TCREUR_Public/100215.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, February 15, 2010, Vol. 11, No. 031

                            Headlines



B E L G I U M

EVADIX SA: Gets Court OK on Reorganization Plans for Three Units


D E N M A R K

CAPINORDIC BANK: Is Insolvent; Bankruptcy Proceedings Launched


E S T O N I A

KOMMEST AUTO: Declared Bankrupt; Has EEK203 Mil. in Liabilities


F R A N C E

BELVEDERE SA: Has Deal with Creditors to Launch Convertible Bond


G E R M A N Y

GENERAL MOTORS: German Gov't May Rebuff Opel State Aid Request
WILHELM KARMANN: CIE Automotive Has Funds to Buy Roofing Unit
WILHELM KARMANN: To Split Into Three Units, Administrator Says


H U N G A R Y

ALTALANOS KOZLEKEDESI: In Liquidation; HUF3.3BB Deposits Frozen


I R E L A N D

ANNADOM LIMITED: Creditors Meeting Set for February 26
ASHDALE FORMWORK: Creditors Meeting Set for February 22
ATLAS PERSONNEL: Creditors Meeting Set for February 25
AUTO GLASS: Creditors Meeting Set for February 22
BLACK SHORE: Court Protection for Four Companies Extended

BRITRON LIMITED: Creditors Meeting Set for February 26
C&E VALUE: Creditors Meeting Set for February 25
COGNOTEC LTD: Receiver Wants to Set Aside Rights Transfer Deal
GRAB & GO: Creditors Meeting Set for February 23
INDEPENDENT NEWS: Lebedev Takeover Talks Fall; To Miss Deadline

JAZ ENTERTAINMENT: Creditors Meeting Set for February 26
LICIOUS BOUTIQUE: Creditors Meeting Set for February 22
O'CALLAGHAN BROTHERS: Creditors Meeting Set for February 22
SIMPSONS OFFICE: Creditors Meeting Set for February 26
WE CLEAN: Creditors Meeting Set for February 19

WILSON BUILDING: Creditors Meeting Set for February 23


N E T H E R L A N D S

ABN AMRO: S&P Downgrades Junior Subordinated Debt Ratings to 'B'
HAMLET I: Moody's Lifts Rating on EUR78 Mil. Class B Notes to 'B1'


N O R W A Y

NIO SECURITY: Releases Lock-Up for Converting Shareholders


R U S S I A

ALLIANCE OIL: Fitch Assigns 'B' Senior Unsecured Rating
ALLIANCE OIL: S&P Assigns 'B+' Rating on Proposed Senior Notes


S P A I N

GRUPO CORPORATIVO: Fails to Get Approval to Refinance Debt
UNION DE CREDITOS: S&P Takes Rating Actions on Various Tranches


S W E D E N

SAS AB: Moody's Downgrades Probability of Default Rating to 'Caa2'


U N I T E D   K I N G D O M

BALFOUR HOMES: In Administration; Begbies Traynor On Board
CO-OPERATIVE BANK: Moody's Lifts Jr. Sub. Debt Rating to 'Ba2'
COVENTRY BUILDING: Moody's Cuts PIBS Rating to 'Ba2' From 'Ba1'
CRU INVESTMENT: Shareholders, Creditors to Vote on Liquidation
ELLIS MORGAN: In Liquidation; 28 Jobs Affected

EUROPUBS LIMITED: High Court Orders Liquidation
FRANCIS MCPEAKE: High Court Orders Liquidation
HJ BERRY: In Administration; 85 Jobs at Risk
ICICI BANK: Moody's Lifts Jr. Subordinated Debt Rating to 'Ba1'
LONDON TOWN: May Be Put Into Pre-Pack Administration This Week

MASTER PREFABRICATIONS: High Court Orders Liquidation
MOVIE DOCK: High Court Orders Liquidation
NATIONWIDE BUILDING: Moody's Cuts PIBS Rating to 'Ba2' From 'Ba1'
OODLES LOVE: Creditors Meeting Set for February 23
PORTSMOUTH FOOTBALL: Vantis Probes Into Financial Status

PRESBYTERIAN MUTUAL: Some Savers Not Entitled to GBP20MM Income
QPODS FLATPACK: High Court Orders Liquidation
QPODS UK: High Court Orders Liquidation
SELHURST PARK: In Administration; PwC Appointed
SKIPTON BUILDING: Moody's Cuts PIBS Rating to 'B1' From 'Ba3'

SPENCER BYRNE: High Court Orders Liquidation


X X X X X X X X

* BOND PRICING: For the Week February 8 to February 12, 2010




                         *********



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


EVADIX SA: Gets Court OK on Reorganization Plans for Three Units
----------------------------------------------------------------
Reuters, citing De Tijd, reports that the Commercial Court of
Doornik has approved Evadix SA's reorganization plans for three of
its subsidiaries: Evadix Etibel SA, Evadix Direct Marketing
Services SA and Castermann Printing SA.

Further details were not disclosed, Reuters notes.

Citing Bloomberg News, the Troubled Company Reporter-Europe
reported on Feb. 5, 2010, that a majority of Evadix's creditors
voted in favor of reorganization plans that would cut the
company's debt by 26%.  Bloomberg disclosed Casterman Printing's
reorganization plan won approval from 89% of creditors casting
votes, while the plans of Evadix Direct Marketing Services and
Evadix Etibel each got backing from 94% of creditors.  Bloomberg
said under the plans, creditors would recover almost 74% of their
combined amounts owed according to the plans, reducing the total
debt of the three units to about EUR12 million (US$16.6 million).

As reported by the Troubled Company Reporter-Europe on Sept. 4,
2009, Bloomberg News said the commercial court in Tourna, Belgium,
granted creditor protection to the company's three unprofitable
units for six months.

Evadix Groupe SA -- http://www.evadix.com/default.jsp-- is a
Belgium-based provider of printing, direct marketing and logistics
products and services for professionals.  The Printing division
offers digital pre-press, large-format digital transfer to film,
offset printing on rotary presses and on sheet-fed presses and
binding services.  The Direct Marketing division provides such
services as computer processing and data management, customized
laser and inkjet printing, preparation for mailing and film
wrapping.  The Logistics division supplies various services, such
as warehouse management, order preparation, flow management, as
well as e-business solutions.  As of December 31, 2008, Evadix SA
had a number of subsidiaries, including EVADIX DIRECT MARKETING,
EVADIX.NET, EVADIX ETIBEL, EVADIX BILOG, CASTERMAN PRINTING and
EVADIX FRANCE, among others.


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


CAPINORDIC BANK: Is Insolvent; Bankruptcy Proceedings Launched
--------------------------------------------------------------
John Acher at Reuters reports that Capinordic A/S said on Thursday
that the Danish Financial Supervisory Authority has filed a
bankruptcy petition against its subsidiary Capinordic Bank A/S
under section 234 of the Danish Financial Business Act.

Reuters relates the company said in a statement Capinordic Bank on
Wednesday filed for a suspension of payments".  The company, as
cited by Reuters, said "Capinordic Bank is considered to be
insolvent".

According to Reuters, the company said the bankruptcy division of
the Maritime and Commercial Court has subsequently commenced
bankruptcy proceedings against Capinordic Bank.

Reuters notes the company added that it expected the bankruptcy
estate and the state company formed to administer failed banks,
Finansiel Stabilitet A/S, to agree on the transfer of Capinordic
Bank assets and liabilities or some of them to Finansiel
Stabilitet.

                        Deposit Guarantee

Gelu Sulugiuc at Bloomberg News reports that Financial Stability
agency said in an e-mail Friday Capinordic A/S account holders at
Capinordic Bank's Swedish branch are not covered by the full
deposit guarantee Denmark has bestowed as part of its first bank
aid package.

According to Bloomberg, the agency said the Swedish deposits will
instead be covered up to EUR50,000 provided through the Danish
guarantee fund for depositors and investors.

Based in Kobenhavn, Denmark, Capinordic Bank --
http://www.capinordicbank.dk/-- provides investment brokerage
services.  As of February 23, 2006, Capinordic Bank is a
subsidiary of Capinordic A/S.


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


KOMMEST AUTO: Declared Bankrupt; Has EEK203 Mil. in Liabilities
---------------------------------------------------------------
Toomas Hobemagi at Baltic Business News reports that the Viru
County Court on Wednesday declared Kommest Auto bankrupt.

The temporary bankruptcy trustee said Kommest Auto has about
EEK203 million in liabilities, but only about EEK0.15 million
worth of assets, BBN says citing ERR.

BBN relates the court nominated Martin Krupp as bankruptcy trustee
and scheduled the first meeting of creditors to March 11.

Kommest Auto is a Peugeot dealership owned by Toomas Ruutmann.


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


BELVEDERE SA: Has Deal with Creditors to Launch Convertible Bond
----------------------------------------------------------------
Sudip Kar-Gupta at Reuters reports that Belvedere SA said on
Friday it had agreed with its creditors to launch a convertible
bond.

According to Reuters, the bonds would be worth EUR123.75 each,
would have a maturity of five years, carry a coupon of 1% and will
be convertible into one Belvedere share per bond.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Belvedere was granted protection from creditors in July
2008 after violating the terms of its notes by repurchasing more
of its stock than allowed.

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


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


GENERAL MOTORS: German Gov't May Rebuff Opel State Aid Request
--------------------------------------------------------------
Cornelius Rahn at Bloomberg News reports that Spiegel, citing an
internal assessment from the Economy Ministry, said General Motors
Co.'s request for state aid to reorganize the Adam Opel GmbH
division may be rebuffed by the German government.

According to Bloomberg, the magazine cited the document as saying
the plan's "sustainability is questionable" and the outlined
workforce reductions are "difficult to comprehend".

Bloomberg notes Spiegel said the ministry is also concerned that
German state funds may flow to the U.S., such as through licensing
fees Opel must pay to GM.

                         Viability Plan

As reported by the Troubled Company Reporter-Europe on Feb. 11,
2010, Opel/Vauxhall Chief Executive Officer Nick Reilly on Tuesday
said a five-year EUR11 billion "Plan for the Future" that will
reinvigorate 80% of Opel/Vauxhall carlines and place a strong
emphasis on alternative propulsions.

At the same time, Mr. Reilly said the external auditor Warth &
Klein judged the plan sound and viable.  With this assessment, the
company on Tuesday morning formally applied for loans or loan
guarantees from the German government.

"We are extremely pleased that we now have independent
confirmation that our plan is sound and will place Opel and
Vauxhall on the road to sustainable, long-term profitability,"
Mr. Reilly said.  "We now have a road map, we know where we are
headed and we are working with all our partners so we can switch
into high gear for a successful future."

The viability plan envisions that 80% of the Opel/Vauxhall
carlines will be at an age of three years or less by 2012.  This
includes eight major launches in 2010 alone -- such as Meriva,
Corsa, Movano and Astra Sports Tourer -- and another four in 2011,
most notably the extended-range electric vehicle Ampera, an
industry-first in Europe.

In addition, Opel/Vauxhall will spend EUR1 billion in innovative
and fuel-efficient powertrain technology as it introduces a range
of new green products.  This includes:

   -- Launching an extended-range electric vehicle in addition to
      the Ampera;

   -- Introducing pure battery-electric vehicles in smaller-size
      segments; and

   -- Expanding LPG and CNG applications, start/stop technology
      and right-sizing of engines.

In addition, the company has accelerated efforts to introduce an
entry in the sub-Corsa segment and to make a strong push in the
light commercial vehicle business.  Several studies are under way
to look at possible profitable export programs in the Middle East
and Asia-Pacific.

"Opel/Vauxhall has a clear vision: to be a leading European
manufacturer of high quality, desirable automotive products, based
on German engineering, driven by a united team of professionals
and respected around the world.  This vision will be realized by
offering an exciting and expanded product portfolio based on a
strategic push into alternative propulsion technology," said
Mr. Reilly.

To support this vision, the company has sharpened and refined its
brand DNA and product pillars, and is embarking on a program that
ensures this DNA is engrained in every future Opel/Vauxhall
product.  Future products will be developed in Russelsheim at the
International Technical Development Center.  If they are based on
a vehicle architecture developed elsewhere, they will return to
Ruesselsheim early to ensure they deliver on the Opel/Vauxhall
brand promise.

          EUR11 Billion Investment Over Next Five Years

The viability plan requires long-term funding of EUR3.3 billion to
run the business during the transformation.  In total, the company
plans to invest approximately EUR11 billion over the next five
years.

As part of the EUR3.3 billion funding requirements, parent company
GM has already injected EUR600 million into the new Opel/Vauxhall
business.  In addition, GM provided EUR650 million in advanced
payments in January to ensure appropriate cash positions.  The
company will continue to work with European governments to secure
funding of approximately EUR2.7 billion through loans or loan
guarantees.  Discussions with employee representatives about the
overall plan continue both on European and national levels.

"We will build a European company that is profitable, self-
sustainable and fit for the long-term," Mr. Reilly said.  "This
keeps a manufacturing base in Europe.  It is good for Europe, good
for our employees and good for our customers.  We therefore trust
that the plan will be supported by our employees."

     Major Restructuring to Include 20% Reduction In Capacity

The business plan foresees Opel/Vauxhall will break even by 2011
and be profitable by 2012.  It is predicated on economic forecasts
that 13.4 million cars will be sold in Western Europe this year --
a reduction of more than 20% from 2007.  Opel/Vauxhall does not
believe the market will come back to the levels seen earlier in
this century for quite some time.

To adjust to the current and forecasted market environment,
Opel/Vauxhall will reduce its capacity by approximately 20%.  This
requires a job level reduction of approximately 8,300.  That
reduction will be spread out across most of Europe and includes
1,300 employees in sales and administration and 7,000 jobs in
manufacturing.  This includes the intent to close the Opel
production facility in Antwerp, Belgium, as previously announced.

Once the capacity reduction is implemented, the company is
expected to run at approximately 112% of its capacity on a two-
shift basis and 87% on a three-shift basis and therefore has --
along with other potential measures -- sufficient upside potential
once the market starts to recover.

The company has eliminated the former GM Europe management
structure in Zurich, Switzerland, and is now managed from the Opel
brand headquarters in Ruesselsheim, Germany.

   Market Share Maintained Due to Strong New Vehicle Launches

According to the Company, Opel/Vauxhall started 2010 with
confidence.  The company maintained a 2009 market share of 7.59%
in Western Europe in spite of tough price competition.  Opel
increased its market share and regained the number two position in
its German home market, while Vauxhall remained number two in the
United Kingdom.  Sales of the Opel Insignia -- European Car of the
Year 2009 -- jumped to 160,000 in 2009.  In Europe, the Opel
Insignia is the leader in the medium sedan segment.  The new Astra
won the prestigious European Golden Steering Wheel award (Goldenes
Lenkrad) and several other awards even prior to its market
introduction.  More than 75,000 orders for the five-door version
have already been placed.

Recently, the DEKRA vehicle monitoring organization reported Corsa
had the lowest breakdown rate of all cars on the market in
Germany.  Despite a 16% reduction in volume, the company still was
able to reduce Hours per Vehicle by 4%, an indication of its
manufacturing excellence.  Opel/Vauxhall for the first time
reported less than 20 HPV -- an industry milestone only achieved
by two other companies.

"[Tues]day's announcement marks the beginning of a new era for
Opel/Vauxhall.  It is the biggest overhaul in the company's recent
history," said Mr. Reilly.

"We now have all the necessary ingredients for a successful future
in place: a motivated workforce, a new and accountable company
culture, a product offensive based on innovative and highly fuel-
efficient technology, a competitive cost structure based on
conservative volume assumptions, a dedicated management team
operating out of our Ruesselsheim headquarters, and the support
from so many stakeholders.  Now it is up to us to prove that we
can do it.  I am confident that we will," he added.

                       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)


WILHELM KARMANN: CIE Automotive Has Funds to Buy Roofing Unit
-------------------------------------------------------------
Cornelius Rahn at Bloomberg News, citing Handelsblatt, reports
that CIE Automotive SA has fundamentally secured funding to
acquire insolvent Wilhelm Karmann GmbH's roofing division.

According to Bloomberg, the newspaper said the roof-making unit
will cost a two-digit million-euro amount plus an investment in
the business of the same size.

Bloomberg sys the company is also being pursued by Canada's Magna
International Inc.

Citing Reuters, the Troubled Company Reporter-Europe said Jan. 4,
2010, that other bidders include Nordwind Capital and Vorwerk
Autotec.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Karmann filed for bankruptcy protection in April as the
worst slump in automotive markets for decades left the
manufacturer unable to pay workers.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


WILHELM KARMANN: To Split Into Three Units, Administrator Says
--------------------------------------------------------------
Mariajose Vera at Bloomberg News reports that Wilhelm Karmann
GmbH's bankruptcy administrator agreed with the company's works
council to split the insolvent carmaker into three independent
units under the umbrella of Wilhelm Karmann GmbH i.I. as of
Feb. 13, 2010.

According to Bloomberg, the administrator said in an e-mailed
statement Thursday the split will make it simpler for investors to
take over parts of the carmaker.

Citing The Financial Times, the Troubled Company Reporter-Europe
reported on Nov. 24, 2009, that Volkswagen AG would buy land,
machinery and equipment from Karmann.  The FT disclosed VW plans
to establish a new Volkswagen car manufacturing subsidiary in
Osnabrueck, Karmann's hometown, to launch a new niche vehicle
project there in 2011.

On Nov. 3, 2009, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that VW was considering buying assets of
Karmann instead of a complete takeover.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Karmann filed for bankruptcy protection in April as the
worst slump in automotive markets for decades left the
manufacturer unable to pay workers.

Headquartered in Osnabrueck, Wilhelm Karmann GmbH --
http://www.karmann.com/-- is the largest independent motor
vehicle manufacturing company in Germany.


=============
H U N G A R Y
=============


ALTALANOS KOZLEKEDESI: In Liquidation; HUF3.3BB Deposits Frozen
---------------------------------------------------------------
MTI-Econews reports that about HUF3.3 billion in deposits has
been frozen at the loan cooperative Altalanos Kozlekedesi
Hitelszovetkezet.

According to MTI, Hungary's Deposit Protection Fund (OBA) said
that it would start paying compensation to depositors --
stakeholders in the cooperative -- within 20 workdays.

MTI relates financial market regulator PSZAF said on Thursday that
it had withdrawn AKH's operating license and initiated a
liquidation procedure.

MTI recalls the PSZAF sent commissioners to oversee AKH's
operations in January because the cooperative's net assets fell
below registered capital.

AKH, MTI says, had HUF3.3 billion of total assets, including
HUF272 million of net assets, loans of HUF2.6 billion and deposits
of HUF 2.9 billion at the end of 2008.  The cooperative posted a
net loss of HUF26 million in 2008, MTI recounts.

MTI notes OBA said on its Web site members of the AKH are liable
to compensation up to HUF13.57 million, the current forint
equivalent of EUR50,000 per person.  AKH has got 800 depositors
with their deposits averaging HUF4.125 million, MTI discloses.

OBA managing director told MTI the deposit protection fund has
HUF85 billion in assets available for compensation.  Mr. Peter
Szekacs, as cited by MTI, said OBA shortened the deadline for
paying out on the frozen deposits to 20 working days at the start
of 2010, one year before an EU directive makes it mandatory.

The part of some deposits not insured by OBA, if any, will be
redeemed by the state according to an Oct, 2008 government
declaration, MTI states.

"The intention is still there," MTI quoted Finance Ministry
spokesman Ferenc Pichler as saying on Friday.  "While it is time
to think it over for how long the validity of this declaration
warranted by the crises should be maintained."


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


ANNADOM LIMITED: Creditors Meeting Set for February 26
------------------------------------------------------
A meeting of creditors of Annadom Limited will take place at 11:00
a.m. on February 26, 2010, at:

         The Georgian Business Centre
         20 Lower Baggot Street
         Dublin 2
         Ireland

The registered address of the company is at:

         1 Lower Rathmines Road
         Dublin 6
         Ireland


ASHDALE FORMWORK: Creditors Meeting Set for February 22
-------------------------------------------------------
A meeting of creditors of Ashdale Formwork Limited will take place
at 10:00 a.m. on February 22, 2010, at:

         Hudson Bay Hotel
         Athlone
         Co Westmeath
         Ireland

The registered address of the company is at:

         Templemoyle
         Culdaff
         Ireland


ATLAS PERSONNEL: Creditors Meeting Set for February 25
------------------------------------------------------
A meeting of creditors of Atlas Personnel Group Limited will take
place at noon on February 25, 2010, at:

         Bewleys Hotel
         Merrion Road
         Ballsbridge
         Dublin 4
         Ireland

David Van Dessel of Kavanagh Fennell is the company nominee.

The registered address of the company is at:

         14/15 Andrew Street
         Dublin 2
         Ireland


AUTO GLASS: Creditors Meeting Set for February 22
-------------------------------------------------
A meeting of creditors of Auto Glass Replacements Limited will
take place at 10:00 a.m. on February 22, 2010, at:

         The Harcourt Hotel
         Harcourt Street
         Dublin 2
         Ireland

The registered address of the company is at:

         12 Pembroke Row
         Dublin 2
         Ireland


BLACK SHORE: Court Protection for Four Companies Extended
---------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court's
Mr. Justice Brian McGovern has continued court protection for four
companies in Galway businessman John Sweeney's Black Shore group.

The companies are Sweeney Oil (Retail) Ltd; Sweeney Oil
(Moycullen) Ltd; Sweeney Oil Service Stations Ltd and Slyne
Properties Ltd., the report discloses.

According to the report, Judge McGovern said one of the factors
which persuaded him towards examinership rather than receivership
was that the Courtyard Marriott was "bucking the trend" in
performing quite well, with Failte Ireland expressing the view
this was due to the management style of Mr. Sweeney and his
employees.  The report notes the judge said this would change in a
receivership where Mr. Sweeney would lose effective control.

Anglo Irish Bank, owed more than EUR20 million arising from inter-
company guarantees involving three of the companies, had strongly
opposed examinership on grounds including its "irretrievable" loss
of confidence in Mr. Sweeney, the report notes.  The bank has said
it intends to appoint a receiver over the companies as soon as it
can, the report recounts.  Court protection applies for a maximum
of 100 days, the report states.

The report relates Judge McGovern concluded at this stage, he was
satisfied there was a reasonable prospect of survival of the four
companies and he should exercise his discretion in favor of
confirming the appointment of Michael McAteer as examiner of the
four companies.

IrelandOn-Line reports Mr. Sweeney has said 350 jobs have been
secured by the High Court's decision to appoint an examiner to
four of his companies.

As reported by the Troubled Company Reporter-Europe on Feb. 12,
2010, The Irish Times said Judge McGovern has appointed Jim Luby
as liquidator to Black Shore Holdings.  The Irish Times disclosed
the liquidator to BSH was sought on Wednesday by Paul Sreenan SC,
for Esso Ireland, which is owed EUR12.4 million, and the
application was not opposed by BSH.  According to The Irish Times,
a receiver was also appointed to BSH Wednesday by Anglo.

Blackshore Holdings Ltd. comprises Mr. Sweeney's oil, property and
hotel interests.


BRITRON LIMITED: Creditors Meeting Set for February 26
------------------------------------------------------
A meeting of creditors of Britron Limited will take place at 3:30
p.m. on February 26, 2010, at:

         The Hawthorn Hotel
         Main Street
         Swords
         Co Dublin
         Ireland

The registered address of the company is at:

         No 8 The Avenue
         Louisa Valley
         Leixlip
         Co Kildare
         Ireland


C&E VALUE: Creditors Meeting Set for February 25
------------------------------------------------
A meeting of creditors of C&E Value Store Limited will take place
at 10:00 a.m. on February 25, 2010, at:

         The Regency Hotel
         Swords Road
         Drumcondra
         Dublin 9
         Ireland

The registered address of the company is at:

         81 The Grove
         Inse Bay Laytown
         Co Meath
         Ireland


COGNOTEC LTD: Receiver Wants to Set Aside Rights Transfer Deal
--------------------------------------------------------------
Mary Carolan at The Irish Times reports that Kieran Wallace --
which was appointed by Barclays Bank as receiver over Cognotec
Ltd. -- is seeking a court order setting aside an agreement
allegedly transferring ownership of the company's software rights
to a Gibraltar-based company.

According to the report, Mr. Wallace wants to set aside a July
2008 agreement allegedly providing the ownership of intellectual
property rights of Cognotec be transferred to Syndicated Capital
Investments Ltd. from that date.

The report says SCI, which is in administration, had invested more
than US$2 million (EUR1.46 million) in Cognotec, but Barclays
claims it has a priority charge over the assets, including IP
rights, of Cognotec, and SCI has no entitlement to frustrate the
receiver's plans to sell those assets to an undisclosed buyer.

The report notes Mr. Justice Kelly said he was satisfied the case
was urgent, as the dispute over the agreement was holding up the
planned sale.  The judge granted an application by Brian O'Moore
SC, for Mr. Wallace, to admit proceedings against SCI to the
Commercial Court, the report discloses.

The report relates in an affidavit, Mr. Wallace said Cognotec Ltd.
is part of the Cognotec group and holds the IP rights in software
supplied to the foreign exchange industry.

The report recalls from 2007, the Cognotec group was unable to
adhere to a loan repayment schedule agreed with Barclays, and the
bank demanded repayment.  When no payment was received, it
appointed Mr. Wallace receiver and he began efforts to sell the
business, the report recounts.

Cognotec is a Dublin-based software company.  It produces
financial automated FX trading solutions.


GRAB & GO: Creditors Meeting Set for February 23
------------------------------------------------
A meeting of creditors of Grab & Go Limited will take place at
10:15 a.m. on February 23, 2010, at:

         The Crown Plaza Hotel
         Blanchardstown Centre
         Dublin 15
         Ireland

The registered address of the company is at:

         Damastown Way
         Damastown Business Park
         Dublin 15
         Ireland


INDEPENDENT NEWS: Lebedev Takeover Talks Fall; To Miss Deadline
---------------------------------------------------------------
Salamander Davoudi at The Financial Times reports that talks
between Alexander Lebedev, the owner of London's Evening Standard
and a former lieutenant-colonel in the KGB, and Independent News &
Media plc over his proposed takeover of the Independent titles
have stalled and today's deadline will be missed.

According to the FT, negotiations, which have been on and off for
over 12 months, were due to conclude today, Feb. 15, when
Mr. Lebedev's non-binding period of exclusivity with INM expires.

The FT says the talks have not progressed amid stumbling blocks
understood to include the paper's printing contract with Trinity
Mirror, which would cost over GBP15 million to break, pension
deficit issues and redundancy costs.

Rupert Neate at The Telegraph reports this means INM will be able
to enter talks with other potential buyers.

The Daily Telegraph notes a sale is now expected before INM's
full-year results in March.

The Daily Telegraph says it is understood that INM's EUR1.3
billion (GBP1.2 billion) debt has been the main stumbling block.
The Daily Telegraph relates analysts have said that Mr. Lebedev
could pay a nominal sum if he agrees to take on some of INM's
debts.

As reported by the Troubled Company Reporter-Europe on Dec. 21,
2009, The Financial Times said 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 noted.  Independent
was widely reported earlier in 2009 to be suffering losses of more
than GBP10 million a year, the FT disclosed.

Citing the FT, the Troubled Company Reporter-Europe on Nov. 12,
2009, reported 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.


JAZ ENTERTAINMENT: Creditors Meeting Set for February 26
--------------------------------------------------------
A meeting of creditors of Jaz Entertainment Limited will take
place at 4:00 p.m. on February 26, 2010, at:

         The Hawthorn Hotel
         Main Street
         Swords
         Co Dublin
         Ireland

The registered address of the company is at:

         123 Palmerstown Woods
         Clondalkin
         Dublin 22
         Ireland


LICIOUS BOUTIQUE: Creditors Meeting Set for February 22
-------------------------------------------------------
A meeting of creditors of Licious Boutique Limited will take place
at 10:00 a.m. on February 22, 2010, at:

         Annaly House
         Church Street
         Longford
         Co Longford
         Ireland

The registered address of the company is at:

         Dublin Street
         Longford
         Ireland


O'CALLAGHAN BROTHERS: Creditors Meeting Set for February 22
-----------------------------------------------------------
A meeting of creditors of O'Callaghan Brothers Killarney Limited
will take place at 10:30 a.m. on February 22, 2010, at:

         The Malton Hotel
         Killarney
         Co Kerry
         Ireland

The registered address of the company is at:

         Woodlands
         Park Road
         Killarney
         Co Kerry
         Ireland


SIMPSONS OFFICE: Creditors Meeting Set for February 26
------------------------------------------------------
A meeting of creditors of Simpsons Office & Print Limited will
take place at 4:30 p.m. on February 26, 2010, at:

         The Hawthorn Hotel
         Main Street
         Swords
         Co Dublin
         Ireland

The registered address of the company is at:

         Rivermall
         Swords
         Co Dublin
         Ireland


WE CLEAN: Creditors Meeting Set for February 19
-----------------------------------------------
A meeting of creditors of We Clean Limited will take place at 9:00
a.m. on February 19, 2010, at:

         The Regency Hotel
         Swords Road
         Whitehall
         Dublin 9
         Ireland

The registered address of the company is at:

         We Clean House
         The Bay
         Mulhuddart
         Dublin 15
         Ireland


WILSON BUILDING: Creditors Meeting Set for February 23
------------------------------------------------------
A meeting of creditors of Wilson Building Contractors Limited will
take place at 1:30 p.m. on February 23, 2010, at:
         Radisson Blu Hotel
         Cork Airport
         Ireland

The registered address of the company is at:

         Ballylegan
         Glanworth
         Co Cork
         Ireland


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


ABN AMRO: S&P Downgrades Junior Subordinated Debt Ratings to 'B'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
junior subordinated debt ratings on GBP750 million in Upper Tier 2
and EUR1 billion in Tier 1 securities that ABN AMRO Bank N.V.
issued to 'B' from 'BB'.  At the same time, S&P removed the issues
from CreditWatch, where they were placed with negative
implications on Jan. 7, 2010.  This rating action does not affect
the counterparty credit ratings on ABN AMRO Bank N.V.

The downgrade on the hybrid instruments follows the EC's
announcement on Feb. 8, 2010, that it temporarily approved, as
urgent rescue aid, The Netherlands' additional recapitalization
package for ABN AMRO Bank N.V. and Fortis Bank (Nederland).  The
EC also stated that it has broadened its investigation into
possible state aid, which it opened in April 2009 against FBN, to
include the additional recapitalization measures for ABN AMRO and
FBN.

"The 'B' ratings reflect S&P's view of elevated risk of deferral
of coupon payment on ABN AMRO's hybrid instruments in the coming
two years, now that the EC has widened its investigation into
state aid to include ABN AMRO as well, in combination with S&P's
expectation of poor earnings generation for the bank during this
period," said Standard & Poor's credit analyst Elisabeth Grandin.

S&P bases its rating action on its understanding of the EC's
announcement on Oct. 8, 2009, that banks under investigation
should refrain from making payments that could reduce their
capitalization, which includes coupons on hybrid instruments.

The rating action takes into account the probability, but not the
certainty, that the EC investigation could conclude that the
recapitalization package represents competitive distortion and
require "burden-sharing" (or help to offset the cost of government
bailouts) from hybrid debt holders.  In addition, S&P consider
that the bank's weak profitability and the terms and conditions of
both instruments make them vulnerable to regulatory pressure for
suspension in the two coming years.

S&P takes note that the EC announcement stressed that the opening
of the investigation "does not in any way prejudge the outcome of
the procedure," and that its preliminary assessment found that the
recapitalization measures "seem necessary" to allow the separation
of the Dutch assets of ABN AMRO and subsequent merger with FBN.
Neither the EC nor the bank made any specific comment about hybrid
debt.  In addition, ABN AMRO Holding N.V. paid a dividend on
Feb. 5, 2010.  As a result, S&P's 'B' rating on the Upper Tier 2
instrument factors in its expectation that the next coupon due on
Feb. 17, 2010, will be paid on time.

S&P understands that coupon payment for the EUR1 billion Tier 1
instrument is optional, but that the instrument has an alternative
coupon mechanism.  For the GBP750 million Upper Tier 2, S&P
understands that the coupon is optional if the issuer's holding
company (currently ABN AMRO Holding N.V.) does not distribute a
dividend in the 12 months preceding coupon payment.  S&P note that
ABN AMRO Holding's board resolved to make another dividend payment
immediately before legal separation.  Nevertheless, S&P's current
view is that ABN AMRO will have little chance to be profit-making
in 2010 and that its holding may not be able to distribute
dividends in 2011 and possibly in 2012 because of substantial
integration costs and still-difficult economic conditions that are
weighing on underlying profitability.


HAMLET I: Moody's Lifts Rating on EUR78 Mil. Class B Notes to 'B1'
------------------------------------------------------------------
Moody's Investors Service has taken these rating actions on notes
issued by Hamlet I Leveraged Loan Fund B.V.

  -- EUR222M Class A Senior Secured Floating Rate Notes due 2020,
     Upgraded to Aa2; previously on Aug. 10, 2009 Downgraded to A2

  -- EUR78M Class B Subordinated Notes due 2020, Upgraded to B1;
     previously on Aug. 10, 2009 Downgraded to B3

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to 100% secured loans.  It is
noteworthy that, in this transaction, no interest payments can be
distributed to the rated subordinated notes during the
reinvestment period (which ends on May 15, 2010).  Instead, all
residual interest is used to acquire additional collateral debt
obligations during the reinvestment period, which supports the
collateralization of this transaction and has facilitated the
accumulation of par above the target level (currently EUR299.9
million of performing assets par plus cash as compare to
EUR293.3 million target par).

The actions reflect the impact of the correction of an inaccurate
numerical input that was used with respect to the recovery rate
applied to performing assets during the last rating action on
August 10, 2009.  Had this not occurred, the ratings of the Hamlet
I notes would likely have been higher at that time as the recovery
rate that was applied to performing assets should have been
approximately 20% higher.  Since the August rating action,
although there has been about EUR6 million lost in par due to the
defaulted securities, Moody's noted that the performance of the
underlying portfolio has been generally stable.  This is observed
through the average rating as measured through the portfolio
weighted average rating factor 'WARF' (currently 2890), the
proportion of securities from issuers rated Caa1 and below
(currently 16.12% of the portfolio), the amount of defaulted
securities (currently 5.58% of the portfolio) and the weighted
average spread 'WAS' (currently 2.81% as compare to the covenant
level at 2.25%).  These measures were taken from the recent
trustee reported dated January 19, 2010.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality.

The rating of the class B notes addresses the ultimate repayment
of the Rated Balance in respect of such notes on or before the
legal maturity (in 2020), where the "Rated Balance" is equal, at
any time, to the principal amount of such notes on the issue date
(EUR 78m) 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.

The rating actions incorporate 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, and the collateral manager's track record.
All information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


===========
N O R W A Y
===========


NIO SECURITY: Releases Lock-Up for Converting Shareholders
----------------------------------------------------------
In connection with the refinancing of Nio Security, Inc. in
November 2009, the lenders under the NOK20 million short term loan
agreement and other key creditors accepted to convert debt into a
total of 14,371,558 new shares in Nio.  The lenders and creditors
agreed to a lock-up, where each agreed not to dispose of any
shares for a period of 90 days from the date of listing of the new
shares.

The board of directors of Nio has resolved to release the lock-up
for the converting shareholders effective as of Friday,
February 12.

Nio Security, Inc., formerly Dynapel Systems, Inc., --
http://www.niosec.com/-- is a company incorporated in the United
States, and listed on the Oslo Stock Exchange.  It is active
within the digital surveillance and automation solutions for the
security industry.  Nio Security's products are assembled in the
United States and Germany, and sold to commercial as well as
military and governmental users worldwide.  The Company's products
are divided into five main groups: video analytics technology,
pan/tilt/zoom (PTZ) cameras, digital video recorder (DVR)
peripherals, digital video recorders (DVR) and software.


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


ALLIANCE OIL: Fitch Assigns 'B' Senior Unsecured Rating
-------------------------------------------------------
Fitch Ratings has assigned Alliance Oil Company Ltd.'s upcoming
eurobond issue an expected senior unsecured foreign currency
rating of 'B' and a Recovery Rating of 'RR4'.  The issue amount of
the bond will be disclosed at a later date.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

Senior unsecured credit holders are not viewed by Fitch as being
negatively impacted by either the lack of an upstream guarantee by
the refining operating company to the holding company, or by a
pledge of the refining company's assets to ring-fenced secured
lenders.  Fitch believes sufficient assets are in place elsewhere
in the Group to achieve average recovery of principal in the event
of default.  These factors support the assignment of the 'RR4'
Recovery Rating.

Fitch assigned Alliance Oil Long-term foreign and local currency
Issuer Default Ratings of 'B', Short-term foreign and local
currency IDRs of 'B' and a National Long-term rating of 'BBB(rus)'
on February 10, 2010.

Alliance Oil is one of Russia's second tier integrated oil
companies producing approximately 44,000 barrels of oil per day in
2009 primarily in the Volga Urals with a growing presence in
Timano-Pechora.  The company also has a refining capacity of
70,000 barrels per day at its Khabarovsk refinery located in
Russia's Far East.


ALLIANCE OIL: S&P Assigns 'B+' Rating on Proposed Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
debt rating to the proposed senior unsecured notes to be issued by
Russia-based oil company Alliance Oil Company Ltd. (long-term
corporate credit rating B+/Stable/--; Russia national scale rating
ruA+).  S&P's recovery rating on the proposed notes is '4',
indicating S&P's expectation of average (30%-50%) recovery in the
event of a payment default.  S&P's recovery analysis assumes about
US$500 million issuance under the notes.

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

                        Recovery Analysis

The recovery prospects for the proposed notes are limited by S&P's
view of enforceability of guarantees in Russia, its distressed
valuation (in which S&P has carved out the refinery business,
which S&P believes will not be available to proposed noteholders),
and overall volatility in the oil exploration and refining
operations.

The proposed notes benefit from an extensive guarantee package
from material subsidiaries, which represent about 75% of the
group's assets and revenues.  At the same time, the newly approved
loan from Vnesheconombank (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2) benefits from asset security as well as
guarantees from the refinery businesses.

For the purposes of its analysis S&P has valued the business on a
going-concern basis.  S&P understands from the draft terms that
the VEB loan is not expected to have claims over the oil field
business and accordingly that the proposed notes would have the
senior-most claim over the oil fields, which S&P believes would
give sufficient value to proposed noteholders to provide
recoveries of 30%-50%, corresponding to a recovery rating of '4'.

Although S&P assumes that the noteholders would have a residual
equity claim in the refinery business, S&P does not assume any
recovery value from this source.

S&P's recovery rating also assumes that the proposed notes will be
better placed in the capital structure than Alliance's convertible
notes due 2014 because the proposed notes will have guarantees
from the group's material subsidiaries.

For its default scenario, S&P has assumed that a period of low
commodity prices would drive Alliance into default.  S&P also
factors in to its default scenario its view of Alliance's limited
flexibility to reduce operating costs and a further exacerbation
from expected delays to the group's two large-scale growth
projects, which Alliance plans to execute at the same time.  S&P
assumes that these projects entail project risks, giving rise to
substantial negative free operating cash flow through 2010-2012,
leading to a default by 2013-2014, when, in S&P's scenario, the
group would have insufficient liquidity as a result of increasing
capital expenditure and delays in the projects.

                          Ratings List

                           New Rating

                    Alliance Oil Company Ltd.

                         Senior Unsecured

                 Proposed bonds                 B+
                  Recovery Rating               4


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


GRUPO CORPORATIVO: Fails to Get Approval to Refinance Debt
----------------------------------------------------------
Grupo Corporativo Ono SA failed to get the approval of its lenders
to refinance EUR1.8 billion (US$2.4 billion) of debt within last
week's deadline, Paul Tobin and Esteban Duarte at Bloomberg News
report, citing three people familiar with the talks.

According to Bloomberg, the people, who declined to be identified
because the matter is private, said Ono will extend the
negotiations into this week to try and persuade lenders providing
80% of the debt to agree to the plan.

Bloomberg recalls the company said in a statement on Jan. 13 it is
asking banks to extend the first repayments on the loan until
2013, and to relax terms on the debt.

Ono was trying to get approval for the changes to the loan terms
by the "week of Feb. 8," Bloomberg says citing last month's
statement.

Ono said last month the company's shareholders, including buyout
firms Thomas H. Lee Partners LP and Providence Equity Partners
Inc., will provide as much as EUR200 million of cash if the plan
is accepted, Bloomberg recounts.

The company is also seeking lender approval to issue bonds,
Bloomberg notes.

Madrid-based Grupo Corporativo ONO, S.A. -- http://www.ono.es/--
constructs and operates cable television and telecommunications
networks in Spain.


UNION DE CREDITOS: S&P Takes Rating Actions on Various Tranches
---------------------------------------------------------------
Standard & Poor's Ratings Services took rating actions on several
tranches across five Spanish residential mortgage-backed
securities transactions originated by Union de Creditos
Inmobiliarios.

Specifically, S&P:

  -- Downgraded and removed from CreditWatch negative classes B
     and C, and placed on CreditWatch negative class A in Fondo de
     Titulizacion de Activos UCI 14;

  -- Downgraded and removed from CreditWatch negative classes B
     and C, and placed on CreditWatch negative class A in Fondo de
     Titulizacion de Activos UCI 15;

  -- Downgraded classes A2, B, C, and D in Fondo de Titulizacion
     de Activos UCI 16 and removed classes B, C, and D from
     CreditWatch negative;

  -- Downgraded and removed from CreditWatch negative classes A2,
     B, and C in Fondo de Titulizacion de Activos UCI 17 and
     removed class A1 from CreditWatch negative; and

  -- Downgraded and removed from CreditWatch negative classes A, B
     and C in Fondo de Titulizacion de Activos UCI 18.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received.
This analysis showed that the credit enhancement available for UCI
14, UCI 15, UCI 16, UCI 17, and UCI 18's notes was not sufficient
to maintain the current ratings.  This was mainly a result of
further deterioration in pool performance.

The mortgage portfolios underlying these transactions are all
experiencing substantially higher delinquency levels than those
S&P recorded in its Spanish RMBS index for this cohort.  As of the
end of December, severe delinquencies -- defined as arrears
greater than 90 days (including outstanding defaulted loans) over
the current collateral balance -- were about 16.54% in UCI 14,
18.44% in UCI 15, 22.84% in UCI 16, 18.97% in UCI 17, and 7.35% in
UCI 18.

This high concentration of long-term arrears also depends on the
definition of defaults.  Under the transaction documentation,
loans are not considered as defaults in these transactions until
they are delinquent for more than 18 months.  S&P considers that
this high concentration of delinquent loans could lead to further
defaults and reserve draws.

S&P factored actual delinquency and default information into its
credit and cash flow analysis.  This demonstrated that certain
classes of notes in these deals could no longer withstand S&P's
rating stresses at their previously assigned rating levels.

UCI 14, 15, 16, 17, and 18 issued their notes in November 2005,
April 2006, October 2006, May 2007, and February 2008,
respectively.  UCI originated the loans.  These loans have been
originated through brokers and real state agencies and are granted
to borrowers that already have a house but want to buy a new one
(these loans are also known as bridge loans), or to borrowers who,
due to their age (whether young or senior), need specific mortgage
characteristics like pre-agreed installments or interest-only
periods.

                           Ratings List

                          Rating Lowered

             Fondo de Titulizacion de Activos UCI 16
        EUR1.82 Billion Mortgage-Backed Floating-Rate Notes

                                 Rating
                                 ------
              Class       To                   From
              -----       --                   ----
              A2          AA+                  AAA

      Ratings Lowered and Removed From Creditwatch Negative

             Fondo de Titulizacion de Activos UCI 14
        EUR1.45 Billion Mortgage-Backed Floating-Rate Notes

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

             Fondo de Titulizacion de Activos UCI 15
       EUR1.452 Billion Mortgage-Backed Floating-Rate Notes

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

             Fondo de Titulizacion de Activos UCI 16
        EUR1.82 Billion Mortgage-Backed Floating-Rate Notes

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

             Fondo de Titulizacion de Activos UCI 17
        EUR1.415 Billion Mortgage-Backed Floating-Rate Notes

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

             Fondo de Titulizacion de Activos UCI 18
        EUR1.723 Billion Mortgage-Backed Floating-Rate Notes

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

              Rating Placed on Creditwatch Negative

             Fondo de Titulizacion de Activos UCI 14
        EUR1.45 Billion Mortgage-Backed Floating-Rate Notes

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

             Fondo de Titulizacion de Activos UCI 15
        EUR1.452 Billion Mortgage-Backed Floating-Rate Notes

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

             Rating Removed From Creditwatch Negative

             Fondo de Titulizacion de Activos UCI 17
        EUR1.415 Billion Mortgage-Backed Floating-Rate Notes

                             Rating
                             ------
          Class       To                   From
          -----       --                   ----
          A1          AAA                  AAA/Watch Neg


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


SAS AB: Moody's Downgrades Probability of Default Rating to 'Caa2'
------------------------------------------------------------------
Moody's Investors Service lowered to Caa2 from Caa1 the
Probability of Default Rating of SAS AB.  At the same time, the
Caa1 Corporate Family Rating, the Caa2 Probability of Default
Rating and the Caa3 subordinate ratings are placed under review
for possible downgrade.

The rating action follows the company's weakened results for the
final quarter of 2009, with reported pre-tax income before
exceptional items falling to negative SEK940 million from negative
SEK289 million the prior year, on account of continued yield
pressure, which has further weakened liquidity.  The rating action
also reflects Moody's view that the company's announcement that it
intends to refinance or extend its bond maturities in 2010 could
potentially classify as a distressed exchange under Moody's
definition.

Moody's notes the Company's proposed rights issue of approximately
SEK5.0 billion to be completed in April 2010, as well as the
improved terms agreed with its bank lenders, notably the extension
some of its facilities by one year to 2013 and the adjusted
covenant profile.  Finally, Moody's note the company's
announcement of additional cost saving measures under the 'Core
SAS' program.

The review will therefore focus on (i) the measures taken to
refinance the bonds maturing in 2010; (ii) the developments of the
negotiations with flight deck and cabin unions, as both these and
the bond refinancing are prerequisites for the proposed rights
issue; and (iii) the impact of a rights issue and other measures
on the company's financial profile and liquidity going forward.

Moody's last rating action on SAS AB was on 12 November 2009, when
Moody's lowered the Corporate Family and Probability of Default
Ratings to Caa1 and the subordinate rating to Caa3 with a negative
outlook.

Headquartered in Stockholm, Sweden, SAS is one of the largest
passenger airlines in Europe with c.25 million passengers flown
and total revenues of SEK45 billion in 2009.


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


BALFOUR HOMES: In Administration; Begbies Traynor On Board
----------------------------------------------------------
Nigel Price, a partner in Begbies Traynor's Birmingham office and
Paul Stanley, a partner in the Manchester office, have been
appointed administrators to Balfour Homes (Chisworth) Ltd.  It's
parent company Balfour Holdings Ltd, which was based in Holmes
Chapel, Cheshire, entered administration in 2008.

The development of 56 high quality apartments and town houses is
in a picturesque location around the old Kinderlee Mill.

Mr. Price said his team was currently assessing the site, but it
appeared likely that the scheme would be completed and the units
offered for sale as a finished project.  Some units will hopefully
be finished during the spring, with the whole site completed by
the end of the year.

Trade creditors were owed in the region of GBP31,000.

The company had no employees at the date of administration.


CO-OPERATIVE BANK: Moody's Lifts Jr. Sub. Debt Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain UK hybrid securities, in line with its revised "Guidelines
for Rating Bank Hybrids and Subordinated Debt" published in
November 2009.  This resulted primarily in a number of downgrades
for hybrid securities ratings of UK banks, thus concluding the
review for possible downgrade that began on November 18th, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  Contrary to this expectation -- and to the
past behavior of most governments -- the systemic support for
these instruments has not been forthcoming in many cases during
this crisis.  In the UK this change in assumptions was already
reflected in the removal of systemic support from subordinated and
hybrid instruments from UK bank ratings in April 2009.  This
followed the introduction of the 2009 Banking Act in February
2009, which provided broad powers for allowing losses to be
absorbed by hybrid debt holders through a good bank/ bad bank
structure.  The revised hybrid ratings guidelines that were
published in November 2009 further widen the possible notching on
a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects the bank's standalone credit strength,
including parental and/or cooperative support, if applicable.  The
Adjusted BCA excludes systemic support.

The characteristics of UK junior subordinated debt instruments and
non-cumulative preference shares are:

* The junior subordinated debt is perpetual, ranks subordinated to
  senior debt in liquidation and allows the issuer to optionally
  defer coupon payments subject to a dividend pusher language.
  There is also mandatory deferral tied to the breach of solvency
  triggers, which is considered a "weak" trigger as it is unlikely
  to occur outside of a winding up of the institution.  Any
  deferred interest is cumulative.  For the UK, unless stated
  otherwise, junior subordinated debt instruments are rated at the
  Adjusted BCA level minus two notches.  The additional notch
  reflects the junior subordinated claim as well as the risk of a
  missed coupon payment and the timeliness of payments, even if
  accumulated coupons are repaid.

* The loss absorption for non-cumulative preferred securities
  while the issuer remains a going concern primarily stems from
  the non-cumulative coupon skip feature, which is mandatory upon
  breach of minimum regulatory capital requirements or generally
  upon regulatory intervention, or at the option of the issuer if
  no dividends are paid.  Together with their deeply subordinated
  claim in liquidation, this means that, unless stated otherwise,
  these instruments are rated to the standard Adjusted BCA minus
  three notches.  Similar to junior subordinated debt, these
  instruments are also exposed to principal losses in a going
  concern scenario, which is captured in the three notches.

* Similar to preference shares above, Permanent Interest Bearing
  Shares in this rating action are perpetual non-cumulative
  instruments issued by building societies and are at the bottom
  of the capital structure.  Their coupon skip mechanism is
  mandatory with respect to regulatory capital adequacy
  requirements and optional if interest or dividend payments on
  share investments have not been made.  Their loss absorption is
  similar to non-cumulative preference shares for banks explained
  above; therefore they are also rated at Adjusted BCA minus three
  notches.

The rating actions on each UK banks and building societies are
detailed below:

1) Barclays Bank Plc

The Adjusted BCA for Barclays Bank is A3, which is the same level
as its unadjusted BCA.

These securities issued by Barclays Bank were affected by this
rating action:

* Junior subordinated debt and junior subordinated EMTN program
  ratings (Upper Tier 2) downgraded to Baa2 from Baa1

* Non-cumulative preferred securities downgraded to Baa3 from Baa2

The outlook for all the affected instruments is negative, in line
with the negative outlook for Barclays Bank's C BFSR and
corresponding A3 BCA.

2) HSBC Holdings Plc

The Adjusted BCA for HSBC Holdings Plc is Aa3, which is the same
level as its unadjusted BCA.

These securities issued by HSBC Holdings Plc were affected by this
rating action:

* Non-cumulative preferred securities (Tier 1) downgraded to A3
  from A1/A2

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Holdings Plc's Aa3 BCA

3) HSBC Bank Plc

The Adjusted BCA for HSBC Bank Plc is A1, which is one notch above
its unadjusted BCA of A2.

These securities issued by HSBC Bank Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) downgraded to A3 from
  A2,

* Non-cumulative preferred securities (Tier 1) downgraded to Baa1

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Bank Plc's C+ BFSR and
corresponding A2 BCA

4) Nationwide Building Society

The Adjusted BCA for Nationwide is Baa2, which is the same level
as its unadjusted BCA.

These securities issued by Nationwide were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Nationwide Building Society's C-
BFSR and the corresponding Baa2 BCA.

5) Skipton Building Society

The Adjusted BCA for Skipton is Ba1, which is the same level as
its unadjusted BCA.

These securities issued by Skipton were affected by this rating
action:

* PIBS rating was downgraded to B1 from Ba3

The outlook for all the affected instruments is negative, in line
with the negative outlook for Skipton Building Society's D+ BFSR
and corresponding Ba1 BCA.

6) Coventry Building Society

The Adjusted BCA for Coventry is Baa2, which is the same level as
its unadjusted BCA.

These securities issued by Coventry were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Coventry Building Society's C- BFSR
and the corresponding Baa2 BCA.

7) Close Brothers Ltd

The Adjusted BCA for Close Brothers Ltd. is A2, which is the same
level as its unadjusted BCA.

These securities issued by Close Brothers Ltd. were affected by
this rating action:

* The Junior subordinated EMTN program rating (Upper Tier 2) was
  downgraded to Baa1 from A3.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Close Brothers Ltd. C+ BFSR and
corresponding A2 BCA.

8) The Co-operative Bank

The Adjusted BCA for The Co-operative Bank is Baa3, which is the
same level as its unadjusted BCA.  The junior subordinated debt
(Upper Tier 2) of The Co-Operative Bank was upgraded to Ba2 from
Ba3.

The upgrade reflects Moody's revised notching guidelines for
hybrid securities and in particular for junior subordinated debt
with cumulative features which is now generally positioned two
notches below the adjusted BCA.

The outlook for all the affected instruments is stable, in line
with the stable outlook for The Co-Operative Bank's D+ BFSR and
corresponding Baa3 BCA.

9) Clydesdale

The Adjusted BCA for Clydesdale is A2, which is the same level as
its unadjusted BCA

The junior subordinated EMTN program rating (Upper Tier 2) was
confirmed at A3 (negative outlook) as the terms and conditions of
the program mean that there is no optional deferral right.
Therefore the risk of this instrument is restricted to its
subordinated ranking in liquidation.

10) ICICI Bank UK Plc

The Adjusted BCA for ICICI Bank is Baa2, which is three notches
above its unadjusted BCA, reflecting uplift from parental support

These securities issued by ICICI Bank UK Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) was upgraded to Ba1 from
  Ba2.  The upgrade reflects Moody's revised notching guidelines
  for hybrid securities and in particular for junior subordinated
  debt with cumulative features which is now generally positioned
  two notches below the adjusted BCA.

The outlook for the affected rating class instruments is stable,
in line with the stable outlook for ICICI Bank UK Plc's D BFSR and
corresponding Baa2 BCA.

The junior subordinated and Tier 1 debt of RBS and Lloyds are
unaffected by this announcement, as Moody's have already taken
rating actions to incorporate the expected coupon skip on certain
instruments following the European Commission requirement to defer
coupons as a result of State Aid received (May Pay securities),
and have already applied the revised methodology to instruments
not expected to skip coupons due to dividend pusher language (Must
Pay or potential Must Pay securities).

The last rating action on Barclays Bank Plc was on February 1,
2009, when Moody's downgraded Barclay's senior debt ratings to Aa3
(with stable outlook) and BFSR to C (with negative outlook).

Barclays is headquartered in London, UK.  At June 30, 2009, it had
total assets of GBP1,545 billion.

The last rating actions on HSBC Holdings Plc and HSBC Bank plc
were on April 9, 2009, when Moody's downgraded the subordinated
debt ratings of HSBC Holdings Plc to A1 from Aa3 and its hybrid
securities to A2 from A1 (with a negative outlook); in the same
rating action Moody's downgraded HSBC Bank Plc' subordinated debt
rating to A2 from Aa3, and hybrid debt to A3 from A1 (with a
negative outlook).

HSBC Holdings is headquartered in London, UK.  At June 30, 2009,
it had total assets of US$2,422 billion.

The last rating action on Nationwide Building Society was on
April 14, 2009, when Moody's downgraded Nationwide's senior debt
ratings to Aa3 (with stable outlook), and its BFSR to C- (with
negative outlook).

Nationwide Building Society is headquartered in UK.  At
September 30, 2009, it had total assets of US$318billion.

The last rating action on Skipton Building Society was on
April 14, 2009, when Moody's downgraded Skipton's senior debt
ratings to Baa1 (with negative outlook), BFSR to D+ (with negative
outlook) and dated subordinated debt to Ba2.

Skipton Building Society is headquartered in UK.  At June 30,
2009, it had total assets of US$25billion.

The last rating action on Coventry Building Society was on
April 14, 2009, when Moody's downgraded Coventry's senior debt
ratings to A3 (with negative outlook), and its BFSR to C- (with
negative outlook).

Coventry Building Society is headquartered in UK.  At
December 31, 2008, it had total assets of US$25billion.

The last rating action on Close Brothers was on May 12, 2009, when
Moody's changed Close Brother's Bank outlook to negative in view
of the increasing pressures on the bank's profitability and
capital, as a result of the credit crunch.

Close Brothers is headquartered in London.  At July 31, 2009, it
had total assets of GBP4,005 billion.

The last rating action on The Co-Operative Bank was on August 3,
2009, when Moody's downgraded the bank's BFSR to D+, following the
merger with Britannia Building Society.

The Co-Operative Bank is headquartered in Manchester.  At
January 10, 2009, it had total assets of GBP14,964 billion.

The last rating action on Clydesdale Bank was on May 12, 2009,
when the bank's senior debt ratings were downgraded to A1 (with
negative outlook), BFSR was downgraded to C- (with stable outlook)
and subordinated debt ratings were downgraded to A3.

Clydesdale is headquartered in UK.  At September 30, 2009, it had
total assets of US$68billion.

The last rating action on ICICI Bank UK Plc was on November 3,
2008, when Moody's downgraded the bank's senior debt ratings to
Baa2 (with stable outlook), subordinated debt to Baa3 and junior
subordinated debt to Ba2.

ICICI Bank UK Plc is headquartered in London, UK.  At
March 31, 2009, it had total assets of US$7billion.


COVENTRY BUILDING: Moody's Cuts PIBS Rating to 'Ba2' From 'Ba1'
---------------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain UK hybrid securities, in line with its revised "Guidelines
for Rating Bank Hybrids and Subordinated Debt" published in
November 2009.  This resulted primarily in a number of downgrades
for hybrid securities ratings of UK banks, thus concluding the
review for possible downgrade that began on November 18th, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  Contrary to this expectation -- and to the
past behavior of most governments -- the systemic support for
these instruments has not been forthcoming in many cases during
this crisis.  In the UK this change in assumptions was already
reflected in the removal of systemic support from subordinated and
hybrid instruments from UK bank ratings in April 2009.  This
followed the introduction of the 2009 Banking Act in February
2009, which provided broad powers for allowing losses to be
absorbed by hybrid debt holders through a good bank/ bad bank
structure.  The revised hybrid ratings guidelines that were
published in November 2009 further widen the possible notching on
a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects the bank's standalone credit strength,
including parental and/or cooperative support, if applicable.  The
Adjusted BCA excludes systemic support.

The characteristics of UK junior subordinated debt instruments and
non-cumulative preference shares are:

* The junior subordinated debt is perpetual, ranks subordinated to
  senior debt in liquidation and allows the issuer to optionally
  defer coupon payments subject to a dividend pusher language.
  There is also mandatory deferral tied to the breach of solvency
  triggers, which is considered a "weak" trigger as it is unlikely
  to occur outside of a winding up of the institution.  Any
  deferred interest is cumulative.  For the UK, unless stated
  otherwise, junior subordinated debt instruments are rated at the
  Adjusted BCA level minus two notches.  The additional notch
  reflects the junior subordinated claim as well as the risk of a
  missed coupon payment and the timeliness of payments, even if
  accumulated coupons are repaid.

* The loss absorption for non-cumulative preferred securities
  while the issuer remains a going concern primarily stems from
  the non-cumulative coupon skip feature, which is mandatory upon
  breach of minimum regulatory capital requirements or generally
  upon regulatory intervention, or at the option of the issuer if
  no dividends are paid.  Together with their deeply subordinated
  claim in liquidation, this means that, unless stated otherwise,
  these instruments are rated to the standard Adjusted BCA minus
  three notches.  Similar to junior subordinated debt, these
  instruments are also exposed to principal losses in a going
  concern scenario, which is captured in the three notches.

* Similar to preference shares above, Permanent Interest Bearing
  Shares in this rating action are perpetual non-cumulative
  instruments issued by building societies and are at the bottom
  of the capital structure.  Their coupon skip mechanism is
  mandatory with respect to regulatory capital adequacy
  requirements and optional if interest or dividend payments on
  share investments have not been made.  Their loss absorption is
  similar to non-cumulative preference shares for banks explained
  above; therefore they are also rated at Adjusted BCA minus three
  notches.

The rating actions on each UK banks and building societies are
detailed below:

1) Barclays Bank Plc

The Adjusted BCA for Barclays Bank is A3, which is the same level
as its unadjusted BCA.

These securities issued by Barclays Bank were affected by this
rating action:

* Junior subordinated debt and junior subordinated EMTN program
  ratings (Upper Tier 2) downgraded to Baa2 from Baa1

* Non-cumulative preferred securities downgraded to Baa3 from Baa2

The outlook for all the affected instruments is negative, in line
with the negative outlook for Barclays Bank's C BFSR and
corresponding A3 BCA.

2) HSBC Holdings Plc

The Adjusted BCA for HSBC Holdings Plc is Aa3, which is the same
level as its unadjusted BCA.

These securities issued by HSBC Holdings Plc were affected by this
rating action:

* Non-cumulative preferred securities (Tier 1) downgraded to A3
  from A1/A2

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Holdings Plc's Aa3 BCA

3) HSBC Bank Plc

The Adjusted BCA for HSBC Bank Plc is A1, which is one notch above
its unadjusted BCA of A2.

These securities issued by HSBC Bank Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) downgraded to A3 from
  A2,

* Non-cumulative preferred securities (Tier 1) downgraded to Baa1

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Bank Plc's C+ BFSR and
corresponding A2 BCA

4) Nationwide Building Society

The Adjusted BCA for Nationwide is Baa2, which is the same level
as its unadjusted BCA.

These securities issued by Nationwide were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Nationwide Building Society's C-
BFSR and the corresponding Baa2 BCA.

5) Skipton Building Society

The Adjusted BCA for Skipton is Ba1, which is the same level as
its unadjusted BCA.

These securities issued by Skipton were affected by this rating
action:

* PIBS rating was downgraded to B1 from Ba3

The outlook for all the affected instruments is negative, in line
with the negative outlook for Skipton Building Society's D+ BFSR
and corresponding Ba1 BCA.

6) Coventry Building Society

The Adjusted BCA for Coventry is Baa2, which is the same level as
its unadjusted BCA.

These securities issued by Coventry were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Coventry Building Society's C- BFSR
and the corresponding Baa2 BCA.

7) Close Brothers Ltd

The Adjusted BCA for Close Brothers Ltd. is A2, which is the same
level as its unadjusted BCA.

These securities issued by Close Brothers Ltd. were affected by
this rating action:

* The Junior subordinated EMTN program rating (Upper Tier 2) was
  downgraded to Baa1 from A3.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Close Brothers Ltd. C+ BFSR and
corresponding A2 BCA.

8) The Co-operative Bank

The Adjusted BCA for The Co-operative Bank is Baa3, which is the
same level as its unadjusted BCA.  The junior subordinated debt
(Upper Tier 2) of The Co-Operative Bank was upgraded to Ba2 from
Ba3.

The upgrade reflects Moody's revised notching guidelines for
hybrid securities and in particular for junior subordinated debt
with cumulative features which is now generally positioned two
notches below the adjusted BCA.

The outlook for all the affected instruments is stable, in line
with the stable outlook for The Co-Operative Bank's D+ BFSR and
corresponding Baa3 BCA.

9) Clydesdale

The Adjusted BCA for Clydesdale is A2, which is the same level as
its unadjusted BCA

The junior subordinated EMTN program rating (Upper Tier 2) was
confirmed at A3 (negative outlook) as the terms and conditions of
the program mean that there is no optional deferral right.
Therefore the risk of this instrument is restricted to its
subordinated ranking in liquidation.

10) ICICI Bank UK Plc

The Adjusted BCA for ICICI Bank is Baa2, which is three notches
above its unadjusted BCA, reflecting uplift from parental support

These securities issued by ICICI Bank UK Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) was upgraded to Ba1 from
  Ba2.  The upgrade reflects Moody's revised notching guidelines
  for hybrid securities and in particular for junior subordinated
  debt with cumulative features which is now generally positioned
  two notches below the adjusted BCA.

The outlook for the affected rating class instruments is stable,
in line with the stable outlook for ICICI Bank UK Plc's D BFSR and
corresponding Baa2 BCA.

The junior subordinated and Tier 1 debt of RBS and Lloyds are
unaffected by this announcement, as Moody's have already taken
rating actions to incorporate the expected coupon skip on certain
instruments following the European Commission requirement to defer
coupons as a result of State Aid received (May Pay securities),
and have already applied the revised methodology to instruments
not expected to skip coupons due to dividend pusher language (Must
Pay or potential Must Pay securities).

The last rating action on Barclays Bank Plc was on February 1,
2009, when Moody's downgraded Barclay's senior debt ratings to Aa3
(with stable outlook) and BFSR to C (with negative outlook).

Barclays is headquartered in London, UK.  At June 30, 2009, it had
total assets of GBP1,545 billion.

The last rating actions on HSBC Holdings Plc and HSBC Bank plc
were on April 9, 2009, when Moody's downgraded the subordinated
debt ratings of HSBC Holdings Plc to A1 from Aa3 and its hybrid
securities to A2 from A1 (with a negative outlook); in the same
rating action Moody's downgraded HSBC Bank Plc' subordinated debt
rating to A2 from Aa3, and hybrid debt to A3 from A1 (with a
negative outlook).

HSBC Holdings is headquartered in London, UK.  At June 30, 2009,
it had total assets of US$2,422 billion.

The last rating action on Nationwide Building Society was on
April 14, 2009, when Moody's downgraded Nationwide's senior debt
ratings to Aa3 (with stable outlook), and its BFSR to C- (with
negative outlook).

Nationwide Building Society is headquartered in UK.  At
September 30, 2009, it had total assets of US$318billion.

The last rating action on Skipton Building Society was on
April 14, 2009, when Moody's downgraded Skipton's senior debt
ratings to Baa1 (with negative outlook), BFSR to D+ (with negative
outlook) and dated subordinated debt to Ba2.

Skipton Building Society is headquartered in UK.  At June 30,
2009, it had total assets of US$25billion.

The last rating action on Coventry Building Society was on
April 14, 2009, when Moody's downgraded Coventry's senior debt
ratings to A3 (with negative outlook), and its BFSR to C- (with
negative outlook).

Coventry Building Society is headquartered in UK.  At
December 31, 2008, it had total assets of US$25billion.

The last rating action on Close Brothers was on May 12, 2009, when
Moody's changed Close Brother's Bank outlook to negative in view
of the increasing pressures on the bank's profitability and
capital, as a result of the credit crunch.

Close Brothers is headquartered in London.  At July 31, 2009, it
had total assets of GBP4,005 billion.

The last rating action on The Co-Operative Bank was on August 3,
2009, when Moody's downgraded the bank's BFSR to D+, following the
merger with Britannia Building Society.

The Co-Operative Bank is headquartered in Manchester.  At
January 10, 2009, it had total assets of GBP14,964 billion.

The last rating action on Clydesdale Bank was on May 12, 2009,
when the bank's senior debt ratings were downgraded to A1 (with
negative outlook), BFSR was downgraded to C- (with stable outlook)
and subordinated debt ratings were downgraded to A3.

Clydesdale is headquartered in UK.  At September 30, 2009, it had
total assets of US$68billion.

The last rating action on ICICI Bank UK Plc was on November 3,
2008, when Moody's downgraded the bank's senior debt ratings to
Baa2 (with stable outlook), subordinated debt to Baa3 and junior
subordinated debt to Ba2.

ICICI Bank UK Plc is headquartered in London, UK.  At
March 31, 2009, it had total assets of US$7billion.


CRU INVESTMENT: Shareholders, Creditors to Vote on Liquidation
--------------------------------------------------------------
Shareholders and creditors of collapsed fund manager Cru
Investment Management Ltd will be asked to vote on the possible
liquidation of the company.

John Cullen, a partner at Cardiff-based insolvency practitioners
Harris Lipman, has been appointed to assist in convening the
meetings, but formal liquidation proceedings have not yet started.
It has been proposed that John Cullen and Barry Lewis from Harris
Lipman be appointed joint liquidators.

Trading in CIMs funds, which were managed by Arch and later
Spearpoint, was suspended last year.

Mr. Cullen said: "When the company's situation was outlined to me,
I felt that liquidation was the only option.

"I have been approached by Cru Investment Management Ltd. with a
view to me assisting with convening meetings of shareholders and
creditors under the Insolvency Act, which are set to result in the
company being placed into liquidation."

Provided the shareholders and creditors agree, a liquidator will
be appointed in due course.

Details of the meetings will be announced to interested parties
shortly.


ELLIS MORGAN: In Liquidation; 28 Jobs Affected
----------------------------------------------
Ellis Morgan & Sons of Rogerstone, Newport has gone into
liquidation after its major customer went out of business.

All 28 employees at the company have been made redundant.

The South Wales haulage firm ceased trading after its main client,
Cwmbran-based sheet feeder Western Corrugated Ltd, went into
administration in January.  The directors estimate that the
Western collapse cost it a total of GBP250,000.

Ellis Morgan & Sons' creditors are owed a total of GBP1.46
million.

Liquidator David Hill from the Cardiff office of business rescue,
recovery and restructuring specialists Begbies Traynor, said:
"Ellis Morgan lost three major customers in 2008 but signed a
contract with Western in April 2009 that would generate additional
turnover of about GBP1 million a year.

"Ten drivers from Western transferred to Ellis Morgan and the
company hired ten vehicles to enable it to make up to 19
deliveries a day.

"Sadly, Western Corrugated went into administration in January,
leaving the directors of Ellis Morgan with no option but to cease
trading.

Ellis Morgan & Sons began trading in 1820 and was owned and
operated by six generations of the same family.


EUROPUBS LIMITED: High Court Orders Liquidation
-----------------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Europubs Limited said that on
February 4, 2010, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         16a Pennyburn Industrial Estate
         Pennyburn
         Londonderry, BT48 0LU
         Northern Ireland


FRANCIS MCPEAKE: High Court Orders Liquidation
----------------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Francis McPeake School Of
Music Limited said that on February 4, 2010, the High Court of
Justice in Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         2 Gloucester Street
         Belfast, BT1 4LS
         Northern Ireland


HJ BERRY: In Administration; 85 Jobs at Risk
--------------------------------------------
BBC News reports that HJ Berry has gone into administration after
more than 160 years of trading, putting 85 jobs at risk.

According to the report, the company has struggled for the last
couple of years as order numbers have fallen.

The report recalls last year millionaire Sir Gerry Robinson
offered the struggling firm GBP1 million but the company decided
not to take up the offer.

Based in Chipping, HJ Berry is a chipping furniture maker.  The
company specializes in using native, mainly locally grown timber
for its chairs and has won awards for its environmentally friendly
approach, according to BBC News.


ICICI BANK: Moody's Lifts Jr. Subordinated Debt Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain UK hybrid securities, in line with its revised "Guidelines
for Rating Bank Hybrids and Subordinated Debt" published in
November 2009.  This resulted primarily in a number of downgrades
for hybrid securities ratings of UK banks, thus concluding the
review for possible downgrade that began on November 18th, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  Contrary to this expectation -- and to the
past behavior of most governments -- the systemic support for
these instruments has not been forthcoming in many cases during
this crisis.  In the UK this change in assumptions was already
reflected in the removal of systemic support from subordinated and
hybrid instruments from UK bank ratings in April 2009.  This
followed the introduction of the 2009 Banking Act in February
2009, which provided broad powers for allowing losses to be
absorbed by hybrid debt holders through a good bank/ bad bank
structure.  The revised hybrid ratings guidelines that were
published in November 2009 further widen the possible notching on
a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects the bank's standalone credit strength,
including parental and/or cooperative support, if applicable.  The
Adjusted BCA excludes systemic support.

The characteristics of UK junior subordinated debt instruments and
non-cumulative preference shares are:

* The junior subordinated debt is perpetual, ranks subordinated to
  senior debt in liquidation and allows the issuer to optionally
  defer coupon payments subject to a dividend pusher language.
  There is also mandatory deferral tied to the breach of solvency
  triggers, which is considered a "weak" trigger as it is unlikely
  to occur outside of a winding up of the institution.  Any
  deferred interest is cumulative.  For the UK, unless stated
  otherwise, junior subordinated debt instruments are rated at the
  Adjusted BCA level minus two notches.  The additional notch
  reflects the junior subordinated claim as well as the risk of a
  missed coupon payment and the timeliness of payments, even if
  accumulated coupons are repaid.

* The loss absorption for non-cumulative preferred securities
  while the issuer remains a going concern primarily stems from
  the non-cumulative coupon skip feature, which is mandatory upon
  breach of minimum regulatory capital requirements or generally
  upon regulatory intervention, or at the option of the issuer if
  no dividends are paid.  Together with their deeply subordinated
  claim in liquidation, this means that, unless stated otherwise,
  these instruments are rated to the standard Adjusted BCA minus
  three notches.  Similar to junior subordinated debt, these
  instruments are also exposed to principal losses in a going
  concern scenario, which is captured in the three notches.

* Similar to preference shares above, Permanent Interest Bearing
  Shares in this rating action are perpetual non-cumulative
  instruments issued by building societies and are at the bottom
  of the capital structure.  Their coupon skip mechanism is
  mandatory with respect to regulatory capital adequacy
  requirements and optional if interest or dividend payments on
  share investments have not been made.  Their loss absorption is
  similar to non-cumulative preference shares for banks explained
  above; therefore they are also rated at Adjusted BCA minus three
  notches.

The rating actions on each UK banks and building societies are
detailed below:

1) Barclays Bank Plc

The Adjusted BCA for Barclays Bank is A3, which is the same level
as its unadjusted BCA.

These securities issued by Barclays Bank were affected by this
rating action:

* Junior subordinated debt and junior subordinated EMTN program
  ratings (Upper Tier 2) downgraded to Baa2 from Baa1

* Non-cumulative preferred securities downgraded to Baa3 from Baa2

The outlook for all the affected instruments is negative, in line
with the negative outlook for Barclays Bank's C BFSR and
corresponding A3 BCA.

2) HSBC Holdings Plc

The Adjusted BCA for HSBC Holdings Plc is Aa3, which is the same
level as its unadjusted BCA.

These securities issued by HSBC Holdings Plc were affected by this
rating action:

* Non-cumulative preferred securities (Tier 1) downgraded to A3
  from A1/A2

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Holdings Plc's Aa3 BCA

3) HSBC Bank Plc

The Adjusted BCA for HSBC Bank Plc is A1, which is one notch above
its unadjusted BCA of A2.

These securities issued by HSBC Bank Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) downgraded to A3 from
  A2,

* Non-cumulative preferred securities (Tier 1) downgraded to Baa1

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Bank Plc's C+ BFSR and
corresponding A2 BCA

4) Nationwide Building Society

The Adjusted BCA for Nationwide is Baa2, which is the same level
as its unadjusted BCA.

These securities issued by Nationwide were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Nationwide Building Society's C-
BFSR and the corresponding Baa2 BCA.

5) Skipton Building Society

The Adjusted BCA for Skipton is Ba1, which is the same level as
its unadjusted BCA.

These securities issued by Skipton were affected by this rating
action:

* PIBS rating was downgraded to B1 from Ba3

The outlook for all the affected instruments is negative, in line
with the negative outlook for Skipton Building Society's D+ BFSR
and corresponding Ba1 BCA.

6) Coventry Building Society

The Adjusted BCA for Coventry is Baa2, which is the same level as
its unadjusted BCA.

These securities issued by Coventry were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Coventry Building Society's C- BFSR
and the corresponding Baa2 BCA.

7) Close Brothers Ltd

The Adjusted BCA for Close Brothers Ltd. is A2, which is the same
level as its unadjusted BCA.

These securities issued by Close Brothers Ltd. were affected by
this rating action:

* The Junior subordinated EMTN program rating (Upper Tier 2) was
  downgraded to Baa1 from A3.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Close Brothers Ltd. C+ BFSR and
corresponding A2 BCA.

8) The Co-operative Bank

The Adjusted BCA for The Co-operative Bank is Baa3, which is the
same level as its unadjusted BCA.  The junior subordinated debt
(Upper Tier 2) of The Co-Operative Bank was upgraded to Ba2 from
Ba3.

The upgrade reflects Moody's revised notching guidelines for
hybrid securities and in particular for junior subordinated debt
with cumulative features which is now generally positioned two
notches below the adjusted BCA.

The outlook for all the affected instruments is stable, in line
with the stable outlook for The Co-Operative Bank's D+ BFSR and
corresponding Baa3 BCA.

9) Clydesdale

The Adjusted BCA for Clydesdale is A2, which is the same level as
its unadjusted BCA

The junior subordinated EMTN program rating (Upper Tier 2) was
confirmed at A3 (negative outlook) as the terms and conditions of
the program mean that there is no optional deferral right.
Therefore the risk of this instrument is restricted to its
subordinated ranking in liquidation.

10) ICICI Bank UK Plc

The Adjusted BCA for ICICI Bank is Baa2, which is three notches
above its unadjusted BCA, reflecting uplift from parental support

These securities issued by ICICI Bank UK Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) was upgraded to Ba1 from
  Ba2.  The upgrade reflects Moody's revised notching guidelines
  for hybrid securities and in particular for junior subordinated
  debt with cumulative features which is now generally positioned
  two notches below the adjusted BCA.

The outlook for the affected rating class instruments is stable,
in line with the stable outlook for ICICI Bank UK Plc's D BFSR and
corresponding Baa2 BCA.

The junior subordinated and Tier 1 debt of RBS and Lloyds are
unaffected by this announcement, as Moody's have already taken
rating actions to incorporate the expected coupon skip on certain
instruments following the European Commission requirement to defer
coupons as a result of State Aid received (May Pay securities),
and have already applied the revised methodology to instruments
not expected to skip coupons due to dividend pusher language (Must
Pay or potential Must Pay securities).

The last rating action on Barclays Bank Plc was on February 1,
2009, when Moody's downgraded Barclay's senior debt ratings to Aa3
(with stable outlook) and BFSR to C (with negative outlook).

Barclays is headquartered in London, UK.  At June 30, 2009, it had
total assets of GBP1,545 billion.

The last rating actions on HSBC Holdings Plc and HSBC Bank plc
were on April 9, 2009, when Moody's downgraded the subordinated
debt ratings of HSBC Holdings Plc to A1 from Aa3 and its hybrid
securities to A2 from A1 (with a negative outlook); in the same
rating action Moody's downgraded HSBC Bank Plc' subordinated debt
rating to A2 from Aa3, and hybrid debt to A3 from A1 (with a
negative outlook).

HSBC Holdings is headquartered in London, UK.  At June 30, 2009,
it had total assets of US$2,422 billion.

The last rating action on Nationwide Building Society was on
April 14, 2009, when Moody's downgraded Nationwide's senior debt
ratings to Aa3 (with stable outlook), and its BFSR to C- (with
negative outlook).

Nationwide Building Society is headquartered in UK.  At
September 30, 2009, it had total assets of US$318billion.

The last rating action on Skipton Building Society was on
April 14, 2009, when Moody's downgraded Skipton's senior debt
ratings to Baa1 (with negative outlook), BFSR to D+ (with negative
outlook) and dated subordinated debt to Ba2.

Skipton Building Society is headquartered in UK.  At June 30,
2009, it had total assets of US$25billion.

The last rating action on Coventry Building Society was on
April 14, 2009, when Moody's downgraded Coventry's senior debt
ratings to A3 (with negative outlook), and its BFSR to C- (with
negative outlook).

Coventry Building Society is headquartered in UK.  At
December 31, 2008, it had total assets of US$25billion.

The last rating action on Close Brothers was on May 12, 2009, when
Moody's changed Close Brother's Bank outlook to negative in view
of the increasing pressures on the bank's profitability and
capital, as a result of the credit crunch.

Close Brothers is headquartered in London.  At July 31, 2009, it
had total assets of GBP4,005 billion.

The last rating action on The Co-Operative Bank was on August 3,
2009, when Moody's downgraded the bank's BFSR to D+, following the
merger with Britannia Building Society.

The Co-Operative Bank is headquartered in Manchester.  At
January 10, 2009, it had total assets of GBP14,964 billion.

The last rating action on Clydesdale Bank was on May 12, 2009,
when the bank's senior debt ratings were downgraded to A1 (with
negative outlook), BFSR was downgraded to C- (with stable outlook)
and subordinated debt ratings were downgraded to A3.

Clydesdale is headquartered in UK.  At September 30, 2009, it had
total assets of US$68billion.

The last rating action on ICICI Bank UK Plc was on November 3,
2008, when Moody's downgraded the bank's senior debt ratings to
Baa2 (with stable outlook), subordinated debt to Baa3 and junior
subordinated debt to Ba2.

ICICI Bank UK Plc is headquartered in London, UK.  At
March 31, 2009, it had total assets of US$7billion.


LONDON TOWN: May Be Put Into Pre-Pack Administration This Week
--------------------------------------------------------------
Pan Kwan Yuk and Rachel Sanderson at The Financial Times report
that London Town plc is facing imminent administration after
management failed to find a solution to its onerous debt burden.

The FT says the group, which has been working with the likes of
Punch Taverns and Enterprise Inns to reopen closed pubs, is
understood to be on the verge of being put into a pre-pack
administration.

According to the FT, news of the pre-pack -- a process where a
buyer is lined up in advance, enabling a business to continue
trading while shedding liabilities -- could be announced as soon
as Thursday, Feb. 18, when London Town's shares are scheduled to
be taken off the junior market.

The FT recalls in June, the company, which owns 407 managed and
tenanted pubs, revealed that pre-tax losses for the year to
December 28, 2008 had more than doubled from GBP11.6 million to
GBP24.7 million.

The accounts, which were drawn up on a "going concern basis", also
revealed that it had breached covenants on its GBP83.7 million
bank loans and that it was in talks with its lenders over the
terms of its banking facilities, the FT notes.

In September, when the company issued its interim results, which
were unaudited, it said, it was still in negotiation with its
lenders, the FT recounts.

Net debt at the year end stood at GBP110.8 million, the FT
discloses.

London Town plc -- http://londontownplc.co.uk/-- is a United
Kingdom-based Company.  The Company, along with its subsidiaries,
is engaged in the operation of pubs either under lease and tenancy
agreements or through the direct management of pubs.  It
subsidiaries include GRS Pubs Limited, GRS Pub Investment Limited,
GRS Inns Limited, and London Town Management Services Limited.
The Company's agreements with tenants in the leased division
consist of both tied and free of tie arrangements and generate
income from rents, sales of beer and other drinks, and through
profit share arrangements for income from leisure machines.  The
direct management of pubs generates income directly from pub
customers from beer and other drink sales, as well as food sales.
As of December 28, 2008, the Company operated 314 pubs, of which
176 were leased pubs, 124 were managed pubs, and a further 14 were
held for sale.


MASTER PREFABRICATIONS: High Court Orders Liquidation
-----------------------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Master Prefabrications Limited
said that on February 4, 2010, the High Court of Justice in
Northern Ireland ordered the winding up of the company.

The registered office of the company is at:

         Unit 11
         Charlemount Industrial Estate
         Moy
         Dungannon, BT71 7SD
         Northern Ireland


MOVIE DOCK: High Court Orders Liquidation
-----------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of The Movie Dock Ltd. said that
on February 4, 2010, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         Hanna Thompson
         Century House
         Enterprise Crescent
         Ballinderry Road
         Lisburn, BT28 2BP
         Northern Ireland


NATIONWIDE BUILDING: Moody's Cuts PIBS Rating to 'Ba2' From 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain UK hybrid securities, in line with its revised "Guidelines
for Rating Bank Hybrids and Subordinated Debt" published in
November 2009.  This resulted primarily in a number of downgrades
for hybrid securities ratings of UK banks, thus concluding the
review for possible downgrade that began on November 18th, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  Contrary to this expectation -- and to the
past behavior of most governments -- the systemic support for
these instruments has not been forthcoming in many cases during
this crisis.  In the UK this change in assumptions was already
reflected in the removal of systemic support from subordinated and
hybrid instruments from UK bank ratings in April 2009.  This
followed the introduction of the 2009 Banking Act in February
2009, which provided broad powers for allowing losses to be
absorbed by hybrid debt holders through a good bank/ bad bank
structure.  The revised hybrid ratings guidelines that were
published in November 2009 further widen the possible notching on
a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects the bank's standalone credit strength,
including parental and/or cooperative support, if applicable.  The
Adjusted BCA excludes systemic support.

The characteristics of UK junior subordinated debt instruments and
non-cumulative preference shares are:

* The junior subordinated debt is perpetual, ranks subordinated to
  senior debt in liquidation and allows the issuer to optionally
  defer coupon payments subject to a dividend pusher language.
  There is also mandatory deferral tied to the breach of solvency
  triggers, which is considered a "weak" trigger as it is unlikely
  to occur outside of a winding up of the institution.  Any
  deferred interest is cumulative.  For the UK, unless stated
  otherwise, junior subordinated debt instruments are rated at the
  Adjusted BCA level minus two notches.  The additional notch
  reflects the junior subordinated claim as well as the risk of a
  missed coupon payment and the timeliness of payments, even if
  accumulated coupons are repaid.

* The loss absorption for non-cumulative preferred securities
  while the issuer remains a going concern primarily stems from
  the non-cumulative coupon skip feature, which is mandatory upon
  breach of minimum regulatory capital requirements or generally
  upon regulatory intervention, or at the option of the issuer if
  no dividends are paid.  Together with their deeply subordinated
  claim in liquidation, this means that, unless stated otherwise,
  these instruments are rated to the standard Adjusted BCA minus
  three notches.  Similar to junior subordinated debt, these
  instruments are also exposed to principal losses in a going
  concern scenario, which is captured in the three notches.

* Similar to preference shares above, Permanent Interest Bearing
  Shares in this rating action are perpetual non-cumulative
  instruments issued by building societies and are at the bottom
  of the capital structure.  Their coupon skip mechanism is
  mandatory with respect to regulatory capital adequacy
  requirements and optional if interest or dividend payments on
  share investments have not been made.  Their loss absorption is
  similar to non-cumulative preference shares for banks explained
  above; therefore they are also rated at Adjusted BCA minus three
  notches.

The rating actions on each UK banks and building societies are
detailed below:

1) Barclays Bank Plc

The Adjusted BCA for Barclays Bank is A3, which is the same level
as its unadjusted BCA.

These securities issued by Barclays Bank were affected by this
rating action:

* Junior subordinated debt and junior subordinated EMTN program
  ratings (Upper Tier 2) downgraded to Baa2 from Baa1

* Non-cumulative preferred securities downgraded to Baa3 from Baa2

The outlook for all the affected instruments is negative, in line
with the negative outlook for Barclays Bank's C BFSR and
corresponding A3 BCA.

2) HSBC Holdings Plc

The Adjusted BCA for HSBC Holdings Plc is Aa3, which is the same
level as its unadjusted BCA.

These securities issued by HSBC Holdings Plc were affected by this
rating action:

* Non-cumulative preferred securities (Tier 1) downgraded to A3
  from A1/A2

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Holdings Plc's Aa3 BCA

3) HSBC Bank Plc

The Adjusted BCA for HSBC Bank Plc is A1, which is one notch above
its unadjusted BCA of A2.

These securities issued by HSBC Bank Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) downgraded to A3 from
  A2,

* Non-cumulative preferred securities (Tier 1) downgraded to Baa1

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Bank Plc's C+ BFSR and
corresponding A2 BCA

4) Nationwide Building Society

The Adjusted BCA for Nationwide is Baa2, which is the same level
as its unadjusted BCA.

These securities issued by Nationwide were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Nationwide Building Society's C-
BFSR and the corresponding Baa2 BCA.

5) Skipton Building Society

The Adjusted BCA for Skipton is Ba1, which is the same level as
its unadjusted BCA.

These securities issued by Skipton were affected by this rating
action:

* PIBS rating was downgraded to B1 from Ba3

The outlook for all the affected instruments is negative, in line
with the negative outlook for Skipton Building Society's D+ BFSR
and corresponding Ba1 BCA.

6) Coventry Building Society

The Adjusted BCA for Coventry is Baa2, which is the same level as
its unadjusted BCA.

These securities issued by Coventry were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Coventry Building Society's C- BFSR
and the corresponding Baa2 BCA.

7) Close Brothers Ltd

The Adjusted BCA for Close Brothers Ltd. is A2, which is the same
level as its unadjusted BCA.

These securities issued by Close Brothers Ltd. were affected by
this rating action:

* The Junior subordinated EMTN program rating (Upper Tier 2) was
  downgraded to Baa1 from A3.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Close Brothers Ltd. C+ BFSR and
corresponding A2 BCA.

8) The Co-operative Bank

The Adjusted BCA for The Co-operative Bank is Baa3, which is the
same level as its unadjusted BCA.  The junior subordinated debt
(Upper Tier 2) of The Co-Operative Bank was upgraded to Ba2 from
Ba3.

The upgrade reflects Moody's revised notching guidelines for
hybrid securities and in particular for junior subordinated debt
with cumulative features which is now generally positioned two
notches below the adjusted BCA.

The outlook for all the affected instruments is stable, in line
with the stable outlook for The Co-Operative Bank's D+ BFSR and
corresponding Baa3 BCA.

9) Clydesdale

The Adjusted BCA for Clydesdale is A2, which is the same level as
its unadjusted BCA

The junior subordinated EMTN program rating (Upper Tier 2) was
confirmed at A3 (negative outlook) as the terms and conditions of
the program mean that there is no optional deferral right.
Therefore the risk of this instrument is restricted to its
subordinated ranking in liquidation.

10) ICICI Bank UK Plc

The Adjusted BCA for ICICI Bank is Baa2, which is three notches
above its unadjusted BCA, reflecting uplift from parental support

These securities issued by ICICI Bank UK Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) was upgraded to Ba1 from
  Ba2.  The upgrade reflects Moody's revised notching guidelines
  for hybrid securities and in particular for junior subordinated
  debt with cumulative features which is now generally positioned
  two notches below the adjusted BCA.

The outlook for the affected rating class instruments is stable,
in line with the stable outlook for ICICI Bank UK Plc's D BFSR and
corresponding Baa2 BCA.

The junior subordinated and Tier 1 debt of RBS and Lloyds are
unaffected by this announcement, as Moody's have already taken
rating actions to incorporate the expected coupon skip on certain
instruments following the European Commission requirement to defer
coupons as a result of State Aid received (May Pay securities),
and have already applied the revised methodology to instruments
not expected to skip coupons due to dividend pusher language (Must
Pay or potential Must Pay securities).

The last rating action on Barclays Bank Plc was on February 1,
2009, when Moody's downgraded Barclay's senior debt ratings to Aa3
(with stable outlook) and BFSR to C (with negative outlook).

Barclays is headquartered in London, UK.  At June 30, 2009, it had
total assets of GBP1,545 billion.

The last rating actions on HSBC Holdings Plc and HSBC Bank plc
were on April 9, 2009, when Moody's downgraded the subordinated
debt ratings of HSBC Holdings Plc to A1 from Aa3 and its hybrid
securities to A2 from A1 (with a negative outlook); in the same
rating action Moody's downgraded HSBC Bank Plc' subordinated debt
rating to A2 from Aa3, and hybrid debt to A3 from A1 (with a
negative outlook).

HSBC Holdings is headquartered in London, UK.  At June 30, 2009,
it had total assets of US$2,422 billion.

The last rating action on Nationwide Building Society was on
April 14, 2009, when Moody's downgraded Nationwide's senior debt
ratings to Aa3 (with stable outlook), and its BFSR to C- (with
negative outlook).

Nationwide Building Society is headquartered in UK.  At
September 30, 2009, it had total assets of US$318billion.

The last rating action on Skipton Building Society was on
April 14, 2009, when Moody's downgraded Skipton's senior debt
ratings to Baa1 (with negative outlook), BFSR to D+ (with negative
outlook) and dated subordinated debt to Ba2.

Skipton Building Society is headquartered in UK.  At June 30,
2009, it had total assets of US$25billion.

The last rating action on Coventry Building Society was on
April 14, 2009, when Moody's downgraded Coventry's senior debt
ratings to A3 (with negative outlook), and its BFSR to C- (with
negative outlook).

Coventry Building Society is headquartered in UK.  At
December 31, 2008, it had total assets of US$25billion.

The last rating action on Close Brothers was on May 12, 2009, when
Moody's changed Close Brother's Bank outlook to negative in view
of the increasing pressures on the bank's profitability and
capital, as a result of the credit crunch.

Close Brothers is headquartered in London.  At July 31, 2009, it
had total assets of GBP4,005 billion.

The last rating action on The Co-Operative Bank was on August 3,
2009, when Moody's downgraded the bank's BFSR to D+, following the
merger with Britannia Building Society.

The Co-Operative Bank is headquartered in Manchester.  At
January 10, 2009, it had total assets of GBP14,964 billion.

The last rating action on Clydesdale Bank was on May 12, 2009,
when the bank's senior debt ratings were downgraded to A1 (with
negative outlook), BFSR was downgraded to C- (with stable outlook)
and subordinated debt ratings were downgraded to A3.

Clydesdale is headquartered in UK.  At September 30, 2009, it had
total assets of US$68billion.

The last rating action on ICICI Bank UK Plc was on November 3,
2008, when Moody's downgraded the bank's senior debt ratings to
Baa2 (with stable outlook), subordinated debt to Baa3 and junior
subordinated debt to Ba2.

ICICI Bank UK Plc is headquartered in London, UK.  At
March 31, 2009, it had total assets of US$7billion.


OODLES LOVE: Creditors Meeting Set for February 23
--------------------------------------------------
In a notice published on February 11, 2010, Brian Walsh, director
of Oodles Love Noodles Ltd. said that a meeting of creditors of
the company will be held at 11:00 a.m. on February 23, 2010, at
the offices of:

         James B Kennedy & Co
         22 Lower Windsor Avenue
         Belfast, BT9 7DW
         Northern Ireland

A list of names and addresses of the company's creditors may be
inspected free of charge at the offices of James B Kennedy & Co,
on the two business days preceding the meeting.

Creditors wishing to vote at the meeting must (unless they re
individual creditors attending in person) lodge their proxies at
the offices of James B Kennedy & Co no later than noon on
February 22, 2010.


PORTSMOUTH FOOTBALL: Vantis Probes Into Financial Status
--------------------------------------------------------
Tariq Panja at Bloomberg News reports that business recovery group
Vantis Plc says its findings will be "instrumental" in Portsmouth
Football Club's attempt to avoid becoming the first English
Premier League soccer club to be shut down.

Bloomberg relates London-based Vantis's executive director Nigel
Hamilton-Smith said in an interview Thursday "Our findings will
undoubtedly be instrumental in everyone's consideration as to what
is to happen with the club going forward".

According to Bloomberg, team spokesman Gary Double said Vantis
started its investigation into Portsmouth finances on Feb. 9, a
day before its appearance at the bankruptcy court.  The firm is
also involved in liquidating the collapsed Stanford International
Bank Ltd., Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on Feb. 12,
2010, Bloomberg said Portsmouth on Wednesday got a seven-day
extension from a U.K. court to stave off the tax authorities'
attempt to force the team out of business.  Bloomberg disclosed
the club was given a week to provide a detailed financial
statement after a court hearing Wednesday in London.  According to
Bloomberg, the U.K. revenue service was threatening to close the
team because of about GBP7.4 million (US$11.7 million) in unpaid
sales taxes, and also said Portsmouth owed a further GBP4.7
million in employment tax.  Bloomberg said if Portsmouth can't
convince Her Majesty's Revenue and Customs it has sufficient funds
to pay off the debts it may become the first Premier League club
to be wound up at the next hearing, on the earliest date possible
after Feb. 19.

                        Cash Flow Issue

Bloomberg notes High Court Registrar Derrett said Portsmouth,
whose last set of financial results showed sales of GBP70.5
million for the year ending May 31, 2008, appeared to be "trading
while insolvent".

"The company have identified that they have a cash flow issue,"
Bloomberg quoted Mr. Hamilton-Smith as saying.  "That's clear
because they are not paying their debts.  They need to fully
understand what the operating issues are and the funding
requirement going forward."

Bloomberg recalls Portsmouth's lawyer Nigel Hood said in court
that Vantis needed at least 21 days to provide a detailed account
of the club's financial status.   Mr. Hamilton-Smith, as cited by
Bloomberg, said the work could be done within the timeframe
demanded by the court.

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/--
operates Portsmouth FC, a professional soccer team that plays in
the English Premier League.  Established in 1898, the club boasts
two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.


PRESBYTERIAN MUTUAL: Some Savers Not Entitled to GBP20MM Income
---------------------------------------------------------------
BBC News reports that Mr. Justice Deeney has ruled that some
savers in the Presbyterian Mutual Society are not entitled to
income from assets it has realized in the past two years.

According to the report, the ruling said that those who saved
GBP20,000 or less could not be classed as creditors.  The report
relates the judge said they are not entitled to share in any of
the GBP20 million of income the society has generated since it
went into administration in 2008.

The collapse of the society affected more than 10,000 savers, the
report discloses.  The mutual scheme was not entitled to any
government guarantee, putting at risk money people had saved in
it, the report states.

A spokesperson for the administrators, Arthur Boyd and Company,
said they would study the judgment, the report notes.

Presbyterian Mutual Society is a Belfast-based mutual society with
around 9,500 investors, most of whom are members of the
Presbyterian Church in Ireland.


QPODS FLATPACK: High Court Orders Liquidation
---------------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Qpods Flatpack Limited said
that on February 4, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         112 Battery Road
         Coagh
         Cookstown, BT80 0HW
         Northern Ireland


QPODS UK: High Court Orders Liquidation
-----------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Qpods UK Limited said that on
February 4, 2010, the High Court of Justice in Northern Ireland
ordered the winding up of the company.

The registered office of the company is at:

         112 Battery Road
         Coagh
         Cookstown, BT80 0HW
         Northern Ireland


SELHURST PARK: In Administration; PwC Appointed
-----------------------------------------------
Peter Spratt, Bruce Cartwright and Laurie Manson of
PricewaterhouseCoopers LLP were appointed as Joint Administrators
to the freehold company for Selhurst Park, home of Crystal Palace
FC, on Friday, February 12, 2010.

The move follows the appointment of the Administrators to various
companies within the Rock Group* in May 2009.  This included a
company that owned shares in Selhurst Park Limited, the company
owning the freehold of the ground and stands where Crystal Palace
football club play their football in the Championship.

With the football club also placed into administration two weeks
ago with The P&A Partnership in Sheffield, the Administrators
anticipate working closely together in the hope that a buyer for
both assets can be found at the same time.

Placed into administration two weeks ago with The P&A Partnership
in Sheffield, the Administrators anticipate working closely
together in the hope that a buyer for both assets can be found at
the same time.

Barry Gilbertson, specialist real estate partner at
PricewaterhouseCoopers LLP, explained: "Selhurst Park and the Club
play an integral part in the local community and we are sensitive
to their concerns at this time.  We are keen to find an effective
solution for Crystal Palace, and recognize that any new buyer of
the Club would probably prefer to own the freehold of the ground,
Selhurst Park.

"At present, the Club leases the ground and the stands, which is
quite an unusual situation in the English football league.  There
is undoubtedly a marriage-value from putting together the two
halves of the whole.  I would like to stress however, that while
this is one option, we will, of course, consider alternative
approaches from interested parties.

"We fully intend to market the asset widely to give every possible
buyer, and all the existing stakeholders, such as the Crystal
Palace supporters and the CPFC Ambassadors Club, the chance to get
involved in the future of Selhurst Park."

Administrator, Laurie Manson, agreed: "We are more than willing to
consider any viable option.  If the new owner of the Club wants to
continue to lease the ground and stands for example, then we will
enter into negotiations to create a new lease on commercial market
terms.  There could also be an opportunity to renegotiate the
current lease, which was created in a sale and leaseback
transaction between the previous owners of the companies."

* Peter Spratt, Bruce Cartwright partners and Laurie Manson of
PricewaterhouseCoopers LLP were appointed as Joint Administrators
to Rock Joint Ventures Limited, Rock Investment Holdings,
Birchridge Limited, and Rock Op Limited on May 28, 2009.  The
companies and their subsidiaries have an investment portfolio of
industrial, office and retail properties together with development
sites in the UK and in the New York, USA.


SKIPTON BUILDING: Moody's Cuts PIBS Rating to 'B1' From 'Ba3'
-------------------------------------------------------------
Moody's Investors Service concluded its review on the ratings of
certain UK hybrid securities, in line with its revised "Guidelines
for Rating Bank Hybrids and Subordinated Debt" published in
November 2009.  This resulted primarily in a number of downgrades
for hybrid securities ratings of UK banks, thus concluding the
review for possible downgrade that began on November 18th, 2009.

Prior to the global financial crisis, Moody's had incorporated
into its ratings an assumption that support provided by national
governments and central banks to shore up a troubled bank would,
to some extent, benefit the subordinated debt holders as well as
the senior creditors.  Contrary to this expectation -- and to the
past behavior of most governments -- the systemic support for
these instruments has not been forthcoming in many cases during
this crisis.  In the UK this change in assumptions was already
reflected in the removal of systemic support from subordinated and
hybrid instruments from UK bank ratings in April 2009.  This
followed the introduction of the 2009 Banking Act in February
2009, which provided broad powers for allowing losses to be
absorbed by hybrid debt holders through a good bank/ bad bank
structure.  The revised hybrid ratings guidelines that were
published in November 2009 further widen the possible notching on
a hybrid's rating that is based on the instrument's features.

                     Rating Action in Detail

The starting point in Moody's revised approach to rating hybrid
securities is the Adjusted Baseline Credit Assessment.  The
Adjusted BCA reflects the bank's standalone credit strength,
including parental and/or cooperative support, if applicable.  The
Adjusted BCA excludes systemic support.

The characteristics of UK junior subordinated debt instruments and
non-cumulative preference shares are:

* The junior subordinated debt is perpetual, ranks subordinated to
  senior debt in liquidation and allows the issuer to optionally
  defer coupon payments subject to a dividend pusher language.
  There is also mandatory deferral tied to the breach of solvency
  triggers, which is considered a "weak" trigger as it is unlikely
  to occur outside of a winding up of the institution.  Any
  deferred interest is cumulative.  For the UK, unless stated
  otherwise, junior subordinated debt instruments are rated at the
  Adjusted BCA level minus two notches.  The additional notch
  reflects the junior subordinated claim as well as the risk of a
  missed coupon payment and the timeliness of payments, even if
  accumulated coupons are repaid.

* The loss absorption for non-cumulative preferred securities
  while the issuer remains a going concern primarily stems from
  the non-cumulative coupon skip feature, which is mandatory upon
  breach of minimum regulatory capital requirements or generally
  upon regulatory intervention, or at the option of the issuer if
  no dividends are paid.  Together with their deeply subordinated
  claim in liquidation, this means that, unless stated otherwise,
  these instruments are rated to the standard Adjusted BCA minus
  three notches.  Similar to junior subordinated debt, these
  instruments are also exposed to principal losses in a going
  concern scenario, which is captured in the three notches.

* Similar to preference shares above, Permanent Interest Bearing
  Shares in this rating action are perpetual non-cumulative
  instruments issued by building societies and are at the bottom
  of the capital structure.  Their coupon skip mechanism is
  mandatory with respect to regulatory capital adequacy
  requirements and optional if interest or dividend payments on
  share investments have not been made.  Their loss absorption is
  similar to non-cumulative preference shares for banks explained
  above; therefore they are also rated at Adjusted BCA minus three
  notches.

The rating actions on each UK banks and building societies are
detailed below:

1) Barclays Bank Plc

The Adjusted BCA for Barclays Bank is A3, which is the same level
as its unadjusted BCA.

These securities issued by Barclays Bank were affected by this
rating action:

* Junior subordinated debt and junior subordinated EMTN program
  ratings (Upper Tier 2) downgraded to Baa2 from Baa1

* Non-cumulative preferred securities downgraded to Baa3 from Baa2

The outlook for all the affected instruments is negative, in line
with the negative outlook for Barclays Bank's C BFSR and
corresponding A3 BCA.

2) HSBC Holdings Plc

The Adjusted BCA for HSBC Holdings Plc is Aa3, which is the same
level as its unadjusted BCA.

These securities issued by HSBC Holdings Plc were affected by this
rating action:

* Non-cumulative preferred securities (Tier 1) downgraded to A3
  from A1/A2

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Holdings Plc's Aa3 BCA

3) HSBC Bank Plc

The Adjusted BCA for HSBC Bank Plc is A1, which is one notch above
its unadjusted BCA of A2.

These securities issued by HSBC Bank Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) downgraded to A3 from
  A2,

* Non-cumulative preferred securities (Tier 1) downgraded to Baa1

The outlook for all the affected instruments is negative, in line
with the negative outlook for HSBC Bank Plc's C+ BFSR and
corresponding A2 BCA

4) Nationwide Building Society

The Adjusted BCA for Nationwide is Baa2, which is the same level
as its unadjusted BCA.

These securities issued by Nationwide were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Nationwide Building Society's C-
BFSR and the corresponding Baa2 BCA.

5) Skipton Building Society

The Adjusted BCA for Skipton is Ba1, which is the same level as
its unadjusted BCA.

These securities issued by Skipton were affected by this rating
action:

* PIBS rating was downgraded to B1 from Ba3

The outlook for all the affected instruments is negative, in line
with the negative outlook for Skipton Building Society's D+ BFSR
and corresponding Ba1 BCA.

6) Coventry Building Society

The Adjusted BCA for Coventry is Baa2, which is the same level as
its unadjusted BCA.

These securities issued by Coventry were affected by this rating
action:

* PIBS rating was downgraded to Ba2 from Ba1.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Coventry Building Society's C- BFSR
and the corresponding Baa2 BCA.

7) Close Brothers Ltd

The Adjusted BCA for Close Brothers Ltd. is A2, which is the same
level as its unadjusted BCA.

These securities issued by Close Brothers Ltd. were affected by
this rating action:

* The Junior subordinated EMTN program rating (Upper Tier 2) was
  downgraded to Baa1 from A3.

The outlook for all the affected instruments is negative, in line
with the negative outlook for Close Brothers Ltd. C+ BFSR and
corresponding A2 BCA.

8) The Co-operative Bank

The Adjusted BCA for The Co-operative Bank is Baa3, which is the
same level as its unadjusted BCA.  The junior subordinated debt
(Upper Tier 2) of The Co-Operative Bank was upgraded to Ba2 from
Ba3.

The upgrade reflects Moody's revised notching guidelines for
hybrid securities and in particular for junior subordinated debt
with cumulative features which is now generally positioned two
notches below the adjusted BCA.

The outlook for all the affected instruments is stable, in line
with the stable outlook for The Co-Operative Bank's D+ BFSR and
corresponding Baa3 BCA.

9) Clydesdale

The Adjusted BCA for Clydesdale is A2, which is the same level as
its unadjusted BCA

The junior subordinated EMTN program rating (Upper Tier 2) was
confirmed at A3 (negative outlook) as the terms and conditions of
the program mean that there is no optional deferral right.
Therefore the risk of this instrument is restricted to its
subordinated ranking in liquidation.

10) ICICI Bank UK Plc

The Adjusted BCA for ICICI Bank is Baa2, which is three notches
above its unadjusted BCA, reflecting uplift from parental support

These securities issued by ICICI Bank UK Plc were affected by this
rating action:

* Junior subordinated debt (Upper Tier 2) was upgraded to Ba1 from
  Ba2.  The upgrade reflects Moody's revised notching guidelines
  for hybrid securities and in particular for junior subordinated
  debt with cumulative features which is now generally positioned
  two notches below the adjusted BCA.

The outlook for the affected rating class instruments is stable,
in line with the stable outlook for ICICI Bank UK Plc's D BFSR and
corresponding Baa2 BCA.

The junior subordinated and Tier 1 debt of RBS and Lloyds are
unaffected by this announcement, as Moody's have already taken
rating actions to incorporate the expected coupon skip on certain
instruments following the European Commission requirement to defer
coupons as a result of State Aid received (May Pay securities),
and have already applied the revised methodology to instruments
not expected to skip coupons due to dividend pusher language (Must
Pay or potential Must Pay securities).

The last rating action on Barclays Bank Plc was on February 1,
2009, when Moody's downgraded Barclay's senior debt ratings to Aa3
(with stable outlook) and BFSR to C (with negative outlook).

Barclays is headquartered in London, UK.  At June 30, 2009, it had
total assets of GBP1,545 billion.

The last rating actions on HSBC Holdings Plc and HSBC Bank plc
were on April 9, 2009, when Moody's downgraded the subordinated
debt ratings of HSBC Holdings Plc to A1 from Aa3 and its hybrid
securities to A2 from A1 (with a negative outlook); in the same
rating action Moody's downgraded HSBC Bank Plc' subordinated debt
rating to A2 from Aa3, and hybrid debt to A3 from A1 (with a
negative outlook).

HSBC Holdings is headquartered in London, UK.  At June 30, 2009,
it had total assets of US$2,422 billion.

The last rating action on Nationwide Building Society was on
April 14, 2009, when Moody's downgraded Nationwide's senior debt
ratings to Aa3 (with stable outlook), and its BFSR to C- (with
negative outlook).

Nationwide Building Society is headquartered in UK.  At
September 30, 2009, it had total assets of US$318billion.

The last rating action on Skipton Building Society was on
April 14, 2009, when Moody's downgraded Skipton's senior debt
ratings to Baa1 (with negative outlook), BFSR to D+ (with negative
outlook) and dated subordinated debt to Ba2.

Skipton Building Society is headquartered in UK.  At June 30,
2009, it had total assets of US$25billion.

The last rating action on Coventry Building Society was on
April 14, 2009, when Moody's downgraded Coventry's senior debt
ratings to A3 (with negative outlook), and its BFSR to C- (with
negative outlook).

Coventry Building Society is headquartered in UK.  At
December 31, 2008, it had total assets of US$25billion.

The last rating action on Close Brothers was on May 12, 2009, when
Moody's changed Close Brother's Bank outlook to negative in view
of the increasing pressures on the bank's profitability and
capital, as a result of the credit crunch.

Close Brothers is headquartered in London.  At July 31, 2009, it
had total assets of GBP4,005 billion.

The last rating action on The Co-Operative Bank was on August 3,
2009, when Moody's downgraded the bank's BFSR to D+, following the
merger with Britannia Building Society.

The Co-Operative Bank is headquartered in Manchester.  At
January 10, 2009, it had total assets of GBP14,964 billion.

The last rating action on Clydesdale Bank was on May 12, 2009,
when the bank's senior debt ratings were downgraded to A1 (with
negative outlook), BFSR was downgraded to C- (with stable outlook)
and subordinated debt ratings were downgraded to A3.

Clydesdale is headquartered in UK.  At September 30, 2009, it had
total assets of US$68billion.

The last rating action on ICICI Bank UK Plc was on November 3,
2008, when Moody's downgraded the bank's senior debt ratings to
Baa2 (with stable outlook), subordinated debt to Baa3 and junior
subordinated debt to Ba2.

ICICI Bank UK Plc is headquartered in London, UK.  At
March 31, 2009, it had total assets of US$7billion.


SPENCER BYRNE: High Court Orders Liquidation
--------------------------------------------
In a notice published on February 11, 2010, in the Belfast
Telegraph, the official receiver of Spencer Byrne Limited said
that on February 4, 2010, the High Court of Justice in Northern
Ireland ordered the winding up of the company.

The registered office of the company is at:

         Flannigan Edmunds Bannon
         2 Donegall Square East
         Belfast, BT1 5HB
         Northern Ireland


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


* BOND PRICING: For the Week February 8 to February 12, 2010
------------------------------------------------------------

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

AUSTRIA
-------
HAA-BANK INTL AG     5.250   10/27/2015     EUR    74.00
KOMMUNALKREDIT       4.440   12/20/2030     EUR    63.88
KOMMUNALKREDIT       4.900    6/23/2031     EUR    67.88
OESTER VOLKSBK       5.450     8/2/2019     EUR    58.25
OESTER VOLKSBK       4.170    7/29/2015     EUR    49.88
OESTER VOLKSBK       5.270     2/8/2027     EUR    93.97
RAIFF ZENTRALBK      4.500    9/28/2035     EUR    89.71

BELGIUM
-------
FORTIS BANK          8.750    12/7/2010     EUR    18.69

BULGARIA
--------
PETROL AD-SOFIA      8.375   10/26/2011     EUR    48.73

CZECH REPUBLIC
--------------
CZECH REPUBLIC       2.750    1/16/2036     JPY    77.05

DENMARK
-------
DANMARK SKIBSKRD     2.000   11/15/2024     DKK    73.42

DENMARK
-------
MUNI FINANCE PLC     1.000    2/27/2018     AUD    63.85
MUNI FINANCE PLC     0.500    9/24/2020     CAD    62.33
MUNI FINANCE PLC     0.250    6/28/2040     CAD    21.52
MUNI FINANCE PLC     1.000   10/30/2017     AUD    65.01
MUNI FINANCE PLC     0.500    3/17/2025     CAD    48.07
MUNI FINANCE PLC     1.000   11/21/2016     NZD    71.18
STORA ENSO OYJ       7.250    4/15/2036     USD    75.18

FRANCE
------
AIR FRANCE-KLM       4.970     4/1/2015     EUR    14.58
ALCATEL SA           4.750     1/1/2011     EUR    16.07
ALCATEL-LUCENT       5.000     1/1/2015     EUR     3.15
ALTRAN TECHNOLOG     6.720     1/1/2015     EUR     4.55
ATARI SA             4.000     4/1/2020     EUR     0.80
ATOS ORIGIN SA       2.500     1/1/2016     EUR    49.96
CALYON               6.000    6/18/2047     EUR    45.98
CAP GEMINI SOGET     3.500     1/1/2014     EUR    41.39
CAP GEMINI SOGET     1.000     1/1/2012     EUR    42.63
CLUB MEDITERRANE     4.375    11/1/2010     EUR    48.74
CMA CGM              5.500    5/16/2012     EUR    63.68
CMA CGM SA           7.250     2/1/2013     USD    63.78
DEXIA MUNI AGNCY     4.680     3/9/2029     CAD    74.24
DEXIA MUNI AGNCY     1.000   12/23/2024     EUR    60.81
EURAZEO              6.250    6/10/2014     EUR    56.55
FAURECIA             4.500     1/1/2015     EUR    18.39
GROUPE VIAL          2.500     1/1/2014     EUR    18.52
MAUREL ET PROM       7.125    7/31/2014     EUR    18.36
NEXANS SA            4.000     1/1/2016     EUR    63.29
PEUGEOT SA           4.450     1/1/2016     EUR    28.71
PUBLICIS GROUPE      3.125    7/30/2014     EUR    35.73
PUBLICIS GROUPE      1.000    1/18/2018     EUR    45.74
RHODIA SA            0.500     1/1/2014     EUR    43.36
SOC AIR FRANCE       2.750     4/1/2020     EUR    20.49
SOITEC               6.250     9/9/2014     EUR    10.34
TEM                  4.250     1/1/2015     EUR    55.01
THEOLIA              2.000     1/1/2014     EUR    13.90
VALEO                2.375     1/1/2011     EUR    46.20
ZLOMREX INT FIN      8.500     2/1/2014     EUR    34.50
ZLOMREX INT FIN      8.500     2/1/2014     EUR    35.00

GERMANY
-------
DEUTSCHE BK LOND     1.000    3/31/2027     USD    46.20
ESCADA AG            7.500     4/1/2012     EUR    18.14
EUROHYPO AG          5.000    5/15/2027     EUR    93.50
GOTHAER ALLG VER     5.527    9/29/2026     EUR    77.98
HSH NORDBANK AG      4.375    2/14/2017     EUR    66.33
HYPOREAL INTL AG     4.560    3/28/2021     EUR    71.46
HYPOREAL INTL AG     4.675    9/13/2021     EUR    71.29
HYPOREAL INTL AG     4.770    8/11/2021     EUR    72.15
KFW                  5.000   10/17/2035     EUR    73.81
L-BANK FOERDERBK     0.500    5/10/2027     CAD    43.51
LB BADEN-WUERTT      2.500    1/30/2034     EUR    62.96
LB BADEN-WUERTT      5.250   10/20/2015     EUR    34.47
RENTENBANK           1.000    3/29/2017     NZD    70.68
SOLON AG SOLAR       1.375    12/6/2012     EUR    38.76
VAC FINANZ           9.250    4/15/2016     EUR    50.00
VAC FINANZ           9.250    4/15/2016     EUR    50.00

GREECE
------
HELLENIC REP I/L     2.300    7/25/2030     EUR    71.82
HELLENIC REPUB       3.000    4/30/2019     JPY    72.63
YIOULA GLASSWORK     9.000    12/1/2015     EUR    55.25
YIOULA GLASSWORK     9.000    12/1/2015     EUR    56.90

HUNGARY
-------
REP OF HUNGARY       2.110   10/26/2017     JPY    73.20

IRELAND
-------
ALLIED IRISH BKS     5.250    3/10/2025     GBP    64.69
ALLIED IRISH BKS     5.625   11/29/2030     GBP    62.44
DEPFA ACS BANK       5.250    3/31/2025     CAD    73.60
DEPFA ACS BANK       5.125    3/16/2037     USD    74.62
DEPFA ACS BANK       0.500     3/3/2025     CAD    30.45
DEPFA ACS BANK       4.900    8/24/2035     CAD    62.12
DEPFA ACS BANK       5.125    3/16/2037     USD    71.54
IRISH NATIONWIDE    13.000    8/12/2016     GBP    75.23
ONO FINANCE II       8.000    5/16/2014     EUR    73.75
ONO FINANCE II       8.000    5/16/2014     EUR    74.40
UT2 FUNDING PLC      5.321    6/30/2016     EUR    66.00

ITALY
-----
COMUNE DI MILANO     4.019    6/29/2035     EUR    74.60

LUXEMBOURG
----------
ARCELORMITTAL        7.250     4/1/2014     EUR    32.22
BREEZE               4.524    4/19/2027     EUR    83.31
CRC BREEZE           5.290     5/8/2026     EUR    74.37
GLOBAL YATIRIM H     9.250    7/31/2012     USD    67.00
HELLAS III           8.500   10/15/2013     EUR    49.50
LIGHTHOUSE INTL      8.000    4/30/2014     EUR    59.77
LIGHTHOUSE INTL      8.000    4/30/2014     EUR    59.25
NELL AF SARL         8.375    8/15/2015     USD    18.02

NETHERLANDS
-----------
AI FINANCE B.V.     10.875    7/15/2012     USD    61.13
ALB FINANCE BV       8.750    4/20/2011     USD    31.99
ALB FINANCE BV       9.000   11/22/2010     USD    31.99
ALB FINANCE BV       9.250    9/25/2013     USD    31.95
ARPENI PR INVEST     8.750     5/3/2013     USD    56.13
ARPENI PR INVEST     8.750     5/3/2013     USD    56.13
ASTANA FINANCE       9.000   11/16/2011     USD    23.97
BK NED GEMEENTEN     0.500    2/24/2025     CAD    47.89
BK NED GEMEENTEN     0.500    6/27/2018     CAD    71.31
BLT FINANCE BV       7.500    5/15/2014     USD    68.50
BLT FINANCE BV       7.500    5/15/2014     USD    69.50
BRIT INSURANCE       6.625    12/9/2030     GBP    72.13
ELEC DE CAR FIN      8.500    4/10/2018     USD    65.70
EM.TV FINANCE BV     5.250     5/8/2013     EUR     5.20
IVG FINANCE BV       1.750    3/29/2017     EUR    66.24
NATL INVESTER BK    25.983     5/7/2029     EUR    37.02
NED WATERSCHAPBK     0.500    3/11/2025     CAD    46.73
Q-CELLS INTERNAT     5.750    5/26/2014     EUR    54.76
Q-CELLS INTERNAT     1.375    2/28/2012     EUR    53.06
RBS NV EX-ABN NV     6.000    3/16/2035     EUR    69.24
TEMIR CAPITAL        9.000   11/24/2011     USD    17.75
TEMIR CAPITAL        9.500    5/21/2014     USD    26.50
TEMIR CAPITAL        9.500    5/21/2014     USD    27.88
TJIWI KIMIA FIN     13.250     8/1/2001     USD     0.01
TURANALEM FIN BV     8.250    1/22/2037     USD    38.40
TURANALEM FIN BV     7.750    4/25/2013     USD    37.40
TURANALEM FIN BV     8.000    3/24/2014     USD    41.00
TURANALEM FIN BV     7.875     6/2/2010     USD    37.50
TURANALEM FIN BV     8.000    3/24/2014     USD    36.95
TURANALEM FIN BV     8.500    2/10/2015     USD    37.73
TURANALEM FIN BV     6.250    9/27/2011     EUR    37.72

NORWAY
------
EKSPORTFINANS        0.500     5/9/2030     CAD    36.50
NORSKE SKOGIND       7.000    6/26/2017     EUR    62.75

POLAND
------
POLAND-REGD-RSTA     2.810   11/16/2037     JPY    63.02
REP OF POLAND        2.648    3/29/2034     JPY    68.59
REP OF POLAND        2.620   11/13/2026     JPY    72.15

SPAIN
-----
BANCAJA EMI SA       2.755    5/11/2037     JPY    68.25
BBVA SUB CAP UNI     2.750   10/22/2035     JPY    74.10
GENERAL DE ALQUI     2.750    8/20/2012     EUR    57.05
MINICENTRALES        4.810   11/29/2034     EUR    62.30

SWEDEN
------
SWEDISH EXP CRED     0.500   12/17/2027     USD    47.93

SWITZERLAND
-----------
CYTOS BIOTECH        2.875    2/20/2012     CHF    52.82
UBS AG JERSEY        9.000     3/9/2010     USD    57.04
UBS AG JERSEY        9.000    5/18/2010     USD    56.69
UBS AG JERSEY        9.000    6/11/2010     USD    55.38
UBS AG JERSEY        9.000     7/2/2010     USD    55.80
UBS AG JERSEY        9.000    7/19/2010     USD    55.60
UBS AG JERSEY        9.350    7/27/2010     USD    56.20
UBS AG JERSEY        9.000    8/13/2010     USD    60.25
UBS AG JERSEY        9.500    8/31/2010     USD    62.00
UBS AG JERSEY       10.000   10/25/2010     USD    62.00
UBS AG JERSEY       13.900    1/31/2011     USD    36.28
UBS AG JERSEY       14.640    1/31/2011     USD    38.44
UBS AG JERSEY       16.170    1/31/2011     USD    13.75
UBS AG JERSEY       10.000    2/11/2011     USD    60.85
UBS AG JERSEY       15.250    2/11/2011     USD    12.32
UBS AG JERSEY        8.250    2/28/2011     USD    68.94
UBS AG JERSEY       12.800    2/28/2011     USD    35.28
UBS AG JERSEY       11.330    3/18/2011     USD    18.23
UBS AG JERSEY       11.400    3/18/2011     USD    25.81
UBS AG JERSEY       10.990    3/31/2011     USD    30.75
UBS AG JERSEY       16.160    3/31/2011     USD    44.06
UBS AG JERSEY       10.820    4/21/2011     USD    22.16
UBS AG JERSEY       11.030    4/21/2011     USD    21.49
UBS AG JERSEY       10.650    4/29/2011     USD    16.35
UBS AG JERSEY       10.500    6/16/2011     USD    72.18
UBS AG JERSEY       13.000    6/16/2011     USD    50.53
UBS AG JERSEY       10.280    8/19/2011     USD    33.99
UBS AG JERSEY       10.360    8/19/2011     USD    52.79
UBS AG JERSEY       11.150    8/31/2011     USD    37.74
UBS AG JERSEY        9.350    9/21/2011     USD    66.49
UBS AG JERSEY        3.220    7/31/2012     EUR    55.72
UBS AG LONDON        1.500    6/19/2018     JPY    71.69

UNITED KINGDOM
--------------
ALPHA CREDIT GRP     2.940     3/4/2035     JPY    74.56
AMDOCS LIMITED       0.500    3/15/2024     USD    74.00
BARCLAYS BK PLC      8.550    1/23/2012     USD    10.82
BARCLAYS BK PLC     10.350    1/23/2012     USD    25.77
BARCLAYS BK PLC     11.650    5/20/2010     USD    41.40
BARCLAYS BK PLC      7.610    6/30/2011     USD    54.37
BARCLAYS BK PLC     10.600    7/21/2011     USD    42.09
BRADFORD&BIN BLD     7.625    2/16/2049     GBP    14.98
BRADFORD&BIN BLD     5.750   12/12/2022     GBP    16.35
BROADGATE FINANC     5.098     4/5/2033     GBP    74.54
CITY OF KIEV         8.000    11/6/2015     USD    73.81
CITY OF KIEV         8.000    11/6/2015     USD    74.03
EFG HELLAS PLC       2.760    5/11/2035     JPY    69.96
ENTERPRISE INNS      6.375    9/26/2031     GBP    74.39
ENTERPRISE INNS      6.500    12/6/2018     GBP    85.03
F&C ASSET MNGMT      6.750   12/20/2026     GBP    67.62
HBOS PLC             4.500    3/18/2030     EUR    70.42
INEOS GRP HLDG       7.875    2/15/2016     EUR    59.25
INEOS GRP HLDG       8.500    2/15/2016     USD    60.14
INEOS GRP HLDG       8.500    2/15/2016     USD    60.11
INEOS GRP HLDG       7.875    2/15/2016     EUR    59.48
LOUIS NO1 PLC       10.000    12/1/2016     EUR    70.42
MARSTONS ISSUER      5.641    7/15/2035     GBP    74.68
NATL GRID GAS        1.771    3/30/2037     GBP    45.41
NATL GRID GAS        1.754   10/17/2036     GBP    46.69
NBG FINANCE PLC      2.755    6/28/2035     JPY    69.70
NOMURA BANK INTL     0.800   12/21/2020     EUR    58.82
NORTHERN ROCK        9.375   10/17/2021     GBP    62.22
NORTHERN ROCK        4.574    1/13/2015     GBP    57.21
NORTHERN ROCK        5.750    2/28/2017     GBP    54.21
OJSC BANK NADRA      9.250    6/28/2010     USD    22.50
PRINCIPALITY BLD     5.375     7/8/2016     GBP    62.74
PRIVATBANK           8.750     2/9/2016     USD    78.75
PUNCH TAVERNS        6.468    4/15/2033     GBP    70.39
SPIRIT ISSUER        5.472   12/28/2028     GBP    71.83
TXU EASTERN FNDG     6.450    5/15/2005     USD     2.00
UNIQUE PUB FIN       6.464    3/30/2032     GBP    61.87
UNIQUE PUB FIN       7.395    3/28/2024     GBP    74.30
WESSEX WATER FIN     1.369    7/31/2057     GBP    21.22


                            *********

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 2010.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *