on CreditWatch negative.  Of those assets on CreditWatch
negative, about 78% are corporate CDOs that S&P placed on
CreditWatch negative following the introduction of its revised
criteria on rating corporate cash flow and synthetic CDOs in
September 2009.

In S&P's analysis, in line with its criteria on structured finance
assets with ratings on CreditWatch and held within CDO
transactions, S&P adjusted downwards the ratings on assets on
CreditWatch negative by three notches.  In its analysis, with
respect to the class A1 notes, S&P applied a more severe notching
than the three notches for those corporate CDOs securities in the
portfolio that are on CreditWatch negative.  This reflects S&P's
experience to date in reviewing the ratings on mezzanine and
subordinated corporate CDO tranches that are on CreditWatch
negative.  In S&P's opinion, including the adjustments of the
ratings for assets on CreditWatch negative, the weighted-average
portfolio rating is 'BB', compared with 'BBB' at closing.  There
is currently one asset representing 1.5% of the portfolio that is
rated 'CC' (excluding notching) which S&P consider as "defaulted"
in S&P's analysis.  On a portfolio basis, this has led to a rise
in scenario default rates obtained by running S&P's CDO Evaluator.

As reported by the trustee, the current class A1 notional amount
represents 46% of its original amount as the transaction continues
to amortize since June 2007.  This has resulted in increased
credit enhancement for classes A1 and A2.  However, this increase
is not sufficient to withstand S&P's cash flow stresses as the
resulting break even default rates at the existing rating levels
are below the scenario default rates generated by the CDO
evaluator.

According to S&P's analysis, the credit enhancement for the class
B notes has reduced from 5% at closing, to about 2% to date.  This
reduction has led to a drop in the break even default rates when
subjecting the class B notes to S&P's cash flow stresses, while at
the same time the SDR at the existing rating level of 'BBB' has
increased.

As a result of these developments, S&P is lowering the ratings
assigned to the class A1, A2, and B notes to levels S&P view as
consistent with current levels of credit enhancement and portfolio
credit quality.

S&P placed the ratings on the class A2 and B on CreditWatch
negative on Aug. 3, 2009.

F.A.B. CBO 2002-1 is a CDO of ABS transaction backed primarily by
European CDO assets, residential and commercial mortgage backed
assets.  Geographically, the portfolio is concentrated in Germany,
U.K. and The Netherlands, which together account for over 80% of
the portfolio.  F.A.B. CBO 2002-1 closed in April 2002 and is in
its amortization phase.

                           Ratings List

                      F.A.B. CBO 2002-1 B.V.
         EUR309.5 Million Asset-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

                              Rating
                              ------
            Class      To               From
            -----      --               ----
            A2         BB               AA/Watch Neg
            B          CCC-             BBB/Watch Neg

                         Ratings Lowered

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


GRESHAM CAPITAL: Fitch Lowers Rating on Class E Notes to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded two tranches of Gresham Capital CLO
IV B.V., and affirmed the remaining five.  The transaction is a
collateralized loan obligations of leveraged loans managed by
Investec Principal Finance.  The Rating Watch Negative on three
tranches has been removed.  The RWN was assigned in August 2009
following an increase of defaults which have been compounded by
continued negative rating migration in the European leveraged loan
market.  The rating actions are:

  -- EUR75 million Class A1A: affirmed at 'AAA'; Outlook Stable;
     assigned Loss Severity Rating (LS) 'LS-3'

  -- EUR75 million Class A1B (ISIN: XS0300109146): affirmed at
     'AAA'; Outlook Stable; assigned 'LS-3'

  -- EUR48.8 million Class A2 (ISIN: XS0300109658): affirmed at
     'AAA'; Outlook Stable; assigned 'LS-3'

  -- EUR24.13 million Class B (ISIN: XS0300110078): affirmed at
     'AA'; Outlook Negative; assigned 'LS-4'

  -- EUR21.9 million Class C (ISIN: XS0300111639): affirmed at
     'A'; removed from RWN; assigned Negative Outlook and 'LS-4'

  -- EUR22.02 million Class D (ISIN: XS0300112017): downgraded to
     'BB' from 'BBB'; removed from RWN; assigned Negative Outlook
     and 'LS-4'

  -- EUR10.78 million Class E (ISIN: XS0300112363): downgraded to
     'B' from 'BB'; removed from RWN; assigned Negative Outlook
     and 'LS-5'

The rating actions reflect the recent leveraged loan defaults and
increasing 'CCC'-rated asset exposure in the portfolios.  Fitch
employed its global rating criteria for corporate CDOs to analyze
the quality of the underlying assets.  In accordance with the
agency's cash flow analysis criteria, Fitch also modeled the
transactions' priority of payments including relevant structural
features such as the excess spread-trapping mechanism and coverage
tests.  Although some credit protection remains for the downgraded
notes, the Outlook is Negative, reflecting increased likelihood of
downgrades driven by lower-than-expected recoveries.  The
performance of the downgraded tranches is highly dependent on
portfolio recovery prospects.

Gresham IV has suffered four defaults to date which represent 3.4%
of the target par amount of the transaction.  This is lower than
the average default rate that Fitch has observed for European
CLOs.  Of the portfolio 7% are rated 'CCC' or lower.
Nevertheless, as a result of negative portfolio migration, the
credit enhancement of all tranches has been reduced and the class
D and E over-collateralization tests are now breached.  Interest
payments to class E and lower classes would henceforth be cut off
until the OC tests are back in compliance.  The downgrades of the
class D and class E notes reflect their reduced protection
following the defaults and negative portfolio migration.  The
affirmation of the class A1A, class A1B, class A2, class B and
class C notes reflects the robust CE driven by OC and excess
spread.  In the last payment date in July 2009, a total of
EUR0.2 million of interest proceeds were diverted for future
reinvestment.


SCEPTRE CAPITAL: S&P Cuts Rating on EUR25 Mil. Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to
'CCC?' from CCC/Watch Neg on Sceptre Capital B.V.'s EUR25 million
floating-rate repackaged "PowerTranche" series 2006-6 notes.

S&P lowered the rating following its downgrade of the rating on
the repackaged bond referenced by this series.


WOOD STREET: Moody's Confirms 'Caa3' Rating on Class E Notes
------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Wood Street CLO I B.V.

  -- EUR310,500,000 Class A Senior Secured Floating Rate Notes due
     2021 (Currently EUR303,571,644.26 outstanding), Downgraded
     to Aa1; previously on September 22, 2005 Assigned Aaa;

  -- EUR36,000,000 Class B Senior Secured Floating Rate Notes due
     2021, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed under Review for Possible Downgrade;

  -- EUR29,925,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2021, Confirmed at Ba1; previously on March 19,
     2009 Downgraded to Ba1 and Placed under Review for Possible
     Downgrade;

  -- EUR27,750,000 Class D1 Senior Secured Deferrable Floating
     Rate Notes due 2021, Confirmed at B2; previously on March 19,
     2009 Downgraded to B2 and Placed under Review for Possible
     Downgrade;

  -- EUR1,500,000 Class D2 Senior Secured Deferrable Floating Rate
     Notes due 2021, Confirmed at B2; previously on March 19, 2009
     Downgraded to B2 and Placed under Review for Possible
     Downgrade;

  -- EUR10,575,000 Class E Senior Secured Deferrable Floating Rate
     Notes due 2021, Confirmed at Caa3; previously on March 19,
     2009 Downgraded to Caa3 and Placed under Review for Possible
     Downgrade;

  -- EUR1,000,000 Class W Combination Notes due 2021, Upgraded to
     Aaa; previously on March 4, 2009 A1 Placed under Review for
     Possible Downgrade;

  -- EUR12,000,000 Class X Combination Notes due 2021, Downgraded
     to A3; previously on March 4, 2009 Aa2 Placed under Review
     for Possible Downgrade;

  -- EUR4,000,000 Class Y Combination Notes due 2021, Downgraded
     to Ba2; previously on March 4, 2009 Baa1 Placed under Review
     for Possible Downgrade;

  -- EUR5,000,000 Class Z Combination Notes due 2021, Downgraded
     to Caa3; previously on March 4, 2009 Ba2 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 7.8% mezzanine loan exposure.

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

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

According to Moody's, the rating actions taken on the notes are
also a result of moderate credit deterioration of the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' (currently 2670), and an increase in the
amount of defaulted securities (currently 4.56% of the portfolio).
These measures were taken from the recent trustee report dated 11
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.

Moody's also notes that the upgrade action on the Class W
Combination Notes is the result of the note being
overcollateralized by its rated component.

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.


===========
P O L A N D
===========


TARCHOMINSKIE ZAKLADY: EU Authorizes PLN40.5MM Loan Restructuring
-----------------------------------------------------------------
The European Commission on December 15 authorized, under EU state
aid rules, a PLN40.5 million (around EUR10 million) loan that
Poland intends to grant for the restructuring of Tarchominskie
Zaklady Farmaceutyczne "POLFA" S.A.  The Commission concluded that
the aid was compatible with its 2004 Rescue and Restructuring
Guidelines.  In particular, the aid amount is limited to the
minimum necessary to implement the restructuring plan,
compensatory measures are in place to avoid undue distortion of
competition and the restructuring plan is suitable to ensure the
long-term viability of the company.

Competition Commissioner Neelie Kroes said: "The Commission is
satisfied that the aid will enable POLFA to become viable in the
long term without unduly distorting competition.  This case
illustrates the complementary role of the Commission's 2004 Rescue
and Restructuring Guidelines and the Temporary Framework, as the
latter is not applicable to companies that were in difficulties
before July 1, 2008."

POLFA is a large company that manufactures basic pharmaceutical
products, located in the region of Mazowieckie, which has an
abnormally low standard of living and high unemployment.  The
company is active in the manufacture of basic pharmaceutical
products for human and veterinary use.  The company has a small
share of the Polish market and a negligible share of the European
market.

On August 11, 2009, the Polish authorities notified to the
Commission a proposal for ad hoc aid of PLN40.5 million to enable
POLFA to carry out a five-year restructuring plan.  POLFA had
already received rescue aid of PLN20.5 million, approved by the
Commission on December 23, 2008.

The Commission found that POLFA was eligible for receiving
restructuring aid, because it had not received any previous aid
for rescue or restructuring purposes in the last ten years.  The
Commission concluded that the aid was compatible with the 2004
Rescue and Restructuring Aid Guidelines.  In particular, the aid
is limited to the minimum necessary and the restructuring plan is
capable of restoring the long-term viability of the company and
foresees sufficient compensatory measures to avoid undue
distortions of competition.  In particular, POLFA committed to
withdraw from the veterinary medicines market and from the active
substances market.  In view of the beneficiary company's small
market share, the Commission concluded that these measures were
sufficient to offset any distortion of competition.

The decision will be made available under the case number
N488/2009 in the State Aid Register on the DG Competition website
once any confidentiality issues have been resolved.  New
publications of state aid decisions on the internet and in the
Official Journal are listed in the State Aid Weekly e-News.


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


EFG CREVEDIA: Liquidator Sells Plot of Land in Auction
------------------------------------------------------
Ziarul Financiar reports that PricewaterhouseCoopers, the legal
liquidator of EFG Crevedia Development, sold a 124.16-ha plot of
land in Crevedia town near Bucharest for a starting price of
EUR11.17 million during an auction.

"There was a single bidder at the auction, who asked to remain
anonymous until documents are finalized.  Only the buyer's lawyer
attended the auction," the report quoted Speranta Munteanu, senior
head of the business restructuring department of PwC Romania, as
saying.

According to the report, the deal was sealed at a price of below
EUR9/sqm that is a discount of over 75%.  The report says Tthe
money will be used to pay part of the loan EFG contracted from
Raiffeisen to buy the plot, on which a "mini-city" of 6,000
housing units was due to be raised.  EFG Crevedia's debt amounted
to EUR21 million at the beginning of the year, the report
discloses, citing the Finance Ministry's Web site.


PIC SA: Owner Says Survival Depends on Suppliers
------------------------------------------------
Mihael Popescu reports that several weeks after PIC hypermarket
network filed for insolvency, owner Ilie Penescu says the only
things he can do now to save his business is to persuade suppliers
to resume their deliveries and find buyers for assets.

"Everything depends on suppliers: should they not resume
deliveries to Pitesti and Craiova hypermarkets, we will have to
close them.  Shelves for electronics are empty at this moment,
which is hurting our client traffic.  We're now procuring only by
paying on delivery for products, but we want to resume procurement
with normal payment terms," the report quoted Mr. Penescu as
saying.

The Penescu brothers' production business and the construction
firm they hold in Pitesti are also included in the insolvency
proceedings, being integrated, besides the hypermarket network, in
PIC SA group, the report notes.

PIC holds debts of around EUR60 million to banks, suppliers and
business partners, the report discloses, citing data previously
provided by the company.

The report recalls before filing for insolvency for the group with
EUR150-million turnover in 2008, the Penescu brothers tried to
reorganize the business and sell the real estate assets of the
network.


TRIDENT: Expects Turnover of EUR30 Million This Year
----------------------------------------------------
Mihaela Popescu at Ziarul Financiar report that Trident, the
second-largest Romanian food retailer which filed for insolvency
with EUR25-26 million in debt in August, expects a EUR30-million
turnover this year.

The company, which currently operates four supermarkets, posted a
EUR47-million turnover in 2008, the report notes.

"The overall loans taken out during the time when Trident was
developing its operations amount to EUR21 million in all -- the
initial repayment schedule has been maintained for some of them,
while others have been rescheduled," the report quoted the
representatives of the operator of Trident supermarkets as saying.
"Debts to suppliers and to some of the business partners amount to
around EUR4-5 million."

The report recalls the retailer's shareholders filed for
insolvency shortly after the closure of the Trident Shopping
Center in Sibiu, the biggest real estate project of spouses
Constantin and Alina Mateescu.  They invested around EUR15 million
euros in the project, for which they got a EUR10-million loan from
Romexterra Bank, the report says.  Trident shareholders now rely
on selling real estate assets to reduce its debts, the report
states.  The Trident supermarket chain in Sibiu has been insolvent
for around four months, the report relates.


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


AK BARS: Moody's Confirms 'E+' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 long-term global
scale local and foreign currency debt and deposit ratings and E+
bank financial strength rating of AK Bars Bank.  At the same time,
ABB's Not Prime short-term global scale local and foreign currency
deposit ratings were affirmed.  Concurrently, Moody's Interfax
Rating Agency also confirmed ABB's National Scale Rating at
Aa3.ru.  The bank's global scale debt and deposit ratings carry a
negative outlook, BFSR carries a stable outlook while the NSR
carries no specific outlook.  Moscow-based Moody's Interfax is
majority-owned by Moody's, a leading global rating agency.

The rating actions conclude the review for possible downgrade
initiated on July 28, 2009.  That review was originally driven by
the weakening of ABB's financial fundamentals, particularly
capitalization and asset quality.

Moody's confirmation of ABB's ratings is prompted by the capital
support provided in November 2009 by ABB's controlling
shareholder, the government of the Republic of Tatarstan (issuer
rating Ba1/Negative).  New Tier 1 capital of RUB9 billion
(US$300 million) has led to a material increase in the bank's
total capital adequacy ratio to 17% in December 2009, from 12% at
mid-year.  "In Moody's view, the RUB9 billion capital injection
has substantially enhanced ABB's capital buffer, providing the
bank with better coverage against high credit risks in its loan
book," said Eugene Tarzimanov, Moody's lead analyst for ABB.

The new capital increase has also introduced greater transparency
in ABB's ownership, as Tatarstan now directly controls 65.6% of
ABB's shares.  The new capital came from a fund and a company
fully owned by Tatarstan.  Prior to the capital increase,
Tatarstan controlled the bank through various companies that were
in part owned by publicly undisclosed individuals associated with
the regional government; this introduced corporate governance and
ownership transparency issues.

Although ABB's credit risk exposure remains high, the bank is now
better protected thanks to the new capital.  Under Moody's base-
case stress-test, the expected loss on ABB's loan book is likely
to be in the region of 15% by mid-2010.  For the same period,
losses on the bank's other assets (securities and land/real estate
investments) are likely to exceed 25% of the balance sheet value
of those assets.  These loss levels are in line with those of
peers and Moody's projections for the Russian banking system.

Moody's notes that the major problem areas in the bank's loan book
are real estate, construction and securities trading, which
together accounted for 35-40% of total loans at mid-2009.  Asset
quality is also pressured by high single-party exposures -- the
bank's top 20 loans exceeded 300% of its Tier 1 (after the new
capital increase in November 2009).  Many large borrowers are
higher-risk securities traders and building developers.  Related-
party exposures are also significant at 130% of Tier 1 (after the
capital increase); these are mostly securities traders and
developers.

The bank's liquidity position remains adequate for its risk
profile.  Although the customer base is concentrated (the top 20
deposits accounted for around 50% of total customer funds), most
of these companies are state or quasi-state entities, suggesting
that they are likely to prove 'sticky'.  Moody's recognizes,
however, that the retail deposits (one-third of the total) are
more confidence-sensitive.  ABB has various loan facilities from
the Central Bank of Russia, set up as part of the anti-crisis
measures adopted by the Russian government.  The total limit from
the CBR currently stands at around RUB50 billion, with a low
utilization rate of 10%.  As a result, around 5% of ABB's
liabilities are short-term CBR funds.

Moody's notes that the bank has reduced its near-term refinancing
risks by successfully exchanging its loan participation notes
maturing in early 2010 for a longer-dated issue.  The new LPN for
US$280 million matures in 2012.

ABB's Ba3 debt and deposit ratings incorporate Moody's assessment
of a high probability of parental support from the government of
the Republic of Tatarstan, resulting in a two-notch uplift from
the bank's baseline credit assessment of B2 (the BCA maps directly
from the E+ BFSR).  Moody's bases its support assumptions on ABB's
high market share in Tatartstan, its ownership by the regional
government, and a track record of support.  The deposit and debt
ratings of the bank do not factor in any systemic support from the
Russian central government in the event of a stress situation.
This is based on the bank's modest market share in the Russian
banking system.

The negative outlook on ABB's debt and deposit ratings is driven
by the expected deterioration in the bank's loan quality and the
resulting pressure on capitalization, as well as by the negative
outlooks on the ratings of the bank's support provider -- the
Republic of Tatarstan.

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

Headquartered in the City of Kazan in Tatarstan, Russian
Federation, ABB ranks among the 20 largest Russian banks.  At
mid-2009, under IFRS, ABB reported total consolidated assets of
RUB207 billion (US$6.6 billion) and total equity of
RUB17.8 billion (US$569 million) (vs. RUB203 billion and RUB18.3,
respectively, at YE2008).  The bank was founded in 1993 by the
government of Tatarstan, which controls it.  It has a dominant
position in Tatarstan, largely due to the support from the
regional government.


BANK ROSSIYA: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has affirmed Russia-based Bank Rossiya's Long-term
Issuer Default Rating at 'B-' with a Stable Outlook.

The ratings reflect BR's rapid loan book growth in recent years,
which, however, moderated in 2009, its high balance-sheet
concentrations, most notably in funding, and a sizable
acquisition-related debt burden at the subsidiary level.  The
ratings also reflect BR's tight capitalization, which has been
undermined by significant equity investments made through BR's
subsidiaries, and its complex group structure.  The ratings also
acknowledge the bank's good earnings generation to date and
currently low loan impairment level due to relatively good-quality
borrowers, including subsidiaries and partners of large
state-owned companies.  The ratings further capture BR's currently
satisfactory liquidity position, which is supported by funding
from a small group of customers with a long track record of
banking with BR, as well as funding that is available from the
Central Bank of Russia, and limited market risk.

BR's focus on lending to larger corporates has limited the impact
of the worsening operating environment.  Loans overdue by over 90
days at end-9M09 were below 1% of the portfolio.  Rolled-over
loans constituted a further 16% of the portfolio, although Fitch
has been informed that all are currently performing.  Fitch
estimates BR's lending to subsidiaries to be material, reflecting
co-financing of asset acquisitions and its exposure to
subsidiaries, namely Sogaz Insurance Company (Sogaz,
'BB'/Positive), and leasing companies.  Funding is mainly sourced
from a few groups of legally and/or economically related
customers.  Some of these companies are BR subsidiaries and
shareholders' businesses, mitigating the risk of unexpected
deposit withdrawals.  Fitch estimates that at end-9M09, available
liquidity (cash, available bank deposits and liquid securities)
covered customer funding by about 25%.  Tight capitalization is
reflected by BR's modest loss absorption capacity, being just
below 10% of total loans.  The bank's capitalization should also
be viewed in light of its significant equity investments.

BR owns assets in the insurance, fund management and the media
sectors, and operates a number of medium-sized leasing companies.
Its insurance assets are mainly represented by a 51% stake in
Sogaz, one of Russia's largest insurance groups, and the fund
management assets are mainly represented by the latter's 75%-owned
subsidiary, ZAO Leader ('BB-'/Stable), Russia's largest asset
management company with assets under management of about US$8
billion.  BR's media assets have grown notably since BR-controlled
National Media Group acquired 50.3% of cable broadcaster National
Telecommunications in Q208.  Following the latter acquisition, the
debt burden at subsidiary level has increased significantly,
although Fitch was informed that 2010 repayments are not onerous
and planned to be refinanced, while the larger part is longer-
term.

Downward rating pressure could arise primarily from deterioration
in asset quality, a potential major liquidity shortfall stemming
from large withdrawals by key customers or a considerable drain of
the bank's capital and/or liquidity resulting from the
requirements of subsidiaries.  A longer track record of reasonable
performance, including successful management of liquidity and
asset quality risks through the downcycle, reduced concentrations,
simplification of the group structure and the realization of
planned de-gearing of subsidiaries could lead to a rating upgrade.

BR's ratings are affirmed:

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

  -- Short-term IDR: affirmed at 'B'

  -- National Long-term rating: affirmed at 'BB-(rus)'; Outlook
     Stable

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

  -- Support Rating: affirmed at '5'

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

BR is a medium-sized corporate-focused bank with operations in
northwest Russia and the Moscow region.  It is majority-owned by
local businessmen, with Yuri Kovalchuk having the largest stake at
30.4%.


BAYMAKSKIY MEAT: Creditors Must File Claims by December 23
----------------------------------------------------------
Creditors of LLC Baymakskiy Meat-Processing Plant (TIN 0254007458,
PSRN 1020201547717) have until December 23, 2009, to submit proofs
of claims to:

         F. Gulyumov
         Insolvency Manager
         Post User Box 167
         Ufa-105
         450105 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?07?15147/2002.

The Debtor can be reached at:

         LLC Baymakskiy Meat-Processing Plant
         Krestyanskaya Str. 131
         Baymak
         453650 Bashkortostan
         Russia


DVK-STROY: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLC DVK-Stroy (TIN 3250069233, PSRN 1063250038642)
(Construction) have until December 23, 2009, to submit proofs of
claims to:

         A. Moiseyv
         Insolvency Manager
         Goncharova Str. 63-27
         241030 Bryansk
         Russia

The Arbitration Court of Bryanskaya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. ?09?5490/2009.

The Debtor can be reached at:

         LLC DVK-Stroy
         Prospect Lenina 10
         241050 Bryansk
         Russia


METALLURG-MASH: Creditors Must File Claims by December 23
---------------------------------------------------------
Creditors of CJSC Metallurg-Mash (TIN 1833036483, PSRN
1051801792954) (Metallurgy) have until December 23, 2009, to
submit proofs of claims to:

         A. Khristyanov
         Insolvency Manager
         Office 32
         Pushkinskaya Str. 144
         426076 Izhevsk
         Udmurtia
         Russia

The Arbitration Court of Udmurtia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?71?3287/2009 G9.

The Debtor can be reached at:

         CJSC Metallurg-Mash
         Votkinskoe shosse 170
         Izhevsk
         Udmurtia
         Russia


HOME 2000: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLC Home 2000 (TIN 5753026712, PSRN 1025700830099)
(Construction) have until December 23, 2009, to submit proofs of
claims to:

         N. Merkulova
         Insolvency Manager
         Leskova Str. 19
         302040 Orel
         Russia

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?48?1533/2009.

The Debtor can be reached at:

         LLC Home 2000
         Lenina Str. 4
         Orel
         Russia


NOVADOR LLC: Creditors Must File Claims by December 23
------------------------------------------------------
Creditors of LLC Novador (TIN 7838021890, PSRN 1047833014547)
(Road Construction) have until December 23, 2009, to submit proofs
of claims to:

         M. Kriss
         Temporary Insolvency Manager
         Post User Box 224
         191119 Saint-Petersburg
         Russia

The Arbitration Court of Saint-Petersburg will convene at
11:00 a.m. on March 18, 2010, to hear bankruptcy supervision
procedure. The case is docketed under Case No. ?56?10062/2009.

The Debtor can be reached at:

         LLC Novador
         Building 3N
         Antonenko pereulok 3
         190000 Saint-Petersburg
         Russia


OTP BANK: Moody's Assigns 'E+' Bank Financial Strength Rating
-------------------------------------------------------------
Moody's Investors Service has assigned these global scale ratings
to OJSC OTP Bank Russia: an E+ bank financial strength rating, and
Ba1 long-term and Not Prime short-term local and foreign currency
deposit ratings.  Concurrently, Moody's Interfax Rating Agency
assigned a long-term national scale rating of Aa1.ru to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.  The outlook on the BFSR is stable,
while the long-term deposit ratings carry a negative outlook.  The
national scale rating carries no specific outlook.

OTP's E+ BFSR translates into a baseline credit assessment of B1
and is underpinned by: (i) steadily strengthening franchise value
and leading positions in some niche products which benefit from
good access to funding sources; (ii) minimal corporate governance
concerns; (iii) sound liquidity which benefits from long--term
funding from its parent; and iv) ample capitalization supported by
the parent through regular capital injection.

Moody's indicated however, that the rating is constrained by: (i)
an unseasoned business model in Russia which has led to elevated
losses in it's loan portfolio and modest efficiency which have
negatively affected its bottom-line; (ii) high parental dependence
in terms of ongoing business support, which exposes the bank to
divestment risks; (iii) higher than average appetite for long--
term Russian risks, such as real estate and construction; and (iv)
moderate diversification of franchise.

OTP's Ba1 deposit ratings incorporate a very high probability of
parental support from OTP Bank (Hungary), and consequently receive
a three-notch uplift from the bank's B1 BCA.  Moody's assessment
of a very high probability of parental support is based on (i) the
significant operational integration, (ii) the strong strategic fit
of OTP within OTP Bank Group, as Russia is one of the three
strategic foreign markets for the group, and (iii) the parent's
demonstrated willingness to provide ongoing capital and liquidity
support.  At the same time, there remains the risk that Russia
could lose its attractiveness, such that OTP Bank Russia may be
considered non-strategic at a future date.

The negative outlook on the bank's deposit ratings reflects the
negative outlook on the D+ BFSR of OTP Bank (Hungary), the bank's
support provider.

OTP's ratings have limited upside potential in the short term.
However, positive pressure may be exerted on the BFSR if and when
the bank's business gains more maturity in the Russian environment
leading to improvements in profitability, asset quality and
efficiency.  The long-term global scale ratings could be upgraded
following an upgrade in the parent's BFSR, although this is not
expected in the short term given its negative outlook.
Conversely, the bank's BFSR could be downgraded if the bank fails
to maintain control over its asset quality and efficiency, or if
the parent shows a diminishing desire to provide ongoing capital
and liquidity support.  The global scale ratings are likely to be
downgraded following a downgrade in the parent's BFSR and/or if
there are signs of the bank's decreasing strategic fit within the
OTP Banking Group.

Headquartered in Moscow, OTP reported total assets of
RUB77.8 billion (US$2.6 billion) and equity of RUB10.9 billion (or
US$363 million), according to the bank's IFRS financial report at
end-Q3 2009.  The bank is one of the market leaders in unsecured
retail lending in Russia, with the target products being POS and
credit cards.  OTP Bank (Hungary) controls over 95% of the bank's
shares.


PETRO-PAK: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLC Petro-Pak (TIN 1001161002, PSRN 1051000003075)
(Packing Materials) have until December 23, 2009, to submit proofs
of claims to:

         G. Mufazalov
         Insolvency Manager
         Gogolya Str. 54
         Petrozavodsk
         185035 Karelia
         Russia

The Arbitration Court of Karelia commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. ?26?5460/2009.

The Debtor can be reached at:

         LLC Petro-Pak
         Lesnoy prospect 51
         185014 Karelia
         Russia


PROM-UPAK: Creditors Must File Claims by December 23
----------------------------------------------------
Creditors of LLC Prom Upak (TIN 6439055769, PSRN 1046403901763)
( Packing Materials Production and Selling) have until December
23, 2009, to submit proofs of claims to:

         A. Chernov
         Insolvency Manager
         Post User Box 1927
         400087 Volgograd
         Russia

The Arbitration Court of Saratovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?57?6579/09.

The Debtor can be reached at:

         LLC Prom Upak
         Kommunisticheskaya Str. 125
         Balakovo
         Saratovskaya
         Russia


ROAD-CONSTRUCTION: Creditors Must File Claims by December 23
------------------------------------------------------------
Creditors of CJSC Road-Construction Machinery (TIN 5752032544,
PSRN 1035752005519) have until December 23, 2009, to submit proofs
of claims to:

         D. Shcherbakov
         Insolvency Manager
         Building 1
         Moskovskoe shosse 137
         302025 Orel
         Russia

The Arbitration Court of Orlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?48?830/2009.

The Debtor can be reached at:

         CJSC Road-Construction Machinery
         Kromskoe shosse 3
         302005 Orel
         Russia


RUS'-LES: Creditors Must File Claims by December 23
---------------------------------------------------
Creditors of LLC Rus-Les (TIN 1402046247, PSRN 1061402001671)
(Forestry) have until December 23, 2009, to submit proofs of
claims to:

         N. Khineltsev
         Insolvency Manager
         Komarova Str. 100
         678900 Aldan
         Russia

The Arbitration Court of Yakutia will convene on February 25,
2010, to hear bankruptcy proceedings.  The case is docketed under
Case No.?58?1137/09.

The Debtor can be reached at:

          LLC Rus-Les
          OktyabrskayaStr. 46
          Aldan
          678900 Aldan
          Yakutia
          Russia


RUSSIAN AGRICULTURAL: Fitch Affirms Individual Rating at 'D'
------------------------------------------------------------
Fitch Ratings has affirmed Russian Agricultural Bank's Long-term
Issuer Default Rating at 'BBB' with a Negative Outlook.  A full
rating breakdown is provided at the end of this comment.

RusAg's Long-term IDR reflects the potential support from the
Russian authorities (Russia's sovereign rating is 'BBB'/Negative),
considering the bank's full ownership by the Russian state, its
policy role in agribusiness lending and its significant systemic
importance to the banking sector.  RusAg is actively involved in
the implementation of state policy in the agribusiness sector,
thereby combining the roles of a commercial bank and a development
institution.

The bank's Individual Rating of 'D', which was also affirmed, is
nonetheless under downward pressure given the significant rise in
loan impairments and the potential for further asset quality
weakening due to continued rapid asset growth, the challenging
operating environment, the highly unseasoned loan book and the
large single industry exposure to the agribusiness sector.
However, the Individual Rating is supported by the currently
reasonable capital position, which has been boosted during the
crisis, and comfortable liquidity.

At end-Q309, RusAg's reported non-performing loans (over 90 days
overdue) stood at 4.3% of the loan book, while restructured loans
represented a significant 18.7% of the portfolio.  About a quarter
of restructured loans related to short-term secured credit
facilities with revised interest payment schedules (but unchanged
final maturities), provided to grain producers/traders.  Another
third of restructured loans comprised exposures with revised final
maturities of up to 1.5 years to agricultural producers who have
faced liquidity or refinancing issues during the financial
turmoil, according to the bank's management, rather than solvency
concerns.  However, Fitch has greater concerns about the asset
quality of the remaining restructured loans (about RUB45 billion
or 7.6% of the loan book at end-Q309), which relate to longer-term
projects.  The agency also notes that a large 50% of the total
loan book has outstanding maturities of three years or more,
meaning that the portfolio is still highly unseasoned.

RusAg's regulatory capital ratio at end-Q309 was 22.4%, which
would have allowed the bank to increase its maximum reserves/loans
ratio to 17.2% before its capital would fall to the minimum
requirement (10%).  RusAg's internal capital generation has been
under pressure since 2008, and has been eroded by increased
funding and credit costs, with the former impacted by the cost of
currency hedges.  Should RusAg continue to grow rapidly in 2010 -
loan book growth in 2008 and 9M09 was 59% and 27%, respectively -
without new capital injections from the state, its loss absorption
capacity may decrease significantly and weaken its stand alone
financial strength.  Although the bank received RUB76.5 billion of
equity injections (equal to 68% of current equity) during H208-
Q109, no new capital contributions are currently planned.

The bank's liquidity position is comfortable at present and
underpinned by the significant amount of cash and liquid
instruments (10.5% of total assets under Q309 statutory accounts)
and limited refinancing needs in 2010-2011.  However, the high
share of foreign currency liabilities and low proportion of FX
lending (6%) creates a need to hedge exchange rate risks.  This is
partly achieved by holdings of foreign currency liquid assets and
partly through currency swap contracts.  However, Fitch notes that
not all of the latter provide adequate hedges due to their
structures and/or tenors.

The rating actions are:

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

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

  -- Senior unsecured debt: affirmed at 'BBB'

  -- Subordinated debt: affirmed at 'BBB-'

  -- Short-term IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'

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

RusAg is the fourth largest bank in Russia in terms of assets,
with a 3.2% market share in system assets at end-Q309.  The bank
has 60% market share in agribusiness lending and a leading
presence in rural areas across Russia.

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.


SERPUKHOVSKIY TEXTILE: Creditors Must File Claims by December 23
----------------------------------------------------------------
Creditors of CJSC Serpukhovskiy Textile (TIN 5043000653, PSRN
1025005598496) have until December 23, 2009, to submit proofs of
claims to:

         Ye.Vesnin
         Insolvency Manager
         Post user Box 148
         109147 Moscow
         Russia

The Arbitration Court of Moskovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. ?41?8243/09.

The Debtor can be reached at:

         CJSC Serpukhovskiy Textile
         Volodarskogo Str. 5
         Serpukhov
         142200 Moskovskaya
         Russia


VITIMSKAYA MINING: Creditors Must File Claims by December 23
------------------------------------------------------------
Creditors of CJSC Vitimskaya Mining Company (PSRN 1023800731272)
have until December 23, 2009, to submit proofs of claims to:

         L. Shishmareva
         Temporary Insolvency Manager
         Post User Box 136
         664081 Irkutsk
         Russia

The Arbitration Court of Irkutskaya will convene at 11:00 a.m. on
April 7, 2010, to hear bankruptcy supervision procedure.  The case
is docketed under Case No. ?19?5907/09?60.

The Court is located at:

         The Arbitration Court of Irkutskaya
         Courtroom 305
         Gagarina Blvd. 70
         Irkutsk
         Russia

The Debtor can be reached at:

         CJSC Vitimskaya Mining Company
         Taezhnaya Str. 1
         Bodaybo
         666901 Irkutskaya
         Russia


* RUSSIA: Bank Bankruptcies to Rise in 2010, Melikyan Says
----------------------------------------------------------
Alex Nicholson at Bloomberg News reports that Gennady Melikyan, a
first deputy chairman of Bank Rossii, said Russian bank
bankruptcies will increase significantly in 2010.


=============================
S L O V A K   R E P U B L I C
=============================


MATADOR AUTOMOTIVE: Moody's Confirms 'Ba1' Corporate Family Rating
------------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1.sk long-term
national scale corporate family rating of Matador Automotive
Vrable.  The outlook is stable.  This action concludes the review
for possible downgrade initiated by Moody's on September 18, 2009.
Moody's expects to withdraw this rating in the next few days for
business reasons.

The rating confirmation reflects (i) the successful replacement of
part of a bond, which was called by bondholders as a result of a
covenant breach, by a long-term bank loan, and (ii) the tangible
signs of support from its shareholder, Matador Holding.  Although
MAV's liquidity profile will remain fragile in 2009 and the first
few months 2010, Moody's expects a substantial release of working
capital in Q1 2010, which should bring, together with more relaxed
capital expenditure, more flexibility to MAV's liquidity
management.  These factors were considered in the stable outlook.

However, Moody's notes MAV will be challenged to reverse the
negative trend in its operating results in the upcoming quarters
due to the deteriorating conditions in the automotive market in
Central and Eastern Europe.  Indeed, the company has already
experienced substantial double-digit declines in revenues and
operating results in 2009.  Although 2010 could be less
challenging for the automotive industry, Moody's does not expect a
recovery sufficient for the company to offset these negative
trends on its own.  Moreover, MAV's funding arrangements contain a
large amount of short-term debt, which exposes the company to
ongoing refinancing risk.  Moody's believes that the current
rating incorporates some room for possible operating
underperformance.

The last rating action on MAV was implemented on 18 September
2009, when Moody's downgraded MAV's rating to Ba1.sk from Baa3.sk
and placed the rating on review for possible downgrade.

Headquartered in Vrable, Slovakia, MAV is a local supplier of
automotive parts, mostly to Tier 1 OEM suppliers.  MAV specializes
in welded components such as cross car beams, instrument panels,
seat frames and exhaust systems, as well as a wide range of
interior car body parts.  MAV is ultimately owned by Matador
Holding.  In 2008, MAV accounted for over 80% of Matador Holding's
sales.  In 2008, MAV reported sales of EUR115 million.


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


CM BANCAJA: Fitch Affirms Rating on Class E Notes at 'CC'
---------------------------------------------------------
Fitch Ratings has downgraded two classes of CM Bancaja 1 F.T.A.
and affirmed the remaining three classes.  The Rating Watch
Negative has been removed.  The RWN was assigned in August 2009
pending full analysis of the release of Fitch's revised criteria
for rating European granular pools of small corporate loans (SME
CLOs).  The rating actions taken are:

CM Bancaja 1:

  -- EUR131,558,609 Class A (ISIN ES0379349006) affirmed at 'AAA';
     removed from RWN; assigned Stable Outlook and Loss Severity
     Rating is 'LS-1'

  -- EUR21,928,200 Class B (ISIN ES0379349014) affirmed at 'A';
     removed from RWN; assigned Negative Outlook and Loss Severity
     Rating is 'LS-3'

  -- EUR14,040,982 Class C (ISIN ES0379349022) downgraded to 'BB'
     from 'BBB'; removed from RWN; assigned Negative Outlook and
     Loss Severity Rating is 'LS-3'

  -- EUR13,174,254 Class D (ISIN ES0379349030) downgraded to 'B'
     from 'BB', removed from RWN; assigned Negative Outlook and
     Loss Severity Rating is 'LS-3'

  -- EUR13,828,833 Class E (ISIN ES0379349048) affirmed at 'CC';
     removed from RWN

The downgrades of the Class C and D notes are the result of the
implementation of Fitch's revised SME CDO rating criteria, coupled
with significant obligor concentration risk, high concentration in
the real estate-related sector and increasing arrears levels amid
difficult economic conditions.

The affirmation of the Class A and B notes reflects the high
degree of de-leveraging of the transaction as well as the 100%
collateralization of the portfolio by first lien real estate
collateral with a weighted average LTV ratio at 47% (64% at
closing).  Both senior classes' credit enhancements can withstand
a sufficient number of obligors default at their respective rating
stresses under the revised assumptions per the SME CDO rating
criteria.

As of the 30 November 2009 investor report, the non-defaulted
portfolio amortized to EUR157 million, at 30% of the initial
portfolio balance and contained 68 obligors (174 at closing).
Obligor concentration increased further with the top obligor and
top 10 obligors representing 9.9% and 43.9% respectively of the
outstanding portfolio balance, an increase from 5.1% and 33.1% at
closing.  The portfolio is concentrated in the real estate sector
at 43%.

There has been one default (over 18 months delinquent) which
accounted for 0.65% of the outstanding portfolio balance.  In
addition, 12 to 18 months delinquencies increased to 2.65% from 0%
in October 2008.  The 30 to 90 days delinquencies are currently at
0% but have been volatile and were at 8.1% in October 2009.

The reserve fund at EUR13.8 million (at 85% of its initial
balance) is above the minimum requirement and represents 7.7% of
the current note balances of Class A to D.  Class E's principal
repayment relies on the release of the reserve fund, which is the
first-loss piece.

Using its Rating Criteria for European SME CLOs (for further
information, please refer to "Rating Criteria for European
Granular Corporate Balance-Sheet Securitizations (SME CLO)" dated
July 23, 2009), Fitch has assumed the probability of default of
the unrated SME loans to be commensurate with the 'B' rating
category.  Based on observed delinquencies and the origination
process of the respective banks in Spain, the benchmark
probability of default is adjusted upward or downward.  Delinquent
loans are notched down depending on the time the loans have been
in arrears.  Recoveries for loans secured by first lien real
estate is adjusted for property indexation and market value stress
based on the criteria but second lien mortgages are treated as
senior unsecured loans.


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


GENERAL MOTORS: Parties Inquire About Saab; Spyker Sends New Bid
------------------------------------------------------------------
General Motors Co. on Sunday said, following its announcement that
it will begin the orderly wind down of Saab Automobile AB, the
Company has received inquiries from several parties.

"We will evaluate each inquiry.  We will not comment further until
these evaluations have been completed," GM said.

On Friday, GM said the intended sale of Saab would not be
concluded.  After the withdrawal of Koenigsegg Group AB last
month, GM had been in discussions with Spyker Cars about its
interest in acquiring Saab.  GM said that during the due
diligence, certain issues arose that both parties believe could
not be resolved.  As a result, GM will start an orderly wind-down
of Saab operations.

"Despite the best efforts of all involved, it has become very
clear that the due diligence required to complete this complex
transaction could not be executed in a reasonable time.  In order
to maintain operations, Saab needed a quick resolution," said GM
Europe President Nick Reilly.  "We regret that we were not able to
complete this transaction with Spyker Cars.  We will work closely
with the Saab organization to wind down the business in an orderly
and responsible manner.  This is not a bankruptcy or forced
liquidation process.  Consequently, we expect Saab to satisfy
debts including supplier payments, and to wind down production and
the distribution channel in an orderly manner while looking after
our customers."

Saab will continue to honor warranties, while providing service
and spare parts to current Saab owners around the world.

As part of its efforts to become a leaner organization, GM began
seeking a buyer for Saab's operations in January.  Last week, Saab
announced that it had closed on the sale of certain Saab 9-3,
current 9-5 and powertrain technology and tooling to Beijing
Automotive Industry Holdings Co. Ltd. (BAIC).  GM expects its
announcement to have no impact on the earlier sale.

As the company continues to reinvent itself, GM has been faced
with some very difficult but necessary business decisions.  GM
said the focus will remain on the four core brands -- Buick,
Cadillac, Chevrolet and GMC -- and several regional brands,
including Opel / Vauxhall in Europe.  This will enable the company
to devote more engineering and marketing resources to each brand
and model.

                           *     *     *

According to Dow Jones Newswires' Steve McGrath and Sharon Terlep,
Spyker Cars NV has extended another bid for Saab.  Dow Jones said
Spyker tried to resurrect a deal with a new offer it hopes will
overcome the obstacles that caused its talks with GM to collapse.

"We have made every effort to resolve the issues that were
preventing the conclusion of this matter and we have asked GM and
all other involved parties to seriously consider this offer,"
Spyker Chief Executive Victor Muller said, according to Dow Jones.

According to Dow Jones, GM Vice President John Smith, who is
leading Saab talks, said by email Sunday, "Should something
concrete develop we'll consider it, but in the meantime we're
making the wind-down preparations."

Dow Jones reports Spyker said its new offer is an 11-point
proposal addressing each of the issues that arose during the due-
diligence process and would "remove each of the obstacles that
were standing in the way of a swift transaction."  Spyker said the
new offer has the full backing of Saab management and eliminated
the need for a loan from the European Investment Bank.  It said
the new offer was valid until 5 P.M. Detroit time Monday,
according to the report.

The New York Times' Nelson D. Schwartz says publicly, GM
executives declined to identify their problems with Spyker, but
several officials familiar with the private negotiations said GM
was troubled by Spyker's reliance on Russian loans to finance the
deal, as well as the fate of Saab's proprietary technology under
Spyker.  New York Times notes the biggest investor in Spyker is
the Russian bank Convers Group, which is controlled by Alexander
Antonov.  The NY Times notes that in March, Mr. Antonov was shot
seven times and reportedly lost a finger in an attempt on his life
in Moscow.  No arrests have been made.  Moreover, the Times says,
Mr. Antonov's son Vladimir, 34, is a top executive at Convers and
the chairman of Spyker.

The NY Times relates that in the first half of 2009, Spyker
borrowed EUR11.6 million, or US$16.6 million, from Bank Snoras, a
Lithuanian bank also controlled by the Antonovs.

The NY Times also relates another snag had been the question of
whether Spyker could win a EUR400 million loan from the European
Investment Bank that had been part of an earlier plan to sell Saab
to Koenigsegg.  That deal collapsed last month.

According to Dow Jones, Spyker's Mr. Muller said Sunday that the
time required to get a EUR400 million, or roughly US$575 million,
loan from the EIB, which would have been guaranteed by the Swedish
government, had been one of the problems preventing a deal.  He
said the EIB wouldn't have been able to authorize a loan until
after the December 31 deadline set by GM to get a deal for Saab.

Mr. Muller declined to comment how Spyker will finance the planned
acquisition without the EIB loan, Dow Jones notes.

Dow Jones says the Swedish government on Friday criticized GM for
not doing more to save Saab.  On Sunday, the Swedish government
said it was still ready to act as a guarantor to any EIB loans
that may be required but hadn't been involved in Spyker's new bid.

                     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)


SAS AB: Estonia to Hold Talks to Buy 49% Stake in Estonian Air
--------------------------------------------------------------
Ott Ummelas at Bloomberg News reports that Estonia's Economy
Minister Juhan Parts will hold talks with SAS AB on purchasing the
Scandinavian carrier's 49% stake in AS Estonian Air.

According to Bloomberg, SAS Group, owner of Scandinavia's biggest
airline, said in February it would sell its foreign units to
refocus on the Nordic region.

"Certainly the aim of the government isn't to keep Estonian Air in
the state's hands even if this transaction will be possible,"
Bloomberg quoted Prime Minister Andrus Ansip as saying in a news
conference in Tallinn Thursday.  "This market is very competitive
and requires very specific competencies and tight cooperation with
other airlines, therefore we think Estonian Air should also have a
strategic investor in the future."

Bloomberg recalls Estonian Air Chief Executive Officer Andrus
Aljas said in February the airline, which operates six aircraft,
has lost money in the past three years and needs a "strong"
strategic partner to survive.  Mr. Ansip, as cited by Bloomberg,
said the government "isn't happy" with the current management of
the company and wants Estonia to have better connections with
other European cities.

Headquartered in Solna, Sweden, SAS AB -- http://www.sasgroup.net/
-- is engaged in the air transport services.  It is a parent
company within SAS Group, which operates within two business
areas.  The Core SAS segment encompasses airline services in the
Nordic countries, as well as intercontinental flights through SAS
Scandinavian Airlines, as well regional airlines in Norway through
Wideroe and in Finland through Blue1.  The SAS Individual Holdings
segment comprises operations of Estonian Air, bmi, All Cargo,
Skyways, Air Greenland, Spirit and Trust.  SAS AB's fleet
encompasses 10 planes.  In addition, the Company offers ground
handling services and technical maintenance for the aircraft, as
well as air freight solutions and cargo capacity on passenger
aircraft, purely cargo aircraft and cargo handling.  The Group is
also involved in the trainings within the technical aviation
field.


                           *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 16,
2009, Moody's Investors Service lowered to Caa1 from B3 the
Corporate Family Rating and Probability of Default Rating and to
Caa3 from Caa2 the subordinate rating of SAS AB.  The baseline
credit assessment was lowered to 18 (equivalent to a Caa2 rating).
Moody's said the outlook is negative.

The rating action follows the weakening in credit metrics and in
results due to increased yield pressure in the third quarter of
2009, but also Moody's views that liquidity has weakened.  Moody's
noted the company's continued efforts to reduce costs through
personnel and capacity reductions under its Core SAS program,
although in common with the industry trend these initiatives have
to date been insufficient to prevent a further weakening in
profitability.


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


DTEK HOLDINGS: Moody's Reviews 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has placed the B2 long-term Corporate
Family Rating of DTEK Holdings Ltd, the Ukrainian utility, on
review for possible downgrade reflecting increasing refinancing
risks on its sizable short-term debt in light of weakening
macroeconomic fundamentals, a banking system that remains under
strain, and political uncertainty before Ukraine's Presidential
election on January 17, 2010.

The review will focus on DTEK's progress in renegotiating the
short-term bank facilities it relies on for managing its liquidity
position, which is weak due to the high proportion of short-term
financing.  Although DTEK has been historically successful in
renewing its bank funding, proving its ability to raise new bank
financing even under the credit-restrictive environment of the
past two years, Moody's considers that the current adverse
macroeconomic developments and political instability could
constrain banks' willingness to extend or provide credit lines and
could create significant pressure on DTEK's liquidity as the
company needs to refinance up to US$100 million of its short-term
bank facilities within the first quarter of 2010.

Furthermore, DTEK's financial profile has been impacted by the
growth in its debt, which is largely denominated in foreign
currency, and interest expenses, due principally to the steep fall
of the Ukrainian currency.  Moody's recognizes the company's
ability to generate foreign currency revenues through coal and
electricity exports, which provides some protection against the
increased debt servicing costs.  However, the rating agency notes
that DTEK capital structure remains exposed to FX movements, which
impact the calculation of its banking covenants.  While the
company has continued to enjoy good cash flow generation from its
operations, Moody's notes that its sizeable capital investments
have been consuming most of the generated cash.  Therefore,
Moody's considers that the future development of the rating will
also depend on DTEK's ability and willingness to adapt its
business strategy and adjust its capital investments according to
the strength of its cash flow generation in the context of the
very weak performance of the Ukrainian economy and the associated
sizable decrease in the country's electricity consumption.

The previous rating action on DTEK was implemented on
October 11, 2007, when Moody's assigned a B2 long-term CFR with
stable outlook and B2 PDR to the company.

Headquartered in Donetsk, Ukraine, DTEK is the first privately-
owned, vertically-integrated electricity utility in Ukraine.  With
17.6 million tons of mined coal, 18.5 TWh of generated
electricity, 13.5 TWh of distributed electricity and total sales
of UAH13 billion in 2008, DTEK is one of the major players in the
Ukrainian energy market.


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


FLYGLOBESPAN: E-Clear Holds GBP30 Mln Payments Made by Passengers
-----------------------------------------------------------------
Peter Jones at The Times reports that an investigation will be
held by administrators after E-Clear, a credit payment processing
company, held on to more than GBP30 million owed to Flyglobespan.

Flyglobespan, the report discloses, went into administration last
week, putting 650 people out of work and leaving passengers
stranded across Europe.

The report relates Bruce Cartwright at PricewaterhouseCoopers, the
appointed administrator, told a press conference Thursday that
lack of cash caused the budget airline to fail.

According to the report, Mr. Cartwright confirmed that E-Clear, a
London-based company, held about GBP30 million of payments made by
passengers by credit card to the airline.  He said that the sum
seemed to be "rather large," the report noted.

Mr. Cartwright said he expected that about half of the GBP30
million would be returned to the credit card holders, the report
notes.

The report says Flyglobespan's directors had been trying to secure
new investment from Halcyon Investments, a Jersey-based company
which is believed to be a subsidiary of E-Clear.  When that deal
fell though the airline's directors concluded on Wednesday that
they had run out of money and called in administrators, the report
discloses.

       About Globespan Group plc/Globespan Airways Limited

Established in 1970, the company provided flight only and package
holidays to a number of destinations across Europe as well as
Orlando in America from airports in Aberdeen, Edinburgh and
Glasgow.

Last year, Globespan received the Best Holiday Airline award at
the Scottish Passenger Agents Association Travel Awards 2009.

Globespan Group plc also operates flights between the UK and the
Falkland Islands under a MOD contract.  The company's subsidiary
Alba Ground Holdings Ltd is also contracted to manage the baggage
check-in for Flybe at Glasgow and Edinburgh airports.


FOSTER STONE: Court to Hear Winding-Up Petition on March 3
----------------------------------------------------------
The Secretary of State for Business, Innovation & Skills has
presented a petition in the High Court to wind up in the public
interest Foster Stone Limited, a letting agency based in South
London.

The petition to wind up the company was presented following
confidential enquiries carried out by Companies Investigation
Branch (CIB) of The Insolvency Service, under section 447 of the
Companies Act 1985, as amended.

On the application of the Secretary of State the Official Receiver
has been appointed by the Court as provisional liquidator of the
company.  The role of the Official Receiver is to protect the
assets and financial records of the company pending determination
of the petition.  The provisional liquidator also has the power to
investigate the affairs of the company insofar as it is necessary
to protect the assets including any third party or trust monies or
assets in the possession of or under the control of the company.

As the matter is before the Court no further information will be
made available until the petition is determined.  The petition is
listed for hearing on March 3, 2010.


INDEPENDENT NEWS: Lebedev in Talks to Acquire U.K. Newspapers
-------------------------------------------------------------
Alexander Lebedev, the owner of London's Evening Standard and a
former lieutenant-colonel in the KGB, is in advanced talks to buy
Independent News & Media plc's The Independent and The Independent
on Sunday newspapers, Salamander Davoudi and Ben Fenton at The
Financial Times report, citing people familiar with the matter.

The FT recalls Mr. Lebedev has held intermittent talks over the
past year with publisher INM to buy its U.K. national newspapers.
However, plans were put on hold over the summer as INM started
wrangling with its lenders about the restructuring of its
EUR1.3 billion (GBP1.2 billion, US$1.9 billion) debt pile, the FT
discloses.

According to the FT, people familiar with the matter said now that
process has been completed, talks have restarted.

The FT relates Independent was widely reported earlier this year
to be suffering losses of more than GBP10 million a year.

The FT says a successful deal on the Independent titles would
result in cost savings because INM announced it was moving its UK
newspapers into offices at DMGT's London headquarters last year in
an effort to save GBP2 million to GBP3 million in costs.  The
Independent group had already undergone several waves of job cuts,
the FT notes.

As reported by the Troubled Company Reporter-Europe on Nov. 12,
2009, the FT said INM secured approval of a proposed
debt-for-equity swap refinancing from bondholders.  The FT
disclosed the plan involves the exchange of EUR123 million
(US$184 million, GBP110 million) of bonds for a 46% stake in the
new company.  According to the FT, under the plan approved by
bondholders, existing IN&M shareholders would be diluted to around
52%.

                 About Independent News & Media

Headquartered in Dublin, Ireland, Independent News & Media PLC
(ISE:IPD) -- http://www.inmplc.com/-- is engaged in printing and
publishing of metropolitan, national, provincial and regional
newspapers in Australia, India, Ireland, New Zealand, South Africa
and the United Kingdom.  It also has radio operations in Australia
and New Zealand, and outdoor advertising operations in Australia,
New Zealand, South-East Asia and across Africa.  The Company also
has online operations across each of its principal markets.  The
Company has three business segments: printing, publishing, online
and distribution of newspapers and magazines and commercial
printing; radio, and outdoor advertising.  INM publishes over 200
newspaper and magazine titles, delivering a combined weekly
circulation of over 32 million copies with a weekly audience of
over 100 million consumers.  In March 2008, it acquired The Sligo
Champion.  During the year ended December 31, 2007, the Company
acquired the remaining 50% interest in Toowoomba Newspapers Pty
Ltd.


LANCSVILLE CONSTRUCTION: In Administration; Vantis Appointed
------------------------------------------------------------
Geoff Rowley and Nick O'Reilly, Client Partners at Vantis Business
Recovery Services (BRS), a division of Vantis, the UK accounting,
tax and business advisory group, have been appointed as Joint
Administrators to Lancsville Construction Limited, Henry
Construction Limited and Henry Cranes Limited.

The companies operated from Harrow in West London and had traded
for over 30 years, reaching a peak turnover of GBP140 million in
2008.  Due to the ongoing recession in the construction sector in
recent months, the group had suffered from increasing cashflow
pressures and, while attempts were made to re-finance the group,
these were unfortunately unsuccessful, which resulted in the
requirement to appoint administrators.

The joint administrators are now focusing on maximizing value from
the contracts in which the group was involved and securing the
remaining assets of the group.


THPA FINANCE: Fitch Cuts Rating on GBP30MM Class C Notes to 'BB-'
-----------------------------------------------------------------
Fitch Ratings has downgraded these THPA Finance Limited notes:

  -- GBP145 million class A2 secured 7.127% fixed-rate notes due
     2024: downgraded to 'A-' from 'A'; removed from Rating Watch
     Negative; assigned a Stable Outlook

  -- GBP70 million class B secured 8.241% fixed-rate notes due
     2028: downgraded to 'BB+' from 'BBB'; removed from Rating
     Watch Negative; assigned a Stable Outlook

  -- GBP30 million class C secured floating-rate notes due 2031:
     downgraded to 'BB-' from 'BB'; removed from Rating Watch
     Negative; assigned a Stable Outlook

The downgrades follow Corus' announcement on December 4, 2009 that
it will partially mothball its Teesside Cast Products plant
located at Teesport in northeast England at the end of January
2010.  The rating action thus reflects the expected financial
performance for the next three-to-five years, which will be
weakened by the loss of the traffic for the Corus plant.  The
review includes recent discussions with management and an analysis
of THPA's financial performance for the period ended September
2009.

The Stable Outlook reflects Fitch's expectations of a recovery in
cargo volumes at the port.  However, the agency stresses that the
extent of the recovery will remain fragile and insufficient to
maintain the ratings at the level they held prior to the downturn
and the mothballing of Corus' plant.

THPA's notes were placed on RWN on May 12, 2009 after Corus'
stated that it might have to mothball the steel plant, which has
historically provided the port with a significant amount of
traffic through imports of coal and iron ore and exports of slab
steel production.  The agency estimated at that time that Corus'
related activities contributed up to 25% of THPA's EBITDA for the
financial year ended June 2008.

Fitch notes that while Corus will cease production at the higher
cost steel plant which lacks raw material self-sufficiency, it
intends to keep Redcar Wharf, Redcar Coke Ovens and some of the
power generating capacity open.  These operations would only
account for around 5% of the securitized group's EBITDA.

In the last financial year ended June 2009, the transaction has
been negatively impacted by the current recessionary environment.
Port operations suffered a steep fall in both slab and finished
steel volumes as Corus had already started to curtail production,
RoRo operations and car volumes have been also negatively
affected.  Container volumes were also lower due to the fall in
short sea traffic.  Conservancy revenue suffered from lower
volumes, primarily in the chemical and dry bulk sector.  Rental
contributions were slightly higher due to new lettings.  The
securitized group's overall trailing twelve months EBITDA as of
September 2009 declined 19% to GBP34.7 million from
GBP43.0 million a year earlier.  The impact of falling volumes and
revenues on the operating profit line has been limited by strict
control of costs.  Management's focus on cost control, the
expected recovery in traffic mainly related to the chemical sector
and projected increase in container traffic related to the
newly-opened Tesco's distribution centre should enable
stabilization of the operational performance close to the current
levels.

THPA's reported EBITDA debt service coverage ration stood at
1.81x, as of end June 2009, ahead of its 1.25x default covenant.
However, Fitch notes that THPA's credit metrics currently only
consist of interest payments on the class A2, B and C notes
following the early redemption of class A1 notes in 2004.  The
agency notes that debt service requirements will markedly increase
in 2011 when principal amortization starts for the A2 tranche and
as a consequence expects the reported EBITDA DSCR metrics to
decline to a level of 1.30-1.40x.  In its analysis, the agency
focused also on the annuity-based net cash flow DSCR metrics,
which at the "class C level" decreased to the current 1.20x from
1.50x in December 2008.

THPA is a securitization of the assets held, and earnings
generated, by the PD Ports group which owns the port of Tees &
Hartlepool on the northeast coast of England.  As part of a
restructuring of Babcock & Brown Infrastructure Ltd, PD Ports was
sold to Brookfield Asset Management Inc., a Canadian
infrastructure, property and renewable energy investor in November
2009.


WHITE TOWER: Fitch Cuts Ratings on Two Classes of Notes to 'C'
--------------------------------------------------------------
Fitch Ratings has downgraded all five tranches of White Tower
2006-3 plc's CMBS notes, due 2012.  The notes remain on Rating
Watch Negative, where they were originally placed in September
2009.

The rating actions are:

  -- GBP666.8 million class A (XS0275770914) downgraded to 'A'
     from 'AA'; remains on RWN

  -- GBP171.5 million class B (XS0275771649) downgraded to 'B'
     from 'BBB'; remains on RWN

  -- GBP116 million class C (XS0275772704) downgraded to 'CCC'
     from 'BB'; remains on RWN

  -- GBP116 million class D (XS0275773181) downgraded to 'C' from
     'B'; remains on RWN

  -- GBP68 million class E (XS0275774072) downgraded to 'C' from
     'CCC'; remains on RWN

The downgrades are driven by the events that followed the loan
event of default in June 2009 and subsequent acceleration of the
loan in July 2009.  The acceleration of the loan has resulted in
the entire balance of the GBP1.142 billion senior portion of the
loan becoming due and all payments to the GBP284.8 million junior
loan being stopped.

On the July 2009 interest payment date, available funds were
allocated first to cover interest due on the senior loan and all
excess cash flow was subsequently applied as a principal repayment
on the senior loan.  Since then, uncertainty has arisen regarding
whether this is the appropriate interpretation of the
intercreditor agreement.  The post-enforcement loan-level
waterfall specifies that, should there be insufficient funds to
pay the full amounts of interest and principal due on the senior
loan, funds will be allocated pro rata between interest and
principal.  Given that the principal amount due -- the entire loan
balance -- dwarfs the quarterly interest obligations, this would
effectively result in the majority of funds being allocated as
principal.  As the distribution of interest and principal at note
level occurs via two separate waterfalls, this would result in a
larger than expected paydown of the bonds combined with an
interest shortfall on all note classes.

The special servicer, CB Richard Ellis Loan Servicing (CBRELS,
rated 'CSS3+'), aims to resolve this issue by amending the
intercreditor agreement to clarify that funds will be allocated
first to interest and then to principal due on the senior loan,
similar to the manner in which funds were applied at the July 2009
IPD.  CBRELS has scheduled noteholder meetings for January 6, 2010
to vote on a resolution to make the required amendments.  Should
the resolution not be passed, it is likely to result in an
interest shortfall on the class A notes on the January 2010 IPD.
If the liquidity facility cannot be drawn upon to cover this
shortfall, a note event of default and a switch to the note-level
post-enforcement priority of payments will occur.  Fitch will
resolve the RWN following the noteholder meetings, once it is
clear whether the proposed amendment to the intercreditor
agreement will be made.  In Fitch's opinion, the amendment would
bring the transaction documents in line with the agency's
interpretation of similar documentation and its analysis to date.

Fitch initially placed all tranches on RWN in September 2009
following an announcement that Her Majesty's Revenue and Customs
had served notices revoking the exemption from the Non Resident
Landlords Scheme in respect of six properties accounting for 59%
of the total market value of the portfolio.  While the resulting
20% withholding tax was avoided on the October IPD by the
appointment in September 2009 of a Law of Property Act receiver
over the rental income of the affected properties, there remains a
risk that HMRC may serve new notices.  Fitch has reflected this
worst case scenario in its analysis.


* UK: Banks Face Increased Risk of Property Loan Default
--------------------------------------------------------
Simon Packard at Bloomberg News reports that the Bank of England
on Friday said that U.K. banks face an increased risk of default
on some of the country?s GBP250 billion (US$403 billion) of
commercial real-estate loans.

In the past year, the longest recession on record meant the
"probability of default by U.K. real estate companies has
increased significantly," Bloomberg quoted the central bank as
saying in its Financial Stability Report, which is published every
six months.

Bloomberg says property owners may struggle to service loans as
the recession and mounting unemployment boost building vacancies
and depress rents.  Bloomberg relates the central bank said
falling property values and larger down payments for new loans
mean investors, particularly smaller companies, face "significant"
challenges in refinancing GBP160 billion of loans coming due
through 2013.

According to Bloomberg, the central bank said lenders wrote down
real-estate loans by GBP10 billion in the 18 months through
June and "substantial further impairments" may follow if defaults
increase.


* Compulsory Liquidations Cost UK Plc GBP887 Mln, CreditPal Says
----------------------------------------------------------------
New research shows that companies entering compulsory liquidation
owed monies totaling at least GBP887 million over the last year.
Analysis by CreditPal, a new free online accounting service for
Small to Medium sized Enterprises, reveals the cumulative debt of
the 5,865 businesses in England and Wales that entered into
compulsory liquidation in the 12 months from October 2008 -
September 2009.

Management failure is cited as the primary cause for 20% of
compulsory liquidations, with poor business leadership resulting
in creditors being owed monies totaling GBP177 million.  However,
the overall impact is even greater as a further 16% of businesses
entering into compulsory liquidation do so as a result of bad debt
and the knock on effect of the failure of another company.

Ryan Shuttleworth, Chief Operations Officer, of CreditPal, said:
"While the cost of compulsory liquidations is extremely worrying,
this is just the tip of the iceberg as millions are also owed by
companies entering voluntary liquidation.  The figures reinforce
how crucial it is for SMEs to be able to assess the viability of
the other members of their supply chain.  It is vital companies
analyze the financial status of customers and business partners
before entering into any formalized agreement, or they could
expose themselves to significant financial risk and see their own
businesses drowned by bad debt."

"One in five UK enterprises fails as a result of poor business
management, which raises the question are we teaching future
business owners and managers the skills they need to run
successful enterprises?  We need to give business owners and
managers, even those that would not consider themselves highly
financially literate, the appropriate tools to assess in real time
how their business is performing.  Business owners need to be able
to check that their calculations regarding cash flow, profits and
revenues are accurate and their level of exposure when other
companies owe them payment."

CreditPal enables SME owners and managers, even non-accountants,
to easily extract monthly management accounts from their own data,
validate them and then share that that information with customers
and suppliers at no cost.  This will help them manage their
businesses better as they can check and analyze their accounts in
detail, as well as instantly produce accurate Profit and Loss
accounts and Balance Sheets.

Once the SME is happy with the accuracy of their financial
information it is transmitted to Graydon, the credit rating
agency, so an up-to-date credit score can be made available to
banks, invoice discounters, factors, credit insurers and supply
chain managers.  CreditPal enables everyone doing business
together to assess (and price) the current risk of doing business,
they do not have to rely on past history or personal relationships
or simply hope that they will be supplied or paid.

SMEs wishing to see how CreditPal could improve their credit
score, increase access to credit or improve their status with
trading partners and access a range of valuable management
information, should visit http://www.creditpal-online.com/

CreditPal has calculated that the average compulsory liquidation
has debts of 151,272, based on the average debts across the three
years between 2005/6 2007/8.  This excludes companies with debts
over 10 million to remove anomalies.


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


* BOND PRICING: For the Week December 14 to December 18, 2009
-------------------------------------------------------------

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

AUSTRIA
-------
HAA-BANK INTL AG    5.250  10/27/2015     EUR   70.50
INVESTKREDIT AG     7.000    3/6/2021     EUR   74.64
KOMMUNALKREDIT      0.500   3/15/2019     CAD   64.23
KOMMUNALKREDIT      4.900   6/23/2031     EUR   68.38
KOMMUNALKREDIT      4.440  12/20/2030     EUR   63.88
OESTER VOLKSBK      4.170   7/29/2015     EUR   69.00
OESTER VOLKSBK      5.270    2/8/2027     EUR   93.30
OESTER VOLKSBK      4.810   7/29/2025     EUR   72.13
RAIFF ZENTRALBK     4.500   9/28/2035     EUR   89.79
SAPPI PAPIER HOL    7.500   6/15/2032     USD   48.38
SAPPI PAPIER HOL    7.500   6/15/2032     USD   48.38

BELGIUM
-------
FORTIS BANK         8.750   12/7/2010     EUR   21.33

BULGARIA
--------
PETROL AD-SOFIA     8.375  10/26/2011     EUR   56.53

CZECH REPUBLIC
--------------
CZECH REPUBLIC      2.750   1/16/2036     JPY   69.62

DENMARK
-------
DANMARK SKIBSKRD    2.000  11/15/2024     DKK   73.34

FINLAND
-------
MUNI FINANCE PLC    1.000  11/21/2016     NZD   69.69
MUNI FINANCE PLC    0.250   6/28/2040     CAD   20.44
MUNI FINANCE PLC    0.500   3/17/2025     CAD   44.95
MUNI FINANCE PLC    0.500   9/24/2020     CAD   59.10
MUNI FINANCE PLC    1.000   2/27/2018     AUD   63.73
MUNI FINANCE PLC    1.000  10/30/2017     AUD   64.86
STORA ENSO OYJ      7.250   4/15/2036     USD   71.06

FRANCE
------
AIR FRANCE-KLM      4.970    4/1/2015     EUR   15.25
ALCATEL SA          4.750    1/1/2011     EUR   16.55
ALCATEL-LUCENT      5.000    1/1/2015     EUR    3.44
ALTRAN TECHNOLOG    6.720    1/1/2015     EUR    4.48
ATARI SA            4.000    4/1/2020     EUR    0.70
ATOS ORIGIN SA      2.500    1/1/2016     EUR   49.35
CALYON              6.000   6/18/2047     EUR   44.22
CAP GEMINI SA       2.500    1/1/2010     EUR   51.98
CAP GEMINI SOGET    1.000    1/1/2012     EUR   43.36
CAP GEMINI SOGET    3.500    1/1/2014     EUR   43.24
CLUB MEDITERRANE    4.375   11/1/2010     EUR   48.50
DEXIA MUNI AGNCY    4.680    3/9/2029     CAD   75.25
EURAZEO             6.250   6/10/2014     EUR   56.61
FAURECIA            4.500    1/1/2015     EUR   18.80
GROUPE VIAL         2.500    1/1/2014     EUR   25.24
MAUREL & PROM       3.500    1/1/2010     EUR   22.65
MAUREL ET PROM      7.125   7/31/2014     EUR   17.84
NEXANS SA           4.000    1/1/2016     EUR   61.73
PEUGEOT SA          4.450    1/1/2016     EUR   31.30
PUBLICIS GROUPE     1.000   1/18/2018     EUR   45.05
PUBLICIS GROUPE     3.125   7/30/2014     EUR   36.38
RHODIA SA           0.500    1/1/2014     EUR   42.63
SCOR SA             4.125    1/1/2010     EUR    2.20
SOC AIR FRANCE      2.750    4/1/2020     EUR   20.81
SOITEC              6.250    9/9/2014     EUR   10.83
TEM                 4.250    1/1/2015     EUR   58.68
THEOLIA             2.000    1/1/2014     EUR   11.78
VALEO               2.375    1/1/2011     EUR   46.40
ZLOMREX INT FIN     8.500    2/1/2014     EUR   34.62
ZLOMREX INT FIN     8.500    2/1/2014     EUR   33.50

GERMANY
-------
ESCADA AG           7.500    4/1/2012     EUR   14.24
EUROHYPO AG         5.000   5/15/2027     EUR   92.95
GOTHAER ALLG VER    5.527   9/29/2026     EUR   75.06
HSH NORDBANK AG     4.375   2/14/2017     EUR   62.40
HYPO REAL ESTATE    4.690  12/14/2026     EUR   74.98
IKB DEUT INDUSTR    4.500    7/9/2013     EUR   74.59
KFW                 5.000  10/17/2035     EUR   73.74
L-BANK FOERDERBK    0.500   5/10/2027     CAD   43.70
LB BADEN-WUERTT     2.935   7/14/2036     JPY   71.41
LB BADEN-WUERTT     2.500   1/30/2034     EUR   59.05
LB BADEN-WUERTT     5.250  10/20/2015     EUR   34.78
RENTENBANK          1.000   3/29/2017     NZD   68.91
SOLON AG SOLAR      1.375   12/6/2012     EUR   39.77
TUI AG              2.750    9/1/2012     EUR   73.53
TUI AG              5.500  11/17/2014     EUR   64.76
VAC FINANZ          9.250   4/15/2016     EUR   39.88
VAC FINANZ          9.250   4/15/2016     EUR   39.88

GREECE
------
HELLENIC REP I/L    2.300   7/25/2030     EUR   71.16
YIOULA GLASSWORK    9.000   12/1/2015     EUR   55.25
YIOULA GLASSWORK    9.000   12/1/2015     EUR   55.25

HUNGARY
-------
REP OF HUNGARY      2.110  10/26/2017     JPY   73.22

IRELAND
-------
ALLIED IRISH BKS    5.625  11/29/2030     GBP   60.38
ALLIED IRISH BKS    5.250   3/10/2025     GBP   60.79
BANK OF IRELAND     4.875   1/22/2018     GBP   72.65
DEPFA ACS BANK      0.500    3/3/2025     CAD   30.38
DEPFA ACS BANK      5.250   3/31/2025     CAD   72.85
DEPFA ACS BANK      5.125   3/16/2037     USD   75.55
DEPFA ACS BANK      5.125   3/16/2037     USD   76.86
DEPFA ACS BANK      4.900   8/24/2035     CAD   61.49
IRISH LIFE & PER    4.625    5/9/2017     EUR   69.34
IRISH NATIONWIDE   13.000   8/12/2016     GBP   62.02
IRISH NATIONWIDE    5.500   1/10/2018     GBP   37.40
UT2 FUNDING PLC     5.321   6/30/2016     EUR   63.63

ITALY
-----
COMUNE DI MILANO    4.019   6/29/2035     EUR   77.16
ROMULUS FINANCE     5.441   2/20/2023     GBP   71.72

LUXEMBOURG
----------
ARCELORMITTAL       7.250    4/1/2014     EUR   34.99
BREEZE              4.524   4/19/2027     EUR   83.15
CRC BREEZE          5.290    5/8/2026     EUR   74.72
HELLAS III          8.500  10/15/2013     EUR   70.92
LIGHTHOUSE INTL     8.000   4/30/2014     EUR   61.45
LIGHTHOUSE INTL     8.000   4/30/2014     EUR   62.18

NETHERLANDS
-----------
ABN AMRO BANK NV    7.540   6/29/2035     EUR   65.61
ABN AMRO BANK NV    2.910   6/21/2036     JPY   70.46
AI FINANCE B.V.    10.875   7/15/2012     USD   53.63
AIR BERLIN FINAN    1.500   4/11/2027     EUR   67.89
ALB FINANCE BV      8.750   4/20/2011     USD   28.48
ALB FINANCE BV      9.000  11/22/2010     USD   28.49
ALB FINANCE BV      9.250   9/25/2013     USD   28.45
ALB FINANCE BV      7.875    2/1/2012     EUR   28.47
ALB FINANCE BV      9.750   2/14/2011     GBP   28.49
ARPENI PR INVEST    8.750    5/3/2013     USD   53.00
ARPENI PR INVEST    8.750    5/3/2013     USD   53.00
ASTANA FINANCE      9.000  11/16/2011     USD   24.97
ASTANA FINANCE      7.875    6/8/2010     EUR   22.50
BK NED GEMEENTEN    0.500   2/24/2025     CAD   47.68
BK NED GEMEENTEN    0.500   6/27/2018     CAD   69.17
BLT FINANCE BV      7.500   5/15/2014     USD   60.50
BLT FINANCE BV      7.500   5/15/2014     USD   60.38
BSP FINANCE BV     10.750   11/1/2011     USD   73.13
CLONDALKIN BV       8.000   3/15/2014     EUR   86.08
ELEC DE CAR FIN     8.500   4/10/2018     USD   63.50
EM.TV FINANCE BV    5.250    5/8/2013     EUR    3.77
FINANCE & CREDIT   10.375   1/25/2010     USD   68.00
IVG FINANCE BV      1.750   3/29/2017     EUR   66.08
KAZKOMMERTS FIN     8.625   7/27/2016     USD   74.88
KAZKOMMERTS FIN     8.500   6/13/2017     USD   74.24
KBC IFIMA NV        6.004    2/7/2025     USD   64.75
NATL INVESTER BK   25.983    5/7/2029     EUR   36.51
NED WATERSCHAPBK    0.500   3/11/2025     CAD   46.61
NIB CAPITAL BANK    4.790  12/17/2043     EUR   75.61
NXP BV/NXP FUNDI    8.625  10/15/2015     EUR   70.75
NXP BV/NXP FUNDI    8.625  10/15/2015     EUR   67.50
NXP BV/NXP FUNDI    8.625  10/15/2015     EUR   72.00
Q-CELLS INTERNAT    1.375   2/28/2012     EUR   58.02
Q-CELLS INTERNAT    5.750   5/26/2014     EUR   66.72
RABOBANK            4.168   2/25/2020     EUR   87.95
TEMIR CAPITAL       9.000  11/24/2011     USD   17.75
TEMIR CAPITAL       9.500   5/21/2014     USD   20.13
TJIWI KIMIA FIN    13.250    8/1/2001     USD    0.00
TURANALEM FIN BV    8.000   3/24/2014     USD   21.15
TURANALEM FIN BV    7.750   4/25/2013     USD   35.45
TURANALEM FIN BV    7.875    6/2/2010     USD   35.50
TURANALEM FIN BV    6.250   9/27/2011     EUR   33.47
TURANALEM FIN BV    8.250   1/22/2037     USD   35.97
TURANALEM FIN BV    8.500   2/10/2015     USD   35.44

NORWAY
------
EKSPORTFINANS       0.500    5/9/2030     CAD   37.56
NORSKE SKOGIND      7.000   6/26/2017     EUR   66.50

POLAND
------
POLAND GOVT BOND    3.300   6/16/2038     JPY   70.39
POLAND-REGD-RSTA    2.810  11/16/2037     JPY   63.29
REP OF POLAND       2.620  11/13/2026     JPY   71.87
REP OF POLAND       2.648   3/29/2034     JPY   63.62
REP OF POLAND       3.220    8/4/2034     JPY   72.56
REP OF POLAND       4.250   7/20/2055     EUR   68.05

SPAIN
-----
BANCAJA EMI SA      2.755   5/11/2037     JPY   64.93
GENERAL DE ALQUI    2.750   8/20/2012     EUR   57.31
MINICENTRALES       4.810  11/29/2034     EUR   62.95

SWEDEN
------
SWEDISH EXP CRED    0.500  12/17/2027     USD   49.80

SWITZERLAND
-----------
CYTOS BIOTECH       2.875   2/20/2012     CHF   50.28
UBS AG JERSEY      13.900   1/31/2011     USD   37.13
UBS AG JERSEY       3.220   7/31/2012     EUR   64.94
UBS AG JERSEY      11.150   8/31/2011     USD   36.14
UBS AG JERSEY      10.360   8/19/2011     USD   51.70
UBS AG JERSEY      13.000   6/16/2011     USD   48.36
UBS AG JERSEY      10.650   4/29/2011     USD   16.06
UBS AG JERSEY      11.030   4/21/2011     USD   21.55
UBS AG JERSEY      10.820   4/21/2011     USD   22.35
UBS AG JERSEY      16.160   3/31/2011     USD   44.30
UBS AG JERSEY      11.330   3/18/2011     USD   18.31
UBS AG JERSEY      15.250   2/11/2011     USD   12.34
UBS AG JERSEY      10.000   2/11/2011     USD   60.52
UBS AG JERSEY      16.170   1/31/2011     USD   13.81
UBS AG JERSEY      14.640   1/31/2011     USD   38.78
UBS AG JERSEY      10.000  10/25/2010     USD   65.45
UBS AG JERSEY       9.500   8/31/2010     USD   64.95
UBS AG JERSEY       9.000   8/13/2010     USD   62.55
UBS AG JERSEY       9.350   7/27/2010     USD   58.45
UBS AG JERSEY       9.000   7/19/2010     USD   57.85
UBS AG JERSEY       9.000    7/2/2010     USD   58.10
UBS AG JERSEY       9.000   6/11/2010     USD   57.78
UBS AG JERSEY       9.000   5/18/2010     USD   58.83
UBS AG JERSEY       9.000    3/9/2010     USD   58.79
UBS AG LONDON       1.500   6/19/2018     JPY   65.25

UKRAINE
-------
UKRAINE GOVT        4.950  10/13/2015     EUR   71.58
UKRAINE GOVT        4.950  10/13/2015     EUR   71.10

UNITED KINGDOM
--------------
ALPHA CREDIT GRP    2.940    3/4/2035     JPY   69.65
AMDOCS LIMITED      0.500   3/15/2024     USD   68.00
BANK OF SCOTLAND    6.200    2/7/2035     EUR   63.46
BANK OF SCOTLAND    2.359   3/27/2029     JPY   69.21
BANK OF SCOTLAND    2.408    2/9/2027     JPY   73.67
BANK OF SCOTLAND    2.340  12/28/2026     JPY   73.25
BARCLAYS BK PLC    10.600   7/21/2011     USD   40.34
BARCLAYS BK PLC     7.610   6/30/2011     USD   53.78
BARCLAYS BK PLC    11.650   5/20/2010     USD   41.13
BRADFORD&BIN BLD    4.910    2/1/2047     EUR   74.16
BRADFORD&BIN BLD    2.875  10/16/2031     CHF   74.38
BRADFORD&BIN BLD    5.750  12/12/2022     GBP    8.37
BRADFORD&BIN BLD    7.625   2/16/2049     GBP   10.50
BRADFORD&BIN PLC    6.625   6/16/2023     GBP    6.98
BRIT INSURANCE      6.625   12/9/2030     GBP   69.54
BROADGATE FINANC    5.098    4/5/2033     GBP   72.87
CATTLES PLC         7.125    7/5/2017     GBP    7.98
CATTLES PLC         7.875   1/17/2014     GBP    7.99
CHELSEA BUILDING    5.875    3/7/2019     GBP   49.81
CITY OF KIEV        8.000   11/6/2015     USD   66.32
CITY OF KYIV        8.250  11/26/2012     USD   73.20
CJSC FIRST UKRAI    9.750   2/16/2010     USD   72.49
CO-OPERATIVE BNK    5.875   3/28/2033     GBP   72.41
EFG HELLAS PLC      2.760   5/11/2035     JPY   66.68
ENTERPRISE INNS     6.375   9/26/2031     GBP   72.77
ENTERPRISE INNS     6.500   12/6/2018     GBP   81.70
EXIM OF UKRAINE     8.400    2/9/2016     USD   72.46
F&C ASSET MNGMT     6.750  12/20/2026     GBP   65.78
GREENE KING FIN     5.702  12/15/2034     GBP   72.22
HBOS PLC            4.500   3/18/2030     EUR   69.94
INEOS GRP HLDG      7.875   2/15/2016     EUR   63.38
INEOS GRP HLDG      7.875   2/15/2016     EUR   63.64
KENSINGTON GROUP    9.000  12/21/2015     GBP   62.25
LBG CAPITAL NO.1    7.975   9/15/2024     GBP   76.50
LBG CAPITAL NO.1    6.439   5/23/2020     EUR   74.61
LBG CAPITAL NO.2    6.385   5/12/2020     EUR   74.44
LOUIS NO1 PLC       8.500   12/1/2014     EUR   72.89
LOUIS NO1 PLC      10.000   12/1/2016     EUR   56.92
MARSTONS ISSUER     5.641   7/15/2035     GBP   71.59
NATL GRID GAS       1.771   3/30/2037     GBP   46.73
NATL GRID GAS       1.754  10/17/2036     GBP   48.31
NBG FINANCE PLC     2.755   6/28/2035     JPY   76.17
NOMURA INTL PLC     0.800  12/21/2020     EUR   58.62
NORTHERN ROCK       9.375  10/17/2021     GBP   64.04
NORTHERN ROCK       5.750   2/28/2017     GBP   56.05
PARAGON GROUP       7.000   4/20/2017     GBP   74.50
PRINCIPALITY BLD    5.375    7/8/2016     GBP   50.42
PRIVATBANK          8.000    2/6/2012     USD   75.77
PRIVATBANK          8.750    2/9/2016     USD   67.00
PUNCH TAVERNS       7.567   4/15/2026     GBP   73.06
PUNCH TAVERNS       6.468   4/15/2033     GBP   67.83
ROYAL BK SCOTLND    9.500    4/4/2025     USD   59.47
ROYAL BK SCOTLND    4.700    7/3/2018     USD   73.21
ROYAL BK SCOTLND    5.944   2/15/2045     USD   49.26
SPIRIT ISSUER       5.472  12/28/2028     GBP   71.00
TXU EASTERN FNDG    6.450   5/15/2005     USD    0.01
UNIQUE PUB FIN      7.395   3/28/2024     GBP   72.17
UNIQUE PUB FIN      6.464   3/30/2032     GBP   58.91
WESSEX WATER FIN    1.369   7/31/2057     GBP   20.69


                            *********

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

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

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

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

                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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of the same firm for the term of the initial subscription or
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                 * * * End of Transmission * * *