TCREUR_Public/100420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, April 20, 2010, Vol. 11, No. 076



THEOLIA SA: 2009 Net Loss Narrows to EUR21.1 Million


PARAGON AG: Creditors Approve Insolvency Plan
TITAN EUROPE: S&P Downgrades Rating on Class G Notes to 'D'
WOOLWORTH GMBH: Cerberus May Demand Higher Rents, Newspaper Says


BANK OF IRELAND: To Sell at Least 3 Flagship Businesses
EIRLES TWO: Fitch Downgrades Rating on Series 281 Notes to 'D'
ICR MOTOR: Accounts Show EUR6.6 Mil. Financial Inaccuracies
JACKIE SKELLY: Energie Selected Preferred Bidder for Business
MCCONNELLS: Bought Out of Receivership By DDFH&B

PALMER SQUARE: S&P Puts 'B-'-Rated Notes on CreditWatch Negative


E-MAC DE 2005: S&P Downgrades Rating on Class E Notes to 'B-'
ZIGGO: Secures Lenders' Approval for Junk Bond Refinancing Plan


BANCO PRIVADO: Bank of Portugal Orders Liquidation


EUROCHEM MINERAL: Fitch Assigns 'BB' Issuer Default Rating
RENAISSANCE CAPITAL: S&P Affirms 'B' Counterparty Credit Ratings
RENAISSANCE FINANCIAL: S&P Puts Low-B Counterparty Credit Ratings

* KRASNOYARSK REGION: Fitch Affirms 'BB+' Currency Ratings


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

U N I T E D   K I N G D O M

ADVENTI GROUP: In Administration; 22 Jobs Affected
BONE GROUP: In Receivership; 113 Jobs Affected
INEOS GROUP: Secures Backing for EUR1-Bil. Refinancing
KILMARTIN PROPERTY: Hansteen Buys 61 Properties for GBP80.4-Mil.
NORTHERN ROCK: FSA Investigates Former Finance Director

ROYAL BANK: Puts Hanco Unit Up for Sale



THEOLIA SA: 2009 Net Loss Narrows to EUR21.1 Million
Tara Patel at Bloomberg News reports that Theolia SA's net loss
narrowed to EUR21.1 million in 2009 from EUR245.2 million the
previous year.

According to Bloomberg, the company's net debt stood at EUR396
million at the end of last year, down from EUR498 million the
previous year.

                        Capital Increase

Bloomberg notes Theolia reiterated the need to raise capital,
saying "the financial restructuring necessary to continue its
development would not be achieved?" without a capital increase of
at least EUR45 million.  The company, as cited by Bloomberg, said
this amount before Aug. 31 will ensure "continuity of operations
over 12 months."

Bloomberg recalls the company has said the capital increase,
planned for June or July, will be made through a rights offering
to shareholders.


Bloomberg relates Theolia Chief Executive Officer Eric Peugeot on
April 16 said the company is in talks with industrial and
institutional investors to take part in the capital increase.

According to Bloomberg, Mr. Peugeot said "We are reasonably
confident" of raising the maximum target of EUR100 million (US$135
million) as part of the financial restructuring plan.

Bloomberg says the debt restructuring includes a partial debt
write-off and improved terms for share conversion for bondholders.

Theolia SA (EPA:TEO) -- is a
France-based energy company that develops and manages renewable
energy sources.  It specializes in the production of electricity
using wind power, as well as in the construction of wind power
plants and turbines, based notably in France and Germany.
Additionally, the Company is engaged in non-wind turbine
activities, such as the utilization of biomass, cogeneration and
biogas techniques for the production of electricity, through its
subsidiary, THENERGO.  Theolia SA operates several subsidiaries,
including Ventura, Natenco SAS, Meastrale Green Energy and Theolia
Iberica.  The Company is operational in such countries as Germany,
Spain, Brazil, Greece, Italy, India and Morocco.


PARAGON AG: Creditors Approve Insolvency Plan
paragon AG will continue to operate with the existing ownership
and management structure.  Within the framework of the exploratory
and reconciliation hearing before Paderborn District Court, on
April 16, 2010, the creditors voted in favor of the insolvency
plan presented by the company.  Acknowledged claims are to be
satisfied with a quota of approximately 12.7%.

In the case of a plan procedure, a specific ratio is paid out to
creditors immediately.  In return, they waive the remainder of
their claims; the company is then able to continue operating with
a significantly reduced debt burden.  The quota of approximately
12.7% means that the banks in particular have had to absorb
substantial write-offs.  In the autumn of 2009, paragon failed to
reach agreement with its circle of creditors, even though an
average ratio of 61% had been offered on the bank liabilities
totaling EUR46.7 million.

Following the positive vote for the insolvency plan, the shares of
paragon AG retain their intrinsic value.  In addition, it has been
possible to safeguard 321 jobs at the sites in Delbrueck, Suhl,
St. Georgen and Nuremberg.  In the wake of the restructuring
initiated in the autumn of 2008, with which paragon responded to
the worldwide crisis in the automobile industry, the company
announced 51 redundancies and concluded 42 termination agreements.
The company's workforce has declined from 457 on September 30,
2008, to the current total, inter alia due to the sale and closure
of non-domestic activities.

Due to the normalization of the market in Delbrck and Nuremberg a
total of 16 engineers and managers are being sought.  The
operating business activities were positive for the past 12

paragon AG is a direct supplier to the automotive industry and is
listed on the Deutsche Boerse Prime Standard index in
Frankfurt/Main, Germany.  The Company develops, manufactures, and
markets innovative solutions in its Automotive (Sensors/Actuators
and Cockpit Systems) and Electronic Solutions divisions.  Its
product portfolio includes the world's leading AQS air quality
sensor by far as well as hands-free speaking equipment and
instrumentation systems.  In addition to its headquarters in
Delbrueck, North Rhine-Westphalia, paragon also operates locations
in Suhl, Thuringia; St. Georgen, Baden-Wuerttemberg; Nuremberg,
Bavaria; and Heidenheim, Baden-Wuerttemberg.  In fiscal 2007, the
paragon Group generated sales totaling EUR108.9 million with a
workforce of 594 employees.

TITAN EUROPE: S&P Downgrades Rating on Class G Notes to 'D'
Standard & Poor's Ratings Services lowered its credit ratings on
the class A, X, B, C, D, E, F, and G notes in Titan Europe 2006-3
PLC.  S&P also affirmed its 'D' rating on the class H notes.

These rating actions reflect S&P's view of the likelihood of
increased principal losses because of a recent property
revaluation, indicating a significant drop in value of the asset
securing the Quelle Nurnberg loan (the fourth-largest loan in the
pool) and of the ongoing performance deterioration of the SQY
Ouest Shopping Centre loan (the third-largest loan in the pool).

The credit quality of the Quelle Nurnberg loan has significantly
changed as reflected in a recent property revaluation, which
resulted in a securitized loan-to-value ratio of 745% (from 88%
previously).  The loan is secured against a mixed-use property of
about 242,000 sq m located in Nurnberg, which was previously
occupied by Quelle (which became insolvent last year), and which
S&P regard as a dated property.  Jones Lang LaSalle valued the
property backing this loan at EUR12.5 million in January 2010,
resulting in an 88% market value decline compared with the
previous valuation in January 2009.  S&P understands that any
reletting would require significant refurbishment works.  S&P also
understand that Jones Lang LaSalle factored into this valuation
risks relating to such redevelopment and the appropriate void
periods and costs.

S&P's rating actions also reflect, to a lesser extent, a recent
agreement between the special servicer and the SQY Ouest Shopping
Centre loan borrower to begin marketing the French shopping center
securing this loan.  S&P understands that the aim of this
agreement is an immediate sale of the shopping center to limit the
risk of borrower insolvency proceedings and any resulting
consequences.  However, such a swift sale would most likely, in
S&P's view, result in proceeds lower than the currently reported
value of EUR73.3 million.  The outstanding loan amount is
EUR108.1 million.

S&P also lowered its rating on the class G notes to 'D' because of
the ongoing interest shortfalls which are, in S&P's view, likely
to continue.  Neither excess spread nor a liquidity facility is
available to cover special servicing fees and additional expenses
charged to the issuer.  In addition, S&P believes that the
likelihood of principal losses for this class has increased

The transaction closed in June 2006 and was initially secured
against 17 pan-European loans and one senior tranche in a German
whole loan.  Following the prepayment of four loans, 14 loans are
currently left in the pool and are secured on 36 pan-European
commercial properties.  The outstanding note balance reduced to
EUR844.8 million from EUR943.7 million at closing.  The
transaction legal maturity date is July 2016.

                           Ratings List

                     Titan Europe 2006-3 PLC
EUR943.751 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                  Class       To            From
                  -----       --            ----
                  A           AA            AAA
                  X           AA            AAA
                  B           BBB           A
                  C           BB-           BBB
                  D           B-            BB
                  E           CCC           B+
                  F           CCC-          B-
                  G           D             B-

                          Rating Affirmed

                        Class       Rating
                        -----       ------
                        H           D

WOOLWORTH GMBH: Cerberus May Demand Higher Rents, Newspaper Says
Jeremy van Loon at Bloomberg News, citing Handelsblatt, reports
that Cerberus Capital Management LP may be blocking a rescue of
Woolworth GmbH & Co. by demanding higher rents for outlets in
buildings it owns.

According to Bloomberg, the newspaper, citing unidentified people
with knowledge of the matter, said insolvency administrator Ottmar
Hermann has received three offers for Woolworth, while Cerberus is
pushing for more rent from the potential buyers, a move that may
hamper a sale.

"The report is absolutely untrue," Bloomberg quoted Tim Price,
managing director at Cerberus Capital Management, as saying in a
telephone interview.  "We're not holding up the process and we
agreed on market rates a long time ago.  We're supporting the sale
process as directed by the administrator, and we're reviewing the
financial viability of the potential renters [this] week."

                    About Woolworth GmbH & Co.

Woolworth GmbH & Co. is a German department store chain.  The
company is owned by British investor Argyll Partners.

Woolworth filed for insolvency in April following the collapse of
its British counterpart in November 2008.


BANK OF IRELAND: To Sell at Least 3 Flagship Businesses
Miles Costello at Times Online reports that Bank of Ireland is
preparing to sell off at least three flagship businesses,
including its insurance and asset management arms, as a condition
of receiving state aid.

According to the report, the bank, which is 16% owned by the Irish
taxpayer, on Friday said that it was close to securing an
agreement with EU regulators over the terms of its bailout.

The report relates the bank said that it expected the EU to force
it to sell New Ireland Assurance, its life and pensions business,
with a book worth around EUR12 billion (GBP10.5 billion).  It said
it would probably have to auction off its investments arm, Bank of
Ireland Asset Management, a Dublin-based funds group with EUR25
billion in assets under management for institutional investors,
the report notes.  It will also sell ICS Building Society, which
has a mortgage loans book of about EUR7 billion, the report
states.  The bank estimated Friday that the divisions being put on
the sale block consist of roughly EUR7 billion of loans and EUR4
billion of deposits, the report discloses.

The agreement with the EU which is likely to be finalized by the
middle of the year will also see the bank offload its foreign
exchange business, a stake in asset manager Paul Capital and the
Irish Credit Bureau, the report says.

Headquartered in Dublin, Bank of Ireland -- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed Bank of Ireland's Tier 1 notes
affirmed at 'CCC' (ISINs: XS0268599999, US055967AA11 and

At the same time, Moody's Investors Service placed Bank of
Ireland's D bank financial strength rating (BFSR -- mapping to a
baseline credit assessment of Ba2) on review for possible upgrade,
previously they had a developing outlook.

EIRLES TWO: Fitch Downgrades Rating on Series 281 Notes to 'D'
Fitch Ratings has downgraded and affirmed Moorgate CLO 2's credit-
linked floating-rate secured notes, due October 2021, issued under
Eirles Two Limited's secured note program.

The agency has also assigned an Issuer Report Grade of "poor" (one
star) to the transaction.

The rating actions are:

  -- Series 276 EUR17m (XS0266230571): affirmed at 'AAA'; Outlook
     revised to Negative from Stable; Loss Severity (LS) Rating

  -- Series 277 EUR20m (XS0266229565): affirmed at 'AA'; Outlook
     Negative; 'LS-5'

  -- Series 278 EUR10m (XS0266228831): affirmed at 'A'; Outlook
     Negative; 'LS-5'

  -- Series 279 EUR23.75m (XS0266228245): affirmed at 'BB';
     Outlook Negative; 'LS-5'

  -- Series 280 EUR17.25m (XS0266227510): downgraded to 'CC' from
     'CCC'; Recovery Rating (RR) 'RR6'

  -- Series 281 EUR1,487,898.50 (XS0266231207): downgraded to 'D'
     from 'CCC'

The rating actions follow a performance review of the transaction
and reflect trading losses sustained and the available credit
enhancement for each series of notes.  Series 280 and 281
currently reference a different portfolio than series 276 to 279.
Winchester Capital Principal Finance (Winchester Capital), the
portfolio administrator, has informed Fitch that there are trading
losses of over EUR50 million for series 280 and 281, and trading
losses of EUR0.8 million for series 276 to 279.

The notional value of the series 281 notes and the corresponding
asset swap notional with Deutsche Bank AG have decreased due to
trading losses first sustained in April 2009.  Interest payments
made to series 281 noteholders are calculated based on the series'
reduced notional of EUR1.49 million.  Future trading gains could
technically write up the notional of series 281.  However,
interest payments that would have been paid had there been no
reduction of series 281's notional will not be recovered.
Therefore, in Fitch's opinion, interest payments have not and will
not be fully paid and hence the agency has downgraded series 281
to 'D'.  Series 280 has been downgraded to 'CC' as its
subordination has been substantially eroded by the trading losses.

The credit quality of series 276 to 279's reference portfolio, as
of the February 2010 trustee report, supports the affirmation of
these notes' ratings.  The agency notes that some referenced
obligations have been restructured, however, no credit events have
been declared for these portfolios as restructuring is not defined
as a credit event within the transaction documents.  The Outlook
for series 276 has been revised to Negative, and the Outlooks for
series 277, 278 and 279 remain Negative.  This is because Fitch
believes there remains a potential conflict of interest in the
transaction, as Winchester Capital, the portfolio administrator,
is a principal finance arm of Deutsche Bank Global Markets
division, and Deutsche Bank AG is the swap counterparty.

In terms of the reference portfolios, as there is a suspension
event on series 280 and 281, no replenishment is permitted and
removals are limited to credit-improved, credit-impaired and
amended obligations.  Meanwhile, for series 276 to 279, portfolio
replenishment is still permitted and the maximum allowable
reference portfolio is EUR500 million compared to a current
reference portfolio notional of EUR436 million.  The credit
quality of the reference portfolios is currently comparable to
that of other Fitch-rated European collateralized loan obligations
(CLOs).  Nevertheless, the note's ratings remain vulnerable to
further downgrades due to possible trading actions that could be
taken by the swap counterparty which may not necessarily be in the
best interest of the noteholders due to the potential conflict of
interest indicated above.

Several reporting characteristics prevented the transaction from
earning an IRG higher than "poor" (one star).  The reports do not
state the notes' outstanding notional and corresponding asset
swaps notional, trading gains and losses as well as the trading
ledger's balance.  Fitch has nonetheless obtained this information
separately from Winchester Capital.  The agency believes this
information should be provided in the reports as it would enable a
simple "assets" to "liabilities" comparison and show any note
impairment as and when it occurs.  However, Winchester Capital has
indicated that the reports' format is restricted by the
transaction documents and has agreed to provide key information to
Fitch on a regular basis in order for the agency to maintain the
notes' ratings.

ICR MOTOR: Accounts Show EUR6.6 Mil. Financial Inaccuracies
Ian Kehoe at The Sunday Business Post Online reports that
financial inaccuracies totaling more than EUR6.6 million have
emerged in the accounts of the ICR Motor Group, the rental
business that is in examinership.

The report says the inaccuracies mainly relate to stock under-
provisions, additional Vat liabilities, accident under-provision
and the write off of an option deposit payment.  According to the
report, a number of potential investors and buyers for the
business have withdrawn from the sale process as a result of the
issues, which were outlined in a forensic report into the
company's finances submitted to the High Court.

A preferred bidder for the business will be selected in the coming
days by accountancy firm Grant Thornton, the report states.

JACKIE SKELLY: Energie Selected Preferred Bidder for Business
Ian Kehoe at The Sunday Business Post Online reports that
Energie Group has been selected as the preferred bidder to buy
Jackie Skelly Fitness out of examinership.

According to the report, the deal is expected to be completed
shortly, and will then be put to the company's creditors and the
High Court for approval.  A scheme of arrangement will be sent to
Jackie Skelly's creditors in the coming weeks providing details of
the deal, the report notes.

The report says Energie, which already has a number of franchised
outlets in Ireland, intends to close one of Jackie Skelly
Fitness's 10 outlets and will rebrand the remaining nine gyms
under the Energie banner.

The company has debts of EUR12 million, most of which is owed to
Ulster Bank, the report discloses.  The report notes the firm said
in its application for examinership that it had experienced
problems in regard to its rents, which were subject to upward only

Founded 17 years ago, Jackie Skelly Fitness is a gym chain owned
by Jackie Skelly.  The company employs about 300 people, according
to The Sunday Business Post Online.

MCCONNELLS: Bought Out of Receivership By DDFH&B
Laura Noonan at Irish Independent reports that DDFH&B has bought
McConnells just hours after the company went into receivership.
According to the report, sources confirmed that Ulster Bank
installed Kavanagh Fennell's Tom Kavanagh as receiver over
McConnells Friday morning.

According to the report, the receivership and instant sale was
structured because Ulster feared that a longer receivership would
have prompted clients to flee McConnells', destroying the iconic
company's value and putting 75 jobs at risk.  Ulster was advised
in the deal by corporate finance experts Key Capital, the report

DDFH&B will examine the "viability" of McConnells' business over
the coming weeks, a process that may lead to the closure of some
divisions, the report says.

McConnells is an advertising agency based in Ireland.

PALMER SQUARE: S&P Puts 'B-'-Rated Notes on CreditWatch Negative
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 17 tranches issued by four European
collateralized debt obligation transactions: Palmer Square PLC;
Eurocastle CDO II PLC; EUROMAX V ABS PLC; and Aurelius Euro CDO
2008-1 Ltd. Structured finance securities back these transactions.

The CreditWatch negative placements follow deterioration that S&P
has observed in the credit quality of the transactions' underlying
portfolios.  S&P has also observed par value losses following the
default of portfolio holdings in some of the affected CDOs.

In determining whether to place a CDO tranche rating on
CreditWatch negative, S&P considers a number of factors,
including, but not limited to:

* The percentage of assets (including any change to this) rated
  below 'B-' based on S&P's analysis, and the percentage of
  defaults already experienced in the portfolio;

* The percentage of assets in the underlying portfolio currently
  on CreditWatch negative;

* S&P's rated overcollateralization (ROC) metric, which provides
  an estimate of rating stability for cash flow CDO tranches based
  on output from Standard & Poor's CDO Evaluator model and a
  simplified cash flow analysis; and

* Trends in performance results across similar transactions.

On April 6, 2009, S&P published its revised assumptions related to
structured finance assets with ratings on CreditWatch held within
CDO transactions.  Under these revised assumptions, S&P adjusted
downward in its analysis the ratings on these assets currently on
CreditWatch negative by at least three notches.

                            Rating List

              Ratings Placed on Creditwatch Negative

                         Palmer Square PLC
        US$1.255 Billion Asset-Backed Floating-Rate Notes

          Class             To                     From
          -----             --                     ----
          A-1A              BBB+/Watch Neg         BBB+
          A-1AE             BBB+/Watch Neg         BBB+
          A-1B              BBB+/Watch Neg         BBB+
          A2-A              B-/Watch Neg           B-
          A2-B              B-/Watch Neg           B-

                      Eurocastle CDO II PLC
  GBP300 Million Senior and Mezzanine Deferrable-Interest Fixed-
                     And Floating-Rate Notes

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

                         EUROMAX V ABS PLC
                EUR320 Million Floating-Rate Notes

          Class             To                     From
          -----             --                     ----
          A1                AA/Watch Neg           AA
          A2                A+/Watch Neg           A+
          A3                BBB+/Watch Neg         BBB+
          A4                BB+/Watch Neg          BB+

                Aurelius Euro CDO 2008-1 Ltd.
           EUR120.1 Million Senior Floating-Rate Loan A
            and Senior Deferrable Floating-Rate Loan B
       and Deferrable Floating-Rate and Subordinated Notes

          Class             To                     From
          -----             --                     ----
          Senior Loan A     AA+/Watch Neg          AA+
          Senior Loan B     BBB+/Watch Neg         BBB+
          C                 BBB/Watch Neg          BBB
          D                 BBB-/Watch Neg         BBB-


E-MAC DE 2005: S&P Downgrades Rating on Class E Notes to 'B-'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on 18 notes in four
securitizations that GMAC-RFC Servicing GmbH services: E-MAC DE
2005-I B.V., E-MAC DE 2006-I B.V., E-MAC DE 2006-II B.V., E-MAC DE
2007-I B.V.

Additionally, S&P lowered the ratings on the class E notes in each

The actions follow the historically poor performance in these
transactions over their lifetimes compared with the rest of the
German residential mortgage-backed securities market that S&P
rate.  This is a point S&P noted when S&P placed the notes on
CreditWatch negative on Jan. 19, 2010.

S&P has adjusted its approach for calculating the foreclosure
frequency on the mortgage loans in GMAC-RFC's transactions, to
take this poor performance into account.  As seen in the E-MAC DE
2009-I transaction, for example, S&P has applied higher multiples
to its base foreclosure frequency for the higher loan-to-value
ratio loans and have reduced -- by applying a haircut -- the
market valuations of the properties in S&P's 'AAA' rating

Since placing the notes on CreditWatch negative S&P has seen each
transaction draw on its reserve fund (for E-MAC DE 2006-1 this is
the second draw).  S&P believes this is due to the long
foreclosure process in the German market (24-30 months from when
the loan is first overdue), and so S&P is only now starting to see
losses realized in these transactions.

S&P believes it is likely that losses will increase across the
transactions as the loans that fell into arrears -- from mid-2007
through the recession period -- work through the foreclosure
process.  In S&P's view, in the short term, this will probably
lead to further draws on the reserves across the transactions with
E-MAC DE 2006-1 and E-MAC DE 2006-2 looking most susceptible.

S&P's rating action on E-MAC DE 2006-II included a split rating on
the class A1 and A2 notes whereas in E-MAC DE 2007-I the ratings
are the same for both classes.  This is because in the former
transaction the A1 class receives principal before the A2 class,
meaning they pay down quicker and receive any recoveries from the
mortgages that have foreclosed first.  In contrast, in E-MAC DE
2007-I the issuer pays principal pro rata between the A1 and A2

Total arrears figures for the loan portfolios in each of the four
E-MAC DE transactions remain high, which suggests to us potential
for further losses in the medium to long term.  At the end of
March, arrears were between 10% and 13% compared with about 3%-4%
in the rest of the RMBS market S&P rate.  Also, the low constant
prepayment rates of between 1.5% and 3.0% compared with about
10.0% typically seen in other German RMBS transactions S&P rate
suggests to us that the borrowers in these transactions are
experiencing difficulties in re-mortgaging.

According to S&P's understanding of the German mortgage market,
the main reason the borrowers in these transactions may be
experiencing difficulties in re-mortgaging is due to the
borrowers' high LTV ratios.  At the time of the loans'
origination, S&P understand that only a few German originators
would lend above an LTV ratio of 90% (mainly GMAC-RFC Servicing
GmbH).  From what S&P currently see in the German market, it
appears that there may effectively be no-one operating in the high
LTV market.

GMAC-RFC's German mortgage loans back the E-MAC DE transactions.
S&P understand that GMAC-RFC predominantly made the loans to
borrowers unable to achieve mainstream lending due largely to high
LTV ratios.

                           Ratings List

                        E-MAC DE 2005-I B.V.
       EUR301.5 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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

                          Rating Lowered

              Class       To                    From
              -----       --                    ----
              E           B-                    B

                       E-MAC DE 2006-I B.V.
       EUR502.5 Million Mortgage-Backed Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

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

                          Rating Lowered

              Class       To                    From
              -----       --                    ----
              E           B-                    B

                       E-MAC DE 2006-II B.V.
       EUR703.5 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

         Class       To                    From
         -----       --                    ----
         A1          AA+                   AAA/Watch Neg
         A2          AA-                   AAA/Watch Neg
         B           BBB                   A/Watch Neg
         C           BB-                   BBB/Watch Neg
         D           B                     BB/Watch Neg

                          Rating Lowered

              Class       To                    From
              -----       --                    ----
              E           B-                    B

                       E-MAC DE 2007-I B.V.
       EUR569.9 Million Mortgage-Backed Floating-Rate Notes

       Ratings Lowered and Removed From CreditWatch Negative

         Class       To                    From
         -----       --                    ----
         A1          AA                    AAA/Watch Neg
         A2          AA                    AAA/Watch Neg
         B           A-                    A/Watch Neg
         C           BB                    BBB/Watch Neg
         D           B                     BB/Watch Neg

                          Rating Lowered

              Class       To                    From
              -----       --                    ----
              E           B-                    B

ZIGGO: Secures Lenders' Approval for Junk Bond Refinancing Plan
Ziggo won approval from its lenders to replace costlier junior
loans with about EUR1 billion (US$1.4 billion) of high- yield
bonds, Patricia Kuo and Jurjen van de Pol at Bloomberg News
report, citing two people familiar with the negotiations.

According to Bloomberg, the people said the company agreed to pay
its senior lenders more interest on their loans to accept the
refinancing plan, which also binds holders of the so-called
mezzanine debt.

Bloomberg relates the people said Ziggo hired banks including
Credit Suisse Group AG and Goldman Sachs Group Inc. to manage the
junk bond sale, which will replace its mezzanine debt on a one-
for-one basis.

Based in Utrecth, Netherlands, Ziggo is a cable television
operator.  The company is owned by private-equity firms Warburg
Pincus LLC and Cinven Ltd.


BANCO PRIVADO: Bank of Portugal Orders Liquidation
Anabela Reis at Bloomberg News reports that Banco Privado
Portugues SA was ordered to be liquidated by the Bank of Portugal.

According to Bloomberg, the regulator said in a statement on its
Web Site Friday that the bank's license to operate was revoked
after efforts to recapitalize the financial institution failed.

Bloomberg recalls the Bank of Portugal said in December 2008 that
Banco Privado faced liquidity difficulties after Moody's Investors
Service cut the lender's credit rating to Ba2, two levels below
investment grade, from Baa3, the previous month, citing its
dependency on capital markets to fund operations.

In December 2008, a group of six lenders helped BPP with a
EUR450-million (US$609 million) loan, backed by a government
guarantee, with Banco Privado assets as collateral, Bloomberg
recounts.  The government earlier rejected Banco Privado's
proposal that it invest as much as EUR200 million to bolster the
bank's balance sheet, Bloomberg relates.

Banco Privado Portugues SA is a closely held lender based in
Lisbon, Portugal, according to Bloomberg News.


EUROCHEM MINERAL: Fitch Assigns 'BB' Issuer Default Rating
Fitch Ratings has assigned Russia-based OJSC EuroChem Mineral and
Chemical Company a National Long-term rating of 'AA-(rus)' and a
Long-term local currency Issuer Default Rating of 'BB'.  Both
ratings have been assigned Negative Outlooks, in line with
EuroChem's existing Long-term foreign currency IDR.  EuroChem's
existing ratings have simultaneously been affirmed:

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

  -- Long-term foreign currency senior unsecured rating on US$290m
     loan participation notes (LPNs): affirmed at 'BB'

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

The agency has also assigned EuroChem's proposed RUB10 billion
domestic bond issue an expected Long-term local currency senior
unsecured rating of 'BB' and a National Long-term rating of 'AA-
(rus)'.  The final ratings are contingent upon the receipt of
final documents conforming to information already received.

The proposed RUB10 billion bonds have an eight-year tenor with a
bondholder put option at year five.  Fitch notes that sureties
from EuroChem's Novomoskovskiy Azot nitrogen plant and Kovdorskiy
GOK apatite mine place the domestic bonds in a stronger position
structurally than the existing senior unsecured US$290 million
loan participation notes.  The proceeds from the rouble bonds will
be used to refinance short-term debt and finance capex.

The Negative Outlooks on the ratings continue to reflect Fitch's
view that, against the backdrop of difficult albeit improving
market conditions in the fertilizer sector, monthly amortizations
of US$35 million (RUB1.0 billion) on the US$1.5 billion pre-export
facility and significant capex spending on the potash project
could put pressure on EuroChem's cash flow generation and
financial metrics in the near term.

EuroChem's sales dropped 34.4% y-o-y in FY09 to RUB73.6 billion
due primarily to severe pricing pressure in nitrogen and phosphate
fertilizers.  Operating EBITDAR fell 69.5% y-o-y to
RUB13.3 billion.  Cash flow from operations was RUB18.4 billion,
down 32.6% y-o-y as the sharp decline in operating earnings was
partly offset by dividend payments of RUB2.1 billion from German
potash and salts producer K+S AG (K+S) and working capital relief
of RUB5.1 billion (negative RUB6.7 billion FY08).  Free cash flow
was a negative RUB18.0 billion (negative RUB14.9 billion FY08)
after a net spending of EUR17.7 billion on K+S shares and capex of
RUB18.7 billion (RUB18.8 billion FY08).  Net debt increased by
RUB11.4 billion to RUB37.1 billion and net leverage weakened to
2.8x from 0.6x at FYE08 (Fitch calculations), in line with Fitch's
forecasts for FY09.

The company's liquidity is considered adequate with cash balances
of RUB10.6 billion at FYE09.  In March 2009, EuroChem secured a
US$261 million 10-year ECA-backed (Export Credit Agency) facility
to support payments to contractors on the potash project.

The agency forecasts a gradual reduction in net leverage by 2012,
based on growth in operating earnings as demand recovers and
ongoing as well as newly completed projects (melamine, granulated
urea, calcium ammonium nitrate) come fully onstream.  Unexpected,
material debt-funded spending, which results in further pressure
on leverage, or a protracted downturn in the fertilizer market
could result in a negative rating action.  Conversely, a sustained
recovery in the group's operating performance and improved
financial flexibility could result in a stabilization of the

EuroChem's ratings continue to be supported by its leading market
positions in the Russian fertilizer sector and strategic focus on
productivity gains and vertical integration.  Fitch also takes a
positive view on EuroChem's progress towards expansion into potash
as it should enhance the company's business risk profile in the
long-term, with diversification away from nitrogen fertilizers and
natural gas price volatility post market-deregulation.  Fitch sees
some supply-driven risk in nitrogen fertilizers, with new capacity
in the Middle East and Asia likely to put pressure on prices in
the near-to medium-term.

RENAISSANCE CAPITAL: S&P Affirms 'B' Counterparty Credit Ratings
Standard & Poor's Ratings Services said it had affirmed its 'B'
long-term and 'B' short-term counterparty credit ratings on
Russia-based Renaissance Capital Holdings Ltd.  The outlook is

The rating action takes into account S&P's methodology for rating
nonoperating holding companies.  RCHL owns 50% plus one-half of a
share of Renaissance Financial Holdings Ltd. (RFHL;
B+/Negative/B), the holding company of all the operating
subsidiaries of the RCHL group.

"Because S&P considers RCHL a nonoperating holding company, the
ratings on RCHL are based on the creditworthiness of the
consolidated operating group," said Standard & Poor's credit
analyst Elena Romanova.  "S&P has affirmed its rating on RCHL at
one notch below the long-term rating on RFHL, owing to RCHL's
limited claim on the operating group with respect to liquidity and

The ratings on RCHL are constrained by high systemic risks in
Russia and the rest of the world; fewer business opportunities;
depressed financial performance, owing to RCHL's limited claim on
the operating group with respect to liquidity and dividends; and
low transparency of the operations of related companies outside
the consolidated group.  These negative rating factors are partly
offset by what S&P considers to be the group's good
capitalization, recognizable brand, good managerial flexibility,
and stable liquidity.

The ratings do not include any uplift for expected extraordinary
external support, either from the owners or the government.
RCHL is a Bermuda-registered holding company that owns a 50% stake
in a complex group of companies specializing in brokerage,
investment banking, and advisory services.  RFHL was previously a
100% subsidiary of RCHL.  In July 2009, RCHL sold 50% (minus half
a share) of RFHL to the ONEXIM Group (not rated).

"The outlook is negative because S&P believes that RCHL's business
and financial profile will remain hampered by the deteriorated
operating environment," said Ms. Romanova.  "S&P expects financial
markets to remain subdued in the foreseeable future, which should
continue to constrain the company's business development and
revenue flows."

In addition, RFHL's new ownership structure implies to us that
RCHL's access to cash flows from the various operating entities
has reduced and is less predictable than in the past.

S&P could take a negative rating action if RCHL's liquidity were
to deteriorate to levels that S&P considers inconsistent with the
current rating, if its capitalization were to fall significantly,
or if RCHL's proprietary risk appetite were to increase.  Any new
prolonged market downturn may also produce negative pressure on
the ratings.

To consider an outlook revision to stable S&P would need to see a
marked improvement of the operating environment and a
demonstration that the group's performance can provide RCHL with a
satisfactory upstream of dividends and cash.

RENAISSANCE FINANCIAL: S&P Puts Low-B Counterparty Credit Ratings
Standard & Poor's Ratings Services said that it assigned its 'B+'
long-term and 'B' short-term counterparty credit ratings to
Russia-based Renaissance Financial Holdings Ltd.  The outlook is

"The ratings are constrained by high systemic and market risks in
Russia and around the globe," said Standard & Poor's credit
analyst Elena Romanova.  "Further constraints include reduced
possibilities for major business development, weakened financial
performance, and poor transparency with respect to the operations
of related companies outside the consolidated group."

These negative rating factors are partly offset by the group's
strong capitalization, recognizable brand, good managerial
flexibility, and the possibility of liquidity and funding support
from the new shareholder: ONEXIM Group (not rated).

In line with S&P's methodology for assessing nonoperating holding
companies, the ratings on RFHL are based on the creditworthiness
of the consolidated group.  S&P does not differentiate the ratings
on RFHL from S&P's assessment of the consolidated creditworthiness
of the operating group because S&P believes RFHL would draw on the
full resources of the operating group in case of need.  The
nonoperating holding company doesn't depend on cash flows from any
particular dominant operating company.

RFHL is a Bermuda-registered holding company that owns a 100%
stake in a complex group of companies.  In July 2009, Renaissance
Capital Holdings Ltd. (B/Negative/B), the former 100% owner of
RFHL, completed the sale of a 50% stake to ONEXIM, ,one of
Russia's largest private investment funds.  RFHL's business
contracted 40% from year-end 2007 to Sept. 30, 2009 and profits
dropped by more than 80%, owing to the downturn in financial
markets.  Equity sales and trading and brokerage services provided
more than 80% of the group's operating revenues in 2009,
highlighting a degree of revenue concentration.  The group's
liquidity is now stable, in S&P's view, and capitalization has
strengthened following a $500 million capital injection by ONEXIM
into RFHL.

"The outlook is negative because S&P believes that RFHL's business
and financial profile will remain hampered by a difficult
operating environment," said Ms. Romanova.  "Moreover, S&P see a
risk that RFHL's capitalization could decline.  In particular, S&P
perceive a risk that aggressive dividend practices, as seen in
2009, could continue."

S&P could take a negative rating action if RFHL's liquidity were
to deteriorate to levels that S&P considers inconsistent with the
current rating, if its capitalization were to fall significantly,
or if RFHL's proprietary risk appetite were to increase.  Any new
prolonged market downturn may also produce negative pressure on
the ratings.

To consider an outlook revision to stable S&P would need to see a
marked improvement of the operating environment and a clear
demonstration that the group's performance is stabilizing.  A
further positive trigger would be evidence that the upstream of
dividends and cash to the shareholders and upper levels of the
group is not harming RFHL's creditworthiness.

* KRASNOYARSK REGION: Fitch Affirms 'BB+' Currency Ratings
Fitch Ratings has affirmed Russia's Krasnoyarsk Region's Long-term
foreign and local currency ratings at 'BB+' respectively, while
affirming the Short-term foreign currency rating at 'B'.  The
agency has also affirmed the National Long-term rating at
'AA(rus)'.  All the Long-term rating Outlooks are Stable.  The
rating action affects RUB10.2 billion of the region's outstanding

The ratings reflect the region's exposure to volatile business
cycles in the main industry of non-ferrous metallurgy, its tax
concentration on a few companies and increased direct debt.  They
also reflect prudent fiscal management, increased support from the
federal government in the form of current and capital transfers
and sound liquidity position.  The Stable Outlook reflects Fitch's
expectation that Krasnoyarsk will be able to improve its budgetary
performance in 2010, underpinned by the recovery of the local
economy and improved tax revenue.

Krasnoyarsk's non-ferrous metallurgy industry continued to be
negatively affected by the price and demand drop on the
international markets in H109 which, together with tax
concentration, caused tax revenues to fall 17% y-o-y in 2009.
However the administration expects a gradual recovery of the local
economy in 2010, while the launch of the oil extraction industry
in H209 should further aid tax base diversification.

The region's operating margin declined to 9.8% in 2009 from 15.4%
in 2008.  However, budgetary performance was in part stabilized by
current transfers from the federal government, which increased
materially to RUB31.7 billion in 2009 (2008: RUB18 billion).
Prudent fiscal management, particularly the region's flexibility
on operating expenditure and advanced cash management, support the
ratings.  Fitch expects the region's budgetary performance to
improve in 2010, with the operating margin returning to the 2008
level of about 15%.  Weaker-than-expected operating performance in
the medium term would lead to pressure on the ratings.

Direct debt increased to RUB10.2 billion in November 2009 after
having been debt-free in 2008 with the issue of three-year
domestic bonds.  The debt payback period was under one year of
current balance at end-2009, while contingent liabilities were
moderate, self-servicing and strictly controlled.

The Krasnoyarsk region is located in the eastern Siberian part of
Russia.  The region accounts for 2.6% of Russia's (2007) GDP and
around 2% of its population.


DTEK HOLDINGS: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a B2 Corporate Family
Rating and a B2 Probability of Default Rating to DTEK Holdings
B.V.  At the same time, Moody's has also assigned a provisional
(P)B2 rating to the proposed US$-denominated Notes to be issued by
DTEK Finance B.V., a fully owned finance subsidiary of DTEK
Holdings B.V.  The amount is subject to the prevailing market
conditions during the placement.  The outlook on all assigned
ratings is negative.

Concurrently, Moody's has withdrawn the B2 CFR and B2 PDR of DTEK
Holdings Limited at the request of the issuer.  Moody's has
withdrawn this rating for business reasons.

DTEK Holdings B.V., incorporated in Netherlands, is intended to
become a holding company for the Ukrainian DTEK group and will
assume direct ownership of the group's major operating companies
through an organizational restructuring, the completion of which
is targeted by the end of 2010.  The newly assigned rating would
remain at the same level of B2 with a negative outlook, as
previously assigned to DTEK Holdings Limited.  This is because the
structure and financial profile of the DTEK group on a
consolidated basis remains unchanged by the restructuring, with no
major operating subsidiaries departing from or being newly
incorporated into the group.

The assigned provisional (P)B2 rating and a provisional Loss Given
Default assessment of LGD4 reflects the assumption that the notes
will rank pari passu with the other senior unsecured debt of the
DTEK group and junior only to certain secured debt.  Furthermore,
Moody's has incorporated in its assessment the assumption that,
irrespective of the actual size of the issued Notes, at least
US$130 million of the proceeds will be used to repay existing
secured bank debt.  The proposed Notes are guaranteed by certain
of Ukrainian operating subsidiaries of the DTEK group, which are
expected to represent the majority of the group's assets and
EBITDA.  The provisional rating is based on Moody's expectation
that, during the implementation of the transaction and following
its completion, the company would ensure reasonable headroom under
its covenants both under its Notes indenture and bank agreements.
In line with the loss-given-default methodology, the ratings and
LGD assessment will be finalized upon receipt of final bond
documentation and the confirmation of the issue amount.  The
proposed Notes are subject to various restrictions and financial
covenants, including limitations on incurrence of indebtedness,
limitations on creation and incurrence of certain liens,
limitation on certain mergers, asset sales and certain payments.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only represent Moody's preliminary
opinion.  Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign a
definitive rating to the securities.  A definitive rating may
differ from a provisional rating.

The previous rating action on the DTEK group was implemented on 30
March 2010, when Moody's confirmed the B2 long-term Corporate
Family Rating of DTEK Holdings Limited with negative outlook.

Headquartered in Donetsk, Ukraine, DTEK group is the first
privately owned, vertically integrated power generation company in
Ukraine.  With expected 17.6 million tonnes of mined coal, 14.5
TWh of generated electricity, 12.0 TWh of distributed electricity
and total expected sales of UAH15 billion in 2009, DTEK group is
one of the major players in the Ukrainian energy market.

U N I T E D   K I N G D O M

ADVENTI GROUP: In Administration; 22 Jobs Affected
Mark Smith at The Herald reports that Adventi Group has gone into
administration, resulting in the loss of 22 jobs.

The report relates administrators Bruce Cartwright and Graham
Frost of accounting firm PricewaterhouseCoopers on April 16 said
the Bellshill, Lanarkshire company was still trading and that a
further 22 staff had been kept on the payroll while a buyer was
being sought.  PwC said the appointment of administrators was made
at the request of the directors, the report notes.

"The business had encountered cash flow problems in recent months,
and while there were a number of challenges facing the company,
the management had been working hard on a restructuring program,"
the report quoted Mr. Frost as saying.  "Unfortunately, the board
have since reluctantly concluded that this path is no longer

Adventi Group is the Scottish provider of IT and software services
to SMEs and the owner of Apple reseller Scotsys, according to The

BONE GROUP: In Receivership; 113 Jobs Affected
BBC News reports that Bone Group Ltd. has gone into receivership,
resulting in the loss of 113 jobs.  The report relates Blair Nimmo
and Gary Fraser of KPMG have been appointed joint receivers of the

According to the report, the company suffered from a drop in
demand from the construction industry in the past 18 months.
The report notes the receivers said a 50% drop in trade left the
company with trading losses and cashflow pressures.

The joint receivers have invited offers for the property in
Wishaw, plant and machinery, stock and contracts, the report says.

Bone Group Ltd. is a steel firm based in Wishaw in North
Lanarkshire, Scotland.  The company, which was established 72
years ago and has offices in Leeds and London, had international
clients, according to BBC News.

INEOS GROUP: Secures Backing for EUR1-Bil. Refinancing
The Scotsman reports that Ineos Group has won backing for its
latest EUR1 billion (GBP877 million) refinancing.

The Scotsman notes that there had been concerns that a number of
investors would block the restructuring, which was proposed less
than a year after a previous agreement with the firm's creditors.

As reported by the Troubled Company Reporter-Europe on April 15,
2010, Reuters said Ineos improved the terms of the restructuring
proposal.  According to Reuters, the company has to repay at least
EUR500 million of debt by the end of 2012 or face an event of
default.  If the company fails to repay the EUR500 million by the
end of 2011, it faces an increase in interest margins of up to 50
basis points (bps), Reuters noted.  The group will also be subject
to weekly liquidity tests, which will be breached if available
liquidity is below EUR325 million for three consecutive weeks,
below EUR300 million for two consecutive weeks or EUR250 million
for one week, Reuters stated.  Reuter disclosed under the new
terms, proceeds from asset disposals exceeding EUR40 million per
annum will be used to repay debt, down from  EUR80 million
initially; while 75% of all excess cash flow in excess of EUR5
million will also repay debt, down from  EUR25 million before.  In
addition to the 50 bps participation fee and interest margin
increase, lenders are set to receive an extra 25 bps fee one year
after the amendment closes or following an asset disposal greater
than EUR200 million, Reuters stated.

                         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.

KILMARTIN PROPERTY: Hansteen Buys 61 Properties for GBP80.4-Mil.
Simon Packard at Bloomberg News reports that Hansteen Holdings Plc
agreed to pay GBP80.4 million (US$124 million) for 61 properties
owned by the insolvent Kilmartin Property Group.

According to Bloomberg, Hansteen said in a statement Friday the
stores, offices, warehouses, leisure outlets and plots of land are
spread across England, Scotland and Northern Ireland and generate
GBP5.6 million of net rental income annually.

Bloomberg says the purchase includes 1.22 million square feet
(113,000 square meters) of space, 58%of which is vacant.

Bloomberg notes Kilmartin Property Group's three main units were
either placed in administration or receivership in January after
Chairman Iain Wotherspoon was unable to refinance loans from
Lloyds Banking Group Plc following the slide in property values.

Founded in 1996 Kilmartin --
specializes in property development, regeneration and investment.
It has offices in Edinburgh, London and Sheffield.

NORTHERN ROCK: FSA Investigates Former Finance Director
Iain Dey at The Sunday Times reports that David Jones, the former
finance director of Northern Rock plc, is being investigated by
the Financial Services Authority over claims that he helped cover
up bad debts in the bank's mortgage book.

According to the report, Mr. Jones is believed to have been aware
of plans to hide problem loans from investors.  The report recalls
when the bank was nationalized in February 2008, Mr. Jones
resigned as finance director but was retained as a managing
director in its finance department.

                       About Northern Rock

Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- deals with mortgages, savings
accounts, loans and insurance.  The company also promotes secured
loans to its existing mortgage customers.  The company had more
than US$200 billion in assets at the end of June 2007.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 11,
2009, Standard & Poor's Ratings Services raised the rating on
Northern Rock's dated subordinated lower Tier 2 debt to 'BB' from
'CCC'.  The ratings on its perpetual subordinated debt and
preference shares were unaffected.  S&P said the outlook is

ROYAL BANK: Puts Hanco Unit Up for Sale
Iain Dey and Matthew Goodman at The Sunday Times report that Royal
Bank of Scotland is seeking buyers for Hanco, which supplies cash
machines that charge customers to withdraw their money.  According
to the report, private equity firms are thought most likely to be
interested in bidding for Hanco, which the bank acquired in 2004
for about GBP80 million.  It is not clear what the asking price
is, the report notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on March 29,
2010, Standard & Poor's Ratings Services said that it lowered its
ratings on "may pay" Tier 1 securities issued or guaranteed by The
Royal Bank of Scotland Group PLC (A/Stable/A-1) to 'C' from 'CC'.
At the same time, the rating on the RBSG-related security issued
by Argon Capital PLC was similarly lowered to 'C' from 'CC'.  The
counterparty credit ratings and stand-alone credit profiles of
RBSG and subsidiaries, and the ratings on other debt securities
issued by these entities, are unaffected.


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

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  Go to 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, Joy A. Agravante and Peter A. Chapman,

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.

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