TCREUR_Public/100730.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

            Friday, July 30, 2010, Vol. 11, No. 149

                            Headlines



B E L A R U S

* Moody's Assigns 'B1' Rating on Republic of Belarus' Bonds


B U L G A R I A

PETROL AD: Fitch Puts 'CC' Issuer Rating on Negative Watch


F R A N C E

PEUGEOT CITROEN: Auto Unit May Lose Money in Second Half
PROLOGIS SA: Fitch Downgrades Issuer Default Rating to 'BB'


G E R M A N Y

DUESSELDORFER HYPOTHEKENBANK: Fitch Assigns 'E' Individual Rating


G R E E C E

ANAPTYXI 2006-1: S&P Downgrades Rating on Class C Notes to 'BB+'

* GREECE: IMF Begins Inspection of Public Finances


H U N G A R Y

IKR: Creditor Banks Pledge Continued Financing, CEO Says


I R E L A N D

ALLIED IRISH: Stress Test Figures May Affect Capital-Raising Bid
ALLIED IRISH: Zachodni Met With Potential Buyers of Equity Stake
ANGLO IRISH: Financial Regulator Signed Off on EUR169MM Quinn Loan
ANGLO IRISH: Appleby Refers 15 Files to Garda Fraud Squad
ARNOTTS HOLDINGS: Anglo Irish & Ulster Bank Set to Take Control


I T A L Y

CREDITO FIORENTINO: Put Under State Administration
FIAT SPA: Demands Productivity Guarantees From Unions


K A Z A K H S T A N

ALLIANCE DPR: Fitch Upgrades Ratings on Two Series of Notes to 'B'


L U X E M B O U R G

CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Class A Bonds


N E T H E R L A N D S

BRIT INSURANCE: Fitch Monitors Ratings on Increased Share Offer
PLAYLOGIC ENTERTAINMENT: Files for Bankruptcy in Netherlands


R U S S I A

RUSIA PETROLEUM: OGK-3 Wants Court to Halt Bankruptcy Proceeding
WEST SIBERIAN: S&P Affirms 'B-' Long-Term Counterparty Ratings


S P A I N

HIPOCAT 10: S&P Downgrades Rating on Class C Notes to 'D'


U K R A I N E

CB PRIVATBANK: Fitch Upgrades Issuer Default Rating to 'B'


U N I T E D   K I N G D O M

ARRAN FUNDING: S&P Puts 'BB'-Rated Notes on CreditWatch Negative
BH FREIGHT: Administrators Unveil Details of Collapse
CALON TV: Opts for Voluntary Liquidation on Lack of Investment
CONNAUGHT PLC: Nears Funding Deal With Banks
EUROHOME UK: Fitch Affirms Ratings on Class C Notes at 'C'

NORTHERN ROCK: FSA Bans Former CFO David Jones
RICHMOND PRINTERS: On Brink of Closure; Administration Likely
ST JAMES: Bought by Churchill; 878 Jobs Saved
TURBO BETA: Moody's Assigns 'Caa2' Rating on US$500 Mil. Notes
VIRGIN MEDIA: To Start Share Buyback Program as Profits Advance

VIRGIN MEDIA: Moody's Upgrades Corporate Family Rating to 'Ba2'
YELL GROUP: Expects Continued Decline in Revenues

* UK: HMRC Hires Debt Collection Agencies


X X X X X X X X

* BOOK REVIEW: Beyond Hype - Rediscovering the Essence of




                         *********



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B E L A R U S
=============


* Moody's Assigns 'B1' Rating on Republic of Belarus' Bonds
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the new 5-
year 8.75% US$600 million bond issue of the Republic of Belarus.
The bond is the country's first issuance in the global capital
markets and comes just a few months after the government concluded
its 15-month Stand-by Agreement with the IMF in April.

Moody's rating takes into account these factors:

1) the stabilization of the public finances in the context of the
   IMF program, despite relatively weak economic resiliency;

2) some improvements in building institutional capacity, although
   from a relatively low base;

3) external vulnerabilities, as signified by a persistently high
   current account deficit.

                         Rating Rationale

"Belarus' low economic resiliency is reflected in its high GDP
volatility, a function of its concentrated and energy-intensive
economy," says Dietmar Hornung, Vice President-Senior Credit
Officer and lead analyst for Belarus.  That said, the government's
timely decision to seek financial assistance and economic policy
advice from the IMF averted a more difficult situation in 2009,
allowing the public finances to stabilize.  Economic activity is
now recovering.

In Moody's view, Belarus has made some improvement in building
institutional capacity.  Some of the recent regulatory reforms
that the government has implemented have borne fruit.  The World
Bank's "Doing Business 2010" report moved Belarus up from 85th
position in 2009 to 58th this year in terms of the ease of doing
business in the country.  Still, the government exerts a tight
grip on economic decisions and seems not inclined to endorse
market mechanisms on a broad basis.

Mr. Hornung points out that Belarus' external vulnerabilities
remain an important rating constraint.  Although economic growth
slowed sharply last year, the country's current account deficit
expanded to double-digit levels given unfavorable terms of trade.
Russia's imposition of a 30% export duty on crude oil transshipped
through Belarus is putting additional pressure on the external
financing situation.

The previous rating action on Belarus was implemented on 22 August
2007, when Moody's assigned its initial issuer ratings of B1 for
both foreign and local currency debt, a Ba2 country ceiling for
foreign currency debt, a B2 foreign currency bank deposit ceiling
and Baa3 country ceilings for local currency debt and bank
deposits.


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


PETROL AD: Fitch Puts 'CC' Issuer Rating on Negative Watch
----------------------------------------------------------
Fitch Ratings has placed Bulgaria-based fuel distributor Petrol
AD's Long-term Issuer Default Rating of 'CC' on Rating Watch
Negative.  Fitch has also placed Petrol AD's senior unsecured
rating of 'CC' for its EUR100 million notes, due in October 2011,
on RWN.  Petrol AD's Recovery rating is 'RR4'.

The rating action is mainly driven by Petrol AD's weak liquidity
position and rising refinancing risk, predominantly related to the
EUR100 million notes.  Petrol AD's IDR had previously been
assigned a Negative Outlook following a rating downgrade in July
2009.

Fitch believes that Petrol AD, together with its subsidiaries, has
insufficient liquidity.  As at end-June 2010, the group had cash
of BGN5 million and no available undrawn committed liquidity
facilities, against short-term debt of BGN23 million, including
BGN11m of accrued interest on the notes.  Fitch is also concerned
about Petrol AD's refinancing risk given its weak financial
profile.  The agency assumes in its projections that the cash
spent on the purchase of Petrol AD shares in 2008 (BGN294 million
or EUR150 million) -- following a disposal of an important part of
Petrol AD's petrol station network to Lukoil Bulgaria EOOD -- will
not be returned to Petrol AD.  Therefore, this cash will not be
available to support the company's financial position before the
notes mature.

Fitch understands that Petrol AD plans to redeem the
EUR100 million notes by either raising new bank funding or,
alternatively, through a disposal of assets.

The agency is additionally concerned about Petrol AD's weak
corporate governance standards.  The negative pressure on Petrol
AD's ratings may rise further if the dispute between the two main
shareholders of Petrol Holding, the owner of Petrol AD, results in
a major negative impact on the company's business and financial
profile, including its liquidity position.

Petrol AD's net debt/EBITDA of 13.2x at end-December 2009, and
funds from operations interest coverage of only 0.6x, compare
poorly with other oil refining and/or fuel-marketing companies
rated by Fitch.

Petrol AD is the leading fuel distributor in Bulgaria.  It
operates a wholesale and retail distribution business with
domestic market shares of 20% and 15% respectively (2009 data).
Its retail network consisted of 392 petrol stations at end-2009.


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


PEUGEOT CITROEN: Auto Unit May Lose Money in Second Half
--------------------------------------------------------
Laurence Frost at Bloomberg News reports that PSA Peugeot Citroen
said its auto unit may lose money in the second half as demand in
the main European market slumps.

Bloomberg relates Peugeot Chief Executive Officer Philippe Varin
said the manufacturing arm will be "close to breakeven" in the
latter half of 2010 after earning EUR525 million (US$683 million)
in the first six months.

According to Bloomberg, Peugeot predicts a second-half contraction
of the European market, which accounts for almost two-thirds of
its sales volume, as government scrapping incentives run out.
Bloomberg notes the carmaker on Wednesday said the European market
will shrink 7% for the full year.

Separately, Bloomberg News' Mr. Frost reports that Peugeot
returned to profit in the first half on a global automotive
recovery.

Bloomberg relates Peugeot said in an e-mailed statement that net
income was EUR680 million (US$884 million), compared with a
EUR962 million loss a year earlier.  According to Bloomberg,
first-half sales surged 21% to EUR28.4 billion buoyed by new model
introductions.

PSA Peugeot Citroen S.A. -- http://www.psa-peugeot-citroen.com/
-- is a France-based manufacturer of passenger cars and light
commercial vehicles.  It produces vehicles under the Peugeot and
Citroen brands.  In addition to its automobile division, the
Company includes Banque PSA Finance, which supports the sale of
Peugeot and Citroen vehicles by financing new vehicle and
replacement parts inventory for dealers and offering financing and
related services to car buyers; Faurecia, an automotive equipment
manufacturer focused on four component families: seats, vehicle
interior, front end and exhaust systems; Gefco, which offers
logistics services covering the entire supply chain, including
overland, sea and air transport, industrial logistics, container
management, vehicle preparation and distribution, and customs and
value added tax (VAT) representation, and Peugeot Motocycles,
which manufactures scooters and motorcycles.  In 2008, PSA Peugeot
Citroen S.A. sold more than 3.2 million vehicles in 150 countries
worldwide.

                           *     *     *

PSA Peugeot Citroen is rated 'BB+' by Standard & Poor's.


PROLOGIS SA: Fitch Downgrades Issuer Default Rating to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating and
outstanding credit ratings of ProLogis:

  -- Long-term IDR to 'BB' from 'BBB';
  -- US$2.2 billion global line of credit to 'BB' from 'BBB';
  -- US$4.7 billion senior notes to 'BB' from 'BBB';
  -- US$1.9 billion convertible senior notes to 'BB' from 'BBB';
  -- US$350 million preferred stock to 'B+' from 'BB+'.

The Rating Outlook remains Negative.

Given the limited likelihood of significant near-term de-levering
equity capital raises by ProLogis as previously contemplated by
Fitch, leverage is expected to remain more consistent with a 'BB'
IDR given the significant scale of PLD's industrial property
platform.  The downgrade also reflects Fitch's expectation that
ProLogis' fixed charge coverage will continue to be negatively
impacted over the next 12-to-24 months by downward mark-to-market
pricing on core portfolio leases.  However, a gradual realization
of cash flow from completed development properties in lease-up
will bolster ProLogis' earnings power.

ProLogis' credit strengths include proven access to multiple
sources of capital, a high-quality industrial property portfolio
that includes a large pool of unencumbered assets, a good
liquidity position, a staggered debt maturity schedule, and an
experienced management team.

The Negative Outlook reflects execution risk associated with
leasing up completed development properties and monetizing
ProLogis' significant land holdings via asset sales and
development starts.

ProLogis' leverage ratio was 11.9 times as of June 30, 2010,
compared with 12.5x as of Dec. 31, 2009, and 15.0x at Dec. 31,
2008.  Fitch defines leverage as net debt to the last twelve
months recurring operating EBITDA including Fitch's estimate of
recurring cash distributions from unconsolidated investees.
However, if annual cash distributions from unconsolidated
investees revert back to a historical run rate of US$130 to US$150
million, net debt to recurring operating EBITDA would be above
12.0x.  Fitch previously stated that ProLogis would experience
negative rating pressure if net debt to recurring EBITDA were to
remain above 10.0x.

Given that ProLogis no longer has a corporate distribution
facilities services development business segment, leverage when
including CDFS gains in EBITDA has increased to 11.9x as of
June 30, 2010, compared with 9.8x as of Dec. 31, 2009, and 7.8x at
Dec. 31, 2008.  If ProLogis raises approximately US$1 billion in
follow-on equity capital (as previously contemplated by Fitch)
utilized to repay indebtedness, leverage as of June 30, 2010,
would have been over 10.0x.  Over the next 12 months, Fitch
anticipates leverage remaining above 10.0x, absent significant
deleveraging transactions.  ProLogis, however, has focused on
meeting a longer-term leverage target of 6.5x to 7.5x via land
monetization and development.

Given the fragile economic recovery, operating fundamentals remain
challenging with year-over-year rental rates on renewal leases in
ProLogis' same-store total portfolio declining by 12.3% in 1Q2010
and 15.7% in second-quarter 2010 (2Q'10), driving down year-over-
year same-store net operating income by 3.1% in 1Q'10 and 3.4% in
2Q'10.

ProLogis' fixed charge coverage ratio was 1.4x for the trailing
twelve months ended June 30, 2010, compared with 1.4x in 2009 and
1.3x in 2008.  Fitch defines fixed charge coverage as recurring
operating EBITDA excluding CDFS gains plus cash distributions from
unconsolidated investees less recurring capital expenditures and
straight-line rent adjustments, divided by cash interest expense,
capitalized interest, and preferred dividends.  ProLogis' fixed
charge coverage ratio as defined by Fitch when including CDFS
gains in EBITDA was also 1.4x for the trailing twelve months ended
June 30, 2010 given that PLD no longer has a CDFS business
segment, compared with 1.8x in 2009 and 2.6x in 2008.

Fitch projects that ProLogis will realize incremental cash flow
from completed development properties in lease-up, albeit
gradually, and that Fitch-defined fixed charge coverage will
center around 1.3x through 2012 absent significant de-leveraging
transactions.

The ratings take into account ProLogis' credit strengths, which
include its global franchise and high-quality industrial property
portfolio containing a large pool of unencumbered assets.  As of
June 30, 2010, ProLogis had US$33.5 billion in total assets owned
and under management including US$15 billion in directly-owned
assets, providing significant economies of scale and
diversification.  ProLogis' unencumbered asset coverage of senior
debt as defined under the ninth supplemental senior notes
indenture was 2.0x as of June 30, 2010, which is solid for a 'BB'
IDR.  However, unencumbered asset coverage based on a range of
capitalization rates applied against unencumbered property net
operating income and pro forma for the lease-up of completed
development properties centered on a range around 1.3x, which
Fitch deems more consistent with a 'BB' IDR.

ProLogis' access to capital has been matched by few other equity
REITs.  ProLogis has raised equity capital via public offerings
and the continuous equity offering program, and also issued senior
notes, convertible senior notes, and preferred stock.  Alongside
its unconsolidated investment partners, ProLogis has also raised
private equity and secured debt through property funds.

ProLogis' liquidity position is solid, with sources of liquidity
(unrestricted cash, availability under its global line of credit
facility net of borrowings outstanding, outstanding letters of
credit and debt due within one year, expected retained cash flows
from operating activities after dividends and distributions)
divided by uses of liquidity (consolidated debt maturities and pro
rata unconsolidated debt maturities, expected recurring
maintenance capital expenditures and remaining costs to incur on
in-process development) resulting in a liquidity coverage ratio of
1.7x for July 1, 2010 through Dec. 31, 2011.  Given ProLogis'
strong track record of refinancing mortgage debt maturities, its
liquidity coverage ratio would be 2.2x if 80% of upcoming
consolidated mortgage debt and pro rata unconsolidated mortgage
debt is refinanced.

ProLogis has certain restrictive covenants under the global line
of credit facility agreement that was amended on June 30, 2010
including, among others, a minimum net worth test of US$6.8
billion and a minimum debt yield test limiting unencumbered net
operating income to near-term recourse debt to at least 14%.
ProLogis remains in compliance with all financial covenants.
Although these covenants currently do not currently restrict
ProLogis' financial flexibility, the company's compliance going
forward may depend partially on PLD's ability to sell assets on
favorable terms.  In addition, ProLogis' senior creditors receive
the benefit of intercompany receivables as collateral, as the
company does not technically borrow on an unsecured basis.

The Negative Outlook is consistent with Fitch's sectorwide Outlook
on industrial REITs and further reflects execution risk associated
with leasing up completed development and monetizing land.  The
percentage of properties leased in the completed development
portfolio was 71.9% as of June 30, 2010, up from 62.2% as of
Dec. 31, 2009, and 43.5% as of Dec. 31, 2008.  Annualized
incremental EBITDA from leased but unoccupied space of
approximately US$40.4 million is expected to be realized in short
order.  However, annualized incremental EBITDA generated from
occupancy at full stabilization of approximately US$91.4 million
will likely be realized over a longer timeframe.  The Negative
Outlook further reflects the implicit development risk associated
with ProLogis' land holdings, which was valued at US$2.3 billion
(13.9% of total assets as of June 30, 2010) compared with
US$2.6 billion (15.2% of total assets) and US$2.5 billion (12.9%
of total assets) as of Dec. 31, 2009 and Dec. 31, 2008,
respectively.

The two-notch differential between ProLogis' IDR and its preferred
stock rating is consistent with Fitch's criteria for corporate
entities with a 'BB' IDR.  Based on Fitch's criteria report
('Equity Credit for Hybrids & Other Capital Securities'),
ProLogis' preferred stock is 75% equity-like and 25% debt-like
since it is perpetual and has no covenants but has a cumulative
deferral option in a going concern.  Net debt plus 25% of
preferred stock to recurring EBITDA was 12.5x as of June 30, 2010,
compared with 12.7x as of Dec. 31, 2009.

These factors may have a positive impact on the ratings and/or
Outlook:

  -- Net debt to recurring operating EBITDA including cash
     distributions from unconsolidated investees sustaining below
     10.0x (as of June 30, 2010, leverage was 11.9x);

  -- Fitch-defined fixed charge coverage staying above 1.5x (for
     the twelve months ended June 30, 2010, fixed charge coverage
     was 1.4x);

  -- Unencumbered asset coverage as defined under ProLogis' ninth
     supplemental indenture maintaining above 2.5x (as of June 30,
     2010, unencumbered asset coverage was 2.0x).

These factors may have negative implications on the ratings:

  -- Net debt to recurring operating EBITDA remaining above 13.0x;
  -- Fitch-defined fixed charge coverage maintaining below 1.3x;
  -- A liquidity shortfall.

ProLogis is an equity REIT that owns, manages, and develops
distribution facilities, with operations in 34 target markets in
the United States, as well as Mexico, Canada, 13 European
countries, Japan, and South Korea.  As of June 30, 2010, ProLogis
owned and managed more than 475 million square feet of industrial
space leased to more than 4,400 customers including manufacturers,
retailers, transportation companies, and third-party logistics
providers.  As of June 30, 2010, ProLogis had US$33.5 billion in
total assets owned and under management, US$18.2 billion in
undepreciated book assets, and a common equity market
capitalization of US$4.8 billion.


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G E R M A N Y
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DUESSELDORFER HYPOTHEKENBANK: Fitch Assigns 'E' Individual Rating
-----------------------------------------------------------------
Fitch Ratings has assigned Germany's Duesseldorfer Hypothekenbank
AG's (rated 'BBB-'/Stable, Individual 'E') fixed-rate, short-term
guaranteed notes (ISIN: DE000DUS3S05), which are due to be placed
in the market in August 2010, an expected Short-term rating of
'F1+'.  The notes with a maturity of 364 days will be covered by a
guarantee from the German Financial Market Stabilization Fund and
expire in August 2011.

The expected rating reflects the irrevocable, unconditional and
unsubordinated guarantee provided by SoFFin, covering principal,
interest and any other amounts payable under the notes.  The fund
is a government entity without a separate legal status,
established by the Federal Republic of Germany (rated
'AAA'/Stable/'F1+').  The FRG is directly liable for the
obligations of the fund.  Hence, the ratings of the guaranteed
notes reflect the ratings of the FRG.

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

Fitch has previously stated that it generally expects to assign a
Long-term rating of 'AAA' and a Short-term rating of 'F1+' to
issues guaranteed by SoFFin.

DHB's current allotment under the SoFFin funding guarantee amounts
to EUR2.4 billion, down from EUR2.5 billion initially in early
2009.  The bank already issued two SoFFin-guaranteed bonds of
EUR1.25 billion each in March 2009 (one matured in March 2010 and
the other will become due in March 2011).

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


===========
G R E E C E
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ANAPTYXI 2006-1: S&P Downgrades Rating on Class C Notes to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Anaptyxi 2006-1 PLC's class B and C notes.  At the same time, S&P
affirmed its rating on the class A and D notes.

S&P had placed the class A, B, C, and D notes on CreditWatch
negative on April 30, 2010, following S&P's downgrade of the long-
term sovereign rating on Greece to 'BB+' from 'BBB+' on April 27.

On May 18, S&P revised its assessment of Greek sovereign risk and
also lowered its rating on the class A notes.  At the same time,
S&P kept the class B, C, and D notes on CreditWatch negative.

The rating actions follow S&P's cash flow analysis of Anaptyxi
2006-1, which took into account updated credit numbers and the
structural mechanisms providing credit enhancement in the
transaction.  S&P based its updated credit analysis on its
assessment of the collateral portfolio characteristics and
transactional performance following S&P's revised assessment of
Greek sovereign risk and the current economic environment.

Although arrears in this transaction exhibit a marked seasonality,
they have started to stabilize over the past year from a higher
level than S&P had anticipated at closing.  The stabilization in
the stock of delinquent loans, particularly the severe
delinquencies bucket (90+ days), has brought a downward trend in
write-off amounts over the past four months.  At the last interest
payment date as of June 2010, the total amount of write-off was
equal to EUR8.25 million, in line with what S&P recorded for this
transaction over the past four months.

In terms of collateral performance, over and above S&P's
estimation of increased country risk, the key factor driving the
rating decision is that the current three-month rolling average
default rate is markedly higher than the base case that S&P
assumed at closing.  While the default rate has been high, there
are now signs of stabilization, as reported for the June 2010
interest payment date where this rate was 3.13%, down from the
peak of 4.46% in June 2009.  In parallel, the annualized three-
month rolling write-off percentage was 3.54%, as calculated from
the last three months' data, and appears to be stabilizing.

Credit enhancement in the transaction comes from subordination,
overcollateralization, excess spread, and a cash reserve which is
currently at its target level.

Anaptyxi 2006-1 is ultimately backed by a granular pool of secured
and unsecured loans granted to Greek small businesses and
professionals originated by EFG Eurobank Ergasias S.A.  The
transaction can revolve for five years, subject to certain
conditions being met.

                           Ratings List

                       Anaptyxi 2006-1 PLC
         EUR2.25 Billion Asset-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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

      Rating Affirmed and Removed From CreditWatch Negative

                              Rating
                              ------
             Class       To            From
             -----       --            ----
             D           B             B/Watch Neg

                         Rating Affirmed

                        Class       Rating
                        -----       ------
                        A           A


* GREECE: IMF Begins Inspection of Public Finances
--------------------------------------------------
Derek Gatopoulos at The Associated Press reports that the
International Monetary Fund began inspecting Greece's public
finances on Monday to make sure the government is implementing
promised austerity measures before it gains access to a second
rescue loan installment in mid-September.

According to the report, officials from the European Union and
European Central Bank are also taking part in the inspections in
Athens and are due to remain through Aug. 6.  They met Monday with
Finance Minister George Papaconstantinou, the report relates.

The report recalls debt-ridden Greece narrowly avoided bankruptcy
in May and was pledged up to EUR110 billion (US$142 billion) in
rescue loans from the IMF and the 15 other EU countries using the
euro.

The report says while in Athens, the inspectors will meet with at
least five other cabinet ministers, union leaders, central bankers
and the board of the newly independent Greek statistics agency,
tasked with cleaning up a budget-figure misreporting scandal that
helped trigger the country's crisis.

Greek financial officials say the latest scrutiny is expected to
concentrate on massive public health care debts and the prospects
of loss-making state enterprises like the National Railways, the
report notes.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 16,
2010, Moody's Investors Service downgraded Greece's government
bond ratings by four notches to Ba1 from A3, reflecting its view
of the country's medium-term credit fundamentals.  The rating
action concludes the review for possible downgrade, which Moody's
initiated on April 22, 2010.  Moody's also downgraded Greece's
short-term issuer rating to Not-Prime from Prime-1.  Greece's
country ceilings for bonds and bank deposits were unaffected by
the review and remained at Aaa (in line with the Eurozone's
rating).  Moody's said the outlook on all ratings is stable.  "The
Ba1 rating reflects Moody's analysis of the balance of the
strengths and risks associated with the Eurozone/IMF support
package.  The package effectively eliminates any near-term risk of
a liquidity-driven default and encourages the implementation of a
credible, feasible, and incentive-compatible set of structural
reforms, which have a high likelihood of stabilizing debt service
requirements at manageable levels," said Sarah Carlson, Vice
President-Senior Analyst in Moody's Sovereign Risk Group and lead
analyst for Greece.  "Nevertheless, the macroeconomic and
implementation risks associated with the program are substantial
and more consistent with a Ba1 rating."


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


IKR: Creditor Banks Pledge Continued Financing, CEO Says
--------------------------------------------------------
MTI-Econews reports that IKR CEO Attila Szaxon said in Budapest on
Wednesday that IKR is expected to continue operations after it
received written promise from its creditor banks that they will
carry on financing the company.

MTI-Econews relates on Wednesday Raiffeisen Bank withdrew a
liquidation request it had filed against IKR early July.  The
early July move had prevented the signing of an agreement with the
banks, MTI-Econews notes.

As reported by the Troubled Company Reporter-Europe on July 29,
2010, MTI-Econews IKR was on Wednesday expected to decide whether
to file for bankruptcy protection.  MTI-Econews disclosed
Mr. Szaxon on Tuesday said the company incurred a HUF2.7 billion
loss on revenue of HUF94 billion in 2009.  He said in 2008, the
company booked a profit of HUF71 million on record revenue of
HUF120 billion, according to MTI-Econews.

IKR is one of Hungary's biggest agribusinesses.


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I R E L A N D
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ALLIED IRISH: Stress Test Figures May Affect Capital-Raising Bid
----------------------------------------------------------------
Joe Brennan at The Irish Examiner reports that NCB Stockbrokers
said AIB's detailed stress test figures may be a "significant
blow" to the lender's efforts to raise capital.

The report relates analyst Ciaran Callaghan on Tuesday said the
bank's profit under European stress tests, which it passed last
week, includes gains from buying back bonds and earnings from
units which are for sale.  According to the report, Mr. Callaghan
said the bank's core units may be "close to break-even, if not in
loss-making territory" under the scenario in European tests.

"This has confirmed our worst suspicions," the report quoted Mr.
Callaghan, who has a "hold" rating on the bank, as saying.  "The
latest development will come as a significant blow to the group as
it attempts to articulate an attractive investment case."

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ALLIED IRISH: Zachodni Met With Potential Buyers of Equity Stake
----------------------------------------------------------------
Geoff Percival at The Irish Examiner reports that Poland's Bank
Zachodni has said it has held four meetings with potential buyers
of AIB's controlling interest in the company.

According to the report, the sale of AIB's 70% stake in the
institution is seen as a key element of its overseas asset
disposal program and, as such, its efforts to reach its EUR7.4
billion post-NAMA end-of-year 8% tier-one capital ratio
requirement, put in place by the Financial Regulator and the
Government in March.

Management at Zachodni declined to say if the sale process was
close to conclusion, the report notes.  It also declined to
clarify if the four meetings were held with four individual
suitors or if any interested party had been met more than once,
the report states.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service affirmed AIB's long-term bank
deposit and debt ratings.  These are A1 for long-term bank
deposits and senior debt, A2 for dated subordinated debt, Ba3 for
undated subordinated debt, B1 for cumulative tier 1 securities and
Caa1 for non-cumulative tier 1 securities.  Moody's said the
outlook on these ratings is stable.  AIB's bank financial strength
rating of D, which maps to Ba2 on the long term rating scale, with
a positive outlook was unaffected by the rating action.


ANGLO IRISH: Financial Regulator Signed Off on EUR169MM Quinn Loan
------------------------------------------------------------------
Simon Carswell at The Irish Times, citing a confidential letter,
reports that Con Horan, the prudential director at the Financial
Regulator, signed off on a EUR169 million loan from Anglo Irish
Bank to the Quinn Group to fund the purchase of the bank's shares
in July 2008.

It was unclear until now if the regulator or who within the
regulator's office had approved the bank's loans to Quinn to buy
shares in the bank, the report notes.

According to the report, the letter shows how Mr. Horan told Anglo
that the bank should adjust its capital levels to take account of
the EUR169 million loan.  The report relates Mr. Horan, who at the
time of the share purchase reported directly to former head of
regulation Pat Neary, forced Anglo to deduct the same sum from its
capital reserves in an attempt to encourage the bank to refinance
the debt with another lender.  The EUR169 million loan remains
part of the EUR2.8 billion debt still owing by the Quinn family to
the now state-owned bank, the report says.

The report relates Mr. Horan wrote to Anglo's then chief financial
officer Matt Moran on July 25, 2008, saying that the regulator
felt the bank should take a deduction from the bank's "total own
funds" -- shareholders' funds held to maintain a bank's solvency
-- for the full EUR169 million loan.

Anglo's loan was provided to the group founded by Mr. Quinn as
part of the unwinding of his family's indirect investment in
Anglo, which rose to 28% at its peak, into a direct shareholding
of almost 15% in the bank, the report states.

Under company law, a business is prohibited from lending to an
individual to buy shares in that company, but certain exceptions
are permitted, the report discloses.

Mr. Horan stepped down as prudential director at the regulator as
part of the restructuring of the Central Bank in the aftermath of
the banking crisis, the report recounts.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval.  Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.

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


ANGLO IRISH: Appleby Refers 15 Files to Garda Fraud Squad
---------------------------------------------------------
Barry Roche at The Irish Times reports that Minister for
Enterprise, Trade and Innovation Batt O'Keeffe said Paul Appleby,
the director of Corporate Enforcement, has referred at least 15
files relating to Anglo Irish Bank to the Garda Bureau of Fraud
Investigation.

The report relates Mr. O'Keeffe said that in the course of his
meeting with Mr. Appleby, he made it clear to him that the
government was anxious to have the affairs of Anglo investigated
as efficiently and effectively as possible.

"During the course of that meeting, he indicated to me that there
were a number of cases that could not be pursued by himself but
rather would better be pursued by the fraud squad and he has
referred at least 15 cases to the fraud squad for them to
investigate," the report quoted Mr. O'Keeffe as saying.  "So we as
a Government are leaving it in the hands of the fraud squad and
the hands of the Registrar of Corporate Enforcement to ensure that
they pursue all of these matters to their ultimate conclusion."

On May 31, 2010, the Troubled Company Reporter-Europe, citing The
Irish Times, reported that Mr. Appleby said that the inquiries he
is conducting into matters relating to Anglo Irish Bank will be
finished in "months rather than years".  The Irish Times disclosed
the Anglo inquiry is the most complex conducted to date by the
office, and involves a number of matters including:

    * the provision by Anglo in 2008 of financial assistance for
      the purchase of its shares;

    * matters associated with the loans made by Anglo to its
      directors over a number of years, and

    * matters relating to the declared level of customer deposits
      at Anglo in 2008.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, the A3/P-1 bank deposit and senior debt ratings as well as
the Ba1 dated subordinated debt rating and the Caa2 undated
subordinated debt rating of Anglo Irish Bank have been maintained
under review for possible downgrade as the key rating driver in
Moody's Investors Service's view remains the bank's restructuring
plan that is currently waiting EU approval.  Moody's said the
outlook on the bank's E BFSR, mapping to a Caa1 on the long-term
scale, is stable.

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


ARNOTTS HOLDINGS: Anglo Irish & Ulster Bank Set to Take Control
---------------------------------------------------------------
Conor Pope and Simon Carswell at The Irish Times report that Anglo
Irish Bank and Ulster Bank are set to take control of Arnotts
Holdings Ltd.

According to The Irish Times, the takeover plan, dependent on
approval by the EU competition commissioner, has come about
because of the store's inability to service borrowings of more
than EUR250 million.

The Irish Times notes that while it may be business as usual for
now, it is thought the banks will want to recover as much of their
loans as possible, and a sale of the business is the exit strategy
for both institutions.  Before any such sale, loans have to be
restructured, a new management team appointed and long-term
property plans put on ice, The Irish Times states.

The banks are the backers of Arnotts' Northern Quarter
development, which has been put on hold indefinitely following the
collapse in the property market, The Irish Times discloses.

                             Inquiry

Separately, The Irish Times's Arthur Beesley reports that the fate
of Arnotts, at least in the short term, will be decided in
Brussels by EU competition commissioner Joaquin Almunia, who is
deciding whether to conduct a formal inquiry into its takeover by
Anglo Irish Bank and Royal Bank of Scotland, Ulster Bank's owner.

According to the Irish Times, the commissioner has reserved
judgment on that question pending receipt of submissions made to
him in a public consultation, which ends on August 9.  The Irish
Times that although the transaction could proceed quickly if
Mr. Almunia decides no inquiry is needed, it could be delayed for
months if he calls for deeper examination.

                          Restructuring

Meanwhile, The Irish Times's Fiona Gartland reports that trade
union Mandate, which has over 900 members in Arnotts, said any
plans to restructure the department store must be made in
collaboration with staff.

The Irish Times relates John Douglas, general secretary of Mandate
said the company's difficulties were "a direct result of
management erroneously deciding to enter the property industry"
and had nothing to do with staff or the operation of the retail
business.

The Irish Times notes Mr. Douglas said the development of any
plans to stabilize the business must include workers'
representatives, and should take account of the fact that staff
members have been a vital component in the success of the retail
business.

Mr. Douglas, as cited by The Irish Times, said the union had
written to management seeking an urgent meeting.

"We are seeking a meeting to clarify what the immediate future is
for the business, and we are insistent that the best way forward
for everyone concerned is to include the worker representatives in
any future discussions," The Irish Times quoted Mr. Douglas as
saying.

The Irish Times relates in a statement issued Wednesday, Arnotts
said jobs at the company were secure and it would continue to
invest in the business.  According to The Irish Times, the
statement said Arnotts was working with its banks as part of an
ongoing process agreed last February to restructure the group's
financing.

Established in 1843, Arnotts Holdings Ltd. is the largest
department store in the country, with a selling area of more than
27,000sq m.  It employs some 950 people and has been an anchor for
other stores on Dublin's Henry Street for over 150 years,
according to The Irish Times.


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


CREDITO FIORENTINO: Put Under State Administration
--------------------------------------------------
Steve Scherer at Bloomberg News reports that Credito Cooperativo
Fiorentino SC's former Chairman Denis Verdini denied any
wrongdoing after the bank was put under state administration on
Tuesday.

"I did nothing wrong," Bloomberg quoted Mr. Verdini as saying
Wednesday in Rome during a two-hour press conference.  "There's no
money missing; its capital is intact.  The bank will continue
functioning the same way it did when I managed it."

Bloomberg relates the lender was put under state administration
after Verdini resigned as chairman on July 23, and the management
board stepped down on July 26.

Finance Minister Giulio Tremonti on Tuesday signed a decree
putting the local lender under state control, Bloomberg discloses.
The Bank of Italy had asked the government to take action after an
inspection showed "serious violations" at the bank, Bloomberg
recounts.

Credito Cooperativo Fiorentino SC is based in Florence, Italy.


FIAT SPA: Demands Productivity Guarantees From Unions
-----------------------------------------------------
Guy Dinmore at The Financial Times reports that Sergio Marchionne,
chief executive of Fiat, raised the stakes in his dispute with
Italy's labor unions on Wednesday by demanding productivity
guarantees before going ahead with plans to invest EUR20 billion
(US$26 billion) in its home country in the next five years.

"We are not making threats, but we are not prepared to put the
survival of the company at risk," Mr. Marchionne said at a meeting
at Fiat's headquarters, according to the FT.

The FT relates Mr. Marchionne told union leaders that Fiat was the
only company planning to invest such a sum in Italy, which was
nearly equal to the government's austerity budget cuts over 2011
and 2012.  Fiat, the FT says, plans to double domestic car
production by the end of 2014.  "But we need guarantees that the
plants can function," the FT quoted Mr. Marchionne as saying.

According to the FT, Mr. Marchionne is in the process of
challenging nationally agreed contracts between unions and
employers on pay and working conditions.

The FT recalls plans to boost production at the near-idle
Pomigliano D'Arco plant near Naples ran into problems last month
when only 62% of workers voted in favor of tough new work
conditions in a ballot.

The FT relates Fiat registered a new company to manage Pomigliano
on Tuesday, raising the prospect that Mr. Marchionne was preparing
to impose the working conditions on those employees agreeing to
sign up.

                          About Fiat SpA

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 23,
2010, Moody's Investors Service placed Fiat S.p.A.'s corporate
family rating, rating and all its instrument ratings under review
for possible downgrade following the approval of its spin-off
plans by the Board of Directors.

On Review for Possible Downgrade:

Issuer: Fiat Finance & Trade Ltd.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1, NP

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Fiat Finance Canada Ltd.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1

Issuer: Fiat Finance North America Inc.

  -- Senior Unsecured Medium-Term Note Program, Placed on Review
     for Possible Downgrade, currently Ba1, NP

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba1

Issuer: Fiat S.p.A.

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently Ba1

Outlook Actions:

Issuer: Fiat Finance & Trade Ltd.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance Canada Ltd.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat Finance North America Inc.

  -- Outlook, Changed To Rating Under Review From Negative

Issuer: Fiat S.p.A.

  -- Outlook, Changed To Rating Under Review From Negative


===================
K A Z A K H S T A N
===================


ALLIANCE DPR: Fitch Upgrades Ratings on Two Series of Notes to 'B'
------------------------------------------------------------------
Fitch Ratings has upgraded and affirmed Alliance DPR Company SA's
notes as detailed below:

  -- 2006-A; affirmed at 'AAA'; Outlook Stable
  -- 2006-B: upgraded to 'B' from 'CC'; Outlook Stable
  -- 2007-A: upgraded to 'B' from 'CC'; Outlook Stable

The rating action follows Fitch's 19 July 2010 upgrade of the
originator's, Alliance Bank JSC, Long-term Issuer Default Rating
to 'B-' from 'RD'.  The rating Outlook is Stable.

The affirmation of Alliance DPR's 2006-A series reflects the fact
that these notes are credit-linked to the rating of the Asian
Development Bank (ADB, rated 'AAA'/Outlook Stable/'F1+') due to a
full guarantee provided by the ADB.

Alliance DPR is a securitization of future diversified payment
rights originated by Alliance Bank, a private commercial bank in
Kazakhstan.  The ratings on the 2006-B and 2007-A notes were
previously downgraded to 'CC' following the downgrade of Alliance
Bank's Long-term IDR to 'RD' in 2009 after the bank defaulted on
some of its unsecured debt.  Following the bank's default,
Alliance Bank entered a period of restructuring which has now been
completed.  Subsequent to the restructuring, the bank's rating was
upgraded to 'B-'/Outlook Stable and the going concern assessment
score was updated to GCA 3 which would theoretically enable the
notes to benefit from a two notch uplift over the bank's rating.
(For further information, please see Fitch's 19 July 2010 comment,
entitled 'Fitch Upgrades Alliance Bank to 'B-' On Completion of
Restructuring', which is available at www.fitchratings.com.) As
with all DPR transactions, the rating is linked to the
originator's rating via the going concern assessment score.

Although the GCA 3 score would theoretically allow a two notch
uplift over the bank's rating, Fitch has decided to only give
credit to a one notch uplift, which is why the 2006-B and 2007-A
notes have only been upgraded to 'B'.  This is because the
underlying cashflows continue to perform weakly.

The monthly and quarterly debt service coverage ratios continue to
breach their respective trigger levels and the proportion of
collections from designated depository banks continues to be below
its 60% trigger level.  The breach of these triggers caused the
transaction to enter early amortization leading to a faster
amortization than originally scheduled.  However, the volume of
cashflows appears to be stabilizing at current low levels which is
a sign that the deterioration appears to be moderating.  The non-
flow based triggers on the originator have all improved, but
continue to be weak.  Fitch also monitors the proportion of
domestic versus overseas cashflows in the transaction and gains
comfort that the proportion of overseas flows has remained high
since the transaction entered early amortization.  Given the
generally poor performance of the underlying flows and the
continued weakness of the bank, Fitch has decided to only give
credit to a one notch uplift over the bank's rating.

Nevertheless, the transaction continues to amortize relatively
quickly which Fitch considers a positive factor.  Since the
transaction entered early amortization approximately 70% of the
outstanding notes have been repaid.  Given current trends it is
likely the transaction will amortize fully in little over a year.
Furthermore the transaction has continued to pay all interest and
principal due despite the bank having defaulted on some of its
other unsecured debt prior to its restructuring.  Since the
restructuring, Alliance Bank has not defaulted on any of its debt.


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


CRC BREEZE: S&P Downgrades Rating on EUR300 Mil. Class A Bonds
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term issue rating on the EUR300 million class A secured bonds due
2026 (class A bonds) issued by CRC Breeze Finance S.A., a
Luxembourg-registered wind power finance project, to 'B-' from
'B+'.  The outlook on the class A bonds is negative.

The '2' recovery rating on the class A bonds is unchanged,
indicating S&P's expectation of substantial (70%-90%) recovery of
principal in the event of a payment default.

"The rating action on the class A bonds reflects S&P's lowered
expectations regarding future wind availability for Breeze Two,"
said Standard & Poor's credit analyst Timon Binder.

Following discussions with Breeze Two's management, S&P has
lowered S&P's previous assumptions -- which had included revenue
of about 5% below the P-90 projections (the ninetieth percentile
confidence level) -- to a level in line with the wind conditions
experienced by Breeze Two over the past couple of years.  S&P's
revised base case projects a minimum senior debt service cover
ratio of 1.06x and an average DSCR of 1.11x.  This is based on the
revised wind-supply expectations and incorporates higher operating
expenses.  According to Breeze Two's management, about
EUR1 million of annual operating costs were originally overlooked
at financial close.

Breeze Two loaned the proceeds of the class A and B bonds to
Breeze Two Energy GmbH & Co. KG (Breeze Two Energy; not rated) and
Eoliennes Suroit SNC (not rated).  Each of these two entities was
formed for the purpose of acquiring, constructing, owning, and
operating a portfolio of 39 wind farms with a nameplate capacity
of 305 megawatts (MW) in Germany (Breeze Two Energy) and 27 MW in
France (Eoliennes Suroit).  All wind farms are in operation and
the portfolio is fully cross-collateralized.

"The outlook on the class A bonds is negative because it reflects
S&P's view of Breeze Two's weakened liquidity position," said Mr.
Binder.


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


BRIT INSURANCE: Fitch Monitors Ratings on Increased Share Offer
---------------------------------------------------------------
Fitch Ratings says that it is monitoring Apollo Management VII
LP's increased indicative offer of GBP10.75 per share, announced,
for Brit Insurance Holdings N.V., but will take no rating actions
at the present time.

Fitch notes the increase of the indicative offer, and the granting
of time for due diligence by Apollo on Brit Insurance.  This is
expected by Brit Insurance to require several weeks, and a final
offer may or may not be forthcoming.  Until a formal offer is made
by Apollo and the details of that offer become available, Fitch
will not take a related rating action on Brit Insurance.  The
company's current ratings are provided at the end of this comment.

The agency notes that any acquisition of an insurance company by a
private equity investor carries several credit implications for an
insurer.  Firstly, PE owners typically have high return on equity
demands and look to extract what they consider as unrecognized
value in an acquisition target.  This may result in an insurer
adopting a different capital structure, which often carries
greater leverage than pre-acquisition.  Capital that PE investors
consider excess to the core needs of an insurer may be returned to
investors, potentially weakening an insurer's key capitalization
measures.

PE investors often have a shorter-term investment horizon and look
to develop specific exit strategies.  This can have an impact on
the management of an insurer, emphasizing short-term goals and
potentially paying less attention to longer term objectives.  This
management approach could have a negative impact on the credit
profile of an insurer.

Conversely, PE ownership can have some positive credit
implications as a change of ownership often results in a full
review of strategy, which may lead to the reduction of, or
withdrawal from, unprofitable business lines.

Should the due diligence process being undertaken by Apollo lead
to a formal offer being made for Brit Insurance, Fitch will review
the offer in detail with the company's senior management to
determine any implications for strategy, capitalization, return
expectations, financial leverage and financial flexibility.

Fitch presently rates the Brit Insurance companies:

Brit Insurance Limited

  -- Insurer Financial Strength rating: 'A'; Outlook Stable

Brit Insurance Holding N.V.

  -- Long-term Issuer Default Rating: 'BBB+'; Outlook Stable
  -- GBP 135m, 6.625% subordinated debt due 2030: 'BB+'


PLAYLOGIC ENTERTAINMENT: Files for Bankruptcy in Netherlands
------------------------------------------------------------
Chris Remo at Gamasutra reports that Playlogic Entertainment Inc.
has filed for surseance van betaling bankruptcy in the
Netherlands.

The report relates in a brief SEC filing posted Tuesday, Playlogic
said it "has voluntary [sic] requested a delay of payments,
'surseance van betaling,' the Dutch equivalent of Chapter 11."

The report says the request applies to the company's publishing
unit as well as its internal development studio, Playlogic Game
Factory.

According to the report, Playlogic notes that it has failed to
make necessary payments to other partners, putting it further at
risk of legal action.

"Due to the Company's cash flow situation, we are behind on
payments to some of our vendors," the filing reads, according to
the report.  "Some of these vendors have gone legal to collect
their outstanding receivables."

The filing outlines a series of eight loan agreements made with
two Netherlands-based shareholders from January to October of last
year, the report discloses.  The report recalls in November,
Playlogic came to an agreement with those investors to extend its
loan repayment dates to April of this year, but the company has
been defaulting on those payments.

"If the Company does not obtain any necessary financing, we may
need to cease operations," one filing claimed, the report notes.
"There is substantial doubt about our ability to continue as a
going concern."

Playlogic Entertainment, Inc. (Nasdaq OTC: PLGC.OB)
-- http://www.playlogicgames.com/-- is an independent worldwide
publisher of digital entertainment software for consoles, PCs,
handhelds, mobile devices, and other digital media platforms.
Playlogic publishes and distributes products throughout all
available channels, both online and offline.  Playlogic is
headquartered in New York City and in Amsterdam, the Netherlands.


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


RUSIA PETROLEUM: OGK-3 Wants Court to Halt Bankruptcy Proceeding
----------------------------------------------------------------
Anna Shiryaevskaya at Bloomberg News reports that OAO OGK-3, the
Russian power utility controlled by OAO GMK Norilsk Nickel,
appealed to stop the bankruptcy proceeding of Rusia Petroleum, the
Siberian gas unit it owns with BP Plc's Russian venture.

Bloomberg relates OGK-3 went to a court of appeals in the Irkutsk
region, where Rusia Petroleum in June filed for bankruptcy after
parent company TNK-BP called in loans it made to fund the
development of the Kovykta gas deposit.

Bloomberg recalls Alexander Nazarov, an analyst at Moscow-based
IFC Metropol, said in June that OGK-3, which owns just under 25%
of Rusia, may be among the losers if Rusia goes bankrupt.

"In the event of the bankruptcy, minority shareholders will
recover less than what they would have done from the sale of the
assets without this procedure," Bloomberg quoted Mr. Nazarov as
saying.

RUSIA Petroleum is a wholly-owned unit of TNK-BP that holds the
license to develop the huge Kovykta gas condensate field in
Eastern Siberia.


WEST SIBERIAN: S&P Affirms 'B-' Long-Term Counterparty Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
Russia national scale rating on Russia-based West Siberian
Commercial Bank to 'ruBBB' from 'ruBBB-' and raised the issue
rating on the bank's Russian ruble (RUB) 1.5 billion 12% bonds due
in 2011 to 'ruBBB' from 'ruBBB-'.  At the same time S&P affirmed
its 'B-' long-term and 'C' short-term counterparty credit ratings
on the bank.  The outlook is stable.

"The upgrade reflects a more recognizable stabilization of the
bank's creditworthiness," said Standard & Poor's credit analyst
Mikhail Nikitin.

The ratings reflect WSCB's strong franchise in its home region,
Tyumen Oblast (not rated).  The bank has sufficient liquidity and
adequate capitalization.

Negative factors include the bank's high single-name and single-
sector loan concentrations, pressured asset quality, and
relatively weak profitability.

The stable outlook on WSCB reflects S&P's expectation of a
sustainable, although moderately declining, financial performance.

"S&P might raise the ratings or revise the outlook to positive if
there is a consistent improvement in WSCB's business
diversification and funding resilience to levels comparable with
higher-rated peers," said Mr. Nikitin.

S&P might lower the ratings if unexpectedly high credit losses
materially impair WSCB's earnings and capitalization, or if there
is a material liquidity shortage caused by deposit withdrawals.


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


HIPOCAT 10: S&P Downgrades Rating on Class C Notes to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
the class B and C notes in Caixa d'Estalvis de Catalunya's Spanish
residential mortgage-backed securities transaction, Hipocat 10,
Fondo de Titulizacion de Activos.  In addition, S&P kept on
CreditWatch negative the credit ratings on the class A2, A3, A4
and B notes.

The class A2, A3, A4, and B notes will remain on CreditWatch
negative until the trustee -- Gestion de Activos Titulizados,
S.G.F.T., S.A.-- corrects the information provided in the previous
transaction reports, and S&P determine whether the information
provided is consistent with the current ratings.

This transaction includes a deferral-of-interest trigger for the
subordinated notes, based on cumulative defaults as a percentage
of the initial collateral balance.  The current cumulative default
level and trigger levels, taking into account the updated
information that S&P has received from the trustee so far, are:

Current cumulative default level: 8.75% on the July 2010 payment
date, up from 6.30% on the April 2010 payment date.  The trustee
uses these levels to calculate the triggers and they are different
from those that the trustee had previously reported in the
transaction reports.

Trigger levels: Class B (11%) and class C (7%).

The trigger for class C notes has been hit in respect of this
payment date.  Because of this, on July 26, 2010 Hipocat 10
deferred interest on this class until after it amortizes principal
on the class A and B notes.  As a consequence, the class C notes
have defaulted on the July payment date and S&P lowered its rating
to 'D'.

The trigger for class B notes has not been hit yet, but given the
trend of increasing default levels between April and July 2010, in
S&P's opinion it is likely that it will be hit in the near future.

S&P's cash flow analysis factored in its assessment of the current
levels of credit enhancement in this transaction, which have been
decreasing in respect of the last payment dates, and took into
account the updated information that S&P has received so far from
the trustee.

This information incorporates the cumulative default levels as of
the July 2010 determination date and the current performance of
the transaction.  The trustee's May 2010 monthly report presents
severe delinquencies at about 4.80% of the current collateral
balance.  (Hipocat 10's documents define severe delinquencies as
arrears greater than 90 days, including outstanding defaulted
loans.)

The level of delinquencies can be seen to have brought the
interest deferral mechanism into play, which S&P understand was
originally designed to protect the class A2, A3, and A4 notes at
the expense of the subordinated notes.

Hipocat 10 issued its notes in July 2006.  Caixa d'Estalvis de
Catalunya originated and services the loans.

                           Ratings List

           Hipocat 10, Fondo de Titulizacion de Activos
   EUR1.5 Billion Residential Mortgage-Backed Floating-Rate Notes

               Ratings Kept On CreditWatch Negative

                     Class    Rating
                     -----    ------
                     A2       AAA/Watch Neg
                     A3       AAA/Watch Neg
                     A4       AAA/Watch Neg

         Ratings Lowered and Kept On CreditWatch Negative

                               Rating
                               ------
            Class    To                     From
            -----    --                     ----
            B        CCC/Watch Neg          A/Watch Neg

      Ratings Lowered and Removed From CreditWatch Negative

                               Rating
                               ------
            Class    To                     From
            -----    --                     ----
            C        D                      CCC/Watch Neg

                        Ratings Unaffected

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


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


CB PRIVATBANK: Fitch Upgrades Issuer Default Rating to 'B'
----------------------------------------------------------
Fitch Ratings has upgraded Ukraine-based PJSC CB PrivatBank's
Long-term Issuer Default Rating to 'B' from 'B-'.  The Outlook is
Stable.  A full rating breakdown is provided at the end of this
comment.

The rating upgrade follows Fitch's 6 July 2010 upgrade of
Ukraine's Long-term IDRs to 'B' from 'B-', and reflects the
reduced risk of macroeconomic and financial instability in Ukraine
following the agreement on a new US$14.9 billion IMF loan program.

Privat's upgrade also reflects some signs of stabilization in the
bank's asset quality metrics, acceptable Basel capital ratios, a
more comfortable liquidity position following sizable deposit
inflows, limited near-term refinancing risk, solid pre-impairment
performance and a broad domestic franchise.  Capital and liquidity
support received from the bank's shareholders and the National
Bank of Ukraine during the global financial crisis have also been
positive for Privat's credit profile.

However, Privat's ratings still reflect significant levels of
credit risk due to recent asset quality deterioration, high
borrower concentrations, potentially sizeable related-party
business and significant unsecured lending.

Reported NPLs and restructured/extended loans grew to 23.8% at
end-Q110 (NPLs 10.6%, restructured/extended 13.2%) from 7.8% at
end-2008.  However, this is notably less than the average level of
50% reported by Fitch-rated banks at end-2009 (2008: 12.5%), and
there were also signs of stabilization in Privat's asset quality
in Q110.  The loan impairment reserve/gross loans ratio was 16.9%
at end-Q110 in the local accounts, but the regulatory capital
ratio was a tight 11.4%, reflecting quite stringent local risk
weightings.  The reported Basel I capital ratios were a more solid
14.6% (tier 1) and 17.6% (total) at end-2009.

New lending has accelerated to 14% growth in H110 (2009: 4%).
Fitch is nonetheless concerned that exposures to oil traders have
grown sharply, and were equal to a considerable 30% of loans or
191% of equity at end-2009.  (Privat's shareholders have
significant interests in the oil industry.) In addition, exposures
classified in the IFRS accounts as unsecured or secured by
receivables comprised a large 59% of the end-2009 portfolio, which
heightens risks on these loans and concern about the robustness of
underwriting procedures.  Concentration by borrower remains high
and exposure to the top 20 borrowers represented 244% of end-Q110
equity.

Funding remains notably reliant on client accounts, and inflows of
retail deposits have been significant from end-H109.  The NBU's
liquidity support facility, drawn in Q408 and increased to 11% of
liabilities at end-2009, has been converted into long-term funds,
amortizing over five years.  At end-H110, the bank had no large
wholesale repayments until February 2012, when the USD500m
Eurobond (equal to 5% of end-Q110 liabilities) is due for
repayment.

Further upside potential for the ratings is currently limited by
the challenging operating environment and the weaknesses of
Privat's credit profile.  A downgrade could result if concerns
about the level and quality of related party exposures increases,
a further substantial weakening of asset quality causes reserve
coverage to deteriorate markedly without new capital being
received, or if renewed retail deposit outflow results in a major
liquidity shortfall.

The rating actions are:

  -- Long-term foreign currency IDR: upgraded to 'B' from 'B-';
     Outlook Stable

  -- Senior unsecured debt: upgraded to 'B' from 'B-'; Recovery
     Rating at 'RR4'

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

  -- Support Rating: affirmed at '5'

  -- Individual Rating: affirmed at 'D/E'

  -- Support Rating Floor: affirmed at 'No Floor'

At end-Q110, Privat was the largest bank in Ukraine, with
significant market shares by both total assets (10.5%) and retail
deposits (17.0%).  Gennady Bogolubov and Igor Kolomojsky, who also
have extensive industrial assets, directly own more than 97% of
the bank.


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


ARRAN FUNDING: S&P Puts 'BB'-Rated Notes on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on Arran Funding Ltd.'s class B3, C1, and C3
notes series 2005-B PLC, its class A2 and A3 notes series 2007-A,
and Arran Funding (UK) PLC's class A notes series 2008-A.

All the other notes in the Arran Funding Trust are unaffected by
this action.

The rating actions follow S&P's review of the underlying
collateral performance of the Arran Funding Trust.  Charge-offs
have been rising since the end of 2008 and reached a high of
11.14% in March 2010.  They have since fallen to 9.24% in May
2010.  However the three-month moving average charge-off rate
increased for the past four months.  This, together with the
increasing level of cardholders on repayment plans, has led us to
increase S&P's charge-off base case assumption to 10.5% from 9.2%.

Yield has been relatively stable over the past three years, and
consequently S&P has maintained its base case assumption for yield
at 17.0%.  For S&P's analysis, when calculating yield S&P does not
give benefit to interchange and recoveries.

The payment rate has stabilized over the past year and S&P has
thus maintained its base case assumption at 19%.

The change in S&P's base case assumption for charge-offs has led
to an increased likelihood that S&P could lower the ratings on the
classes of notes affected by the rating actions.  S&P therefore
placed these ratings on CreditWatch negative.

S&P will monitor the performance of the Trust, in particular the
level of charge-offs over the next few payment dates.  S&P will
aim to resolve the CreditWatch placements in the next three
months.

Arran Funding issued its 'BB' rated notes in series 2007-A to
provide extra support to the Arran Funding Ltd.'s 2005-B notes
issued by the Arran Funding Trust.  They provide support to Arran
Funding Ltd.'s 2005-B notes but do not provide support to the more
recent Arran Funding (UK) series.

The Arran Funding Trust is a master trust backed by credit card
receivables originated by The Royal Bank of Scotland PLC.

                           Ratings List

              Ratings Placed On CreditWatch Negative

                         Arran Funding Ltd.

                  EUR450 Million, GBP864 Million,
and US$477 Million Asset-Backed Floating-Rate Notes Series 2005-B

                                   Rating
                                   ------
               Class       To                   From
               -----       --                   ----
               B3          A/Watch Neg          A
               C1          BBB/Watch Neg        BBB
               C3          BBB/Watch Neg        BBB

  EUR51.2 Million, GBP24 Million Asset-Backed Floating-Rate Notes
                          Series 2007-A

                                   Rating
                                   ------
               Class       To                   From
               -----       --                   ----
               A2          BB/Watch Neg         BB
               A3          BB/Watch Neg         BB

                     Arran Funding (UK) PLC
                     GBP1.5 Billion Class A
    and Class C Floating-Rate Asset-Backed Notes Series 2008-A

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


BH FREIGHT: Administrators Unveil Details of Collapse
-----------------------------------------------------
Dominic Perry at RoadTransport.com reports that the administrators
of BH Freight unveiled details of the company's collapse in May.

According to the report, David Rolph and Steve Ramsbottom point
out a three-month period of inaction immediately prior to the
administration where additional funding was clearly necessary.

The report relates Mr. Ramsbottom said that his firm, Moore
Stephens, was initially approached by BH Freight in February 2010,
noting that "no immediate plans were taken to place the company
into formal insolvency, although it was clear that without an
injection of cash its financial position was likely to deteriorate
further".  Three months later, Moore Stephens was again approached
for advice where a review of its trading position revealed that it
was "irredeemably insolvent", with major debts to HM Revenue &
Customs, the report recounts.  Accordingly, Moore Stephens advised
that no further financial assistance be given; as a result Messrs.
Rolph and Ramsbottom were appointed as administrators on May 24,
the report notes.

According to the report, the administrators blame some of the
company's problems on the loss of revenue following the end of a
major contract with Lafarge in February 2009.  Their estimates
suggest that the bank and preferential creditors will be paid in
full and there will be a dividend available for unsecured
creditors, although it is too early to say how much, the report
states.  BH Freight's overall deficiency stands at GBP340,644, the
report discloses.

BH Freight was a Gloucestershire-based haulier.


CALON TV: Opts for Voluntary Liquidation on Lack of Investment
--------------------------------------------------------------
Western Mail reports that Calon TV plans to go into voluntary
liquidation.

According to the report, Calon TV said it had taken the decision
reluctantly after negotiations for "significant" investment came
to nothing.

The report relates a company statement said: "The directors of
Calon have been in discussions regarding a significant investment
to assist the company in its strategy of creating and exploiting
intellectual property rights in the children's television market.

"The investment has not materialized and we have reluctantly taken
the decision to initiate a process of voluntary liquidation.

"We have acted quickly to ensure that losses to suppliers are
minimized.  We will also do whatever we can to ensure that the
value of the company's assets can be maximized."

"We are looking forward and exploring options so Calon can
continue in some form," the report quoted Huw Walters, commercial
director, as saying.

Calon TV is an independent TV company based in Cardiff Bay.  It is
the animation firm behind the likes of SuperTed, Fireman Sam and
Igam Ogam.


CONNAUGHT PLC: Nears Funding Deal With Banks
--------------------------------------------
Alistair Gray at The Financial Times reports that bankers were
nearing a deal on Wednesday night to provide a cash injection into
Connaught.

According to the FT, a syndicate led by the Royal Bank of Scotland
was engaged in negotiations with the FTSE 250 company.  Other
syndicate members include Barclays and Lloyds Banking Group, the
FT says.

The FT notes some people close to the negotiations cautioned that
the timing remained uncertain and there was no guarantee the funds
would be provided.

The terms of the cash injection remained unclear Wednesday night,
the FT states.  The FT relates one person said the lenders were
not asking for an equity stake in the business.  A debt-for-equity
swap had been one of the options under consideration earlier in
the week, the FT discloses.  According to the FT, some analysts
said the company might try to dispose of its compliance division,
which provides health and safety services, in order to raise
funds.

The FT relates Connaught has confirmed that it received "requests
for information" from the Financial Services Authority but added
that there was no "formal investigation" under way.

As reported by the Troubled Company Reporter-Europe on July 28,
2010, the FT said a wide-ranging probe has been launched by the
Financial Services Authority into Connaught, which on Monday
suffered a 69% plunge in its share price after a warning that it
was in urgent need of additional funding.  The FT, citing people
familiar with the matter, disclosed the FSA is pursuing several
lines of inquiry.  The FT said this included whether or not the
FTSE 250 company has failed to disclose potentially price-
sensitive information to the market in a timely manner.

On July 27, 2010, the Troubled Company Reporter-Europe, citing the
FT, reported that Connaught warned it would breach its banking
covenants following a review revealing its year-end net debt would
be far higher than previously forecast.  The FT disclosed
Connaught is in talks with its bankers to secure additional funds
after forecasting that net debt would be significantly in excess
of GBP120 million by its year-end of August 31.

Connaught plc -- http://www.connaught.plc.uk/-- is a United
Kingdom-based company engaged in the provision of integrated asset
services to the public and private sectors.  The Company operates
in two business segments: social housing and compliance.  Social
Housing segment provide social housing landlords throughout the
United Kingdom with a range of planned and response maintenance
services, as well as compliance and estate management.  The
Compliance segment provides safety, health and risk management
solutions.  It has information, advisory, training and servicing
capabilities to provide integrated compliance solution throughout
the United Kingdom.  On July 22, 2009, the Company completed the
acquisition of UK Fire (International) Limited and Igrox Limited.
On September 15, 2008, the Company completed the acquisition of
Lowe Group Holdings Ltd.  On November 26, 2008, the Company
completed the acquisition of certain assets of Predator Pest
Control Plc.


EUROHOME UK: Fitch Affirms Ratings on Class C Notes at 'C'
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of two Eurohome UK
Mortgages transactions following a performance review of the UK
non-conforming deals which closed in 2007.  Both transactions
contain residential mortgage loans originated by DB UK Bank
Limited.

The rating affirmation reflects the fact that the issuers of
Eurohome UK Mortgages 2007-1 and Eurohome UK Mortgages 2007-2
reported a significant decline in the volume of losses from
repossessed properties in the first half of 2010.  The decline in
losses is, in Fitch's view, a result of the improved borrower
affordability reducing the number of properties that have been
repossessed.  The agency believes that the decline in UK interest
rates has enabled many borrowers who are in arrears, and facing
the prospects of repossession, to pay their current monthly
payments.  As a result, the servicer is unable to proceed with the
repossession of the underlying assets, and therefore the number
and volume of new repossessions each period has declined.
However, loss severities remain high in both transactions.  The
weighted average loss severity stood at 46.8% in EHM1 and 38% in
EHM2 in June 2010.

Due to the decline in losses, compared to levels seen in 2009, the
issuers of the two deals have been able to clear the outstanding
principal deficiency ledger balances of the most junior tranches.
In the case of EHM1, the issuer was able to replenish the reserve
fund to 31.9% of its target amount, compared to 17.3% at its
lowest point in December 2009.  Meanwhile the issuer of EHM2 was
able to pay down the outstanding balance of the class B2 notes to
GBP0, and pay some of the interest that had been deferred since
September 2009.  In June, the total deferred interest of the class
B2 notes of EHM2 stood at GBP0.1 million.  Fitch believes that
this amount will be cleared at the upcoming interest payment date
in September 2010, at which stage the transaction's reserve fund
will begin to replenish.  Meanwhile, the reserve fund of EHM1 is
expected to continue replenishing on the upcoming IPDs.  With the
current pipeline of loans in repossession and the level of
available excess revenue, the reserve fund replenishment on both
transactions may take up to two years.

Loans in arrears by more than three months in June 2010 stood at
12.8% and 17.8% in EHM1 and EHM2 respectively.  In Fitch's view,
the underlying assets in these transactions have highly adverse
characteristics.  The portions of loans with loan-to-value ratios
of more than 80% make 72.2% and 64.6% of the outstanding pools.
The loans in the pools are predominantly interest-only (91.1% and
89%) and have a high concentration of self-certified borrowers.
Both pools have significant portions of buy-to-let loans loans
(EHM1: 59.7% and EHM2: 32.8%) in their pools.  The borrowers in
the underlying pools have limited refinancing opportunities, which
is why the prepayments in these two deals have been very low.
Annual conditional prepayment rates in June 2010 were at 3.4% and
5.3% for EHM1 and EHM2 respectively.

Fitch believes the assets in the underlying pools will continue to
deteriorate, especially in higher interest rate environments,
which are expected from 2012.  For this reason the agency has
maintained the 'CCC' and 'CC' ratings at the bottom of the
structure, and the Negative Outlooks higher up the capital
structure.

The rating actions are:

Eurohome UK Mortgages 2007-1 plc:

  -- Class A (ISIN XS0290416527): affirmed at 'A'; Outlook Stable;
     Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class M1 (ISIN XS0290417418): affirmed at 'BBB'; Outlook
     Negative; Loss Severity Rating 'LS-4'

  -- Class M2 (ISIN XS0290419380): affirmed at 'B'; Outlook
     Negative; Loss Severity Rating 'LS-4'

  -- Class B1 (ISIN XS0290420396): affirmed at 'CCC'; Recovery
     Rating 'RR3'

  -- Class B2 (ISIN XS0290420982): affirmed at 'CC'; Recovery
     Rating 'RR6'

  -- Class C (ISIN XS0290421956): affirmed at 'C'; Recovery Rating
     'RR6'

Eurohome UK Mortgages 2007-2 plc:

  -- Class A1(A) (ISIN XS0311688054): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating to 'LS-2' from'LS-1'

  -- Class A1(B) (ISIN XS0311689532): affirmed at 'AAA'; Outlook
     Stable; assigned Loss Severity Rating to 'LS-2' from 'LS-1'

  -- Class A2 (ISIN XS0311691272): affirmed at 'AAA'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class A3 (ISIN XS0311693484): affirmed at 'A'; Outlook
     Stable; Loss Severity Rating 'LS-3'

  -- Class M1 (ISIN XS0311694029): affirmed at 'BBB'; Outlook
     Negative; Loss Severity Rating revised to 'LS-4' from'LS-3'

  -- Class M2 (ISIN XS0311695182): affirmed at 'B'; Outlook
     Negative; Loss Severity Rating 'LS-4'

  -- Class B1 (ISIN XS0311695778): affirmed at 'CC'; Recovery
     Rating 'RR4'

  -- Class B2 (ISIN XS0311697394): affirmed at 'CC'; Recovery
     Rating 'RR6'

  -- Class C (ISIN XS0311699507): affirmed at 'C'; Recovery Rating
     'RR6'


NORTHERN ROCK: FSA Bans Former CFO David Jones
----------------------------------------------
Bloomberg News reports that former Northern Rock Plc Chief
Financial Officer David Jones became the third executive of the
bank banned from working in the industry in the wake of the
mortgage lender's near collapse during the credit crisis.

Bloomberg relates the Financial Services Authority said in a
statement Mr. Jones was fined GBP320,000 (US$494,000) for allowing
false mortgage data to appear in the bank's 2006 accounts.
According to Bloomberg, the regulator said the correct figures
would have increased the number of late payments by customers by
more than 50% or quadrupled the amount of repossessions.

"Jones had a duty to reveal the true position to the
public and to important internal committees," Bloomberg quoted FSA
Enforcement Director Margaret Cole as saying.  "He had numerous
opportunities to put things right, but failed to do so."

                       About Northern Rock

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

                           *     *     *

Northern Rock's dated subordinated lower Tier 2 debt continues to
carry a 'BB' rating from Standard & Poor's Ratings Services with a
stable outlook.  The rating was raised to its current level from
'CCC' in December 2009.


RICHMOND PRINTERS: On Brink of Closure; Administration Likely
-------------------------------------------------------------
Adam Hooker at PrintWeek reports that Richmond Printers is on the
verge of closure with administration expected imminently.

PrintWeek relates a notice of intent to appoint an administrator
to the company was filed at the Companies Court at the High Court
of Justice on July 23, 2010.

"Staff continue to finish up work, but there have been
redundancies recently.  There is little, if any, work there and it
is possible it may go into some form of an insolvency process very
soon," PrintWeek quoted a source close to the company as saying.

If Richmond Printers does go into administration, it will follow
its sister company Cavendish Press, which also traded as Richmond
Caven-dish and closed last month, PrintWeek notes.

According to PrintWeek, insolvency practitioner MCR, administrator
of Cavendish Press, said it could not comment on whether it would
also be appointed to Richmond Printers.

PrintWeek relates Richmond Cavendish has shrunk dramatically in
2010.  It reported a turnover of GBP8.8 million in January, with
78 staff, but by the time Cavendish Press closed this number was
down to about half, PrintWeek states.  It is unclear how many
employees remain at the company, PrintWeek notes.

Richmond Printers is a commercial printer based in Leicester.  The
company trades as Richmond Caven-dish.


ST JAMES: Bought by Churchill; 878 Jobs Saved
---------------------------------------------
Gateshead-based St James Security Ltd, trading as IPC Security,
and sister company Touchline Event Management Ltd have been
acquired by contract cleaning company Churchill Contract Services
Ltd which is a leading provider of cleaning and other related
business services to both the private and public sectors, in a
deal that will save 878 jobs, three quarters of them in Tyneside.

Andrew Haslam and Bob Maxwell of Begbies Traynor were appointed as
Joint Administrators on the July 23, 2010 and immediately
negotiated a deal for Harpenden-based Churchill Contract Services
Ltd to buy the business and assets of both companies for an
undisclosed sum.

St James Security Ltd specializes in security for shopping centres
including provision of security guards, mobile patrol vehicles and
security technology.  Established in 1997, it had a turnover of
13m last year and has worked for Capital Shopping Centres, owner
of the Metrocentre, and for several blue chip clients including
Marks & Spencers, Sage and Northern Rock.  Its sister company
provided management, staffing and organization of major events
such as the Great North Run and the Tall Ships Race.

The companies also have offices in East Kilbride, Scotland, and
Hersham, Surrey.

Andrew Haslam of Begbies Traynor in Newcastle upon Tyne, said:
"This is the best possible outcome in the circumstances --
achieving an immediate sale of the businesses as a going concern
will safeguard the bulk of the workforce, with only a handful of
jobs being lost.  In addition, the customer base will receive an
ongoing provision of security, experiencing no business
interruption with all ongoing and forthcoming contracts being
fulfilled.

"It is testimony to the hard work and commitment of all parties
involved in the deal that we were able to resolve this situation
so quickly after the Tyneside companies ran into funding problems.

"With its base in the South and complementary services also aimed
at shopping centers, Churchill Contract Services is an excellent
fit.  The acquisition will provide cross-selling opportunities as
well as enabling it to extend its geographic reach."


TURBO BETA: Moody's Assigns 'Caa2' Rating on US$500 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Caa2
rating to the proposed US$500 million senior notes due 2018 to be
issued by Turbo Beta Plc, the indirect parent company of KCA
Deutag Drilling Group Limited, formerly known as Abbot Group Ltd.
The rating outlook is negative.

The use of proceeds of the Notes is to (i) refinance part of the
US$573 million of mezzanine facilities that were raised by the
Issuer in 2008 to fund in part the purchase of Abbot Group Ltd
(predecessor of KCA Deutag); and (ii) pay the costs of issuing the
Notes.  Due to tightening of the covenant tests of its senior and
mezzanine facility agreements, the group has been at risk of
breaching its financial covenants in 2010.  Shareholders have
therefore agreed to inject US$200 million of equity to prepay at
par a portion of the group's US$1.625 billion senior facilities in
exchange for an amendment to the Senior Facilities which is
expected to reset the financial covenant tests to provide for
adequate headroom.  Whilst consent from the senior lenders has
been received, a condition precedent to the amendment agreement
becoming effective is that either the Mezzanine Facilities are
repaid in full or the financial covenants under the mezzanine
facility agreement are also reset.  Shareholders have agreed to
inject an additional US$103 million of equity to repay the
remaining portion of the Mezzanine Facilities.

The assigned (P)Caa2 rating, two notches below the Issuer's
corporate family rating of B3, reflects the contractual
subordination of the Notes to the Senior Facilities of Turbo Alpha
Ltd, the holding company of KCA Deutag.  The Notes will be
guaranteed on a senior subordinated basis by Turbo Alpha Ltd,
Turbo Alpha II Ltd (an Issuer's subsidiary and the immediate
parent of Turbo Alpha Ltd) and a number of group subsidiaries that
accounted for 85% of consolidated revenues, 88% of consolidated
EBITDA and 78% of consolidated total assets as at 31 December
2009.  In addition, the Notes will be secured, among other things,
by a second-ranking pledge of the shares of Turbo Alpha Ltd and a
first-ranking pledge of the shares of Turbo Alpha II Ltd.

The indenture contains debt incurrence covenants based around a
Fixed Charge Coverage Ratio of 2.25x and restricted payments
covenant based around a basket based on 50% of Consolidated Net
Income.  It also permits incurrence of certain indebtedness, such
as credit facilities for an aggregate outstanding amount not
exceeding US$1.4 billion (including the existing Senior
Facilities), of which US$50 million can be incurred at non-
Guarantor Restricted Subsidiaries, US$15 million for obligations
such as capital leases plus a general basket equal to the greater
of US$25 million and 0.75% of Total Assets.  The Senior Facilities
have various maintenance financial covenants that tighten
progressively.

In assigning the (P)Caa2 rating to the Notes, Moody's has left
unchanged the current 37% group Loss Given Default assumption,
which reflects the group's all-bank debt capital structure pre-
transaction.  The (P)Caa2 rating thus stems from the combination
of the Issuer's Caa1 Probability of Default Rating and a LGD
assessment of LGD 4 (69%).  Upon a closing of the Notes offering,
Moody's will likely restore the group LGD at the standard 50%
average and align the PDR with the CFR to reflect the mixed
composition of the group's revised capital structure.  Whilst this
would also result in a revision of the LGD assessments relative to
individual debt instruments, this is not expected to impact
ratings of the Senior Facilities or the Notes.

The negative outlook reflects the uncertainty associated with the
Senior Facilities amendment agreement becoming effective, which is
conditional upon (i) the closing of the Notes offering, or (ii)
the reset of the maintenance financial covenants of the Mezzanine
facilities.  Indeed, failure to either refinance the Mezzanine
Facilities or obtain a covenant reset shortly would likely result
in a multi-notch downgrade.  Conversely, the rating outlook will
likely be moved to stable upon successful refinancing of the
Mezzanine Facilities.

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

Moody's last rating action on Turbo Beta Plc and its subsidiaries
was on November 17, 2009, when the rating agency downgraded to
Caa1 from B3 the probability of default rating of Turbo Beta Plc.
At the same time, Moody's affirmed the B3 corporate family rating
of Turbo Beta Plc and the B2 rating on the US$1.625 billion Senior
Facilities of Turbo Alpha Ltd.

Registered in England/Wales, UK, Turbo Beta Plc is a holding
company for KCA Deutag, a provider of onshore and offshore
drilling services to both IOCs and NOCs in the Eastern Hemisphere.
Its ultimate owner is a consortium led by First Reserve
Corporation, a US private equity firm specialised in the energy
industry.  In 2009, Turbo Beta Plc reported consolidated revenues
of around US$1.6 billion.


VIRGIN MEDIA: To Start Share Buyback Program as Profits Advance
---------------------------------------------------------------
Jonathan Browning at Bloomberg News reports that Virgin Media Inc.
said it will start a share buyback program after operating profit
advanced and it completed its refinancing program.

Bloomberg relates Virgin said Wednesday in a statement the company
will buy back up to GBP375 million (US$584 million) in stock over
the next 12 months.

"The overwhelming preference was a buyback of stock rather than a
dividend," Bloomberg quoted Chief Executive Officer Neil Berkett
as saying Wednesday in an interview.  "It's a more efficient way
of returning capital to our shareholders."

Bloomberg says the company will start an accelerated buyback
program of GBP125 million and will also enter into debt and
convertible debt transactions, bringing the total capital return
to GBP700 million.

Virgin Media completed a three-year refinancing program in April
to extend debt maturities and cut borrowing costs, Bloomberg
discloses.

According to Bloomberg, the company on Wednesday said earnings
before interest, taxes, depreciation, amortization and other
charges rose to GBP369.7 million, from an adjusted GBP327.5
million.

                        About Virgin Media

Headquartered in London, England, Virgin Media Inc.
(NASDAQ:VMED)(LSE:VMED) -- http://www.virginmedia.com/-- is a
United Kingdom-based entertainment and communications business.
Virgin Media is a residential broadband and mobile virtual network
operator, and a provider in the United Kingdom of pay television
and fixed-line telephone services.  Virgin Media manages its
business through three segments: Cable, Mobile and Content.  The
Cable segment includes the distribution of television programming
over the Company's cable network, and the provision of broadband
and fixed-line telephone services to consumers, businesses and
public sector organizations.  The Mobile segment includes the
provision of mobile telephone services under the name Virgin
Mobile to consumers over cellular networks owned by third parties.
The Company's Content segment includes the operations of its
United Kingdom television channels, such as Virgin1, Living and
Bravo's portfolio of retail television channels.  In April 2009,
Virgin Media Inc. announced that AURELIUS AG has acquired sit-up
Ltd.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 30,
2010, Moody's Investors Service changed the outlook for Virgin
Media Inc. and its rated subsidiaries to positive from stable.
Moody's said the corporate family and probability of default
ratings for the company are at Ba3.


VIRGIN MEDIA: Moody's Upgrades Corporate Family Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family and
probability-of-default ratings of Virgin Media Inc. to Ba2 (from
Ba3).  While the ratings for the senior secured bank facilities as
well as the senior secured notes remain unchanged at Ba1, the
ratings for the senior unsecured notes have concurrently been
upgraded to Ba3 (from B1).  The outlook for all ratings for Virgin
Media and its rated subsidiaries remains positive.

Moody's decision to upgrade the CFR to Ba2 with a positive outlook
reflects the agency's positive view on: (i) the clarity of Virgin
Media's medium-term financial policy; (ii) the recent capital
structure actions announced by the company; (iii) Virgin Media's
continued robust operating performance into Q2 2010 with mobile
and business segments returning back to growth in the quarter; and
(iv) the company's strong liquidity position.

Following its Q2 2010 results, Virgin Media announced that over
the next two to three years, it will aim to de-lever to
approximately 3.0x net debt/ OCF (operating income before
depreciation, amortization, goodwill and intangible asset
impairments and restructuring and other charges) -- as calculated
by Virgin Media.  This ratio stood at 4.0x for the fiscal year
ending December 31, 2009, and 3.7x (on an annualized OCF basis) as
of June 30, 2010.

"Moody's notes that Virgin Media expects to use approximately
GBP325 million of internally generated cash flows for debt
reduction effected through open market and/ or privately
negotiated transactions (including possible derivative
transactions designed to offset potential dilution on conversion
of the company's convertible debt)", says Gunjan Dixit, Moody's
lead analyst for Virgin Media.  "This is over and above the
scheduled debt amortizations of GBP525 million between 2011 and
2013.  In Moody's view, this debt reduction, in combination with
the continued solid operating momentum should allow the company to
maintain a gross debt/ EBITDA ratio (as defined by Moody's) well
below 4.5x at the end of 2010 with continued de-leveraging over
the short to medium term", adds Ms Dixit.

Ratings and outlook factor in Virgin Media's commitment to
maintain its cash capex (post sale of VMTV) between 15% to 17%
over 2010 and 2011.  Moody's notes that the company has currently
chosen the share buyback route over increasing dividends for
returning value to shareholders.  In Moody's view, Virgin Media's
strong free cash flow generation (as defined by Moody's -- post
dividends and capex) and comfortable liquidity position
sufficiently allow it to undertake its announced share buyback
programme of up to GBP375 million (including GBP125 million
accelerated stock buyback programme) between Q3 2010 and Q2 2011
while continuing to de-lever.

While Virgin Media's overall revenue growth of 2.9% in Q1 2010 was
partially offset by the decline in its mobile and business segment
revenues, Moody's notes that the company's performance in Q2 2010
has been solid.  Total revenues in Q2 2010 grew by 7.1% with
mobile and business divisions both registering growth of around
7%.  The rating agency believes that Virgin Media's mobile and
business segments should continue to grow over the remainder of
2010 although the pace of this growth may be slower than in Q2
2010.  Moody's also expects Virgin Media to continue to record
good growth in its cable revenues, supported by the company's
"scalable" network infrastructure, its improving broadband product
mix and its growing interactive television products.  However, the
intense competition in company's markets in video, telephony and
broadband services will remain a challenge for top-line growth, in
Moody's view.

Virgin Media's margin increased to 37.6% in Q1 2010 and to 38.3%
in Q2 2010.  Moody's expects the company's continued cost-control
measures to support the OCF margin for the full year 2010.

Upward rating pressure could develop if Virgin Media maintains its
strong operating momentum and de-levers so that its gross debt/
EBITDA ratio (as defined by Moody's) is well below 4x while
continuing to generate sustained meaningful free cash flow (as
defined by Moody's).

The last rating action on Virgin Media was implemented on 28 June
2010 when Moody's changed the outlook on Virgin Media's ratings to
positive (from stable).

Virgin Media, headquartered in Hook, Hampshire, is the largest
cable operator in the UK.  In 2009, the company generated
GBP3.8 billion in revenues and GBP1,361 million in reported OCF.


YELL GROUP: Expects Continued Decline in Revenues
-------------------------------------------------
Esther Bintliff at The Financial Times reports that economic
uncertainty and faltering confidence at small and medium-sized
enterprises continued to weigh on revenues at Yell.

According to the FT, in the three months to June 30, group revenue
fell to GBP439.6 million, down 10.6% at constant currency rates.
Yell, the FT says, expects a decline of 11% in the second quarter
and 9% in the third quarter.

Pre-tax profit fell from GBP18.5 million to GBP16.8 million, while
net debt fell to GBP2.97 billion at June 30, from GBP3.09 billion
on March 31, the FT discloses.

The FT notes online revenue increased 9.7% at constant currency
rates, to GBP111.6 million, and now generates 25.4% of group
revenue, up from 20.9% in 2009.

                        About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008 was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                           *     *     *

Yell continues to carry Moody's Investors Service's B2 Corporate
Family Rating and B3 Probability of Default Rating with stable
outlook.


* UK: HMRC Hires Debt Collection Agencies
-----------------------------------------
Debt collection agencies will be used by HM Revenue & Customs
(HMRC) during 2010-11 to collect an additional GBP140 million of
tax debt.

The contracts have been signed with:  Commercial Collection
Services Ltd, Credit Solutions Ltd, Fairfax Solicitors Ltd, iQor
Recovery Services Ltd.

In the June 2010 Budget it was announced that, following a
successful pilot, HMRC would use Debt Collection Agencies (DCAs)
operating under industry and HMRC standards to boost HMRC's debt
collection capacity and help the pursuit of lower value debts.

Nick Lodge, HMRC Director, Debt Management and Banking, said:  "We
are all expected to pay our taxes on time and most do.  DCAs give
HMRC vital additional capacity, strengthening our ability to
pursue the debts of those who decline to pay.  We do understand
that some businesses and individuals are not in a position to pay
what they owe and we have put procedures in place to help those
who are genuinely struggling.  But those who simply refuse to pay
have to be pursued, and our partnership with DCAs ensures they
will be."

Before the debt is referred to a DCA, HMRC will write to the
debtor providing a final opportunity to pay or reach an agreement
with the department.


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


* BOOK REVIEW: Beyond Hype - Rediscovering the Essence of
              Management
---------------------------------------------------------
Author: Robert G. Eccles and Niton Nohria with James D. Berkley.
Publisher: Beard Books
Softcover: 292 pages
List price: US$34.95

Beyond the Hype grew out of the authors' research into "knowledge-
intensive organizations" that were presumably emerging and being
touted in the 1980s and early 1990s.  But, in their research of
businesses in the fields of biotechnology, consulting,
advertising, computers, and entertainment, among others, the
authors began to question the assumption held in the business
world that a new kind of business organization was emerging.

Businesspersons, writers, and the media were using terms such as
"information technology," "total quality," "micromarketing,"
"time-based competition," "restructuring," "concurrent
engineering," "empowerment," "intrapreneurs," "core competence,"
and the "learning organization," to create the belief that a new
way of doing business was evolving.  But Eccles, Nohria, and
Berkley came to see that the host of new words and terms were not
really concerned with what was most important to businesses.

The authors do not argue that businesspersons who use these words
and terms in contemporary business are going in the wrong
direction or are being gulled.  But the authors came to realize
that many businesspersons are missing something basic in looking
only to this host of new words and phrases.  The effort to
understand what the words are getting at and to assimilate them
for professional and competitive reasons is drawing many
businesspersons away from more fundamental business
considerations, skills, and practices.  "Words may come and go,
but action [italicized in text] is always the managerial
imperative."

Eccles and his co-authors caution businesspersons about how they
react to, take in, and apply the new words.  The words used by
managers are especially important because, in most cases, they
influence the collective actions of employees and define the
business's operations, image, and direction.  The final sentence
of this work is "By accepting this responsibility [the long-term
health and relevance of a company], you can move beyond
contemporary hyperbole and rediscover the essence of what
management is all about: the effective use of language to get
things done."

Beyond the Hype is a unique business book for executives,
managers, and anyone else in a leadership position.  It explains
the crucial significance of words in clarifying and thus
understanding problems and working toward individual and corporate
solutions.  The book also suggests alternative language that is
both germane and effective. In the authors' view, "hybrid
organization," "mission statements," "delayering," and all the
other new terminology supposedly applicable to a novel business
environment are mostly hype.  In reality, these terms deal with
change.  The challenge lies in understanding the nature of the
change and devising and following strategies for responding
effectively to it.

The authors urge the use of clear, relevant, and reliable language
having an "action perspective which recognizes that the purpose of
management is fostering action and then making that action
meaningful to people both collectively and individually."  The
authors further argue that "without the right words, used in the
right way, it is unlikely that the right actions will occur."  The
right words used in the right way make all the difference, not
only in communication among all parts of a business, but also in
"expressing strategic concepts, structural forms, or designs for
performance measurement systems."  The authors show how to achieve
this useful, productive language by an in-depth, multifaceted
analysis of the business's structure, knowledge system,
management, and identity.

Beyond Hype offers lessons in interpreting hype while not
succumbing to it, so to speak.  The authors offer a means of
analysis that enables decisionmakers, managers, and others to see
"beyond the hype."

The words and terms of the hype -- "organizational
transformation," "micromarketing," and so forth -- are significant
and informative as to the nature and specifics of the change
affecting such matters as customers, the workforce, and training.
But they have limited value as guides for any particular company
that seeks to embrace the change, especially without causing
disruption and confusion.  The authors remedy this by showing how
to pay due attention to hype while avoiding its allure to be able
to manage and plan effectively in the business environment giving
rise to the hype.

A former professor at the Harvard Business School, Robert Eccles
is the founder and president of Advisory Capital Partners, a firm
that works with medium-sized companies.  Nitin Nohria is the
Richard P. Chapman Professor of Business Administration at the
Harvard Business School.  When this book was first published in
1992, James D. Berkley worked with the two others as a Harvard
Business School research associate.



                            *********

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

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

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

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

                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Joy A. Agravante, Valerie U. Pascual, Marites O.
Claro, Rousel Elaine T. Fernandez, Frauline S. Abangan and Peter
A. Chapman, Editors.

Copyright 2010.  All rights reserved.  ISSN 1529-2754.

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

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

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


                 * * * End of Transmission * * *