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        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

           Thursday, July 22, 2010, Vol. 11, No. 143

                            Headlines



B U L G A R I A

EUROBANK EFG: Fitch Affirms BB+ Long-Term Issuer Default Rating
UNITED BULGARIAN: Fitch Affirms Long-Term IDR at 'BB+'


D E N M A R K

MARE BALTIC: Moody's Downgrades Rating on Class B Notes to 'Ca'
MARE BALTIC: Moody's Cuts Rating on Class A Notes to 'Ba3'
SCANDINOTES V: Moody's Cuts Rating on Class D Notes to 'C'


F R A N C E

EUROPROP SA: S&P Downgrades Rating on Class F Notes to 'B+'


G E R M A N Y

TUI AG: May Buy Out Remainder of Tui Travel, Morgan Stanley Says
UBS DEUTSCHLAND: Moody's Withdraws 'B1' Rating on EUR50MM Loan


G R E E C E

WIND HELLAS: Has Standstill Agreement With Creditors


H U N G A R Y

* HUNGARY: Debt Auction Fails Amid IMF Fiscal Stand-Off


I R E L A N D

ALLIED IRISH: Intesa on Shortlist to Buy Zachodni Stake
ANGLO IRISH: Court Refuses Summary Judgment Bid v. Solicitors


I T A L Y

FIAT SPA: Reports EUR90 Million Net Income in Second Quarter 2010


L U X E M B O U R G

FINSPACE SA: Moody's Affirms Corporate Family Rating at 'B1'
FINSPACE SA: S&P Withdraws 'B+' Rating on Senior Guaranteed Notes


P O R T U G A L

BANCO PRIVADO: Portugal Must Recover Aid to Creditors, EU Says


R O M A N I A

BANCA ROMANEASCA: Fitch Affirms Long-Term IDR at 'BB+'


R U S S I A

SISTEMA JSFC: S&P Changes Outlook to Stable; Affirms 'BB' Rating


S P A I N

GRIFOLS SA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
MBS BANCAJA: Moody's Assigns (P)Caa2 Rating on EUR402.5MM Notes
RURAL HIPOTECARIO: Fitch Cuts Rating on Class E Notes to 'CC'


U K R A I N E

UKRAINE AUTO: Moody's Confirms Low-B Ratings on Two Notes
UKRAINE MORTGAGE: Moody's Confirms Caa1 Rating on Class B Notes


U N I T E D   K I N G D O M

ASHFORD TOWN: Put Into Administration; Owes Around GBP1 Million
BIB COCHRAN: Bought Out of Administration in Pre-Pack Deal
BRITISH AIRWAYS: US Transportation Department Okays AA Tie-Up
BRITISH AIRWAYS: Unite Seeks Further Talks on Pay Offer
CRICK HOUSE: In Liquidation; Unlikely to Repay Creditors

DEAL GROUP: Administrators Seek Buyer Following Administration
ENTERPRISE INNS: Says Trading Decline Halted in Third Quarter
INDEPENDENT TELEVISION: Put Up for Sale for GBP15 Million
INTERNATIONAL POWER: S&P Puts 'BB' Corporate Credit Rating
LOGAN CDO: Moody's Withdraws Junk Ratings on Various Notes

MINSTER INSURANCE: Seeks Protection from Creditors in U.S.
OUT OF TOWN: In Administration; 100 Jobs Affected
WILLIAM HILL: World Cup Boost Offset by Royal Ascot Losses

* UK: Reduction in Number of Insolvency Investigations Likely


X X X X X X X X

* EUROPE: CEBS to Detail Three Scenarios in Bank Stress Tests

* Upcoming Meetings, Conferences and Seminars




                         *********



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


EUROBANK EFG: Fitch Affirms BB+ Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the subsidiaries of the National Bank
of Greece and Efg Eurobank Ergasias, following recent rating
actions taken on the parents.

The rating actions reflect Fitch's view that NBG and Eurobank are
very likely to extend support to their respective foreign
subsidiaries given their strategic importance and contribution to
their business and revenue profile.  In Finansbank A.S.'s case,
its Issuer Default Ratings are not impacted by this action as its
standalone financial strength is higher than the ratings' implied
by the potential support from its parent bank.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR affirmed at 'BB+'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Finansbank A.S.

  -- Support Rating affirmed at '3'.

  -- Long-term foreign and local currency IDRs are 'BBB-'; Outlook
     Stable

  -- Short-term foreign and local currency IDRs are 'F3'

  -- National Long-term rating is 'AAA(tur)'; Outlook Stable

  -- Individual Rating is 'C'

The South African Bank of Athens Limited

  -- National Long-term rating affirmed at 'BBB+(zaf)'; removed
     from RWN; Outlook Negative

  -- National Short-term rating affirmed at 'F2(zaf)'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiary:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

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


UNITED BULGARIAN: Fitch Affirms Long-Term IDR at 'BB+'
------------------------------------------------------
Fitch Ratings has affirmed the subsidiaries of the National Bank
of Greece and Efg Eurobank Ergasias, following recent rating
actions taken on the parents.

The rating actions reflect Fitch's view that NBG and Eurobank are
very likely to extend support to their respective foreign
subsidiaries given their strategic importance and contribution to
their business and revenue profile.  In Finansbank A.S.'s case,
its Issuer Default Ratings are not impacted by this action as its
standalone financial strength is higher than the ratings' implied
by the potential support from its parent bank.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR affirmed at 'BB+'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Finansbank A.S.

  -- Support Rating affirmed at '3'.

  -- Long-term foreign and local currency IDRs are 'BBB-'; Outlook
     Stable

  -- Short-term foreign and local currency IDRs are 'F3'

  -- National Long-term rating is 'AAA(tur)'; Outlook Stable

  -- Individual Rating is 'C'

The South African Bank of Athens Limited

  -- National Long-term rating affirmed at 'BBB+(zaf)'; removed
     from RWN; Outlook Negative

  -- National Short-term rating affirmed at 'F2(zaf)'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiary:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

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


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


MARE BALTIC: Moody's Downgrades Rating on Class B Notes to 'Ca'
---------------------------------------------------------------
Moody's Investors Service has downgraded these notes issued by
Mare Baltic PCC 2005-1

Issuer: Mare Baltic PCC Limited - Series 2005-1

  -- EUR201.6M Euro 201,600,000 Class A Floating Rate Limited
     Recourse Secured Asset Backed Notes due 2010/2015 Notes,
     Downgraded to Caa3; previously on Jan. 13, 2010 Downgraded to
     Caa2 and Remained On Review for Possible Downgrade

  -- DKK413.37M DKK 413,370,000 Class B 2% Limited Recourse
     Secured Asset Backed Notes due 2010/2015 Notes, Downgraded to
     C; previously on March 25, 2009 Downgraded to Ca

This transaction is a static cash CDO of junior subordinated loans
to predominantly Danish commercial and savings banks.  The
portfolio is non-granular, referencing 17 performing issuers, with
the three largest exposures representing 40.3% of the performing
portfolio.

The downgrades reflect widespread deterioration in the outstanding
portfolio, as indicated by the updated credit estimates Moody's
uses to assess the credit quality of the majority of the
portfolio.  This deterioration is reflected in the change in the
average rating of the pool from B1 to B3 once stresses for non-
granular pools (please see below) have been incorporated.

Moody's notes that Class B has been written down to zero under the
terms of the swap covering the notes and will receive payment only
in the event that sufficient recoveries are received from the five
defaulted loans in the pool.  Reflecting this, the action on Class
B is commensurate with the Moody's expected recoveries for the
notes, as outlined in the paper titled "Moody's Approach to Rating
Structured Finance Securities in Default" (November 2009).

The deterioration of the portfolio has been driven by the negative
performance of the Danish Banking Sector in the context of the
global financial crisis.  In response to the financial crisis, the
Danish government created two bank packages that have been
providing support to the banks.  Bank Package I is due to expire
on 30 September 2010, which Moody's expects will have a negative
impact for Danish banks, in particular for weaker institutions
which may see some depositors withdraw their funds in favor of
stronger banks.  Whilst this may be mitigated by Bank Package II,
which offers government guarantees on senior debt for up to three
years, the subordinated debt of Danish banks remains likely to
suffer large losses in the event of insolvency.

The credit deterioration of the portfolio also reflects the
difference in performance between senior and more junior debt
since the beginning of the crisis.  In addition, it incorporates
Moody's revised analytical framework on subordinated debts (see
press release titled "Moody's Reviews Bank Hybrids, Subordinated
Debt for Downgrade", 18 November 2009), whereby the Baseline
Credit Assessments of the issuing banks have been notched down by
two notches to account for the subordinated nature of the loans in
the pool.

As credit estimates do not carry credit indicators such as ratings
reviews and outlooks, a stress of a quarter notch-equivalent
downgrade was applied to each of these estimates.  Also applied
was Moody's policy on credit estimates in concentrated pools,
which is described in the report titled "Updated Approach to the
Usage of Credit Estimates in Rated Transactions" (October 2009).

Because the portfolio references a low number of generally small
Danish banks and the concerns listed above surrounding the Danish
banking industry, Moody's believes the likely correlation in
defaults between issuers in the pool is likely to be high.
Correlation was assumed to be 50%, though a stress case of 75% was
also looked at.  Although the issuers have an economic incentive
to repay the loans at the Optional Redemption Date falling in
November 2011, Moody's also considered the likelihood that the
loans would not be redeemed at the end of their fifth year due to
financing difficulties of the underlying banks, and found the
impact to be consistent with the revised rating levels.


MARE BALTIC: Moody's Cuts Rating on Class A Notes to 'Ba3'
----------------------------------------------------------
Moody's Investors Service has downgraded these notes issued in
Mare Baltic PCC Limited Series 2006-1

Issuer: Mare Baltic 2006-1

  -- EUR170.011M Euro 170,011,000 Class A Floating Rate Limited
     Recourse Secured Asset Backed Notes due 2014 Notes,
     Downgraded to Ba3; previously on Jan. 13, 2010 Downgraded to
     Ba1 and Remained On Review for Possible Downgrade

The transaction is a static cash CDO referencing junior
subordinated loans to Danish commercial and savings banks.  The
portfolio is concentrated, referencing 18 performing issuers, of
which only four are publicly rated, with the three largest
exposures representing 31.9% of the performing portfolio.

Moody's notes that Class B Notes have been written down to DKK
727.4 million under the terms of the swap covering the notes,
resulting in a 17.3% loss unless further recoveries are received
from the three defaulted loans in the pool.

The downgrades reflect credit deterioration in the outstanding
portfolios, as indicated by an update of the estimates Moody's
uses to assess the credit quality of the majority of the
portfolio.  As credit estimates do not carry credit indicators
such as ratings reviews and outlooks, a stress of a quarter notch-
equivalent assumed downgrade was applied to each of these
estimates as well as the treatment of estimates in concentrated
pools, which is described in the report titled "Updated Approach
to the Usage of Credit Estimates in Rated Transactions" (October
2009).  This deterioration is reflected in the change in the
average rating of the pool from Ba3 to B2 once stresses for non-
granular pools have been incorporated.

The deterioration of the portfolio has been driven by the negative
performance of the Danish Banking Sector in the context of the
global financial crisis.  In response to the financial crisis, the
Danish government created two bank packages that have been
providing support to the banks.  Bank Package I is due to expire
on 30 September 2010, which Moody's expects will have a negative
impact for Danish banks, in particular for weaker institutions
which may see some depositors withdraw their funds in favor of
stronger banks.  Whilst this may be mitigated by Bank Package II,
which offers government guarantees on senior debt for up to three
years, the subordinated debt of Danish banks remains likely to
suffer large losses in the event of insolvency.

The credit deterioration of the portfolio also reflects the
difference in performance between senior and more junior debt
since the beginning of the crisis.  In addition, it incorporates
Moody's revised analytical framework on subordinated debts (see
press release titled "Moody's Reviews Bank Hybrids, Subordinated
Debt for Downgrade", 18 November 2009), whereby the Baseline
Credit Assessments of the issuing banks have been notched down by
two notches to account for the subordinated nature of the loans in
the pool.

Because the portfolio references a low number of generally small
Danish banks and the concerns listed above surrounding the Danish
banking industry, Moody's believes the likely correlation in
defaults between issuers in the pool is likely to be high.
Correlation was assumed to be 50%, though a stress case of 75% was
also looked at.  Although the issuers have an economic incentive
to repay the loans at the Optional Redemption Date falling in
November 2011, Moody's also considered the likelihood that the
loans would not be redeemed at the end of their fifth year due to
financing difficulties of the underlying banks, and found the
impact to be consistent with the revised rating levels.


SCANDINOTES V: Moody's Cuts Rating on Class D Notes to 'C'
----------------------------------------------------------
Moody's Investors Service has downgraded these notes issued by
Scandinotes V p.l.c.

Issuer: ScandiNotes Five p.l.c.

  -- DKK218,100,000 Class A Floating Rate Limited Recourse
     Secured Senior Notes due 2015 Notes, Downgraded to Baa3;
     previously on Jan. 13, 2010 Downgraded to Baa1 and Remained
     On Review for Possible Downgrade

  -- DKK672,000,000 Class B Floating Rate Guaranteed Limited
     Recourse Secured Senior Notes due 2012/2015, Underlying
     Rating: Downgraded to Caa1; previously on Jan. 13, 2010
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- DKK255,000,000 Class D 4% Limited Recourse Secured Junior
     Notes due 2015, Downgraded to C; previously on March 13, 2009
     Downgraded to Ca

Moody's has also confirmed these notes issued by Scandinotes V
p.l.c.

Issuer: ScandiNotes Five p.l.c.

  -- DKK417,900,000 Class C 4% Guaranteed Limited Recourse
     Secured Mezzanine Notes due 2012/2015, Underlying Rating:
     Confirmed at Caa3; previously on Jan 13, 2010 Downgraded to
     Caa3 and Remained On Review for Possible Downgrade

The transaction is a static cash CDO referencing junior
subordinated loans to Danish commercial and savings banks.  The
portfolio is concentrated, referencing 14 performing issuers, of
which only two are publicly rated, with the three largest
exposures representing 38.5% of the performing portfolio.

The downgrades reflect widespread deterioration in the outstanding
portfolio, as indicated by the updated credit estimates Moody's
uses to assess the credit quality of the majority of the
portfolio.  This deterioration is reflected in the change in the
average rating of the pool from B1 to Caa1 once stresses for non-
granular pools (please see below) have been incorporated.

Moody's notes that Class D has been written down to zero under the
terms of the swap covering the notes and will receive payment only
in the event that sufficient recoveries are received from the
single defaulted loan in the pool.  Reflecting this, the action on
Class D is commensurate with the Moody's expected recoveries for
the notes, as outlined in the paper titled "Moody's Approach to
Rating Structured Finance Securities in Default" (November 2009).

The deterioration of the portfolio has been driven by the negative
performance of the Danish Banking Sector in the context of the
global financial crisis.  In response to the financial crisis, the
Danish government created two bank packages that have been
providing support to the banks.  Bank Package I is due to expire
on 30 September 2010, which Moody's expects will have a negative
impact for Danish banks, in particular for weaker institutions
which may see some depositors withdraw their funds in favor of
stronger banks.  Whilst this may be mitigated by Bank Package II,
which offers government guarantees on senior debt for up to three
years, the subordinated debt of Danish banks remains likely to
suffer large losses in the event of insolvency.

The credit deterioration of the portfolio also reflects the
difference in performance between senior and more junior debt
since the beginning of the crisis.  In addition, it incorporates
Moody's revised analytical framework on subordinated debts (see
press release titled "Moody's Reviews Bank Hybrids, Subordinated
Debt for Downgrade", 18 November 2009), whereby the Baseline
Credit Assessments of the issuing banks have been notched down by
two notches to account for the subordinated nature of the loans in
the pool.

As credit estimates do not carry credit indicators such as ratings
reviews and outlooks, a stress of a quarter notch-equivalent
downgrade was applied to each of these estimates.  Also applied
was Moody's policy on credit estimates in concentrated pools,
which is described in the report titled "Updated Approach to the
Usage of Credit Estimates in Rated Transactions" (October 2009).

Because the portfolio references a low number of generally small
Danish banks and the concerns listed above surrounding the Danish
banking industry, Moody's believes the likely correlation in
defaults between issuers in the pool is likely to be high.
Correlation was assumed to be 50%, though a stress case of 75% was
also looked at.  Although the issuers have an economic incentive
to repay the loans at the Optional Redemption Date falling in
November 2011, Moody's also considered the likelihood that the
loans would not be redeemed at the end of their fifth year due to
financing difficulties of the underlying banks, and found the
impact to be consistent with the revised rating levels.


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


EUROPROP SA: S&P Downgrades Rating on Class F Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
EuroProp (EMC VI) S.A.'s class D, E, and F notes.  At the same
time, S&P removed the class E and F notes from CreditWatch
negative.

The rating actions reflect the recent deteriorating performance of
the Sunrise II, Henderson 3 (Staples), and Signac loans, which
represent 42% of the pool by loan balance.  While S&P believes
there are scenarios in which principal losses would be minimal,
S&P considers that the creditworthiness of these loans has
generally declined.  S&P has therefore lowered its ratings on the
class D, E, and F notes.

Sunrise II, which represents about 25% of the securitized pool, is
the largest loan in the pool.  The EUR110 million loan is a 50%
pari passu ranking portion within a larger loan.  The other half
of the loan was securitized in Deco 10-Pan Europe 4 PLC.  The
whole loan is secured against a portfolio of 47 properties, which
predominantly comprise secondary retail assets located throughout
Germany.  S&P believes the refinancing of the whole loan in July
2011 may prove challenging in the current market conditions, in
light of the continued deterioration of the portfolio net
operating income -- which in turn stems from an increasing vacancy
rate due to tenant foreclosures and tenant departures.

Henderson 3 (Staple) represents about 10% of the securitized pool.
The loan is secured against a mixed-use portfolio comprising five
multi-tenanted properties located throughout Germany.  Although
S&P understands rental income was sufficient to service the loan,
S&P also understand that material rental arrears have been
experienced in connection with some of the largest tenants.
Therefore, S&P believes the term risk associated with this loan
has significantly increased.

Signac represents about 10% of the securitized pool and is the
senior portion of a larger loan.  The loan is secured against a
modern multi-tenanted office property located near Paris, France.
S&P believes that the refinancing of the whole loan in July 2011
may be challenging in light of the lease maturity profile (the
weighted-average lease term until first break is less than three
years), and the ongoing dispute with one of the main tenants who
had, S&P understand, experienced material financial difficulties
that led to rental arrears.

EuroProp (EMC VI) is a 2007-vintage true sale transaction
ultimately secured against commercial real estate properties
located in Germany and France.  None of the 18 loans have fully
prepaid.  The note balance has reduced to EUR475.4 million from
EUR489.8 million due to partial loan repayments.  The legal
maturity date of this transaction is in 2017.

                          Ratings List

                      EuroProp (EMC VI) S.A.
EUR489.775 Million Commercial Mortgage-Backed Floating-Rate Notes

                          Rating Lowered

                                   Rating
                                   ------
                 Class       To              From
                 -----       --              ----
                 D           BB+             BBB

       Ratings Lowered and Removed From CreditWatch Negative

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


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


TUI AG: May Buy Out Remainder of Tui Travel, Morgan Stanley Says
----------------------------------------------------------------
Ben Harrington at The Daily Telegraph reports that Morgan Stanley
said TUI AG, which owns a 54% stake in Tui Travel, could buy out
the remainder of the company that it does not already own.

The report relates Jamie Rollo, an analyst at Morgan Stanley,
argued that TUI AG could justify a deal through hard cost savings,
utilization of tax losses, and access to Tui Travel's significant
cash flow.

According to the report, Mr. Rollo also pointed out that the
container shipping market's rapid recovery could enable TUI AG to
exit its investment in Hapag-Lloyd, a shipping group, quicker and
for more value than expected.

TUI AG -- http://www.tui-group.com/en/-- is a Germany-based
company mainly engaged in the tourism sector, focusing on the
markets of Central, Northern and Western Europe.  TUI owns a
network of travel agencies and tour operators, including air
tours, Thomson, First Choice and TUI Deutschland.  It also
operates several airlines, including Corsairfly, Thomsonfly and
First Choice Airways, among others.  The Company is structured
into three segments: TUI Travel, TUI Hotels and Resorts, and
Cruises.  TUI Travel comprises the Company's distribution, tour
operating, airline and incoming activities and services over 30
million customers in 180 countries.  The TUI Hotels and Resorts
division offers a portfolio of 238 hotels, located in Spain,
Greece, Egypt, France, Turkey, Tunisia, the Balearics and the
Caribbean, among others.  The Cruises sector comprises Hapag-Lloyd
Kreuzfahrten GmbH and TUI Cruises which provide luxury cruises,
and cruises within the German-speaking countries, respectively.

                           *     *     *

As reported in the Troubled Company Reporter-Europe on Sept. 21,
2009, Moody's Investors Service lowered the Corporate Family
Rating and Probability of Default Rating of TUI AG to Caa1 from
B3.  At the same time, the unsecured rating and the subordinated
rating were lowered from Caa1 to Caa2 and from Caa2 to Caa3,
respectively.  Moody's said the outlook is negative.


UBS DEUTSCHLAND: Moody's Withdraws 'B1' Rating on EUR50MM Loan
--------------------------------------------------------------
Moody's Investors Service announced it has withdrawn the rating of
the EUR50 million Schuldschein Loan Agreement where UBS
Deutschland AG is borrower and protection buyer.

Issuer: UBS Deutschland AG - Schuldschein CDO

  -- EUR50M Euro 50,000,000 Floating Rate Portfolio Credit Linked
     Schuldschein Loan Agreement due 2015 Notes, Withdrawn;
     previously on Jun 30, 2009 Upgraded to B1

The transaction is a Schuldschein Loan Agreement referencing a
portfolio of corporate assets.   Moody's affirms the rating of the
transaction before withdrawing it for business reasons.


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


WIND HELLAS: Has Standstill Agreement With Creditors
----------------------------------------------------
John Glover at Bloomberg News reports that Wind Hellas
Telecommunications SA said in a statement that the company reached
a standstill agreement with creditors, with holders of 80.6% of
its senior secured floating-rate notes signing up.

As reported by the Troubled Company Reporter-Europe on July 16,
2010, Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
said that three of Wind Hellas's subsidiaries shifted their
addresses and principal place of business to London from
Luxembourg, in a move that could aid a potential debt
restructuring.  Global Insolvency disclosed the move to London
allows Wind Hellas to take advantage of the U.K.'s insolvency
laws, which are considered more favorable than some European
countries where restructurings can be both lengthy and costly.

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 7,
2010, Standard & Poor's Ratings Services said that it lowered its
long-term corporate credit ratings on Greek mobile
telecommunications operator WIND Hellas Telecommunications S.A.
and related entities to 'SD' from 'CC'.  S&P said the downgrade to
'SD' (selective default) mainly reflects the group's agreement
with some of its lenders to defer until Nov. 5, 2010, under the
terms of the standstill agreement, a EUR17.5 million amortization
payment under its RCF and payments due on July 15, 2010 relating
to hedging contracts.  The downgrade also reflects S&P's view that
the group's capital structure has become unsustainable in the
short to medium term, and consequently that WIND Hellas is highly
likely to undergo a capital restructuring in the very short term,
the second in about eight months.


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


* HUNGARY: Debt Auction Fails Amid IMF Fiscal Stand-Off
-------------------------------------------------------
David Oakley and Kerin Hope at The Financial Times report that
Hungary suffered its second debt auction failure in the space of
two months on Tuesday as fears rose over the country's commitment
to economic reforms.

According to the FT, investors boycotted an auction of short-term
bills because of alarm over a dispute between Budapest and the
International Monetary Fund, which led a EUR20 billion (US$25.8
billion) financial bail-out of the country in November 2008.

Hungary is reluctant to give ground in a fiscal stand-off with the
IMF and the European Union, the FT says.  The IMF and EU have
warned Hungary its austerity measures look too short-term and
insisted the government must rethink its plans, the FT notes.

The auction of three-month bills sold only HUF35 billion (US$157
million), well short of its HUF45 billion target, the FT
discloses.


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


ALLIED IRISH: Intesa on Shortlist to Buy Zachodni Stake
-------------------------------------------------------
Marta Waldoch at Bloomberg News, citing Dziennik, reports that
Intesa Sanpaolo SpA of Italy is on a shortlist to buy a stake in
Poland's Bank Zachodni WBK SA that Allied Irish Banks Plc is
selling.

As reported by the Troubled Company Reporter-Europe on June 24,
2010, The Financial Times said the Polish government supported a
potential bid from state-owned PKO for Bank Zachodni WBK, which is
being put up for sale by AIB.  The FT disclosed Poland's treasury
ministry said it may defer a dividend payment to enable PKO, which
is 51% state owned to buy BZ WBK.  The FT said the 70% stake in BZ
WBK owned by AIB is thought to be worth about PLN11 billion
(US$3.4 billion).  AIB is being forced to sell off its Polish
affiliate in order to meet capital targets after receiving aid
from the Irish government, according to the FT.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2009, Fitch Ratings affirmed Allied Irish Banks plc's individual
Rating at 'D/E'.


ANGLO IRISH: Court Refuses Summary Judgment Bid v. Solicitors
-------------------------------------------------------------
IrelandOn-Line reports that the Commercial Court has refused to
order three Limerick solicitors to pay Anglo Irish Bank EUR21
million over personal guarantees on unpaid property loans.

The report relates partners Dermot O'Donovan, Michael Sherry and
Aidan Frawley had argued that they had been given assurances by
senior executives at the bank that the guarantees would never be
called in.  According to the report, the guarantees arose from
loans of EUR165 million to companies and partnerships linked to
the Limerick-based Fordmount Property Group.

Mr. Justice Peter Kelly has ruled that the matter should go to
trial, the report notes.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at September
30, 2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 7,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation's lower
Tier 2 subordinated debt downgraded to 'CCC' from 'BBB+'.  Fitch
affirmed the rating on the bank's Upper Tier 2 subordinated notes
at 'CC'.  It also affirmed the rating on the bank's Tier 1 notes
at 'C'.


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


FIAT SPA: Reports EUR90 Million Net Income in Second Quarter 2010
-----------------------------------------------------------------
Sara Gay Forden at Bloomberg News reports that Fiat SpA returned
to a profit in the second quarter on higher sales of trucks and
agricultural machines and said it may raise its forecast later
this year.

Bloomberg relates Fiat said Wednesday in a statement to the local
stock exchange that net income was EUR90 million (US$116 million),
compared with a EUR168-million loss a year earlier.  Earnings
before interest, taxes and one-time gains or losses, which Fiat
calls trading profit, more than doubled to EUR651 million, beating
the EUR359-million average estimate of 11 analysts surveyed by
Bloomberg.

According to Bloomberg, a recovery in sales of Iveco trucks and
New Holland tractors helped made up for slower demand for cars in
Europe after governments ended "cash-for-clunker" programs.

                          About Fiat SpA

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --
http://www.fiatgroup.com/-- is principally engaged in the design,
manufacture and sale of automobiles, trucks, wheel loaders,
excavators, telehandlers, tractors and combine harvesters.
Through its subsidiaries, Fiat operates mainly in five business
areas: Automobiles, including sectors led by Maserati SpA, Ferrari
SpA and Fiat Group Automobiles SpA, which design, produce and sell
cars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,
Abarth, Ferrari and Maserati brands; Agricultural and Construction
Equipment, which is led by Case New Holland Global NV; Trucks and
Commercial Vehicles, which is led by Iveco SpA; Components and
Production Systems, which includes the sectors led by Magneti
Marelli Holding SpA, Teksid SpA, Comau SpA and Fiat Powertrain
Technologies SpA, and Other Businesses, which includes the sectors
led by Fiat Services SpA, a publishing house Editrice La Stampa
SpA and an advertising agency Publikompass SpA.  With operations
in over 190 countries, the Group has 203 plants, 118 research
centers, 633 companies and more than 198,000 employees.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 27,
2010, Standard & Poor's Ratings Services said that it placed its
'BB+' long-term corporate credit rating on Italian industrial
group Fiat SpA on CreditWatch with negative implications.  At the
same time, the 'B' short-term credit rating on Fiat was affirmed.
In addition, S&P placed the 'BB+' long-term rating on Fiat's
subsidiary CNH Global N.V. on CreditWatch with developing
implications.  "The CreditWatch placement reflects S&P's view that
Fiat's credit quality could weaken due to increased business risk
as a consequence of the proposed demerger of CNH, Iveco SpA (not
rated), and the industrial and marine divisions of Fiat Powertrain
Technologies into the newly created entity Fiat Industrial SpA,"
said Standard & Poor's credit analyst Barbara Castellano.


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


FINSPACE SA: Moody's Affirms Corporate Family Rating at 'B1'
------------------------------------------------------------
Moody's Investors Service has affirmed Finspace S.A.'s B1
corporate family rating.

Moody's has also withdrawn its B1 senior unsecured bond rating on
Finspace's proposed US$notes, as they have not been issued as
planned.

The outlook for the corporate family rating remains stable.

"Moody's expect that the company will maintain its financial
prudence, funding its plate mill expansion with operating cash
flow and available funds in the absence of the proposed bond
issuance," writes Ken Chan, a Moody's Vice President and lead
analyst for the company.

Moody's last rating action on Finspace took place on April 29,
2010, when the rating agency assigned a first-time B1 corporate
family and bond ratings to the company's proposed US$senior
unsecured notes.

Finspace's rating was assigned by evaluating factors Moody's
believe are relevant to the issuer's credit profile, such as 1)
business risk and the competitive position of the company versus
others in its industry; 2) its balance sheet and financial risk;
3) the projected performance over the near to medium term; and 4)
management's track record and tolerance for risk.

These attributes were compared to those of other issuers within
and outside Finspace's core industry; Moody's considers Finspace's
rating comparable to those of other issuers with similar credit
risk.

Finspace S.A., also known as the Canadoil Group, produces
specialized pipes, vessels, and fittings for oil and gas,
chemical, refining, power, water, and infrastructure projects
worldwide.  As a global company that can provide end-customers
one-stop shopping integrated solutions, Finspace is unique.  The
group has manufacturing facilities in Thailand, Canada, and Italy,
with sales offices in Thailand, Korea, Dubai, Canada, and Italy.


FINSPACE SA: S&P Withdraws 'B+' Rating on Senior Guaranteed Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn the
'B+' issue rating on Finspace S.A.'s (B+/Positive/--) proposed
senior guaranteed notes.  The issue rating, which was subject to
S&P's review of the final documentation, was withdrawn following
the company's decision to postpone the proposed issue.


===============
P O R T U G A L
===============


BANCO PRIVADO: Portugal Must Recover Aid to Creditors, EU Says
--------------------------------------------------------------
Anabela Reis and Ben Moshinsky at Bloomberg News report that the
European Commission said the Portuguese government must recover
state aid given to creditors of Banco Privado Portugues SA.

According to Bloomberg, the European Commission said in a
statement Tuesday that the Portuguese government broke EU state
aid laws when it guaranteed a EUR450-million (US$578 million) loan
to Banco Privado in 2008.

Bloomberg recalls the Bank of Portugal ordered the liquidation of
the closely held lender in April, after efforts to recapitalize
the financial institution failed.  It was the country's first bank
failure in more than 20 years, Bloomberg notes.

According to Bloomberg, the commission said it "temporarily
approved the loan guarantee as emergency support on the condition
Portugal would submit a restructuring plan within six months,"
adding it "got no such restructuring plan for BPP, which was later
put into liquidation and the loan paid by the state."

Portugal must now "file its claim as a creditor in the liquidation
procedure and recover the difference between the price the bank
should have paid for the guarantee and the lower fee actually
paid," Bloomberg quoted the commission as saying.

The government has already filed the necessary claims, Bloomberg
says, citing the commission's statement.

Banco Privado Portugues SA is based in Lisbon.


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


BANCA ROMANEASCA: Fitch Affirms Long-Term IDR at 'BB+'
------------------------------------------------------
Fitch Ratings has affirmed the subsidiaries of the National Bank
of Greece and Efg Eurobank Ergasias, following recent rating
actions taken on the parents.

The rating actions reflect Fitch's view that NBG and Eurobank are
very likely to extend support to their respective foreign
subsidiaries given their strategic importance and contribution to
their business and revenue profile.  In Finansbank A.S.'s case,
its Issuer Default Ratings are not impacted by this action as its
standalone financial strength is higher than the ratings' implied
by the potential support from its parent bank.

The rating actions are:

National Bank of Greece S.A's subsidiaries:

United Bulgarian Bank

  -- Long-term IDR affirmed at 'BB+'; removed from Rating Watch
     Negative (RWN); Outlook Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Banca Romaneasca S.A.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

Finansbank A.S.

  -- Support Rating affirmed at '3'.

  -- Long-term foreign and local currency IDRs are 'BBB-'; Outlook
     Stable

  -- Short-term foreign and local currency IDRs are 'F3'

  -- National Long-term rating is 'AAA(tur)'; Outlook Stable

  -- Individual Rating is 'C'

The South African Bank of Athens Limited

  -- National Long-term rating affirmed at 'BBB+(zaf)'; removed
     from RWN; Outlook Negative

  -- National Short-term rating affirmed at 'F2(zaf)'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.

Efg Eurobank Ergasias S.A.'s subsidiary:

Eurobank EFG Bulgaria AD.

  -- Long-term IDR affirmed at 'BB+'; removed from RWN; Outlook
     Negative

  -- Short-term IDR affirmed at 'B'

  -- Support Rating affirmed at '3'

The Negative Outlook on the Long-term IDR mirrors that of the
parent bank.  The Individual Rating of 'D' is unaffected by the
rating action.

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


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


SISTEMA JSFC: S&P Changes Outlook to Stable; Affirms 'BB' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian operating holding company Sistema to stable
from negative and affirmed the 'BB' long-term corporate credit
rating.

"The outlook revision and affirmation reflect S&P's view that the
company's financial profile will not deteriorate beyond what S&P
would view as compatible with the 'BB' rating," said Standard &
Poor's credit analyst Alexander GriazNov.

S&P understands that Sistema's revised financial policy suggests
that it will gradually reduce debt at the parent company level.
Sistema's management has also stated that it will aim to maintain
its parent-company-level debt at a level that does not
meaningfully exceed the projected incoming dividend flow for the
year, which S&P views as quite conservative.  The main debt will
be located at the operating company level.  Although the
implementation of this policy has not yet been tested, in the
long-term it could lead to further strengthening of the parent
company's financial profile.

Nevertheless, the rating already assumes that incoming dividends
in 2010 from Sistema's two largest cash generative subsidiaries,
Mobile TeleSystems (OJSC) (MTS; BB/Stable/--) and ANK Bashneft
(NR), will be routed for repayment of debt at the Sistema holding
company level.

The rating on Sistema is constrained by the company's relatively
aggressive financial policy, with its strong focus on business
growth, its predisposition for acquisitions, and the cash
consumption of most of its growth-oriented business segments.  In
addition, Sistema is pursuing the ambitious capital-intensive
construction of a nationwide mobile telecommunications network in
India, which could further limit the company's cash-generating
potential.

The continuing strong performance of Sistema's core telecoms
assets, the robust cash-generative nature of its largest
subsidiaries, and the company's tangible progress in streamlining
operations support the rating.

The stable outlook reflects S&P's view that Sistema's two largest
subsidiaries will retain their strong cash generative profile and
will continue paying significant dividends.  S&P expects that MTS
will continue to distribute at least 60% of its net income as
dividends, while Bashneft will pay dividends in an amount similar
to the 2009 level.  It also assumes that, in line with its
financial policy, Sistema will gradually reduce its debt at the
holding company level.  The rating does not incorporate any
significant headroom for debt-financed acquisitions.

"A negative rating action could follow if Sistema were to spend
its dividends received on acquisitions rather than for debt
repayment, or if it increased leverage back to levels similar to
those at year-end 2009," said Mr. Griaznov.

S&P sees limited potential for ratings upside in the next 12
months.  In the longer term, S&P could raise the rating if
Sistema's oil and energy division showed further improvement or if
Sistema showed greater asset diversification and liquidity, as
well as maintaining a track record of prudent financial policy
management.


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


GRIFOLS SA: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard Ratings Services said that it assigned a preliminary
long-term corporate credit rating of 'BB-' to Spain-based health
care group Grifols SA.  The outlook is positive.

At the same time, S&P assigned a preliminary issue rating of 'BB'
to the proposed senior secured bank facility to be borrowed by
Grifols and its wholly-owned U.S. subsidiary Grifols Inc.  S&P
assigned a preliminary recovery rating of '2' to this instrument,
reflecting its view of substantial (70%-90%) recovery in the event
of a payment default.

In addition, S&P assigned a preliminary issue rating of 'B' to the
proposed unsecured bridge facility to be borrowed by Grifols and
Grifols Inc.  S&P assigned a preliminary recovery rating of '6' to
this instrument, indicating its expectation of negligible (0%-10%)
recovery in the event of a payment default.

"The ratings on Spain-based health care group Grifols reflect
S&P's view of the group's aggressive financial risk profile,
specifically, its relatively high leverage following the proposed
acquisition of U.S.-based biopharmaceuticals company Talecris
Biotherapeutics Inc. in June 2010," said Standard & Poor's credit
analyst Marketa Horkova.  "Mitigating this is what S&P believes to
be the combined group's ability to generate sufficient free cash
flow to reduce its debt quickly."

The ratings also reflect S&P's view of Grifols' satisfactory
business risk profile.  This is supported by Grifols' position as
the world's third-largest producer of plasma protein therapies
following the Talecris acquisition.  S&P views the plasma
fractions market as a niche sector that benefits from high
barriers to entry, good long-term growth prospects, and relatively
strong profitability.

Offsetting these positive factors is S&P's perception of the risk
of Grifols' revenue concentration in three main plasma-derived
proteins, the inherited industry risk of potential product
contamination liabilities, and the uncertainties of product
pricing being driven by supply-demand imbalances.

Substitution risk and generic competition do not pose a great
risk, in S&P's opinion, because production capacity and know-how
are more critical than patent protection in the plasma
fractionation industry.

In S&P's view, Grifols' position in the consolidated and growing
plasma fractionation market is sound.  In addition, S&P believes
that the combined group should be able to generate sufficient cash
flow and improve its leverage to levels S&P view as commensurate
with a 'BB' rating -- defined as a ratio of Standard & Poor's-
adjusted debt to EBITDA sustainably lower than 4x -- over the next
15 months.

S&P would consider taking a negative rating action if Grifols'
deleveraging were delayed due to deterioration in the group's
operating performance or financial policy.


MBS BANCAJA: Moody's Assigns (P)Caa2 Rating on EUR402.5MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
these classes of Notes to be issued by MBS Bancaja 20 FTA:

  -- (P)Aaa to the EUR 472,500,000 notes due 2063
  -- (P)Caa2 to the EUR 402,500,000 notes due 2063

The transaction represents the securitization of Spanish mortgage
loans originated by Bancaja.  The assets supporting the notes are
mortgage loans secured by residential properties located in Spain.
The portfolio will be serviced by Bancaja.

The expected portfolio loss of 16% and the MILAN Aaa required
credit enhancement of 38% serve as input parameters for Moody's
cash flow model, which is based on a probabilistic lognormal
distribution as described in the report "The Lognormal Method
Applied to ABS Analysis", published in September 2000.  These high
figures relative to other recent Spanish transactions reflect the
relatively high weighted average loan-to-value of the portfolio
(86.3% of the pool is above 80% LTV) and most importantly, that
28% of the pool correspond to refinanced loans from previously
underperforming loans by the same originator (effectively these
are not prime borrowers).  Underperforming means that these
borrowers were previously delinquent or that they were flagged by
the originator's alert system due to their credit profile
deterioration and the originator took pre-emptive action by
refinancing.  34.8% of the loans, many within the refinanced sub-
pool, have principal grace periods that raise additional concern
on the affordability and potential future payment shock for these
borrowers.  For the refinanced loans, Moody's have assumed 100%
default rate and only given benefit for the recovery, which has
been calculated using the standard MILAN stress.  These two
characteristics of the pool, high LTV and non prime borrowers, are
different from previous Bancaja transactions.  Also, 24% of the
pool was originated through brokers.

The V Score for this transaction is Medium/High, which is higher
than the V score assigned for the Spanish RMBS sector.  Four
subcomponents of the V Score have been assessed worse than the
average for the sector and worse also in comparison with other
recently issued High LTV Spanish RMBS.  Sector Historical
Downgrade Rate performance variability score is Medium/High, which
is higher than a score of Medium for the Spanish RMBS sector,
reflecting that High LTV deals in Spain have shown worse
performance than the market index.  The variability score for
Quality of Historical Data is Medium/High mainly because there is
no historical information in the market on the performance of
refinancings of delinquent loans.  Issuer/Sponsor/Originator's
historical variability score is Medium/High since previous RMBS
deals from this originator show worse performance than the market
index.  The score for Transaction Complexity is Medium/High
because high LTV deals are more exposed to house price declines,
thus increasing the volatility on actual losses and this pool
contains loans with adverse risk elements.  V-Scores are a
relative assessment of the quality of available credit information
and of the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "VScores and Parameter
Sensitivities in the Major EMEA RMBS Sectors" published in April
2009.

The provisional ratings address the expected loss posed to
investors by the legal final maturity.  The structure allows for
timely payment of interest and ultimate payment of principal at
par on or before the legal final maturity date.  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 the yield to investors.


RURAL HIPOTECARIO: Fitch Cuts Rating on Class E Notes to 'CC'
-------------------------------------------------------------
Fitch Ratings has downgraded four tranches of Rural Hipotecario
IX's notes and affirmed two classes.  The agency has additionally
affirmed 18 tranches from four other transactions in the Rural
Hipotecario Series.  Fitch has revised the Outlooks on Rural
Hipotecario VIII's class D notes to Negative from Stable whilst
Rural Hipotecario IX's class B notes have been assigned a Negative
Outlook following their downgrade.

The affirmation of the ratings on the older transactions,
containing loans originated before 2005, (Rural Hipotecario VI,
Rural Hipotecario VII and Rural Hipotecario Global I) are driven
by the stronger performance of the assets and robust levels of
credit enhancement compared to the deals issued after 2006 (Rural
Hipotecario VIII and Rural Hipotecario IX).

Nearly 10% of Rural Hipotecario Global I's original loans were
granted to borrowers identified as legal entities or small- and
medium-sized businesses.  Fitch has assessed this portion of the
pool against higher market value declines and potentially higher
losses that these loans may suffer.  At present, the performance
is not a source of concern for the agency and this is reflected in
the Stable Outlooks.

The downgrades of Rural Hipotecario IX's class B to E notes and
the Negative Outlooks on Rural Hipotecario VIII's class D notes
and Rural Hipotecario IX's class C and D notes reflect the
worsening performance of the underlying assets which have led to a
higher volume of arrears in these transactions.  This has resulted
in an upward trend of newly-defaulted loans and a tightening of
excess spread.  In the case of Rural Hipotecario IX, these factors
have caused the reserve fund to be drawn several times and reduced
the credit support on the most junior notes.

As of the June 2010 collection period, loans classified as
doubtful have ranged between 0.22% of the initial pool balance
(Rural Hipotecario VI) and 1.14% (Rural Hipotecario IX).  Doubtful
mortgage loans are defined as loans that are delinquent on a given
date with a period of arrears equal to or greater than eighteen
months in payment of amounts due or which have been foreclosed.
All transactions feature a 100% provisioning mechanism through
which available excess revenue is used to write off doubtful
loans, avoiding the cost of carry of non-performing loans by
writing them off instead of waiting for the actual loss to full
materialize.

Since the August 2009 interest payment date (IPD), Rural
Hipotecario IX's pool has not generated sufficient revenue to
cover for the full amount of defaulted loans.  The difference has
been covered by drawing on its reserve fund by a total of 37% of
its target amount of EUR15 million (1% of the initial note
balance), causing a reduction in credit support on the class B to
D notes.  Fitch expects that the volume of new defaults over the
next 12-18 months will lead to further reserve fund draws.  This
is reflected in the downgrade of the notes' ratings and the
Negative Outlooks.  The replenishment of the reserve fund will be
highly dependant on the level of recoveries.

The upward trend of three months plus arrears and the increased
volume of defaulted loans (2.11% of the current pool balance and
0.49% of the initial loans balance as of the June collection
period respectively) support the agency's concerns of the
worsening performance of the pool in Rural Hipotecario VIII.
Moreover, the declining amount of net excess spread since the
October 2009 IPD might lead to potential draws on the reserve fund
in order to provision for defaulted loans.  This could lead to a
decline in credit support that may not be fully replaced from
recoveries, and therefore the Outlook has been revised to Negative
on the class D notes.

The Loss Severity Ratings have been revised due to the repayment
of certain notes and the downward revision of the expected losses
in these transactions.

The rating actions are:

Rural Hipotecario VI, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0374306001): affirmed at 'AAA'; Outlook
     Stable; Loss Severity (LS) Rating of 'LS-1'

  -- Class B (ISIN ES0374306019): affirmed at 'AA'; Outlook
     Stable; 'LS-1'

  -- Class C (ISIN ES0374306027): affirmed at 'BBB+'; Outlook
     Stable; LS Rating revised to 'LS-1' from 'LS-2'

Rural Hipotecario VII, Fondo de Titulizacion de Activos;

  -- Class A1 (ISIN ES0366366005): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class A2 (ISIN ES0366366013 ): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class B (ISIN ES0366366021): affirmed 'AA'; Outlook Stable;
     'LS-1'

  -- Class C (ISIN ES0366366039): affirmed at 'BBB-'; Outlook
     Stable; 'LS-1'

Rural Hipotecario VIII, Fondo de Titulizacion de Activos;

  -- Class A2a (ISIN ES0366367011): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class A2b (ISIN ES0366367029): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class B (ISIN ES0366367037): affirmed at 'A+'; Outlook
     Stable; 'LS-2'

  -- Class C (ISIN ES0366367045): affirmed at 'BBB'; Outlook
     Stable; LS Rating revised to 'LS-3' from 'LS-2'

  -- Class D (ISIN ES0366367052): affirmed at 'BB+'; Outlook
     revised to Negative from Stable; LS Rating revised to 'LS-3'
     from 'LS-2'

  -- Class E (ISIN ES0366367060): affirmed at 'CC'; Recovery
     Rating revised to 'RR5' from 'RR3'

Rural Hipotecario IX, Fondo de Titulizacion de Activos;

  -- Class A2 (ISIN ES0374274019): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class A3 (ISIN ES0374274027): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class B (ISIN ES0374274035): downgraded to 'A' from 'A+';
     Outlook Negative; 'LS-3'

  -- Class C (ISIN ES0374274043): downgraded to 'BB' from 'BBB+';
     Outlook Negative; 'LS-3'

  -- Class D (ISIN ES0374274050): downgraded to 'B' from 'BB+';
     Outlook Negative; 'LS-4'

  -- Class E (ISIN ES0374274068): downgraded to 'CC' from 'CCC';
     assigned a Recovery Rating of 'RR5'

Rural Hipotecario Global I, Fondo de Titulizacion de Activos;

  -- Class A (ISIN ES0374273003): affirmed at 'AAA'; Outlook
     Stable; 'LS-1'

  -- Class B (ISIN ES0374273011): affirmed at 'A'; Outlook Stable;
     LS Rating revised to 'LS-2' from 'LS-1'

  -- Class C (ISIN ES0374273029): affirmed at 'BBB+'; Outlook
     Stable; LS Rating revised to 'LS-4' from 'LS-3'

  -- Class D (ISIN ES0374273037): affirmed at 'BB'; Outlook
     Stable; 'LS-3'

  -- Class E (ISIN ES0374273045): affirmed at 'CC'; Recovery
     Rating revised to 'RR5' from 'RR3'


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


UKRAINE AUTO: Moody's Confirms Low-B Ratings on Two Notes
---------------------------------------------------------
Moody's Investors Service has confirmed ratings on the Notes of
two Ukrainian RMBS and ABS transactions, Ukraine Mortgage Loan
Finance No. 1 PLC and Ukraine Auto Loan Finance No.1 PLC, which
are backed by US$-denominated collateral originated in Ukraine.
Moody's originally put these Notes on review for downgrade on
December 16, 2008 (and subsequently downgraded some of these notes
and left them on review for further downgrade on July 10, and May
22, 2009) due to the increased uncertainty related to the rapid
depreciation of the Hryvna against the US Dollar and the resulting
low but increased risk, in Moody's opinion, of redenomination of
US$ mortgages and loan agreements into Hryvna.

In its analysis, Moody's has identified a linkage between the
Foreign Currency Ceiling for Deposits in the country (B3 for
Ukraine) and the probability of redenomination of the foreign
currency denominated mortgage and auto loans into the local
currency.  The Foreign Currency Ceiling for Deposits is typically
used to reflect the risk that, in case of a currency crisis in the
country, the government would limit withdrawal from the foreign
currency deposits in order to restrict the movement of foreign
currencies out of the country.  The linkage between the FCC for
Deposits and the risk of redenomination results from the fact that
redenomination is also expected to occur during a period of
currency crisis, when the depreciation of the local currency would
put stress on the consumers, who have borrowed in foreign
currencies, but typically earn salaries in the local currency.
Such depreciation would increase the pressure on the government to
alleviate the burden on the consumers by redenominating these
loans at an exchange rate unfavorable for the transactions.

Therefore, in its analysis, Moody's concluded that the ratings of
the foreign-currency backed Notes rated above the FCC for Deposits
in the country would be susceptible to the additional linkage to
the FCC for Deposits, which would reflect the additional
uncertainty incorporated into these ratings as a result of the
redenomination risk.  Therefore, the downgrade of the FCC for
Deposits in the country may lead to the downgrade of these Notes
if they lack sufficient credit enhancement to cover the
redenomination risk.

For the Notes rated at or above the FCC for Deposits, Moody's
ensured that the ratings of the Notes can sustain a redenomination
scenario where the losses on the pool are assumed to be
approximately 50%.  This would occur with a probability equal to
the FCC for Deposits in the country (in addition to the losses
generated by the pool and other risk factors of the transaction,
which would occur assuming redenomination did not take place).
The level of losses in case of redenomination was determined using
severities observed in historical redenomination scenarios, such
as the Argentinean currency crisis in 2001-2002.  Please note
that, in order for their ratings to pierce the FCC for Deposits,
the Notes would need credit enhancement sufficient to fully cover
for the potential losses related to redenomination.  This is the
case for the senior notes of these two transactions which benefit
from significant credit enhancement.

Finally, as part of this analysis Moody's also reviewed the
performance of the subject transactions and re-evaluated its
assumptions in light of this performance.  Therefore, the latest
performance of the transactions listed below is incorporated into
these rating actions.  Moody's also took into account the latest
assessments of the financial strength of the originator and
servicer in the transactions.  All ratings of the reviewed
transactions have been confirmed.  Below is the list of all notes
affected by this rating action and the associated rating impact.

Issuer: Ukraine Mortgage Loan Finance No. 1 PLC

  -- Class A US$134.1M Residential Mortgage Backed Floating Rate
     Notes due 2031, Confirmed at Ba1; previously on May 22, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- Class B US$36.9M Residential Mortgage Backed Floating Rate
     Notes due 2031, Confirmed at B3; previously on Jul 10, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

Issuer: Ukraine Auto Loan Finance No.1 PLC

  -- Class A US$85.8M Floating Rate Notes due 2018, Confirmed at
     B1; previously on Jul 10, 2009, Downgraded to B1 and Remained
     On Review for Possible Downgrade

  -- Class B US$18.7M Floating Rate Notes due 2018, Confirmed at
     Caa1; previously on Jul 10, 2009, Downgraded to Caa1 and
     Remained On Review for Possible Downgrade

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

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


UKRAINE MORTGAGE: Moody's Confirms Caa1 Rating on Class B Notes
---------------------------------------------------------------
Moody's Investors Service has confirmed ratings on the Notes of
two Ukrainian RMBS and ABS transactions, Ukraine Mortgage Loan
Finance No. 1 PLC and Ukraine Auto Loan Finance No.1 PLC, which
are backed by US$-denominated collateral originated in Ukraine.
Moody's originally put these Notes on review for downgrade on
December 16, 2008 (and subsequently downgraded some of these notes
and left them on review for further downgrade on July 10, and May
22, 2009) due to the increased uncertainty related to the rapid
depreciation of the Hryvna against the US Dollar and the resulting
low but increased risk, in Moody's opinion, of redenomination of
US$mortgages and loan agreements into Hryvna.

In its analysis, Moody's has identified a linkage between the
Foreign Currency Ceiling for Deposits in the country (B3 for
Ukraine) and the probability of redenomination of the foreign
currency denominated mortgage and auto loans into the local
currency.  The Foreign Currency Ceiling for Deposits is typically
used to reflect the risk that, in case of a currency crisis in the
country, the government would limit withdrawal from the foreign
currency deposits in order to restrict the movement of foreign
currencies out of the country.  The linkage between the FCC for
Deposits and the risk of redenomination results from the fact that
redenomination is also expected to occur during a period of
currency crisis, when the depreciation of the local currency would
put stress on the consumers, who have borrowed in foreign
currencies, but typically earn salaries in the local currency.
Such depreciation would increase the pressure on the government to
alleviate the burden on the consumers by redenominating these
loans at an exchange rate unfavorable for the transactions.

Therefore, in its analysis, Moody's concluded that the ratings of
the foreign-currency backed Notes rated above the FCC for Deposits
in the country would be susceptible to the additional linkage to
the FCC for Deposits, which would reflect the additional
uncertainty incorporated into these ratings as a result of the
redenomination risk.  Therefore, the downgrade of the FCC for
Deposits in the country may lead to the downgrade of these Notes
if they lack sufficient credit enhancement to cover the
redenomination risk.

For the Notes rated at or above the FCC for Deposits, Moody's
ensured that the ratings of the Notes can sustain a redenomination
scenario where the losses on the pool are assumed to be
approximately 50%.  This would occur with a probability equal to
the FCC for Deposits in the country (in addition to the losses
generated by the pool and other risk factors of the transaction,
which would occur assuming redenomination did not take place).
The level of losses in case of redenomination was determined using
severities observed in historical redenomination scenarios, such
as the Argentinean currency crisis in 2001-2002.  Please note
that, in order for their ratings to pierce the FCC for Deposits,
the Notes would need credit enhancement sufficient to fully cover
for the potential losses related to redenomination.  This is the
case for the senior notes of these two transactions which benefit
from significant credit enhancement.

Finally, as part of this analysis Moody's also reviewed the
performance of the subject transactions and re-evaluated its
assumptions in light of this performance.  Therefore, the latest
performance of the transactions listed below is incorporated into
these rating actions.  Moody's also took into account the latest
assessments of the financial strength of the originator and
servicer in the transactions.  All ratings of the reviewed
transactions have been confirmed.  Below is the list of all notes
affected by this rating action and the associated rating impact.

Issuer: Ukraine Mortgage Loan Finance No. 1 PLC

  -- Class A US$134.1M Residential Mortgage Backed Floating Rate
     Notes due 2031, Confirmed at Ba1; previously on May 22, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- Class B US$36.9M Residential Mortgage Backed Floating Rate
     Notes due 2031, Confirmed at B3; previously on Jul 10, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

Issuer: Ukraine Auto Loan Finance No.1 PLC

  -- Class A US$85.8M Floating Rate Notes due 2018, Confirmed at
     B1; previously on Jul 10, 2009, Downgraded to B1 and Remained
     On Review for Possible Downgrade

  -- Class B US$18.7M Floating Rate Notes due 2018, Confirmed at
     Caa1; previously on Jul 10, 2009, Downgraded to Caa1 and
     Remained On Review for Possible Downgrade

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

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


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


ASHFORD TOWN: Put Into Administration; Owes Around GBP1 Million
---------------------------------------------------------------
Alex Hoad at Kentish Express reports that Ashford Town Chairman
Don Crosbie has put the football club into administration.

According to the report, Mr. Crosbie decided to put the club into
the hands of administrators to allow the club to continue to play
football.  Mr. Crosbie is involved in a long-running feud with
co-director Tony Betteridge with Mr. Betteridge launching a High
Court bid to have the club wound up as he claims it has been
trading insolvently, the report notes.

"After weeks of meeting with the club's solicitors and advisors it
is with regret that, to save our football club from extinction, we
have asked the court to appoint an independent administrator to
hopefully resolve the deadlock and allow the club to continue to
play football," the report quoted Mr. Crosbie as saying in a
statement to supporters.  "We have been advised, because of the
seriousness of the situation, that relegation would probably have
been the penalty for our demise so, rather than suffer mid-season,
we have been advised to resign from the Ryman League with
immediate effect and apply for Kent League registration."

Ashford is currently suspended from all football by the FA for
non-payment of fees to Ebbsfleet last season, while the Ryman
League also revealed the club owes it money and Mr. Betteridge
claims the club's overall debts have spiraled to around GBP1
million, the report discloses.

The report relates Mr. Crosbie also revealed that legal
proceedings had been launched in a dispute over the ownership of
the freehold to the club's Homelands ground.

Ashford, the report says, need to move swiftly to appoint an
administrator as they need to have had the suspension lifted by
next Friday, July 30, in order for an EGM of Kent League clubs to
be called to vote Town into the League before the opening games on
Saturday, August 7.

Ashford Town F.C. is an English football club based in Ashford,
Kent.


BIB COCHRAN: Bought Out of Administration in Pre-Pack Deal
----------------------------------------------------------
Mark Smith at Herald Scotland reports that BIB Cochran has been
rescued in a pre-pack deal by the chief executive and founder of
the firm's joint venture partner in China.

The report relates the company was put into its administration by
its directors on Monday, July 19, and acquired by Chinese
industrialist Dong Ping on the same day.

According to the report, administrators Keith Anderson and Mark
Ranson at accounting firm Baker Tilly, which put together the
package, said the deal had saved 170 jobs, the company's entire
staff.

"The financial information, including the level of debt, is still
being collated and will be made available once calculated.  The
deficit is expected to exceed GBP10 million," the report quoted a
spokesman for Baker Tilly as saying.  The report relates the
spokesman said the business was placed into administration after
Mechmar, Cochran's Malaysian parent company, announced it was
unable to support the company's future working capital
requirements.

Headquartered in Annan, Cochran makes industrial boilers and
heating systems for large buildings, such as hospitals, hotels,
airport terminals and sports stadia.


BRITISH AIRWAYS: US Transportation Department Okays AA Tie-Up
-------------------------------------------------------------
Pilita Clark at The Financial Times reports that the US Department
of Transportation gave the green light to British Airways and
American Airlines and their Oneworld alliance partner, Iberia, to
coordinate pricing and schedules of flights between cities in
Europe and the U.S.

"We have concluded that the joint venture, as well as the overall
alliance, is, on balance, pro-competitive and that it is likely to
generate substantial public benefits to the travelling and
shipping public," the FT quoted the department as saying in its
final decision.

The FT notes the department had already found in a tentative
conclusion this year that it would produce lower fares on more
itineraries; improved schedules; lower travel and connection
times; accelerated introduction of new routes and additional
flights on existing routes.  Even so, in line with a similar
ruling made by the European Union's competition authorities last
week, the department said that to ensure adequate competition, the
airlines would have to cede a number of take-off and landing slots
on the most important routes between London and New York, the FT
states.

The airlines plan to launch the transatlantic joint business this
autumn, the FT says.

                      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 March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


BRITISH AIRWAYS: Unite Seeks Further Talks on Pay Offer
-------------------------------------------------------
Steve Rothwell and Louisa Fahy at Bloomberg News report that
British Airways Plc's cabin crew may find it more difficult to
wring concessions from Chief Executive Officer Willie Walsh after
less than half of the main union's members took part in a ballot
over a pay offer.

Flight attendants voted 3,419 to 1,686 against the June 25
proposal, Bloomberg says, citing figures released Monday by Unite.
According to Bloomberg, about 45% of the workers represented by
the group turned out, the lowest rate in the four votes held since
November.

"It might be indicative of ballot fatigue," Bloomberg quoted Andy
Cook, CEO of Marshall-James, which advises companies on employee
relations, as saying in a telephone interview.  "If that turnout
is indicative of what an industrial action ballot would look like
and therefore the support for industrial action, that will give
British Airways a shot in the arm."

Bloomberg relates Joint General Secretary Tony Woodley said Unite
will now seek further talks with the airline to end the 18-month
dispute.  Bloomberg notes outside the union's headquarters in
London, Woodley said Monday that he wanted a deal that all members
would accept and that the low turnout was a result of the "fear
factor," after workers had been suspended or fired during the
dispute.

"We've got to get back around the table," Mr. Woodley said,
according to Bloomberg.  "It's not a question of what concessions
we offer Mr. Walsh.  What we want is common sense."

Bloomberg recalls in a concession to existing flight attendants,
British Airways agreed last month to lift pay for two years
starting in 2011 and drop benefit cuts that would have funded
higher staffing levels on some flights.

Unite, Bloomberg says, also wants the CEO to give ground on the
withdrawal of travel perks from workers who went on strike and
reinstate staff that have been suspended in relation to the
dispute.  Flight attendants walked out on 22 days this year,
costing Europe's third-largest carrier GBP154 million (US$235
million), Bloomberg discloses.

                       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 March 19,
2010, Moody's Investors Service lowered to B1 from Ba3 the
Corporate Family and Probability of Default Ratings of British
Airways plc; and the senior unsecured and subordinate ratings to
B2 and B3, respectively.  Moody's said the outlook is stable.
This concludes the review that was initiated on November 10, 2009.
The rating action reflects Moody's view that credit metrics will
not be commensurate with the previous rating category in the
medium term.  Moody's expect furthermore that metrics will be
burdened in the foreseeable future by the company's significant
pension deficit, which was at GBP2.6 billion for the APS and NAPS
schemes combined as of September 2009 (under IAS).  Moody's
nevertheless understand that under the current agreement with the
trade unions, the cash contributions to these deficits will be
frozen at GBP330 million per year for three years, subject to
approval by the Pensions Regulator and the trustees.


CRICK HOUSE: In Liquidation; Unlikely to Repay Creditors
--------------------------------------------------------
Cabinet Maker reports that Crick House Interiors went into
voluntary liquidation this week after 12 years trading.

According to the report, the company had traded successfully since
1998 but a fire below the first floor workshop two years ago
"significantly affected turnover and productivity" according to
liquidators.

"The company struggled on, managing to repay most of its
suppliers, but in the end a lack of forward orders meant that the
company could not trade out of its current position and,
accordingly, the business was closed," the report quoted Rebecca
Dacre, joint liquidator from insolvency practitioners BRI, as
saying.  The report notes Ms. Dacre added that, despite selling
all the stock, it was unlikely that there would be sufficient
funds to repay creditors owed money by Crick House Interiors.

Based in Oxfordshire, Crick House Interiors made bespoke furniture
including wardrobes, kitchen cabinets and tables and also ran a
shop which sold soft furnishings, according to Cabinet Maker.


DEAL GROUP: Administrators Seek Buyer Following Administration
--------------------------------------------------------------
Rachel Constantine at Business Sale Report reports that an urgent
search has been launched for a buyer for Deal Group Media UK Ltd.
after the company collapsed into administration.

"DGM officially fell into administration on Tuesday July 13 at
11:00 a.m.," the report quoted a spokesman for Devonshire-
registered DGM, Dan Carter, as saying.  "The administrators are
working on trying to sell the company so we are not officially
closing the door."

DGM is an intermediary company that passes commission from
retailers on to cashback sites, which they then give to customers
if they click through to that store via the link on a specialist
moneyback site, the report discloses.  According to the report,
some of the cashback sites are anticipating losses from the
company and are informing their customers of the situation.
Trading will continue while a buyer is sought, but industry
experts have predicted that most, if not all, cashback sites will
stop using DGM, the report notes.

DGM was founded in 1999 and has a UK staff of approximately 50.
The company has been a pioneer in performance marketing, with many
key members of the UK affiliate sector having previously worked
there.  The company has worked with brands including Vodafone,
Tiscali and JD Williams, according to new media age.


ENTERPRISE INNS: Says Trading Decline Halted in Third Quarter
-------------------------------------------------------------
Pan Kwan Yuk at The Financial Times reports that a run of
unusually balmy summer weather and the World Cup helped halt the
decline in trade at Enterprise Inns in the third quarter.

According to the FT, Enterprise Inns, which has been hard hit by
the smoking ban and the recession, said average income per pub for
the three months to July 16 was flat compared with the same period
last year.  The FT says this was better than the decline of 3% in
the six months to March 31 and the 8% drop reported for the 2009
financial year.  The improvement also partly reflected the sale of
some its weaker pubs, the FT states.

The FT notes that while Enterprise hails the halt in declining
average net income per pub as a sign of stabilizing trade, some
analysts argued an equally relevant figure would be group like-
for-like earnings before interest, tax, depreciation and
amortization -- which Enterprise does not give.

"This is the key metric as average income per pub will be skewed
upwards by the sale or removal of lower profit pubs from the
group," the FT quoted Hugh-Guy Lorriman at Seymour Pierce, who
reckons like-for-like ebitda for the group has fallen 7% for the
year to date, as saying.  "Ultimately what we want to know is
whether Enterprise's debt service obligation is falling more
quickly than ebitda."

Enterprise Inns plc -- http://www.enterpriseinns.com/-- is a
leased and tenanted pub operator in the United Kingdom.  As of
September 30, 2008, it owned 7,763 pubs. T he Company's wholly
owned subsidiaries include Unique Pub Properties Limited, which is
engaged in the ownership of licensed properties; The Unique Pub
Finance Company plc, which is engaged in the financing
acquisitions of licensed property, and Voyager Pub Group Limited,
which is a borrower of secured bank facility.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 19,
2010, Moody's Investors Service confirmed Enterprise Inns plc
Corporate Family Rating (CFR) at B1, the Probability of Default
Rating at B2 and the rating of GBP275 million senior secured
floating-rate notes due 2031 at Ba2 and assigned a negative
outlook.


INDEPENDENT TELEVISION: Put Up for Sale for GBP15 Million
---------------------------------------------------------
Hanna Sharpe at Business Sale Report reports that subtitles
producer Independent Television Facilities Centre has been put up
for sale for GBP15 million after its parent company fell into
administration.

The report says the disposal is being managed by ITFC's
administrator Grant Thornton, and has already attracted much
interest.  According to the report, former BBC arm and subtitle
producer, Red Bee Media, is thought likely to put in a bid offer.

ITFC's last recorded accounts show a pre-tax loss of GBP4 million
for the year to December 31, 2008, the report notes.

Independent Television Facilities Centre produces subtitles and
audio descriptions of films.  The company has a total of 150
staff.  Its services also include sound mixing, foreign language
translations and videotape copying facilities.


INTERNATIONAL POWER: S&P Puts 'BB' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it placed its 'BB'
long-term corporate credit rating on U.K.-based power project
developer International Power PLC on CreditWatch with developing
implications.

"The rating action follows IPR's announcement that it is in
preliminary discussions with Paris-listed multi-utility GDF SUEZ
S.A. (A/Watch Neg/A-1) regarding an asset combination with GDF
SUEZ Energy International," said Standard & Poor's credit analyst
Olli Rouhiainen.  The combination is likely to be funded by
issuing new IPR shares to GDF SUEZ, which in S&P's view would make
GDF SUEZ the majority owner of IPR."

In S&P's opinion, combining the power assets of IPR and GDF SUEZ
is positive for IPR's business risk profile.  This is because this
move would increase the scale of IPR's business and improve
diversification of the U.K. power project company's asset base.

However, S&P think the improvement in IPR's business risk profile
could be offset by the ultimate financial risk profile of the
merged company.  There is at present uncertainty surrounding how
much debt could be transferred to IPR from GDF SUEZ as part of the
potential merger.  S&P would also need to evaluate whether S&P
could continue to analyze IPR using S&P's criteria for project
developers.  This is because debt transferred from GDF SUEZ at the
parent company level could materially alter the balance of
recourse and nonrecourse debt from current levels.

If the transaction goes ahead, S&P would also need to analyze the
potential support available for the combined entity from GDF SUEZ
as the majority shareholder.  S&P believes this could have
positive implications for the rating on IPR.

S&P aims to review the CreditWatch placement as soon as S&P knows
whether or not the combination is going ahead.  S&P will analyze
the impact of the asset combination on the business risk profile
of IPR and examine the effects of the chosen financial structure
on the financial risk profile.  S&P will focus in particular on
how IPR's new financial profile fits within S&P's methodology on
rating project developers, as well as on the effect of GDF SUEZ'
majority ownership of the combined group.  Based on the outcome of
its analysis, S&P could affirm, lower, or raise the ratings on
IPR.


LOGAN CDO: Moody's Withdraws Junk Ratings on Various Notes
----------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Logan CDO III.  The notes affected by the rating actions
are:

Issuer: LOGAN CDO III Limited

  -- US$108.5M Class A-1 Floating Rate Credit Linked Secured Notes
     due 2057-1 Notes, Withdrawn; previously on Sept. 9, 2008
     Downgraded to C

  -- US$41.782398M Class A-2A Floating Rate Credit Linked Secured
     Notes due 2057 Notes, Withdrawn; previously on June 2, 2008
     Downgraded to C

  -- JpnY1000M Class A-2B Floating Rate Credit Linked Secured
     Notes due 2057 Notes, Withdrawn; previously on June 2, 2008
     Downgraded to C

  -- US$19.25M Class B Floating Rate Credit Linked Secured Notes
     due 2057 Notes, Withdrawn; previously on June 2, 2008
     Downgraded to C

  -- US$6M Class C-1A Floating Rate Credit Linked Secured Notes
     due 2057-1 Notes, Withdrawn; previously on June 2, 2008
     Downgraded to C

  -- US$8.5M Class C-1B Fixed up to Year 8 then Floating Rate
     Credit Linked Secured Notes due 2057 Notes, Withdrawn;
     previously on June 2, 2008 Downgraded to C

  -- US$13.7M Class D Floating Rate Credit Linked Secured Notes
     due 2057 Notes, Withdrawn; previously on Feb. 22, 2008
     Downgraded to C

  -- US$15M Class E Floating Rate Credit Linked Secured Notes due
     2057 Notes, Withdrawn; previously on Feb. 22, 2008 Downgraded
     to C

This transaction is a managed synthetic CDO of ABS containing 100%
US SF assets.  Moody's has withdrawn the ratings of all classes of
notes from A1 through to Class E in response to the cancellation
of the notes on April 2 and October 9, 2009.  The cancellation of
the notes were prompted by actual losses, which reduced the
notional amount of each class to zero.  The super senior swap
currently remains outstanding with realized losses to the tranche
of approximately 20%.


MINSTER INSURANCE: Seeks Protection from Creditors in U.S.
----------------------------------------------------------
London -based Minster Insurance Co. sought bankruptcy protection
from creditors under Chapter 15 of the U.S. Bankruptcy Code on
July 19 in Manhattan, New York (Bankr. S.D.N.Y. Case No. 10-
13899).

Minster filed for Chapter 15 to protect itself from U.S. lawsuits
and creditor claims while it is reorganizing in London.  The
Company listed both debt and assets of more than $100 million.

Minster is asking the U.S. Bankruptcy Court to recognize the
proceeding currently pending before the High Court of Justice of
England and Wales as a "foreign main proceeding."  The proceeding
in the English Court commenced in 2009.

According to Bloomberg News, Minster and its Malvern Insurance Co.
affiliate, which also sought protection, are insurance and
reinsurance companies that no longer write new business.  Both
companies are based in London and their assets are primarily
located in England.

"The ultimate goal of each of the companies is to satisfy the
claims" of creditors and "conclude the business of the companies
sooner" than would be the case outside of bankruptcy, James Lee
Saitch, foreign representative of Minster and Malvern, said in
court papers, according to Bloomberg.


OUT OF TOWN: In Administration; 100 Jobs Affected
-------------------------------------------------
Martyn Leek at M&C Report reports that Out of Town Leisure Group
has gone into administration.

The report relates the company, which operated eight units at the
Meadowhall shopping center in Leeds -- including French Cafe,
Mamma Amalfi, Thyme Tea Garden and The Lounger Bar -- was placed
into administration following the resignation of its sole director
James Burdall, who was arrested by South Yorkshire Police in
connection with a fraud inquiry.  According to the report, around
100 people lost their jobs at sites at the Meadowhall shopping
complex.  Citing the Yorkshire Post, the report says Mr. Burdall
is being investigated regarding the movement of GBP1 million from
companies he controlled, but are owned by Lawrence Wosskow, a US-
based entrepreneur.

Seven further companies, subsidiaries of the Out of Town Leisure
Group, have also been placed into administration, the report
notes.

Out of Town Leisure Group operated food retail outlets in
Yorkshire.


WILLIAM HILL: World Cup Boost Offset by Royal Ascot Losses
----------------------------------------------------------
BreakingNews.ie reports that William Hill on Tuesday said the
World Cup was one of the best for bookmakers in 40 years after the
tournament helped drive a 7% hike in half-year sales at its
betting shops.

According to the report, while the group enjoyed a "very strong"
World Cup performance across its retail estate in June, this was
offset by its worst ever Royal Ascot.  It suffered losses on the
horseracing event, which followed a weak Grand National for the
group in April, leaving betting shop operating profits around 8%
lower in the first half of the year, the report discloses.

The report says William Hill Online offset the poor horseracing
results for the group, notching up net sales growth of around 24%
and an estimated 43% lift in operating profits during the 26 weeks
to June 29.

Headquartered in the UK, William Hill plc is a betting and gaming
company, with approximately 2,300 licensed betting shops (2,271 in
the UK and 48 in the Republic of Ireland).  In 2008, the company
employed over 15,000 people and posted a gross win of around GBP1
billion.  William Hill offers fixed-odds betting, gaming machines
(8,700 machines across the network) and online gaming through
three principal channels: retail, online and telephone.

                          *     *     *

William Hill plc continues to carry a Ba1 corporate family rating
and a Ba1 probability of default rating from Moody's Investors
Service with stable outlook.  The ratings were assigned by Moody's
in October 2009.

William Hill plc also carries a BB+ long-term corporate credit
rating from Standard & Poor's Ratings Services with stable
outlook.  The rating was assigned by S&P in October 2009.


* UK: Reduction in Number of Insolvency Investigations Likely
-------------------------------------------------------------
Reuters reports that Britain's insolvency investigation agency
will "inevitably" have to reduce the number of company probes it
carries out in an attempt to cut costs as part of the coalition
government's drive to reduce a record budget deficit.

The Insolvency Service, which investigates all compulsory
liquidations and individual insolvencies as well as dealing with
disqualification of directors in corporate failures, is an agency
of the Department of Business, Innovation and Skills, which has
announced plans to save GBP100 million in 2010/2011 by cutting
costs by 11%, Reuters discloses.

"The Insolvency Service has reviewed its plans for the year in the
light of this request and I have put forward carefully considered
proposals which will make a meaningful contribution," Reuters
quoted Chief Executive Stephen Speed as saying in a statement.
"Meeting this challenge has been difficult.  It is inevitable that
the cuts will, over time, lead to some reduction in the number of
insolvency and live company investigations that we are able to
pursue."


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


* EUROPE: CEBS to Detail Three Scenarios in Bank Stress Tests
-------------------------------------------------------------
Meera Louis and Jann Bettinga at Bloomberg News, citing a document
by the Committee of European Banking Supervisors, report that
European regulators plan to detail three scenarios when they
publish the results of their stress tests on the region's banks
this week.

According to a template prepared by CEBS for the banks and
obtained by Bloomberg News, banks will publish their estimated
Tier 1 capital ratios under a benchmark for 2011, an adverse
scenario and a third test that includes "sovereign shock".  In the
last scenario, banks will publish their estimated losses on
sovereign debt they hold in their trading book as well as
"additional impairment losses on the banking book" that they may
suffer after a sovereign debt crisis, Bloomberg says, citing the
document that was dated July 15.

Bloomberg relates a person with knowledge of the matter, who spoke
on the condition of anonymity because the information is private,
said the sovereign-shock scenario doesn't assume a European nation
will default.  The person, as cited by Bloomberg, said it will
assume that rising government-bond yields will push up borrowing
costs, spurring defaults in the private sector that would lead to
losses in lenders' banking books.

Bloomberg notes the draft shows the banks may publish how much
they will need to raise in capital if their Tier 1 ratio, a key
measure of financial strength, falls below 6 percent under the
sovereign scenario.  Lenders will also provide estimated loss
rates for their corporate and retail holdings for the adverse
cases, Bloomberg states, citing the template.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       JW Marriott Grande Lakes, Orlando, Florida
          Contact: http://www.turnaround.org/

Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
    22nd Annual Winter Leadership Conference
       Camelback Inn, Scottsdale, Arizona
          Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center, Maryland
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa
          Traverse City, Michigan
             Contact: http://www.abiworld.org/

October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, California
          Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan 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 * * *