TCREUR_Public/100920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Monday, September 20, 2010, Vol. 11, No. 185

                            Headlines



D E N M A R K

AMAGERBANKEN AS: Moody's Assigns Rating on Senior Guaranteed Notes


F R A N C E

RHODIA SA: S&P Raises Corporate Credit Rating to 'BB'


G E R M A N Y

ADAM OPEL: GM to Be "Patient" With Turnaround Efforts, CEO Says
MAYER & CIE: Creditors Approve Insolvency Plan


G R E E C E

WIND HELLAS: Naguib Sawiris Makes Binding Offer


I R E L A N D

EUROMAX IV: S&P Cuts Ratings on Two Classes of Notes to 'CC (sf)'
IRISH NATIONWIDE: Calls in Former BoSI Executive to Conduct Review
PALLADIUM CDO: Fitch Lowers Ratings on Two Tranches to 'Dsf'
TALISMAN-1 FINANCE: Fitch Lifts Rating on Class G Notes From 'Bsf'


K A Z A K H S T A N

INTERGAS CENTRAL: Fitch Affirms Issuer Default Ratings at 'BB+'
KAZTRANSGAS JSC: Fitch Affirms Issuer Default Ratings at 'BB'


L U X E M B O U R G

INTELSAT: Moody's Assigns 'B3' on US$900MM Notes for Jackson Unit
INTELSAT: S&P Assigns 'B+' on US$900MM Notes for Jackson Unit


N E T H E R L A N D S

ROMPETROL GROUP: Fitch Puts 'B+' Issuer Rating on Negative Watch


S P A I N

BANCAJA: Fitch Places 'BB+' Upper Tier 2 Rating on Watch Negative
BANCO VALENCIA: Fitch Puts BB- Preference Shares Rtng on Watch Neg
CAIXA LAIETANA: Fitch Puts B+ Preference Shares Rtng on Watch Neg.
FONCAIXA HIPOTECARIO: S&P Cuts Rating on Class D Notes to 'D (sf)'
MADRID RMBS: S&P Puts Low-B Rated Notes on CreditWatch Negative


S W E D E N

SAS GROUP: Names Rickard Gustafson as New CEO


T U R K E Y

YASAR HOLDING: Moody's Assigns 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

ALUTARIUS LTD: Hollybank House Faces Closure; No Buyer Found
BLIGHT AND SCOBLE: Owes Creditors GBP3 Million; Recovery Unlikely
CARPETS OF KIDDERMINSTER: 58 Jobs Saved After Management Buyout
CONNAUGHT PLC: Councils Won't Enter Into Deals With New Owners
CONNAUGHT PLC: Kier Expresses Interest in Environmental Division

ETHEL AUSTIN: Owes GBP33.2 Million to Nearly 500 Trade Creditors
IN 'N' OUT: Bought Out of Administration by Trevor Allen
MAM SOFTWARE: KMJ Corbin Raises Going Concern Doubt
POWERCORP INT'L: In Administration; Deloitte Seeks Buyers
REALTIME WORLDS: APB to Close; Buyer for IP Rights Sought

SIXTY UK: In Liquidation After CVA Deal Rejected
THOMAS MITCHELL: Miller Group Buys Nine Sites From Administrator
WHITEHAVEN RL: Set to Go Into Administration Today


X X X X X X X X

* BOND PRICING: For the Week September 13 to September 17, 2010




                         *********



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


AMAGERBANKEN AS: Moody's Assigns Rating on Senior Guaranteed Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a backed rating of Aaa to
the SEK2 billion senior guaranteed notes issued by Amagerbanken
A/S (rated Baa3/P-3/E+.  The bank deposit ratings are on review
for possible downgrade).  The notes mature on 29 July 2013.
Individual bond-specific eligibility certificates have been issued
by the Kingdom of Denmark acting through Finansiel Stabilitet A/S.

                         Rating Rationale

The Aaa rating reflects that the guaranteed obligations are backed
by the Aaa-rated Kingdom of Denmark.  The outlook on the senior
notes is stable, in line with the outlook on Denmark's sovereign
ratings.

Moody's previous rating action on Amagerbanken was implemented on
27 July 2010, when the rating agency changed the mapping of
Amagerbanken's E+ bank financial strength rating to B2 from B1.
The review for possible downgrade of the long- and short term-
deposit ratings were maintained at this time.

Based on Amager, Denmark, Amagerbanken reported total assets of
DKK30.3billion (EUR4.1billion) as of end-June 2010.

                     Regulatory Disclosures

Information source(s) used to prepare the credit rating is/are
these: parties involved in the ratings, public information and
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 assigning 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.

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.


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


RHODIA SA: S&P Raises Corporate Credit Rating to 'BB'
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has raised to 'BB'
from 'BB-' its long-term corporate credit rating on French
intermediate and specialty chemical company Rhodia.  S&P also
raised the issue ratings on the unsecured notes to 'BB' from 'BB-
'.  The recovery rating of '4' on these notes is unchanged.  The
outlook is stable.

"The upgrade reflects the much improved chemical operating
environment, Rhodia's strong pricing power, good position in
growth markets and segments, and resulting sustainably higher
profits and credit metrics," said Standard & Poor's credit analyst
Karl Nietvelt.

For instance, S&P anticipate that adjusted FFO to debt will
improve sustainably to 20% or above over 2010-2012, from a low of
11.4% in 2009.

S&P believes that Rhodia's business risk profile has improved and
now assess it as "satisfactory" rather than "fair."  S&P's
assessment factors in Rhodia's globally balanced geographical
sales and the diversity of its portfolio.  The acquisition of
Chinese Feixiang will, for instance, further strengthen Rhodia's
stronger-than-peer presence in emerging markets and increase the
weight of its Novecare segment.

S&P qualify Rhodia's financial risk profile as "aggressive,"
because of its higher-than-peer adjusted leverage and modest
credit metrics, albeit significantly improved from the 2009 low.
The bulk of Rhodia's adjusted debt consists of a large unfunded
pension deficit of ?1.1 billion after tax effecting (?1.66 billion
on a gross basis at end-June 2010).  This compares with net
financial debt that S&P estimate at around ?1.2 billion at year-
end 2010 after payment of the Feixiang acquisition.  Credit
supportive elements comprise Rhodia's strong liquidity, favorable
debt amortization profile, and relatively conservative financial
policies.

The stable outlook reflects supportive near- to medium-term
industry fundamentals.  S&P nevertheless anticipate volume growth
to be very limited in 2011 after the very strong rebound,
including some restocking, this year.  An adjusted FFO-to-debt
ratio of 20% during an average chemical year would be commensurate
with the ratings; given the cyclicality of the chemical sector,
S&P expects this ratio to be higher when the chemical operating
environment is favorable.

Downward rating pressure could arise if adjusted FFO-to-debt
ratios were to drop to 15% or lower during a downturn, without
short-term recovery prospects.  A severe contraction in polyamide
profits, as seen in early 2009, could also pressure the ratings,
if not sufficiently offset by profit stability in Rhodia's other
segments.  Other negative factors would include a W-shaped
recession, or an unexpected material increase in debt, including
from debt-financed acquisitions.  An upward rating action is
unlikely at this stage given the group's significant adjusted
leverage resulting from its large pension deficit.


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


ADAM OPEL: GM to Be "Patient" With Turnaround Efforts, CEO Says
---------------------------------------------------------------
Jeff Green and Craig Trudell at Bloomberg News report that
General Motors Co. Chief Executive Officer Dan Akerson on Thursday
said the U.S. carmaker will be "patient" with efforts to turn
around its unprofitable European unit.

Bloomberg relates Mr. Akerson said the automaker doesn't need to
find a partner for the Opel business at this time.

Europe is GM's only unprofitable region, with losses totaling
US$637 million before interest and taxes in the first half,
Bloomberg notes.

"We're willing to be patient and invest," Bloomberg quoted
Mr. Akerson as saying.  "I'm confident that we'll see progress
over the longer term."

As reported by the Troubled Company Reporter-Europe on Sept. 8,
2010, The Wall Street Journal said that GM's troubled Opel
operations in Europe is likely to prompt concern by investors as
the U.S. auto maker plans to go public.  The Journal said one of
the tougher tasks GM faces is making the case that its Opel
operations in Europe can be fixed.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).  Its
high-performance VXR range includes souped-up versions of Opel
models like the Meriva minivan, the Corsa hatchback, and the Astra
sports compact.  Opel is GM's largest subsidiary outside North
America.

                           *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said GM decided in June this year to fund Opel's EUR3.3
billion (US$4.3 billion) restructuring, after failing to secure
aid from European countries.  As reported by the Troubled Company
Reporter-Europe on June 11, 2010, Bloomberg News said Germany
turned down GM's request for EUR1.1 billion (US$1.3 billion) in
aid for its money-losing Opel division, forcing the automaker to
seek new ways to reorganize the unit.  Bloomberg disclosed Opel
sought EUR333 million in guarantees from the U.K., EUR437 million
from Austria and Spain combined and EUR50 million in project
financing from Poland.  Bloomberg said the Opel-Vauxhall
reorganization program includes eliminating 8,300 jobs from a
European workforce of 48,000 employees.


MAYER & CIE: Creditors Approve Insolvency Plan
----------------------------------------------
Knitting Trade Journal reports that creditors of Mayer & Cie
overwhelmingly approved the company's insolvency plan.

Knitting Trade Journal says the plan, submitted by insolvency
administrator Wolfgang Bilgery, will allow the company to exit
insolvency by October this year.

According to Knitting Trade Journal, the plan addressed the
company's 720 creditors with claims for EUR82,497,893,76.
Approval was given as the district court in Hechingen, Germany
from 709 creditors with claims for EUR82,282,996, Knitting Trade
Journal notes.

As reported by the Troubled Company Reporter-Europe on Oct. 9,
2009, Inteletex said that Mayer & Cie GmbH & Co. KG on Oct. 1
filed a petition for insolvency at the local court of Hechingen,
Germany, following a decline in textile machinery orders and
sales.  Intelex disclosed the company said against the background
of reduced sales turnover and additional difficulty caused by the
delay in shipments, it was s not in a position to meet its payment
obligations anymore and therefore had to file for insolvency.

Mayer & Cie GmbH & Co. KG is a circular knitting machine builder.


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


WIND HELLAS: Naguib Sawiris Makes Binding Offer
-----------------------------------------------
Kate Haywood and John Glover at Bloomberg News report that
Egyptian billionaire Naguib Sawiris made a binding offer to buy
Wind Hellas Telecommunications SA after the company was put up for
sale when it failed to make debt payments.

Bloomberg relates Mr. Sawiris said in a telephone interview that
the bid includes a fresh cash component and a partial debt-for-
equity swap with creditors giving up some of their claims in
exchange for shares in a restructured company.

According to Bloomberg, Athens-based daily Imerisia reported that
a group of senior bondholders in the third-biggest Greek mobile
company is also seeking control of the company.

Bloomberg notes that although Mr. Sawiris bought Wind Hellas out
of bankruptcy less than 12 months ago, it's now under the control
of creditors after the company deferred a EUR17.5 million (US$23
million) interest payment on its EUR250 million revolving credit
facility in June. It also missed a EUR23 million coupon payment on
its EUR1.2 billion of floating-rate notes, Bloomberg discloses.

                        About WIND Hellas

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

                          *     *     *

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


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


EUROMAX IV: S&P Cuts Ratings on Two Classes of Notes to 'CC (sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
five classes of EUROMAX IV MBS S.A.'s notes and affirmed its
ratings on four classes.  At the same time, S&P lowered its rating
on Barbican No. 1 Ltd.'s series 2006-1 notes.

The rating actions follow a notice of acceleration of the notes
and therefore the alteration of the priorities of payment to the
enforcement priority of payments.

These rating actions follow a notice of acceleration of the notes
reported on Sept. 1, 2010, and a notice of the appointment of a
receiver, BDO LLP, on Sept. 3.

Under the terms and conditions of EUROMAX IV MBS, S&P understand
that class A1 has the right to instruct the trustee to enforce
security over the portfolio collateral after an event of default.
Therefore, under its criteria, S&P considers liquidation a likely
outcome for the assets underlying EUROMAX IV.

S&P has received confirmation from the collateral manager that in
the event of liquidation of the portfolio, there will unlikely be
sufficient proceeds to redeem EUROMAX IV's class A1 notes fully.
In line with its criteria, S&P has lowered its rating on the class
A1 notes to 'CCC- (sf)', to reflect this increased risk.

As a result of the change of priority of payments to the
enforcement priorities of payments, it is S&P's opinion that
EUROMAX IV's class A2 and B notes are likely to miss timely
payment of interest on the next payment date of Oct. 6, 2010.  As
S&P's ratings on classes A2 and B address timely payment of
interest, S&P has lowered its ratings on these classes to 'CC
(sf)'.

Under the terms and conditions of EUROMAX IV's class C, D, F1, and
F2 notes, payments of interest to noteholders can be deferred
until final maturity.  For this reason, S&P has affirmed its
ratings on these classes.

Barbican No. 1's ?4.9 million EUROMAX IV combination notes series
2006-1 comprise the class B and subordinated notes of EUROMAX IV.
However, given that it has no stated interest, S&P has downgraded
it to 'CCC- (sf)' rather than 'CC (sf)', as it will not miss a
payment of interest due under the note terms and conditions.

S&P reviewed both transactions in line with its surveillance
methodology for cash flow transactions subject to an event of
default.

EUROMAX IV MBS is a cash flow collateralized debt obligation of
European asset-backed securities transaction that closed in
October 2005.  Barbican No. 1 is a combination note comprising
components of EUROMAX IV MBS's class B and subordinated notes.

                           Ratings List

                        EUROMAX IV MBS S.A.
           ?206.45 Million Secured Floating-Rate Notes

                         Ratings Lowered

                                   Rating
                                   ------
             Class         To                From
             -----         --                ----
             A1 single     CCC- (sf)         BB (sf)
             A1 delayed    CCC- (sf)         BB (sf)
             A1 fltg       CCC- (sf)         BB (sf)
             A2            CC (sf)           B (sf)
             B             CC (sf)           CCC (sf)

                         Ratings Affirmed

                     Class         Rating
                     -----         ------
                     C             CCC- (sf)
                     D             CCC- (sf)
                     F1 Combo      CCC- (sf)
                     F2 Combo      CCC- (sf)

                        Barbican No. 1 Ltd.
      ?4.9 Million EUROMAX IV Combination Notes Series 2006-1

                         Ratings Lowered

                                   Rating
                                   ------
             Class         To                From
             -----         --                ----
             2006-1        CCC- (sf)         BB (sf)


IRISH NATIONWIDE: Calls in Former BoSI Executive to Conduct Review
------------------------------------------------------------------
Simon Carswell at The Irish Times reports that Irish Nationwide
has recruited former Bank of Scotland (Ireland) executive
Antoinette Dunne to carry out a review of the building society's
50-branch network, despite uncertainty over its future as a stand-
alone institution.

According to The Irish Times, Ms. Dunne was brought in by senior
management at Irish Nationwide to advise on changes to the
management of the society's branches and how branch managers
report into head office.

Citing The Sunday Business Post, The Irish Times reported the
European Commission was preparing to trigger the closure of Irish
Nationwide, similar to the Irish government's Anglo plan, by
blocking its proposal to reinvent itself as a mortgage and savings
provider.

The Irish Times notes Minister for Finance Brian Lenihan said last
March that the lender "does not have a future as an independent
stand-alone entity" and the government aims to sell Irish
Nationwide quickly or merge it with another entity.  The
government has pledged EUR2.7 billion to Irish Nationwide,
bringing the society into State ownership, The Irish Times
discloses.  Some EUR9 billion of Irish Nationwide loans are moving
to Nama, The Irish Times notes.

Irish Nationwide Building Society, headquartered in Dublin, had
total assets of EUR14.4 billion at year-end 2008.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 6,
2010, Fitch Ratings upgraded the Individual rating of Irish
Nationwide Building Society to 'E' from 'F'.  The upgrade of
INBS's Individual Rating to 'E' recognizes the government's
injection of EUR2.7 billion capital into the society, but also
acknowledges that the society is still likely to require further
external support.  The sale at a loss of loans to NAMA is likely
to lead the society to report losses in 2010 which Fitch expects
to be larger than the society's capital base.  Fitch thus expects
that the society will require additional capital to comply
with the Irish Financial Regulator's minimum capital requirements
of an 8% Tier 1 capital ratio by end-2010.


PALLADIUM CDO: Fitch Lowers Ratings on Two Tranches to 'Dsf'
------------------------------------------------------------
Fitch Ratings has downgraded five tranches and affirmed three
tranches of Palladium CDO II:

  -- EUR29m Class A-1E notes (ISIN: XS0262677734): affirmed at
     'CCsf'; Recovery Rating is 'RR6'

  -- US$15m Class A-1U notes (ISIN: XS0262681330): affirmed at
     'CCsf'; Recovery Rating is 'RR6'

  -- AUD10m Class B-1A notes (ISIN: XS0263576596): downgraded to
     'Dsf' from 'Csf''

  -- US$65m Class B-1U notes (ISIN: XS0262681843): downgraded to
     'Dsf' from 'Csf''

  -- JPY100m Class B-2J notes (ISIN: XS0263576083): downgraded to
     'Dsf' from 'Csf''

  -- EUR25m Class C-1E notes (ISIN: XS0262678971): affirmed at
     'Bsf'; Outlook Stable; Loss Severity Rating is 'LS-5'

  -- US$16m Class C-1U notes (ISIN: XS0262681926): downgraded to
     'Dsf' from 'Csf''

  -- JPY500m Class C-1J notes (ISIN: XS0262680449): downgraded to
     'Dsf' from 'Csf''

The notes downgraded to 'Dsf' reflect the settlement of the credit
event for Ambac Assurance Corporation which has led to losses
exceeding the credit enhancement levels of the tranches and
subsequently a principal reduction of the notes.

The affirmation of the Class A notes reflects the limited amount
of credit enhancement now available at only 0.16%.  The
affirmation for the restructured Class C-1E reflects the current
credit enhancement level of 3.05%, which is sufficient to cover
the potential default of the four lowest rated names rated at 'B+'
or below which represent 2.49% of the remaining portfolio.

This is a partially funded synthetic securitization of a portfolio
of reference assets, all of which were investment-grade at
closing.  The issuer has entered into a series of credit default
swap agreements, each referencing a mezzanine portion of the
portfolio, and has issued separate classes of notes to fund its
obligations under each CDS.  The issuer has used the note proceeds
to acquire eligible securities under a repurchase agreement to
collateralize its obligations under the notes.  The notes have
been issued in more than one currency and the issuer has entered
into a currency swap to hedge its payment obligations in respect
of such notes.  The notes are credit-linked to the performance of
the reference portfolio, which is managed by BlackRock Financial
Management, Inc during the term of the transaction.

Fitch has maintained the Issuer Report Grade at Two Stars
reflecting the "basic" level of investor reporting.


TALISMAN-1 FINANCE: Fitch Lifts Rating on Class G Notes From 'Bsf'
------------------------------------------------------------------
Fitch Ratings has affirmed the class A and class B notes of
Talisman-1 Finance p.l.c. CMBS and upgraded all other classes of
notes with Stable Outlook.  The rating action is:

  -- EUR56.6m class A (XS0220377906) affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR28.6m class B (XS0220378896) affirmed at 'AAAsf'; Outlook
     Stable

  -- EUR28.6m class C (XS0220379274) upgraded to 'AA+sf' from
     'AAsf'; Outlook Stable

  -- EUR27.5m class D (XS0220379514) upgraded to 'Asf' from
     'BBBsf'; Outlook revised to Stable from Negative

  -- EUR3.1m class E (XS0220379787) upgraded to 'Asf' from 'BBB-
     sf'; Outlook revised to Stable from Negative

  -- EUR5.3m class F (XS0220380017) upgraded to 'BBBsf' from
     'BBsf'; Outlook revised to Stable from Negative

  -- EUR7.0m class G (XS0220380363) upgraded to 'BBBsf' from
     'Bsf'; Outlook revised to Stable from Negative

The upgrade of the class C to G notes reflects Fitch's expectation
of a full recovery on the securitized portions of both loans,
despite their default at their respective maturity dates earlier
in the year.  This has been confirmed by recent revaluations of
both collateral portfolios which result in a WA reported LTV of
65.6%.  Given the legal final maturity of the bonds in January
2014, Fitch believes that the servicer has sufficient time to work
out both loans.  The Stable Outlooks reflect the significant
increase in credit enhancement since closing and the stable
performance of the underlying collateral of the remaining two
loans.

The Prime Commercial loan (84.7% of the portfolio) failed to repay
at its scheduled maturity date in January 2010.  Since then, all
excess cash has been applied to amortize the securitized A-note,
resulting in a EUR7.1m repayment (5% of the exit balance).  The
special servicer (LNR Partners Germany GmbH) is currently
attempting to achieve a refinancing of the whole loan.  Despite
the stable nature of the collateral (two shopping centers located
near Hamburg and Cologne in Germany), Fitch believes that the
secondary nature of both properties, the relatively large whole
loan balance of EUR170m, and the high whole loan leverage (84% and
91% reported and Fitch LTVs, respectively) are likely to result in
additional equity injections being required for a refinancing to
be successful.  However, both the reported and Fitch A-note LTVs
of 65.6% and 70.6%, respectively, imply a high likelihood of a
full recovery on the securitized portion of the loan, even if a
refinancing of the whole loan is not possible.

The Alpha Real Estate loan (15.3% of the portfolio), which is
secured by a well-located retail centre in Berlin and a portfolio
of residential units in Munster (Lower Saxony region of Germany),
also failed to repay at its scheduled maturity date in April 2010.
Again, the strategy of the special servicer is focused on a
refinancing of the loan: an indicative term sheet has been
provided by the borrower but the relevant bank's credit committee
has not yet approved the new loan.  Compared to the Prime loan,
Fitch believes that this loan has a good possibility of achieving
a refinancing within the tail period due to its significantly
smaller loan balance of EUR24.0m, the moderate Fitch LTV of 76%,
and the high exit debt yield of 9.6%.

Fitch will continue to monitor the performance of the transaction.


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


INTERGAS CENTRAL: Fitch Affirms Issuer Default Ratings at 'BB+'
---------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based KazTransGas's Long-
term foreign and local currency Issuer Default Ratings at 'BB' and
Short-term IDR at 'B'.  The Outlooks for the Long-term IDRs are
Stable.

The agency has simultaneously affirmed JSC Intergas Central Asia's
Long-term foreign and local currency IDRs at 'BB+', its senior
unsecured rating at 'BB+' and its Short-term IDR at 'B'.  The
Outlooks for the Long-term IDRs are Stable.  Intergas Finance
B.V.'s senior unsecured issues have also been affirmed at 'BB+'.

The ratings of KTG, ultimately state-owned, and its 100%
subsidiary ICA reflect ICA's position as the monopoly operator of
the gas pipeline network in Kazakhstan, which remains the only
feasible route for transit of Central Asian gas to Russia and
further to Europe.

The ratings are underpinned by improved credit metrics of the
group.  In 2009 and H110, OAO Gazprom ('BBB'/Stable), the main
counterparty of KTG and ICA representing around 90% of ICA's FY09
revenue, honored its ship-or-pay obligations under the contract
with ICA for transit of Central Asian gas (which makes up the bulk
of the group's revenue), despite much lower actual volumes of
Turkmen gas purchased by Gazprom.

The ratings and their Stable Outlooks also factor in Fitch's
expectations that both companies will maintain relatively solid
financial profiles in 2011, albeit weaker than in 2009-10, if this
contract (which expires at end-2010) is renewed on less favorable
terms for KTG/ICA.  KTG's financial metrics are also expected to
be enhanced by expansion of its activities in sales of gas
purchased from other domestic producers with attractive economics.

Fitch's forecasts for KTG and ICA are based on the agency's
assumptions of flat international gas transit tariffs over 2011-14
and exclusion of a ship-or-pay clause from a new agreement with
Gazprom related to Central Asian gas transit.  As such, Fitch
expects KTG/ICA's FFO adjusted leverage to rise above 2x in 2011,
whereby the companies will still remain well placed among their
pipeline peers rated by Fitch.

ICA's ratings are one notch above KTG's because ICA is the main
operating entity and a profit centre for the group.  ICA (FY09 FFO
adjusted leverage of 1.46x and EBITDAR margin of 63.4%) has
stronger credit metrics than KTG (1.61x and 47.9%, respectively).

The ratings also consider KTG/ICA's intensive capex programs,
which may require additional external funding, thus putting upward
pressure on leverage.

Despite some stabilization in the Kazakh banking system, Fitch
continues to place greater emphasis on gross rather than net
leverage figures in its analysis, as a large portion of the
group's cash position is held with Kazakh banks.


KAZTRANSGAS JSC: Fitch Affirms Issuer Default Ratings at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based KazTransGas's Long-
term foreign and local currency Issuer Default Ratings at 'BB' and
Short-term IDR at 'B'.  The Outlooks for the Long-term IDRs are
Stable.

The agency has simultaneously affirmed JSC Intergas Central Asia's
Long-term foreign and local currency IDRs at 'BB+', its senior
unsecured rating at 'BB+' and its Short-term IDR at 'B'.  The
Outlooks for the Long-term IDRs are Stable.  Intergas Finance
B.V.'s senior unsecured issues have also been affirmed at 'BB+'.

The ratings of KTG, ultimately state-owned, and its 100%
subsidiary ICA reflect ICA's position as the monopoly operator of
the gas pipeline network in Kazakhstan, which remains the only
feasible route for transit of Central Asian gas to Russia and
further to Europe.

The ratings are underpinned by improved credit metrics of the
group.  In 2009 and H110, OAO Gazprom ('BBB'/Stable), the main
counterparty of KTG and ICA representing around 90% of ICA's FY09
revenue, honored its ship-or-pay obligations under the contract
with ICA for transit of Central Asian gas (which makes up the bulk
of the group's revenue), despite much lower actual volumes of
Turkmen gas purchased by Gazprom.

The ratings and their Stable Outlooks also factor in Fitch's
expectations that both companies will maintain relatively solid
financial profiles in 2011, albeit weaker than in 2009-10, if this
contract (which expires at end-2010) is renewed on less favorable
terms for KTG/ICA.  KTG's financial metrics are also expected to
be enhanced by expansion of its activities in sales of gas
purchased from other domestic producers with attractive economics.

Fitch's forecasts for KTG and ICA are based on the agency's
assumptions of flat international gas transit tariffs over 2011-14
and exclusion of a ship-or-pay clause from a new agreement with
Gazprom related to Central Asian gas transit.  As such, Fitch
expects KTG/ICA's FFO adjusted leverage to rise above 2x in 2011,
whereby the companies will still remain well placed among their
pipeline peers rated by Fitch.

ICA's ratings are one notch above KTG's because ICA is the main
operating entity and a profit centre for the group.  ICA (FY09 FFO
adjusted leverage of 1.46x and EBITDAR margin of 63.4%) has
stronger credit metrics than KTG (1.61x and 47.9%, respectively).

The ratings also consider KTG/ICA's intensive capex programs,
which may require additional external funding, thus putting upward
pressure on leverage.

Despite some stabilization in the Kazakh banking system, Fitch
continues to place greater emphasis on gross rather than net
leverage figures in its analysis, as a large portion of the
group's cash position is held with Kazakh banks.


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


INTELSAT: Moody's Assigns 'B3' on US$900MM Notes for Jackson Unit
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Intelsat Jackson
Holdings, S.A. new US$900 million 10-year note issue.  The new
notes are guaranteed by Intelsat Jackson's indirect, wholly-owned
subsidiary, Intelsat Subsidiary Holding Company, S.A., and rank
equally with other senior notes issued by Intelsat Jackson and
guaranteed by Intelsat Subholdco.  Intelsat Jackson is an
indirect, wholly-owned subsidiary of Intelsat, S.A., the senior
most company in the Intelsat group of companies for which Moody's
maintain ratings; per usual practice, the corporate family rating
(Caa1) and ratings outlook (Stable) are in the name of Intelsat.

Assignments:

Issuer: Intelsat Jackson Holdings S.A. (formerly Intelsat Jackson
Holdings, Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD3,
     33%)

Other Ratings and Outlook Actions:

Issuer: Intelsat S.A. (formerly Intelsat, Ltd.)

  -- Corporate Family Rating, Affirmed at Caa1

  -- Probability of Default Rating, Affirmed at Caa1

  -- Outlook, Affirmed at Stable

  -- Speculative Grade Liquidity Rating, Affirmed at SGL-3

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa3
     (LGD6, 95%)

Issuer: Intelsat (Luxembourg) S.A. (formerly Intelsat (Bermuda),
Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa3
     (LGD5, 84%)

Issuer: Intelsat Jackson Holdings S.A. (formerly Intelsat Jackson
Holdings, Ltd.)

  -- Senior Secured Bank Credit Facility, Affirmed at B3 with the
     LGD Assessment Revised to LGD3, 33% from LGD3, 34%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment Revised to LGD3, 33% from LGD3, 34%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2
     LGD4, 65%

Issuer: Intelsat Intermediate Holding Company S.A. (formerly
Intelsat Intermediate Holding Company, Ltd.)

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at Caa2
     with the LGD Assessment Revised to LGD4, 59% from LGD4, 58%

Issuer: Intelsat Subsidiary Holding Company S.A. (formerly
Intelsat Subsidiary Holding Company, Ltd.)

  -- Senior Secured Bank Credit Facility, Affirmed at B1 with the
     LGD Assessment Revised to LGD1, 4% from LGD1, 5%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment Revised to LGD3, 33% from LGD3, 34%

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Affirmed at B1 with the
     LGD Assessment Revised to LGD1, 4% from LGD1, 5%

  -- Senior Unsecured Regular Bond/Debenture, Affirmed at B3 with
     the LGD Assessment to Revised LGD3, 33% from LGD3, 34%

                         Rating Rationale

Intelsat's corporate family and probability of default ratings are
Caa1 and the ratings outlook is stable.  Most of the new issue
proceeds, US$830 million, will be used to retire existing debt in
the name of Intelsat Corporation (US$658 million of senior notes
due 2014 and US$125 million of senior notes dues 2028; applicable
ratings will be withdrawn in due course).  The balance will fund
accrued interest, pay fees and expenses, and bolster consolidated
liquidity.  In aggregate, as the company's consolidated GAAP debt
increases by less than 1%, the transaction does not have a
material impact on Intelsat's consolidated credit profile and,
accordingly, its Caa1 CFR and PDR and stable ratings outlook
remain unchanged.  Moody's do, however, view the transaction as
being positive step, continuing recent actions to extend
maturities, harmonize terms and conditions, and simplify the debt
structure.

Moody's notes that Intelsat Corporation's debt load is decreasing
while that at Intelsat Subholdco (by way of guarantee) is
increasing.  However, Moody's continue to apply Moody's loss given
default methodology in a manner that, despite differences in
leverage, treats the two companies as having equivalent credit
profiles.  Moody's think that operational matters, capital
expenditure planning, and transfer pricing mechanisms suggest
that, despite apparent differences in leverage, the two quasi-
operating companies have similar credit profiles.  Consequently,
the exercise of relocating debt from Intelsat Corporation to
Intelsat Subholdco has no impact on ratings for individual
instruments.  Lastly, while the refinance transaction augments
Intelsat's consolidated liquidity position, as Moody's expect the
company's capital expenditure program to continue to leave a
somewhat limited liquidity cushion, Intelsat's SGL-3 speculative
grade liquidity rating (adequate) remains unchanged.

Intelsat's defining ratings factor is elevated financial leverage
(LTM Debt-to-EBITDA incorporating Moody's standard adjustments is
8.5x) resulting from debt-financed ownership changes and risks
that the company will not be able to grow its cash flow stream in
order that all of its substantial interest burden, capital
expenditures and periodic cash income tax obligations can be met
from operating cash flow.  Longer term, this equation will also,
presumably, expand to include returns being provided to equity
holders.  The company's financing thesis is predicated upon top-
line growth and margin expansion as broadband demand continues to
grow.  Together with permanent reductions in capital expenditures
as the company's very large satellite constellation is
rationalized over time, this will facilitate improvements in
capacity utilization and profit margins.  In the interim, the Caa1
rating is driven by the gap between the cash flow negative status
quo and the execution risks and uncertainty related to the company
becoming comfortably cash flow self-sustaining.  These matters
also serve to highlight the very important role that the company's
liquidity arrangements play.  The ability to address temporary FCF
shortfalls without jeopardizing overall financing arrangements is
crucial.

                          Rating Outlook

As noted above, the ratings outlook is stable.  With growing
EBITDA and liquidity sufficient to fund the next several quarters,
downwards rating pressure is manageable.  However, until positive
free cash flow can be anticipated to be sustained, upwards ratings
momentum is limited.

                What Could Change the Rating -- Up

A ratings upgrade is not expected until Intelsat can substantiate
the ability to be cash flow self-sustaining.  Given the current
debt load, this should be observed when EBITDA approaches
US$2.4 billion and Debt/EBITDA approaches and then falls below
6.5x.  Upon this milestone being observed/anticipated and
supported by trends that are expected to be sustained, and
presuming solid liquidity arrangements, upwards rating pressure
would result.

              What Could Change the Rating -- Down

In the near term, Intelsat's rating is tied to its liquidity
arrangements; they will provide the initial warnings of the
company's plan coming under stress.  In this regard financial
covenants (and restricted payment baskets) will be key.  Should
applicable cushions be permanently eroded, downwards ratings
actions may be required.

                        Corporate Profile

Headquartered in Luxembourg, Intelsat is the largest fixed
satellite service operator in the world and is privately held by
financial investors.


INTELSAT: S&P Assigns 'B+' on US$900MM Notes for Jackson Unit
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
and '2' recovery ratings to Intelsat Jackson Holdings S.A.'s
proposed US$900 million of senior notes due 2020.  The '2'
recovery rating indicates expectations for substantial (70%-90%)
recovery in the event of a payment default.  The proposed notes
are guaranteed by Intelsat Subsidiary Holding Co. S.A.

The company intends to use the issue proceeds to refinance the
9.25% senior notes due 2014 and the 6.875% senior secured notes
due 2028, both of which reside at Intelsat Corp. (US$658 million
and US$125 million outstanding, respectively, as of June 30, 2010)
and for general corporate purposes.  Ratings are based on
preliminary documentation and are subject to review of final
documents.

In addition, S&P affirmed the 'B' corporate credit rating on
Luxembourg-based parent Intelsat Global S.A.  The outlook is
stable.

"The ratings on Intelsat its highly leveraged financial profile
and S&P's expectations for modestly negative free operating cash
flow which overshadows its attractive business characteristics,"
said Standard & Poor's credit analyst Naveen Sarma.  S&P considers
the business risk profile to be "strong," reflecting the company's
high profit margins, global scale, strong geographic
diversification, and a revenue backlog that provides for
significant revenue visibility.

"This fundamentally sound business profile allows the company to
support such high levels of leverage at this rating," added Mr.
Sarma.  Pro forma for the proposed transaction, Intelsat has over
US$15 billion in debt.


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


ROMPETROL GROUP: Fitch Puts 'B+' Issuer Rating on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed Netherlands-based The Rompetrol Group
N.V.'s Long-term foreign currency Issuer Default Rating of 'B+' on
Rating Watch Negative.

The rating action reflects the negative impact of the recent
decision by Romania's National Agency for Fiscal Administration to
levy a distraint upon some assets of Rompetrol Rafinare, the main
operating subsidiary of TRG.  This decision relates to convertible
bonds of EUR570m (US$740m), due on 30 September 2010, which were
issued to the Romanian state in 2003 as part of the conversion of
RRC's state budget liabilities.

ANAF also said in a statement that, according to its
interpretation of the law, once the redemption option was chosen
by the company when RRC repaid a portion of the convertible bonds
(EUR54m) in August 2010, the remaining bonds cannot be converted
to equity and have to be repaid by the maturity date.  This
interpretation is inconsistent with the company's plan to
partially repay the bonds and to convert the majority of the bonds
into equity, which is supported by TRG's interpretation of the law
and the convertible bond documentation.  As a result of the bond
to equity conversion, the state, as the sole holder of the
convertible bonds, would become a minority shareholder of RRC.
RRC's shareholders meeting has recently approved the plan to
convert the remaining bonds into equity on 30 September 2010.

Fitch continues to assume in TRG's projections that RRC will
convert the majority of the convertible bonds into shares and will
not repay the outstanding amount in cash (EUR516m(US$670m)).
However, the RWN reflects increased government pressure on TRG and
increased uncertainty regarding the final outcome of the legal
dispute between ANAF and TRG.

TRG's rating is based on a bottom-up approach in line with Fitch's
parent and subsidiary rating linkage methodology.  The rating
reflects the company's standalone credit profile, assessed at
'CCC', and a three-notch uplift for parental support from the
Kazakhstan-based integrated oil and gas company KazMunaiGaz
National Company (NC KMG, rated 'BBB-'/Stable Outlook/'F3').

NC KMG, which has been the company's sole shareholder since July
2009, provided substantial financial support to TRG in H209.  This
support took the form of a US$1.1bn cash injection as an advance
for a share capital increase.  The proceeds from the cash
injection were used mainly for repayment of bank loans and other
debt, resulting in an improved standalone financial profile and
liquidity position.  Additional support was provided by NC KMG in
the form of subordinated shareholder loans (US$596m at end-June
2010).

The agency assesses strategic and legal ties between TRG and NC
KMG as strong, whilst operational ties are moderate.  Strong legal
ties stem from a cross default provision in the documentation for
the US$7.5bn Global Medium Term Note Programme of NC KMG, which
also relates to TRG's debt.

TRG reported weak cash flow for 2009 and H110 mainly due to
difficult conditions for oil refining companies.  Its net debt
grew to US$972m at end-June 2010 from US$629m at end-2009.

Fitch assumes that TRG's liquidity will continue to be supported
by NC KMG.  Although liquidity improved considerably following the
cash injection in H209, Fitch currently views TRG's liquidity as
insufficient.  At end-June 2010, TRG had US$127m in cash, against
short-term debt of US$478m (excluding shareholder loans),
comprising mostly bank loans.  Fitch believes that refinancing
risk related to shareholder loans of US$596m, due in March 2011,
is low, due to support from NC KMG.


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


BANCAJA: Fitch Places 'BB+' Upper Tier 2 Rating on Watch Negative
-----------------------------------------------------------------
Fitch Ratings has placed Caja de Ahorros y Monte de Piedad de
Madrid's Long- and Short-term Issuer Default Ratings and
Individual rating on Rating Watch Negative.

At the same time, the agency placed on Rating Watch Positive Caja
de Ahorros de Valencia, Castellon y Alicante's and Caixa
d'Estalvis Laietana's Long- and Short-term IDRs.  Bancaja's and
Caixa Laietana's Individual ratings have been placed on Rating
Watch Evolving.  A full list of all rating actions is included at
the end of this comment.

The rating actions follow the approval of an integration contract
by the General Assemblies of the three cajas and Caja Insular de
Canarias, Caja de Ahorros y Monte de Piedad de Avila, Caja de
Ahorros y Monte de Piedad de Segovia and Caja de Ahorros de Rioja
to form a group with cross-guarantee mechanisms through an
Institutional Protection Scheme.

The SIP contract is expected to include a legally binding cross-
guarantee mechanism encompassing liquidity and solvency.  Fitch
will resolve the rating watches once the SIP is set up and further
information on the SIP contract and integration details are
available.  This is expected by end-2010.  Fitch expects to align
the IDRs of Caja Madrid, Bancaja and Caixa Laietana upon
completion of the merger process.

The RWN on Caja Madrid's IDRs, debt and Individual rating reflect
the challenges associated with the merger process, including high
integration risks, the muted economic prospects for the Spanish
economy and that it is integrating with weaker cajas.

Furthermore, the new group will continue to have risk
concentration to the Spanish construction and real estate sectors
and will continue to be reliant on wholesale funding.  In Fitch's
view, the wholesale funding market could remain difficult and
could have important effects on the group's funding and liquidity.
All of these considerations will be taken into account when Fitch
resolves the RWN on Caja Madrid's ratings and the RWE on the
Individual and hybrid ratings of Bancaja and Caixa Laietana.  Caja
Madrid's Individual rating and preference shares are likely to be
downgraded by more than one notch.

The RWP on Bancaja's and Caixa Laietana's IDRs reflect the
integration with a higher-rated entity as well as the high
likelihood that the Support ratings will be upgraded and the
Support Rating Floors revised upward.

The group will create Spain's largest caja and third-largest
banking group and, as such, increase the likelihood of state
support, in case of need.  This is reflected in the RWP on the
respective banks' Support Ratings and Support Rating Floors.  An
upgrade of the Support Ratings of these banks to '1' would result
in a minimum Support Rating Floor (and hence Long-term IDR) of 'A-
' for these banks.

Fitch has also placed Bancaja's 38.4%-owned subsidiary, Banco de
Valencia's ratings on RWE, reflecting limited information the
agency has on the implications for Banco de Valencia from the
creation of the SIP.  Fitch will take rating action as information
becomes available and once the SIP is formed.  The agency will
assess Banco de Valencia's importance for the new group and the
willingness and propensity of support, in case of need.

The SIP will seek EUR4,465m capital support from the Fund for
Orderly bank Restructuring, which qualify as regulatory tier 1
capital.  In addition, revaluation reserves on investments and
fixed assets will also feed into the merged entity's core capital.
Although there will be revenue pressure from low interest rates
and lower business volumes, cost synergies are expected to be
achieved through headquarter and branch rationalization plans as
well as through early staff retirements, which should help the
institution return FROB funds within a five-year timeframe.

While restructuring costs will be gradually absorbed through the
profit and loss statement, FROB funds will enable the new entity
to anticipate potential impairments of the loan book.  The new
entity will thus operate from a more favorable competitive
position.

The SIP will have about EUR339bn in assets and a market share of
deposits of about 12% in Spain.  Caja Madrid, Bancaja and Caixa
Laietana are Spain's second-, third- and 32nd-largest cajas in
Spain by total assets, respectively, at end-2009.  These
institutions are largely retail-focused in Madrid, Catalonia and
Levante, although Caja Madrid and Bancaja also have a national
franchise.

The rating actions are:

Caja Madrid:

  -- Long-term IDR: 'A' placed on RWN
  -- Short-term IDR: 'F1' placed on RWN
  -- Individual rating: 'B/C' placed on RWN
  -- Support Rating: '2' placed on RWP
  -- Support Rating Floor: 'BBB' placed on RWP
  -- Senior unsecured debt: 'A' placed on RWN
  -- Subordinated debt: 'A-' placed on RWN
  -- Preference shares: 'BBB' placed on RWN
  -- State-guaranteed notes: affirmed at 'AA+'

Bancaja:

  -- Long-term IDR: 'BBB' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Senior Unsecured Debt: 'BBB' placed on RWP
  -- Subordinated debt: 'BBB-' placed on RWP
  -- Upper tier 2: 'BB+' placed on RWE
  -- Preference shares: 'BB-' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'

Banco Valencia:

  -- Long-term IDR: 'BBB' placed on RWE
  -- Short-term IDR: 'F3' placed on RWE
  -- Individual rating: unaffected at 'C/D'
  -- Support Rating: '2' placed on RWE
  -- Senior unsecured debt: 'BBB' placed on RWE
  -- Subordinated debt: 'BBB-' placed on RWE
  -- Preference shares: 'BB-' placed on RWE

Caixa Laietana:

  -- Long-term IDR: 'BBB-' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Preference shares: 'B+' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'


BANCO VALENCIA: Fitch Puts BB- Preference Shares Rtng on Watch Neg
------------------------------------------------------------------
Fitch Ratings has placed Caja de Ahorros y Monte de Piedad de
Madrid's Long- and Short-term Issuer Default Ratings and
Individual rating on Rating Watch Negative.

At the same time, the agency placed on Rating Watch Positive Caja
de Ahorros de Valencia, Castellon y Alicante's and Caixa
d'Estalvis Laietana's Long- and Short-term IDRs.  Bancaja's and
Caixa Laietana's Individual ratings have been placed on Rating
Watch Evolving.  A full list of all rating actions is included at
the end of this comment.

The rating actions follow the approval of an integration contract
by the General Assemblies of the three cajas and Caja Insular de
Canarias, Caja de Ahorros y Monte de Piedad de Avila, Caja de
Ahorros y Monte de Piedad de Segovia and Caja de Ahorros de Rioja
to form a group with cross-guarantee mechanisms through an
Institutional Protection Scheme.

The SIP contract is expected to include a legally binding cross-
guarantee mechanism encompassing liquidity and solvency.  Fitch
will resolve the rating watches once the SIP is set up and further
information on the SIP contract and integration details are
available.  This is expected by end-2010.  Fitch expects to align
the IDRs of Caja Madrid, Bancaja and Caixa Laietana upon
completion of the merger process.

The RWN on Caja Madrid's IDRs, debt and Individual rating reflect
the challenges associated with the merger process, including high
integration risks, the muted economic prospects for the Spanish
economy and that it is integrating with weaker cajas.

Furthermore, the new group will continue to have risk
concentration to the Spanish construction and real estate sectors
and will continue to be reliant on wholesale funding.  In Fitch's
view, the wholesale funding market could remain difficult and
could have important effects on the group's funding and liquidity.
All of these considerations will be taken into account when Fitch
resolves the RWN on Caja Madrid's ratings and the RWE on the
Individual and hybrid ratings of Bancaja and Caixa Laietana.  Caja
Madrid's Individual rating and preference shares are likely to be
downgraded by more than one notch.

The RWP on Bancaja's and Caixa Laietana's IDRs reflect the
integration with a higher-rated entity as well as the high
likelihood that the Support ratings will be upgraded and the
Support Rating Floors revised upward.

The group will create Spain's largest caja and third-largest
banking group and, as such, increase the likelihood of state
support, in case of need.  This is reflected in the RWP on the
respective banks' Support Ratings and Support Rating Floors.  An
upgrade of the Support Ratings of these banks to '1' would result
in a minimum Support Rating Floor (and hence Long-term IDR) of 'A-
' for these banks.

Fitch has also placed Bancaja's 38.4%-owned subsidiary, Banco de
Valencia's ratings on RWE, reflecting limited information the
agency has on the implications for Banco de Valencia from the
creation of the SIP.  Fitch will take rating action as information
becomes available and once the SIP is formed.  The agency will
assess Banco de Valencia's importance for the new group and the
willingness and propensity of support, in case of need.

The SIP will seek EUR4,465m capital support from the Fund for
Orderly bank Restructuring, which qualify as regulatory tier 1
capital.  In addition, revaluation reserves on investments and
fixed assets will also feed into the merged entity's core capital.
Although there will be revenue pressure from low interest rates
and lower business volumes, cost synergies are expected to be
achieved through headquarter and branch rationalization plans as
well as through early staff retirements, which should help the
institution return FROB funds within a five-year timeframe.

While restructuring costs will be gradually absorbed through the
profit and loss statement, FROB funds will enable the new entity
to anticipate potential impairments of the loan book.  The new
entity will thus operate from a more favorable competitive
position.

The SIP will have about EUR339bn in assets and a market share of
deposits of about 12% in Spain.  Caja Madrid, Bancaja and Caixa
Laietana are Spain's second-, third- and 32nd-largest cajas in
Spain by total assets, respectively, at end-2009.  These
institutions are largely retail-focused in Madrid, Catalonia and
Levante, although Caja Madrid and Bancaja also have a national
franchise.

The rating actions are:

Caja Madrid:

  -- Long-term IDR: 'A' placed on RWN
  -- Short-term IDR: 'F1' placed on RWN
  -- Individual rating: 'B/C' placed on RWN
  -- Support Rating: '2' placed on RWP
  -- Support Rating Floor: 'BBB' placed on RWP
  -- Senior unsecured debt: 'A' placed on RWN
  -- Subordinated debt: 'A-' placed on RWN
  -- Preference shares: 'BBB' placed on RWN
  -- State-guaranteed notes: affirmed at 'AA+'

Bancaja:

  -- Long-term IDR: 'BBB' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Senior Unsecured Debt: 'BBB' placed on RWP
  -- Subordinated debt: 'BBB-' placed on RWP
  -- Upper tier 2: 'BB+' placed on RWE
  -- Preference shares: 'BB-' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'

Banco Valencia:

  -- Long-term IDR: 'BBB' placed on RWE
  -- Short-term IDR: 'F3' placed on RWE
  -- Individual rating: unaffected at 'C/D'
  -- Support Rating: '2' placed on RWE
  -- Senior unsecured debt: 'BBB' placed on RWE
  -- Subordinated debt: 'BBB-' placed on RWE
  -- Preference shares: 'BB-' placed on RWE

Caixa Laietana:

  -- Long-term IDR: 'BBB-' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Preference shares: 'B+' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'


CAIXA LAIETANA: Fitch Puts B+ Preference Shares Rtng on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has placed Caja de Ahorros y Monte de Piedad de
Madrid's Long- and Short-term Issuer Default Ratings and
Individual rating on Rating Watch Negative.

At the same time, the agency placed on Rating Watch Positive Caja
de Ahorros de Valencia, Castellon y Alicante's and Caixa
d'Estalvis Laietana's Long- and Short-term IDRs.  Bancaja's and
Caixa Laietana's Individual ratings have been placed on Rating
Watch Evolving.  A full list of all rating actions is included at
the end of this comment.

The rating actions follow the approval of an integration contract
by the General Assemblies of the three cajas and Caja Insular de
Canarias, Caja de Ahorros y Monte de Piedad de Avila, Caja de
Ahorros y Monte de Piedad de Segovia and Caja de Ahorros de Rioja
to form a group with cross-guarantee mechanisms through an
Institutional Protection Scheme.

The SIP contract is expected to include a legally binding cross-
guarantee mechanism encompassing liquidity and solvency.  Fitch
will resolve the rating watches once the SIP is set up and further
information on the SIP contract and integration details are
available.  This is expected by end-2010.  Fitch expects to align
the IDRs of Caja Madrid, Bancaja and Caixa Laietana upon
completion of the merger process.

The RWN on Caja Madrid's IDRs, debt and Individual rating reflect
the challenges associated with the merger process, including high
integration risks, the muted economic prospects for the Spanish
economy and that it is integrating with weaker cajas.

Furthermore, the new group will continue to have risk
concentration to the Spanish construction and real estate sectors
and will continue to be reliant on wholesale funding.  In Fitch's
view, the wholesale funding market could remain difficult and
could have important effects on the group's funding and liquidity.
All of these considerations will be taken into account when Fitch
resolves the RWN on Caja Madrid's ratings and the RWE on the
Individual and hybrid ratings of Bancaja and Caixa Laietana.  Caja
Madrid's Individual rating and preference shares are likely to be
downgraded by more than one notch.

The RWP on Bancaja's and Caixa Laietana's IDRs reflect the
integration with a higher-rated entity as well as the high
likelihood that the Support ratings will be upgraded and the
Support Rating Floors revised upward.

The group will create Spain's largest caja and third-largest
banking group and, as such, increase the likelihood of state
support, in case of need.  This is reflected in the RWP on the
respective banks' Support Ratings and Support Rating Floors.  An
upgrade of the Support Ratings of these banks to '1' would result
in a minimum Support Rating Floor (and hence Long-term IDR) of 'A-
' for these banks.

Fitch has also placed Bancaja's 38.4%-owned subsidiary, Banco de
Valencia's ratings on RWE, reflecting limited information the
agency has on the implications for Banco de Valencia from the
creation of the SIP.  Fitch will take rating action as information
becomes available and once the SIP is formed.  The agency will
assess Banco de Valencia's importance for the new group and the
willingness and propensity of support, in case of need.

The SIP will seek EUR4,465m capital support from the Fund for
Orderly bank Restructuring, which qualify as regulatory tier 1
capital.  In addition, revaluation reserves on investments and
fixed assets will also feed into the merged entity's core capital.
Although there will be revenue pressure from low interest rates
and lower business volumes, cost synergies are expected to be
achieved through headquarter and branch rationalization plans as
well as through early staff retirements, which should help the
institution return FROB funds within a five-year timeframe.

While restructuring costs will be gradually absorbed through the
profit and loss statement, FROB funds will enable the new entity
to anticipate potential impairments of the loan book.  The new
entity will thus operate from a more favorable competitive
position.

The SIP will have about EUR339bn in assets and a market share of
deposits of about 12% in Spain.  Caja Madrid, Bancaja and Caixa
Laietana are Spain's second-, third- and 32nd-largest cajas in
Spain by total assets, respectively, at end-2009.  These
institutions are largely retail-focused in Madrid, Catalonia and
Levante, although Caja Madrid and Bancaja also have a national
franchise.

The rating actions are:

Caja Madrid:

  -- Long-term IDR: 'A' placed on RWN
  -- Short-term IDR: 'F1' placed on RWN
  -- Individual rating: 'B/C' placed on RWN
  -- Support Rating: '2' placed on RWP
  -- Support Rating Floor: 'BBB' placed on RWP
  -- Senior unsecured debt: 'A' placed on RWN
  -- Subordinated debt: 'A-' placed on RWN
  -- Preference shares: 'BBB' placed on RWN
  -- State-guaranteed notes: affirmed at 'AA+'

Bancaja:

  -- Long-term IDR: 'BBB' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Senior Unsecured Debt: 'BBB' placed on RWP
  -- Subordinated debt: 'BBB-' placed on RWP
  -- Upper tier 2: 'BB+' placed on RWE
  -- Preference shares: 'BB-' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'

Banco Valencia:

  -- Long-term IDR: 'BBB' placed on RWE
  -- Short-term IDR: 'F3' placed on RWE
  -- Individual rating: unaffected at 'C/D'
  -- Support Rating: '2' placed on RWE
  -- Senior unsecured debt: 'BBB' placed on RWE
  -- Subordinated debt: 'BBB-' placed on RWE
  -- Preference shares: 'BB-' placed on RWE

Caixa Laietana:

  -- Long-term IDR: 'BBB-' placed on RWP
  -- Short-term IDR: 'F3' placed on RWP
  -- Individual rating: 'C/D' placed on RWE
  -- Support Rating: '3' placed on RWP
  -- Support Rating Floor: 'BB+' placed on RWP
  -- Preference shares: 'B+' placed on RWE
  -- State-guaranteed notes: affirmed at 'AA+'


FONCAIXA HIPOTECARIO: S&P Cuts Rating on Class D Notes to 'D (sf)'
------------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of mortgage-backed notes in Foncaixa Hipotecario 9,
Fondo de Titulizacion de Activos, and the class A, B, and C notes
in Foncaixa Hipotecario 10, Fondo de Titulizacion de Activos.  At
the same time, S&P lowered to 'D (sf)' its rating on Foncaixa 10's
class D notes.

With 90+ day delinquencies at only 0.91% for Foncaixa 9 and 0.19%
for Foncaixa 10 as of July 2010, both transactions demonstrate
strong performance, in S&P's opinion.

In addition, these two transactions present a low level of current
defaults of 0.56% and 0.29% over the outstanding collateral
balance for Foncaixa 9 and Foncaixa 10, respectively.  This
results in negligible use of the reserve funds, which, despite the
seasoning of these deals, are still at 90.36% and 96.39% of their
required level.  As a result, S&P has affirmed its ratings on
class A to C notes in both transactions.

In Foncaixa 10, the reserve fund was funded at closing using the
class D notes.  Interest and principal payments for these notes
are subordinated in the priority of payments to the reserve fund
amortization.  As there have been two small draws, there have not
been enough available funds to pay interest on the class D notes
and consequently, they have defaulted.  S&P has therefore lowered
to 'D (sf)' from 'CCC- (sf)' its rating on these notes.

The portfolios contain securitized first (Foncaixa 9) and second
(Foncaixa 10) draws of mortgage-backed loans granted to
individuals to buy a residential property with a maximum loan-to-
value ratio of 80%.  Caja de Ahorros y Pensiones de Barcelona (La
Caixa), one of the largest financial entities in Spain, originated
the loans.

                           Ratings List

     Foncaixa Hipotecario 9, Fondo de Titulizaci?n de Activos
        ?1.5 Billion Mortgage-Backed Floating-Rate Notes

                         Ratings Affirmed

                       Class      Rating
                       -----      ------
                       A          AAA (sf)
                       B          A (sf)
                       C          BBB- (sf)

     Foncaixa Hipotecario 10, Fondo de Titulizaci?n de Activos

         ?1.5 Billion Mortgage-Backed Floating-Rate Notes
                and ?12 Million Floating-Rate Notes

                         Ratings Affirmed

                        Class      Rating
                        -----      ------
                        A          AAA (sf)
                        B          AA- (sf)
                        C          BBB (sf)

                          Rating Lowered

                               Rating
                               ------
            Class      To                   From
            -----      --                   ----
            D          D (sf)               CCC- (sf)


MADRID RMBS: S&P Puts Low-B Rated Notes on CreditWatch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings on MADRID RMBS II, Fondo de Titulizacion de Activos'
class A2, A3, B, and C notes.  The ratings on the class D and E
notes remain unaffected.

The rating action is the result of continuing deterioration in the
collateral performance of these transactions with cumulative
arrears at 1.52% and cumulative defaults at 7.72%.  In addition,
the reserve fund is only at 29.79% of its required level, although
S&P understand that Caja Madrid has started to enhance its workout
process which may have a positive effect on the transaction's
performance.

The high levels of arrears and defaults in this transaction
continue to increase at a rapid pace, and in S&P's opinion could
have a negative effect on the creditworthiness of the class A2,
A3, B, and C notes.  For this reason S&P has placed its ratings on
these classes on CreditWatch negative.

This transaction defines defaults as arrears greater than six
months, which is generally more conservative than in other Spanish
residential mortgage-backed securities transactions that S&P rate.

S&P will now perform a further credit and cash flow analysis,
including a review of Caja Madrid's workout process, with the aim
to resolve these CreditWatch placements in due course.

MADRID RMBS II closed in December 2006 and is backed by a
portfolio of residential mortgage loans secured over properties in
Spain.  Caja de Ahorros y Monte de Piedad de Madrid originated the
loans and acts as servicer.

                           Ratings List

         MADRID RMBS II, Fondo de Titulizacion de Activos
         ?1.8 Billion Mortgage-Backed Floating-Rate Notes

              Ratings Placed on CreditWatch Negative

                                  Rating
                                  ------
           Class       To                       From
           -----       --                       ----
           A2         AA (sf)/Watch Neg         AA (sf)
           A3         AA (sf)/Watch Neg         AA (sf)
           B          BB (sf)/Watch Neg         BB (sf)
           C          B (sf)/Watch Neg          B (sf)

                        Ratings Unaffected

                       Class      Rating
                       -----      ------
                       D          CCC (sf)
                       E          D (sf)


===========
S W E D E N
===========


SAS GROUP: Names Rickard Gustafson as New CEO
---------------------------------------------
Niklas Magnusson and Ola Kinnander at Bloomberg News report that
SAS Group AB's new Chief Executive Officer Rickard Gustafson will
need to return the airline to its trendsetting Nordic roots to
make the region's largest carrier profitable again after two and a
half years of losses.

"SAS is in a difficult position with so many unions, an old fleet,
and a less-than-optimal cost structure," said Tommi Saukkoriipi, a
Stockholm-based fund manager at Nordea Bank AB, which manages
EUR140 billion (US$183 billion) in assets and doesn't hold the
airline's shares, according to Bloomberg.  "It's going to take
more than a new chief executive to turn this company around."

Bloomberg relates Mr. Gustafson was named to the CEO position on
Thursday, taking over from Mats Jansson, who unexpectedly quit
last month with one year left on his contract.  He will start at
SAS by March at the latest, Bloomberg discloses.

SAS may report a full-year net loss of SEK1.59 billion in 2010,
after racking up SEK9.25 billion in losses in the last two years,
according to the average estimate of five analysts surveyed by
Bloomberg.  SAS has lowered the losses because of an ongoing
SEK7.8 billion cost-cutting plan, which includes eliminating 4,600
jobs and grounding 21 planes, begun by his predecessor, Bloomberg
notes.

Bloomberg says Mr. Gustafson will have to contend with increased
competition from Finnair and Norwegian Air, which are in talks to
funnel passengers from Norway onto the Vantaa, Finland-based
carrier's long-haul flights.

SAS AB -- http://www.sasgroup.net/-- is a Sweden-based company,
engaged in the air transport services.  It is a parent company
within SAS Group, which operates within two business areas.  The
Core SAS segment encompasses airline services in the Nordic
countries, as well as intercontinental flights through SAS
Scandinavian Airlines, as well regional airlines in Norway through
Wideroe and in Finland through Blue1.  The SAS Individual Holdings
segment comprises operations of Estonian Air, bmi, All Cargo,
Skyways, Air Greenland, Spirit and Trust.  SAS AB's fleet
encompasses ten planes.  In addition, the Company offers ground
handling services and technical maintenance for the aircraft, as
well as air freight solutions and cargo capacity on passenger
aircraft, purely cargo aircraft and cargo handling.  The Group is
also involved in the trainings within the technical aviation
field.

                           *     *     *

SAS AB continues to carry a Caa2 probability default of rating
from Moody's Investors Service.  The rating was downgraded from
Caa1 in February 2010.  The Caa1 Corporate Family Rating, the Caa2
Probability of Default Rating and the Caa3 subordinate ratings
were placed under review for possible downgrade.


===========
T U R K E Y
===========


YASAR HOLDING: Moody's Assigns 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating and B2 probability of default rating to Yasar Holding A.S.
The rating outlook is stable.

Ratings assigned:

Issuer: Yasar Holding A.S.

  -- Corporate Family Rating, Assigned B2
  -- Probability of Default Rating, Assigned B2
  -- Outlook: Stable

                         Ratings Rationale

Yasar, through its main brand Pinar, is the Turkish market leader
in charcuterie, cheese and milk segments with additional interest
in coating, tissues and trade activities.

The CFR of B2 is based on Moody's understanding that the group
will issue US$200 million to US$300 million of loan participation
notes of 5 to 7 years maturity to refinance part of its existing
Eurobond which is due in 2011 and other short- and long-term debt.
The B2 rating reflects (i) the group's leading market position in
Food & Beverage sector in Turkey with a strong brand equity (ii)
moderate real growth prospect in F&B sector, and Moody's
expectation of outperformance through investments in capacity for
new / high margin product segments and marketing (iii) long-
lasting relationship with its customers, supported by its
extensive distribution network (iv) the group's gradually
improving credit metrics, and management's commitment to
deleverage both in absolute terms and on a ratio basis and (v) the
six listed companies reflecting a significant level of
transparency.

However, the CFR also reflects (i) potential earnings volatility
due to increasing raw material prices (ii) a significant level of
competition in the coating business in a challenging operating
environment (iii) exposure to foreign exchange risk given that the
principal and the interest payments of its Eurobond remains un-
hedged while the majority of the group's earnings are generated in
local currency (iv) existing pressure under certain financial
covenants under one of its long-term credit facilities; and (v)
the vulnerable liquidity profile as the group relies on
uncommitted credit lines as is customary in Turkey.

The assignment of the B2 PDR reflects Moody's assumption of 50%
group loss given default, based on the capital structure that
combines bank facilities with maintenance covenants and bonds.

The stable outlook reflects Moody's expectation that the company
should achieve its business plan and successfully refinance its
maturing debt.

In the event the company i) maintains an EBITDA margin of around
13%, generates positive free cash flow (FCF), deleverages such
that Debt/EBITDA (adjusted by Moody's for non-recurring items and
operating leases) is not in excess of 3x; ii) refinances in full
its Eurobond by the end of 2010 while resolving the covenant
pressure, and iii) reduces its reliance on uncommitted credit
lines, there would be positive pressure on the rating.  However,
any upward ratings pressure will continue to be tempered by the
risks arising from its foreign currency exposure on its
borrowings, as well as weaknesses in the company's liquidity
profile as assessed by Moody's.

Negative pressure would emerge in the event of i) any failure to
refinance upcoming maturities comfortably in advance; ii) concerns
that the company will not be able to operate comfortably within
covenant headroom; iii) an increase in Debt/EBITDA to above 4x.

Domiciled in Izmir, Turkey, Yasar Holding A.S. is a leading
diversified Turkish consumer products group with major interests
in food and beverage (73% of sales) and coating (16% of sales) for
the year ended 2009.  Besides those core businesses, the group has
activities in tissue and trade areas.  Six of the group companies
are listed on the Istanbul Stock Exchange.  For the 12 months
ending December 2009 the company reported sales of TL1,763 million
and EBITDA of TL245 million.

                     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 assigning a credit rating.

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.


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


ALUTARIUS LTD: Hollybank House Faces Closure; No Buyer Found
------------------------------------------------------------
BBC News reports that the Hollybank House in Churchinford, which
is run by Alutarius Ltd., has closed after hopes of securing a new
owner failed.

According to the report, residents of the care home were given 28
days to find new homes.

The building has gone on the market, the report says.

The report relates Robert Pick, from administrators Grant
Thornton, said: "Upon our appointment Hollybank had 15 residents
and was loss-making.  In an effort to sell the care home and save
it from closure we initiated negotiations with several interested
parties over a four-week period following our appointment.  Sadly,
no agreement could be reached which left us with no other option
but to implement an orderly closure."

Alutarius went into administration last month, the report
recounts.  The report notes a spokesman would not reveal the
reason but said firms "usually went into administration because of
pressure from their banks".

Alutarius ran eight care homes in England and Wales.


BLIGHT AND SCOBLE: Owes Creditors GBP3 Million; Recovery Unlikely
-----------------------------------------------------------------
The Herald reports that Blight and Scoble Ltd. owed an estimated
GBP3 million to creditors when it went into liquidation.

According to The Herald, creditors were told at a meeting that
there is little chance of getting their money back.

The company ceased trading on Aug. 26 with the loss of 50 jobs,
blaming difficult trading conditions, The Herald recounts.

The Herald notes the creditors report shows the 50 employees who
were made redundant at the firm are owed GBP338,000 in pay
arrears.

Following a meeting with the company's creditors at The Devon
Hotel, Exeter, insolvency accountancy firm Lameys was put in
charge of the liquidation process, The Herald discloses.  The
Newton Abbot firm is collating Blight and Scoble's debts and
assets, The Herald states.

Blight and Scoble Ltd. is a Buckfastleigh-based building firm.


CARPETS OF KIDDERMINSTER: 58 Jobs Saved After Management Buyout
---------------------------------------------------------------
UK Flooring Direct, citing Kidderminster Shuttle, reports that a
management buyout has saved 58 of the 120 jobs at Carpets of
Kidderminster, which went into administration.

According to the report, the new managing director Dewi Thomas
said the firm should now be in better shape, with a number of
"unprofitable" contracts being re-negotiated during the
administration process.

Carpets of Kidderminster is a specialist carpet business based in
the United Kingdom.


CONNAUGHT PLC: Councils Won't Enter Into Deals With New Owners
--------------------------------------------------------------
Alistair Gray and Ed Hammond at The Financial Times report that
local authorities and housing associations are declining to enter
into agreements with the companies that have taken on maintenance
contracts from Connaught.

Lawyers acting for social landlords told the FT that their clients
were concerned they could be in breach of EU procurement law were
they to automatically transfer the work.

The FT relates Morgan Sindall earlier said that its Lovell
division had reached agreement to acquire the majority of the
ongoing contracts and related assets of Connaught's social housing
operation for GBP28 million (US$44 million).  There are 93
contracts involved but Morgan Sindall was unable to confirm on
Thursday that it had finalized a deal with any local authority,
the FT notes.

According to the FT, Paul Sheffield, chief executive of Kier, one
of Connaught's rivals, said that if councils decided to transfer
the contracts to Morgan Sindall, they would "have to be careful
about allowing changes to rates or liabilities involved".

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: Kier Expresses Interest in Environmental Division
----------------------------------------------------------------
Graham Ruddick at The Daily Telegraph reports that Kier, the
construction and support services group, is interested in buying
the environmental division of its rival Connaught.

The Daily Telegraph relates Paul Sheffield, Kier's chief
executive, said he met with Connaught's administrators, KPMG, and
that he believes Connaught Environmental "overlaps quite nicely
with what we do".

According to The Daily Telegraph, Connaught Environmental, which
maintains infrastructure and has annual revenues of around GBP50
million, is not in administration.  KPMG plans to sell the
business, along with Connaught Compliance, but insists it is in no
rush to seal a disposal, The Daily Telegraph notes.

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 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.


ETHEL AUSTIN: Owes GBP33.2 Million to Nearly 500 Trade Creditors
----------------------------------------------------------------
Joanna Bourke at RoadTransport.com reports that a number of
transport-related firms have been listed as trade creditors of
Ethel Austin, which went into administration with liabilities of
GBP55.1 million.

According to the report, a total of GBP33.2 million is owed to
nearly 500 trade creditors.

The latest statement of affairs reveals that a number of
subcontractors have also been hit by the insolvency, the report
notes.

The company and its sister homeware chain Au Naturale entered
administration on Feb. 8, when administrator MCR announced the
closure of 129 stores, the report recounts.

Knowsley-based Ethel Austin is a home and fashion retailer.


IN 'N' OUT: Bought Out of Administration by Trevor Allen
--------------------------------------------------------
Evening Gazette reports that In 'n' Out Services has been bought
out of administration by private investor Trevor Allen, chairman
of tire trade IT software supplier Cam Systems, securing 10 jobs.

In 'n' Out Services reopened at Scunthorpe after administrators
closed the branch, the report discloses.  Staff at In 'n' Out's
Derby branch, which also closed after the company went into
administration, will be transferred to other locations where
possible, the report notes.

In 'n' Out Services went into administration on Aug. 12, the
report relates.

In 'n' Out Services is a car maintenance firm based in Stockton.
The company offers fast car maintenance, servicing, MOTs and
valeting while customers wait.  It has 14 branches in the United
Kingdom.


MAM SOFTWARE: KMJ Corbin Raises Going Concern Doubt
---------------------------------------------------
MAM Software Group, Inc., formerly Aftersoft Group, Inc., filed on
September 16, 2010, its annual report on Form 10-K for the fiscal
year ended June 30, 2010.

KMJ Corbin & Company LLP, in Costa Mesa, Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern.  The independent auditors noted that the Company
has an accumulated deficit of US$23.4 million and a working
capital deficit of US$6.7 million as of June 30, 2010, and has
US$5.0 million in borrowings from a credit agreement that matures
in November 2010, which the Company will need additional financing
to repay.

The Company reported a net loss of US$627,000 on US$24.2 million
of revenue for fiscal 2010, compared with a net loss of US$7.6
million on US$21.1 million of revenue for fiscal 2009.  Operating
income was US$1.1 million for fiscal 2010, as compared to an
operating loss of US$1.0 million for fiscal 2009.

The results for 2009 included a write down of US$4.7 million in
available-for-sale securities, absent in 2010.

The Company expects to generate positive cash flow from operations
for 2011, but it will not be sufficient to repay the ComVest debt
in November 2010.  The Company is currently seeking equity
financing and a new debt facility to repay the ComVest Loans in
November 2010.

The Company's balance sheet as of June 30, 2010, showed
US$18.5 million in total assets, US$13.2 million in total
liabilities, and stockholders' equity of US$5.3 million.

A full-text copy of the Form 10-K is available for free at:

               http://researcharchives.com/t/s?6b47

                        About MAM Software

Barnsley, U.K.-based Software Group, Inc., formerly Aftersoft
Group, Inc., provides software, information and related services
to businesses engaged in the automotive aftermarket in the US,
Canada, UK and Ireland.  On April 21, 2010, shareholders approved
the change of the Company's name to MAM Software Group, Inc.


POWERCORP INT'L: In Administration; Deloitte Seeks Buyers
---------------------------------------------------------
Broadcast reports that Powercorp International Ltd. has been
placed into administration.

According to the report, Deloitte has been appointed as
administrator and 10 of the company's 27 employees have been made
redundant.

The report notes joint administrator Lee Manning blamed the poor
economic climate for the failure of Power.

"In spite of months of discussions with its lenders and a series
of extensions to deadlines, the company was unable to meet its
financial obligations and was placed into administration," the
report quoted Mr. Manning as saying.  "Our intention is to market
the business for sale as a going concern and we will explore all
possible sale options.  We anticipate that there will be
significant interest in the company's distribution business."

Powercorp International Ltd. is an independent producer and
distributor of high quality, award-winning series, mini-series and
movies for television.  It has offices in London, California and
Florida.


REALTIME WORLDS: APB to Close; Buyer for IP Rights Sought
---------------------------------------------------------
BBC News reports that massive multiplayer game APB: All Points
Bulletin, which took five years to develop, is to close less than
three months after it launched.

The report relates the closure of the game comes after developer
Real Time Worlds went into administration, with the loss of 250
jobs.

According to the report, a source close to the development team
said that administrators were looking to sell the intellectual
property rights to APB.  One company mentioned as a potential
buyer was US-based Epic Games, the report notes.

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, The Financial Times said Realtime Worlds went into
administration after disappointing sales of its latest title.  The
FT disclosed Begbies Traynor said "lackluster demand" for APB: All
Points Bulletin, which was several years in the making,
contributed to the company's demise.

Dundee-based Realtime Worlds is a software technology company
specializing in the entertainment sector.  The company was founded
in 2002 by Dave Jones, who had previously created Lemmings and
Grand Theft Auto.


SIXTY UK: In Liquidation After CVA Deal Rejected
------------------------------------------------
Accountancy Age reports that Sixty UK has been placed into
liquidation following a High Court ruling to revoke a previously
approved company voluntary arrangement earlier this year.

The report relates Rob Horton and Tony Murphy from Bridge Business
Recovery have been appointed as liquidators.

According to the report, Mr. Horton said the liquidators would
undertake a full inquiry into the company's affairs and would
"vigorously" pursue recovery of funds.

As reported by the Troubled Company Reporter-Europe on July 27,
2010, The Financial Times said Mr. Justice Henderson on July 23
said in the High Court that the CVA was prejudicial to the
Metquarter landlords.  The FT disclosed Sixty UK's CVA proposal
was supported by more than 75% of Sixty UK's creditors, but the
Metquarter landlords opposed it, arguing leases had five years to
run.  They claimed they would have foregone rental income of about
GBP4 million, according to he FT.

Sixty UK is the UK distributor for young fashion brands Miss Sixty
and Energie.


THOMAS MITCHELL: Miller Group Buys Nine Sites From Administrator
----------------------------------------------------------------
The Construction Index News reports that Miller Group has secured
the management contracts to build out nine of Thomas Mitchell's
sites from the firm's administrator, KPMG.

According to the report, the sites have a combined residential
development value of GBP120 million.

The sites will be integrated into the Miller Homes business and
developed over a four-year period, the report says.

As reported by the Troubled Company Reporter-Europe on Feb. 23,
2010, Dunfermline Press said Thomas Mitchell Group went into
administration after suffering from significant cash flow
pressures, putting 95 jobs at risk.

Thomas Mitchell Group, whose headquarters is in Glenrothes, is a
family-owned homebuilder which comprised of four companies: Thomas
Mitchell Homes Limited -- the main housebuilding business ; Thomas
Mitchell Timber Frames Limited; Thomas Mitchell Developments
Limited -- a property investment division -- and
Addacabin Limited.


WHITEHAVEN RL: Set to Go Into Administration Today
--------------------------------------------------
News & Star reports that Whitehaven is set to go into
administration today, Sept. 20.

According to the report, chairman Dick Raaz is hopeful that Haven
will be in administration for only a matter of days before
emerging as a new club under his three-man consortium.

On taking the plunge, the new club will immediately apply for
membership of the RFL, which is a necessity to allow them to
feature in Championship One next term, the report says.

Whitehaven RLFC is a rugby league club playing in Whitehaven in
West Cumbria.  They play in Co-operative Championship.


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


* BOND PRICING: For the Week September 13 to September 17, 2010
---------------------------------------------------------------

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

AUSTRIA
-------
BAWAG                   5.430  2/26/2024      EUR     73.75
BAWAG                   5.310  2/12/2023      EUR     74.45
RAIFF ZENTRALBK         4.500  9/28/2035      EUR     50.37
RAIFF ZENTRALBK         5.470  2/28/2028      EUR     62.81

BELGIUM
-------
FORTIS BANK             8.750  12/7/2010      EUR     13.34

CZECH REPUBLIC
--------------
CZECH REPUBLIC          2.750  1/16/2036      JPY     74.43

FINLAND
-------
MUNI FINANCE PLC        0.250  6/28/2040      CAD     23.95
MUNI FINANCE PLC        0.500  3/17/2025      CAD     55.20
MUNI FINANCE PLC        0.500  9/24/2020      CAD     69.48
MUNI FINANCE PLC        1.000  2/27/2018      AUD     69.69
MUNI FINANCE PLC        1.000  6/30/2017      ZAR     67.62

FRANCE
------
AIR FRANCE-KLM          4.970   4/1/2015      EUR     15.00
ALCATEL SA              4.750   1/1/2011      EUR     16.61
ALCATEL-LUCENT          5.000   1/1/2015      EUR      3.25
ALTRAN TECHNOLOG        6.720   1/1/2015      EUR      4.71
ATOS ORIGIN SA          2.500   1/1/2016      EUR     52.10
BNP PARIBAS            10.050  7/24/2012      USD     64.27
CALYON                  6.000  6/18/2047      EUR     47.30
CAP GEMINI SOGET        3.500   1/1/2014      EUR     43.79
CAP GEMINI SOGET        1.000   1/1/2012      EUR     44.01
CLUB MEDITERRANE        4.375  11/1/2010      EUR     49.88
EURAZEO                 6.250  6/10/2014      EUR     56.28
FAURECIA                4.500   1/1/2015      EUR     21.46
GROUPE VIAL             2.500   1/1/2014      EUR     20.58
MAUREL ET PROM          7.125  7/31/2014      EUR     15.98
MAUREL ET PROM          7.125  7/31/2015      EUR     13.17
NEXANS SA               4.000   1/1/2016      EUR     62.78
PEUGEOT SA              4.450   1/1/2016      EUR     31.08
PUBLICIS GROUPE         1.000  1/18/2018      EUR     48.28
PUBLICIS GROUPE         3.125  7/30/2014      EUR     37.92
RHODIA SA               0.500   1/1/2014      EUR     47.30
SOC AIR FRANCE          2.750   4/1/2020      EUR     20.73
SOITEC                  6.250   9/9/2014      EUR      9.26
TEM                     4.250   1/1/2015      EUR     55.09
THEOLIA                 2.700   1/1/2041      EUR     12.30
VALEO                   2.375   1/1/2011      EUR     46.95
ZLOMREX INT FIN         8.500   2/1/2014      EUR     55.88
ZLOMREX INT FIN         8.500   2/1/2014      EUR     55.88

GERMANY
-------
DEUTSCHE BK LOND        3.000  5/18/2012      CHF     62.38
DEUTSCHE BK LOND        0.500  8/25/2017      BRL     52.08
ESCADA AG               7.500   4/1/2012      EUR     17.99
HSH NORDBANK AG         4.375  2/14/2017      EUR     76.99
L-BANK FOERDERBK        0.500  5/10/2027      CAD     49.92
QIMONDA FINANCE         6.750  3/22/2013      USD      3.69
RENTENBANK              1.000  3/29/2017      NZD     73.92
SOLON AG SOLAR          1.375  12/6/2012      EUR     39.04

GREECE
------
ATHENS URBAN TRN        5.008  7/18/2017      EUR     69.38
ATHENS URBAN TRN        4.851  9/19/2016      EUR     72.38
HELLENIC REP I/L        2.900  7/25/2025      EUR     50.39
HELLENIC REP I/L        2.300  7/25/2030      EUR     45.78
HELLENIC REPUB          5.000  8/22/2016      JPY     66.68
HELLENIC REPUB          5.200  7/17/2034      EUR     70.29
HELLENIC REPUBLI        4.500  9/20/2037      EUR     56.28
HELLENIC REPUBLI        4.600  9/20/2040      EUR     56.35
HELLENIC REPUBLI        5.300  3/20/2026      EUR     61.33
HELLENIC REPUBLI        3.700  7/20/2015      EUR     70.75
HELLENIC REPUBLI        4.700  3/20/2024      EUR     59.32
HELLENIC REPUBLI        6.250  6/19/2020      EUR     69.69
HELLENIC REPUBLI        6.000  7/19/2019      EUR     67.59
HELLENIC REPUBLI        4.600  7/20/2018      EUR     63.89
HELLENIC REPUBLI        4.300  7/20/2017      EUR     65.16
HELLENIC REPUBLI        5.900  4/20/2017      EUR     73.17
HELLENIC REPUBLI        3.600  7/20/2016      EUR     66.84
NATIONAL BK GREE        3.875  10/7/2016      EUR     73.01
YIOULA GLASSWORK        9.000  12/1/2015      EUR     70.42
YIOULA GLASSWORK        9.000  12/1/2015      EUR     67.88

IRELAND
-------
ALLIED IRISH BKS        5.250  3/10/2025      GBP     61.25
DEPFA ACS BANK          5.125  3/16/2037      USD     72.45
DEPFA ACS BANK          0.500   3/3/2025      CAD     36.26
DEPFA ACS BANK          4.900  8/24/2035      CAD     65.39
DEPFA ACS BANK          1.920   5/9/2020      JPY     71.90
DEPFA ACS BANK          5.125  3/16/2037      USD     72.93
DEPFA BANK PLC          3.150   4/3/2018      EUR     69.31
HYPO PUBLIC FIN         5.400  3/26/2024      EUR     66.03
IRISH NATIONWIDE       13.000  8/12/2016      GBP     64.77

ITALY
-----
COMUNE DI MILANO        4.019  6/29/2035      EUR     71.93

LUXEMBOURG
----------
ARCELORMITTAL           7.250   4/1/2014      EUR     30.29
BREEZE FINANCE          4.524  4/19/2027      EUR     66.75
GLOBAL YATIRIM H        9.250  7/31/2012      USD     72.63
IIB LUXEMBOURG         11.000  2/19/2013      USD     60.00
INTL INDUST BANK        9.000   7/6/2011      EUR     44.38
LIGHTHOUSE INTL         8.000  4/30/2014      EUR     61.63
LIGHTHOUSE INTL         8.000  4/30/2014      EUR     62.21

NETHERLANDS
-----------
APP INTL FINANCE       11.750  10/1/2005      USD      0.01
ARPENI PR INVEST        8.750   5/3/2013      USD     42.75
ARPENI PR INVEST        8.750   5/3/2013      USD     42.75
BK NED GEMEENTEN        0.500  2/24/2025      CAD     55.59
BRIT INSURANCE          6.625  12/9/2030      GBP     67.34
ELEC DE CAR FIN         8.500  4/10/2018      USD     54.43
INDAH KIAT INTL        12.500  6/15/2006      USD      0.01
IVG FINANCE BV          1.750  3/29/2017      EUR     73.35
NATL INVESTER BK       25.983   5/7/2029      EUR     26.10
NED WATERSCHAPBK        0.500  3/11/2025      CAD     54.18
Q-CELLS INTERNAT        5.750  5/26/2014      EUR     70.00
RBS NV EX-ABN NV        6.316  6/29/2035      EUR     69.73
SIDETUR FINANCE        10.000  4/20/2016      USD     62.00

NORWAY
------
EKSPORTFINANS           0.500   5/9/2030      CAD     42.97
NORSKE SKOGIND          7.000  6/26/2017      EUR     74.88

POLAND
------
REP OF POLAND           3.220   8/4/2034      JPY     67.65
REP OF POLAND           3.300  6/16/2038      JPY     65.97
REP OF POLAND           2.648  3/29/2034      JPY     59.98

PORTUGAL
--------
PORTUGUESE OT'S         4.100  4/15/2037      EUR     74.57

RUSSIA
------
ACBK-INVEST             9.500  4/14/2011      RUB      2.00
AGROKOM GROUP          10.000  6/21/2011      RUB      3.00
AGROSOYUZ              17.000  3/28/2012      RUB     13.00
APK ARKADA             17.500  5/23/2012      RUB      0.38
ARKTEL-INVEST          12.000   4/9/2012      RUB      2.00
ATOMSTROYEXPORT-        7.750  5/24/2011      RUB      2.00
BANK OF MOSCOW          6.450  7/29/2011      RUB     35.01
BANK OF MOSCOW          7.500   2/1/2013      RUB     15.60
BANK SOYUZ             16.000   5/2/2011      RUB      2.00
BANK SOYUZ              9.500  2/23/2011      RUB      3.00
BARENTSEV FINANS       20.000   7/4/2011      RUB      3.00
BASHKIRENERGO           8.300   3/9/2011      RUB      3.01
CB STROYCREDIT          9.500   8/1/2011      RUB     15.50
CENTREINVEST GRO        9.250  6/24/2014      RUB     12.00
CREDIT EUROPE BA       11.500  6/28/2011      RUB      2.00
DALSVYAZ                7.600  5/30/2012      RUB      3.01
DALUR-FINANS           14.000   2/5/2013      RUB      4.00
DIPOS                   8.000  6/19/2012      RUB     25.01
DVTG-FINANS            17.000  8/29/2013      RUB     12.00
EESK                    8.740   4/5/2012      RUB     20.01
ENERGOSPETSSNAB         8.500  5/30/2016      RUB      0.10
ENERGOSTROY-FINA       12.000  5/20/2011      RUB      2.00
EUROKOMMERZ            16.000  3/15/2011      RUB      0.01
FAR EASTERN GENE       10.500   3/8/2013      RUB     17.01
FINANCEBUSINESSG       12.500  6/22/2011      RUB      2.00
FINANCEBUSINESSG       10.000   7/1/2013      RUB      2.00
FORTUM OJSC             7.600   2/6/2013      RUB      3.00
GLAVSTROY-FINANS        1.000  3/17/2011      RUB      5.01
GLOBEX-FINANS           0.100  4/26/2011      RUB     21.01
GRACE DIAMOND          15.000   6/7/2012      RUB      2.00
GRADOSTROY-INVES       11.000   3/3/2011      RUB      3.00
HORTEX-FINANS          13.000  8/14/2013      RUB      3.00
IART                   12.000   8/4/2013      RUB      5.00
IAZS                   11.000  12/8/2010      RUB      2.00
INPROM                  9.500  5/18/2011      RUB     30.46
INTERGRAD              15.000   7/9/2014      RUB      2.01
INTERSOFT              10.070  3/31/2025      RUB      1.00
INTL INDUST BANK       13.250   1/3/2018      RUB      3.00
IZHAVTO                18.000   6/9/2011      RUB     11.31
KARUSEL FINANS         12.000  9/12/2013      RUB      2.00
KOMOS GROUP            13.500  7/21/2011      RUB     20.01
KOSMOS-FINANS          10.200  6/16/2011      RUB     20.01
KRASNODAR               8.500   7/3/2013      RUB      2.00
KRAYINVESTBANK          8.500   8/5/2011      RUB      3.00
KUBANSKAYA NIVA        15.500  2/20/2014      RUB      2.00
LADYA FINANS           13.750  9/13/2012      RUB      2.00
LEKSTROY                0.100  7/22/2011      RUB      4.00
LLC VICTORIA FIN        8.000  2/12/2013      RUB      2.00
LR-INVEST              13.750  7/17/2012      RUB      3.00
LSR-INVEST              9.250  7/14/2011      RUB     31.01
M-INDUSTRIYA           12.250  8/16/2011      RUB     37.80
M-INDUSTRIYA           14.250  7/10/2013      RUB      6.00
MACROMIR-FINANS         7.750   7/3/2012      RUB      1.01
MAIN ROAD OJSC         10.200   6/3/2011      RUB      3.00
MIG-FINANS              0.100   9/6/2011      RUB      1.02
MIRAX                  17.000  9/17/2012      RUB     33.04
MIRAX                  14.990  5/17/2011      RUB     30.11
MORTON-RSO             12.000  2/28/2011      RUB      2.00
MOSKOMMERTSBANK        12.000  2/15/2011      RUB      2.00
MOSKOMMERTSBANK         1.000  6/12/2013      RUB     18.01
MOSMART FINANS          0.010  4/12/2012      RUB      1.90
MOSOBLGAZ              12.000  5/17/2011      RUB     72.50
MOSOBLTRUSTINVES       20.000  3/26/2011      RUB      6.99
MOSSELPROM FINAN       14.000  4/10/2014      RUB      3.00
MY BANK                12.960  4/16/2015      RUB      1.00
NATIONAL CAPITAL       13.000  9/25/2012      RUB      2.00
NATIONAL CAPITAL       12.500  5/20/2011      RUB      2.00
NATIONAL FACTORI       11.500   5/3/2011      RUB      2.00
NAUKA-SVYAZ            15.000  6/27/2013      RUB      3.00
NEW INVESTMENTS        12.000   7/7/2011      RUB      2.00
NOK                    12.500  8/26/2014      RUB      3.00
NOK                    15.500  9/22/2011      RUB     65.01
NOMOS-LEASING          12.000   7/8/2011      RUB      2.00
NUTRINVESTHOLDIN       11.000  6/30/2014      RUB     17.00
OBYEDINEONNYE KO        3.000  5/16/2012      RUB      2.00
OJSC FCB               11.000   8/7/2012      RUB      4.00
PEB LEASING            14.000  9/12/2014      RUB      2.01
PENSION FUND REA        5.000   5/7/2019      RUB      2.00
PERVYI OBIEDINEO       10.000  4/24/2013      RUB     15.73
PROM TECH              16.000  4/25/2011      RUB      2.00
PROMNESTESERVICE        9.500  12/5/2014      RUB      4.00
PROTEK-FINANS          12.000  11/2/2011      RUB     70.00
RAF-LEASING            12.500  2/21/2012      RUB      3.00
RAILTRANSAUTO          17.500  12/4/2013      RUB      3.00
REGIONENERGO            8.500  5/30/2016      RUB      2.00
RFA-INVEST             10.000  11/4/2011      RUB      3.00
RMK PARK PLAZA         10.000   1/8/2013      RUB     25.01
ROSSELKHOZBANK         11.500  9/27/2017      RUB      2.00
RVK-FINANS              9.500  7/21/2011      RUB     22.02
RYBINSKKABEL            0.010  2/28/2012      RUB      1.00
SAHO                   15.000  5/21/2012      RUB     14.00
SATURN                 10.000   6/6/2014      RUB      5.00
SENATOR                14.000  5/18/2012      RUB     26.01
SETL GROUP             11.700  5/15/2012      RUB     24.02
SEVKABEL-FINANS        10.500  3/27/2012      RUB     20.00
SIBIRSKAYA AGRAR       17.000  9/12/2012      RUB      2.00
SIBUR                   9.250  3/13/2015      RUB      2.01
SIBUR                  10.470  11/1/2012      RUB      3.00
SIBUR                   7.300  3/13/2015      RUB      2.01
SIBUR                  13.500  3/13/2015      RUB      2.01
SIBUR                   9.000  3/13/2015      RUB      2.01
SISTEMA-HALS            8.500   4/8/2014      RUB      2.00
SISTEMA-HALS            8.500  4/15/2014      RUB      2.00
SOUTHERN STOCK C       15.750  4/29/2014      RUB     10.00
SPETSSTROYFINANC        8.500  5/30/2016      RUB      1.00
SVOBODNY SOKOL         18.000  5/24/2011      RUB     30.00
SYNTERRA                0.010   8/1/2013      RUB      1.00
TECHNONICOL-FINA       13.500  9/11/2013      RUB      2.00
TERNA-FINANS            1.000  11/4/2011      RUB      1.00
TGK-1                   8.500  3/11/2014      RUB     12.01
TGK-4                   8.000  5/31/2012      RUB     15.50
TK FINANS              12.600   9/5/2011      RUB     12.00
TOP-KNIGA              20.000  12/9/2010      RUB     40.00
TRANSCREDITFACTO       12.000  11/1/2012      RUB     12.00
TRANSCREDITFACTO       12.000  6/11/2012      RUB      4.00
TRANSFIN-M             11.000  12/3/2015      RUB      1.00
TRANSFIN-M             11.000  12/3/2015      RUB     12.00
TRANSFIN-M             10.750  8/10/2012      RUB     11.02
TRANSFIN-M             14.000  7/10/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB     12.00
TRANSFIN-M             11.000  12/3/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB      3.00
TRANSFIN-M             11.000  12/3/2014      RUB     12.00
TRANSFIN-M             11.000  12/3/2015      RUB      3.00
TRANSFIN-M             11.000  12/3/2015      RUB      3.00
TRANSNEFT              11.750  10/1/2019      RUB      2.00
TVER VAGONOSTRO         7.000  6/12/2013      RUB      1.00
UNITAIL                12.000  6/22/2011      RUB     15.50
UNITED HEAVY MAC       13.000  8/30/2011      RUB     16.05
UNITED HEAVY MAC       13.000  5/31/2013      RUB      3.02
URALCHIMPLAST           8.000  1/21/2011      RUB      2.00
URALELEKTROMED          8.250  2/28/2012      RUB      2.00
URALSVYAZINFORM         7.500   4/2/2013      RUB     11.01
VESTER-FINANS          15.250  8/11/2011      RUB      2.01
VKM-LEASING FINA        1.000  5/18/2011      RUB      1.00
VMK-FINANCE            16.000  5/21/2014      RUB     12.00
VOSTOCHNY EXPRES       12.500   3/7/2013      RUB     12.00
XM STROYRESURS         10.000  7/12/2011      RUB     33.01
YUGFINSERVICE          15.250  5/20/2014      RUB      3.00
ZHELEZOBETON           10.000  5/27/2011      RUB      6.01
ZHILSOTSIPOTEKA-        9.000  7/26/2011      RUB      2.00

SPAIN
-----
AYT CEDULAS CAJA        3.750  6/30/2025      EUR     72.77
BANCAJA                 1.500  5/22/2018      EUR     62.63
BANCAJA EMI SA          2.755  5/11/2037      JPY     50.75
BANCO GUIPUZCOAN        1.500  4/18/2022      EUR     64.13
CAIXA TERRASSA          1.500  3/12/2022      EUR     54.93
CEDULAS TDA 6           3.875  5/23/2025      EUR     73.85
CEDULAS TDA A-5         4.250  3/28/2027      EUR     75.72
CEDULAS TDA A-6         4.250  4/10/2031      EUR     71.09

SWEDEN
------
SWEDISH EXP CRED        9.000  8/28/2011      USD      9.56

SWITZERLAND
-----------
UBS AG                 10.580  6/29/2011      USD     37.50
UBS AG                 13.300  5/23/2012      USD      4.05
UBS AG                 14.000  5/23/2012      USD      8.83
UBS AG JERSEY          14.640  1/31/2011      USD     37.08
UBS AG JERSEY          13.900  1/31/2011      USD     34.74
UBS AG JERSEY          10.990  3/31/2011      USD     31.46
UBS AG JERSEY          10.820  4/21/2011      USD     21.61
UBS AG JERSEY          11.030  4/21/2011      USD     20.57
UBS AG JERSEY          10.650  4/29/2011      USD     15.79
UBS AG JERSEY          10.280  8/19/2011      USD     35.91
UBS AG JERSEY          10.360  8/19/2011      USD     49.70
UBS AG JERSEY          11.150  8/31/2011      USD     38.35
UBS AG JERSEY           9.350  9/21/2011      USD     64.71
UBS AG JERSEY           3.220  7/31/2012      EUR     55.82
UBS AG JERSEY           9.450  9/21/2011      USD     50.04
UBS AG JERSEY          16.170  1/31/2011      USD     13.05
UBS AG JERSEY          10.000  2/11/2011      USD     59.90
UBS AG JERSEY          15.250  2/11/2011      USD     11.53
UBS AG JERSEY          12.800  2/28/2011      USD     34.42

UNITED KINGDOM
--------------
BANK OF SCOTLAND        6.984   2/7/2035      EUR     70.83
BARCLAYS BK PLC         8.550  1/23/2012      USD     10.62
BARCLAYS BK PLC        10.800  7/31/2012      USD     26.68
BARCLAYS BK PLC         9.000  6/30/2011      USD     43.24
BARCLAYS BK PLC         7.610  6/30/2011      USD     53.00
BARCLAYS BK PLC        12.950  4/20/2012      USD     22.60
BARCLAYS BK PLC        10.350  1/23/2012      USD     20.64
BARCLAYS BK PLC        10.600  7/21/2011      USD     41.21
BRADFORD&BIN BLD        4.910   2/1/2047      EUR     53.98
BRADFORD&BIN BLD        5.500  1/15/2018      GBP     44.23
BRADFORD&BIN PLC        6.625  6/16/2023      GBP     45.05
BRADFORD&BIN PLC        7.625  2/16/2049      GBP     44.19
CO-OPERATIVE BNK        5.875  3/28/2033      GBP     76.43
EFG HELLAS PLC          6.010   1/9/2036      EUR     33.38
EFG HELLAS PLC          5.400  11/2/2047      EUR     60.25
ENTERPRISE INNS         6.375  9/26/2031      GBP     71.54
HBOS PLC                4.500  3/18/2030      EUR     77.02
HBOS PLC                6.000  11/1/2033      USD     62.71
HBOS PLC                6.000  11/1/2033      USD     62.71
NORTHERN ROCK           5.750  2/28/2017      GBP     70.50
PUNCH TAVERNS           6.468  4/15/2033      GBP     71.88
ROYAL BK SCOTLND        9.500   4/4/2025      USD     72.34
ROYAL BK SCOTLND        6.316  6/29/2030      EUR     69.14
ROYAL BK SCOTLND       10.000  2/15/2045      USD     72.63
TXU EASTERN FNDG        6.750  5/15/2009      USD      2.48
TXU EASTERN FNDG        6.450  5/15/2005      USD      2.38
UNIQUE PUB FIN          6.464  3/30/2032      GBP     63.71
UNIQUE PUB FIN          7.395  3/28/2024      GBP     75.66
WESSEX WATER FIN        1.369  7/31/2057      GBP     32.57


                            *********

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 * * *