TCREUR_Public/100917.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, September 17, 2010, Vol. 11, No. 184

                            Headlines



A R M E N I A

ARMECONOMBANK OJSC: Moody's Downgrades Bank Strength Rating to E+


G R E E C E

GLITNIR BANK: May Pay Out US$2 Billion to Creditors Late Next Year


H U N G A R Y

CIVIS HOTELS: Owes More Than HUF4 Billion to Creditors


I R E L A N D

ANGLO IRISH: Fitch Maintains Individual Rating at 'E'
CAIRN HIGH: S&P Downgrades Rating on Class A1 Notes to 'CC (sf)'
EBS BUILDING: Sale Ongoing; Has Four Potential Bidders


L U X E M B O U R G

LYONDELL CHEMICAL: BNY Sued for Losses on US$1BB in Basell Notes


N E T H E R L A N D S

E-MAC NL: Moody's Changes Rating Review Direction to Possible Cut
SCEPTRE CAPITAL: S&P Downgrades Rating on 2006-5 Notes to 'CC'


R U S S I A

BANK OF KHANTY-MANSIYSK: Moody's Affirms 'E+' Bank Strength Rating
NOMOS BANK: Moody's Affirms 'D-' Bank Financial Strength Rating


S P A I N

GC FTPYME: S&P Assigns Prelim. 'BB (sf)' Rating on Class B Notes


U K R A I N E

* Fitch Affirms Ukraine's Issuer Default Ratings at 'B'


U N I T E D   K I N G D O M

CATTLES PLC: Bondholders End Takeover Talks
CLEAR PLC: S&P Assigns 'CC' Rating on Series 73 Notes
CLEAR PLC: S&P Assigns 'CC' Rating on Series 74 Notes
CONFETTI: Bought Out of Administration by George Buchan
CONNAUGHT PLC: New Owners Unlikely to Recover GBP42 Million

CONNAUGHT PLC: Talks Over Housing Contract Transfer Set
HELIX CAPITAL: S&P Downgrades Rating on 2006-13 Notes to 'D'
ILKESTON TOWN: Gets Inquiries for Leasehold Interest & Assets
PTV INC: Declares Final Liquidating Distribution on Stock
ROK PLC: To Commence Debt Refinancing Talks With Lenders

ROYAL BANK: Gets Indicative Bids for Priory Group
VANTIS PLC: FRP Took on GBP11 Million in Assumed Liabilities


X X X X X X X X

* BOOK REVIEW: CORPORATE DEBT CAPACITY - A Study of Corporate Debt




                         *********



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A R M E N I A
=============


ARMECONOMBANK OJSC: Moody's Downgrades Bank Strength Rating to E+
-----------------------------------------------------------------
Moody's Investors Service has downgraded the bank financial
strength rating of Armeconombank to E+ from D-.  At the same time,
Moody's has also downgraded AEB's long-term global local-currency
and foreign-currency deposit ratings to B1 from Ba3.  AEB's short-
term GLC and foreign-currency deposit ratings remain unchanged at
Not-Prime.  The outlook on all of AEB's ratings was changed to
stable from negative.

                        Ratings Rationale

The rating actions reflect the continuing challenges that AEB
faces as it struggles to prevent the further weakening of its
franchise following the gradual reduction of its market share over
the past three years.  From among 22 Armenian banks, AEB slipped
from sixth largest at YE2006 to twelfth in early 2010, with its
market share of banking assets dropping to 3.3% from 8.8%.  AEB
lost its exclusive privilege in Q4 2007 to collect and hold
customers' tax dues (for the tax authorities), and has since
struggled to defend its market position.  The bank survived the
abrupt loss of funding accumulation benefits afforded by holding
the tax authority's accounts, but in 2008 and 2009 it faced
additional challenges, particularly during the global credit
crisis and the period that preceded the devaluation of the Dram in
March 2009.

In recent years, AEB has been under-performing many of its peers,
with its return on average assets ratio remaining under pressure
since 2008.  In 2009, net income was impacted by downward pressure
on margins and foreign-currency translation losses arising from
its short dollar position at the time when the Dram was devalued.
Elevated provisioning charges continued to depress performance in
H1 2010.

On a positive note, having faced consecutive funding challenges in
recent years, AEB's liquidity is currently good and is being
closely monitored.  Similarly, AEB's capitalization remains good,
comfortably above the 12% local regulatory minimum, meaning that
the bank has acceptable loss-absorption capacity.  AEB's reported
asset quality during YE2009 remained manageable, with impaired
loans (including loans past due over 90 days, but not impaired)
standing at 3.7%.  That said, restructured loans (which entail
elevated credit risk) were approximately 5% of the loan book at
YE2009, while the increase in provisioning charges in H1 2010
suggests upward pressure on impairments.

Operating environment conditions remain volatile in countries at
Armenia's stage of development.  Although the 2009 recession was
sharp (entailing a 15% contraction in GDP), it was relatively
short (GDP is projected to grow between 6% and 8% in 2010)).  In
the event of a more prolonged recession, asset quality could
deteriorate rapidly, potentially eroding a considerable portion of
AEB's capitalization buffer.

Before there could be upward ratings pressure, AEB would need to
stop the deterioration in its market position and reinstate
profitability to acceptable levels.  Concurrently, enhancing its
franchise, risk-adjusted profitability and loss absorption
capacity, while reducing funding concentrations could give rise to
upward pressure on AEB's ratings.  That said, in Moody's view,
AEB's geographic concentration in its domestic market means that
any potential upward movement for the bank's ratings depends to a
large extent on substantial improvements in AEB's operating
environment.  Alternatively, material participation in AEB's
capital by a highly rated strategic investor willing and able to
support the bank or an increase in Moody's systemic support
assumptions, could also lead to upward pressure on AEB's deposit
ratings.

AEB's good capitalization currently limits downward pressure on
its ratings.  However, there could be downward pressure on its
ratings if the recent negative trends in terms of the bank's
performance and franchise continue (so that AEB became
marginalized in its domestic market).  Asset-quality deterioration
leading to losses capable of compromising AEB's currently good
capitalization would also result in downward ratings pressure.
Similarly, negative ratings pressure could come from AEB having
difficulty in accessing international funding, or from any erosion
of its deposit base or deterioration in its operating environment.

Headquartered in Yerevan, Armenia, Armeconombank reported total
assets of ARD45.3 billion (US$123 million) as at June 2010.

                     Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.

Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of maintaining a credit rating.

The rating has been disclosed to the rated entity or its
designated agents and issued with no amendment resulting from that
disclosure.

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.
Please see the ratings disclosure page www.moodys.com/disclosures
on Moody's website for further information.

MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources.  However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.


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


GLITNIR BANK: May Pay Out US$2 Billion to Creditors Late Next Year
------------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that creditors at
Glitnir Bank hf may get about US$2 billion paid out in a year as
the bank tries to settle a claims register almost 15 times that
size.

"We now have about ISK250 billion (US$2.14 billion)," said Arni
Tomasson, the head of Glitnir's resolution committee, in a
telephone interview out of Reykjavik on Wednesday, according to
Bloomberg.  "I'm expecting more to have been collected late in
2011; we're hoping that late that year we can begin paying out."

On Sept. 16, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that Arni Tomasson, chairman of Glitnir's
resolution committee, as cited by Visir, said the lender's
creditors will probably control the bank within five years.
Bloomberg disclosed the Reykjavik-based news service said before
control is handed over to the creditors, Glitnir plans to sell its
95% share in Islandsbanki hf, a state-created domestic successor
to the failed lender.

                       About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services to
corporation, financial institutions, investors and individuals.

Iceland's government took control of Glitnir, along with two other
financial institutions -- Landsbanki Islands hf and Kaupthing Bank
hf -- after it failed to obtain short-term funding.  The District
Court of Reykjavik granted a Moratorium order on Glitnir on
Nov. 24 2008.  Glitnir said the Moratorium is not a bankruptcy
proceeding and does not affect its banking licenses or its ability
to operate as a bank.  The Moratorium is a specialized proceeding
under Icelandic law designed to provide it with appropriate global
protection from legal action taken by its creditors, Glitnir
pointed out.

Steinunn Gudbjarsdottir, as the duly authorized foreign
representative for Glitnir banki hf, sought creditor protection
for the bank under Chapter 15 of the U.S. Bankruptcy Code on
November 26, 2008 (Bankr. S.D.N.Y. Case No. 08-14757).  According
to Bloomberg, Glitnir's assets in the United States comprised of
bank accounts and loans provided to U.S. companies.  The company,
Bloomberg citing papers filed with the Court, issued 22 short- and
long-term notes for about US$7 billion in the country.


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


CIVIS HOTELS: Owes More Than HUF4 Billion to Creditors
------------------------------------------------------
Napi Gazdasag reports that Civis Hotels Zrt has liabilities of
more than HUF4 billion to creditors, most of which has been
confirmed by Kelet-Holding Zrt.

The report relates Civis Hotels filed for bankruptcy in November
and finally went into liquidation after it failed to settle with
creditors on repayment terms and was unsuccessful in seeking out
an investor.

According to the report, the hotelier, which has total assets of
HUF4.1 billion, posted a net loss of nearly HUF1 billion in 2009
when revenue fell to HUF889 million from HUF1 billion.

Civis Hotels Zrt is a Hungarian hotel chain operator.  It has two
hotels in Debrecen and one in Hajduszoboszlo.


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


ANGLO IRISH: Fitch Maintains Individual Rating at 'E'
-----------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
of Anglo Irish Bank Corporation Ltd., and its fully owned
subsidiary, Anglo Irish Mortgage Bank, and the Support Rating
Floor of Anglo to 'BBB+' from 'A-'.  At the same time, the agency
revised the rating watches of both entities to Rating Watch
Negative from Rating Watch Evolving.  The Short-term IDRs of both
institutions were downgraded to F2 from F1 and placed on RWN.  The
Support ratings of both banks were downgraded to '2' from '1' and
maintained on RWN.  The senior unsecured debt of Anglo was also
downgraded to 'BBB+' from 'A-', and maintained on Rating Watch
Evolving.

The rating actions follow the announcement by the Irish Minister
of Finance on September 8, 2010, regarding the new restructuring
proposal for Anglo, whereby the bank will be split into two
separate legal entities: the Asset Recovery Bank and the Funding
Bank.  Fitch understands that the ARB will be based on current
Anglo's non-NAMA assets and believes that it will be managed as a
wind down vehicle.  The Funding Bank will have Anglo's customer
deposits.

The downgrade reflects Fitch's view regarding the level of future
government support that will be available to the ARB.  Fitch
believes that, despite being government owned, the ARB, as a wind-
down institution not engaging in new lending and decoupled from
Anglo's deposit base, will be less systemically important than the
current Anglo.  While Fitch expects the ARB to continue to benefit
from a high level of government support, the scope of the long-
term support for this entity may be less than what would otherwise
be available to Anglo as a fully functioning deposit taking bank.

The RWN on the ratings reflects significant further downside risk
that could emerge for the unsecured unguaranteed creditors of the
ARB under the proposed structure.  The agency expects that the ARB
will have a very weak loss absorption capacity absent a
recapitalization, as the transfer of assets to NAMA in H2 10 will
absorb most of Anglo's equity.  The government has announced its
intention to recapitalize the ARB.  However, the details of the
recapitalization are not yet clear and the amount is uncertain
given the wind-down status of the ARB and the transfers of
deposits to the Funding Bank.  Fitch also notes that as there
remains uncertainty around material aspects of the restructuring
it is possible that any downgrade could be more than one notch.

The RWE on the senior unsecured debt reflects Fitch's view that,
while significant downside risks may emerge for this class of
creditors under the proposed structure, there is also a
possibility that an orderly wind-down of Anglo's assets under a
recovery maximizing plan may require the government to extend
explicit guarantees to senior unsecured debt.  If senior unsecured
creditors benefit from explicit government guarantees, the rating
of senior unsecured debt will be upgraded to that of a sovereign.

Fitch expects to resolve the rating watches once the details of
the restructuring are announced and the government clarifies any
explicit support measures and recapitalization plans for the ARB.

The ratings of subordinated debt were affirmed and continue to
reflect significant downside risk under the proposed structure.

The rating actions are

Anglo Irish Bank Corporation Ltd:

  -- Long-term IDR: downgraded to 'BBB+' from 'A-'; watch revised
     to RWN from RWE

  -- Short-term IDR: downgraded to 'F2' from 'F1'; placed on RWN

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: downgraded to '2' from '1'; maintained on RWN

  -- Support Rating Floor: downgraded to 'BBB+' from 'A-'; placed
     on RWN

  -- Senior Unsecured Notes: downgraded to 'BBB+' from 'A-';
     maintained on RWE

  -- Sovereign Guaranteed Notes: affirmed at 'AA-'

  -- Lower Tier 2 Subordinated Notes: affirmed at 'CCC'

  -- Upper Tier 2 Subordinated Notes: affirmed at 'CC'

  -- Tier 1 Notes: affirmed at 'C'

Anglo Irish Mortgage Bank:

  -- Long-term IDR: downgraded to 'BBB+' from 'A-'; watch revised
     to RWN from RWE

  -- Short-term IDR: downgraded to 'F2' from 'F1'; placed on RWN

  -- Support rating: downgraded to '2' from '1'; maintained on RWN


CAIRN HIGH: S&P Downgrades Rating on Class A1 Notes to 'CC (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Cairn High Grade ABS CDO I PLC's class A1 notes and affirmed its
ratings on the class A2, B, C, and E notes.

These rating actions reflect S&P's assessment of the credit
deterioration of the assets in the transaction's underlying
portfolio comprising primarily U.S. prime and subprime residential
mortgage-backed securities and CDOs that S&P has observed since
S&P last took rating action on these notes in April 2009.

In particular, S&P has observed an increase in assets S&P
considers to be defaulted in its analysis (assets rated 'CC' or
'D').  According to S&P's analysis, defaulted assets amount to
about US$175.6 million, which represents 22.7% of the total
portfolio balance.  As a result, according to S&P's analysis the
amount of assets rated above 'CC' in the portfolio (US$586.8
million) is considerably below the amount outstanding (US$823.6
million) under the class A1 notes.  Payments to the class A1 notes
are senior to payments due to the remaining notes.

In addition, from the information the trustee has provided to us
S&P note that the total balance of assets, including defaulted
assets and principal cash, is significantly lower than the
outstanding amount of the class A1 notes.  As such, repayment of
the full principal amount outstanding under the class A1 notes is
highly unlikely, in S&P's view.

S&P has therefore lowered the ratings on these notes.

Cairn High ABS CDO I is a cash flow collateralized debt obligation
transaction that closed in August 2005.  The portfolio comprises
primarily U.S. prime and subprime RMBS, and CDOs.

                           Ratings List

                 Cairn High Grade ABS CDO I PLC
                US$1 Billion Floating-Rate Notes

                         Ratings Lowered

                             Rating
                             ------
               Class    To               From
               -----    --               ----
               A1       CC (sf)          CCC- (sf)

                        Ratings Affirmed

                        Class    Rating
                        -----    ------
                        A2       CC (sf)
                        B        CC (sf)
                        C        CC (sf)
                        E        CCp (sf)


EBS BUILDING: Sale Ongoing; Has Four Potential Bidders
------------------------------------------------------
Geoff Percival at Irish Examiner reports that the sale of the EBS
Building Society is being viewed as an ongoing process as no real
progress has been made this week despite reports that veteran
American investor Wilbur Ross is to take control of the lender.

The Irish Examiner relates in an interview with CNBC, Mr. Ross,
who is part of a consortium led by Dublin-based company Cardinal
Capital and international investment house Carlyle, confirmed he
would like to buy EBS and would be open to looking at other
investment opportunities in Ireland.  However, he told CNBC that
he "will buy the troubled Irish Bank" appeared to be a touch of
overenthusiastic editorializing, The Irish Examiner notes.

According to Irish Examiner, while four suitors are still in the
frame for EBS -- Irish Life & Permanent (IL&P) and private equity
houses Doughty Hanson, the Cardinal consortium and JC Flowers --
it is strongly suspected that IL&P and Cardinal will end up
fighting it out for EBS in a two-horse race by the end of this
month.

The sale of the building society is not expected to be finalized
until October or November, The Irish Examiner states.

EBS Building Society is Ireland's largest building society.
Servicing more than 400,000 members, it distributes its products
through a branch and franchised agency network as well as handling
direct business both over the telephone and via the Internet.
EBS Building Society provides mortgage lending, savings,
investments, and insurance products in Ireland.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on June 7,
2010, Moody's Investors Service downgraded the non-cumulative Tier
1 instruments of EBS Building Society to Ca from Caa1 (issued
through EBS Capital No1 S.A.), and the dated subordinated debt one
notch to Baa1 from A3.  These rating actions follow the issuance
of a "Special Investment Share" to the Irish government that is
similar in scope to a nationalization, and the forthcoming
issuance of a Promissory Note to the government that will provide
capital to the society.  The other ratings of the society
including the D BFSR, the A2 long-term bank deposit and senior
debt rating and the Aa1-rated government guaranteed debt were all
unaffected.


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


LYONDELL CHEMICAL: BNY Sued for Losses on US$1BB in Basell Notes
----------------------------------------------------------------
Karen Freifeld at Bloomberg News reports that Bank of New York
Mellon Corp. was sued by Arrowgrass Master Fund Ltd. and other
holders of about US$1 billion in 8.375% notes due in 2015 to
recover losses stemming from the bankruptcy of Lyondell Chemical
Co.


According to the report, Bank of New York is the indenture trustee
for the notes, issued by Basell AF in 2005.  The bank failed to
protect the noteholders' interests when Basell bought Lyondell in
2007, according to the lawsuit filed September 15 in New York
State Supreme Court.

Bloomberg recounts that Basell, based in Luxembourg, borrowed
about US$20 billion from banks to buy Lyondell, swelling its
senior debt 10-fold, the noteholders said.  The debt burden led
Lyondell, a Houston- based chemical maker and oil refiner, to file
for bankruptcy 13 months later, according to the suit.

"The plaintiffs will recover only a small percentage of the
approximately US$1 billion owed to them," the noteholders said in
the complaint. "BNY's actions and omissions directly caused the
hundreds of millions of dollars in losses that plaintiffs now seek
to recover from it."

                      About Lyondell Chemical

LyondellBasell Industries is one of the world's largest polymers,
petrochemicals and fuels companies.  Luxembourg-based Basell AF
and Lyondell Chemical Company merged operations in 2007 to form
LyondellBasell Industries, the world's third largest independent
chemical company.  LyondellBasell became saddled with debt as part
of the USUS$12.7 billion merger. Len Blavatnik's Access Industries
owned the Company prior to its bankruptcy filing.

On January 6, 2009, LyondellBasell Industries' U.S. operations,
led by Lyondell Chemical Co., and one of its European holding
companies -- Basell Germany Holdings GmbH -- filed voluntary
petitions to reorganize under Chapter 11 of the U.S. Bankruptcy
Code to facilitate a restructuring of the company's debts.  The
case is In re Lyondell Chemical Company, et al., Bankr. S.D.N.Y.
Lead Case No. 09-10023).  Seventy-nine Lyondell entities filed for
Chapter 11. Luxembourg-based LyondellBasell Industries AF S.C.A.
and another affiliate were voluntarily added to Lyondell
Chemical's reorganization filing under Chapter 11 on April 24,
2009.

Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in
New York, served as the Debtors' bankruptcy counsel.  Evercore
Partners served as financial advisors, and Alix Partners and its
subsidiary AP Services LLC, served as restructuring advisors.
AlixPartners' Kevin M. McShea acted as the Debtors' Chief
Restructuring Officer.  Clifford Chance LLP served as
restructuring advisors to the European entities.

LyondellBasell emerged from Chapter 11 bankruptcy protection in
May 2010, with a plan that provides the Company with US$3 billion
of opening liquidity.  A new parent company, LyondellBasell
Industries N.V., incorporated in the Netherlands, is the successor
of the former parent company, LyondellBasell Industries AF S.C.A.,
a Luxembourg company that is no longer part of LyondellBasell.
LyondellBasell Industries N.V. owns and operates substantially the
same businesses as the previous parent company, including
subsidiaries that were not involved in the bankruptcy cases.
LyondellBasell's corporate seat is Rotterdam, Netherlands, with
administrative offices in Houston and Rotterdam.


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


E-MAC NL: Moody's Changes Rating Review Direction to Possible Cut
-----------------------------------------------------------------
Moody's Investors Service has changed the direction of its ongoing
rating review of the notes issued by E-MAC NL 2003-II B.V. to
uncertain from possible downgrade.  The change reflects the rating
agency's updated assessment of the complex put option structure of
this transaction, which indicated that the ratings could be
upgraded as well as downgraded, depending on the outcome of the
put option process.  Moody's therefore expects to conclude its
review after the put option date in October 2010.

Moody's says that it could upgrade the ratings of the notes if
noteholders cease to be exposed to the risk of a mandatory
redemption.  This could occur if, during the put option process,
there was no requirement for the issuer to obtain rating
confirmation (if all put options were exercised) or if rating
confirmations were obtained from all rating agencies.  If
requested, Moody's may be able to affirm the ratings in some of
the scenarios related to the exercise of the put options.  Any
rating affirmation would be based on credit enhancement
considerations only and would not consider the risk of a mandatory
redemption due to a failure to obtain rating confirmations from
other rating agencies.

Moody's could downgrade the ratings of the notes if an event of
default occurs following the failure by GMAC RFC Nederland B.V.
to provide the servicer advance upon a mandatory redemption and
the trustee serves an enforcement notice.  Under the post-
enforcement priority of payments, the non-capped, market rate-
based step-up interests would cease to be subordinated.  Moody's
reflected this risk in its downgrade of the ratings of the notes
in the E-MAC NL 2003-II transaction on June 16, 2009, and on
January 12, 2010, and its ongoing rating review for further
possible downgrade.

In its ongoing review, Moody's has also considered the potential
impact of a senior swap termination payment following the service
of an enforcement notice in respect of the notes, in addition to
other risks associated with a potential event of default on the
notes upon a mandatory redemption.  However, Moody's notes that
the decision to serve an enforcement notice should be governed by
the interests of the majority of senior noteholders, Therefore,
Moody's ratings of the senior class of notes do not reflect the
risk that this decision by the controlling party would result in a
loss to this class and the risk to more junior classes is
consistent with their ratings.

Moody's notes that all of the other outstanding E-MAC transactions
are also exposed to a potential mandatory redemption associated
with their put option process.  However, unlike the EMAC NL 2003-
II transaction, none of the other outstanding EMAC transactions is
exposed to a change in the priority of the step-up margin in a
post-enforcement waterfall.  All of the E-MAC transactions are
exposed to a senior swap termination in an enforcement scenario
but, as in E-MAC NL 2003-II, an enforcement decision should be
governed by the interests of the majority of the senior class
holders, and therefore Moody's senior ratings do not reflect this
risk.

Moody's also notes that it considers that the conditional sale of
the mortgage receivables backing the E-MAC NL 2003-II transaction,
which was announced by the issuer on July 26, 2010, has no impact
on the transaction's credit ratings.  This is because the sale is
subject to the fulfillment of conditions that include GMAC RFC
NL's ability to fund all obligations related to the redemption of
the notes that are in excess of the transaction price.  Therefore,
in a mandatory redemption scenario, the transaction remains
directly exposed to the creditworthiness of GMAC RFC NL.

Moody's ratings address the ultimate payment at par on or before
the rated final legal maturity date.  Moody's ratings do not
address the payment of the step-up component of the notes.
Moody's ratings address only the credit risks associated with the
transaction.  Other risks have not been addressed, but may have a
significant effect on yield to investors.

Issuer: E-MAC NL 2003-II B.V.

  -- EUR474M A Bond, Aa3 (sf) Placed Under Review Direction
     Uncertain; previously on Jan 12, 2010 Downgraded to Aa3 (sf)
     and Remained On Review for Possible Downgrade

  -- EUR13M B Bond, Ba1 (sf) Placed Under Review Direction
     Uncertain; previously on Jan 12, 2010 Downgraded to Ba1 (sf)
     and Remained On Review for Possible Downgrade

  -- EUR8M C Bond, B1 (sf) Placed Under Review Direction
     Uncertain; previously on Jan 12, 2010 Downgraded to B1 (sf)
     and Remained On Review for Possible Downgrade

  -- EUR5M D Bond, Caa1 (sf) Placed Under Review Direction
     Uncertain; previously on Jan 12, 2010 Downgraded to Caa1 (sf)
     and Remained On Review for Possible Downgrade


SCEPTRE CAPITAL: S&P Downgrades Rating on 2006-5 Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to
'CC' from 'CCC' on Sceptre Capital B.V.'s ?40 million limited-
recourse secured floating-rate series 2006-5 notes (formerly, the
series 2006-5 ?40 million CMS-linked repackaged PowerTranche notes
due 2016).

Sceptre Capital's series 2006-5 is a repack transaction arranged
by Bank of America Corp. The transaction closed in October 2006
and initially repackaged Helix Capital (Jersey) Ltd.'s series
2006-5.

The noteholders have consented to a restructuring, which mainly
consists of replacing Helix Capital (Jersey)'s series 2006-5 notes
with C.L.E.A.R.  PLC's series 73 notes as underlying collateral
for the Sceptre notes and terminating the various swap agreements
previously in place in the structure.  Series 73 is a new
synthetic collateralized debt obligation.  Going forward, the
Sceptre notes will pay a pro rata share of any interest and
principal received under C.L.E.A.R.'s series 73.

S&P's rating action reflects these amendments and that the rating
on the notes is weak-linked to C.L.E.A.R.'s series 73, rated 'CC
(sf)' at closing.


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


BANK OF KHANTY-MANSIYSK: Moody's Affirms 'E+' Bank Strength Rating
------------------------------------------------------------------
Moody's Investors Service has affirmed these ratings of Nomos
Bank: the D- bank financial strength rating, Ba3/Not-Prime long-
and short-term foreign currency deposit ratings, as well as the
senior unsecured debt rating of Ba3 and the bank's subordinated
debt rating of B1.  All these ratings carry a stable outlook.  At
the same time, Moody's Interfax Rating Agency has affirmed the
Aa3.ru long-term national scale credit rating of Nomos.  Moscow-
based Moody's Interfax is majority owned by Moody's, a leading
global rating agency.

Moody's has also affirmed the E+ BFSR, Ba3/Not-Prime long- and
short-term local and foreign currency deposit ratings of Bank of
Khanty-Mansiysk.  All ratings carry a stable outlook.
Concurrently, Moody's Interfax Rating Agency has affirmed the
bank's Aa3.ru long-term national scale rating.  National scale
ratings do not have a specific outlook.

                         Rating Rationale

The rating affirmations follow the recent announcement that Nomos
intends to acquire a 51.27% stake in BKhM.  Moody's expects the
transaction to be finalized by year-end 2010.  While Moody's notes
that this transaction is expected to lead to some deterioration of
Nomos's financial fundamentals, the rating agency does not expect
the result of such deterioration to be sufficiently significant to
warrant a downgrade.  Furthermore, Moody's believes that BKhM's
stand-alone credit risk profile -- assessed in the BFSR of E+,
mapping into a Baseline Credit Assessment of B2 -- is unlikely to
change immediately as a result of the transaction.

                           Nomos Bank

As a result of the transaction, Moody's expects Nomos's capital
adequacy ratio to drop considerably from over 20% to a lower,
albeit still adequate level.  Moody's also notes that Nomos's
shareholders have demonstrated an ability and willingness to
provide both on-going and extraordinary capitalization, and
Moody's expects the bank to receive further capital injections in
2011.  During the global financial crisis the bank has
demonstrated a good ability to quickly de-risk its balance sheet,
thus also easing pressure on capital.  Additionally, the rating
agency also expects Nomos's liquidity position to deteriorate as a
result of this transaction because the currently abundant
liquidity cushion is expected to reduce to a more sustainable
level and is expected to remain sufficiently adequate to meet
moderate stresses.  The agency also notes that the bank's
liquidity management proved effective to meet the challenges of
the operating environment.

Moody's observes that the notable risks of BKhM -- such as
related-party risk and significant market risk appetite -- are not
sizeable enough to drive Nomos's ratings into the lower rating
category.  At the same time, Moody's expects the market risk
appetite of the merged bank to reduce as the current level of
market risk at BKhM is not in line with the strategic priorities
of Nomos's shareholders and management.  Related-party
transactions may be diluted -- as partially represented by lending
to related entities of the Khanty-Mansiysk regional administration
-- which is expected (i) to be restricted due to a change in
shareholder structure (N.B.  Nomos is also owned by a group of
foreign shareholders -- PPF and J&T groups -- which together
control 49% of Nomos) and (ii) to be more in line with Nomos's
historically moderate related-party lending risk appetite.

In addition, Moody's notes that integration risk is significantly
mitigated by the fact that a stake in BKhM is to be acquired by
Nomos's controlling shareholder, IST group, thus mitigating
possible negative consequences that could arise as a result of the
shareholder change.

At the same time, Moody's cautions that if the transaction is not
completed as announced (e.g. the purchase price is raised) --
which could negatively impact Nomos's financial fundamentals --
the rating could be subject to a downward revision.  In addition,
the ratings could also be downgraded if integration risk
materializes (e.g. inability to obtain control of BKhM), but this
is not regarded as a central scenario.

                     Bank of Khanty-Mansiysk

Moody's views positively the possibility that Nomos will introduce
more rigorous risk management practices in BKhM leading to a
decrease in market risk appetite, single-name concentrations and
volume of related-party transactions, which are currently the
major constraining factors to BKhM's BFSR.  However, the rating
agency expects implementation risk and would view favorably a
track record of positive changes in the risk-taking culture of
BKhM which will be incorporated into the ratings.

BKhM's Ba3 local and foreign currency deposit ratings benefit from
a two-notch uplift from its BCA of B2 as a result of Moody's
assessment of a moderate probability of support from the bank's
home region, KhMAO (rated Baa3).  The support considerations are
driven by the bank's social and economic importance as the largest
retail deposit taker in the region (where it has close to a 20%
market share), and by the regional authorities' management
oversight of the bank's business and history of providing support
in recent years.  Following Nomos's consolidation of a 51.27%
stake in BKhM, Moody's does not consider that regional support
could be withdrawn altogether, as the bank will continue to
maintain its regional focus and visibility in the home region;
thus Moody's expects BKhM to remain a socially important player,
receiving support in case of need.

Any evidence of the region intending to reduce its stake in BKhM
or diminish its management oversight over the bank could result in
Moody's adjusting downwards its assessment of the probability of
regional support for BKhM.  Such an outcome would likely be a
result of close integration between Nomos and BKhM, and thus could
lead to an incorporation of parental support from Nomos,
substituting a dilution of regional support.

Moody's previous rating action on Nomos was on July 29, 2010, when
the rating agency changed the outlook on the bank's ratings to
stable from negative.

Moody's previous rating action on BKhM was on December 18, 2009,
when the rating agency assigned Ba3/Not Prime/E+/Aa3.ru first-time
ratings to the bank.

Headquartered in Moscow, Russia, Nomos reported -- at year-end
2009 -- total consolidated assets (audited) of US$9.2 billion and
total shareholders' equity of US$1.2 billion.  Nomos is mainly a
corporate bank with the majority of operations concentrated in
Moscow, although it has moderate regional presence in over 30
regions.

Headquartered in Khanty-Mansiysk, BKhM reported total consolidated
IFRS assets (audited) of US$4.3 billion as at December 31, 2009,
and total equity of US$620 million.


NOMOS BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed these ratings of Nomos
Bank: the D- bank financial strength rating, Ba3/Not-Prime long-
and short-term foreign currency deposit ratings, as well as the
senior unsecured debt rating of Ba3 and the bank's subordinated
debt rating of B1.  All these ratings carry a stable outlook.  At
the same time, Moody's Interfax Rating Agency has affirmed the
Aa3.ru long-term national scale credit rating of Nomos.  Moscow-
based Moody's Interfax is majority owned by Moody's, a leading
global rating agency.

Moody's has also affirmed the E+ BFSR, Ba3/Not-Prime long- and
short-term local and foreign currency deposit ratings of Bank of
Khanty-Mansiysk.  All ratings carry a stable outlook.
Concurrently, Moody's Interfax Rating Agency has affirmed the
bank's Aa3.ru long-term national scale rating.  National scale
ratings do not have a specific outlook.

                         Rating Rationale

The rating affirmations follow the recent announcement that Nomos
intends to acquire a 51.27% stake in BKhM.  Moody's expects the
transaction to be finalized by year-end 2010.  While Moody's notes
that this transaction is expected to lead to some deterioration of
Nomos's financial fundamentals, the rating agency does not expect
the result of such deterioration to be sufficiently significant to
warrant a downgrade.  Furthermore, Moody's believes that BKhM's
stand-alone credit risk profile -- assessed in the BFSR of E+,
mapping into a Baseline Credit Assessment of B2 -- is unlikely to
change immediately as a result of the transaction.

                           Nomos Bank

As a result of the transaction, Moody's expects Nomos's capital
adequacy ratio to drop considerably from over 20% to a lower,
albeit still adequate level.  Moody's also notes that Nomos's
shareholders have demonstrated an ability and willingness to
provide both on-going and extraordinary capitalization, and
Moody's expects the bank to receive further capital injections in
2011.  During the global financial crisis the bank has
demonstrated a good ability to quickly de-risk its balance sheet,
thus also easing pressure on capital.  Additionally, the rating
agency also expects Nomos's liquidity position to deteriorate as a
result of this transaction because the currently abundant
liquidity cushion is expected to reduce to a more sustainable
level and is expected to remain sufficiently adequate to meet
moderate stresses.  The agency also notes that the bank's
liquidity management proved effective to meet the challenges of
the operating environment.

Moody's observes that the notable risks of BKhM -- such as
related-party risk and significant market risk appetite -- are not
sizeable enough to drive Nomos's ratings into the lower rating
category.  At the same time, Moody's expects the market risk
appetite of the merged bank to reduce as the current level of
market risk at BKhM is not in line with the strategic priorities
of Nomos's shareholders and management.  Related-party
transactions may be diluted -- as partially represented by lending
to related entities of the Khanty-Mansiysk regional administration
-- which is expected (i) to be restricted due to a change in
shareholder structure (N.B.  Nomos is also owned by a group of
foreign shareholders -- PPF and J&T groups -- which together
control 49% of Nomos) and (ii) to be more in line with Nomos's
historically moderate related-party lending risk appetite.

In addition, Moody's notes that integration risk is significantly
mitigated by the fact that a stake in BKhM is to be acquired by
Nomos's controlling shareholder, IST group, thus mitigating
possible negative consequences that could arise as a result of the
shareholder change.

At the same time, Moody's cautions that if the transaction is not
completed as announced (e.g. the purchase price is raised) --
which could negatively impact Nomos's financial fundamentals --
the rating could be subject to a downward revision.  In addition,
the ratings could also be downgraded if integration risk
materializes (e.g. inability to obtain control of BKhM), but this
is not regarded as a central scenario.

                     Bank of Khanty-Mansiysk

Moody's views positively the possibility that Nomos will introduce
more rigorous risk management practices in BKhM leading to a
decrease in market risk appetite, single-name concentrations and
volume of related-party transactions, which are currently the
major constraining factors to BKhM's BFSR.  However, the rating
agency expects implementation risk and would view favorably a
track record of positive changes in the risk-taking culture of
BKhM which will be incorporated into the ratings.

BKhM's Ba3 local and foreign currency deposit ratings benefit from
a two-notch uplift from its BCA of B2 as a result of Moody's
assessment of a moderate probability of support from the bank's
home region, KhMAO (rated Baa3).  The support considerations are
driven by the bank's social and economic importance as the largest
retail deposit taker in the region (where it has close to a 20%
market share), and by the regional authorities' management
oversight of the bank's business and history of providing support
in recent years.  Following Nomos's consolidation of a 51.27%
stake in BKhM, Moody's does not consider that regional support
could be withdrawn altogether, as the bank will continue to
maintain its regional focus and visibility in the home region;
thus Moody's expects BKhM to remain a socially important player,
receiving support in case of need.

Any evidence of the region intending to reduce its stake in BKhM
or diminish its management oversight over the bank could result in
Moody's adjusting downwards its assessment of the probability of
regional support for BKhM.  Such an outcome would likely be a
result of close integration between Nomos and BKhM, and thus could
lead to an incorporation of parental support from Nomos,
substituting a dilution of regional support.

Moody's previous rating action on Nomos was on July 29, 2010, when
the rating agency changed the outlook on the bank's ratings to
stable from negative.

Moody's previous rating action on BKhM was on December 18, 2009,
when the rating agency assigned Ba3/Not Prime/E+/Aa3.ru first-time
ratings to the bank.

Headquartered in Moscow, Russia, Nomos reported -- at year-end
2009 -- total consolidated assets (audited) of US$9.2 billion and
total shareholders' equity of US$1.2 billion.  Nomos is mainly a
corporate bank with the majority of operations concentrated in
Moscow, although it has moderate regional presence in over 30
regions.

Headquartered in Khanty-Mansiysk, BKhM reported total consolidated
IFRS assets (audited) of US$4.3 billion as at December 31, 2009,
and total equity of US$620 million.


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


GC FTPYME: S&P Assigns Prelim. 'BB (sf)' Rating on Class B Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary credit
ratings to GC FTPYME Sabadell 8, Fondo de Titulizaci?n de
Activos's asset-backed floating-rate notes.

The originator is Banco de Sabadell, S.A., which at closing will
sell to GC FTPYME Sabadell 8 a ?1 billion closed portfolio of
secured and unsecured loans granted to Spanish small and midsize
enterprises and self-employed borrowers based in Spain.

This transaction will be Banco Sabadell's 14th public SME
securitization in Spain.  The transaction follows a similar
structure to the previous transactions, the main difference being
the split between the series A notes and the way they amortize.
Banco Sabadell's objective is to create ECB (European Central
Bank)-eligible assets, increasing the bank's liquidity cushion,
and it intends to sell class A1(G) and A2(G) notes to investors.

                          Ratings List

      GC FTPYME Sabadell 8 Fondo de Titulizaci?n de Activos
                 ?1 Billion Floating-Rate Notes

                      Prelim.              Prelim.
       Class          rating               amount (mil. ?)
       -----          -------              ---------------
       A1(G)*         AAA (sf)              250
       A2(G)*         AAA (sf)              390
       A3             AAA (sf)              160
       B              BB (sf)               200

* The Kingdom of Spain will act as guarantor for the class A1(G)
  and A2(G) notes.  The stand-alone preliminary ratings on the
  class A1(G) and A2(G) notes are 'AAA (sf)'.


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


* Fitch Affirms Ukraine's Issuer Default Ratings at 'B'
-------------------------------------------------------
Fitch Ratings has affirmed Ukraine's Long-term foreign and local
currency Issuer Default Ratings at 'B' and affirmed its Short-term
IDR at 'B'.  The Outlooks on the Long-term IDRs are Stable.  Fitch
has simultaneously affirmed Ukraine's Country Ceiling at 'B'.

"Despite a strong start in implementing policies under the new IMF
loan arrangement, risks to financial and economic stability have
not sufficiently lessened since Fitch's July 2010 rating upgrade
to warrant a further upgrade of the ratings at this time," said
David Heslam, Director in Fitch's sovereign team.  "A longer track
record of consistent policy implementation would provide greater
confidence in the medium-term outlook."

The rating affirmation follows Fitch's upgrade of Ukraine's Long-
term ratings to 'B'/Stable Outlook in July 2010 which reflected
signs of economic growth and lower financial volatility, a
stabilization of the domestic political environment following
presidential elections, and the signing of a new IMF lending
agreement.  Further evidence of economic and financial
stabilization would provide some scope for Ukraine's strong
underlying credit fundamentals, such as its relatively high income
levels, to come to the fore and drive further positive rating
action.  However, Fitch judges that significant risks remain over
the short term associated with the still stressed banking system,
high gross external debt stock and debt rollover requirements, and
large budget deficit and government financing needs.

Fitch forecasts real GDP growth of 5% in 2010, following a
contraction of 15.1% in 2009 which marked the second worst
performance of the over 100 sovereigns rated by Fitch.  However,
further evidence is needed that the growth outlook is secure.
Ukraine remains vulnerable to an external demand and commodity
price shock, while the growth outlook in its main European export
markets is uncertain.  IMF analysis suggests that the recent
economic and financial crisis durably lowered Ukraine's growth
potential, which fell to an estimated 2.6% in 2010.  The IMF
estimates the pre-crisis potential rate at just over 6%.

Risks to sovereign creditworthiness emanating from the current
account deficit look manageable.  Fitch forecasts that the CAD
will narrow to below 1% of GDP in 2010 from 1.5% and 7.1% in 2009
and 2008, respectively, before anticipating that it will widen
marginally to 2.5% by 2012.  The economic and financial crisis has
however led to a sharp increase in Ukraine's gross external debt
ratios.  Fitch forecasts GXD at 148% of current external receipts
at end-2010, compared with 111% at end-2007.  The long-term median
GXD level for the 'B' and 'BB' sovereign rating groups is about
100%.  A high external debt burden, large refinancing needs and a
history of capital flight and dollarization leave the external
accounts vulnerable to shifts in investor sentiment.

The banking system remains distressed.  Fitch estimates average
problem loans, which includes restructured credits, at 50% of the
total.  On national definitions, non-performing loans stood at
14.6% in June 2010.  The recapitalization program has been subject
to delays and is opaque.  Fitch's assessment that loan book
quality may be weaker than reported on national definitions and
concerns over the robustness of audit results that underpin
estimated capital needs undermines confidence that the current
planned recapitalization plan will be sufficient to stabilize the
system.

Further measures may be needed to meet the IMF-agreed general
government deficit target of 5.5% of GDP and reduce the quasi-
fiscal deficit of Naftogaz ('CCC'/Stable Outlook) to 1% in 2010.
Expenditure discipline will also need to be maintained, including
around the October 2010 local elections, while the government will
need to avoid running up new arrears for the year as a whole.  The
non-payment of VAT refunds on time, in full and in cash to
exporters highlights the pressure on the budget and is a blemish
on the government's payment record.

Including debt issued to refund recognized 2009 VAT liabilities,
bank recapitalization costs and the budget and Naftogaz deficits,
Fitch estimates the government's current financing needs at 9.8%
of GDP in 2010 (11.2% in 2009).  This assumes adherence to 2010
deficit targets agreed with the IMF.  Measures to reduce the
deficit to 3.5% of GDP in 2011 and sustainably eliminate
Naftogaz's deficit have yet to be announced.  Ukraine's gross
government debt ratio has risen sharply to a forecast 27.8% of GDP
this year (Fitch's forecast) from 10% in 2007.  While gross debt
remains below 10-year peer median levels of 40%, further evidence
of fiscal consolidation is needed to increase confidence in
sustainability.  Due to limited domestic market financing capacity
and a history of economic volatility, government debt tolerance is
lower than Ukraine's high income level and relatively low
government debt burden suggests.  Potential contingent sovereign
liabilities emanating from the public sector and high level of
guarantees, which Fitch forecasts at 23.8% of GDP in 2010, are
large.


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


CATTLES PLC: Bondholders End Takeover Talks
-------------------------------------------
Adam Jones at The Financial Times reports that a significant group
of Cattles Plc bondholders has rejected a plan that would have
taken the subprime lender private.

The FT relates Cattles on Wednesday said a group of investors that
owned about a third of its bonds had ended talks on the proposal
and had indicated that they would not now discuss any form of
solvent restructuring with other creditors.

According to the FT, the company said that it would continue to
push for a consensual debt restructuring, while keeping up efforts
to persuade creditors to accept the takeover proposal.

The company said in June that it was in talks with key creditors
about using a newly incorporated company to buy its entire share
capital for a token sum of up to 1p a share, the FT recounts.

Cattles plc -- http://www.cattles.co.uk/-- is a financial
services company specializing in providing consumer credit to non-
standard customers in United Kingdom.  The Company also provides
debt recovery services to external clients and its consumer credit
business, and working capital finance for small- and medium-sized
businesses.  It also has a car retail operation, which is an
introducer of hire purchase customers to its consumer credit
business.  Its business divisions include Welcome Financial
Services, The Lewis Group and Cattles Invoice Finance.  Welcome
Financial Services consists of three businesses: Welcome Finance,
Shopacheck and Welcome Car Finance.  Shopacheck provides short-
term home collected loans to some 260,000 customers through 52
branches.  The Lewis Group provides debt recovery and
investigation services, serving both external clients and Welcome
Financial Services.  In September 2007, it announced the
acquisition of a debt portfolio of United Kingdom credit card,
loan and overdraft receivables.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Aug. 9,
2010, Fitch Ratings revised Cattles Plc's senior unsecured bonds'
Recovery Rating to 'RR6' from 'RR5'.  At the same time, Fitch
affirmed Cattles' Long-term Issuer Default rating at 'C', Short-
term IDR at 'C' and senior unsecured bonds (ISIN XS0181857847 and
XS0308397149) at Long-term 'C'.


CLEAR PLC: S&P Assigns 'CC' Rating on Series 73 Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CC (sf)' credit
rating to C.L.E.A.R. PLC's ?40 million limited-recourse secured
floating-rate credit-linked series 73 notes.

This transaction is a partially funded synthetic corporate
collateralized debt obligation.  Bank of America Merrill Lynch
arranged the transaction, which AXA IM Paris S.A. manages.  The
notes will mature in June 2016.

This series is part of the restructuring of Sceptre Capital B.V.'s
series 2006-5 in so far as C.L.E.A.R. series 73 will replace the
underlying collateral that currently backs the Sceptre notes.

The notes are credit-linked to a portfolio of 164 corporate
reference entities, managed by AXA IM Paris.  The issuer will sell
protection on the tranche, attaching at 3.55% and detaching at
4.55% via a credit default swap entered into with Merrill Lynch
International as swap counterparty, as guaranteed by Merrill Lynch
& Co. Inc.

Since the expected losses in S&P's 'CCC-' scenario are greater
than the subordination provided under the credit default swap, S&P
believes that the obligation of C.L.E.A.R. series 73 is highly
vulnerable to non-payment.  Therefore, S&P deem a 'CC (sf)' rating
to be appropriate.

The proceeds of the notes are invested in both cash and 'A' rated
floating-rate notes due 2016 issued by Bank of America Corp. under
its euro medium-term notes program.

An interest rate swap exchanges the interest received from the
underlying collateral for a payment which, combined with the fixed
payment received under the credit default swap, will allow the
issuer to pay the interest payable on the notes.

The issuer also entered into another credit default swap, the
"Kicker Swap", which is credit?linked to a mezzanine tranche of a
different portfolio that AXA IM Paris also manages.  S&P's rating
does not address any payment related to this swap.

S&P's rating is weak-linked to both Merrill Lynch & Co. and the
underlying collateral, although this does not constrain the rating
assigned at closing.

                           Ratings List

                          C.L.E.A.R.  PLC
?40 Million Limited-Recourse Secured Floating-Rate Credit-Linked
                     Notes Due 2016 Series 73

         Series           Rating           Amount (mil. ?)
         ------           ------           ---------------
         Series 73        CC (sf)            40.0


CLEAR PLC: S&P Assigns 'CC' Rating on Series 74 Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CC (sf)' credit
rating to C.L.E.A.R. PLC's ?7 million limited-recourse secured
floating-rate credit-linked series 74 notes.

This transaction is a partially funded synthetic corporate
collateralized debt obligation.  Bank of America Merrill Lynch
arranged the transaction, which AXA IM Paris S.A. manages.  The
notes will mature in June 2016.

This series is part of the restructuring of Helix Capital (Jersey)
Ltd.'s series 2006-13 in so far as C.L.E.A.R. series 74 will
replace the cash that currently backs the Helix notes.

The notes are credit-linked to a portfolio of 164 corporate
reference entities, managed by AXA IM Paris.  The issuer will sell
protection on the tranche, attaching at 3.5% and detaching at 4.5%
via a credit default swap entered into with Merrill Lynch
International as swap counterparty, as guaranteed by Merrill Lynch
& Co. Inc.

Since the expected losses in S&P's 'CCC-' scenario are greater
than the subordination provided under the credit default swap, S&P
believes that the obligation of C.L.E.A.R. series 74 is highly
vulnerable to non-payment.  Therefore, S&P deems a 'CC (sf)'
rating to be appropriate.

The proceeds of the notes are invested in 'A' rated floating-rate
notes due 2016 issued by Bank of America Corp. under its euro
medium-term notes program.

An interest rate swap exchanges the interest received from the
underlying collateral for the interest payable on the notes.

The issuer also entered into another credit default swap, the
"Kicker Swap", which is credit?linked to a mezzanine tranche of a
different portfolio that AXA IM Paris also manages.  S&P's rating
does not address any payment related to this swap.

S&P's rating is weak-linked to both Merrill Lynch & Co. and the
underlying collateral, although this does not constrain the rating
assigned at closing.

                          Ratings List

                         C.L.E.A.R. PLC
?7 Million Limited-Recourse Secured Floating-Rate Credit-Linked
                    Notes Due 2016 Series 74

         Series           Rating           Amount (mil. ?)
         ------           ------           ---------------
         Series 74        CC (sf)            7.0


CONFETTI: Bought Out of Administration by George Buchan
-------------------------------------------------------
Manchester Evening News reports that Confetti, which went into
administration last month, has been sold to north west
entrepreneur George Buchan, who has established a new company,
Confetti Celebrations Ltd.

The business will continue to trade as Confetti, the report notes.

According to the report, 34 employees will be kept on and the
company will soon move to new premises.

Confetti's Web site remained closed during the period of
administration but will reopen within two weeks with new ranges,
the report states.

Manchester-based Confetti provides an extensive range of essential
supplies for weddings and celebrations, ranging from invitations
and wedding dresses through to venue hire, gifts and insurance.


CONNAUGHT PLC: New Owners Unlikely to Recover GBP42 Million
-----------------------------------------------------------
Tom Bill at Building.co.uk reports that Connaught Plc has a GBP42
million black hole in its accounts that its new owners are
unlikely to recover.

According to Building.co.uk, two sources close to the
administration of the GBP400 million-turnover firm said its social
housing arm had GBP94.3 million worth of work-in-progress but
GBP42.4 million was deemed irrecoverable by administrator KPMG.

As reported by the Troubled Company Reporter-Europe on Sept. 14,
2010, the Financial Times said Mears acquired the bulk of
Connaught's remaining social housing maintenance operations in a
move that will help secure the future of up to 1,000 workers.  The
FT disclosed the agreement late on Friday, Sept. 10, came just a
day after Morgan Sindall, the construction group, acquired the
bulk of Connaught's social housing maintenance contracts for GBP28
million (US$43 million) in cash.

As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern.  Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.

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.


CONNAUGHT PLC: Talks Over Housing Contract Transfer Set
-------------------------------------------------------
BBC News reports that talks are to take place about a housing
contract transfer affecting 150 jobs in Dumfries and Galloway.

According to BBC, social landlord Dumfries and Galloway Housing
Partnership will meet with representatives of Morgan Sindall's
housing unit Lovell Partnerships to discuss taking over the deal
with Connaught after it went into administration.

BBC relates a statement from local Labour politicians had
suggested the transfer of work had already been agreed.  BBC notes
DGHP said it had to decide what was best for its tenants before
agreeing to switch the contract.

It has been estimated the deal will save 2,500 jobs in the UK,
with employees transferred to Morgan Sindall's housing unit Lovell
Partnerships, BBC discloses.

As reported by the Troubled Company Reporter-Europe on Sept. 14,
2010, The Financial Times said Morgan Sindall, the construction
group, acquired the bulk of Connaught's social housing maintenance
contracts for GBP28 million (US$43 million) in cash.

As reported by the Troubled Company Reporter-Europe on Sept. 9,
2010, Bloomberg News said Connaught appointed partners from KPMG
as administrators after the business as a whole failed to secure
"sufficient support" to trade as a going concern.  Bloomberg
disclosed the company said in a statement on Sept. 8 that
KPMG's Richard Heis, Richard Hill and Richard Fleming were
appointed administrators to Exeter, England-based Connaught Plc,
and Heis, Mark Firmin, Brian Green and David Costley-Wood are
appointed joint administrators to Connaught Partnerships Ltd.
Connaught Environmental Ltd. and their subsidiaries were not put
into administration, Bloomberg noted.

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.


HELIX CAPITAL: S&P Downgrades Rating on 2006-13 Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating to
'D' from 'CCC' before raising it to 'CC' on Helix Capital (Jersey)
Ltd.'s ?7 million limited-recourse secured floating-rate series
2006-13 notes (formerly, the series 2006-13 ?42.5 million
PowerTranche partial kicker floating-rate managed synthetic CDO
notes due June 2014).

Helix Capital (Jersey)'s series 2006-13 is a repack transaction
arranged by Bank of America Corp. that closed in 2006.

The noteholders have consented to a restructuring, which mainly
consists of using the cash currently backing the series 2006-13
notes to purchase C.L.E.A.R.  PLC's series 74 as underlying
collateral for the series 2006-13 notes and terminating the
various swap agreements previously in place in the structure.
Series 74 is a new synthetic collateralized debt obligation.
Going forward, the series 2006-13 notes will pay a pro rata share
of any interest and principal received under C.L.E.A.R.'s series
74.

The rating on the notes is weak-linked to C.L.E.A.R.'s series 74,
rated 'CC (sf)' at closing.

S&P decided to downgrade its rating to 'D' before raising it to
'CC' to reflect the fact that noteholders will receive their
principal two years later than the initial maturity date following
the maturity extension under the restructuring.


ILKESTON TOWN: Gets Inquiries for Leasehold Interest & Assets
-------------------------------------------------------------
The newly-appointed liquidator of Ilkeston Town has confirmed that
the club's players have been released, thisisderbyshire.co.uk
reports.

According to the report, Dean Nelson, head of corporate recovery
at Derby accountants Smith Cooper, says he has already received
"numerous" inquiries from people interested in buying the
leasehold interest and assets of the club.

Mr. Nelson, appointed to the task by the Secretary of State on
Tuesday, also says he must hear from any further interested
parties before the end of Friday, Sept. 24.

As reported by the Troubled Company Reporter-Europe on Sept. 10,
2010, BBC News said Ilkeston Town was wound up by the High Court
over an unpaid GBP50,000 tax bill.  BBC disclosed HM Revenue
and Customs pressed on with the winding up petition with the club
being described as "plainly insolvent" by the court.

Ilkeston Town Football Club is an English football club based at
the New Manor Ground in Ilkeston, Derbyshire.


PTV INC: Declares Final Liquidating Distribution on Stock
---------------------------------------------------------
PTV, Inc.'s Board of Directors approved its final liquidating
distribution of US$0.11 per share on the Company's 10% Fixed
Coupon Redeemable Preferred Stock, Series A.  The Company has
approximately 6,324,519 shares of preferred stock outstanding so
the aggregate distribution will be approximately US$695,700.

The record date for the distribution on the preferred stock will
be September 27, 2010 and the payment date will be October 8,
2010.

This is the Company's final distribution in connection with its
liquidation.  The Company will not be making any future
distributions to its security holders.

Consistent with the Company's previous liquidating distributions,
the October 2010 liquidating distribution should not be treated as
a taxable dividend for U.S. federal income tax purposes but rather
a liquidating distribution subject to gain or loss treatment.

This tax treatment is based upon the fact that the Company adopted
a plan of liquidation on June 6, 2007, prior to the payment of the
distribution.  Holders of the Company's preferred stock are
advised to consult their own tax advisors regarding the tax
treatment of the distribution to their own particular
circumstances.

                          About PTV Inc.

PTV Inc. -- http://www.ptvinc.com/-- is a major new media
company in the U.K.  Its two principal assets in the U.K. are
Premium TV Ltd. and Two Way Media Ltd.  PTV is the leading
football Internet company in the country, hosting and managing
sites for 84 football clubs including Newcastle United and
Rangers.

As a new media company, management plans to exploit new
opportunities to provide entertainment, sports content, fixed
odds betting services and consumer information services over
television, broadband Internet, mobile telephones and other
devices.

On January 27, 2004, the company changed its name from NTL
Europe, Inc. as part of a "going private" transaction.  NTL
Europe, Inc. was created in January 2003 as part of the Plan of
Reorganization of NTL, Inc., NTL Europe held a variety of media
content assets in the U.K. as well as cable, broadband and
telephone equipment businesses in Europea and Asia.

In 2003, management sold assets, negotiated termination of
contracts, restructured certain operating assets and made
distributions to shareholders as part of a strategy to simplify
the company and restructure around its most attractive media
properties.

CONTACT:  PTV INC.
          Trafalgar House
          11 Waterloo Place
          London SW1Y 4 AU
          United Kingdom
          Phone: +44 (0) 20 7930 0003
          Fax: +44 (0) 20 7930 1443


ROK PLC: To Commence Debt Refinancing Talks With Lenders
--------------------------------------------------------
Ed Hammond and Anousha Sakoui at The Financial Times report that
Rok Plc is paving the way for refinancing discussions with its
lenders, just over a month after the building and maintenance
group issued its second profit warning of the year.
"We have commenced discussions with our banks with a view to
renewing our banking facilities," the FT quoted the company as
saying.  "The timing of that refinancing is in line with the
requirement to put new facilities in place in the early part of
2011."

According to the FT, people close to the situation said the
group's banks are in the process of drafting in PwC independently
to verify Rok's accounts and financial forecasts ahead of the
talks.  The FT notes the move to bring in the accountancy firm
comes in the wake of Rok's profit warning last month that "serious
mismanagement" of contracts in its plumbing, heating and
electrical business would force it to make writedowns.  The
warning and accompanying suspension of its finance director caused
Rok's shares to drop 50% in a week, the FT states.

Rok, FT says, put in place a GBP90 million, three-year revolving
credit facility from Royal Bank of Scotland, Clydesdale Bank and
HSBC which is due to expire in March 2012.  Of this sum, GBP51.3
million had been drawn at the end of its year 2009, the FT
discloses.

Rok is expected to appoint KPMG to advise it in its talks with
lenders, according to the FT.  The accountancy firm is expected to
start its work before the end of the year, the FT notes.

ROK Plc -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build.  Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services.  The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.


ROYAL BANK: Gets Indicative Bids for Priory Group
-------------------------------------------------
Simon Mead at The Scotsman reports that a handful of buyout firms
are submitting indicative bids for rehab clinic the Priory Group,
which seller Royal Bank of Scotland hopes could fetch about GBP1
billion.

The Scotsman's sources said Advent International, Bain Capital,
Blackstone and Cinven were all planning to submit non-binding
bids.  According to The Scotsman, the sources said The Carlyle
Group and KKR have also examined the business but it was unclear
whether they in tend to lodge bids.

Priory is being sold as RBS sheds non-core assets to slim its
unwieldy balance sheet, The Scotsman notes.

                            About RBS

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

                          *     *     *

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


VANTIS PLC: FRP Took on GBP11 Million in Assumed Liabilities
------------------------------------------------------------
Rachael Singh at Accountancy Age reports that FRP Advisory took on
GBP11 million in assumed liabilities for the insolvency arm of
Vantis.

According to the Accountancy Age, Vantis' administrators' report
shows FRP took on GBP11 million of debt in exchange for the
insolvency arm of Vantis, and RSM Tenon bought parts of the
collapsed firm for GBP4.46 million.

FRP paid nothing in cash for the insolvency arm of Vantis, as it
took on GBP11 million in assumed liabilities, Accountancy Age
notes.

As reported by the Troubled Company Reporter-Europe on July 1,
2010, the Board of Vantis appointed Chad Griffin and Simon Granger
of FTI Consulting as joint administrators of the group after
efforts to reduce debt level failed.

Vantis plc -- http://www.vantisplc.com/-- is a UK-based
accounting, tax, business recovery and advisory group focused on
servicing SMEs and owner-managed businesses, as well as private
individuals.


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


* BOOK REVIEW: CORPORATE DEBT CAPACITY - A Study of Corporate Debt
              Policy and the Determination of Corporate Debt
              Capacity, A Business Classic
------------------------------------------------------------------
Author: Gordon Donaldson
Publisher: Beard Books, Washington, D.C. 2000
(reprint of 1961 book published by the President and Fellows of
Harvard College).
294 pages. US$34.95 trade paper, ISBN 1-58798-034-7.

"The research project who results are reported in this volume was
primarily concerned with the risk element involved in the
utilization of debt as a source of permanent capital for
business," Bertrand Fox, Director of Research, succinctly writes
in the "Foreword".  The research project was funded by and
conducted by an organization connected with Harvard College, the
original publishers of this book in the early 1960s.

The research was not a body of data for analysis as research
typically is in business studies or sociological studies.  In the
end, Donaldson recommends perspectives and practices going beyond
the research.  This doesn't necessarily go against the findings of
the research, but rather shows the limitations of the thinking of
most businesspersons at the time or their blind spots regarding
the role of debt, especially with respect to potentials for
growth, longevity, and other interests of business management.

The businesses are not identified.  Given Donaldson's credibility
and reputation and the Harvard name behind the research project
however, the research data is taken as factual and reliable.  The
research was garnered from participating corporations and
financial institutions.

Though there are a few tables, the research is not limited to
financial information strictly as figures and other balance sheet
data.  Donaldson was interested as much in corporate leaders'
psychology and presumptions about debt more than current debt
situations and corporate policies regarding debt.  Financial
institutions were included as part of the study as well because
their views toward corporate debt and the way they worked with the
financial parts of corporations had an effect on corporate debt of
the time.

As Donaldson found from the research, both corporations and
financial institutions understood debt in conventional,
traditional, ways.  For the corporations, these ways could be
hampering operations and strategy.  The ways corporations were
being hampered were unseen however unless they started looking at
their books differently and became open to taking on debt
differently.  Donaldson's singular achievement was to see in the
research ways in which corporations were being hampered and in
thus propose a new way of regarding debt.  This was a
revolutionary step for the large majority of businesses.  And for
even the small number of businesses which were pursuing
unconventional debt practices, Donaldson's studies and new
perspective put these on solid ground giving better guidance.

Donaldson's readings of the research reflect corporate managers'
own statements (also part of the research) regarding their views
on their company's financial analysis and debt.  Managers are
quoted, "Our management is essentially conservative."; "The word
which describes our corporate image is 'dignified'."; "I supposed
in a way we're lazy."  The author treats these as "attitudes" --
as in a chapter "Management Attitudes to Non-Debt Sources" --
realizing that it is such "attitudes" more than what financial
figures disclose or debt itself which colors practices about the
fundamental business matter of debt.

Donaldson brings into the open managers false sense of debt.  This
false sense is bound in with conventional, inherited concepts and
images of a corporation having no relation to facts.  Such
conventional views are perpetuated by an aversion to risk.  The
less debt, the less risk, according to the prevailing precept.
But Donaldson points out that managers who observe this actually
often pursue greater risks in product development, entering new
markets, mergers, and other activities.

Corporate "attitudes" to debt since the book's 1961 publication
attest to the deep influence of Donaldson's groundbreaking
perspective.  Consumer debt, the growth of credit cards, and other
financial phenomena also evidence changed regard of debt found in
Donaldson's work.  The tipping of the balance to too much debt for
many corporations and beyond cannot be attributed to the book
however.  For in urging new concepts and uses of debt for the
better management of corporations, Donaldson also goes into
determination and control of risks entailed in new types of debt.

Gordon Donaldson retired in 1993 after close to 20 years at the
Harvard Business School.


                            *********

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 * * *