TCREUR_Public/100412.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, April 12, 2010, Vol. 11, No. 070

                            Headlines



G E R M A N Y

COGNIS GMBH: BASF Mulls Bid; In Exploratory Talks with Owners
GERMAN RESIDENTIAL: Moody's Cuts Ratings on Class F Notes to Ba3
TELE COLUMBUS: Nikolaus Eyes Sale to Limit Losses to Lenders


G R E E C E

AGRICULTURAL BANK: Moody's Gives Negative Outlook on 'D' Rating


H U N G A R Y

KANIZSAI NYOMDA: Liquidator Invites Bids for Assets


I R E L A N D

EIRLES TWO: S&P Junks Ratings on Series 238, 239 Notes
GREEN ISLAND: Moody's Cuts Rating on Tier-One Notes to 'Caa1'
OCEAN BAR: Ivory Pub to Close; April 20 Creditors' Meeting Set
QUINN INSURANCE: Not At Risk of Liquidation, Administrators Say


I T A L Y

SAFILO SPA: S&P Raises Corporate Credit Rating to 'CCC+'


K A Z A K H S T A N

* KAZAKHSTAN: Moody's Reviews Ratings of Six Banks for Downgrade


R U S S I A

EUROPEAN TRUST: Moody's Downgrades Bank Strength Rating to 'E'
NUTRITEK GROUP: Delays Share Placement; Works on Emergency Plan
YUKOS OIL: Rosneft's UK Bank Accounts Unfrozen


S P A I N

GAT FTGENCAT: Moody's Downgrades Rating on Class D Notes to Ba1
OBRASCON HUARTE: Moody's Affirms 'Ba1' Corporate Family Rating
PRISA: Agrees to Extend Deadline for Creditors to Back Debt Deal
SANTANDER 07-1: Fitch Affirms Rating on Class D Notes at 'CC'
SANTANDER 08-1: Fitch Junks Rating on Class D Notes From 'B+'

SANTANDER CONSUMER: Fitch Affirms 'CC' Rating on Class E Notes

* SPAIN: U.S. Private Equity Groups Eye Stakes in Troubled Cos.


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Inks Definitive Merger Agreement with Iberia
INEOS GROUP: Fails to Secure Lender Approval on Refinancing Plan
LASER ELECTRICAL: Administrator Fails to Find Buyer
LICK UK: In Administration; BWC Appointed
MANYOO LLP: In Administration; KPMG Appointed

OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'BB'

* UK: Plans to Update Insolvency Rules for Insurance Industry


X X X X X X X X

* BOND PRICING: For the Week April 5 to April 9, 2010




                         *********



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G E R M A N Y
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COGNIS GMBH: BASF Mulls Bid; In Exploratory Talks with Owners
-------------------------------------------------------------
Daniel Schafer at The Financial Times reports that German
chemicals group BASF is considering a bid for heavily-indebted
Cognis GmbH.

According to the FT, two people close to the situation said
BASF is in exploratory talks with Goldman Sachs and Permira,
Cognis' owners.  The people said it was still unclear whether this
would lead to a bid for Cognis, which is valued at about EUR3
billion (US$4 billion) by its owners, the FT notes.

                                IPO

The company's owners are exploring a possible initial public
offering, the FT discloses.  The FT says a large stumbling block
for such a move is the company's debt load and its negative equity
of EUR762 million.  Despite reducing its leverage somewhat in
recent years, Cognis still had a net debt load of EUR1.9 billion
at the end of 2009, the FT states.

The FT recalls Goldman Sachs and Permira launched a bidding
process for Cognis four years ago but pulled out of it because
offers did not exceed EUR3 billion as potential investors baulked
at the company's high leverage.

Headquartered in Monheim, Germany, Cognis GmbH --
http://www.cognis.com/-- is a specialty chemical company.  The
company operates through three business units: Care Chemicals,
Nutrition and Health, and Functional Products.  Among Cognis'
products are environmentally friendly inks and coatings, synthetic
lubricants, oilfield chemicals, fatty acids, and dietary
supplements.  Once a subsidiary of chemicals giant Henkel, Cognis
is now owned by an investment group led by Permira and Goldman
Sachs.


GERMAN RESIDENTIAL: Moody's Cuts Ratings on Class F Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service has downgraded these classes of CMBS
Notes issued by German Residential Asset Note Distributor p.l.c.
(amounts reflect initial outstandings):

  -- EUR3209M Class A Secured Floating Rate Notes due 2016,
     Downgraded to Aa1; previously on Feb 9, 2010 Aaa Placed On
     Review for Possible Downgrade

  -- EUR428M Class B Secured Floating Rate Notes due 2016,
     Downgraded to A1; previously on Feb 9, 2010 Aa2 Placed On
     Review for Possible Downgrade

  -- EUR869M Class C Secured Floating Rate Notes due 2016,
     Downgraded to Baa2; previously on Feb 9, 2010 A2 Placed On
     Review for Possible Downgrade

  -- EUR577M Class D Secured Floating Rate Notes due 2016,
     Downgraded to Ba1; previously on Feb 9, 2010 Baa1 Placed On
     Review for Possible Downgrade

  -- EUR133M Class E Secured Floating Rate Notes due 2016,
     Downgraded to Ba2; previously on Feb 9, 2010 Baa1 Placed On
     Review for Possible Downgrade

  -- EUR200M Class F Secured Floating Rate Notes due 2016,
     Downgraded to Ba3; previously on Feb 9, 2010 Baa3 Placed On
     Review for Possible Downgrade

  -- EUR236M First Further Class A Secured Floating Rate Notes due
     2016, Downgraded to Aa1; previously on Feb 9, 2010 Aaa Placed
     On Review for Possible Downgrade

  -- EUR32M First Further Class B Secured Floating Rate Notes due
     2016, Downgraded to A1; previously on Feb 9, 2010 Aa2 Placed
     On Review for Possible Downgrade

  -- EUR74M First Further Class C Secured Floating Rate Notes due
     2016, Downgraded to Baa2; previously on Feb 9, 2010 A2 Placed
     On Review for Possible Downgrade

  -- EUR42M First Further Class D Secured Floating Rate Notes due
     2016, Downgraded to Ba1; previously on Feb 9, 2010 Baa1
     Placed On Review for Possible Downgrade

  -- EUR15M First Further Class F Secured Floating Rate Notes due
     2016, Downgraded to Ba3; previously on Feb 9, 2010 Baa3
     Placed On Review for Possible Downgrade

Moody's withdrew the provisional rating of the Class C Treasury
Notes issued by German Residential Asset Note Distributor P.L.C.
on October 28, 2008.

1) Transaction overview

The initial transaction closed in August 2006 with a tap issuance
in October 2006.  The transaction involves the refinancing of
Deutsche Annington's and certain of its subsidiaries'
indebtedness, which arose from various acquisitions of its
residential real estate portfolio.  The asset pool securing the
rated Notes is ultimately backed by approximately 165,000
residential units located throughout Germany with concentrations
in the federal states of North Rhine-Westphalia, Hesse and Berlin.

The transaction follows the principles of a secured loan
structure.  The Issuer used the issuance proceeds of each class of
Notes to purchase REF Notes (equivalent to loans) from 31 REF Note
Issuers (equivalent to borrowers) in a corresponding aggregate
amount.  Despite the 31 individual REF Note Issuers and the fact
that the security structure does not provide for cross-
collateralization between the REF Note Issuers, the structure is
effectively a single borrower deal.  In addition to the interest
payment obligations with respect to the REF Notes, each REF Note
Issuer has also entered into a global facility agreement, in which
global LTV targets are defined that have to be met by the borrower
group as a whole.  Two holding companies, both subsidiaries of
DAIG that ultimately own each REF Note Issuer and their general
partners, guarantee the obligations under the global facility
agreement.

The sponsor's business plan for the property portfolio includes
also a property sales (tenant privatization) strategy.

2) Rating Rationale

The downgrade action was prompted by a number of factors including
(i) value declines of multi-family portfolios in Germany witnessed
for over the past two years ; and (ii) the more difficult lending
environment for, in particular, large commercial real estate
loans, which results in a higher default risk of the REF Notes at
their maturity in 2013, and (iii) lower net cash flows and
property sales than initially expected by Moody's at closing.

The rating action follows a detailed review of the transaction
with the main focus on (i) expected future cash flows from the
underlying properties and -- coupled with an assessment of
property yields -- anticipated values over the life of the
transaction; and (ii) a reassessment of the default risk of the
REF Notes during their term and more importantly on their maturity
date and the impact on the rated Notes.

In Moody's view, the default risk of the REF Notes has increased
compared to closing both during the term and especially at
maturity.  Together with decreased property values, Moody's
expected loss on the REF Notes has increased, but it is still low.
The current subordination levels provide protection against those
expected losses.  However, the likelihood of higher than expected
losses on the portfolio has increased substantially, which results
in the rating action.

Since closing, 13.2% of the REF Notes have been prepaid.  The
prepayment proceeds were allocated pro-rata to the transaction.
As a result, the senior classes of Notes have not benefited from
an increase in subordination levels since closing.

3) Transaction Performance History

Vacancy Rates.  The operating performance of the portfolio is
overall stable, even though the vacancy rate is fluctuating.
While as of January 2009 the vacancy rate stood at 4.2%, the
latest reported figure is 6% as of January 2010, which is at the
same level as of closing.

Property Sales.  Since closing, assets with an approximate value
of EUR635 million (7.3%) have been sold.  While the REF Note
Issuers continue to dispose units, the amount is lower than
initially anticipated by Moody's as the sponsor's strategy changed
in terms of their internally required return on sold units.  The
sales, combined with amortization on the REF Notes, reduced the
outstanding balance of the REF Notes by approximately 13% from
EUR5.815 billion to EUR5.05 billion.

Coverage and Cash Flows.  The latest reported covenant compliant
ICR has decreased as of January 2010 to 1.34x from 1.43x at
closing.  However, this is still well above the ICR covenant of
1.05x.  The ICR is based on the net operating income, which
includes besides rental income also net sales proceeds above the
required release prices.

Property Values.  The underwriter's value of the portfolio as of
the latest reporting date in January 2010 was EUR 8.109.7 billion,
which is still based on the initial valuation as of March 2006
adjusted for sales.  This value equates to EUR 734 per sqm for the
total portfolio.

LTV Ratios.  The global LTV including prior ranking claims
decreased from 84.3% at closing to 77.8% as of January 2010.  This
is below the currently required LTV covenant level of 79.4% and in
line with the covenant level required on the October 2010 interest
payment date.  The LTV ratio is also below the Target Global REF
Note to Value Ratio.  If this ratio is not met for the respective
period, excess cash is used to further amortize the REF Notes.  As
the Target Global REF Note to Value Ratio for the January 2010
interest payment date was 78.1%, no excess cash was used to
further amortize the REF Notes.  The scheduled LTV covenant is
73.5% and the Target Global REF Note to Value Ratio is 70.0% at
REF Note maturity in 2013, both based on the initial valuation
adjusted for sales.

4) Moody's Portfolio Analysis

Property Portfolio Income and Debt Service Capability.  The
current portfolio's net cash flows are below Moody's initial
expectations, which is partly driven by lower than expected
property sales.  In its revised base case, Moody's assumes lower
net cash flows going forward, implying lower property sales and
giving some benefit for the anticipated reduction of overhead
costs as per the sponsor's business plan.  Combined with a
scheduled increase in the swap rate mid 2010 by 1.4%, Moody's
expects that the REF Note Issuers will have to dispose properties
or to inject equity in order to meet their debt service
obligations (including the required amortization to remain LTV
covenant compliant).

Property Values.  The number of transactions involving larger
multi-family portfolios in Germany has decreased significantly
since the peak of the market in 2006 and 2007.  Moody's estimates
that the aggregated value of the portfolio has decreased by
approximately 12% since closing to EUR 7.140 million as of January
2010 (or EUR648 per sqm).  The Moody's value reflects both the
reduced interest in acquiring larger multi-family portfolios in
Germany and the restricted availability of financing of portfolios
of this size.  Based on Moody's value assumption, the
transaction's current total LTV is 88.2%.  The LTV takes into
account existing subsidized debt that ranks senior to the REF
Notes.  Moody's LTV is expected to decrease to around 79.5% by the
maturity of the REF Notes considering amortization as per the
scheduled LTV covenant levels.

Default Risk.  Compared to Moody's closing analysis, the term
default risk of the REF Notes has increased due to expected lower
net cash flows going forward and the to date lower than initially
expected property sales.  To meet the LTV covenant levels the REF
Note Issuers need to dispose properties or inject equity.  The
default risk at the maturity of the REF Notes has in Moody's view
increased considerably, mainly driven by the absolute size of the
financing and the more difficult lending market.  In mitigation,
Moody's has taken into account the remaining financing term of
more than three years until maturity in July 2013 allowing some
time for the market to recover.


TELE COLUMBUS: Nikolaus Eyes Sale to Limit Losses to Lenders
------------------------------------------------------------
Nikolaus & Co., the investment bank in control of Tele Columbus
GmbH, is trying to sell the German cable company for about
EUR600 million (US$804 million) to limit losses to its lenders,
Kate Haywood and Patricia Kuo at Bloomberg News report, citing two
people familiar with the situation.

According to Bloomberg, the people said Nikolaus is in talks with
as many as six potential buyers for Tele Columbus.  Nikolaus, as
cited by Bloomberg, said it acquired Tele Columbus in January and
is restructuring the Hannover-based company's debt "to give it a
going-concern value."

Bloomberg notes the people said Tele Columbus owes almost EUR1
billion to its creditors, led by York Capital Management LLC, Bank
of Ireland Plc and GoldenTree Asset Management LP.  Bloomberg
relates the people said the lenders have agreed to freeze loan
payments until the end of April to allow the company to cut debt
or seek a buyer.

According to Bloomberg, the people said lenders may restructure
the debt if bids for the company don't meet Nikolaus's target.
Bloomberg notes the people said they have proposed to write down
the company's debt to EUR623 million from EUR947 million in a
debt-for-equity swap.

Bloomberg relates the people said Tele Columbus would need to pay
more interest on its debt under the proposed restructuring.

Tele Columbus -- http://www.telecolumbus.de/-- is a cable TV,
Internet, and phone service provider.  With more than 2 million
subscribers, Tele Columbus is among Germany's top cable providers
(behind Kabel Deutschland and Unitymedia).  It offers analog and
digital cable, high-speed Internet, and cable telephone service.
Both Tele Columbus and PrimaCom are owned by holding company Orion
Cable; Tele Columbus has a presence across northern and western
Germany, while PrimaCom's customers are focused in the eastern
part of the country.  Orion Cable is owned by a holding company
controlled by investment banking firm Nikolaus & Co.  Tele
Columbus was founded in 1985.


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G R E E C E
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AGRICULTURAL BANK: Moody's Gives Negative Outlook on 'D' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the D bank
financial strength rating, the Baa1 long-term deposit and senior
debt ratings, and the Baa2 subordinated debt rating of
Agricultural Bank of Greece SA to negative from stable.  The
bank's short-term deposit rating was affirmed at Prime-2.

The rating action was prompted by the country's weakening
macroeconomic outlook and the impact this is having on ATEBank's
financial performance.  For the year-ended December 2009, the bank
reported losses of EUR401.5 million, compared with profits of
EUR27.8 million reported for 2008, mainly resulting from increased
loan-loss provision requirements (2.7% of gross loans) for its
deteriorating asset quality.  "These losses have also hit the
bank's capital base", says Constantinos Kypreos, lead analyst at
Moody's for ATEBank.  "Moreover, with a capital adequacy ratio of
9.2% (inclusive of the government-owned preference shares),
Moody's believes that the bank is now thinly capitalized."

For 2010, Moody's expects sustained pressure on the bank's
financial fundamentals, with further deterioration in asset
quality and an increase in funding costs; as a result, a material
improvement in the bank's capitalization metrics is doubtful in
the medium term.

The last rating action on ATEBank was implemented on April 24,
2007, when Moody's upgraded the bank's BFSR to D from D-.

Headquartered in Athens, Greece, Agricultural.  Bank of Greece SA
reported total assets of EUR32.8 billion at the end of December
2009.


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H U N G A R Y
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KANIZSAI NYOMDA: Liquidator Invites Bids for Assets
---------------------------------------------------
MTI-Econews, citing business daily Napi Gazdasag, reports that
TM-Line, the liquidator of Kanizsai Nyomda, has issued a tender
for the purchase of the real estate and machinery of the printing
company.

The report relates Janos Bosz of TM-Line told NapiGazdasag that
the asking price for Kanizsai Nyomda's 266-square-meter building
and 1,000-square-meter site in Nagykanizsa is HUF27 million, while
that for the company's machinery is HUF2 million.

The deadline for submission of bids is April 16, the report notes.

The company has been under liquidation since December 2010, the
report discloses.  It had accumulated debts of more than HUF50
million following a drastic decline in orders in the second half
of 2008, the report says citing Mr. Bosz.


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EIRLES TWO: S&P Junks Ratings on Series 238, 239 Notes
------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
its credit ratings on Eirles Two Ltd.'s credit-linked notes series
231, 232, 238, 239, and 303.

Specifically S&P has:

* Affirmed and removed from CreditWatch negative the 'AA-' rating
  on series 231;

* Lowered to 'B' and placed on CreditWatch negative the rating on
  series 232;

* Lowered to 'CCC-'and removed from CreditWatch negative the
  ratings on series 238 and 239; and

* Lowered to 'BBB+' and kept on CreditWatch negative the rating on
  series 303.

The downgrades follow S&P's assessment that the credit quality of
the transaction's reference portfolios has deteriorated.  Within
each portfolio, S&P has observed that the proportion of assets
rated 'CCC+' and below has increased to approximately 9%.  At the
same time, defaults in some of the portfolios have reduced the
credit enhancement available to the notes those portfolios
reference.  These factors have led to us lower the ratings on
series 232, 238, 239, and 303 to levels where the available credit
enhancement would, in S&P's opinion, support the scenario loss
rates generated for the relevant portfolios.

The credit enhancement for the series 231 notes remains at a level
that, in S&P's opinion, is commensurate with a 'AA-' rating.
Therefore, S&P has affirmed the rating on these notes.

The ratings on series 232 and 303 remain on CreditWatch negative
in accordance with S&P's SROC criteria, which include an analysis
of the portfolio in 90 days, assuming no rating migration in the
underlying reference portfolio.

                           Ratings List

                           Eirles Two Ltd.

       Ratings Lowered and Removed From Creditwatch Negative

EUR5 Million Portfolio Credit-Linked Floating-Rate Secured Notes

                                 Rating
                                 ------
         Series        To                  From
         ------        --                  ----
         238           CCC-                BBB-/Watch Neg

EUR5 Million Portfolio Credit-Linked Floating-Rate Secured Notes

                                 Rating
                                 ------
         Series        To                  From
         ------        --                  ----
         239           CCC-                BB/Watch Neg

         Rating Lowered and Kept on Creditwatch Negative

EUR32 Million Portfolio Credit-Linked Floating-Rate Secured Notes

                                 Rating
                                 ------
         Series        To                  From
         ------        --                  ----
         303           BBB+/Watch Neg      AA-/Watch Neg

         Rating Lowered and Placed On Creditwatch Negative

     US$55 Million Portfolio Credit-Linked Floating-Rate Notes

                                       Rating
                                       ------
              Series        To                  From
               ------        --                  ----
               232           B/Watch Neg         BB

       Rating Affirmed and Removed For Creditwatch Negative

    US$35 Million Portfolio Credit-Linked Floating-Rate Notes

                                 Rating
                                 ------
         Series        To                  From
         ------        --                  ----
         231           AA-                 AA-/Watch Neg


GREEN ISLAND: Moody's Cuts Rating on Tier-One Notes to 'Caa1'
-------------------------------------------------------------
Moody's Investors Service announced this rating action on notes
issued by Green Island Capital Securities plc.

Issuer: CHESS Capital Securities plc EUR125,000,000 Perpetual
Tier-One Pass-Through Securities

  -- EUR125,000,000 Perpetual Tier-One Pass-Through Securities,
     Downgraded to Caa1; previously on Jun 29, 2009 Downgraded to
     B3

The transaction is a pure pass-through of the rating of non-
cumulative Perpetual Capital Securities of EBS Capital No. 1 S.A.
The rating action follows the downgrade of the Collateral to Caa1
from B3.


OCEAN BAR: Ivory Pub to Close; April 20 Creditors' Meeting Set
--------------------------------------------------------------
The Irish Times reports that a creditors' meeting has been called
for Ocean Bar, the company behind Ivory, a pub on Castle Street,
formerly McDonagh's.  The report says Andy Neiland and Eoghan
Breslin, the proprietors of Ocean Bar, are to close the pub.

According to the report, the creditors' meeting is scheduled for
April 20.  The report says while it seems there are few trade
creditors, it looks like the Revenue Commissioners will once again
take a big hit.

The report also relates Mr. Neiland said a dramatic fall-off in
trade and the level of customer spend, plus a lack of access to
credit, contributed to Ivory's downfall.  He said the demise of
Ivory will have no impact on Ocean, which continues to trade post-
examinership under the original management, the report notes.

The report recalls that in autumn 2008 Ocean applied to the High
Court for protection, with debts of almost EUR2 million.
Examinership was awarded and a scheme of arrangement drawn up
between the holding company and creditors was approved by the
court, the report recounts.  This involved ACCBank taking a 30%
hit on a EUR1.37 million loan secured on the pub, the report
states.


QUINN INSURANCE: Not At Risk of Liquidation, Administrators Say
---------------------------------------------------------------
The Irish Times reports that administrators at Quinn Insurance on
Thursday night insisted there was no danger of the firm going into
liquidation.  The Irish Times relates in a letter to insurance
brokers across the country, Paul McCann and Michael McAteer said
the business was continuing to trade as a going concern and all
its liabilities were being met.

"During the administration procedure, by law, Quinn Insurance
Limited (QIL) cannot be placed into liquidation," The Irish Times
quoted the administrators as saying.  "In the history of the
administration process since it was introduced in 1983, no company
which has gone into administration has gone into liquidation."

The Irish notes Messrs. McCann and McAteer said suggestions from
the Irish Brokers Association that in scenarios such as
liquidation Quinn Insurance's commercial customers would have
limited access to compensation were incorrect.

"We would point out to you that there is no limitation on access
to the Insurance Compensation Fund during an administration," the
administrators wrote, according to The Irish Times.  "The legal
position set out by the IBA is not relevant as QIL is in
administration."

As reported by the Troubled Company Reporter-Europe on April 1,
2010, The Times said Irelands' Financial Regulator on March 30 put
Quinn Insurance into provisional administration.  The Times
disclosed joint administrators were appointed to Quinn Insurance
by the High Court in Dublin after the regulator expressed concerns
about the company's finances and how it was being run.  The Times
related the regulator said the business would remain open for
business and would continue to be run as a going concern under
different management.  The Times noted the regulator did not
disclose the matters being investigated but its counsel told the
court that, in recent months, the company had "significantly
breached" its solvency ratios.  According to The Times, the
counsel said the company had gone from a position of having assets
over liabilities of some EUR200 million to now having an excess of
liabilities of more than EUR200 million.

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has just more than 20% of the motor and
health insurance market in Ireland.  It has more than one million
customers in the country.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004, according to The Times.


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SAFILO SPA: S&P Raises Corporate Credit Rating to 'CCC+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it raised to 'CCC+'
from 'D' (Default) its long-term corporate credit rating on Italy-
based eyewear manufacturer Safilo SpA.  The outlook is stable.

At the same time, S&P raised the issue rating on the
EUR195 million 9.625% second-lien notes due 2013 issued by fully
owned finance subsidiary Safilo Capital International S.A.  to
'CCC' from 'D'.  The recovery rating on the second lien notes is
unchanged at '5', indicating S&P's expectation of modest (10%-30%)
recovery in the event of a payment default.

The rating action follows the announcement by Safilo on March 26,
2010, of the completion of a recapitalization plan, which led to
the change of the group's reference shareholder, to the
strengthening of its capital structure, and to the improvement of
its liquidity position.

S&P believes that this recapitalization was beneficial to Safilo,
as the group received a total inflow of funds of EUR284 million.
Safilo used this cash to repay part of the existing senior bank
facilities, for EUR185 million, and some bilateral lines.
Furthermore, the inflow made effective the restructuring agreement
of the senior bank facilities, with lenders agreeing to postpone
the maturities of the facilities.  On Dec. 31, 2009, Safilo
reported a net financial position, pro forma for the inflow of
funds, of EUR318 million, or 4.8x reported EBITDA from ordinary
activities.

"In S&P's opinion, Safilo's financial debt remains high,
especially in the light of upcoming scheduled debt repayments,
sluggish market conditions, and the group's track record of
negative free operating cash flow," said Standard & Poor's credit
analyst Diego Festa.

Furthermore, despite the fact that under the restructuring
agreement Safilo will benefit from having no financial covenant
tests for two years, S&P believes that on the first test date,
June 30, 2012, the headroom on the new financial covenants
included in the existing senior bank facilities is likely to be
tight.  All these elements highlight, in S&P's view, a high
refinancing risk, and the possibility that, if the recovery in the
consumer demand is delayed, Safilo will need to request a further
waiver of its financial covenants.  This supports S&P's long-term
corporate credit rating of 'CCC+' on Safilo.

"The stable outlook reflects S&P's view that although Safilo has
put in place its funding sources for the next 12 months, there are
ongoing challenges in its operating environment which might hamper
the company's further progression up the rating scale," said Mr.
Festa.

In particular, S&P considers volatile demand conditions in
Safilo's main markets, and the group's relatively high share of
fixed costs to be key threats to its ability to start generating
positive operating cash flows over the next 12-18 months.  Bearing
in mind Safilo's sizeable refinancing requirements in 2012 and
2013, S&P will focus its rating surveillance for the next 12 to 18
months on the group's trading results and their impact on
internally generated liquidity.


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K A Z A K H S T A N
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* KAZAKHSTAN: Moody's Reviews Ratings of Six Banks for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of six Kazakh financial institutions, four
of which are financial Government-Related Issuers -- namely
Development Bank of Kazakhstan, Kazakhstan Mortgage Company, and
KazAgroFinance, Agrarian Credit Corporation.  The two remaining
institutions are House Construction Savings Bank of Kazakhstan --
a fully government-owned bank, and DBK Leasing -- a leasing
company.  The rating action follows the change in outlook on
Kazakhstan's sovereign rating to stable from negative and the
lowering of the country's foreign currency bond ceiling by one
notch to Baa2.

The review for possible downgrade was prompted by "the uncertainty
about the authorities' support for banks as well as several
government-related institutions", which, according to Moody's
sovereign press release on 5 April 2010, "justifies a more
conservative stance on support assumptions".

"In the view of the government's attempts to limit large
contingent sovereign liabilities, the rating agency will reassess
the level of the government support incorporated into the ratings
of four Kazakh GRIs and into the ratings of House Construction
Savings Bank of Kazakhstan, a fully government-owned bank," says
Mr. Semyon Isakov, an Assistant Vice-President and Moody's lead
analyst for a number of Kazakh banks and GRIs.  "The issuer
ratings of DBK-leasing, a 100% subsidiary of the Development Bank
of Kazakhstan, were also placed on review for possible downgrade
as the ratings currently benefit from a high level of parental
support," adds Mr. Isakov.

As part of the review, Moody's will also consider the importance
of the policy role that each of these institutions play within the
country, as this factor can influence the government's willingness
to provide support.  The agency notes that the affected financial
institutions, including financial GRIs, serve important policy
roles within the Kazakh financial sphere.  However, the strategic
importance of these entities for the government may not be as
vital as GRIs operating in the oil and gas industry, which is the
main engine of economic growth for the country.  The ratings of
the entities affected by the review currently benefit from three-
to five- notches of support from their Baseline Credit
Assessments.  Moody's notes that while the review may lead to a
reduction in the level of credit enhancement stemming from
government support, these ratings will likely continue to benefit
from significant uplift from their BCAs.

The rating actions taken by Moody's in respect of these financial
institutions are:

Development Bank of Kazakhstan: The Baa2 long-term foreign
currency issuer and debt ratings were placed on review for
possible downgrade; these ratings benefit from a very high
probability of government support that results in a four-notch
uplift from the bank's BCA of 11-13.

Kazakhstan Mortgage Company: The Ba2 long-term local currency
issuer rating was placed on review for possible downgrade.  This
rating benefits from a strong probability of government support
that results in a three-notch uplift from the company's BCA of 15.

KazAgroFinance: The Ba1 long-term local and foreign currency
issuer ratings were placed on review for possible downgrade; these
ratings benefit from a high probability of government support that
results in a four-notch uplift from the company's BCA of 15.

Agrarian Credit Corporation: The Ba1 long-term local and foreign
currency issuer ratings were placed on review for possible
downgrade; these ratings benefit from a high probability of
government support that results in a four-notch uplift from the
company's BCA of 15.

House Construction Savings Bank of Kazakhstan: The Baa3/Prime-3
long-term and short-term local currency deposit rating were placed
on review for possible downgrade; these ratings benefit from a
very high probability of government support that results in a
five-notch uplift from the company's BCA of B2.  The bank's BFSR
of E+ is unchanged with a stable outlook.

DBK-Leasing: The Ba3 long-term local and foreign currency issuer
ratings were placed on review for possible downgrade; these
ratings benefit from a high probability of parental support that
results in a three-notch uplift from the company's BCA of B3.

Moody's also notes that ratings of all other Moody's-rated Kazakh
financial institutions are not affected by the sovereign rating
actions as these ratings either do not benefit from government
support, or the level of the government support incorporated in
the ratings of these financial institutions is low or moderate,
and therefore the change of the outlook on the sovereign ratings
has no impact on these banks' supported ratings.

        Previous Rating Action and Principal Methodologies

Moody's previous rating action on Development Bank of Kazakhstan,
Kazakhstan Mortgage Company, KazAgroFinance, Agrarian Credit
Corporation and House Construction Savings Bank of Kazakhstan was
on July 10, 2009, when the rating agency confirmed deposit rating
of House Construction Savings Bank of Kazakhstan and issuer rating
of Development Bank of Kazakhstan, and downgraded issuer ratings
of Kazakhstan Mortgage Company, Agrarian Credit Corporation and
KazAgroFinance.  That rating action followed the review of their
ratings that was initiated on 22 May 2009 following the default of
Astana-Finance, another Kazakh GRI.

Moody's previous rating action on DBK-leasing was on February 24,
2009, when the rating agency lowered BCA to 16 from 15 and
affirmed Ba3 local currency issuer rating of the company.


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


EUROPEAN TRUST: Moody's Downgrades Bank Strength Rating to 'E'
--------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of European Trust Bank to E from E+, and the long-
term global local and foreign currency deposit ratings to Caa1
from B3.  Concurrently, Moody's Interfax Rating Agency downgraded
the bank's long-term National Scale Rating to Ba1.ru from Baa3.ru.
Moscow-based Moody's Interfax is majority owned by Moody's.

The rating action concludes the review for possible downgrade of
ETB's BFSR and long-term deposit ratings, initiated on
December 15, 2009.  The review was driven by concerns with regard
to ETB's asset quality as well as increased market risks related
to real estate-linked private equity funds as the bank's capital
adequacy may not be sufficient to absorb the credit and market
risks arising from its asset quality deterioration and exposure to
private equity funds.  Furthermore, the bank's liquidity was
characterized by a relatively high dependence on funding from the
Central Bank of Russia.

Moody's notes that ETB's economic capital is not sufficient to
absorb potential losses arising from further pressure on asset
quality and exposure to private equity funds, which demonstrates
the bank's higher-than-peers risk appetite to market and credit
risks in crisis environment.  The bank's capital is likely to face
further challenges as internal capital generation capacity is
constrained by the increasing cost of funding and the high volume
of operating expenses.

"While ETB complies with CBR regulatory requirements on
capitalization and although its statutory Tier 1 ratio stood at
12% at 1 March 2010, the bank's economic capitalization has
historically been kept at a lower level compared to its peers,"
said Elena Redko, a Moscow-based Moody's Analyst and lead analyst
for this issuer.  "Furthermore, the bank's economic capital is
undermined by its exposure to real estate private equity funds,
which accounted for over 100% of its Tier 1 capital as at 1 March
2010.  Going forward, given adverse credit conditions in which ETB
operates, the rating agency does not expect material improvements
in the bank's capitalization in 2010."

More positively, Moody's notes that ETB has improved its liquidity
profile by increasing the volume of retail deposits -- albeit from
a low base -- and decreased its dependence on CBR funding from
RUB1.7 billion as of December 31, 2009, to RUB600 million as at 1
March 2010.  Moody's believes that the change in funding structure
renders the bank's liquidity more stable and granular and lowers
the refinancing risks, while accumulated volume of liquid assets
is adequate to cover potential volatility of such funding.

Moody's previous rating action on ETB was on December 15, 2009,
when the rating agency placed the BFSR of E+ and long-term deposit
ratings of B3 on review for possible further downgrade.

Headquartered in Moscow, Russia, ETB reported total assets of
RUB10.6 billion (US$351 million) as at December 31, 2009, and
total capital of RUB1.4 billion (US$48 million) in accordance with
Russian Accounting Standards.


NUTRITEK GROUP: Delays Share Placement; Works on Emergency Plan
---------------------------------------------------------------
Maria Plis at Reuters reports that Nutritek's board of directors
decided to postpone the company's secondary share placement while
the firm works on an emergency plan.

According to Reuters, Nutritek said "The board . . . has entrusted
the management with working out within two weeks an emergency plan
aimed at avoiding the company's bankruptcy and restoring its
solvency."

Reuters notes that sources said the firm had planned to raise
around US$100 million through the share issue to improve its
financial state.

Reuters relates the company's bank accounts are frozen following a
RUR10.8 million (US$368,300) lawsuit filed by one its creditors
who had not accepted its restructuring of the bulk of US$210
million in overdue loans.  The restructuring allowed creditors to
get the majority of votes on the company's board, Reuters states.

Headquartered in Moscow, Russia, Nutritek Group --
http://www.nutritek.ru/-- specializes in the food production
especially children's food, children's specialized nutrition,
healthy food, as well as dairy products.


YUKOS OIL: Rosneft's UK Bank Accounts Unfrozen
----------------------------------------------
Courtney Weaver at The Financial Times reports that Rosneft, the
Russian state oil company, has managed to unfreeze its UK bank
accounts containing GBP425 million (US$648 million) after it
agreed to provide a security on a claim by Yukos Capital, a
subsidiary of the bankrupt Russian oil group.

The FT relates the agreement follows the UK high court's decision
last month to uphold an earlier Dutch court ruling ordering
Rosneft to pay US$389 million to settle an outstanding loan Yukos
Capital made to Yuganskneftegaz, Yukos's production unit, before
Rosneft took over the subsidiary later in 2004.


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


GAT FTGENCAT: Moody's Downgrades Rating on Class D Notes to Ba1
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on the
long-term credit ratings of these notes issued by GAT FTGENCAT
2005, FTA:

  -- EUR122.4 million Class A2G: Confirmed at Aaa; previously on
     March 23 2009 placed under review for possible downgrade.

  -- EUR 9 million Class B: Upgraded to Aa1 from Aa2; previously
     on March 23 2009 placed under review for possible downgrade.

  -- EUR15.4 million Class C: Upgraded to A1 from A2; previously
     on March 23 2009 placed under review for possible downgrade.

  -- EUR24.5 million Class D: Downgraded to Ba1 from Baa3;
     previously on March 23 2009 placed under review for possible
     downgrade.

Moody's initially assigned definitive ratings in December 2005.

The rating actions resulted from Moody's update of its ABS SME
approach, as described in the Rating Methodology report "Refining
the ABS SME Approach: Moody's Probability of Default Assumptions
in the Rating Analysis of Granular Small and Mid-sized Enterprise
Portfolios in EMEA", published on 17 March 2009, which had
prompted the rating review.

As a result of its revised methodology, Moody's has reviewed its
assumptions for GAT FTGENCAT 2005, FTA's collateral portfolio,
taking into account anticipation of performance deterioration of
the pool in the current down cycle and the exposure of the
transaction to the real estate sector (either through security in
the form of a mortgage or debtors operating in the real estate
sector).  The deterioration of the Spanish economy has been
reflected in Moody's negative sector outlook for Spanish SME
securitization transactions.  Overall, this transaction has been
performing in line with the Spanish SME index published by
Moody's.

As of February 2010, the cumulative write offs had reached 1.2% of
the original pool balance.  Also, outstanding delinquencies 90+
days stood at 3.1% of current balance, and seemed to be
stabilizing over the last two quarters.  Although the reserve fund
has been below its target level since October 2009, it represents
10.9% of the outstanding balance of the notes as of February 2010.

Moody's has revised its assumption of the default probability of
the SME debtors to an equivalent rating in the single B-range for
debtors operating in the real estate sector, and in the Ba-range
for non-real-estate debtors.  Also, the loans to micro SMEs and
self employed individuals have been further notched down.
Additionally, loans in arrears have been notched down depending on
their delinquency status, and performing loans not in the building
and real estate sector with relatively long seasoning have been
notched up depending on their actual seasoning.

At the same time, Moody's estimated the remaining weighted-average
life of the portfolio to 3.8 years.  These revised assumptions
have translated into a cumulative mean default assumption for this
transaction of 14.6% of the current portfolio balance
(corresponding to 6.5% of the original pool balance).  Moody's
original mean default assumption was 3% of original portfolio
balance based on 90 days+ arrears as default proxy, with a
coefficient of variation of 62%.  Because of the relatively low
effective number of borrowers in the portfolio (362), Moody's used
a Monte Carlo simulation to determine the probability function of
the defaults with a resulting coefficient of variation of 53%.
The average recovery rate assumption was updated at 60%
(stochastic recovery rate) compared with 40% assumed at closing
based on collateralization level and the nature of the properties
used as collateral.  The prepayment rate is assumed to be 5%,
which is comparable to recently observed levels for CPR values.

The rating upgrades resulted from the significant build-up of
credit enhancement under the Class B and Class C notes due to the
amortization of the very seasoned portfolio.  This additional
credit enhancement, combined with some of Moody's revised rating
assumptions, outweighed the effect of Moody's increased default
probability expectation.  Increased credit enhancement was not
sufficient for Class D in view of the increased default
expectations.  Moody's run sensitivity tests around the mean
default, coefficient of variation and recovery rate.

Class A2(G) notes benefit from a guarantee from the Region of
Catalonia (Generalitat de Catalunya, A1) for interest and
principal payments.  Moody's has determined that the expected loss
associated with Class A2(G) without the guarantee, which was
consistent with Aaa at closing, is still consistent with a Aaa
rating.

As part of its review, Moody's considered the potential for
further performance deterioration in the current economic cycle,
and the exposure of the transaction to the real estate sector.
The deterioration of the Spanish economy has been reflected in
Moody's negative sector outlook for Spanish SME securitization
transactions.

GAT FTGENCAT 2005, FTA is a securitization fund, which purchased a
pool of loans granted to Spanish SMEs originated by BBVA (Aa2/P-
1), Caixa Catalunya (A3/P-2) and Banco Popular Espa¤ol (Aa3/P-1).
In December 2005, the portfolio consisted of 10,049 loans.  The
loans were essentially originated between 2002 and 2005, with a
weighted-average seasoning of 1.8 years and a weighted average
remaining term of 7.6 years.  The concentration in the "Building
and Real Estate sector" has increased to 37% of the portfolio as
of December 2009 from 30% of the portfolio at closing (according
to Moody's industry classification), while the number of borrower
stood at 2,132.  The pool is 100% concentrated in the region of
Catalonia.

The risk related to Caixa Catalunya, whose ratings have been
downgraded to A3/P-2 in June 2009 from A1/P-1 at closing, has been
mitigated by the transfer of the specific Caixa Catalunya
collection account at the level of the fondo to Banco
Sabadell(A2/P-1) to which collections received by Caixa Catalunya
are transferred on a daily basis.  Also, cash collateral has been
posted under the interest rate swap provided by Caixa Catalunya.

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


OBRASCON HUARTE: Moody's Affirms 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and probability of default rating of Obrascon Huarte Lain
S.A.  At the same time, Moody's assigned a provisional (P) Ba1
rating to the proposed new senior unsecured notes.  The definitive
rating will be assigned on the notes upon review of final
documentation and completion of the transaction.  Outlook on the
ratings remains negative.

The Ba1 CFR continues to take into account OHL's (i) portfolio of
businesses, through which it balances cyclical construction
activities with more predictable concession-generated revenues;
and (ii) its gradually decreasing exposure to the Spanish economy,
with its involvement in international construction projects and a
growing portfolio of Latin American infrastructure assets.  At the
same time, the rating factors in: (i) the potential for volatility
in the cyclical construction industry; and (ii) the challenges OHL
faces in controlling its expanding international activities.

The negative outlook reflects Moody's view that, in order to
maintain the current rating, OHL must: (i) demonstrate willingness
and ability to slow the pace of investments whilst improving
working capital management to restore recourse cash flow
generation; and (ii) achieve good operating performance, thereby
favorably impacting EBITDA and retained cash flow growth.  In
conjunction with this, the rating agency expects OHL to (i)
maintain net recourse debt/EBITDA between 2x and 2.5x as of year-
end (i.e.  when working capital requirements are the lowest), and
recourse RCF/net recourse debt exceeding 20% as of year-end; and
(iii) achieve a gradual return to positive free cash flow for the
recourse business on a sustainable basis.

Moody's recognizes that OHL has managed to address a number of
concerns embedded in the outlook over the past six months by
reporting satisfactory operating results for 2009 -- including a
5% increase in recourse revenue and a 9% increase in recourse
EBITDA -- and positive working capital over the year to December
2009.  In addition, OHL has benefited from a EUR200 million
capital increase, it recently extended the term of its existing
syndicated facilities coming due in early 2011, and the company's
planned bond issue, if successful, will reduce drawings under
short-term bank facilities while extending some of its existing
bond maturities by way of an exchange offer for up to
EUR300 million.  Net recourse debt/EBITDA at 2.5x for 2009 was in
line with Moody's guidance for the current rating.

However, Moody's notes that OHL invested significantly --
approximately EUR1.3 billion -- in its concessions in 2009 and
further heavy investments are expected for 2010, notably in its
infrastructure projects in Mexico (CONMEX and Viaducto
Bicentenario).  Before considering a revision of the outlook, the
rating agency will seek reassurance during the coming months as to
how investments will actually be funded and whether the expected
return to positive cash flow generation is under way.

The provisional (P) Ba1/negative instrument rating on the proposed
senior notes (due 2015 according to indicative exchange terms)
reflects their senior unsecured status and pari passu ranking with
a large majority of OHL's existing and future obligations.

The last rating action was implemented on 14 September 2009, when
OHL's ratings were downgraded to Ba1 from Baa3, with a negative
outlook.

Headquartered in Madrid, OHL is one of Spain's leading
construction and concession operators with environmental,
development and industrial activities.  In 2009, the company
reported revenues of approximately EUR4.4 billion and EBITDA of
around EUR747 million.


PRISA: Agrees to Extend Deadline for Creditors to Back Debt Deal
----------------------------------------------------------------
Judy MacInnes at Reuters reports that Promotora de Informaciones
S.A and its prospective partner, U.S. fund Liberty Acquisition
Group, said on Friday that they had agreed to extend the deadline
for the indebted media group's creditor banks to back a deal.

Reuters recalls Prisa and Liberty reached a deal last month worth
around US$900 million for the U.S. investment group to acquire up
to half of the media company's capital and finalize Prisa's debt-
refinancing.

According to Reuters, the companies said in a joint statement the
deadline for the creditors to back the entry of Liberty into the
group will be extended to April 19, 2010, from April 5, 2010.

Promotora de Informaciones S.A (PRISA) --
http://www.prisa.com-- is a Spain-based holding company, engaged
in various media activities.  The Company has six business areas:
publishing, education and training (Grupo Santillana publishes
textbooks and books of general interest); press (El Pais
Internacional is engaged in the distribution of news material and
services to other newspapers and publications worldwide); radio
(Union Radio is a group broadcasting worldwide); audiovisual
(PRISA offers services and products, including Pay TV, thorough
the satellite platform DIGITAL+, and free-to-view through the
channel Cuatro); online (Prisacom is committed to the development
of multimedia content with broadcasting for Internet-based TV) as
well as commercial & marketing (Sogecable Media SA manages all the
advertising on the Company and its group's media).  The Company is
present in 22 countries, such as Portugal, Brazil or the United
States.


SANTANDER 07-1: Fitch Affirms Rating on Class D Notes at 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded all the senior and mezzanine notes
issued by FTA Santander Consumer Spain Auto 07-1 and FTA Santander
Consumer Spain 08-1 following its recent review of the two
transactions' performance.  The notes in Santander 07-1 are backed
by 100% auto loans; while Santander 08-1 is backed by a mixed pool
of auto and consumer loans.

The full rating actions breakdown:

Santander 07-1

  -- EUR1,102.9m class A: downgraded to 'AA' from 'AAA'; Outlook
     Negative; Loss Severity Rating 'LS-1'

  -- EUR78m class B: downgraded to 'BBB' from 'A-'; Outlook
     Negative; LS Rating revised to 'LS-3' from 'LS-2'

  -- EUR20m class C: downgraded to 'B+' from 'BB'; Outlook
     Negative; LS Rating revised to 'LS-5' from 'LS-3'

  -- EUR40m class D: affirmed at 'CC'; Recovery Rating (RR) 'RR3'.

Santander 08-1

  -- EUR307.5m class A: downgraded to 'AA-' from 'AAA'; Outlook
     Negative; LS Rating revised to 'LS-2' from 'LS-1'

  -- EUR35m class B: downgraded to 'BBB' from 'A'; Outlook
     Negative; LS Rating revised to 'LS-4' from 'LS-2'

  -- EUR10m class C: downgraded to 'BB' from 'BBB'; Outlook
     Negative; LS Rating revised to 'LS-5' from 'LS-3'

  -- EUR12m class D: downgraded to 'CCC' from 'B+'; assigned
     'RR2'; removed LS Rating

  -- EUR10m class E: affirmed at 'CC'/'RR3'

Both transactions have incurred a high level of late delinquencies
(referred to as 180-360 days arrears) which, as of January 2010
(December 2009 for Santander 07-1) accounted for 4.9% of each of
their respective outstanding pools.  Moreover, Santander 08-1 also
reported a 12+ month delinquency rate of 3.5% in January 2010.

Due to the 18 months default definition, Santander 08-1 has not
reported any defaulted loans for its existing asset pool; however,
given the size of the 12+ month delinquencies, the potential
defaults could have reached EUR12.8 million or 2.6% of the initial
pool when assuming 100% default on this delinquency bucket.  The
transaction will most likely draw down the reserve fund to absorb
the potential defaults in the coming quarters which are not
covered by the available excess spread.

Although no reserve funds have been drawn in Santander 07-1, this
could change in the forthcoming months as the default level
continued to climb above the existing excess spread.  Fitch excess
spread (after defaults) in Santander 07-1 dropped to 63bps in
December 2009 from 88bps in the previous quarter.  The potential
decline in the reserve fund will weaken the current credit
enhancement to all the notes and, in some cases, lead to potential
principal losses on the notes, mostly the junior tranche.

Based on the current pool performance Fitch has revised its
assumptions on the expected defaults and recovery rate for the
remaining pool by incorporating the current delinquency trend and
the average recovery performance in other similar Spanish deals.
Other factors such as the pool de-leveraging, prepayment and
weighted average residual life have also been factored into the
final rating analysis.


SANTANDER 08-1: Fitch Junks Rating on Class D Notes From 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded all the senior and mezzanine notes
issued by FTA Santander Consumer Spain Auto 07-1 and FTA Santander
Consumer Spain 08-1 following its recent review of the two
transactions' performance.  The notes in Santander 07-1 are backed
by 100% auto loans; while Santander 08-1 is backed by a mixed pool
of auto and consumer loans.

The full rating actions breakdown:

Santander 07-1

  -- EUR1,102.9m class A: downgraded to 'AA' from 'AAA'; Outlook
     Negative; Loss Severity Rating 'LS-1'

  -- EUR78m class B: downgraded to 'BBB' from 'A-'; Outlook
     Negative; LS Rating revised to 'LS-3' from 'LS-2'

  -- EUR20m class C: downgraded to 'B+' from 'BB'; Outlook
     Negative; LS Rating revised to 'LS-5' from 'LS-3'

  -- EUR40m class D: affirmed at 'CC'; Recovery Rating (RR) 'RR3'.

Santander 08-1

  -- EUR307.5m class A: downgraded to 'AA-' from 'AAA'; Outlook
     Negative; LS Rating revised to 'LS-2' from 'LS-1'

  -- EUR35m class B: downgraded to 'BBB' from 'A'; Outlook
     Negative; LS Rating revised to 'LS-4' from 'LS-2'

  -- EUR10m class C: downgraded to 'BB' from 'BBB'; Outlook
     Negative; LS Rating revised to 'LS-5' from 'LS-3'

  -- EUR12m class D: downgraded to 'CCC' from 'B+'; assigned
     'RR2'; removed LS Rating

  -- EUR10m class E: affirmed at 'CC'/'RR3'

Both transactions have incurred a high level of late delinquencies
(referred to as 180-360 days arrears) which, as of January 2010
(December 2009 for Santander 07-1) accounted for 4.9% of each of
their respective outstanding pools.  Moreover, Santander 08-1 also
reported a 12+ month delinquency rate of 3.5% in January 2010.

Due to the 18 months default definition, Santander 08-1 has not
reported any defaulted loans for its existing asset pool; however,
given the size of the 12+ month delinquencies, the potential
defaults could have reached EUR12.8 million or 2.6% of the initial
pool when assuming 100% default on this delinquency bucket.  The
transaction will most likely draw down the reserve fund to absorb
the potential defaults in the coming quarters which are not
covered by the available excess spread.

Although no reserve funds have been drawn in Santander 07-1, this
could change in the forthcoming months as the default level
continued to climb above the existing excess spread.  Fitch excess
spread (after defaults) in Santander 07-1 dropped to 63bps in
December 2009 from 88bps in the previous quarter.  The potential
decline in the reserve fund will weaken the current credit
enhancement to all the notes and, in some cases, lead to potential
principal losses on the notes, mostly the junior tranche.

Based on the current pool performance Fitch has revised its
assumptions on the expected defaults and recovery rate for the
remaining pool by incorporating the current delinquency trend and
the average recovery performance in other similar Spanish deals.
Other factors such as the pool de-leveraging, prepayment and
weighted average residual life have also been factored into the
final rating analysis.


SANTANDER CONSUMER: Fitch Affirms 'CC' Rating on Class E Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the auto loan receivables-backed notes
issued under Santander Consumer Spain Auto 06.  The Outlooks for
the class A, B and C notes are Negative.

The rating actions are:

  -- Class A EUR454.3 million: affirmed at 'AA+'; Outlook
     Negative; Loss Severity Rating 'LS-1'

  -- Class B EUR22.3 million: affirmed at 'A'; Outlook Negative;
     LS Rating revised to 'LS-4' from 'LS-3'

  -- Class C EUR22.3 million: affirmed at 'BBB'; Outlook Negative;
     LS Rating revised to 'LS-4' from 'LS-3'

  -- Class D EUR22.9 million: affirmed at 'CCC'; Recovery Rating
     (RR) of 'RR4'

  -- Class E EUR10.2 million: affirmed at 'CC';'RR5'

The rating affirmations reflect that the transaction's performance
has been in line with Fitch's revised expectations following the
downgrade of all the notes in September 2009 as a result of
deteriorated asset performance due to the ongoing economic
recession in Spain.  The rating actions are based on the recent
six month performance (ended in January 2010), and the forecast
loss levels which are likely to be absorbed by the existing
capital structure, whilst also taking into account the de-
leveraging in the transaction.

Both early delinquencies (30-90 days arrears) and middle
delinquencies (90-180 days arrears) have shown signs of leveling
off in the last two quarters, while the late delinquency bucket
continued to grow by 11bps to 3.38% in January 2010.  The current
net default rate (calculated as an annualized percentage of the
current defaults of the outstanding pool) decreased marginally to
3.75% in January 2010 (October 2009: 4%), but remains at an
elevated level.

The transaction has continued to draw from its reserve fund to pay
down the notes although the size of the drawing was reduced in the
last quarter given the decreased net default level in January
2010.  The reserve account had a remaining balance of
EUR16.9 million in January 2010 (from a closing balance of
EUR20.25 million).  Since the reserve fund provides credit
protection to all the note classes under the transaction, the
decline in the reserve fund will weaken the available support
which could potentially lead to some losses being allocated to the
more junior notes in the future.


* SPAIN: U.S. Private Equity Groups Eye Stakes in Troubled Cos.
---------------------------------------------------------------
Sonya Dowsett and Judy MacInnes at Reuters report that U.S.
private equity groups are set to snap up stakes in distressed
Spanish companies hungry for capital in a credit-starved economy
and could play a key role in whittling down a mountain of
corporate debt.

According to Reuters, lawyers say they see the groups are
increasingly negotiating with companies' creditor banks, hoping to
secure a reduction in debt in exchange for taking a slice of the
company's equity.

                            Bankruptcy

Reuters says banks, facing growing bad debts from property
developers after Spain's real estate boom and bust, may prefer to
write off some of the companies' debt rather than attempt to
recover it all through Spain's drawn-out insolvency process.

Bankruptcy rates are ballooning as companies squeezed by falling
demand can no longer service their debts, Reuters notes.  Reuters
recalls nearly 6,000 businesses went into administration in 2009,
80% more than the previous year.

Not only are businesses struggling to pay off debt, they are also
having trouble accessing credit to fund their working capital as
banks staunch their flow of credit during Spain's worst recession
in 50 years, Reuters states.


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


BRITISH AIRWAYS: Inks Definitive Merger Agreement with Iberia
-------------------------------------------------------------
Mark Mulligan and Pilita Clark at The Financial Times report that
British Airways and Iberia on Thursday announced a definitive
merger agreement.  According to the FT, the companies said the
merged group would boast a 408-aircraft fleet and carry more than
58m passengers a year to 200 destinations.

The FT says Willie Walsh, BA's chief executive, will take up the
chief executive position at the new holding company, to be known
as International Airlines Group, while Antonio Vazquez, Iberia's
chairman, will take up the same post in the new organization.

BA shareholders will hold 55% of the new company, compared with
45% for Iberia's owners, but each airline would also have its own
chief executive and operating company in London and Madrid to
preserve both brands and existing international flying rights, the
FT states.

The carriers, as cited by the FT, said the deal, which is expected
to be completed by the end of this year, would generate synergies
of about EUR400 million (GBP350 million) by the fifth year.  The
tie-up must clear competition authorities in Brussels and needs
approval from each airline's shareholders, the FT notes.

The FT relates the airlines confirmed on Thursday that the holding
group would have its premium listing on the London Stock Exchange,
but also be traded on the Madrid Bolsa through an interconnection
system known as the "Mercado Continuo".

                      About British Airways

Headquartered in Harmondsworth, England, British Airways Plc,
along with its subsidiaries, (LON:BAY) -- http://www.ba.com/-- is
engaged in the operation of international and domestic scheduled
air services for the carriage of passengers, freight and mail and
the provision of ancillary services.  The Company's principal
place of business is Heathrow.  It also operates a worldwide air
cargo business, in conjunction with its scheduled passenger
services.  The Company operates international scheduled airline
route networks together with its codeshare and franchise partners,
and flies to more than 300 destinations worldwide.  During the
fiscal year ended March 31, 2009 (fiscal 2009), the Company
carried more than 33 million passengers.  It carried 777,000 tons
of cargo to destinations in Europe, the Americas and throughout
the world.  In July 2008, the Company's subsidiary, BA European
Limited (trading as OpenSkies), acquired the French airline,
L'Avion.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 12,
2009, Moody's Investors Service placed the Ba3 Corporate Family
and Probability of Default Ratings of British Airways plc and the
senior unsecured and subordinate ratings of B1 and B2 under review
for possible downgrade.  Moody's said the rating action reflects
the continued weakening in profitability in the first half of
FY2010 (to September 2009), with an operating loss of GBP111
million reported versus a profit of GBP140 million a year earlier
(post restructuring charges), and Moody's view that losses in
FY2010 will likely be higher than in FY2009.  This comes in spite
of lower operating costs, notably for fuel, as demand in the
industry remains very depressed, while the company has
successfully reduced its employee and selling costs.  Reported net
debt remained constant during the period, partly benefiting from a
positive exchange rate impact, although Moody's debt metrics also
incorporate the full value of the convertible notes issued in
August 2009.


INEOS GROUP: Fails to Secure Lender Approval on Refinancing Plan
----------------------------------------------------------------
Ineos Group Ltd. failed to get the approval of its senior lenders
to borrow EUR1 billion (US$1.3 billion) under more lenient
conditions, Patricia Kuo at Bloomberg News reports, citing two
people familiar with the situation.

Bloomberg notes the people said the deadline for Ineos to obtain
the consent of 90% of its senior creditors was April 9.  According
to Bloomberg, the people said the company will now extend the
deadline to agree to the refinancing plan to April 16.

The company is now revising the restructuring proposal, Bloomberg
says citing the people.

Bloomberg relates the people said Ineos offered senior lenders a
50 basis-point fee to consent to the new debt, which will waive
the company's obligation to prepay EUR700 million of senior loans
by June 2011.  The people, as cited by Bloomberg, said opponents
to the plan want Ineos to retain the clause forcing it to prepay
the debt, and want higher fees and interest margins in exchange
for lengthening the prepayment deadline of the loan.

                        About INEOS Group

INEOS Group is a diversified chemical company consisting of
several businesses.  Product lines include ethylene oxide-based
specialty and intermediate chemicals, fluorochemicals used as
refrigerants and propellants, and phenol and acetate products.
INEOS Chlor makes chlor-alkali chemicals, and INEOS Films and
Compounds manufactures PVC and PET films.  INEOS Group was formed
in 1998 after a management buyout led by CEO Jim Ratcliffe, who
controls the group.  Mr. Ratcliffe has placed INEOS among the
world's top chemical companies (with ExxonMobil, Dow, and BASF)
through his many and varied acquisitions.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 22,
2010, Standard & Poor's Ratings Services said that it has revised
its outlook to developing from negative on U.K.-based chemical
group Ineos, which includes Ineos Group Holdings PLC and Ineos
Holdings Ltd. At the same time Standard & Poor's affirmed its
'CCC+' long-term corporate credit rating on Ineos.

On March 22, 2010, the Troubled Company Reporter-Europe reported
that Moody's Investors Service has undertaken a series of rating
actions related to Ineos Group Holdings plc and its various debt
instruments in conjunction with assigning a positive outlook:

  (i) Corporate Family Rating upgraded by one notch to Caa1;

(ii) The ratings on the first lien senior secured bank
      facilities were upgraded by two notches to B2; and

(iii) The ratings on the EUR650 m 2015 2d lien senior secured
      loans were upgraded by one notch to Caa2.

The Caa3 ratings on 2016 senior g-teed notes were not affected.


LASER ELECTRICAL: Administrator Fails to Find Buyer
---------------------------------------------------
Francess McDonnell at The Irish Times reports that KPMG, the
administrator to Laser Electrical, failed to find a buyer for the
company.  The Irish Times relates that KPMG on Friday said it had
been unable to secure a way forward for Laser and its 140
employees who have been made redundant.

According to The Irish Times, Glyn Roberts, the Northern Ireland
Independent Retail Trade association's chief executive, believes
one of the factors which contributed to the closure of Laser is
the number of large supermarket groups in the North which also
sell electrical products.  The Irish Times notes Mr. Roberts said
it would have been difficult for Laser to compete against them.

As reported by the Troubled Company Reporter-Europe on April 6,
2010, Belfast Telegraph said the directors of the company, which
has 10 stores, called in administrators KPMG on April 1 after
running into cashflow difficulties.  Belfast Telegraph disclosed
John Hansen, joint administrator, said Laser's directors had been
in negotiations to bring in new investment over the past few
months but had not been successful.  Mr. Hansen said that falling
turnover, a squeeze on profit margins and general economic
uncertainty have led to its problems, according to Belfast
Telegraph.

Northern Ireland-based Laser Electrical Ltd. sells electrical
products.


LICK UK: In Administration; BWC Appointed
-----------------------------------------
Adam Hooker at PrintWeek reports that Lick UK, which traded as
Lick Group, has gone into administration.  PrintWeek relates a
spokeswoman for insolvency practitioner BWC Business Solutions
confirmed that it was appointed as administrator on April 7, 2010,
but she said that no official statement would be made at this
time.

Lick UK director Linden Kitson would not confirm the company's
situation to PrintWeek, stating that he was under a legal
obligation not to discuss the situation.

According to PrintWeek's 2009 top 500, Lick UK had a turnover of
GBP3.7 million and employed 72 staff.

Lick UK is a direct mail company.  The group also includes Lick
Online, Lick Direct and Lick Agency, according to PrintWeek.


MANYOO LLP: In Administration; KPMG Appointed
---------------------------------------------
Simon Binns at Crain's Manchester Business reports that Manyoo LLP
has gone into administration.  The report relates the company, the
developer behind a residential scheme that proposed more than
1,000 apartments on Salford Quays, is now in the hands of
administrators at the Leeds and Manchester offices KPMG.

The report says investors have already put down GBP3.5 million-
worth of deposits on flats in the Manyoo residential towers.
Buyers had been trying to force Manyoo into liquidation so they
could try and claim their money back, the report states.

According to the report, the scheme was due to start in June 2008
with completion in early 2011.  Half the site was given over to
receivers, appointed by Peel Group, last year, and is being used
as a car park, the report discloses.  The other half of the site
is owned by Bank of Ireland, the report notes.


OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'BB'
---------------------------------------------------------------
Fitch Ratings has downgraded Opera Finance plc's commercial
mortgage-backed floating rate notes due 2014:

  -- GBP373.5 million class A (XS0234415270): affirmed at 'AA';
     Outlook Negative

  -- GBP36.5 million class B (XS0234415783): downgraded to 'A'
     from 'A+'; Outlook Negative

  -- GBP37.5 million class C (XS0234416245): downgraded to 'BBB'
     from 'BBB+'; Outlook Negative

  -- GBP22.5 million class D (XS0234498979): downgraded to 'BB'
     from 'BBB-'; Outlook Negative

The downgrade is principally driven by the deterioration in the
value of the four business parks securing the loan, in spite of
signs that conditions for quality real estate in the UK are
stabilizing.  The borrower valued the collateral at
GBP634.3 million in December 2009, which represented a market
value decline of 32% since the peak in July 2007, and 5.1% less
than 12 months prior.  Fitch's estimated market value of
GBP490 million leads to a Fitch loan-to-value ratio of 96%, well
above the reported 74.1% (and the 63.1% at closing).  The sheer
size of the loan may make refinancing challenging when the loan
approaches maturity in 2012, especially if turnover in the
property market remains subdued.

Besides the absence of an LTV covenant, a 1.1x interest coverage
ratio covenant offers little protection to noteholders, who do not
directly benefit from the surplus income (as implied by an ICR of
1.85x in January 2010) given the loan does not amortize.  The
absence of any amortization places great emphasis on the ability
of the property manager to maintain strong interest coverage over
the medium term.  The nature of the portfolio and a lease term-to-
first-break of 2.4 years (at loan maturity) compound the
challenges of refinancing with those of an operational nature.
Fitch notes that successful re-letting will be key to loan
performance.

Due to favorable letting conditions for lessees in the current
economic environment, over the short term, at least, negotiating
power is likely to favor tenants.  Nevertheless, by one measure,
the manager appears to be bucking overall trends: at 92.4%,
occupancy across the four parks is currently at its highest level
since the loan was originated, when it stood at 89%.  However,
although gross contractual income has remained relatively stable
over the past 12 months, rental arrears of greater than three
months have more than doubled over the past year to 2.8% of
contracted passing rent, albeit from a relatively low base of
1.3%.  Whether this uptick in tenant distress can be contained
will determine whether an eventual fall in yields towards their
long-term average would safeguard the borrower's remaining equity.

Fitch's criteria for European CMBS were used to analyze the
quality of the underlying commercial loans.


* UK: Plans to Update Insolvency Rules for Insurance Industry
-------------------------------------------------------------
Marc Shoffman at FinancialAdviser reports that the UK government
is proposing updating insolvency rules for insurers to allow
greater protection and payment of policies.  The FT relates a
47-page Treasury consultation, titled Strengthening the
Administration Regime for Insurers, said that while liquidation
and administration rules for banks had been improved during the
financial crises, the insurance industry could be improved.

According to the FT, the document said: "The UK insurance industry
is a key part of the UK financial services sector and is the
second largest insurance industry worldwide.  It accounts for 11
per cent of premiums globally and, in 2008, it controlled 13.4 per
cent of the UK stock market.

"The incidences of insurers being put into administration or being
wound-up in the UK have been low, with no incidences occurring
during the recent period of financial instability.

"The last case of a life insurance company going into liquidation
was Oaklife Assurance Company, in September 1993.

"As a result the procedures and processes surrounding insurers
entering into administration, which have evolved over time, have
not been developed significantly either in practice or in law.

"However, in the light of reviewing other insolvency regimes
across the financial services industry, and reflecting on the
lessons learnt during the financial crisis, the government
considers that some aspects of the administration regime for
insurers could be strengthened."


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


* BOND PRICING: For the Week April 5 to April 9, 2010
-----------------------------------------------------


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

AUSTRIA
-------
KOMMUNALKREDIT        4.440  12/20/2030       EUR   67.50
KOMMUNALKREDIT        4.900   6/23/2031       EUR   70.75
OESTER VOLKSBK        5.270    2/8/2027       EUR   96.91
OESTER VOLKSBK        5.450    8/2/2019       EUR   68.75
REPUBLIC OF AUST      2.452  10/10/2025       EUR   78.03

BELGIUM
-------
FORTIS BANK           8.750   12/7/2010       EUR   19.26

BULGARIA
--------
PETROL AD-SOFIA       8.375  10/26/2011       EUR   47.09

CYPRUS
------
INTERPIPE LTD         8.750    8/2/2010       USD   75.48

DENMARK
-------
DANMARK SKIBSKRD      2.000  11/15/2024       DKK   74.77
TRYG FORSIKRING       4.500  12/19/2025       EUR   74.46

FINLAND
-------
MUNI FINANCE PLC      1.000   2/27/2018       AUD   64.01
MUNI FINANCE PLC      0.500   9/24/2020       CAD   63.06
MUNI FINANCE PLC      0.500   3/17/2025       CAD   49.27
MUNI FINANCE PLC      1.000  11/21/2016       NZD   65.47
MUNI FINANCE PLC      0.250   6/28/2040       CAD   22.38
MUNI FINANCE PLC      1.000  10/30/2017       AUD   65.29

FRANCE
------
AIR FRANCE-KLM        4.970    4/1/2015       EUR   15.62
ALCATEL SA            4.750    1/1/2011       EUR   16.27
ALCATEL-LUCENT        5.000    1/1/2015       EUR    3.43
ALTRAN TECHNOLOG      6.720    1/1/2015       EUR    5.06
ATOS ORIGIN SA        2.500    1/1/2016       EUR   53.57
CALYON                6.000   6/18/2047       EUR   46.69
CAP GEMINI SOGET      1.000    1/1/2012       EUR   43.89
CAP GEMINI SOGET      3.500    1/1/2014       EUR   43.46
CLUB MEDITERRANE      4.375   11/1/2010       EUR   49.41
CMA CGM               5.500   5/16/2012       EUR   71.99
DEXIA MUNI AGNCY      1.000  12/23/2024       EUR   61.82
EURAZEO               6.250   6/10/2014       EUR   59.89
FAURECIA              4.500    1/1/2015       EUR   21.16
GROUPE VIAL           2.500    1/1/2014       EUR   18.19
MAUREL ET PROM        7.125   7/31/2014       EUR   18.78
NEXANS SA             4.000    1/1/2016       EUR   71.22
PEUGEOT SA            4.450    1/1/2016       EUR   30.77
PUBLICIS GROUPE       3.125   7/30/2014       EUR   35.53
PUBLICIS GROUPE       1.000   1/18/2018       EUR   46.29
RHODIA SA             0.500    1/1/2014       EUR   45.87
SOC AIR FRANCE        2.750    4/1/2020       EUR   20.89
SOITEC                6.250    9/9/2014       EUR   12.87
TEM                   4.250    1/1/2015       EUR   59.21
THEOLIA               2.000    1/1/2014       EUR   14.55
VALEO                 2.375    1/1/2011       EUR   46.55
ZLOMREX INT FIN       8.500    2/1/2014       EUR   41.50
ZLOMREX INT FIN       8.500    2/1/2014       EUR   41.50

GERMANY
-------
DEPFA PFANDBRIEF      6.759   2/22/2019       EUR   65.39
DEUTSCHE BK LOND      1.000   3/31/2027       USD   45.20
DEUTSCHE BK LOND      3.000   5/18/2012       CHF   71.69
ESCADA AG             7.500    4/1/2012       EUR   17.24
EUROHYPO AG           5.000   5/15/2027       EUR   94.28
L-BANK FOERDERBK      0.500   5/10/2027       CAD   44.65
LB BADEN-WUERTT       2.500   1/30/2034       EUR   69.11
LB BADEN-WUERTT       5.250  10/20/2015       EUR   33.96
QIMONDA FINANCE       6.750   3/22/2013       USD    4.00
RENTENBANK            1.000   3/29/2017       NZD   70.47
SOLON AG SOLAR        1.375   12/6/2012       EUR   45.63

GREECE
------
HELLENIC REP I/L      2.900   7/25/2025       EUR   74.80
HELLENIC REP I/L      2.300   7/25/2030       EUR   65.98
HELLENIC REPUBLI      4.500   9/20/2037       EUR   70.39
HELLENIC REPUBLI      4.600   9/20/2040       EUR   70.47
YIOULA GLASSWORK      9.000   12/1/2015       EUR   55.00
YIOULA GLASSWORK      9.000   12/1/2015       EUR   56.39

HUNGARY
-------
REP OF HUNGARY        2.110  10/26/2017       JPY   72.46

IRELAND
-------
ALLIED IRISH BKS      5.625  11/29/2030       GBP   73.80
ALLIED IRISH BKS      5.250   3/10/2025       GBP   74.75
DEPFA ACS BANK        5.125   3/16/2037       USD   75.39
DEPFA ACS BANK        5.125   3/16/2037       USD   74.39
DEPFA ACS BANK        0.500    3/3/2025       CAD   31.57
DEPFA ACS BANK        5.250   3/31/2025       CAD   72.58
DEPFA ACS BANK        4.900   8/24/2035       CAD   70.26
IRISH NATIONWIDE      5.500   1/10/2018       GBP   64.89
IRISH PERM PLC        7.284   2/15/2035       EUR   63.79
UT2 FUNDING PLC       5.321   6/30/2016       EUR   77.05

ITALY
-----
BANCA INTESA SPA      6.984    2/7/2035       EUR   57.88
BEATRICE FOODS        1.000  11/19/2026       USD   29.00

LUXEMBOURG
----------
ARCELORMITTAL         7.250    4/1/2014       EUR   37.30
BREEZE                4.524   4/19/2027       EUR   68.75
CERRUTI FINANCE       6.500   7/26/2004       EUR   25.99
GALLERY CAPITAL      10.125   5/15/2013       USD   19.95
GLOBAL YATIRIM H      9.250   7/31/2012       USD   71.88
HELLAS III            8.500  10/15/2013       EUR   31.88
IT HOLDING FIN        9.875  11/15/2012       EUR   14.98
LA VEGGIA FIN         7.125  11/14/2004       EUR   50.00
LIGHTHOUSE INTL       8.000   4/30/2014       EUR   68.21
LIGHTHOUSE INTL       8.000   4/30/2014       EUR   66.44

NETHERLANDS
-----------
AI FINANCE B.V.      10.875   7/15/2012       USD   73.00
APP INTL FINANCE     11.750   10/1/2005       USD    1.05
ARPENI PR INVEST      8.750    5/3/2013       USD   66.55
ARPENI PR INVEST      8.750    5/3/2013       USD   64.88
BK NED GEMEENTEN      0.500   2/24/2025       CAD   48.60
BK NED GEMEENTEN      0.500   6/27/2018       CAD   70.68
BRIT INSURANCE        6.625   12/9/2030       GBP   73.97
DGS INTL FIN BV      10.000    6/1/2007       USD    0.01
ELEC DE CAR FIN       8.500   4/10/2018       USD   58.63
EM.TV FINANCE BV      5.250    5/8/2013       EUR    5.20
ENERGY GROUP O/S      7.550  10/15/2027       USD   18.00
ENERGY GROUP O/S      7.425  10/15/2017       USD   18.00
INDAH KIAT INTL      12.500   6/15/2006       USD    0.01
INDAH KIAT INTL      11.875   6/15/2002       USD    0.01
NATL INVESTER BK     25.983    5/7/2029       EUR   41.39
NED WATERSCHAPBK      0.500   3/11/2025       CAD   49.19
Q-CELLS INTERNAT      1.375   2/28/2012       EUR   69.73
Q-CELLS INTERNAT      5.750   5/26/2014       EUR   67.66
RBS NV EX-ABN NV      2.910   6/21/2036       JPY   73.32
TEMIR CAPITAL         9.000  11/24/2011       USD   30.50
TEMIR CAPITAL         9.500   5/21/2014       USD   30.00
TURANALEM FIN BV      7.750   4/25/2013       USD   45.92
TURANALEM FIN BV      8.000   3/24/2014       USD   44.20
TURANALEM FIN BV      8.500   2/10/2015       USD   43.06

NORWAY
------
EKSPORTFINANS         0.500    5/9/2030       CAD   38.55
NORSKE SKOGIND        7.000   6/26/2017       EUR   69.68

POLAND
------
POLAND-REGD-RSTA      2.810  11/16/2037       JPY   62.51
REP OF POLAND         2.648   3/29/2034       JPY   64.25
REP OF POLAND         4.250   7/20/2055       EUR   69.89
REP OF POLAND         3.300   6/16/2038       JPY   71.78
REP OF POLAND         5.408  10/19/2035       USD   74.39
REP OF POLAND         3.220    8/4/2034       JPY   73.17
REP OF POLAND         2.620  11/13/2026       JPY   72.69

SPAIN
-----
BANCAJA EMI SA        2.755   5/11/2037       JPY   67.93
BBVA SUB CAP UNI      2.750  10/22/2035       JPY   71.18
MINICENTRALES         4.810  11/29/2034       EUR   66.47

SWEDEN
------
SWEDISH EXP CRED      0.500  12/17/2027       USD   42.35

SWITZERLAND
-----------
UBS AG JERSEY         3.220   7/31/2012       EUR   61.55
UBS AG JERSEY        10.140  12/30/2011       USD   14.68
UBS AG JERSEY         9.350   9/21/2011       USD   67.10
UBS AG JERSEY        11.150   8/31/2011       USD   40.92
UBS AG JERSEY        10.360   8/19/2011       USD   54.60
UBS AG JERSEY        13.000   6/16/2011       USD   50.94
UBS AG JERSEY        11.030   4/21/2011       USD   21.50
UBS AG JERSEY        10.820   4/21/2011       USD   22.37
UBS AG JERSEY        16.160   3/31/2011       USD   45.16
UBS AG JERSEY        10.990   3/31/2011       USD   30.88
UBS AG JERSEY        11.400   3/18/2011       USD   25.78
UBS AG JERSEY        11.330   3/18/2011       USD   18.08
UBS AG JERSEY        12.800   2/28/2011       USD   35.02
UBS AG JERSEY         8.250   2/28/2011       USD   70.78
UBS AG JERSEY        15.250   2/11/2011       USD   12.28
UBS AG JERSEY        10.000   2/11/2011       USD   61.60
UBS AG JERSEY        16.170   1/31/2011       USD   13.80
UBS AG JERSEY        14.640   1/31/2011       USD   38.70
UBS AG JERSEY        13.900   1/31/2011       USD   36.15
UBS AG JERSEY         9.000   8/13/2010       USD   67.00
UBS AG JERSEY        10.000  10/25/2010       USD   67.95
UBS AG JERSEY        10.650   4/29/2011       USD   16.30
UBS AG JERSEY         9.350   7/27/2010       USD   62.55
UBS AG JERSEY         9.000   7/19/2010       USD   61.85
UBS AG JERSEY         9.000    7/2/2010       USD   62.25
UBS AG JERSEY         9.000   6/11/2010       USD   61.91
UBS AG JERSEY         9.000   5/18/2010       USD   63.54
UBS AG JERSEY         9.500   8/31/2010       USD   68.55

UNITED KINGDOM
--------------
ALPHA CREDIT GRP      2.940    3/4/2035       JPY   40.53
BARCLAYS BK PLC      10.600   7/21/2011       USD   42.37
BARCLAYS BK PLC       8.550   1/23/2012       USD   11.55
BARCLAYS BK PLC      11.650   5/20/2010       USD   43.62
BARCLAYS BK PLC       7.610   6/30/2011       USD   54.33
BARCLAYS BK PLC       9.000   6/30/2011       USD   44.71
BRADFORD&BIN BLD      5.500   1/15/2018       GBP   30.04
BRADFORD&BIN BLD      5.750  12/12/2022       GBP   30.81
BRADFORD&BIN BLD      3.500   7/16/2027       CHF   74.83
BRADFORD&BIN BLD      2.875  10/16/2031       CHF   74.03
BRADFORD&BIN PLC      7.625   2/16/2049       GBP   32.13
BRADFORD&BIN PLC      6.625   6/16/2023       GBP   30.08
BROADGATE FINANC      5.098    4/5/2033       GBP   74.75
EFG HELLAS PLC        2.760   5/11/2035       JPY   71.46
ENTERPRISE INNS       6.500   12/6/2018       GBP   85.66
ENTERPRISE INNS       6.875    5/9/2025       GBP   80.16
ENTERPRISE INNS       6.375   9/26/2031       GBP   74.81
F&C ASSET MNGMT       6.750  12/20/2026       GBP   67.56
HBOS PLC              4.500   3/18/2030       EUR   73.13
NATL GRID GAS         1.771   3/30/2037       GBP   45.39
NATL GRID GAS         1.754  10/17/2036       GBP   46.97
NBG FINANCE PLC       2.755   6/28/2035       JPY   69.57
NOMURA BANK INTL      0.800  12/21/2020       EUR   60.26
NORTHERN ROCK         5.750   2/28/2017       GBP   63.08
NORTHERN ROCK         9.375  10/17/2021       GBP   75.50
NORTHERN ROCK         4.574   1/13/2015       GBP   69.36
OJSC BANK NADRA       9.250   6/28/2010       USD   39.50
PRINCIPALITY BLD      5.375    7/8/2016       GBP   70.44
PUNCH TAVERNS         6.468   4/15/2033       GBP   71.97
ROYAL BK SCOTLND      4.700    7/3/2018       USD   70.00
ROYAL BK SCOTLND      7.540   6/29/2030       EUR   69.73
ROYAL BK SCOTLND      4.243   1/12/2046       EUR   56.67
RSL COMM PLC          9.875  11/15/2009       USD    3.00
SPIRIT ISSUER         5.472  12/28/2028       GBP   73.94
TXU EASTERN FNDG      6.450   5/15/2005       USD    2.25
TXU EASTERN FNDG      6.750   5/15/2009       USD    2.50
UNIQUE PUB FIN        6.464   3/30/2032       GBP   66.70
WESSEX WATER FIN      1.369   7/31/2057       GBP   22.01


                            *********

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-Fernandez, Frauline S. Abangan, 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 * * *