TCREUR_Public/100726.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, July 26, 2010, Vol. 11, No. 145



VIVACOM: PCCW & Pinebridge Mull EUR180 Million Investment

C Z E C H   R E P U B L I C

ODEVNI PODNIK: To Shut Down Last Mass Production Line by August


BATIPAROS S.A.R.L.: SolarWall(R) Patent Suit Prompts Bankruptcy
CEGEDIM SA: S&P Assigns 'BB+' Rating on EUR300 Mil. Bonds
CMA CGM: Has Until Today to Find New Investors


ACTAVIS GROUP: Has Refinancing Deal With Lenders
STRAUMUR BURDARAS: Ex-Chairman Strikes Debt Deal With Creditors


ELVA FUNDING: S&P Downgrades Ratings on Two Series to 'D'
MCKEON MOTORS: High Court Appoints Provisional Liquidator
CORSAIR FINANCE: S&P Withdraws Ratings on Two Classes of Notes
MIDGARD CDO: S&P Withdraws 'CCC-' Rating on Tranche B1 Notes


COMPAGNIA FINANZIARIA: Moody's Cuts Rating on Cl. C Notes to Ba3


KAZAGROFINANCE JSC: Moody's Withdraws 'Ba2' Issuer Ratings


CODERE FINANCE: S&P Assigns 'B' Rating on EUR100 Mil. Notes
FINSPACE SA: Fitch Withdraws 'B+' Senior Unsecured Rating
GATE GOURMET: S&P Gives Stable Outlook; Affirms 'B' Rating
WEATHER FINANCE: Moody's Cuts Probability-of-Default Rating to D


IMPACT DEVELOPER: Four Lenders Seek to Recover EUR33 Mil. Claims


CREDIT BANK: Fitch Assigns 'B+' Rating on Senior Unsec. Bonds
MAGNITOGORSK STEEL: Moody's Gives Positive Outlook on Ba3 Rating


PREVENT GLOBAL: Declares Insolvency


CAJASUR: Fitch Upgrades Individual Rating to 'E' From 'F'
CODERE FINANCE: Moody's Assigns 'B2' Rating on EUR100 Mil. Notes
SOS CORPORACION: Majority of Creditors to Sign Refinancing Deal


AKBANK TAS: Moody's Assigns 'Ba1' Senior Unsecured Debt Rating

U N I T E D   K I N G D O M

ASTON LLOYD: Goes Into Administration
ENTERPRISE INNS: S&P Gives Negative Outlook; Affirms BB- Rating
FERREXPO PLC: Cancels US$500 Million Bond Sale Due to High Costs
GOLDTRAIL: Administrators Seek Answers to Sudden Collapse
LEMON SOLE: Decline in Trade Prompts Liquidation

METRIX FUNDING: Moody's Cuts Ratings on Class E Notes to 'Caa3'
NEWGATE FUNDING: S&P Affirms CCC Ratings on Two Classes of Notes
PORTSMOUTH FOOTBALL: Ordered to Pay Compensation to Axed Staff
RD INDUSTRIES: In Administration; 75 Jobs Affected
REPAC TRUST: S&P Upgrades Rating on Crystal Tranche to 'BB-'

ROYAL BANK: APA Criticizes Handling of Risky Loans
SHEFFIELD WEDNESDAY: HMRC Winding-Up Petition Hearing Set Aug. 11


* BOND PRICING: For the Week July 19 to July 23, 2010



VIVACOM: PCCW & Pinebridge Mull EUR180 Million Investment
Donny Kwok at Reuters, citing the South China Morning Post,
reports that PCCW and Pinebridge, its chairman's privately owned
fund, plan to rescue debt-laden Vivacom by jointly investing
EUR180 million (US$232 million) in return for a 51% stake.

Reuters relates the paper said PCCW executive director Alex Arena
met Vivacom's senior lenders on June 22 to discuss the matter.

Vivacom's senior lenders Royal Bank of Scotland and Deutsche Bank
(DBKGn.DE) are evaluating the offer, Reuters says, citing people
familiar with the situation.  Reuters notes the paper said Vivacom
breached its agreements on its EUR1.64 billion (US$2 billion) in
loans by the end of June.

According to Reuters, Pinebridge wanted to restructure Vivacom's
debt in a deal that would cause the so-called mezzanine lenders to
lose all of the EUR325 million they are owed.

PCCW chairman Richard Li's private equity fund Pinebridge,
directly owns a 13% stake in Vivacom and is the troubled firm's
controlling shareholder, Reuters discloses, citing the paper.

Vivacom is the largest telecommunications company in Bulgaria and
a former state-owned monopoly.

C Z E C H   R E P U B L I C

ODEVNI PODNIK: To Shut Down Last Mass Production Line by August
Odevni podnik will close down its last mass production line by the
end of August, CTK reports, citing OP trade union chairwoman
Helena Vyroubalova.

According to the report, OP will only maintain the production of
made-to-measure clothing.  The report relates Ms. Vyroubalova said
staff numbers will decrease by 80 to around 350.

The report says creditors, whom OP owes around CZK1.6 billion,
will decide on the next steps in the bankruptcy case on
September 10.  The report recalls the company was declared
bankrupt in May.

Odevni podnik is a clothing manufacturer based in the Czech


BATIPAROS S.A.R.L.: SolarWall(R) Patent Suit Prompts Bankruptcy
Conserval Engineering Inc. of Toronto Canada filed and served a
Statement of Claim on Batiparos s.a.r.l. in France in the spring
of 2010.  The Claim stated, among other things, that Batiparos had
misrepresented and passed off a system as being a SolarWall(R)
system, and that Batiparos had engaged in patent and trade-mark

Shortly after service of the Claim and before a judgment could be
rendered, Batiparos was placed in bankruptcy pursuant to a court
ruling on June 22, 2010.

Conserval continues to take active steps to protect its industry-
leading intellectual property world-wide, and specifically to
protect consumers from being misled by parties falsely purporting
to represent the SolarWall(R) technology.  Conserval is also
committed to promoting the highest industry-wide standards of
business practices in the global solar air heating sector, which
they pioneered with their original SolarWall(R) invention.

The SolarWall(R) technology was developed by Conserval Engineering
and has set the global standard for solar air heating in
commercial and industrial buildings.  It has received commendation
from both Natural Resources Canada and the U.S. Department of
Energy, and has been used in 30+ countries around the world by
private and public sector organizations like the US Army, Canadian
Government, NASA, Ford, FedEx, Auchan, Owens Corning, Wal-Mart and

CEGEDIM SA: S&P Assigns 'BB+' Rating on EUR300 Mil. Bonds
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term debt rating on the EUR300 million unsecured bonds
maturing in 2015 issued by Cegedim S.A. (BB+/Stable/--), a France-
based health care technology and services provider.  The issue
rating is the same as the corporate credit rating.  At the same
time, S&P assigned a '4' recovery rating to this instrument, which
reflects Standard & Poor's Ratings Services' expectations of
average (30%-50%) recovery for creditors in the event of a payment

S&P understands that Cegedim plans to use net issuance proceeds to
permanently prepay a portion of its existing amortizing term loan
A (TL A) maturing in 2013, leaving about EUR89 million of this
loan outstanding.

S&P understands that the 2015 bonds are unsecured and do not
benefit from any operating-company guarantees.  S&P notes that
Cegedim's existing credit facilities -- the outstanding
EUR89 million TL A and a EUR165 million revolving credit facility
maturing in 2012 -- are secured by share pledges and guaranteed by
certain of Cegedim's operating companies; S&P understand,
according to the RCF and TL A documentation, that these
subsidiaries must represent at least 70% of Cegedim's consolidated

                        Recovery Analysis

The recovery and issue ratings on the 2015 bonds reflect the
bonds' unsecured nature, the existence of priority debt -- albeit
a moderate amount -- ranking ahead of the bonds in a post-default
waterfall scenario, and Cegedim's exposure to the French
insolvency regime post-default, which S&P views as rather
unfavorable for creditors.  At the same time, the ratings are
supported by S&P's valuation of Cegedim as a going concern, which,
according to its estimates, translates into a stressed enterprise
value of about EUR410 million at S&P's simulated point of default
in 2013.

S&P has treated the unsecured bonds as ranking behind the senior
secured credit facilities and ranking pari passu with the
EUR45 million shareholder loan in the post-default waterfall.
Unsecured bondholders do not benefit from any guarantee or share
pledges, while the lenders of the RCF and the TL A benefit from
share pledges and guarantees from certain of Cegedim's
subsidiaries.  Cegedim's shareholder loan, due 2014, is
subordinated to the senior secured facilities, as per the terms of
the intercreditor agreement between the respective lenders.  Since
the 2015 bondholders are not party to this intercreditor
agreement, S&P understands that the shareholder loan is not
specifically subordinated to the bonds and S&P has therefore
assumed the pari passu ranking of the two debt instruments.
However, given the shareholder loan's earlier maturity (2014)
compared with that of the 2015 bonds, S&P believes that there is a
risk that the lenders of the shareholder loan could negotiate
priority ranking over the unsecured bondholders, which could, in
S&P's opinion, impair recovery prospects for the bondholders.

S&P has simulated a default in 2013, triggered by Cegedim's loss
of several key customers on the back of mergers and acquisitions
activity among the pharma companies, coupled with Cegedim's
subsequent incapacity to repay its scheduled TL A amortization.
At the simulated point of default, S&P forecasts that EBITDA will
have declined by almost 60% since year-end 2009, to about
EUR70 million.  S&P has also assumed that the RCF, due in 2012,
will be rolled over by one year to 2013, under similar terms.

S&P has valued the business as a going concern using a combination
of discounted cash flow and market multiple approaches.  S&P's
going-concern valuation is supported by Cegedim's leading market
positions and unique business model, which results in a business
risk profile that S&P views as "satisfactory."  S&P estimates
Cegedim's enterprise value at the simulated point of default to be
about EUR410 million, which corresponds to a blended enterprise-
value-to-EBITDA multiple of about 6x.

After deducting about EUR30 million of enforcement costs, S&P
arrives at a net enterprise value of about EUR380 million.  S&P
then deducts priority liabilities of about EUR15 million, which
comprise the securitization of Cegedim Finance Lease, and priority
debt of about EUR205 million, made up of a fully drawn
EUR165 million RCF and an outstanding TL A of about EUR35 million,
according to S&P's simulated default assumptions, as well as the
related prepetition interest.  This leaves about EUR160 million of
residual value for creditors.  S&P has therefore calculated
recovery prospects for bondholders and pari passu shareholder loan
lenders -- who have a total claim of about EUR355 million,
including prepetition interest -- in the 30%-50% range, hence
S&P's recovery rating of '4' on the bonds.

CMA CGM: Has Until Today to Find New Investors
CMA CGM SA, which is reorganizing EUR5.4 billion (US$7 billion) of
debt, has until today, July 26, to put together a new investor
group, Laurence Frost at Bloomberg News reports, citing people
with direct knowledge of the matter.

According to Bloomberg, three people said Butler Capital Partners
LLC, a Paris-based private-equity firm, is one of the remaining
potential bidders after talks with Qatar Holding LLC and Colony
Capital LLC failed.  Bloomberg relates one of the people said
Butler, which would provide about EUR70 million, is talking to
parties including CMA CGM agents and France's FSI sovereign-wealth
fund to raise US$500 million.

Bloomberg says CMA CGM, which began talks with creditors in
September, needs the reorganization to avoid insolvency after
breaching covenants on most of its debt.

"They're under some pressure now," Bloomberg quoted Axel Funhoff,
an analyst at Brussels-based ING Group, as saying in an interview.
"Even if the cash-flow situation has eased with the recovery, they
need to raise more equity to reassure debt holders."

Bloomberg notes one of the people said it remains unclear whether
CMA CGM will be able to reach an agreement with investors before a
hearing this week at the Paris court overseeing the
reorganization.  CMA CGM could also seek to extend the deadline,
Bloomberg states.

Under France's court-sponsored conciliation procedure, a company's
failure to meet the deadline for an agreement with creditors makes
it harder to raise new funds and leaves it vulnerable to
insolvency if broken covenants are invoked, Bloomberg discloses.

France-based CMA CGM -- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.


ACTAVIS GROUP: Has Refinancing Deal With Lenders
Eyk Henning at Dow Jones Newswires reports that Actavis said
Thursday it has agreed a successful refinancing deal with its

Dow Jones relates a person close to the matter said the
refinancing agreement will free up considerable cashflow for the
company, which would allow Deutsche Bank AG, Actavis's main
creditor, to potentially profit from any future sale of Actavis.
According to Dow Jones, the person and another close to the matter
said the agreement to free up cashflow rather than carry out a
debt-to-equity swap was unexpected.

Deutsche Bank provided the lion's share of financing in 2007 for
Icelandic billionaire Thor Bjorgolfsson, when he purchased a
majority stake in Actavis through his investment vehicle, Novator,
for around EUR3.62 billion, Dow Jones discloses, citing financial

Iceland-based Actavis Group hf. -- is
one of the world's largest generic pharmaceuticals producers.  The
company has about 350 drugs in its development pipeline, and
nearly 1,000 products on the market across a variety of
therapeutic classes (among them cardiovascular, gastrointestinal,
and oncology).  It also manufactures generic hospital products,
including antibiotics, anesthetics, and painkillers.  Actavis
makes drugs in pill, injectable, suppository, and other forms.
Subsidiary Medis distributes its drugs worldwide.  Actavis, which
was founded in 1956, is controlled by chairman Thor Bjorgolfsson
through his investment vehicle Novator.

STRAUMUR BURDARAS: Ex-Chairman Strikes Debt Deal With Creditors
Omar R. Valdimarsson at Bloomberg News reports that Bjorgolfur
Thor Bjorgolfsson, the former Chairman of Straumur Burdaras
Investment Bank hf, said in an e-mailed statement Thursday that he
reached an agreement with his creditors that doesn't involve debt

According to Bloomberg, Mr. Bjorgolfsson said he will use
dividends and any proceeds from the sale of assets, including
his private property, to help cover creditor claims.

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- is an Iceland-
based investment bank.

On March 9, 2009, Straumur-Burdaras was nationalized by Icelandic
authorities after its funding dried up.

On June 2, 2009, Hordur Felix Hardarson, in his capacity as the
foreign representative of Straumur-Burdaras Investment Bank hf,
filed a petition for Chapter 15 in the United States Bankruptcy
Court for the Southern District of New York seeking recognition of
its proceeding currently pending in Iceland as a foreign main
proceeding.  The case is In re Straumur-Burdaras Investment Bank
hf, 09-13592, U.S. Bankruptcy Court, Southern District of New York
(Manhattan).  Matthew P. Morris, Esq., at Lovells LLP, represents
the Chapter 15 petitioner as counsel.  The debtor's petition lists
both assets and liabilities as over US$1 billion.


ELVA FUNDING: S&P Downgrades Ratings on Two Series to 'D'
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
credit ratings on Elva Funding PLC's series 2007-2 (Euclid CDO)
class A, A3, B, B2, and C notes, series 2007-3 (Euclid CDO) class
A, A2, B, and B3 notes, and series 2007-8 class A and B notes.

The downgrades to 'D' follow notification to us that losses from
credit events in the underlying reference portfolios have exceeded
the available credit enhancement, and that a cash settlement
payment is due from the issuer to the swap counterparty.  This
results in a principal loss for the noteholders.

MCKEON MOTORS: High Court Appoints Provisional Liquidator
Ailish O'Hora and Tim Healy at Irish Independent reports that the
High Court heard that McKeon Motors has gone bust because it is
unable to pay its debts.

The report relates Ms. Justice Mary Laffoy appointed Paul McCann
as provisional liquidator.

According to the report, the company was refused overdraft
facilities by Allied Irish Banks on terms that would allow it to
continue trading.

The latest available 2008 accounts for McKeon Motors showed the
company owed creditors more than EUR12 million, the report notes.
The court heard the company had 71 employees and that, after
restructuring and redundancies in 2008, sales of EUR38 million
that year dropped to EUR16 million in 2009, the report discloses.

McKeon Motors is a BMW car dealership based in Kells, Co Meath.
The company also holds the franchise for Mini, Opel, Mitsubishi
and Kia.  It employs 50 people.

CORSAIR FINANCE: S&P Withdraws Ratings on Two Classes of Notes
Standard & Poor's Ratings Services withdrew its credit ratings on
Corsair Finance (Ireland) No. 6 Ltd.'s series 11 and 12 notes.

These transactions are European collateralized debt obligations
for which the issuer has requested that the rating be withdrawn.

                          Ratings List

                        Ratings Withdrawn

               Corsair Finance (Ireland) No. 6 Ltd.
EUR30 Million Rotating SPI Basket Variable-Rate Secured Portfolio
                   Credit-Linked Notes Series 11

                       To              From
                       --              ----
                       NR              CCCpNRi

               Corsair Finance (Ireland) No. 6 Ltd.
EUR74 Million Rotating SPI Basket Variable-Rate Secured Portfolio
                   Credit-Linked Notes Series 12

                       To              From
                       --              ----
                       NR              CCC-pNRi

                         NR -- Not rated.

MIDGARD CDO: S&P Withdraws 'CCC-' Rating on Tranche B1 Notes
Standard & Poor's Ratings Services withdrew its credit ratings on
six of Midgard CDO PLC's European collateralized debt obligation

The withdrawals follow the arranger's recent notification to us
that Midgard CDO had fully repurchased these notes.

Additionally, before these withdrawals, S&P affirmed and removed
from CreditWatch positive S&P's ratings on three of the six
tranches.  As part of its regular monthly synthetic CDO
surveillance, S&P had placed these three tranches on CreditWatch
positive.  S&P subsequently received the repurchase notifications,
and for this reason S&P has first affirmed and removed these three
tranches from CreditWatch positive before withdrawing their

                           Ratings List

                         Midgard CDO PLC

                        Ratings Withdrawn

   US$63 Million Floating-Rate Credit-Linked Notes Series 2005-2

             Class              To               From
             -----              --               ----
             (2)                NR               BBB-

   EUR5 Million Floating-Rate Credit-Linked Notes Series 2005-5

             Class              To               From
             -----              --               ----
             III (2)            NR               BBB

  EUR5 Million Embla Tranche B1 Floating-Rate Credit-Linked Notes
                          Series 2005-13

             Class              To               From
             -----              --               ----
             Tranche B1         NR               CCC-

Ratings Affirmed, Removed From Creditwatch Positive, And Withdrawn

  EUR126 Million TAP Issuance Floating-Rate Credit-Linked Notes
                          Series 2005-1

         Class              To               From
         -----              --               ----
         Super Senior       A-               A-/Watch Pos
                            NR               A-

   DKK90 Million Floating-Rate Credit-Linked Notes Series 2005-3

         Class              To               From
         -----              --               ----
         II (4)             BBB+             BBB+/Watch Pos
                            NR               BBB+

    EUR60 Million Super Senior Floating-Rate Credit-Linked Notes
                          Series 2005-7

         Class              To               From
         -----              --               ----
         Super Senior       A+               A+/Watch Pos
                            NR               A+

                         NR -- Not rated.


COMPAGNIA FINANZIARIA: Moody's Cuts Rating on Cl. C Notes to Ba3
Moody's Investors Service has downgraded the ratings of these
classes of notes issued by Compagnia Finanziaria 1 S.r.l. - 2007:

  -- EUR713.06M A Notes, Downgraded to A3; previously on Feb. 17,
     2010 Aaa Placed Under Review for Possible Downgrade

  -- EUR95.05M B Certificate, Downgraded to Ba1; previously on
     Feb. 17, 2010 A1 Placed Under Review for Possible Downgrade

  -- EUR47.54M C Certificate, Downgraded to Ba3; previously on
     Feb. 17, 2010 Baa2 Placed Under Review for Possible Downgrade

The rating actions conclude the review process initiated on 17
February 2010, which was prompted by worse-than-expected
performance.  Moody's says that the magnitude of the downgrade
reflects both the operational risk, in particular the timely
payment of interest, and the current credit enhancement levels,
which, combined with revised assumptions, lead to a higher
expected loss on the rated notes.

                      Collateral Performance

In April 2010, the level of cumulative defaults equaled 5.1% of
the total securitized pool compared with 2.1% one year ago.
Despite the high level of defaults, performance have started to
improve over the past two periods.  Indeed, in October 2009, the
level of 90+ delinquencies over the current balance was 4.4%,
compared with the current level of 3.9%.  However, the transaction
is currently under-collateralized, with a EUR4.7 million deficit
between the notes balance and pool balance in April.  The
liquidity reserve is at zero as it has been used to cover defaults
due to insufficient excess spread.

As of April 2010, the pool factor was 68.5%.

                        Economic Situation

In its analysis, Moody's considered various information such as
macro-economic indicators, portfolio characteristics and
performance data made available from the trustee.  Moody's took
into account the key macro-economic drivers behind collateral
deterioration, in particular, unemployment.  During Q1 2010, the
unemployment rate in Italy stood at 8.8% compared with 6% in 2007.
Moody's also considered the geographic concentration of the
borrowers, the vintages of the year the loans were originated, the
loan purpose and the origination channels.  In particular, the
securitised portfolio has a notable concentration of borrowers
living in the South of Italy.

Moody's sector outlook for Italian consumer loan ABS is negative.

     Moody's Assumptions on Cumulative Default and Volatility

Moody's took the current amount of defaults into account and
conducted a roll rate analysis for the delinquent pool portion.
Moody's concluded on a cumulative default rate of 11% of the
outstanding portfolio amount.  This translates into a cumulative
default number of 9.25% of total securitized pool, compared with
the initial assumption of 4.85%.  Moody's maintained the
volatility at 50% (the volatility is defined as the standard
deviation divided by the cumulative default rate).

       Moody's Assumptions on Recovery and Prepayment Rate

The recovery rate was decreased to 25% from 30% taking into
account the decreasing trend noticed by Moody's on historical data
recoveries.  In addition, Moody's tested various sensitivity
scenarios on cumulative default, recovery rate and volatility.
Moody's also ran sensitivities on prepayment rate assumption in
its cash flow model.  Due to the actual CPR performance reported
for this transaction, the CPR was decreased to 10% from 12%.
Moody's concluded that the current rating could support up to 13%
mean default on the outstanding portfolio amount or 16% recovery

                         Operational Risk

Additionally, Moody's considered the operational risk in the
transaction, as discussed most recently in "Global Structured
Finance Operational Risk Request for Comment".  The downgrades
thus reflect Moody's assessment that the credit quality of the
servicers (not rated by Moody's) and the structural features of
the transaction make it vulnerable to possible payment disruptions
and losses that could result from a failure of the servicers to
perform their obligations in a timely manner under a distressed

Moody's notes that the transaction has a back-up servicer, UGC
S.p.a (not rated but fully owned by Unicredit Spa -- rated Aa3).
The back-up servicing agreement does not prescribe a plan that the
back-up servicer should follow before being activated as
substitute servicer.  Nevertheless, the back-up servicer has told
Moody's that a feasibility study was conducted over the past year.

Moreover, the cash manager, BNP Paribas Securities Services, may
not be able to make payments if it does not receive the servicer
report, even though there is cash in the structure.  In this case,
among others, the structure may experience a termination event at
the level of swap entailing a significant cost for the issuer.

Finally, the cash reserve, targeted to be EUR10.5 million, has
been fully depleted.

The A3 rating of the senior notes reflects the combination of poor
performance and credit enhancement levels and weaknesses on the
operational risk side.  The rating of the junior notes also takes
into account the potential additional costs following missed
payments of interest and swap.

Moody's will continue to closely monitor this transaction and in
particular the situation of both servicers, which are part of
Gruppo Delta S.p.A.  Gruppo Delta S.p.A. was placed under special
administration by the Bank of Italy in May 2009.

                      Collateral Description

Compagnia Finanziaria 1 S.r.l. - 2007 closed in January 2008.  The
originators were Carifin Italia S.p.A. (not rated) and Plusvalore
S.p.A. (not rated), for which the parent company is Gruppo Delta
(not rated).  The transaction is backed by a portfolio of loans to
individuals including 20% of cession del quinto, 11% delegacion de
pagamento, car loans 36%, personal loans 24% or other purpose
loans 9%.  The geographical concentration has not changed
significantly from the initial portfolio and still has a major
concentration in South of Italy (around 40% of current pool).


KAZAGROFINANCE JSC: Moody's Withdraws 'Ba2' Issuer Ratings
Moody's Investors Service has withdrawn the Ba2 long-term and Not
Prime short-term local and foreign currency issuer ratings on
KazAgroFinance, JSC for business reasons, following an official
request from KazAgroFinance.  Before this withdrawal, the long-
term ratings carried a stable outlook.

Moody's most recent rating action on KAF was on May 4, 2010, when
the rating agency downgraded KAF's long-term local and foreign-
currency issuer ratings to Ba2 from Ba1, and changed the outlook
to stable from negative.

Headquartered in Astana, Kazakhstan, KazAgroFinance reported total
assets of US$709 million and total capital of US$344 million,
according to the IFRS at year-end 2009.


CODERE FINANCE: S&P Assigns 'B' Rating on EUR100 Mil. Notes
Standard & Poor's Ratings Services said that it has assigned its
'B' long-term issue rating to the proposed up to EUR100 million
second-ranking 8.25% senior notes due in 2015 to be issued by
Codere Finance (Luxembourg) S.A. an existing fully owned finance
subsidiary of Spanish and Latin American gaming company Codere
S.A. (B/Stable/--).  The issue rating is the same as the corporate
credit rating on Codere.  At the same time, Standard & Poor's
assigned a recovery rating of '3' to the notes, reflecting its
expectations of meaningful (50%-70%) recovery for creditors in the
event of a payment default.  S&P foresee recovery at the low end
of the range.

S&P understands that Codere will use the proceeds of the proposed
notes to repay amounts outstanding under its senior credit
facilities and to fund liabilities arising from its recently
announced agreements with Grupo Caliente in Mexico.  S&P would
withdraw the rating on the proposed new debt in the event of
noncompletion of the issue.

The issue rating on the existing EUR660 million senior second-
ranking senior notes due 2015 issued by Codere Finance is
unchanged at 'B', in line with the corporate credit rating on
Codere.  The recovery rating on these issues remains at '3' -- the
same as that on the proposed issue -- indicating S&P's expectation
of meaningful (50%-70%) recovery in the event of a payment
default.  S&P foresees recovery at the low end of the range.

S&P understands that the proposed issue will have similar terms
and conditions to those of the existing 2015 senior notes,
although it will not be fungible with them.  In particular, S&P
understands that the holders of the proposed notes will benefit
from second-ranking share pledges in Codere Espana S.L.U. and
Codere International S.L.U., in which the senior secured lenders
have a first priority claim.  Like the existing noteholders, the
holders of the proposed notes issue are expected to benefit from a
senior guarantee from Codere S.A., from subordinated guarantees
from most of the group's operating companies, as well as from a
first priority lien over the funding loan (that is, the loan from
Codere Finance to Codere).  The guarantees from the operating
companies, which represented 78% of consolidated group EBITDA
before the Caliente restructuring, will be subordinated to the
senior secured lenders' guarantees.

                        Recovery Analysis

S&P's recovery and issue ratings are supported by its valuation of
Codere as a going concern, underpinned by its leading market
positions and the barriers to entry typical of the highly
regulated gaming sector.

At the same time, the recovery and issue ratings reflect S&P's
view of the weak security package and protection for noteholders,
as the company could raise up to EUR200 million of senior bank
debt (included the EUR120 million recently amended senior credit
facilities) that would have a priority claim ahead of the notes.
The recovery and issue ratings further reflect the uncertainties
associated with the Latin American jurisdictions in which Codere
operates as well as its exposure to the Spanish insolvency regime,
which S&P views as relatively unfavorable for creditors.

In order to determine recoveries, S&P has simulated a default
scenario.  S&P's hypothetical default scenario comprises some
decline in revenues and margins, stemming from potential negative
regulatory actions in Europe and/or in Latin America.  Under these
assumptions, S&P has simulated a default in 2013, at which point
S&P forecast that EBITDA will have declined by 44% since year-end
2009, pro forma for the ongoing Caliente restructuring and
proposed Thunderbird acquisition, to about EUR138 million.

S&P has then calculated a stressed enterprise value of about
EUR760 million at S&P's simulated point of default.  S&P's
valuation is based on a combination of discounted cash flow and
market multiple approaches, and a blended enterprise value to
EBITDA multiple of 5.5x.

From S&P's gross simulated stressed enterprise value of
EUR760 million, S&P deduct about EUR120 million of enforcement
costs and capital leases, leading to a net residual value of
EUR640 million available to creditors.  The residual value is
available first to the senior secured lenders (totaling about
EUR240 million, including EUR120 million of fully drawn senior
credit facilities, bank debt sitting at operating company level,
and accounting for pre-petition interest), leaving about
EUR400 million for the pari passu noteholders.  S&P has calculated
that there will be about EUR790 million of outstanding notes at
the simulated point of default, including the existing notes and
the proposed notes, plus pre-petition interest.  This translates
into recovery prospects for pari passu noteholders at the low end
of the 50%-70% range -- corresponding to S&P's recovery rating of
'3' on the notes.

FINSPACE SA: Fitch Withdraws 'B+' Senior Unsecured Rating
Fitch Ratings has withdrawn the expected senior unsecured foreign
currency rating of 'B+', and 'RR4' Recovery Rating assigned to
Finspace S.A.'s proposed US dollar senior unsecured notes.  At the
same time, the agency has affirmed Finspace's Long-term foreign
currency Issuer Default rating at 'B+' with a Positive Outlook.

The withdrawal of the expected issue rating follows Finspace's
notification that it has delayed the sale of the notes due to
unfavorable market conditions.  It may resume the issuance process
with different terms and conditions in the near future.

Finspace's IDR reflects its well-established position and long
track record in the customized piping and fittings market, its
global customer base, the high quality and wide range of products
and services, and its geographical revenue diversification.  The
ratings also take into account the good prospects for its major
offtake industry, namely oil and gas.  Risks to its margins, from
raw material price volatility, are minimized as its products are

The IDR is constrained by Finspace's high financial leverage, a
result of heavy debt-funded capex through 2011.  Finspace is not
expected to deleverage until its new plate mill begins operations
in 2012.  Furthermore, apart from its exposure to the cyclical
energy sector, Finspace is exposed to some currency mismatch
between its operating cash flows and debt-servicing needs.

The Positive Outlook reflects Fitch's expectation that Finspace
can deleverage significantly over the next two to three years.
Positive ratings triggers include adjusted debt net of cash to
operating EBITDAR being sustained below 3.0x.  On the other hand,
negative rating actions may be taken if Finspace fails to
deleverage as expected, or if it fails to obtain long-term funding
to reduce liquidity risks.

GATE GOURMET: S&P Gives Stable Outlook; Affirms 'B' Rating
Standard & Poor's Ratings Services said that it revised to stable
from negative the outlook on Luxembourg-based airline catering
company Gate Gourmet Holdings S.C.A. and 100%-owned subsidiary
Gate Gourmet Borrower LLC.  At the same time, the 'B' long-term
corporate credit rating was affirmed.

In addition, S&P affirmed the 'BB-' issue rating on Gate Gourmet
Borrower's Swiss franc (CHF)125 million revolving credit facility
and the 'B' issue ratings on its CHF725 million senior secured
term loans.

"The outlook revision reflects S&P's view of Gate Gourmet's
increased resilience to tough market conditions, as demonstrated
by the company's operating performance, which was better than S&P
anticipated in 2009, and by the limited implications of recent
flight disruptions," said Standard & Poor's credit analyst
Mohammed Fayek.  "S&P believes that such improvements in operating
resilience are largely due to the company's cost-cutting efforts,
its protective contract structures, and its increased service
diversity beyond direct catering."

Despite tough conditions across the airline industry in financial
2009, Gate Gourmet's reported revenues were nearly flat at
constant currencies, with a decline of only 0.5%.  This was
largely due to the company's growth initiatives through a
combination of winning new contracts, renewing existing contracts,
and expanding railway operations.  Gate Gourmet announced that its
operations were mildly affected by the recent Icelandic volcano
disruptions, with only a CHF21 million decline in revenues
relative to full-year revenues of CHF2.7 billion in 2009.

In S&P's view, Gate Gourmet will continue to deliver a relatively
resilient operating performance in the near term, as a result of
its flexible cost base.  However, S&P believes that some fixed-
cost adjustments may still be required should the European
airlines face tougher conditions than S&P anticipates throughout
the year.  S&P also believes that Gate Gourmet will maintain
credit measures that S&P considers commensurate with the 'B'
rating in the near to medium term.  These measures include FFO to
debt of above 10%.

At this time, potential rating upside is limited and would require
a sustainable improvement in trading conditions for the European
airline industry generally and for Gate Gourmet specifically.
Conversely, if trading conditions were to deteriorate, or if Gate
Gourmet were to undertake sizable debt-financed acquisitions, S&P
could lower the rating.

WEATHER FINANCE: Moody's Cuts Probability-of-Default Rating to D
Moody's Investors Service has downgraded Weather Finance III's
probability-of-default rating to D from Caa3 and corporate family
rating to C from Caa3.  Moody's has also downgraded the senior
secured notes issued at Hellas Telecommunications (Luxembourg) V
to C from Caa3, and the senior unsecured notes issued at Hellas
Telecommunications (Luxembourg) III to C from Ca.  The outlook on
the ratings is stable.

This action concludes the review initiated on 16 June 2010 and
follows Wind Hellas's announcement of the acceptance of the terms
of a standstill agreement by holders of 80.6% of the senior
secured floating rate notes.

The standstill now consists of an agreement between Wind Hellas
and its revolving credit facility lenders, hedging banks and
senior secured note holders to: (i) suspend amortization payments
under the RCF, interest payments to the senior secured note
holders, and settlement payments under the swap agreements; and
(ii) waive certain default and cross-default clauses, as well as
covenant breaches, during the suspension period, which ends on
November 5, 2010.  It follows the company's failure to make
various required payments, including under the RCF on June 30,
2010, and to senior secured note holders on July 15, 2010.

The PDR of D reflects the fact that, following the standstill
agreement, Moody's considers that most of the group's debt has
defaulted.  Moody's also expects that the interest payment due on
the senior unsecured notes on October 7, 2010, is unlikely to be
met (although these unsecured note holders are not party to the
standstill agreement).

The C ratings on the CFR as well as the debt instruments reflect
Moody's view that group recovery is likely to be low given the
company's weak and declining market position, although Moody's
expects the senior secured floating rate notes should realize
greater recovery than the senior unsecured notes.

The last rating action on Weather Finance III was implemented on
June 16, 2010, when Moody's downgraded the CFR and PDR of Weather
Finance III to Caa3 from Caa1, the rating on the senior secured
notes issued at Hellas Telecommunications (Luxembourg) V to Caa3
from Caa1, and the rating on the senior notes issued at Hellas
Telecommunications (Luxembourg) III to Ca from Caa3.

Wind Hellas Telecommunications is the second-largest fully
integrated telecoms operator in Greece, with mobile, fixed-line
and internet service offerings.  The company operates primarily
under the "Wind", "Tellas" and "Q" brands.  In the 12 months to
May 2010, the company generated EUR974 million in revenues and
EUR263 million in adjusted EBITDA (as reported by the company) on
a consolidated basis.


IMPACT DEVELOPER: Four Lenders Seek to Recover EUR33 Mil. Claims
Andrei Chirileasa at Ziarul Financiar reports that Banca
Romaneasca, Piraeus Bank, Bancpost and Banca Transilvania have yet
to recoup loans granted to Impact Developer & Contractor.

According to the report, IMP's insolvency over a EUR1.36-million
debt to construction company Romconstruct in Ploiesti is
threatening to damage the company's relationship with its
financing banks, with four lenders having an overall exposure in
excess of EUR33 million on Impact at the end of 2009.

Meanwhile, the report relates Templeton, Julius Baer, and East
Capital have to wait for the reorganization plan before they can
hope to sell their shares in the company.  Under the legislation,
an insolvent company is supposed to come up with a reorganization
plan, the report discloses.  If the creditors do not approve the
proposed plan, a solution of last resort is to sell the company's
assets to recover the debt, the report states.

Impact Developer & Contractor is a real estate developer based in


CREDIT BANK: Fitch Assigns 'B+' Rating on Senior Unsec. Bonds
Fitch Ratings has assigned Credit Bank of Moscow's RUB2 billion
issue of Series 7 senior unsecured bonds with final maturity in
July 2015 and two-year put option, a final Long-term local
currency rating of 'B+' and National Long-term rating of 'A-
(rus)'.  The Recovery Rating for the bonds is 'RR4'.

CBOM's other ratings are Long-term foreign currency Issuer Default
'B+'/Stable, Long-term local currency IDR 'B+'/Stable, Short-term
foreign currency IDR 'B', Individual 'D', Support '5' and Support
Rating Floor 'No Floor'.

MAGNITOGORSK STEEL: Moody's Gives Positive Outlook on Ba3 Rating
Moody's Investors Service has changed the outlook for Magnitogorsk
Steel OJSC's Ba3 corporate family rating and the outlook on MMK's national scale rating to positive from stable.

This rating action reflects the fact that in spite of negative
global conditions for steel producers in 2009, the company
demonstrated stable financial results as evidenced by modest
leverage and sound profitability.  The resilient performance in
2009 is indicated by a strong EBITDA margin of 24.3% and
debt/EBITDA leverage of 1.78x based on Moody's adjusted numbers --
presently, one of the lowest in the steel industry.  Overall, the
company's recent financial results indicate improving
profitability, a sound liquidity profile, and conservative
financial metrics.  Still weighing on the rating nonetheless are
the relatively low historical vertical integration of the
company's operations and the ambitious capital expenditures
program which is likely to lead to material negative free cash
flow in 2010.

Moody's notes that the company's level of total debt,
US$2.1 billion as of December 31, 2009, has remained relatively
low in spite of significant capex investments made over the last 3
years totaling US$5 billion.  In 2009, MMK completed a significant
investment project -- Mill-5000 with a thick plate annual capacity
of 1.5mnt and continues to invest in the construction of steel
making facilities in Turkey which should help to improve MMK's
business profile.

Historically, the company had a significant exposure to volatility
in raw materials prices due to limited vertical integration.  The
2009 acquisition of Belon, the Russian coal producer, helped
improve MMK's level of self-sufficiency in coal to 50% and to
protect its profitability against rising coal prices in 2010 and

The current Ba3 rating reflects: (i) a historical track record of
solid operating performance and robust internal cash generation
that has enabled the company to modernize its asset base and
implement extensive capital investments in downstream production;
(ii) a leading market position in a number of value-added product
segments, such as hot-rolled, cold-rolled and galvanized flat
steel; (iii) a continued focus on vertical integration and
improvements in its raw material supply; and (iv) conservative
financial policies including an aversion to large M&A

Furthermore, the rating continues to reflect: (i) the company's
lack of full integration in iron ore and only partial integration
into coal; (ii) the company's concentrated ownership; (iii) the
company's dependency on export revenue which accounted for 36% of
total revenue in 2009; (iv) an ambitious on-going capex plan which
might require additional capital and result in increased leverage
going forward; and (v) the challenging operating environment in
Russia, which is characterized by significant political, legal,
fiscal and exchange-rate risks.

The rating could be moved up if the company continues to
demonstrate a conservative financial profile with 1) the ratio of
gross debt/EBITDA maintained below 2.0x on a sustainable basis and
2) negative free cash flow is progressively reduced from 2009 to
not exceed materially US$500 million in 2010 with visibility
towards further improvement thereafter.  Moody's also expects that
MMK's liquidity will be prudently managed.

The last rating action was on February 2, 2009, when Moody's
downgraded MMK rating to Ba3 with a stable outlook.

Magnitogorsk Iron & Steel Works, created in 1932 at that time in
close proximity to iron-ore reserves, is one of Russia's largest
integrated steel producers (by volume and assets).  MMK's
principal assets include a single site for crude steel in
Magnitogorsk in the Southern Urals region.

For the financial year 2009, MMK produced 9.6 million tons of
crude steel and 8.8 million tons of steel products.  In 2009, the
company reported US$5.1 billion in revenue and US$1.3 billion in
EBITDA.  In 1Q 2010, MMK generated US$1.65 million in revenue and
US$364 million in EBITDA.

The company is majority controlled by its Chairman of the Board of
Directors, Mr. Victor Rashnikov, who presently holds 87.3% stake
in the company.  Following the IPO MMK has a free float of 12.7%.


PREVENT GLOBAL: Declares Insolvency
Slovenska tiskovna agencija reports that Prevent Global declared
insolvency on Thursday.  According to the report, the management
remains optimistic that the company can be successfully

Prevent Global is a Slovenj Gradec-based maker of car seat covers.


CAJASUR: Fitch Upgrades Individual Rating to 'E' From 'F'
Fitch Ratings has placed Bilbao Bizkaia Kutxa's Long-term Issuer
Default Rating of 'A+' and Individual Rating of 'A/B' on Rating
Watch Negative, following the announced acquisition of Caja de
Ahorros y Monte de Piedad de Cordoba's assets and liabilities,
which was the subject of regulatory intervention by the Bank of
Spain in May 2010.

The RWN on BBK reflects risk of a change in the Outlook to
Negative or a one-notch downgrade for both the Long-term IDR and
Individual Rating.  Integration and execution risks stem from
CajaSur's large size (total assets of EUR18.9 billion at end-2009
compared with EUR30 billion of BBK) and its weak financial
position.  Also, the transaction occurs at a time when Spain's
economic prospects and property sector remain weak and the pace of
their recovery uncertain.  The acquisition will also negatively
impact BBK's capital adequacy ratios but these should still remain
at good levels.

At the same time, the agency has maintained CajaSur's ratings on
Rating Watch Positive to reflect upward rating potential based on
support from BBK.  A full rating breakdown is provided at the end
of this comment.

Although still subject to approval by the cajas' general
assemblies, Fitch believes the transaction is likely to be
completed successfully.  The rating watches will be resolved once
all approvals are received and more details about the transaction
become available.  The ratings of CajaSur will also be withdrawn
once its assets and liabilities are transferred to BBK and CajaSur
ceases to exist as a financial institution.

Fitch took rating actions on CajaSur when it was the subject of
regulatory intervention by the Bank of Spain on May 22, 2010, due
to significant asset quality and solvency issues.  The Spanish
state's Fund for Orderly Bank Restructuring took control of
CajaSur as temporary administrator.  CajaSur breached its minimum
regulatory capital adequacy requirements after it reported EUR596m
loss for 2009 due to large loan impairments and other charges
relating to high-risk concentration to construction and real
estate companies.

The combined entity will have total assets of about EUR48 billion,
equity of EUR4.4 billion, EUR35 billion in loans and EUR22 billion
in deposits.  From a risk perspective, Fitch notes that the
resulting entity will have significant risk exposure to the
construction and real estate sectors.  At end-2009, CajaSur had
27% of total loans exposed to these sectors compared with 12% at
BBK.  CajaSur's impaired-to-total loans ratio was 10.2% (16% if
net repossessed property and net acquired assets are included in
this calculation) compared with 2.5% (3.2%) for BBK.  However, BBK
has the benefit of an asset protection scheme of EUR392 million
from the FROB.  The latter mainly covers credit risk from
CajaSur's lending, particularly from the construction and real
estate sectors, and foreclosed assets.

In Fitch's view, BBK has the necessary management capacity and
financial strength to cope with the challenges associated with
such an acquisition.  BBK also benefits from its strong local
franchise in one of Spain's wealthiest regions, consistently
robust capital base, good profitability, better-than-average
asset-quality indicators, due to lower exposure to the
construction and real estate sectors, and sound retail funding

CajaSur should help improve BBK's size in a consolidating Spanish
banking sector and enhance its geographic coverage in Andalucia,
particularly in the provinces of Cordoba and Jaen, where BBK has
little presence.  While Fitch expects the acquisition to result in
a negative impact as a result of restructuring costs in the short
term, potential cost and revenue synergies should help sustain
BBK's performance over the medium term.

The rating actions are:


  -- Long-term IDR: 'A+'; placed on RWN
  -- Short-term IDR affirmed at 'F1'
  -- Individual Rating: 'A/B'; placed on RWN
  -- Support Rating: affirmed at '3'
  -- Support Rating Floor: affirmed at 'BB+'.
  -- Senior debt: 'A+'; placed on RWN
  -- Subordinated debt: 'A'; placed on RWN


  -- Long-term IDR: 'BB+'; remains on RWP
  -- Short-term IDR: 'B'; remains on RWP
  -- Individual Rating: upgraded to 'E' from 'F'; placed on RWP
  -- Support Rating: '3'; remains on RWP
  -- Support Rating Floor: 'BB+'; remains on RWP
  -- Senior debt: 'BB+'; remains on RWP
  -- Subordinated debt: 'BB'; rating watch revised to RWP from RWN
  -- Preference shares: 'CC'; placed on RWP

The 'AA+' rated government-guaranteed debt is not affected.

BBK was Spain's 10th-largest savings bank (16th-largest banking
group) by total assets at end-2008, with strong market shares in
its home province of Vizcaya.

CajaSur was Spain's 18th-largest savings bank by total assets at
end-2009.  It is focused on retail activities in the Andalusian
provinces of Cordoba and Jaen.

CODERE FINANCE: Moody's Assigns 'B2' Rating on EUR100 Mil. Notes
Moody's Investors Service has assigned a provisional (P)B2 rating
to the proposed EUR100 million senior notes due 2015 to be issued
by Codere Finance (Luxembourg) S.A. on the same terms as Codere's
previously issued EUR660 million notes, rated B2.  Concurrently,
Moody's has changed the outlook to stable from negative on the B1
corporate family rating and probability of default rating of
Codere S.A. as well as the existing B2-rated notes after affirming
all ratings.

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

"Moody's decision to change the outlook on Codere to stable from
negative reflects the stabilization in the company's operating
performance, which has allowed Codere to maintain an adequate
financial profile and credit metrics for the B1 rating category,"
said Ivan Palacios, a Moody's Vice President -- Senior Analyst and
lead analyst for Codere.

"In addition, the company's liquidity profile and headroom under
covenants has improved following the recent refinancing of the
company's revolving credit facility and the elimination of the
Qualifying Country Covenant included in the original facility

"The change in outlook also reflects that Codere's geographically
diversified operations as well as its cost-cutting and capex
efficiency efforts are allowing the company to mitigate the impact
on its Spanish operations of the very challenging domestic
macroeconomic environment with the stronger performance of its
businesses in Argentina and Mexico," added Mr. Palacios.

Moody's believes that, from H2 2010 onwards, Codere's operating
performance will benefit from the growth in machine park as well
as the technological upgrade of machines in Argentina, the
recovery in its Mexican operations to more normalized levels
following the impact of the smoking ban implemented in Q3 2009,
and the new operation of Video Lottery Terminals in Italy.
Moody's believes that these factors will drive revenue and EBITDA
improvements, which support the stabilization of the company's
financial profile and credit metrics at the B1 rating level.

The stabilized rating outlook on Codere also takes account of the
recently announced transaction with Grupo Caliente relating to the
restructuring of its contractual relationship with Codere, as well
as the planned acquisition of Thunderbird Resorts Inc.'s 63.6%
stake in six casinos in Panama.  Moody's views both transactions
as neutral to the rating, in light of the marginal impact that
they will have on the consolidated credit metrics.

While the transaction with Grupo Caliente will allow Codere to
become the majority owner (67.3% stake) of all of its gaming
licenses and halls in Mexico and benefit from their incremental
EBITDA generation, the acquisition of the equity stakes in the
casinos in Panama will strengthen Codere's position in this market
and create synergies with its existing operations in the country.

Nevertheless, these considerations are offset by concerns related
to the complexity of the transaction with Grupo Caliente, which
involves capitalizing a portion of Caliente's obligations to
Codere worth US$171 million and injecting US$75 million in order
to repay Caliente's outstanding tax liabilities.

Upon the completion of these two transactions and the expected
improvement in operating performance, Moody's expects Codere's
overall leverage metrics to remain at current levels of Total
debt/EBITDA (as adjusted by Moody's) of around 4.0x, and free cash
flow generation to be positive.  The stabilization of Codere's
outlook assumes that these transactions will not represent a drain
on the group's future cash flow and reflects the expectation that
Codere will execute its business plan as outlined.

The proceeds from the proposed EUR100 million bond issuance will
be primarily used to repay amounts outstanding under Codere's
revolving credit facility and other long-term debt obligations.  A
successful completion of the bond issuance will therefore improve
the liquidity profile of the company by increasing availability
under the revolving credit facility.

According to Moody's, the ratings could come under downward
pressure if adjusted leverage trends towards 4.5x as a result of a
material weakening in operating performance or a change in the
company's financial policy.  Ratings could also come under
pressure if the company faces a significant reduction in liquidity
or if it experiences stress on its financial covenants.

Moody's has tightened the guidance for Codere's leverage at the B1
rating to reflect (1) the increase in business risk resulting from
Codere's progressive shift from the relatively low-risk and mature
European operations to the more volatile and higher-growth Latin
American operations, which are now contributing 77% of
consolidated EBITDA generation; and (2) the increased complexity
in the group's structure following the Caliente and Thunderbird
transactions, as the group will be fully consolidating these two
entities, while its ownership stake is 67.3% and 63.6%

Upward pressure on the ratings is likely to be constrained by
(1) the company's appetite for expansion; (2) the increasing
proportion of cash flows generated in emerging markets; and
(3) the presence of the PIK note at the shareholder level.

The last rating action on Codere was implemented on October 4,
2008, when Moody's changed the outlook on the company to negative.

Codere is a Spanish-based gaming operator with a focus on gaming
machines, bingo halls, off-track betting facilities, casinos and
horse race tracks.  The company has operations in Spain,
Argentina, Mexico, Italy and several other Latin American
countries.  In the 12 months ending March 2010, Codere generated
revenues of EUR968 million and EBITDA of EUR230 million.

SOS CORPORACION: Majority of Creditors to Sign Refinancing Deal
Charles Penty at Bloomberg News reports that SOS Corporacion
Alimentaria SA said in a filing to regulators Friday that the
company expects the majority of creditor banks that have signed a
memorandum of understanding on a refinancing accord to sign the
agreement on July 29.

SOS Corporacion Alimentaria SA (former SOS Cuetara SA) -- is a Spain-based company primarily
engaged in the food sector.  The main Company's business areas are
Vegetable oils and Diversification.  The Vegetable oils division
is engaged mainly in the production and commercialization of olive
and sunflower oil under the brand names of Carbonell, Carapelli,
Koipe and Sasso. The Rice division is engaged in the rice
prodution and distribution under such brands as Sos, Saluades,
Lorisa, Abu Bint, Comet, Adolphus, Blue Ribbon, among others.  The
diversification division covers production and marketing of the
products such as table olives, vinegars, sauces, mayonnaise,
mustards and special products mainly used in the cosmetics and
health food industries.  In addition, the Company sales and
distributes its products within the national and international


AKBANK TAS: Moody's Assigns 'Ba1' Senior Unsecured Debt Rating
Moody's Investors Service has assigned a foreign currency senior
unsecured debt rating of Ba1 to the Eurobond issuance, with
US$1,000,000,000 principal amount with 5 year maturity, by Akbank
T.A.S.  The outlook on the rating is stable.

This is Akbank's first debt issuance and it is being offered under
144A -- DTC, Regulation S.  The terms and conditions of the notes
include (amongst other things) a negative pledge and a cross-
default clause.  The notes are unconditional, unsubordinated and
unsecured obligations and will rank pari passu with all Akbank's
other senior unsecured obligations.  The rating of the notes is in
line with Akbank's senior unsecured foreign currency debt rating.

Global local deposit rating and foreign currency deposit rating of
Akbank A.S. are Baa1, and Ba3 respectively, while the Turkish
government bond rating is Ba2.  All ratings have stable outlook.
The higher foreign currency debt rating of Ba1, compared to the
bank's foreign currency deposit rating and Turkish government bond
rating reflects Moody's opinion of the lower probability that a
government would resort to a moratorium (of any sort) on external
parents of all issuers domiciled within the country in the event
the government itself defaults on its foreign currency debt
obligation.  Foreign currency debt ratings are subject to the
foreign currency bond ceiling.  As a result, even though Akbank's
global local currency deposit rating of Baa1 is higher than the
foreign currency bond ceiling for Turkey, Akbank's foreign
currency senior unsecured debt rating is constrained by and thus
equal to this ceiling.

On the other hand the lower foreign currency deposit rating
reflects the risk that a freeze on foreign-currency bank deposits
is more likely to be imposed in the event of a government bond
defaults than a generalized moratorium.  As a result, the lower
foreign-currency deposits rating is constraint by the Turkish
government bond rating of Ba2 and the evaluation of foreign
currency deposit freeze risk at time of stress, which is reflected
by the Ba3 foreign currency country ceiling for deposits for
Turkey.  The foreign currency deposit rating is constrained by
this foreign currency deposit ceiling.

An upgrade of the foreign currency bond ceiling would result in an
upgrade of the rating of the notes since it is constrained by its
applicable ceiling.  A downgrade of the foreign currency bond
ceiling or a downgrade of the Akbank's GLC deposit rating below
that of the foreign currency bond ceiling for Turkey would result
in a downgrade of the rating of the notes.

A rating is not a recommendation to purchase, sell or invest in
any securities.

Moody's previous rating action on Akbank was on July 5, 2010, when
it assigned a provisional foreign currency senior unsecured debt
rating of (P) Ba1.

Akbank is headquartered in Istanbul, Turkey, and at the end of
December 2009 had total assets of US$67.8 billion.

U N I T E D   K I N G D O M

ASTON LLOYD: Goes Into Administration
Brian Hanney at Accountancy magazine reports that Aston Lloyd &
Partners International and Aston Hotel Sofia have gone into

The report relates the companies are in the hands of joint
administrators Bijal Shah and Nimish Patel of independent
turnaround specialist Re10.

According to the report, at the time of the administration, Aston
Lloyd had over EUR70 million (GBP59 million) worth of developments
under management, with properties ranging from luxury villas to
four-star hotels.  Re10 says the companies' sites are at various
stages of development and there are likely to be a number of
matters requiring the immediate attention of the administrators,
the report notes.

"We have recently written to creditors requesting information and
their assistance.  It is likely that a large number of creditors,
mainly individuals, will be affected.  At this stage, the number
is unknown," the report quoted Ms. Shah as saying.

Aston Lloyd & Partners International and Aston Hotel Sofia are
property development companies.  Both companies specialize in
property development in markets such as Bulgaria, Turkey, Slovakia
and Northern Cyprus, according to Accountancy magazine.

ENTERPRISE INNS: S&P Gives Negative Outlook; Affirms BB- Rating
Standard & Poor's Rating Services said that it revised the outlook
on U.K. tenanted public house (pub) operator Enterprise Inns PLC
to negative from stable.  At the same time, the long-term
corporate credit rating of 'BB-' and the senior secured debt
ratings on the company's five public bond issues of 'BB+' were
affirmed.  The recovery rating of '1' on these bond issues is
unchanged, reflecting S&P's expectation of very high (90%-100%)
recovery for senior secured lenders in the event of a payment

"The outlook revision reflects Enterprise Inns' higher
consolidated adjusted leverage in the 12 months to March 31, 2010,
additional debt amortizations arising from the company's forward-
start bank refinancing, and S&P's view that weaker credit metrics
could persist for some time despite ongoing debt repayments, given
poor prospects for U.K. consumer spending," said Standard & Poor's
credit analyst Philip Temme.  "The outlook revision further
reflects the risk of potential shortfalls to disposal proceeds,
Unique dividend lock-up risks, tightening covenants and new debt
amortizations, rising lease liabilities, and financial policy-
related risks."

Standard & Poor's-adjusted EBITDA fell 12.0% in the year to
March 31, 2010, and adjusted margins fell to 53.7% from 56.9% over
the same period.  There are signs of operating stabilization, with
the rate of decline in average net income per pub down to 2% in
the 42 weeks to July 16, 2010.  However, risks to U.K. consumer
spending remain elevated in S&P's view, given the backdrop of
rising taxes and unemployment.  Thanks to disposals, S&P
anticipates further EBITDA declines in financial 2011.

The company repaid GBP110 million of bank debt in the first six
months of financial 2010 and reduced balances owing on its Unique
bonds by GBP40 million.  Nevertheless, adjusted group net debt to
EBITDA rose to 8.4x on March 31, 2010, from 8.0x a year earlier,
and net debt to EBIT for the subgroup (excluding The Unique Pub
Finance Co. PLC securitization, but including Unique dividends)
rose to nearly 6.4x.

In S&P's view, weaker credit metrics at Enterprise Inns could
persist for some time despite ongoing debt repayments from
disposals and signs of operating stabilization.  Group earnings
are likely to continue to be adversely affected by disposals as
well as by consumer spending trends, which S&P does not anticipate
will improve quickly.  Sale-and-leasebacks will not benefit lease-
adjusted credit metrics.  Shortfalls to anticipated disposal
proceeds could adversely affect the company's ability to finance
debt amortizations and Unique prepayments.  New amortizations,
tightening covenants, and limited headroom under the Unique
dividend lock-up threshold could pose risks to future liquidity.
S&P also sees a risk of further pressure on asset valuations.  S&P
sees limited room to resume dividend payments before credit
metrics have been brought sustainably within levels that S&P views
as commensurate with current ratings.

S&P could lower the ratings if liquidity were to weaken, if net
debt to EBIT (excluding Unique) remains materially above 6.0x, if
lease-adjusted group debt to EBITDA remains materially above 8.0x
as of Sept. 30, 2010, or if solo EBITDA interest coverage drops to
less than 2.5x.  In S&P's opinion, rating upside is currently

FERREXPO PLC: Cancels US$500 Million Bond Sale Due to High Costs
Firat Kayakiran at Bloomberg News reports that Ferrexpo Plc
canceled a planned US$500 million bond sale to refinance debt
because costs were too high.

"We're not going forward with it because we don't think the price
is right," Bloomberg quoted a Ferrexpo spokesman as saying.  "We
don't immediately need finance and we have cheaper financing
options available."

According to Bloomberg, Ferrexpo is looking for cash to fund new
grinding facilities and a second flotation plant as it seeks to
produce pellets with a higher iron-ore content.

Bloomberg recalls a person with knowledge of the roadshow said on
June 30 Ferrexpo hired JPMorgan Cazenove and UBS AG to arrange
meetings with bond investors.

Ferrexpo plc -- operates a mine and
processing plant near Kremenchuk in Ukraine, an interest in a port
in Odessa and a sales and marketing company in Switzerland and
Kiev.  The Company's operations are vertically integrated from
iron ore mining through to iron ore concentrate and pellet
production.  Its mineral properties lie within the Kremenchuk
Magnetic Anomaly and are being exploited at the Gorishne-
Plavninsky and Lavrikovsky deposits.  Its operations are conducted
through Ferrexpo plc's principal subsidiary, Ferrexpo Poltava GOK
Corporation.  Its other subsidiaries include Ferrexpo AG, DP
Ferrotrans, United Energy Company LLC, Ferrexpo UK Limited,
Ferrexpo Services Limited, Ferrexpo Hong Kong Limited, Ferrexpo
Yeristovo GOK LLC and Ferrexpo Belanovo GOK LLC.  The Company also
holds an interest of 49.9% in TIS Ruda, a Ukrainian port located
on the Black Sea.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Fitch Ratings assigned UK-incorporated Ukrainian iron ore
pellets producer Ferrexpo Plc a Long-term Foreign Currency Issuer
Default Rating of 'B' and a Short-term IDR of 'B'.  Fitch said the
Outlook is Stable.  Fitch said rating constraints include its
limited scale of operations (single mine) and commodity
diversification.  As over half of sales are to three customers,
Ferrexpo faces the risk of being materially affected by
deterioration in the performance of these customers.  Ferrexpo
does however have a number of other high end customers in the Far
East and during the recent downturn demonstrated its ability to
redistribute sales to countries where demand for pellets was

GOLDTRAIL: Administrators Seek Answers to Sudden Collapse
Chloe Berman at Travel Weekly reports that administrators Begbies
Traynor have revealed that Goldtrail Holidays paid out GBP1.3
million to six different airlines on the morning of the day it
went under.

According to Travel Weekly, joint administrator Jamie Taylor said
the payment suggested Goldtrail director Abdulkadir Aydin was not
planning to put the business into administration that day.

"There were major payments on the day to airlines which seems a
bit odd.  It didn't seem to be in his mindset that he was putting
it into administration.  It sounds like he had some bad news later
and quickly made a decision," Mr. Taylor told Travel Weekly.
"Normally we ask companies why they didn't go into administration
earlier, but in the case the question is why did they go under so
quickly?  Travel companies usually wait until the peak period has
passed and see what their cash flow is like."

The team of administrators is now going through the company
accounts to try to find out why the operator collapsed so
suddenly, Travel Weekly discloses.

Travel Weekly notes Mr. Taylor denied rumors that Mr. Aydin had
fled to Turkey or Northern Cyprus.

Travel Weekly says the collapse is likely to cost the Air Travel
Trust scheme, which is already GBP32 million in deficit, up to
GBP20 million.

As reported by the Troubled Company Reporter-Europe on July 20,
2010, Mark Fry and Mr. Taylor of Begbies Traynor were appointed
administrators of Goldtrail Travel Limited, the specialist Greek
and Turkey budget holiday operator, based in New Malden, Surrey,
on July 16, 2010.

LEMON SOLE: Decline in Trade Prompts Liquidation
The News reports that Lemon Sole has gone into liquidation after
failing to bring in trade.

According to the report the restaurant has now ceased trading and
all employees have been laid off.  The business will now be
formally wound up, the report notes.  The report relates the
Portsmouth office of restructuring specialist Begbies Traynor has
been appointed to liquidate the business.

"Lemon Sole was facing problems on a number of fronts, affecting
both its corporate and consumer markets and compounded by the
onset of the downturn in 2008," the report quoted Andrew Watling,
senior manager at Begbies Traynor Portsmouth, as saying.  "The
restaurant has been left with no alternative other than to cease
trading.  The shift in Portsmouth's corporate community away from
the city center has played a significant role in the restaurant's
collapse.  In its heyday Lemon Sole had a huge corporate market
right on its doorstep.  But with big firms moving to out-of-city
business parks, the restaurant has been unable to sustain the
heavy impact on its lunchtime and evening business."

Lemon Sole is a specialist seafood restaurant in High Street, Old

METRIX FUNDING: Moody's Cuts Ratings on Class E Notes to 'Caa3'
Moody's Investors Service took these rating actions on notes
issued by Metrix Funding No.1 plc.

Issuer: Metrix Funding No 1 Plc

  -- GBP32M Class C-1 Notes, Baa2 Placed Under Review for Possible
     Downgrade; previously on Sept. 21, 2009 Downgraded to Baa2

  -- EUR56.2M Class C-2 Notes, Baa2 Placed Under Review for
     Possible Downgrade; previously on Sept. 21, 2009 Downgraded
     to Baa2

  -- GBP36M Class D-1 Notes, B1 Placed Under Review for Possible
     Downgrade; previously on Sept. 21, 2009 Downgraded to B1

  -- EUR50.3M Class D-2 Notes, B1 Placed Under Review for Possible
     Downgrade; previously on Sept. 21, 2009 Downgraded to B1

  -- GBP30M Class E-1 Notes, Downgraded to Caa3 and Placed Under
     Review for Possible Downgrade; previously on Sept. 21, 2009
     Downgraded to Caa2

  -- EUR27.03M Class E-2 Notes, Downgraded to Caa3 and Placed
     Under Review for Possible Downgrade; previously on Sept. 21,
     2009 Downgraded to Caa2

  -- US$3M Class E-3 Notes, Downgraded to Caa3 and Placed Under
     Review for Possible Downgrade; previously on Sept. 21, 2009
     Downgraded to Caa2

This transaction which closed in December 2005 is a cash
collateralized loan obligation of largely UK corporate loans.  The
internal ratings assigned to the borrowers by the originator HSBC
Bank plc are used to determine the default probabilities of the
borrowers in this transaction.  These internal ratings are
converted to Moody's rating scale according to a mapping.

According to the latest trustee report (June 2010), the
outstanding portfolio totaled GBP992 million, consisting of 173
loans made to 52 borrowers, and there was GBP96.3 million
equivalent in the principal collection accounts.  There is one
delinquent loan with a notional of GBP0.7 million and a further
11.5% of the portfolio is mapped to a Moody's equivalent rating of
Ca.  The replenishment period ended in November of 2009, since
then the portfolio is static and the Class A notes have amortized
by 54%.  The WAL of the current portfolio is approximately 1.9

The ratings of Classes B,C,D and E were downgraded in September
2009.  Moody's places on review for possible downgrade Class C and
D and also downgrades and leaves under review the Class E notes to
reflect significant credit deterioration of the underlying
portfolio.  This is observed through a decline in the average
credit rating as measured through the portfolio weighted average
rating factor 'WARF' which in the June 2010 report was 2247
compared to the 1524 of the last rating action (September 2009).
According to the June 2010 trustee report, in the past year
roughly 17.7% of the loans have experienced a downgrade from the
internal HSBC rating scale.

Moody's also considered various sensitivity analysis, including
reducing the recovery rate by 50% on the loans which are currently
carrying a rating close to default according to HSBC (8.1%).  The
sensitivity analysis showed that different assumptions in terms of
recovery could materially affect the rating of the mezzanine and
junior tranches.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because this mapping was performed
more than two years ago, an additional stress was applied to
capture potential deviations from the established mapping.

The global correlation was also increased to reflect the high
level of geographical concentration of the underlying loans which
are all originated by HSBC.  This is in line with the change in
assumptions that Moody's announced in two press releases titled
"Moody's updates key assumptions for rating CLOs", published on 4
February 2009 and "Moody's Updates its Key Assumptions for Rating
Corporate Synthetic CDOs," published on January 15, 2009.  The
revision affected the default probability and the correlation
which are key parameters in Moody's model for rating CDOs exposed
to corporate assets.

NEWGATE FUNDING: S&P Affirms CCC Ratings on Two Classes of Notes
Standard & Poor's Ratings Services affirmed its credit ratings on
all rated notes in Newgate Funding PLC's series 2007-1 and series

In the past quarter, the reserve funds in Newgate 2007-1 and
Newgate 2007-2 increased to 35% and 61% of their target balances,
respectively.  In both transactions the reserve funds were fully
depleted, mainly due to elevated loss levels and outgoing
fixed/floating swap payments.  Swap payments reduced excess spread
by approximately 19% in Newgate 2007-1 in the September 2009 and
December 2009 interest payment dates and approximately 18% in
Newgate 2007-2 in the past two IPDs.  Between Q4 2009 and Q2 2010,
approximately 24% of both pools in Newgate 2007-1 and Newgate
2007-2 reverted from fixed rate to Bank of England base rate
(BBR).  Since there are no longer any fixed-rate loans, there are
no longer any outgoing swap payments in the revenue waterfall and
therefore the reserve funds have begun to top up.

In these transactions the borrowers pay a rate of interest linked
to BBR and the notes are linked to LIBOR.  However, these
transactions do not have a BBR/three-month sterling LIBOR swap to
hedge the asset/liability mismatch.  As part of S&P's analysis,
S&P stress the dislocation between BBR and three-month sterling

If LIBOR continues its upward trend in the coming quarters, the
BBR/LIBOR dislocation could slow down and possibly reverse the
increase in reserve fund balances S&P has observed in recent

S&P also believes that the level of arrears (which have declined
recently) may be understated, because 8.46% of the loans backing
Newgate 2007-1 and 7.77% for Newgate 2007-2 have had their arrears

Despite the reserve funds topping up and rising collection rates
in both deals, S&P will consider future movements in BBR, LIBOR,
severe delinquencies, and potential repossessions before changing
S&P's current ratings.  Therefore, S&P has affirmed the notes at
their present rating levels.

Newgate 2007-1 and 2007-2 are U.K. non-conforming residential
mortgage-backed securities transactions with loans originated by
Mortgages 1 Ltd.

                           Ratings List

                         Ratings Affirmed

                        Newgate Funding PLC
                EUR162.8 Million, GBP406.95 Million,
                  and US$132 Million Mortgage-Backed
       and Excess-Spread Floating-Rate Notes Series 2007-1

                        Class       Rating
                        -----       ------
                        A2          AAA
                        A3          AAA
                        Ma          AA
                        Mb          AA
                        Ba          A-
                        Bb          A-
                        Cb          BBB-
                        Db          B+
                        E           B-
                        F           CCC
                        T           B-
                        Q           CCC
                        MERCs       AAA

                       Newgate Funding PLC
      EUR177.55 Million and GBP337.5 Million Mortgage-Backed
        and Excess-Spread Floating-Rate Notes Series 2007-2

                        Class       Rating
                        -----       ------
                        A1a         AAA
                        A1b         AAA
                        A2          AAA
                        A3          AAA
                        M           AA-
                        Bb          A-
                        Cb          BBB-
                        Db          B+
                        E           B-
                        F           CCC
                        T           B-
                        Q           CCC
                        MERCs       AAA

PORTSMOUTH FOOTBALL: Ordered to Pay Compensation to Axed Staff
Daily Echo reports that Portsmouth Football has been hit with an
order to pay more than GBP100,000 to staff who were made redundant
when the club went into administration.

Daily Echo relates an employment tribunal in Southampton heard
that nine employees -- ranging from chief scout to retail manager
-- were either dismissed unfairly or claiming a protective awards,
after the club failed to use a 30-day consultation period before
letting them go.  According to Daily Echo, seven of the nine
claimed unfair dismissal, and five of those also claimed the
additional award. A further two claimed just the protective award,
Daily Echo states.  All the claims were upheld by Judge Richard
Byrne, who ordered Portsmouth to pay the claimants compensation
ranging from GBP3,941 to GBP29,538, Daily Echo discloses.

Due to the club's ongoing administration however, it may be
difficult for the former staff members to get the money, Daily
Echo notes.


As reported by the Troubled Company Reporter-Europe on July 19,
2010, The Press Association said Her Majesty's Revenue and Customs
lodged papers in the High Court to appeal the Company Voluntary
Agreement with Portsmouth Football, which could prevent the club
exiting administration.  The Press Association disclosed under
Football League rules the club will now stay in administration and
under a transfer embargo until the appeal, still to be scheduled,
is heard.

In a statement released to The Press Association Sport, a
spokesman said: "HMRC can confirm that it has made an application
to the High Court that the decision of creditors of Portsmouth
City Football Club Ltd (In Administration taken at a meeting on 17
June 2010 approving a Company Voluntary Arrangement in a Proposal
dated 28 May 2010 should be revoked or suspended under s. 6 (1)
(a) and/or (b) of the Insolvency Act 1986 on the grounds that: (a)
The interests of HMRC have been or will be unfairly prejudiced by
the taking of that decision; and (b) There were material
irregularities in the way in which the votes of creditors were
counted at that meeting.

"HMRC can further confirm that it has also appealed to the court
under Rule 1.17 of the Insolvency Rules against the Chairman's
decision to refuse to allow HMRC to vote in accordance with claims
totaling GBP13,293,651.72 submitted at the meeting.

"HMRC feel we have been or will be unfairly prejudiced by the
decision to accept the CVA, because we believe there were material
irregularities in the way in which the votes of creditors were
counted at the creditor meeting and because, to our knowledge, the
full amount of our claim should have been admitted for voting

"We are acting in the interests of all those creditors who are not
in the football industry.  We don't think it's right that they are
offered 20p in the pound against full repayment all others.  Also
we cannot agree with the striking out of GBP13 million of debt
which seriously undermined our ability to challenge the CVA."

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

RD INDUSTRIES: In Administration; 75 Jobs Affected
BBC News reports that RD Industries Ltd has been put into
administration, resulting in the loss of 75 jobs.

According to the report, workers were told the possibility of
finding a buyer for the business fell through late on Thursday
afternoon.  The report notes workers were also told that they will
not receive some of their pay.

The report relates Roger Dymond, founder and managing director of
RD Industries, blamed a lack of capital for the current situation
and said that the firm was trading well at the moment, but that
the business had lost GBP1 million worth of trade when the
Woolworths chain of shops closed.

Based in Estover, Plymouth, RD Industries Ltd. makes stationery
and labels for the retail and educational sectors and supplies
them to 27 countries.

REPAC TRUST: S&P Upgrades Rating on Crystal Tranche to 'BB-'
Standard & Poor's Ratings Services took various rating actions on
six European synthetic collateralized debt obligation tranches.

Specifically, S&P:

* Raised its rating on the Repacs Trust Series: Crystal tranche;

* Affirmed its ratings on five Premium Green PLC tranches.

The upgrade on the rating on the Repacs Trust Series: Crystal
tranche follows S&P's recent rating action on the underlying
collateral.  Under S&P's rating methodology, S&P has weak-linked
the rating on this tranche to the rating on the collateral.
Changes to the collateral rating should be reflected in its rating
on the CDO tranche.

S&P has reviewed the ratings and the respective underlying
collateral to which the five Premium Green tranches are weak-
linked.  Since there have been no recent rating changes to
transaction-specific collateral, S&P has affirmed the ratings on
these five CDO tranches.

                           Ratings List

                           Rating Raised

                   Repacs Trust Series: Crystal
   US$18.223 Million Variable-Rate Principal At Risk Certificates

                      To                From
                      --                ----
                      BB-               B+

                         Ratings Affirmed

                        Premium Green PLC
     EUR100 Million Secured Limited Recourse CMS-Linked Notes
                           Series 2006-1


                        Premium Green PLC
    EUR100 Million Secured Limited Recourse Notes Series 2006-2


                        Premium Green PLC
    EUR100 Million Secured Limited Recourse Notes Series 2006-3


                        Premium Green PLC
     EUR30 Million Secured Limited Recourse Fixed-Rate Notes
                           Series 2006-7



                        Premium Green PLC
      EUR20 Million Secured Limited Recourse CMS-Linked Notes
                           Series 2006-10


ROYAL BANK: APA Criticizes Handling of Risky Loans
Sharlene Goff at The Financial Times reports that the Asset
Protection Agency, the government agency responsible for managing
a GBP230 billion pool of Royal Bank of Scotland's most risky
loans, has criticized the bank's handling of these assets.

The FT relates in its first annual report, the APA, which oversees
toxic loans covered by the asset protection scheme, also asked RBS
to appoint external advisers to help provide a more accurate
analysis of the risks posed by the loans.

According to the FT, the APA revealed concerns over the quality of
the financial analysis received from RBS.  "The general quality of
credit reviews is not as high as we would like," the FT quoted
Stephan Wilcke, chief executive, as saying.

The APA works closely with RBS to run down the portfolio of non-
core assets in the protection scheme and to evaluate the risk of
future losses, the FT states.

Mr. Wilcke, as cited by the FT, said he was now "90 per cent"
confident the government would not have to make a payment under
the scheme.  He expected total losses of GBP57 billion, just shy
of the first GBP60 billion of losses RBS has agreed to absorb, the
FT says.  But Mr. Wilcke warned there was a 5-10% chance economic
conditions could worsen sufficiently to trigger a claim, the FT

RBS, the FT discloses, must pay an annual fee of GBP700 million
for the first three years it is in the scheme and GBP500 million
each year thereafter until the scheme expires in 2099.

The APA estimates that, based on the present value of future fees,
RBS would have to rack up more than GBP75 billion of losses on the
covered assets before it would make sense to claim -- something it
expects would only be triggered by severe economic stress, the FT

                            About RBS

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

                           *     *     *

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

SHEFFIELD WEDNESDAY: HMRC Winding-Up Petition Hearing Set Aug. 11
Roger Blitz at The Financial Times reports that HM Revenue &
Customs has served Sheffield Wednesday with a winding-up order
over unpaid taxes.

According to the FT, Sheffield Wednesday, nicknamed the Owls, owes
the taxman GBP550,000 and has total debts of about GBP26 million.

The winding-up petition will be heard on August 11, the FT
discloses.  By Football League rules, the winding-up order means
the club cannot buy players in the transfer window, the FT says.

The FT relates in a statement on its Web site, Wednesday insisted
that it was not about to be wound up, nor was it heading for

"We have been involved in dialogue with HMRC for a number of
weeks.  As such we have been somewhat surprised and disappointed
by their decision to seek a winding-up order at this time," the
club was quoted by the FT as saying.  "We understand that HMRC is
taking a tougher line in general with football clubs, but feel
their actions are disproportionate and will raise unnecessary
speculation as to the financial position of the club."

It owes GBP21.5 million to the Co-Op Bank, which also voiced its
disappointment at the HMRC's decision, the FT states.

The club has for some time been seeking buyers, at an asking price
in the region of GBP10 million, the FT notes.  Three Sheffield
businessmen and a supporters' club each own about 10%, the FT

John Beech, sport and tourism professor at Coventry University, as
cited by the FT, said administration "might well be an outcome
that any potential investor would be waiting for, in order to make
a takeover a more attractive proposition."

Sheffield Wednesday Football Club is a football club based in
Sheffield, South Yorkshire, England, who will compete in the
Football League One in the 2010/11 season, in England.  Sheffield
Wednesday is one of the oldest professional clubs in the world and
the third oldest in the English league.


* BOND PRICING: For the Week July 19 to July 23, 2010

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

BA CRED WOHNBAUB         4.250  1/2/2014     EUR   106.18
BANK AUST WOHNBK         4.375 8/16/2011     EUR   102.19
BANK AUST WOHNBK         5.000  7/5/2012     EUR   105.83
CA IMMO ANLAGEN          4.125 11/9/2014     EUR    93.73
CA-3 BANK WOHN           4.625 4/10/2013     EUR   106.24
CONWERT IMMO INV         5.250  2/1/2016     EUR    97.74
IMMO-BANK AG             5.000  1/1/2012     EUR   102.38
IMMO-BANK AG             4.000  1/1/2017     EUR   102.38
IMMO-BANK AG             4.250  1/1/2021     EUR   102.38
IMMO-BANK AG             4.375  1/1/2017     EUR   101.18
IMMO-BANK AG             3.300  1/1/2018     EUR   102.38
IMMO-BANK AG             4.000 3/27/2023     EUR   103.60
IMMO-BANK AG             4.450 7/21/2023     EUR   102.38
IMMO-BANK AG             4.100 3/27/2023     EUR   104.60
IMMO-BANK AG             4.625  1/1/2011     ATS   101.63
IMMO-BANK AG             4.000  1/1/2012     ATS   102.38
IMMO-BANK AG             4.500  1/1/2014     EUR   102.38
IMMO-BANK AG             4.750  1/1/2013     EUR   102.38
IMMO-BANK AG             5.000  1/1/2013     ATS   102.38
IMMO-BANK AG             4.000  1/1/2016     EUR   102.38
IMMO-BANK AG             4.000  1/1/2015     EUR   101.75
IMMO-BANK AG             4.625  1/1/2015     EUR   102.38
IMMO-BANK AG             4.000 5/29/2020     EUR    98.43
IMMO-BANK AG             4.000  1/1/2016     EUR   102.38
IMMO-BANK AG             4.200 7/14/2020     EUR   102.38
IMMO-BANK AG             4.000  1/1/2018     EUR   102.38
IMMO-BANK AG             4.000 1/25/2019     EUR    95.40
IMMO-BANK AG             3.500  1/1/2018     EUR   102.38
IMMO-BANK AG             3.800  1/1/2018     EUR    95.43
IMMOFINANZ IMMOB         2.750 1/20/2014     EUR    88.46
RAIFF ZENTRALBK          4.500 9/28/2035     EUR    68.35
S-WOHNBAUBANK AG         4.000 2/15/2023     EUR   105.85
S-WOHNBAUBANK AG         4.000 1/28/2022     EUR   106.13
S-WOHNBAUBANK AG         3.700  2/2/2022     EUR   102.72
S-WOHNBAUBANK AG         4.200  2/1/2023     EUR   107.97
S-WOHNBAUBANK AG         4.875 11/7/2010     ATS   100.63
S-WOHNBAUBANK AG         4.300 6/30/2023     EUR   108.86
S-WOHNBAUBANK AG         4.625 4/13/2011     ATS   101.64
S-WOHNBAUBANK AG         4.500 1/15/2012     EUR   103.19
S-WOHNBAUBANK AG         4.875 2/11/2012     EUR   103.91
S-WOHNBAUBANK AG         3.625  6/5/2012     ATS   102.40
S-WOHNBAUBANK AG         4.500  1/5/2013     EUR   105.12
S-WOHNBAUBANK AG         4.000  5/8/2013     EUR   104.70
S-WOHNBAUBANK AG         3.800 4/10/2014     EUR   105.10
S-WOHNBAUBANK AG         4.000  2/6/2015     EUR   106.62
S-WOHNBAUBANK AG         3.800  6/2/2016     EUR   105.51
S-WOHNBAUBANK AG         3.800 4/30/2017     EUR   105.59
S-WOHNBAUBANK AG         4.000  2/1/2019     EUR   106.72
S-WOHNBAUBANK AG         4.300  1/2/2020     EUR   108.69
S-WOHNBAUBANK AG         3.500 1/28/2020     EUR   101.84
S-WOHNBAUBANK AG         3.900 1/28/2020     EUR   105.23
S-WOHNBAUBANK AG         3.500  2/4/2020     EUR   101.83
S-WOHNBAUBANK AG         4.000  1/2/2021     EUR   105.81
S-WOHNBAUBANK AG         3.500 1/20/2021     EUR   101.15
S-WOHNBAUBANK AG         4.250  2/1/2021     EUR   108.11
S-WOHNBAUBANK AG         4.000 2/15/2021     EUR   105.81
S-WOHNBAUBANK AG         4.400 6/30/2021     EUR   109.50
S-WOHNBAUBANK AG         4.250 1/26/2022     EUR   105.43
S-WOHNBAUBANK AG         3.550 1/28/2022     EUR   102.15
EURONAV SA               6.500 1/31/2015     USD   105.56

FORTIS BANK              8.750 12/7/2010     EUR    12.94
NYRSTAR                  7.000 7/10/2014     EUR   134.18
REALDOLMEN STR           2.000 7/16/2012     EUR    96.06
SAGERPAR                 2.950 4/27/2012     EUR   100.14

INTERPIPE LTD            8.750  8/2/2010     USD    77.50

SAZKA                    9.000 7/12/2021     EUR    71.08

MUNI FINANCE PLC         1.000 6/30/2017     ZAR    64.80
MUNI FINANCE PLC         1.000 2/27/2018     AUD    65.93
MUNI FINANCE PLC         0.500 3/17/2025     CAD    52.13
MUNI FINANCE PLC         0.500 9/24/2020     CAD    66.81
MUNI FINANCE PLC         0.250 6/28/2040     CAD    23.36
TALVIVAARA               5.250 5/20/2013     EUR    97.67

AIR FRANCE-KLM           4.970  4/1/2015     EUR    13.72
ALCATEL SA               4.750  1/1/2011     EUR    16.40
ALCATEL-LUCENT           5.000  1/1/2015     EUR     3.06
ALTRAN TECHNOLOG         6.720  1/1/2015     EUR     4.65
ARTEMIS CONSEIL          2.000 7/31/2011     EUR   147.12
ATOS ORIGIN SA           2.500  1/1/2016     EUR    49.89
AXA SA                   3.750  1/1/2017     EUR   230.40
CALYON                   6.000 6/18/2047     EUR    40.78
CAP GEMINI SOGET         1.000  1/1/2012     EUR    43.87
CAP GEMINI SOGET         3.500  1/1/2014     EUR    43.08
CLUB MEDITERRANE         4.375 11/1/2010     EUR    49.63
EURAZEO                  6.250 6/10/2014     EUR    55.92
FAURECIA                 4.500  1/1/2015     EUR    20.08
GECINA                   2.125  1/1/2016     EUR   103.64
GROUPE VIAL              2.500  1/1/2014     EUR    18.28
ILIAD SA                 2.200  1/1/2012     EUR    89.39
MAUREL ET PROM           7.125 7/31/2014     EUR    16.16
NEOPOST SA               3.750  2/1/2015     EUR    83.75
NEXANS SA                4.000  1/1/2016     EUR    61.54
NEXANS SA                1.500  1/1/2013     EUR    79.74
PEUGEOT SA               4.450  1/1/2016     EUR    29.99
PUBLICIS GROUPE          3.125 7/30/2014     EUR    37.59
PUBLICIS GROUPE          1.000 1/18/2018     EUR    46.83
RALLYE SA                3.250  7/1/2013     EUR    94.51
RHODIA SA                0.500  1/1/2014     EUR    44.93
SOC AIR FRANCE           2.750  4/1/2020     EUR    20.07
SOITEC                   6.250  9/9/2014     EUR     9.94
TEM                      4.250  1/1/2015     EUR    53.42
THEOLIA                  2.000  1/1/2014     EUR    12.73
UNIBAIL RODAM SE         3.500  1/1/2015     EUR   180.41
VALEO                    2.375  1/1/2011     EUR    46.59
VILMORIN ET COMP         4.500  7/1/2015     EUR   155.74
ZLOMREX INT FIN          8.500  2/1/2014     EUR    47.75
ZLOMREX INT FIN          8.500  2/1/2014     EUR    47.75

COLONIA REAL EST         1.875 12/7/2011     EUR    96.46
DEUTSCHE BK LOND         3.000 5/18/2012     CHF    60.56
DT LUFTHANSA AG          1.250  1/4/2012     EUR    99.33
ESCADA AG                7.500  4/1/2012     EUR    17.99
HSH NORDBANK AG          4.375 2/14/2017     EUR    67.95
HYPO REAL ESTATE         5.440 4/13/2034     EUR    73.39
KFW                      1.500 7/30/2014     EUR   115.53
KFW                      3.250 6/27/2013     EUR   104.27
L-BANK FOERDERBK         0.500 5/10/2027     CAD    46.91
QIMONDA FINANCE          6.750 3/22/2013     USD     2.38
RENTENBANK               1.000 3/29/2017     NZD    74.15
SGL CARBON AG            0.750 5/16/2013     EUR    93.61
SGL CARBON SE            3.500 6/30/2016     EUR   111.30
SOLON AG SOLAR           1.375 12/6/2012     EUR    41.07
TUI AG                   2.750  9/1/2012     EUR    88.44
VPV LEBENSVERSIC         7.250 8/17/2026     EUR    66.13

HELLENIC REP I/L         2.900 7/25/2025     EUR    52.32
HELLENIC REP I/L         2.300 7/25/2030     EUR    49.95
HELLENIC REPUB           5.200 7/17/2034     EUR    61.82
HELLENIC REPUB           6.140 4/14/2028     EUR    70.15
HELLENIC REPUB           3.060  7/6/2025     EUR    57.66
HELLENIC REPUB           5.000 3/11/2019     EUR    71.60
HELLENIC REPUB           5.000 8/22/2016     JPY    69.79
HELLENIC REPUB           5.250  2/1/2016     JPY    72.98
HELLENIC REPUB           2.125  7/5/2013     CHF    74.84
HELLENIC REPUBLI         4.300 7/20/2017     EUR    68.52
HELLENIC REPUBLI         4.600 7/20/2018     EUR    69.15
HELLENIC REPUBLI         4.600 9/20/2040     EUR    55.18
HELLENIC REPUBLI         6.000 7/19/2019     EUR    73.46
HELLENIC REPUBLI         4.500 9/20/2037     EUR    55.16
HELLENIC REPUBLI         3.700 7/20/2015     EUR    72.19
HELLENIC REPUBLI         3.600 7/20/2016     EUR    71.18
HELLENIC REPUBLI         5.300 3/20/2026     EUR    63.01
HELLENIC REPUBLI         4.700 3/20/2024     EUR    61.60
NATIONAL BK GREE         3.875 10/7/2016     EUR    71.78
YIOULA GLASSWORK         9.000 12/1/2015     EUR    58.14
YIOULA GLASSWORK         9.000 12/1/2015     EUR    57.63

HUNGARIAN STATE          4.400 9/25/2014     EUR    97.10

ALLIED IRISH BKS         5.250 3/10/2025     GBP    61.19
DEPFA ACS BANK           5.125 3/16/2037     USD    72.10
DEPFA ACS BANK           4.900 8/24/2035     CAD    71.14
DEPFA ACS BANK           0.500  3/3/2025     CAD    35.45
DEPFA ACS BANK           1.920  5/9/2020     JPY    68.28
DEPFA ACS BANK           5.125 3/16/2037     USD    73.21
DEPFA BANK PLC           3.150  4/3/2018     EUR    74.57
IRISH PERM PLC           7.284 2/15/2035     EUR    63.58
ONO FINANCE II           8.000 5/16/2014     EUR    74.00
ONO FINANCE II           8.000 5/16/2014     EUR    75.06
UT2 FUNDING PLC          5.321 6/30/2016     EUR    74.32

BENI STABILI             3.875 4/23/2015     EUR    93.36
BULGARI SPA              5.375  7/8/2014     EUR   138.33
CITY OF TURIN            5.270 6/26/2038     EUR    72.28
COMUNE DI MILANO         4.019 6/29/2035     EUR    74.77
RISANAMENTO              1.000 5/10/2014     EUR    93.95
UBI BANCA SPCA           5.750 7/10/2013     EUR   106.77

ARCELORMITTAL            5.000 5/15/2014     USD   123.13
ARCELORMITTAL            7.250  4/1/2014     EUR    28.23
BREEZE FINANCE           4.524 4/19/2027     EUR    66.50
CONTROLINVESTE           3.000 1/28/2015     EUR    91.56
CRC BREEZE               5.290  5/8/2026     EUR    63.50
EVRAZ GROUP SA           7.250 7/13/2014     USD   136.49
FINMECCANICA FIN         0.375  8/8/2010     EUR    99.30
GLOBAL YATIRIM H         9.250 7/31/2012     USD    70.13
INTL INDUST BANK        11.000 2/19/2013     USD    60.00
KLOECKNER & CO           1.500 7/27/2012     EUR    91.19
KLOECKNER & CO           6.000  6/9/2014     EUR   107.86
KUD FIN SERV HLD         1.625 10/5/2012     CHF    97.40
LIGHTHOUSE INTL          8.000 4/30/2014     EUR    60.24
LIGHTHOUSE INTL          8.000 4/30/2014     EUR    59.90
QIAGEN FINANCE           3.250 5/16/2026     USD   117.83
QIAGEN FINANCE           1.500 8/18/2024     USD   159.63
SONATA SECURIT           1.500 12/9/2010     CHF   107.44
TEMENOS LUX              1.500 3/21/2013     CHF   148.32
TMK BONDS SA             5.250 2/11/2015     USD    97.45

AI FINANCE B.V.         10.875 7/15/2012     USD    72.88
AIR BERLIN FINAN         9.000 8/25/2014     EUR   102.59
AIR BERLIN FINAN         1.500 4/11/2027     EUR    83.43
APP INTL FINANCE        11.750 10/1/2005     USD     0.05
ARPENI PR INVEST         8.750  5/3/2013     USD    49.00
ARPENI PR INVEST         8.750  5/3/2013     USD    49.00
ASM INTL NV              6.500 11/6/2014     EUR   119.16
ASM INTL NV              4.250 12/6/2011     USD   114.09
BK NED GEMEENTEN         0.500 2/24/2025     CAD    51.89
BLT FINANCE BV           7.500 5/15/2014     USD    68.50
BLT FINANCE BV           7.500 5/15/2014     USD    68.00
BRIT INSURANCE           6.625 12/9/2030     GBP    62.34
DGS INTL FIN BV         10.000  6/1/2007     USD     0.01
DRAKA HOLDING NV         4.000 9/22/2010     EUR    96.21
ELEC DE CAR FIN          8.500 4/10/2018     USD    53.13
EM.TV FINANCE BV         5.250  5/8/2013     EUR     5.42
FRIESLAND BANK           5.320 2/26/2024     EUR    63.66
FRIESLAND BANK           4.125  1/8/2016     EUR    50.39
INFINEON TECH            7.500 5/26/2014     EUR   234.38
IVG FINANCE BV           1.750 3/29/2017     EUR    67.75
MTU AERO ENGINES         2.750  2/1/2012     EUR   108.57
NATL INVESTER BK        25.983  5/7/2029     EUR    19.63
NED WATERSCHAPBK         0.500 3/11/2025     CAD    50.98
PARGESA                  1.700 4/27/2013     CHF    95.83
PARGESA                  1.750 6/15/2014     CHF    93.56
PORTUGAL TEL FIN         4.125 8/28/2014     EUR   101.18
PRAKTIKER BV             2.250 9/28/2011     EUR    95.54
Q-CELLS INTERNAT         1.375 2/28/2012     EUR    71.85
Q-CELLS INTERNAT         5.750 5/26/2014     EUR    65.18
RABOBANK                 0.125 12/4/2014     CHF    98.03
RBS NV EX-ABN NV         6.500 5/17/2018     AUD    72.53
SALZGITTER FIN B         1.125 10/6/2016     EUR    95.70
SUEDZUCKER INT           2.500 6/30/2016     EUR   111.87
TJIWI KIMIA FIN         13.250  8/1/2001     USD     0.01
TURANALEM FIN BV         7.750 4/25/2013     USD    46.58
TURANALEM FIN BV         8.250 1/22/2037     USD    48.37
TURANALEM FIN BV         8.500 2/10/2015     USD    47.54
TURANALEM FIN BV         8.000 3/24/2014     USD    45.90
TURANALEM FIN BV         7.875  6/2/2010     USD    45.75
TURANALEM FIN BV         6.250 9/27/2011     EUR    46.47
WERELDHAVE NV            4.375 9/16/2014     EUR   105.83
WERELDHAVE NV            2.500 3/23/2011     EUR    99.28

EKSPORTFINANS            0.500  5/9/2030     CAD    40.10
MARINE HARVEST           4.500 2/23/2015     EUR    94.55
NORSKE SKOGIND           7.000 6/26/2017     EUR    67.96

REP OF POLAND            3.220  8/4/2034     JPY    66.07
REP OF POLAND            2.648 3/29/2034     JPY    57.88
REP OF POLAND            3.300 6/16/2038     JPY    63.95

ACBK-INVEST              9.500 4/14/2011     RUB     1.00
AGROKOM GROUP           10.000 6/21/2011     RUB     2.00
AGROSOYUZ               17.000 3/28/2012     RUB     1.00
AIZK KEMEROVO            9.000 8/23/2011     RUB    23.01
APK ARKADA              17.500 5/23/2012     RUB     0.38
ARKTEL-INVEST           12.000  4/9/2012     RUB     1.00
ATOMSTROYEXPORT-         7.750 5/24/2011     RUB     1.00
BANK OF MOSCOW          10.640 7/29/2011     RUB     1.00
BANK SOYUZ               9.500 2/23/2011     RUB     1.00
BANK SOYUZ              16.000  5/2/2011     RUB     1.00
BARENTSEV FINANS        20.000  7/4/2011     RUB    20.00
BASHKIRENERGO            8.300  3/9/2011     RUB     1.00
CB STROYCREDIT          14.000  8/1/2011     RUB    30.01
CREDIT EUROPE BA        11.500 6/28/2011     RUB     0.01
DALUR-FINANS            14.000  2/5/2013     RUB     1.00
DERZHAVA-FINANS         16.500 7/27/2010     RUB     0.02
DIPOS                    8.000 6/19/2012     RUB    18.01
DVTG-FINANS             14.500  8/3/2010     RUB    18.08
DVTG-FINANS             17.000 8/29/2013     RUB    12.01
DVTG-FINANS             14.500 7/18/2013     RUB    19.47
EESK                     8.740  4/5/2012     RUB    26.01
EMALIANS-FINANS         10.970  7/8/2011     RUB     1.00
ENERGOSPETSSNAB          8.500 5/30/2016     RUB     0.01
ENERGOSTROY-FINA        12.000 5/20/2011     RUB     1.00
EUROKOMMERZ             16.000 3/15/2011     RUB     0.01
FAR EASTERN GENE        10.500  3/8/2013     RUB    28.01
FINANCEBUSINESSG        12.500 6/22/2011     RUB     4.00
FINANCEBUSINESSG        10.000  7/1/2013     RUB     0.01
FORTUM OJSC              9.750  2/6/2013     RUB     4.01
GLOBEX-FINANS            0.100 4/26/2011     RUB     8.01
GRACE DIAMOND           15.000  6/7/2012     RUB     1.01
GRADOSTROY-INVES        11.000  3/3/2011     RUB     1.00
HCF BANK                12.200 6/10/2014     RUB     3.00
HORTEX-FINANS           13.000 8/14/2013     RUB     3.00
IART                    17.000  8/4/2013     RUB     1.00
IAZS                    11.000 12/8/2010     RUB     4.00
INPROM                   9.500 5/18/2011     RUB    31.02
INPROM                  13.000 7/15/2010     RUB    74.90
INTERGRAD               15.000  7/9/2014     RUB     1.00
INTL INDUST BANK        13.250  1/3/2018     RUB     1.00
IZHAVTO                 18.000  6/9/2011     RUB    11.31
KAMAZ-FINANS            11.250 9/17/2010     RUB     1.00
KARUSEL FINANS          12.000 9/12/2013     RUB     1.00
KOMOS GROUP             13.500 7/21/2011     RUB    19.01
KOSMOS-FINANS           10.200 6/16/2011     RUB    17.01
KRAYINVESTBANK          13.750  8/5/2011     RUB     1.00
KUBANSKAYA NIVA         15.500 2/20/2014     RUB     1.00
LADYA FINANS            13.750 9/13/2012     RUB     1.01
LSR-INVEST               9.250 7/14/2011     RUB    16.00
M-INDUSTRIYA            14.250 7/10/2013     RUB     3.00
M-INDUSTRIYA            12.250 8/16/2011     RUB    33.00
M.O.R.E.-PLAZA          15.500  8/3/2010     RUB     1.00
MACROMIR-FINANS          7.750  7/3/2012     RUB     3.00
MAIN ROAD OJSC          10.200  6/3/2011     RUB     3.00
MEDVED-FINANS           16.500  9/1/2010     RUB     3.00
METROSTROY INVES        10.500 9/23/2011     RUB    20.00
MIG-FINANS               0.100  9/6/2011     RUB     2.00
MIRAX                   17.000 9/17/2012     RUB    16.00
MIRAX                   14.990 5/17/2011     RUB    30.00
MORTON-RSO              12.000 2/28/2011     RUB     1.00
MOSKOMMERTSBANK         12.000 2/15/2011     RUB     1.00
MOSKOMMERTSBANK          1.000 6/12/2013     RUB    23.01
MOSMART FINANS           0.010 4/12/2012     RUB     5.00
MOSOBLGAZ               12.000 5/17/2011     RUB    72.50
MOSOBLTRUSTINVES        20.000 3/26/2011     RUB     6.99
MOSSELPROM FINAN        14.000 4/10/2014     RUB     1.00
NATIONAL CAPITAL        13.000 9/25/2012     RUB     1.00
NATIONAL CAPITAL        12.500 5/20/2011     RUB     6.00
NATIONAL FACTORI        11.500  5/3/2011     RUB     3.00
NAUKA-SVYAZ             15.000 6/27/2013     RUB     1.00
NEW INVESTMENTS         12.000  7/7/2011     RUB     1.00
NOK                     15.500 9/22/2011     RUB    50.00
NOK                     17.000 8/26/2014     RUB     1.00
NOMOS-LEASING           12.000  7/8/2011     RUB     1.00
NOVOROSSIYSK            13.000 12/9/2011     RUB     1.00
NUTRINVESTHOLDIN        11.000 6/30/2014     RUB    22.01
OBYEDINEONNYE KO         3.000 5/16/2012     RUB     1.00
OBYEDINEONNYE KO        15.000 4/17/2013     RUB     4.00
OJSC FCB                11.000  8/7/2012     RUB     1.00
OSMO KAPITAL            10.200  3/7/2011     RUB     1.00
PEB LEASING             14.000 9/12/2014     RUB     1.00
PENSION FUND REA         5.000  5/7/2019     RUB     1.00
POLYPLAST               19.000 6/21/2011     RUB    30.00
PROM TECH               16.000 4/25/2011     RUB     1.00
PROMNESTESERVICE         9.500 12/5/2014     RUB     3.00
PROMTRACTOR-FINA        18.000 7/24/2013     RUB    63.20
PROTEK-FINANS           12.000 11/2/2011     RUB    23.01
PROTON-FINANCE           9.000 6/12/2012     RUB     1.01
RAF-LEASING             12.500 2/21/2012     RUB     1.00
RAILTRANSAUTO           17.500 12/4/2013     RUB     1.00
REGIONENERGO             8.500 5/30/2016     RUB     1.00
RFA-INVEST              10.000 11/4/2011     RUB     1.00
RMK PARK PLAZA          10.000  1/8/2013     RUB    23.01
ROSSELKHOZBANK          11.500 9/27/2017     RUB     1.01
RUSSIAN STANDARD         7.800 9/20/2011     RUB    15.51
RYBINSKKABEL             0.010 2/28/2012     RUB     1.00
SATURN                  10.000  6/6/2014     RUB     1.31
SENATOR                 14.000 5/18/2012     RUB    21.01
SETL GROUP              11.700 5/15/2012     RUB    22.01
SEVKABEL-FINANS         10.500 3/27/2012     RUB    28.30
SIBACADEMINVEST         18.000 7/30/2010     RUB     3.00
SIBUR                   10.470 11/1/2012     RUB     3.00
SINERGIA                10.000 8/18/2014     RUB     1.00
SISTEMA-HALS             8.500  4/8/2014     RUB     0.01
SISTEMA-HALS             8.500 4/15/2014     RUB     1.00
SOUTHERN STOCK C        15.750 4/29/2014     RUB     2.00
STROYTRANSGAZ            8.500 4/11/2013     RUB    15.61
SVOBODNY SOKOL          18.000 5/24/2011     RUB    50.00
TALIO-PRINCEPS          16.000 5/17/2012     RUB     4.00
TATTELECOM               8.250 11/1/2012     RUB     1.00
TECHNOSILA-INVES         7.000 5/26/2011     RUB    18.01
TERNA-FINANS             1.000 11/4/2011     RUB     6.02
TK FINANS               12.600  9/5/2011     RUB     6.00
TOP-KNIGA               20.000 12/9/2010     RUB    40.00
TRANSCREDITFACTO        12.000 11/1/2012     RUB     5.00
TRANSCREDITFACTO        12.000 6/11/2012     RUB     4.00
TRANSFIN-M              11.000 12/3/2015     RUB     3.00
TRANSFIN-M              11.000 12/3/2015     RUB     6.00
TRANSFIN-M              11.000 12/3/2015     RUB     5.00
TRANSFIN-M              10.750 8/10/2012     RUB     5.00
TRANSFIN-M              11.000 12/3/2015     RUB     3.00
TRANSFIN-M              14.000 7/10/2014     RUB     3.00
TRANSFIN-M              11.000 12/3/2014     RUB     7.00
TRANSFIN-M              11.000 12/3/2014     RUB     7.00
TRANSFIN-M              11.000 12/3/2014     RUB     6.00
TRANSFIN-M              11.000 12/3/2014     RUB     6.00
TRANSNEFT               11.750 10/1/2019     RUB     1.00
TVER VAGONOSTRO          7.000 6/12/2013     RUB     0.10
UNIMILK FINANS          14.000  9/6/2011     RUB    15.65
UNITAIL                 12.000 6/22/2011     RUB    35.00
UNITED HEAVY MAC        13.000 8/30/2011     RUB    25.01
URALSVYAZINFORM          7.500  4/2/2013     RUB     6.00
VESTER-FINANS           15.250 8/11/2011     RUB     6.00
VKM-LEASING FINA         1.000 5/18/2011     RUB     0.07
VLADPROMBANK            12.000  3/8/2011     RUB     1.00
VMK-FINANCE             16.000 5/21/2014     RUB     5.00
VOSTOCHNY EXPRES        12.500  3/7/2013     RUB    55.00
XM STROYRESURS          10.000 7/12/2011     RUB    19.01
YUGFINSERVICE           15.250 5/20/2014     RUB     4.00
ZAO EUROPLAN            14.500 8/11/2011     RUB     2.00
ZAPSIBCOMBANK           11.000 9/15/2011     RUB     4.00
ZHELDORIPOTEKA          13.000 9/19/2012     RUB     3.00
ZHELEZOBETON            12.000 5/27/2011     RUB     5.01
ZHILSOTSIPOTEKA-         9.000 7/26/2011     RUB     5.00

ABENGOA SA               6.875 7/24/2014     EUR   107.32
ABENGOA SA               4.500  2/3/2017     EUR    85.76
AYT CEDULAS CAJA         3.750 6/30/2025     EUR    72.49
BANCAJA EMI SA           2.755 5/11/2037     JPY    40.03
CAJA MEDITERRANE         4.600 7/31/2020     EUR    72.20
CEDULAS TDA 6            3.875 5/23/2025     EUR    75.26
CEDULAS TDA A-6          4.250 4/10/2031     EUR    73.19
LA CAIXA                 3.500 6/19/2011     EUR    99.41
PESCANOVA SA             6.750  3/5/2015     EUR    99.43

INDUSTRIVARDEN           2.500 2/27/2015     EUR   109.31

CLARIANT AG              3.000  7/7/2014     CHF   174.21
GRAUBUNDNER KANT         1.000  7/3/2013     CHF   105.72
GRAUBUNDNER KANT         2.000  5/8/2014     CHF   107.87
MOBIMO HDG AG            2.125 6/30/2014     CHF   100.74
SWISS PRIME SITE         1.875 1/20/2015     CHF   102.58
UBS AG                  10.580 6/29/2011     USD    38.50
UBS AG                  13.300 5/23/2012     USD     3.94
UBS AG                  14.000 5/23/2012     USD     8.83
UBS AG JERSEY           11.000 2/28/2011     USD    63.92
UBS AG JERSEY           15.250 2/11/2011     USD    11.74
UBS AG JERSEY           16.170 1/31/2011     USD    12.88
UBS AG JERSEY           14.640 1/31/2011     USD    36.95
UBS AG JERSEY           13.900 1/31/2011     USD    35.33
UBS AG JERSEY           10.280 8/19/2011     USD    35.15
UBS AG JERSEY           10.500 6/16/2011     USD    72.54
UBS AG JERSEY           10.650 4/29/2011     USD    15.83
UBS AG JERSEY            9.500 8/31/2010     USD    56.10
UBS AG JERSEY           13.000 6/16/2011     USD    48.78
UBS AG JERSEY            9.000 8/13/2010     USD    53.90
UBS AG JERSEY            9.350 7/27/2010     USD    49.60
UBS AG JERSEY           11.030 4/21/2011     USD    20.53
UBS AG JERSEY           10.820 4/21/2011     USD    21.58
UBS AG JERSEY           16.160 3/31/2011     USD    43.29
UBS AG JERSEY           12.800 2/28/2011     USD    34.30
UBS AG JERSEY            9.350 9/21/2011     USD    66.32
UBS AG JERSEY           11.150 8/31/2011     USD    38.33
UBS AG JERSEY            3.220 7/31/2012     EUR    53.12
UBS AG JERSEY            9.450 9/21/2011     USD    49.72

3I GROUP PLC             3.625 5/29/2011     GBP   100.44
AMDOCS LIMITED           0.500 3/15/2024     USD    78.00
ANGLO AMERICAN           4.000  5/7/2014     USD   146.01
AUTONOMY CORP            3.250  3/4/2015     GBP   115.43
BANK OF SCOTLAND         6.984  2/7/2035     EUR    69.00
BARCLAYS BK PLC         12.950 4/20/2012     USD    19.76
BARCLAYS BK PLC         10.350 1/23/2012     USD    20.85
BARCLAYS BK PLC         10.600 7/21/2011     USD    40.76
BARCLAYS BK PLC          9.000 6/30/2011     USD    43.24
BARCLAYS BK PLC          7.610 6/30/2011     USD    53.33
BARCLAYS BK PLC         10.950 5/23/2011     USD    59.50
BRADFORD&BIN BLD         4.910  2/1/2047     EUR    55.96
BRADFORD&BIN BLD         5.500 1/15/2018     GBP    44.59
BRADFORD&BIN PLC         6.625 6/16/2023     GBP    44.14
BRADFORD&BIN PLC         7.625 2/16/2049     GBP    47.10
BRITISH AIRWAYS          5.800 8/13/2014     GBP   124.88
BROADGATE FINANC         5.098  4/5/2033     GBP    71.67
EFG HELLAS PLC           5.400 11/2/2047     EUR    64.88
EFG HELLAS PLC           6.010  1/9/2036     EUR    34.63
EFG HELLAS PLC           4.375 2/11/2013     EUR    74.81
ENTERPRISE INNS          6.875  5/9/2025     GBP    76.20
ENTERPRISE INNS          6.375 9/26/2031     GBP    61.98
HBOS PLC                 4.500 3/18/2030     EUR    68.52
HBOS PLC                 6.000 11/1/2033     USD    54.00
HBOS PLC                 6.000 11/1/2033     USD    54.00
ITV PLC                  4.000 11/9/2016     GBP   108.36
NORTHERN ROCK            5.750 2/28/2017     GBP    61.38
NORTHERN ROCK            4.574 1/13/2015     GBP    66.64
PENNON GROUP PLC         4.625 8/20/2014     GBP   114.17
PETROPAVLOVSK 20         4.000 2/18/2015     USD   109.34
PUNCH TAVERNS            6.468 4/15/2033     GBP    73.70
ROYAL BK SCOTLND         9.500  4/4/2025     USD    67.19
ROYAL BK SCOTLND         6.620  6/9/2025     EUR    73.11
SAINSBURY PLC            4.250 7/16/2014     GBP   116.23
SALAMANDER               5.000 3/30/2015     USD    90.65
TUI TRAVEL PLC           6.000 10/5/2014     GBP    95.88
TUI TRAVEL PLC           4.900 4/27/2017     GBP    87.76
TXU EASTERN FNDG         6.450 5/15/2005     USD     0.01
UNIQUE PUB FIN           6.464 3/30/2032     GBP    64.00
UNIQUE PUB FIN           5.659 6/30/2027     GBP    81.33
VEDANTA RESOURCE         5.500 7/13/2016     USD   114.59
VEDANTA RESOURCE         4.000 3/30/2017     USD    97.67
WESSEX WATER FIN         1.369 7/31/2057     GBP    24.09


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

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

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

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


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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 * * *