TCREUR_Public/100923.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

         Thursday, September 23, 2010, Vol. 11, No. 188

                            Headlines



F R A N C E

BELVEDERE SA: Dijon Appeals Court Orders Repayment to Bondholders
RHODIA SA: Moody's Assigns 'B1' Rating on US$400 Mil. Notes
RHODIA SA: S&P Assigns 'BB' Rating on US$400 Mil. Senior Notes


G E R M A N Y

BAYERISCHE LANDESBANK: EU Would Need to Assess WestLB Merger
EVONIK INDUSTRIES: Moody's Assigns 'Ba1' Corporate Family Rating
EVONIK INDUSTRIES: S&P Assigns 'BB+/B' Corporate Credit Rating
VCL FILM: Files for Insolvency After Rescue Deal Fails
WESTLB AG: EU Would Need to Assess Bayerische Landesbank Merger

* GERMANY: Restrained Profitability for Lenders Expected This Year


I R E L A N D

ALLIED IRISH: Sells Goodbody Stockbrokers to Fexco for EUR24MM
ANGLO IRISH: Official Assignee in FitzPatrick Bankruptcy Retained
ANGLO IRISH: English Courts Expected to Deal With Bond Default
ANGLO IRISH: Bank Governor Says Bailout to Cost Less Than Expected
BANK OF IRELAND: Mulls Opening Bond-Trading Desk

EBS BUILDING: Household Mortgage Arrears Up in Second Quarter 2010

* IRELAND: European Commission Approves State Guarantee Extension


N E T H E R L A N D S

BRIT INSURANCE: Fitch Puts 'BB+' Rating on Negative Watch
ING GROUP: Fitch Upgrades Hybrid Capital Rating to 'BB'


R U S S I A

ALROSA CO: Moody's Changes Outlook on 'Ba3' Rating to Stable
MOSTRANSAVTO OOO: S&P Withdraws 'CC' Issuer Credit Ratings
RUSSIAN REGIONAL: Moody's Downgrades Deposit Ratings to 'Ba2'


S L O V E N I A

T-2 D.O.O: Telekom Slovenije Files Bankruptcy Petition


S P A I N

GC FTPYME: S&P Assigns 'BB (sf)' Rating on Class B Notes
OBRASCON HUARTE: Moody's Cuts Corporate Family Rating to 'Ba2'
TDA IBERCAJA: S&P Affirms 'BB (sf)' Rating on Class D Notes


U K R A I N E

OSCHADBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating
UKREXIMBANK: Fitch Affirms 'CCC' Subordinated Debt Rating


U N I T E D   K I N G D O M

ARC EUROPEAN: In Liquidation; Investors' Recovery Unknown
CK BUGGIES: Goes Into liquidation
ETHEL AUSTIN: New Report Reveals Trade Creditors Owed GBP33.2MM
GFX CAPITAL: Company Director's Disqualification Extended
JERMON DEVELOPMENTS: Osborne King Sells Fanum House Properties

ROSSWELL LTD: Company Directors Disqualified
RT PROPERTIES: Offers Creditors 1p for Every GBP4 Owed
TONY KING: Goes Into Liquidation After Losing Contract


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




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F R A N C E
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BELVEDERE SA: Dijon Appeals Court Orders Repayment to Bondholders
-----------------------------------------------------------------
Steve Rhinds at Bloomberg News reports that the Dijon appeals
court on Tuesday said Belvedere SA must pay the holders of GBP375
million of variable-rate bonds as part of its recovery plan.

According to Bloomberg, the bondholders in an e-mailed statement
on Tuesday "noted with satisfaction" the court's decision and
called for the company to raise EUR437 million by selling assets
and raising new capital.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Belvedere was granted protection from creditors in July
2008 after violating the terms of its notes by repurchasing more
of its stock than allowed.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits, wines,
and other beverages, under such brands as Sobieski, William Peel,
Marie Brizard, Danzka and others.  Belvedere SA operates through
its subsidiaries, including Belvedere Czeska, Belvedere
Scandinavia, Belvedere Baltic, Belvedere Capital Management,
Sobieski SARL and Sobieski USA, among others.  It is present in a
number of countries, such as Poland, Lithuania, Bulgaria, Denmark,
France, Spain, Russia, Ukraine, the United States and others.  In
addition, the Company holds a minority stake in Abbaye de
Talloires, involved in the hotel and wellness center.


RHODIA SA: Moody's Assigns 'B1' Rating on US$400 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to Rhodia's new US$400 million 10-years (Non callable 5 years)
Senior Unsecured Fixed Rate Notes.  All other ratings of the group
including the rating on the existing EUR535 million Senior
Unsecured Floating Rate Notes remain unchanged.  The outlook on
all ratings is positive.

                         Ratings Rationale

The newly issued US$400 million 10-years (Non callable 5 years)
Senior Unsecured Fixed Rate Notes will rank pari passu with
existing Senior Unsecured Floating Rate Notes, Senior Unsecured
Fixed Rate Notes and Senior Unsecured Convertible Bonds and will
be used to repay existing Senior Unsecured Floating Rate Notes
(neutral impact on leverage).  The new notes will improve the
maturity profile of Rhodia spreading out the 2013 maturity on
existing Senior Notes to 2020.

The assignment of a definitive rating to the new US$400 million
Senior Unsecured Fixed Rate Notes is subject to a review of the
associated documentation.

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

Moody's would consider upgrading the ratings of Rhodia if the
issuer continues to demonstrate further strong operating
performance in support of its stronger balance sheet position and
its ability to sustainably position its FCF / Net Debt in the mid
to high single digits and its RCF / Net Debt in the high teens.

Moody's could downgrade the ratings should the operating
performance of the Group sustainably deteriorate resulting in
negative free cash flow generation, RCF / Net Debt dropping
sustainably below 10% and Net Debt / EBITDA increasing above 5.0x
on an adjusted basis.

The last rating action on Rhodia was on September 13, 2010, when
Moody's changed the outlook on all ratings to positive from
stable.

Rhodia S.A., headquartered in Paris, France, is a diversified
specialty chemicals group with leading market positions in most of
its business applications.  Rhodia reported consolidated revenues
of EUR4.031 billion and a recurring EBITDA of EUR487 million for
the fiscal year ended December 31, 2009.

                      Regulatory Disclosures

Information source used to prepare the credit rating is these:
parties involved in the ratings.

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 / 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.


RHODIA SA: S&P Assigns 'BB' Rating on US$400 Mil. Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned an issue
rating of 'BB' to the proposed US$400 million senior unsecured
notes to be issued by French chemicals company Rhodia
(BB/Stable/B).  At the same time, S&P assigned a recovery rating
of '4' to the proposed notes, indicating Standard & Poor's
expectation of average (30%-50%) recovery in the event of a
payment default.  The issue ratings and recovery ratings on all
Rhodia's other rated debt instruments are unchanged.  S&P
understand that substantially all the proceeds of the proposed
notes will be used in partial prepayment of Rhodia's existing ?535
million floating-rate notes, due in 2013.

Recovery prospects are supported by S&P's valuation of the group
on a going-concern basis due to its leading market positions in
product areas such as polyamide, silicas, diphenols, acetow, and
ecoservices, and its growing Novecare segment.  Nevertheless, S&P
believes that recovery prospects are sensitive to future supply-
demand balances in Rhodia's large polyamide segment, and S&P also
conservatively factor in that Rhodia's profits from carbon credits
(in the energy segment) will drop off from late 2013 onward after
the introduction of Phase III of the EU Energy Trading Scheme.  In
addition, S&P believes the group's substantial pensions deficit
could materially limit recovery prospects for new and existing
noteholders.

                         Recovery Analysis

The proposed notes, existing floating-rate notes, senior notes,
and convertible bonds are all unsecured and unguaranteed
obligations of Rhodia.  Recovery prospects are determined after
deducting a relatively high level of prior-ranking debt claims.
Under S&P's hypothetical default scenario, S&P has revised its
assumption of the year of default to 2014 from 2013, to reflect
Rhodia's recent improvement in trading.  S&P believes that a
default would occur in S&P's hypothetical scenario as a result of
a combination of weak trading performance, lower cash flows from
the energy services business beyond 2013, and an inability to
refinance obligations maturing in 2014.

                           Ratings List

                            New Rating

                             Rhodia

                         Senior Unsecured

              US$400 mil. (Proposed) bnds           BB
               Recovery Rating                      4


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G E R M A N Y
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BAYERISCHE LANDESBANK: EU Would Need to Assess WestLB Merger
------------------------------------------------------------
Peter Chapman at Bloomberg News reports that Joaquin Almunia, the
European Union's antitrust commissioner, said a possible merger of
Bayerische Landesbank and WestLB AG "may not automatically result
in restoration of their long-term viability."

"The Commission would need to assess whether the merged entity
would be viable in the long-term and whether the measures to
ensure burden sharing and to limit competition distortions are
adequate," Mr. Almunia said in an e-mailed statement on Tuesday,
according to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, Bloomberg News said Bayerische Landesbank and WestLB, two
German state-owned lenders that needed government aid during the
financial crisis, are examining a possible merger that would
create the country's third-biggest bank.  "The goal is to have a
joint understanding by the end of the year on whether a merger
makes economic sense," Munich-based BayernLB and Dusseldorf-based
WestLB said in a joint e-mailed statement to Bloomberg on Monday.
Bloomberg disclosed BayernLB, Germany's second-biggest state-owned
lender after Stuttgart-based Landesbank Baden-Wuerttemberg, needed
EUR10 billion in fresh capital and a EUR4.8 billion risk shield
for its portfolio of asset-backed securities from the German state
of Bavaria, which now owns 95.8% of the bank.

                           About WestLB

Bayerische Landesbank a.k.a BayernLB -- http://www.bayernlb.de/--
acts as the principal bank to the state of Bavaria and as the
central clearing house for the 75 Bavarian sparkassen (savings
banks).  Also serving corporations, national and local
governments, financial institutions, and real estate firms, the
bank offers a variety of services, including financing, security
underwriting and trading, and risk management.  It provides retail
and private banking services for individuals through its Internet
bank, Deutsche Kreditbank, and through banking subsidiaries in
central and southeastern Europe.  BayernLB's Landesbank Saar
subsidiary (75% owned) provides financing to small and midsized
businesses in the German state of Saarland and in France.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on March 4,
2010, Moody's Investors Service downgraded the ratings of
Bayerische Landesbank's profit participation certificates Series
11 to Ca from Caa1 and Series 12 to Caa1 from B2.  In addition,
the Tier 1 securities issued by BayernLB Capital Trust I were
downgraded to Caa2 from Caa1.  All ratings carry a stable outlook.

The last rating action on BayernLB was on May 13, 2009, when
Moody's downgraded the bank's BFSR to D- from C-, the long-term
senior debt and deposit ratings to A1 from Aa2 and the
subordinated liabilities to A2 from Aa3 while the Prime-1 short-
term deposit rating was affirmed.


EVONIK INDUSTRIES: Moody's Assigns 'Ba1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 Corporate Family
Rating to Evonik Industries group and Probability of Default
Rating to Evonik Industries AG, the holding company of a German-
based conglomerate encompassing chemicals, energy and real estate
businesses.  At the same time, Moody's has assigned a Ba1 rating
to EUR750 million of Senior Unsecured Notes issued by Evonik
Industries AG.  The outlook on all ratings is stable.  This was
the first time that Moody's has rated Evonik Industries AG.

                         Ratings Rationale

Moody's Ba1 Corporate Family Rating for Evonik reflects the
group's (i) strong business profile in chemicals with leading
market positions, large scale, wide end-product and end-market
diversity with a good mix between more cyclical upstream
activities and stable specialty applications, (ii) above average
operating margins at the chemicals business supported by the
quality and technology content of its products as well as through
a good level of vertical integration through selective 'Verbund'
structures, (iii) clear strategic path to focus on the group's
strong chemical division by partial divestments of the energy and
real estate businesses notwithstanding that the successful
implementation of this strategy bears execution risk, (iv) focus
on optimizing its cost structure through the implementation of
various cost initiatives across the businesses to further enhance
margin levels notwithstanding that Evonik already generates
operating margins in excess of most of its European chemicals
peers, (v) strong technology- as well as R&D platform (more than
20% of sales generated from products not older than five years)
allowing for a timely response to customer needs and to new market
trends, and (vi) strong liquidity profile with currently over
EUR1.359 billion in cash on balance sheet as well as access to an
undrawn EUR1.5 billion revolving credit facility.

The rating remains constrained by Evonik's (i) leveraged capital
structure if compared to investment grade chemicals peers, (ii)
aggressive dividend policy (payout ratios was around 100% of net
income in FY 2009) which is expected to exert negative pressure on
free cash flow generation going forward, (iii) limited exposure to
cyclical customer industries such as automotive and construction
notwithstanding that the group has no specific concentration on
any specific industries, customers or products, (iv) shareholder
structure with the cohabitation of a financial investor with a
minority stake and a foundation set up in 2007 to wind down the
subsidized coal activities of former RAG by 2018, which might have
different strategic interests although the execution of the
group's strategy since the change in the ownership structure has
been smooth and focused.

EI's liquidity position is sound.  The group's liquidity is
supported by large cash balances (EUR1,359 million at June 30,
2010) and access to a EUR1.5 billion unsecured syndicated
revolving credit facility (undrawn at June 30, 2010).  Operating
cash outlays for the coming twelve months, which comprise mainly
capital expenditures, working capital, dividends are expected to
be largely covered by operating cash flows.  The group's liquidity
revolving credit facility contains financial covenants but EI
currently enjoys ample headroom under these covenants.

The stable outlook assigned to the rating reflects Moody's
expectation that Evonik will continue to focus on deleveraging and
will apply discretion in the implementation of its organic growth
strategy.  The agency's expectation is predicated upon a gradual
recovery in chemicals demand across all regions with continued
stronger growth patterns anticipated in emerging economies.  The
strong recovery in emerging market economies have been the main
driver of the recovery in the European Chemicals industry.  The
derailing of emerging economies growth and / or a reversal in the
recovery of developed economies, which are concurrently considered
as tail risks could invalidate Moody's assumption underlying the
assignment of a stable outlook to Evonik.

Continued strong operating performance coupled with prudent
balance sheet management and / or proceeds from asset disposals
applied to debt reduction leading to Adjusted Net Debt / EBITDA of
below 3.5x and RCF / Net Debt of above 15% on a sustainable basis
would exert positive pressure on the ratings.

A sharp deterioration in the operating environment and / or shift
in the group's organic and external growth strategy leading to
sustained negative free cash flow generation and / or a
deterioration in Adjusted Net Debt / EBITDA to sustainably above
4.5x would lead to negative pressure on the ratings.  The agency
would also expect Evonik to maintain RCF / Net Debt in the low
double digit to avert negative pressure on the ratings.

Evonik Industries AG, headquartered in Essen, Germany, is the
holding company of the Evonik Group, an industrial conglomerate
encompassing chemicals, energy and real estate businesses.  While
the roots of the company date back to 1843, the group in its
current legal form was established in 2007 when the so-called
white division of RAG AG was separated from the mining activities
of the group and incorporated under EI.  Evonik is majority owned
by RAG Foundation, which was set up to fund liabilities relating
to the termination of RAG's mining activities until 2018.  Funds
of the financial investor CVC Capital Partners have acquired a
25,01% stake in EI in 2008.  EI reported revenues of EUR13.1
billion and an EBITDA of EUR2 billion for the fiscal year ended
31st December 2009.  The company employed 38,361 people at fiscal
year-end 2009.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, parties not 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.

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.


EVONIK INDUSTRIES: S&P Assigns 'BB+/B' Corporate Credit Rating
--------------------------------------------------------------
On Sept. 21, 2010, Standard & Poor's Ratings Services assigned its
'BB+/B' long- and short-term corporate credit ratings to Evonik
Industries AG, the parent of chemical company Evonik Degussa GmbH.
At the same time, S&P raised to 'BB+' from 'BB' its long-term
corporate credit rating on Degussa.  The outlook on both companies
is positive.

S&P assigned a 'BB+' rating to the ?750 million notes issued by
Evonik and raised the issue rating to 'BB+' from 'BB' on the ?1.25
billion notes issued by Degussa.  Both issues have a recovery
rating of '4', indicating S&P's expectation of average (30%-50%)
recovery in the event of a payment default.

"The rating action reflects S&P's expectation of record profits
for the Evonik group in 2010 and a related substantial improvement
in credit metrics," said Standard & Poor's credit analyst Karl
Nietvelt.

S&P has raised its 2010 EBITDA expectations for Evonik after it
reported group EBITDA (excluding exceptional items) over the 12
months to June 30, 2010 of a record ?2.7 billion.  This is well
above the levels reported over the past three years of ?2.0
billion-?2.2 billion.  It follows a very strong recovery across
all Evonik's chemical businesses, with reported LTM EBITDA of the
core chemical segment of ?2.19 billion, up from ?1.6 billion
historically.  Consequently, S&P sees its adjusted funds from
operations-to-debt ratio for Evonik strengthening to 25% or above
in 2010 and beyond (compared with 15.5% in 2009).  S&P expects a
relatively favorable near- to medium-term chemical environment,
although S&P assume that margins will come down from the expected
2010 record.

The ratings on Degussa are identical to those on its 100% parent
Evonik.  Evonik's credit profile is characterized by a
"satisfactory" business risk profile and a "significant" financial
risk profile.  Evonik is 74.99%-owned by public entity RAG-
Stiftung and 25.01% by funds of private equity investor CVC
Capital Partners.

"The positive outlook takes into account the possibility of a one-
notch upgrade over the next 12-18 months if Evonik's credit
metrics strengthen materially, depending primarily on debt
reduction from future disposal proceeds," said Mr. Nietvelt.

In this respect, S&P believes that a sale of the group's energy
activities is possible in the near term.  S&P also factor in that
the chemical environment will remain supportive over the near to
medium term.  At the current rating level, S&P would consider a
ratio of fully-adjusted FFO-to-debt of 20%-25% during mid-cycle
chemical conditions as commensurate.  At the 'BBB-' level the mid-
cycle ratio guidance would more likely be 25%-30%.

The rating could stabilize in the absence of disposals or if
operating performance were to weaken unexpectedly.  Midsize or
larger-than-expected acquisitions would also be viewed negatively.


VCL FILM: Files for Insolvency After Rescue Deal Fails
------------------------------------------------------
VCL Film + Medien has filed for insolvency protection after
negotiations with British and Scandinavian partners failed to
produce the deal needed to keep the company afloat, Scott
Roxborough writes for The Hollywood Reporter.

The Hollywood Reporter relates that VCL with its CEO Datty Ruth
were once one of the Germany's leading video companies, releasing
top-tier titles such as "Dances With Wolves" and the "Terminator"
franchise.  But the company has been treading water for years,
branching out into exercise and self-help videos in an effort to
generate cash flow.

According to The Hollywood Reporter, VCL earlier this year signed
a letter of intent with U.K. group SpiritOn and Scandinavian firm
CCV Entertainment.  CCV said it was interested in taking a direct
stake in VCL pending the due-diligence process.  But it was not to
be.

VCL will now go through the German equivalent of Chapter 11.

At the time of its insolvency filing, VCL employed four people.

VCL Film + Medien -- http://www.vcl.de/-- is the leading home
video distributor in Germany.  It supplies DVDs for rental or sale
to video outlets and retail stores in Germany, Switzerland, and
Austria.  VCL Film + Medien runs its license trading and video/DVD
sales through its VCL Communications (home entertainment)
subsidiary.  The company owns a library of more than 600 movie
titles, many of which it is many of which it is converting to the
Blu-ray High Definition format.  CEO Gunter Detlef Ruth co-founded
VCL Film + Medien in 1981.


WESTLB AG: EU Would Need to Assess Bayerische Landesbank Merger
---------------------------------------------------------------
Peter Chapman at Bloomberg News reports that Joaquin Almunia, the
European Union's antitrust commissioner, said a possible merger of
Bayerische Landesbank and WestLB AG "may not automatically result
in restoration of their long-term viability."

"The Commission would need to assess whether the merged entity
would be viable in the long-term and whether the measures to
ensure burden sharing and to limit competition distortions are
adequate," Mr. Almunia said in an e-mailed statement on Tuesday,
according to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, Bloomberg News said Bayerische Landesbank and WestLB, two
German state-owned lenders that needed government aid during the
financial crisis, are examining a possible merger that would
create the country's third-biggest bank.  "The goal is to have a
joint understanding by the end of the year on whether a merger
makes economic sense," Munich-based BayernLB and Dusseldorf-based
WestLB said in a joint e-mailed statement to Bloomberg on Monday.
Bloomberg disclosed as part of its restructuring, WestLB has to
sell itself by the end of 2011 under conditions imposed by the EU
Commission.  The lender has received several bailouts, including
EUR3 billion (US$3.9 billion) in capital from Germany's Soffin
bank-rescue fund, Bloomberg noted.  It set up a separate bad bank
to rid itself of about a third of its assets, including toxic
securities, according to Bloomberg.

                           About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.  In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 6,
2010, Moody's Investors said WestLB AG's E+ bank financial
strength rating (BFSR, which maps directly to a B2 baseline credit
assessment, BCA), was affirmed and the outlook on this rating
changed to stable from developing.  Moody's affirmation of the E+
BFSR and the change of its outlook to stable reflects that,
despite positive developments, the BFSR remains constrained by the
bank's weak franchise, which includes several core segments that
do not (or only insufficiently) contribute to group profits, thus
resulting in the bank's continued dependence on volatile,
wholesale-focused sources of income.  Moody's does not rule out
that the bank could be split up and unwound if efforts to divest
the bank were to prove unsuccessful.


* GERMANY: Restrained Profitability for Lenders Expected This Year
------------------------------------------------------------------
Aaron Kirchfeld and Oliver Suess at Bloomberg News report that
Germany's Bundesbank said earnings at the country's lenders will
probably be hurt by further loan-loss provisions following last
year's economic recession.

"Despite the currently favorable macro-economic conditions, a
rather restrained profitability development is to be expected for
the business year 2010," the country's central bank said in its
monthly report published on Monday, according to Bloomberg.  "The
earnings situation will likely continue to be shaped by noticeable
loan-loss provisions in the credit business amid the lingering
impacts of the global recession last year."

According to Bloomberg, the Bundesbank said German lenders' total
pretax losses narrowed to EUR2.9 billion (US$3.8 billion) in 2009,
helped by larger profits in trading and fewer writedowns.

Bloomberg recounts the Association of German Banks said on Sept. 6
that Germany's 10 biggest lenders, including Frankfurt-based
Deutsche Bank AG and Commerzbank AG, may need about EUR105 billion
in fresh capital because of new rules by the Basel Committee on
Banking Supervision.


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I R E L A N D
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ALLIED IRISH: Sells Goodbody Stockbrokers to Fexco for EUR24MM
--------------------------------------------------------------
Donal O'Donovan at Irish Independent reports Allied Irish Banks
plc has sold Goodbody Stockbrokers to Kerry-based Fexco for
EUR24 million in cash.

Irish Independent relates its sources say the full cost will be
higher because Fexco must provide cash to cover Goodbody's capital
reserves requirements, as well as pay AIB for the business.  That
cost could be set to rise, with the Financial Regulator preparing
to revise upwards the amount of capital stockbrokers must hold in
reserve to meet potential losses, according to Irish Independent.

Under the terms, AIB may be able to claw back some cash from the
Goodbody sale if Fexco sells the business, or part of it, in the
next three years, Irish Independent discloses.

Irish Independent notes sources said the acquisition is subject to
regulatory approval but is expected to complete within three to
six months.

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

                           *     *     *

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


ANGLO IRISH: Official Assignee in FitzPatrick Bankruptcy Retained
-----------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank
wasn't able to proceed in court on Wednesday to have a trustee, an
insolvency practitioner, appointed in place of the official
assignee to realize the estate of former chairman Sean
FitzPatrick.

According to The Irish Times, the appointment of a trustee would
have given a greater degree of control to Anglo over the process.

The Irish Times says the bank requires the support of three-fifths
of the creditors -- both in value and number -- to secure the
appointment of their nominated trustee, KPMG partner Kieran
Wallace.  Anglo has more than 92% of Mr. FitzPatrick's debts but
seven of the 12 creditors admitted in the bankruptcy proceedings
that they support the retention of the official assignee, The
Irish Times notes.

It is understood that the official assignee, Chris Lehane, is
expected to apply to the court to make null and void any
transactions carried out by Mr. FitzPatrick in the two years prior
to him being declared bankrupt that reduce the value of his
assets, The Irish Times states.  It is understood that he has said
a restructuring of Mr. FitzPatrick's loans from Anglo Irish that
was carried out in February 2009 may now need to be reviewed in
light of his subsequent bankruptcy, The Irish Times discloses.

As reported by the Troubled Company Reporter-Europe on July 28,
2010, The Irish Times said Mr. FitzPatrick owes creditors a total
of EUR150 million and has assets of around EUR50 million.  The
Irish Times disclosed Anglo said it is owed up to EUR110 million
by its former chief.  Apart from Anglo, his creditors include
investment firm Friends First, Bank of Scotland (Ireland), Ulster
Bank and sister bank First Active, Haven Mortgages, AIB and the
Revenue Commissioners, according to The Irish Times.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


ANGLO IRISH: English Courts Expected to Deal With Bond Default
--------------------------------------------------------------
Emmet Oliver at Irish Independent reports that any future default
on bonds at Anglo Irish Bank would have to be adjudicated upon in
the English courts and not in Ireland.

The Irish government is not planning to default on any Anglo
bonds, but the idea has been floated by third-level academics and
some opposition politicians in recent weeks, Irish Independent
notes.

According to Irish Independent, instead of defaulting, the
government is expected to give the bank the go-ahead to do a bond
buyback with some classes of bondholders -- but who precisely is
not yet clear.

Bonds issued by Anglo over recent years are covered by English
law, so if bondholders were to take legal action they would
petition the English courts, Irish Independent says.

English law treats the rights of bondholders differently to
Ireland, Irish Independent states.  In recent cases in England
between issuers and bondholders, the courts have ordered the
issuer not only to pay missed coupons (interest payments), but
also the legal costs incurred in taking the action in the first
place, Irish Independent discloses.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


ANGLO IRISH: Bank Governor Says Bailout to Cost Less Than Expected
------------------------------------------------------------------
Donal O'Donovan at Irish Independent reports that Central Bank
Governor Patrick Honohan has welcomed the Irish government's
decision to wind down Anglo Irish Bank, and said he believed that
the cost of the Anglo debacle would ultimately be less than
commentators are suggesting.

Irish Independent relates in a deviation from his speech delivered
at a banking conference in Dublin on Monday, Mr. Honohan said the
ultimate costs of Anglo would be "less than the numbers currently
being touted around, actually".  Irish Independent notes Mr.
Honohan, however, said the collapse of Anglo with massive bad
debts had "damaged the domestic and international reputation of
Irish banking."

Separately, Dara Doyle at Bloomberg News reports that Prime
Minister Brian Cowen still needs to convince investors that
bailing out Irish banks won't sink the country's finances after
Monday's bond sale eased immediate concerns about the need for a
bailout.

According to Bloomberg, traders are demanding Ireland pays close
to the highest yields on 10-year debt since 1997 as the government
scrambles to calculate how much money it will have to inject into
Anglo Irish Bank Corp., which it nationalized last year.
Bloomberg notes that while the state has already poured EUR22
billion (US$29 billion) into the bank, Standard & Poor's estimates
the final bill may be EUR35 billion, equivalent to 20% of gross
domestic product.

Bloomberg says fund managers' concerns about Ireland are
resurfacing as the worst recession in the country's modern history
strangles tax income and the price of rescuing Anglo Irish climbs.
With the central bank saying its cost estimate is "at an advanced
stage of readiness," Mr. Cowen may have to follow up Monday's
successful EUR1.5 billion bond sale with faster budget cuts even
in the face of sinking opinion poll ratings, Bloomberg states.

Finance Minister Brian Lenihan said the Anglo Irish cost estimate
would be published this month, Bloomberg notes.

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

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 17,
2010, Fitch Ratings affirmed Anglo Irish Bank Corporation Ltd.'s
Individual Rating at 'E'.  It also affirmed its ratings on the
bank's Lower Tier 2 Subordinated Notes at 'CCC' and Tier 1 Notes
at 'C'.

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service said that it is maintaining its
review for possible downgrade on the A3/P-1 deposit and senior
debt ratings, and on the Ba1 subordinated debt rating of Anglo
Irish Bank Corporation.  The junior subordinated debt is
downgraded to C from Caa2.  The backed-Aa2 rating (stable outlook)
on the government guaranteed debt, the C rating on the bank's tier
1 securities and the E bank financial strength rating -- mapping
to Caa1 on the long-term scale -- are unaffected by this rating
action.


BANK OF IRELAND: Mulls Opening Bond-Trading Desk
------------------------------------------------
Laura Noonan at Irish Independent reports that Bank of Ireland is
considering opening a bond-trading desk that would act as a
primary dealer for government bond auctions.

Irish Independent says it is understood that the bond desk would
sit in BoI's treasury division, though sources stressed that no
decision has been taken to open the desk.

BoI could make a decision on the bond desk within "months or
years", one source said, adding that establishing the function
wasn't a priority, according to Irish Independent.

Setting up a trading desk would give BoI a fresh income stream
against a backdrop of forced retrenchment at the hands of the
European Commission, Irish Independent notes.

BoI is preparing its New Ireland life-insurance division for sale
and must also sell off asset manager BIAM and other non-core
assets, Irish Independent discloses.

                         State Guarantee

As reported by the Troubled Company Reporter-Europe on Sept. 10,
2010, Irish Independent said Bank of Ireland was considering
migrating some of its EUR50 billion short-term corporate deposits
out of the state guarantee scheme at the end of the month, even
though the support had been extended until Dec. 30, in a bid to
minimize cost.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Sept. 15,
2010, Moody's Investors Service upgraded the bank financial
strength rating of Bank of Ireland to D+ from D.  The D+ maps to
Baa3 on the long-term scale and the D mapped to Ba2.  The outlook
on the BFSR is stable.  The other ratings of the bank, including
the A1 (stable)/Prime-1 bank deposit and senior debt ratings, are
affirmed.  The BFSR of ICS Building Society was also upgraded to
D+ (mapping to Baa3 on the long-term scale) from D/Ba2, in line
with that of its parent.  The outlook on the A2 long-term bank
deposit rating of the society was changed to negative.

Moody's said in addition to the ongoing burden stemming from the
impairment of the non-NAMA assets, the D+ BFSR also incorporates
other challenges facing the bank such as (i) the wind-down of the
large portfolio of non-core assets of which the largest part is
the UK intermediary distributed mortgage book (EUR30 billion at
end-June 2010) and, along with that, a reduction in the bank's
relatively high utilization of wholesale funding; (ii) the sale of
businesses due to European Commission requirements in return for
approval of the state aid; and (iii) the risk of a further
downturn in the economies of Ireland and the UK.


EBS BUILDING: Household Mortgage Arrears Up in Second Quarter 2010
------------------------------------------------------------------
Charlie Weston and Laura Noonan at Irish Independent report that
almost 6,700 homeowners who have a mortgage with the EBS Building
Society are in arrears.

According to Irish Independent, arrears at the building society
have shot up by almost a quarter in the second three months of
this year, and are now higher than the average for other lenders.

Some 6.2% of the society's homeowner mortgage customers have not
been able to make a repayment for a month or more, Irish
Independent says.

Irish Independent relates EBS reported a pre-tax loss of almost
EUR250 million for the first six months of the year, but chief
executive Fergus Murphy insisted household mortgages were
"performing better" than investment mortgages.

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

                          *     *     *

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


* IRELAND: European Commission Approves State Guarantee Extension
-----------------------------------------------------------------
Arthur Beesley at The Irish Times reports that the European
Commission has given its formal approval to an extension of the
state guarantee over short-term business deposits in Irish banks
until the end of the year.

The Irish Times relates the commission's decision comes against
the backdrop of mounting anxiety in Brussels about the cumulative
impact of the financial burden on the Government as a result of
the Anglo Irish Bank rescue and a steep increase in the State's
borrowing costs.

The Irish Times says the measure was introduced to help avert the
prospect of large-scale deposit loss from Anglo if the guarantee
for large business deposits were lifted.

According to The Irish Times, a further consideration behind the
measure is to improve the prospects of other Irish banks
refinancing billions of euro in government-guaranteed debt before
the end of the month.

Following an earlier extension to the guarantee over longer-term
bank liabilities, the latest extension covers short-term corporate
and interbank deposits to the end of 2010 and certain debt
securities, The Irish Times discloses.  The renewed guarantee
comes at a price with higher fees to be levied on participating
banks according to their credit ratings, The Irish Times notes.


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


BRIT INSURANCE: Fitch Puts 'BB+' Rating on Negative Watch
---------------------------------------------------------
Fitch Ratings has placed Brit Insurance Limited's Insurer
Financial Strength rating of 'A' on Rating Watch Negative.  Brit
Insurance Holdings N.V.'s Long-term Issuer Default Rating of
'BBB+' and its subordinated notes at 'BB+ have also been placed on
RWN.

The action is in response to the additional information contained
in the Possible Offer Update published by BIHNV on Friday,
September 17, 2010, confirming an indicative proposal by a
consortium of funds managed by Apollo Management VII, L.P.  and
funds advised by CVC Capital Partners Limited.  While the
announcement falls short of a formal offer, the advanced state of
negotiations and expected recommendation of the proposal by Brit
Insurance's Independent Directors leads Fitch to believe that a
formal offer is likely.

The RWN reflects the agency's view that acquisition of the Brit
Group by a private equity investor could weaken the financial
profile of the insurer.  In particular Fitch expects that the
post-acquisition capital structure may contain a higher degree of
leverage than the current level.  The agency also maintains the
view that the consortium may have a shorter-term investment
horizon which could be more focused on short-term goals than
longer-term objectives, which may result in a management approach
that has a negative impact on the credit profile of the insurer.

If and when a formal offer is made, Fitch will seek to resolve the
RWN by meeting with Brit's senior management to discuss the
implications of the transaction, with particular focus on any
implications for strategy, capitalization, return expectations,
financial leverage and financial flexibility.


ING GROUP: Fitch Upgrades Hybrid Capital Rating to 'BB'
-------------------------------------------------------
Fitch Ratings has affirmed ING Group's and ING Bank N.V.'s
ratings, while maintaining ING Verzekeringen N.V. and its
subsidiaries on Rating Watch Negative.  ING Group, the group
holding company, has two main subsidiaries: ING Bank, which
operates most of the group's banking businesses, and ING
Verzekeringen, which runs most of the insurance activities.  A
full rating breakdown is provided at the end of this comment.

ING Bank's Issuer Default Ratings, unguaranteed senior debt
ratings, Support Rating and Support Rating Floor continue to
reflect potential support from the Dutch state ('AAA'/Stable), if
needed.  The Support Rating Floor indicates an extremely high
probability of state support in case of need.  As ING Bank's Long-
term IDR is at its Support Rating Floor the Outlook is Stable.

The bank's Individual Rating continues to reflect its strong
franchise, especially in the Benelux, sound loan book,
satisfactory capitalization and good funding base.  While
profitability has improved, it would suffer from renewed pressure
on margins or any potential economic slowdown.

The withdrawal of the Individual rating on ING Bank's fully owned
subsidiary, ING Belgium, is based on the increased and close
integration with its parent.  Moreover, funding and capital are
largely fungible between the two banks.  The withdrawal of ING
Belgium's Support Rating Floor indicates Fitch's opinion that the
Support Rating is based on potential support, in case of need,
from ING Bank rather than from the Belgian state.

The rating actions on ING Verzekeringen and its subsidiaries
continue to reflect the uncertainty on its prospective ownership
structure following ING Group's announcement that it intends to
dispose its insurance operations by end-2013.  The ratings of ING
Verzekeringen and its subsidiaries reflect Fitch's view that
insurance operations will no longer benefit from being part of a
large bank-insurance organization and, as such, will see reduced
diversification of risk and business as well as less financial
flexibility.  The RWN also reflects the uncertainties that the
sale will generate with respect to the franchise and business
position of ING insurance operations.  Fitch will resolve the RWN
once the disposal is finalised and the new shareholding structure
of ING Verzekeringen has been put in place.

ING Verzekeringen's ratings continue to reflect its strong
business positions and geographic diversification.  Although
capital adequacy is in line with the current ratings, it is
unlikely to be materially strengthened by internal accumulation
until the profitability of the insurance operations substantially
recovers, which remains unlikely in 2010.

The ratings of the US insurance operations, ING America Insurance
Holdings Inc. and its subsidiaries, reflect Fitch's view that the
US insurance operations are important but not core to ING
Verzekeringen, due to the material restructuring that has begun
there.  Fitch will resolve the RWN on ING Verzekeringen's U.S.
subsidiaries based on the execution of its restructuring strategy
and the resulting allocation of ongoing/run-off businesses,
capitalisation and business profiles of the individual legal
entities.

The rating of ING Verzekeringen's hybrid issues continues to
reflect the execution risk related to the restructuring plan filed
with the European Commission.

ING Group's IDRs, senior debt, Support Rating and Support Rating
floor reflect potential support from the Dutch state.  Support for
the group during the financial crisis has been provided via ING
Group.  ING Group's IDR is one notch lower than the IDR assigned
to ING Bank to acknowledge the possibility that future support -
should it ever be needed - could be provided directly to ING Bank,
rather than via ING Group.

The rating of ING Group's hybrid capital has been upgraded to 'BB'
from 'B+' to reflect the reduced likelihood of coupon deferral
given improved operating profitability.  Moreover, the
restructuring plan agreed with the European Commission in Q409
does not require ING Group to defer coupons on hybrid instruments
nor to seek approval from the EC for the payment of coupons on its
hybrids.

Once the insurance companies have been divested, ING Group will
reduce the double leverage held at the holding company level.
Moreover, ING Group will progressively become more of a pure bank
holding company rather than a bank-insurance holding company.

The rating actions are:

ING Group

  -- Long-term IDR affirmed at 'A'; Outlook Stable
  -- Short-term IDR affirmed at 'F1'
  -- Senior unsecured debt rating affirmed at 'A'
  -- Hybrid capital upgraded to 'BB' from 'B+'
  -- Support rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A'

ING Bank N.V.

  -- Long-term IDR affirmed at 'A+'; Outlook Stable

  -- Senior unsecured rating affirmed at 'A+'

  -- Market-Linked Notes affirmed at 'A+emr'

  -- Subordinated debt affirmed at 'A'

  -- Short-term IDR affirmed at 'F1+'

  -- Commercial paper affirmed at 'F1+'

  -- Individual rating affirmed at 'C'

  -- Support rating affirmed at '1'

  -- Support Rating Floor affirmed at 'A+'

  -- Dutch government guaranteed debt affirmed at 'AAA'/'F1+'

  -- Mortgage covered bonds rated 'AAA' are unaffected by the
     rating actions

ING Belgium

  -- Long-term IDR affirmed at 'A+'; Outlook Stable
  -- Senior unsecured rating affirmed at 'A+'
  -- Short-term IDR affirmed at 'F1+'
  -- Individual rating: affirmed at 'C' and withdrawn
  -- Support rating affirmed at '1'
  -- Support Rating Floor affirmed at 'A-' and withdrawn

ING Verzekeringen N.V.

  -- Long-term IDR: 'A-'; remains on Rating Watch Negative

  -- Short-term IDR: 'F2', remains on Rating Watch Negative

  -- Senior unsecured rating: 'BBB+'; remains on Rating Watch
     Negative

  -- Subordinated debt: 'BBB'; remains on Rating Watch Negative

  -- Hybrid capital affirmed at 'B+'

ING America Insurance Holdings Inc

  -- Commercial paper guaranteed by ING Verzekeringen N.V.: 'F2';
     remains on Rating Watch Negative

Lion Connecticut Holdings

  -- Senior unsecured notes, guaranteed by ING Group affirmed at
     'A'

Equitable of Iowa Companies, Inc

  -- Long-term IDR: 'BBB'; remains on Rating Watch Negative

Equitable of Iowa Companies Capital Trust II

  -- Preferred stock affirmed at 'B+'

ING Life Insurance and Annuity Company

  -- Insurer Financial Strength rating (IFS): 'A-'; remains on
     Rating Watch Negative

ING USA Annuity and Life Insurance Company

  -- IFS rating: 'A-'; remains on Rating Watch Negative

ReliaStar Life Insurance Co.

  -- IFS rating; 'A-'; remains on Rating Watch Negative

ReliaStar Life Insurance Company of New York

  -- IFS rating 'A-'; remains on Rating Watch Negative

Security Life of Denver Insurance Company

  -- IFS rating 'A-'; remains on Rating Watch Negative


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


ALROSA CO: Moody's Changes Outlook on 'Ba3' Rating to Stable
------------------------------------------------------------
Moody's Investors Service has changed the outlook to stable on the
Ba3 corporate family rating of Alrosa Co Ltd. and Ba3 / LGD 4 (50)
ratings on the senior unsecured guaranteed notes of Alrosa Finance
S.A.

The change in the outlook is driven by the improvement in the
diamond market reflected in the strong recovery in Alrosa's sales
in 2010, as well as the expectation of a relatively strong pricing
environment for diamonds in the medium term.  Moody's expect that
the on-going recovery in the diamond market should underpin strong
cash flow generation in 2010, while the company has substantially
completed the capital investments in the new underground mines.
Moody's understand that the management team is focused on the
deleveraging of the balance sheet to the pre-expansion levels,
targeting Net Debt / EBITDA metrics of c.2x times.  In the near
term Moody's expect that the pace of the deleveraging will be
driven by the pace of the recovery in the revenues, as well as the
company's success in maintaining its relatively high level of
profitability.  We, therefore, see improvement in the financial
profile as the key credit driver in the medium term.

Looking forward, Moody's expect Alrosa to manage proactively its
refinancing needs in 2010 with a view to target longer maturity
profile and a more diversified lenders base, as well as to
gradually reduce its leverage through FCF generation.  Moody's
also positively note the company's recent placement of the Rouble
26 billion in long and medium term notes on the domestic market,
that contributed to the improvement of the liquidity position of
the company.  The stable outlook reflects Moody's expectation of
continued support by the state and state-owned banks during the
refinancing period.

Moody's last rating action was on April 7, 2009, when the rating
agency downgraded the corporate family rating of Alrosa and the
rating on the company's notes by one notch to Ba3 as a result of
the downgrade of the Baseline Credit Assessment of the company
from 15 to 16.

ALROSA enjoys leading position in the concentrated global diamond
production markets.  The company is majority owned by the
Government of the Russian Federation (50.9% shareholding) and the
Republic of Sakha Yakutia (combined 40% shareholding).  Alrosa
operates its principal mines located in the North of Eastern
Siberia under several licenses that expire and are expected to be
extended in 2015-2022.  Alrosa also operates in Angola through its
JV Catoca Mining Company Ltd, as well as several other African
countries.  In 2009, ALROSA reported consolidated revenues of
RUB77.9 billion and had operating assets of RUB236 billion.


MOSTRANSAVTO OOO: S&P Withdraws 'CC' Issuer Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'CC' long-term issuer credit ratings and 'ruCC' Russia national
scale ratings on Mostransavto and its fully-owned special purpose
vehicle OOO Mostransavto-Finance at the issuer's request.
Mostransavto is fully owned by Moscow Oblast.

The decision to withdraw the ratings on Mostransavto affects the
company's rated bond RUR5.7 billion outstanding).  The bond, which
had a nominal value of RUR7.5 billion, was placed by OOO
Mostransavto-Finance on Dec. 25, 2007; 13% of the bond was repaid
in December 2008 and 11% in December
2009.

At the time of withdrawal and based on currently available
information, the developing outlook on the ratings continued to
reflect uncertainty about Moscow Oblast's ability to ensure timely
transfers to Mostransavto to service its debts on a timely basis,
despite the oblast's demonstrated commitment to support the
company.


RUSSIAN REGIONAL: Moody's Downgrades Deposit Ratings to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded the deposit ratings of
Russian Regional Development Bank to Ba2 from Ba1, and affirmed
the bank's E+ financial strength and NP short-term ratings.  The
outlook on RRDB's deposit ratings is stable.  Concurrently,
Moody's Interfax Rating Agency downgraded RRDB's national scale
ratings to Aa2.ru from Aa1.ru; national scale ratings carry no
specific outlook.

At the same time, Moody's has affirmed the ratings of RRDB's fully
consolidated subsidiary Far Eastern Bank, namely its Ba3/NP
deposit, E+ BFSR, and Aa3.ru ratings.  FEB's ratings carry a
stable outlook.

                         Ratings Rationale

Moody's assessment is mostly based on RRDB and FEB's audited
financial statements for 2009 prepared under IFRS.  Moody's
parental support assumptions for RRDB and FEB are based on a long
history of ownership, track record of support, publicly available
comments by parent company Rosneft (Baa1/stable), and Moody's
discussions with the top management of Rosneft, RRDB and FEB.

                               RRDB

The rating actions on RRDB reflect the adjustment in the support
assumptions from Rosneft, which were revised to "high" from "very
high".  Moody's typically uses the "very high" support assumptions
in case of substantial tangible benefits between the bank and its
parent, and high integration with parent's business.  In case of
RRDB, the strategic fit with Rosneft is more remote and better
aligned with a "high" level, because the bank is considered as a
non-core asset by the parent, with a small profit contribution to
the group.  In Moody's opinion, this signals that the longer-term
strategic commitment of Rosneft towards RRDB could decrease
somewhat.  The change in support assumptions has led Moody's to
decrease the rating uplift (above RRDB's Baseline Credit
Assessment of B2) to three notches, from previously four notches.

Moody's continues to incorporate a "high" probability of support
from Rosneft to RRDB in case of need.  Moody's notes that
essentially the business relationship between Rosneft and RRDB has
been stable over the last few years, and RRDB continues to provide
essential services to the oil company, such as domestic treasury,
settlements, and payroll services.  The planned RUB2 billion
capital increase at RRDB is an additional sign of commitment
towards RRDB from Rosneft.

                                FEB

FEB's Ba3 deposit ratings continue to benefit from a three notch
uplift due to the expected parental support from RRDB.  FEB is
servicing the business needs of Rosneft in the Russian Far East,
and is controlled by RRDB.  Moody's note that FEB's ownership
structure is relatively complex: the bank is owned by a number
companies not owned by Rosneft or RRDB.  Although neither Rosneft
nor RRDB are majority shareholders of FEB (RRDB directly owns 12%
of FEB), FEB is be de facto controlled by RRDB (through FEB's
Board of Directors), and ultimately by Rosneft.  FEB's ownership
structure - compared, for example, to RRDB owning the majority of
FEB's shares directly - could be streamlined after the projected
capital increase at RRDB.

Any evidence of reduced parental commitment towards RRDB or FEB
could result in Moody's adjusting downwards its assessment of the
probability of parental support for those banks.  For RRDB, such
signs could be a material reduction of Rosneft's ownership stake,
decrease in transactions related to Rosneft, and failure to
complete the planned RUB2 billion capital increase in the
foreseeable future.  For FEB, such signs could be the failure to
streamline its ownership structure following the completion of the
capital increase at RRDB.

The E+ BFSRs of RRDB and FEB are mapping into BCAs of B2 and B3,
respectively.  In Moody's opinion, RRDB and FEB's franchise value,
capitalisation, asset quality and liquidity are in line with their
current "stand-alone" rating levels.  Negative BFSR drivers for
RRDB and FEB include their limited franchises, concentrated
revenues on key corporate clients, and significant single-party
concentrations in loans and deposits.  Moody's note that RRDB
group (which consolidates FEB) is weakly capitalized because of a
high share of RRDS's indirect ownership at FEB.  This concern
should be removed through the RUB2 billion capital increase at
RRDB that is expected by the end of 2010.

Moody's previous ratings actions on RRDB and FEB were implemented
on May 4, 2007.  On that day, Moody's had affirmed RRDB's E+ BFSR,
and downgraded the foreign currency deposit rating to Ba1/NP from
Baa3/P-3; NSR was downgraded to Aa1.ru from Aaa.ru.  In case of
FEB, Moody's had affirmed the bank's E+ BFSR, and downgraded its
deposit ratings to Ba3/NP from Ba2/NP, and NSR to Aa3.ru from
Aa2.ru.  The reason for the rating actions on RRDB and FEB was the
application of its refined joint default analysis and updated bank
financial strength rating methodologies.

Headquartered in Moscow, the Russian Federation, RRDB reported --
as at December 31, 2009 -- total consolidated assets of RUB63.3
billion (including FEB), total capital funds of RUB7.6 billion,
and net profit of RUB922 million.  This data was audited under
IFRS.

Headquartered in Vladivostok, the Russian Federation, FEB reported
-- as at December 31, 2009 -- total assets of RUB22.4 billion,
total capital funds of RUB3.2 billion, and net profit of RUB362
million.  This data was audited under IFRS.

                      Regulatory Disclosures

Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information.

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

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.


===============
S L O V E N I A
===============


T-2 D.O.O: Telekom Slovenije Files Bankruptcy Petition
------------------------------------------------------
Telekom Slovenije, d.d. on Sept. 16 filed a request for launching
bankruptcy proceedings at T-2, d.o.o. at the Maribor District
Court.   Telekom Slovenije took this step due to the fact that
T-2, according to public data, generated losses in 2008 and 2009
which exceeded one half of the company's capital stock which means
the company is insolvent and all the conditions for launching
bankruptcy have been fulfilled.

Since 2008 T-2 is not fulfilling obligations to Telekom Slovenije
in-spite of valid contract agreements.  By doing this, Telekom
Slovenije wishes to prevent the receivables due from T-2 from
increasing, and also expects the repayment of at least part of the
receivables, which amount without interest to EUR12,635,252.74 on
this day, namely EUR11,612,871.72 of which are outstanding debts
on this day, EUR8,170,561.57 of which are subject to lawsuit and
EUR1,022,381.02 of which are current receivables.

Maribor-based T-2 d.o.o. provides telecommunication, information
and media services for individuals and companies in Slovenia.


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


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

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

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

                            Ratings List

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

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

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


OBRASCON HUARTE: Moody's Cuts Corporate Family Rating to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating, probability-of-default-rating and senior unsecured debt
ratings of Obrascon Huarte Lain S.A. to Ba2 from Ba1.  The outlook
on the ratings is negative.

                         Rating Rationale

"The downgrade reflects the weakened financial profile of OHL's
recourse activities resulting from the deteriorating performance
of the Spanish construction business and the increased debt linked
to higher working capital needs," says Iv n Palacios, a Moody's
Vice President -- Senior Analyst and lead analyst for OHL.

"At the same time, OHL's consolidated financial profile has also
deteriorated as a result of the increase in limited-recourse debt
linked to the growth of the group's concession activities.  These
trends are no longer consistent with the group's previous Ba1
rating," says Mr. Palacios.

The underlying cash flow generation capacity of the recourse
business has weakened and remains under stress in the current
economic environment.  OHL's domestic construction business is
expected to continue showing declines in EBITDA, driven by lower
activity levels due to the substantial cuts in government
spending.  The group's order book in domestic construction has
declined over the past two years and there is lack of visibility
as to when this situation may be reversed.

The decline in activity in domestic construction has brought about
a reduction in the commercial financing of the sector, while OHL
is experiencing increased delays in collections from customers.
This is translating into larger working capital fluctuations for
OHL than historical levels and a larger-than-expected increase in
the group's recourse debt.

The weakness in domestic construction has been mitigated to some
extent by growth in international construction.  The strategy of
increasing international diversification is positive as it has
provided cash flow stability at a time when the construction
business in Spain is under significant pressure.  However, Moody's
notes that the business risk profile of international construction
is relatively higher, as a result of exposure to emerging markets,
the degree of competition in those markets and the level of
project concentration.

At the same time, OHL's consolidated financial profile has also
deteriorated because of the increased debt that the group incurred
to grow its concession business.  OHL's total consolidated debt
has increased by EUR1.8 billion to EUR6.3 billion in the six
months ended June 2010, of which EUR1 billion corresponds to the
increase in the group's non-recourse debt.

While acknowledging that such debt is structured so as to be with
limited recourse to the group, Moody's nevertheless considers that
the acceptance of completion risk and substantial and ongoing
investment requirements in the concession portfolio, with
uncertainty over future traffic flows, also absorbs a proportion
of the group's financial flexibility because of: (i) the equity it
is required to commit; and (ii) the possibility that as the
concession portfolio grows, and depending on the relative
importance of the asset itself, the group may choose to provide
financial support in case of need, notwithstanding the absence of
any legal requirement to do so.

Moody's is now complementing its metric guidance with a leverage
ratio for OHL at the consolidated level.  To remain positioned in
the Ba2 rating category, Moody's expects OHL to maintain net
consolidated debt/EBITDA (as adjusted by Moody's, including the
non-recourse factoring amounts of EUR485 million at financial year
end 2009) of between 5.5x and 5.0x.  Consolidated leverage
captures the risk inherent in the fast growth of the group's
concession portfolio relative to the cash flow generated by the
recourse business.  The concession portfolio is still relatively
unseasoned, it continues to require investments and is not yet
generating material cash returns for the parent company.  For the
recourse business, Moody's expects gross reported recourse
debt/recourse EBITDA to stay below 4.0x, which is expected to be
broadly in line with net reported recourse debt/recourse EBITDA of
around 2.5x to 3.0x.

Moody's also notes that OHL's liquidity profile remains weak,
despite the issuance of the EUR700 million worth of senior
unsecured bonds in April 2010.  The rating agency considers OHL's
liquidity profile to be weak because it relies on continued
renewals of short-term bilateral bank facilities, which are
usually largely drawn for operating needs.  The rating assumes
continued support by OHL's banking group in this respect.

More positively, Moody's acknowledges that OHL's investment in the
concession business has grown in value, particularly its
investment in the Brazilian toll road concessions of OHL's Brasil
(as measured by current market capitalization of OHL's 60% stake
in the company).  The concession assets could be a potential
source of liquidity in the event they are monetized.

The negative outlook reflects the challenges that OHL will face to
offset the weakness of its domestic operations with a better
performance in international construction, with the group not
afforded much flexibility for weaker financial metrics, both at
the recourse and consolidated levels, if it is to remain
positioned in its current rating category.

The Ba2 rating could come under pressure if OHL's credit metrics
weaken further because of deteriorating operating performance
and/or investments, including a further decline in domestic
construction activity or the contribution of international
construction growing below expectations, adverse working capital
movements or other unexpected cash calls draining recourse cash
flows.  Downward pressure on the rating could be exerted if net
consolidated debt/EBITDA (as adjusted by Moody's) increases above
5.5x and gross recourse debt/recourse EBITDA (as reported by OHL)
rises above 4.0x on a sustained basis.

Conversely, upward pressure on the rating could develop if net
consolidated debt/EBITDA (as adjusted by Moody's) falls well below
5.0x and gross recourse debt/recourse EBITDA (as reported by OHL)
moves to below 3.5x on a sustained basis.  Upward pressure on the
rating would also require an improvement in the group's liquidity
profile and an expectation of positive free cash flow generation
at a consolidated level on a sustainable basis.

The last rating action on OHL was implemented on April 8, 2010,
when Moody's assigned a provisional (P)Ba1 rating to the group's
proposed senior notes.

Headquartered in Madrid, OHL is one of Spain's leading
construction and concession operators with environmental,
development and industrial activities.  Domestic construction,
which generated around 36% of OHL's turnover and 14% of its EBITDA
in 2009, has declined in relative importance compared with
concessions (around 17% of turnover and 61% of EBITDA) and
international construction (42% of turnover and 23% of EBITDA), in
line with the group's intended diversification strategy.  In 2009,
OHL reported revenues of approximately EUR4.4 billion and EBITDA
of around EUR747 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 maintaining a credit rating.

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

Moody's Investors Service may have provided Ancillary or Other
Permissible Service(s) to the rated entity or its related third
parties within the three years preceding the Credit Rating Action.

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.


TDA IBERCAJA: S&P Affirms 'BB (sf)' Rating on Class D Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
TDA Ibercaja 5, Fondo de Titulizacion de Activos' class A1, A2, B,
C, and D notes.  The rating on the class E notes, which S&P
lowered to 'D (sf)' in December 2009 due to a missed interest
payment, remains unaffected.

The rating actions reflect the strong performance of the
transaction, with 90+ day delinquencies at 0.44% as of August
2010.  S&P's analysis indicates that the current levels of credit
enhancement at the capital structure level are commensurate with
its current ratings on the notes.

A common feature in Spanish residential mortgage-backed securities
(RMBS) transactions is that if the level of cumulative defaulted
loans reaches certain levels over the original balance of
mortgage-backed notes issued, the priority of payments changes,
resulting in the diversion of interest payments from the related
classes of notes to amortize the most senior class of notes.

TDA Ibercaja 5's trigger levels are 8.79%, 6.58%, and 3.95% for
the class B, C, and D notes, respectively.  As of August 2010, the
ratio of cumulative defaults to the original mortgage-backed
notes' balance was 0.32%.  This figure is well below the first
trigger level, in its view.  S&P believes this demonstrates the
strength of the performance of the transaction as a whole and, as
a result, S&P has affirmed its ratings on the class A1, A2, B, C,
and D notes.

TDA Ibercaja 5 is a Spanish RMBS transaction that closed in May
2006.  It securitizes a portfolio of residential mortgage loans
secured over properties in Spain.  Caja de Ahorros y Monte de
Piedad de Zaragoza, Aragon y Rioja (IBERCAJA) originated and
services the loans.

                           Ratings List

         TDA Ibercaja 5, Fondo de Titulizaci?n de Activos
                ?1,207 Million Floating-Rate Notes

                         Ratings Affirmed

                             Rating
                             ------
                        To            From
                        --            ----
                        A1          AAA (sf)
                        A2          AAA (sf)
                        B           A (sf)
                        C           BBB- (sf)
                        D           BB (sf)

                         Rating Unaffected

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


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


OSCHADBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based JSC The
State Export-Import Bank of Ukraine's (Ukreximbank) and JSC State
Savings Bank of Ukraine (Oschadbank), including their Long-term
Issuer Default Ratings at 'B' with Stable Outlooks.  At the same
time, Fitch has upgraded Oschadbank's Individual rating to 'D/E'
from 'E'.  A full list of rating actions is provided at the end of
this announcement.

Ukreximbank's and Oschadbank's Long-term IDRs are underpinned by
potential support from the Ukrainian authorities, in case of need,
based on the banks' 100%-state ownership and their policy roles.
The ratings also take into consideration the ability of the
Ukrainian authorities to provide support, as indicated by the
sovereign's 'B' Long-term IDR.  The Stable Outlooks on the banks'
Long-term IDRs reflect the Outlook on the sovereign's Long-term
IDR.  Improvement or deterioration in Ukraine's sovereign risk
profile would generate upward or downward pressure, respectively,
on Ukreximbank's and Oschadbank's ratings.

The upgrade of Oschadbank's Individual rating to 'D/E' from 'E'
reflects reduced uncertainty regarding Oschadbank's exposure to
NJSC Naftogaz of Ukraine (Naftogaz, rated 'CCC') following the
restructuring of this exposure in H110, stabilization of asset
quality in Oschadbank's non-Naftogaz loan book, significantly
improved pre-impairment profitability and loss absorption capacity
and a comfortable liquidity position.  At the same time,
Oschadbank's Individual rating continues to reflect the bank's
dependence on the financial support from the National Bank of
Ukraine associated with the Naftogaz exposure, high borrower
concentrations in the non-Naftogaz loan book, a relatively high
level of restructured/rolled over loans and weak corporate
governance (as reflected in directed lending to Naftogaz).

Oschandbank's exposure to Naftogaz was reduced by about 28% in
H110 from UAH29 billion at end-2009 and accounted for almost half
of its loan book.  Following the restructuring, loans to Naftogaz
will mature in Q115.  Fitch notes that the bank was not required
to incur any economic loss during the restructuring, and NBU
funding associated with the exposure was also restructured to
match the maturity of Naftogaz loans.  This arrangement
effectively places Oschadbank in a quasi-agency role in channeling
government funding to Naftogaz, while allowing the bank to boost
its pre-impairment profit and loss absorption capacity.

Excluding Naftogaz, top 10 borrowers accounted for half of
Oschadbank's remaining loan book.  NPLs and extended/restructured
loans accounted for about 10% and 26% of gross loans in the non-
Naftogaz portfolio, respectively, at end-H110.  Oschadbank's
regulatory capital ratio stood at 39.3% at end-H110 and allowed
for a significant loss absorption capacity in the non-Naftogaz
loan book.  Fitch estimates that, at end-H110, Oschadbank could
increase its statutory impairment reserves to around 81% of non-
Naftogaz gross loans without breaching regulatory capital
requirements.  Improvement in pre-impairment operating profit (to
UAH3.4 billion in 2009 from UAH0.7 billion in 2008) benefits
Oschadbank's ability to create additional reserves.  The bank's
liquidity position benefits from a significant holding of highly
liquid assets, which covered about half of Oschadbank's customer
deposits at end-H110, while refinancing needs were insignificant.

Upside potential for Oschadbank's Individual rating is currently
limited given residual event risk associated with Naftogaz
exposure.  Downward pressure on Oschadbank's Individual rating
could result from further restructuring of Naftogaz exposure if
this restructuring were to involve very significant economic
losses for the bank.  Fitch, however, believes that it is unlikely
that the authorities would want to force significant losses on the
bank.  Furthermore, the bank's capital cushion already allows for
a moderate level of loss absorption on this credit.
The affirmation of Ukreximbank's 'D' Individual rating reflects
the bank's significant loan loss absorption capacity, sound
liquidity position and sustainable customer funding.  The bank
also has a solid corporate franchise, which is focused on
companies engaged in foreign trade and often with access to
foreign currency revenues.  However, Ukreximbank's Individual
rating reflects deterioration in asset quality and weak
profitability, affected by the pressures from the challenging
operating environment.

Ukreximbank's asset quality has weakened markedly: at end-H110,
reported NPLs (loans overdue for more than 90 days) constituted
8.6% of loans and extended/restructured loans represented a
significant 47.6%.  Fitch understands that the latter also
included loans where only the loan currency has been changed and
most of the restructured exposures remained performing.  The loan
loss absorption capacity was significant due to strong capital
adequacy ratios, and Ukreximbank could have increased the loan
impairment reserve/gross loans ratio to 46.2% from the actual
ratio of 13.2% at end-H110 before the regulatory capital ratio
would have reached the (regulatory) 10% minimum level.  Borrower
concentrations remain high, albeit comparable with those of many
other CIS banks.  Lending to state-controlled companies, which has
doubled in absolute volumes during the crisis, represented a
moderate 13% of loans or 36% of equity at end-H110 (end-H108: 8%
and 71%, respectively).  Sizeable exposure to the troubled real
estate/construction segment (39% of end-H110 equity) and a
significant, albeit reduced, share of FX-lending (50% of end-H110
loans) heighten the bank's risk profile.

Ukreximbank's capital base quadrupled from end-Q308 to end-H110
based on large capital injections and an increase in subordinated
debt (its regulatory capital adequacy ratio was 47.5% at end-
H110), while internal capital generation has been constrained by
the high credit risk costs.

Ukreximbank's funding base is diversified by source, and inflows
of client deposits were significant, up by 33% to end-H110 from
end-2008.  A recent capital injection and Eurobond placement
underpinned the bank's liquidity position.  At end-H110, highly
liquid assets (cash and equivalents, unpledged government bonds
and net short-term interbank placements) were equal to a high 69%
of total client funds.  Foreign debt maturing before 2012 was
moderate, representing 10% of liabilities at end-H110.

Downward pressure on Ukreximbank's Individual rating could result
from a marked increase in directed lending or if large loan losses
result in a sharp deterioration in its capital position.

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

Rating actions:

Oschadbank:

  -- Long-term foreign and local currency IDRs: affirmed at 'B';
     Outlook Stable

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

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: upgraded to 'D/E' from 'E'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

Ukreximbank:

  -- Long-term IDR: affirmed at 'B'; Outlook Stable

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at
     'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable


UKREXIMBANK: Fitch Affirms 'CCC' Subordinated Debt Rating
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Ukraine-based JSC The
State Export-Import Bank of Ukraine's (Ukreximbank) and JSC State
Savings Bank of Ukraine (Oschadbank), including their Long-term
Issuer Default Ratings at 'B' with Stable Outlooks.  At the same
time, Fitch has upgraded Oschadbank's Individual rating to 'D/E'
from 'E'.  A full list of rating actions is provided at the end of
this announcement.

Ukreximbank's and Oschadbank's Long-term IDRs are underpinned by
potential support from the Ukrainian authorities, in case of need,
based on the banks' 100%-state ownership and their policy roles.
The ratings also take into consideration the ability of the
Ukrainian authorities to provide support, as indicated by the
sovereign's 'B' Long-term IDR.  The Stable Outlooks on the banks'
Long-term IDRs reflect the Outlook on the sovereign's Long-term
IDR.  Improvement or deterioration in Ukraine's sovereign risk
profile would generate upward or downward pressure, respectively,
on Ukreximbank's and Oschadbank's ratings.

The upgrade of Oschadbank's Individual rating to 'D/E' from 'E'
reflects reduced uncertainty regarding Oschadbank's exposure to
NJSC Naftogaz of Ukraine (Naftogaz, rated 'CCC') following the
restructuring of this exposure in H110, stabilization of asset
quality in Oschadbank's non-Naftogaz loan book, significantly
improved pre-impairment profitability and loss absorption capacity
and a comfortable liquidity position.  At the same time,
Oschadbank's Individual rating continues to reflect the bank's
dependence on the financial support from the National Bank of
Ukraine associated with the Naftogaz exposure, high borrower
concentrations in the non-Naftogaz loan book, a relatively high
level of restructured/rolled over loans and weak corporate
governance (as reflected in directed lending to Naftogaz).

Oschandbank's exposure to Naftogaz was reduced by about 28% in
H110 from UAH29 billion at end-2009 and accounted for almost half
of its loan book.  Following the restructuring, loans to Naftogaz
will mature in Q115.  Fitch notes that the bank was not required
to incur any economic loss during the restructuring, and NBU
funding associated with the exposure was also restructured to
match the maturity of Naftogaz loans.  This arrangement
effectively places Oschadbank in a quasi-agency role in channeling
government funding to Naftogaz, while allowing the bank to boost
its pre-impairment profit and loss absorption capacity.

Excluding Naftogaz, top 10 borrowers accounted for half of
Oschadbank's remaining loan book.  NPLs and extended/restructured
loans accounted for about 10% and 26% of gross loans in the non-
Naftogaz portfolio, respectively, at end-H110.  Oschadbank's
regulatory capital ratio stood at 39.3% at end-H110 and allowed
for a significant loss absorption capacity in the non-Naftogaz
loan book.  Fitch estimates that, at end-H110, Oschadbank could
increase its statutory impairment reserves to around 81% of non-
Naftogaz gross loans without breaching regulatory capital
requirements.  Improvement in pre-impairment operating profit (to
UAH3.4 billion in 2009 from UAH0.7 billion in 2008) benefits
Oschadbank's ability to create additional reserves.  The bank's
liquidity position benefits from a significant holding of highly
liquid assets, which covered about half of Oschadbank's customer
deposits at end-H110, while refinancing needs were insignificant.

Upside potential for Oschadbank's Individual rating is currently
limited given residual event risk associated with Naftogaz
exposure.  Downward pressure on Oschadbank's Individual rating
could result from further restructuring of Naftogaz exposure if
this restructuring were to involve very significant economic
losses for the bank.  Fitch, however, believes that it is unlikely
that the authorities would want to force significant losses on the
bank.  Furthermore, the bank's capital cushion already allows for
a moderate level of loss absorption on this credit.
The affirmation of Ukreximbank's 'D' Individual rating reflects
the bank's significant loan loss absorption capacity, sound
liquidity position and sustainable customer funding.  The bank
also has a solid corporate franchise, which is focused on
companies engaged in foreign trade and often with access to
foreign currency revenues.  However, Ukreximbank's Individual
rating reflects deterioration in asset quality and weak
profitability, affected by the pressures from the challenging
operating environment.

Ukreximbank's asset quality has weakened markedly: at end-H110,
reported NPLs (loans overdue for more than 90 days) constituted
8.6% of loans and extended/restructured loans represented a
significant 47.6%.  Fitch understands that the latter also
included loans where only the loan currency has been changed and
most of the restructured exposures remained performing.  The loan
loss absorption capacity was significant due to strong capital
adequacy ratios, and Ukreximbank could have increased the loan
impairment reserve/gross loans ratio to 46.2% from the actual
ratio of 13.2% at end-H110 before the regulatory capital ratio
would have reached the (regulatory) 10% minimum level.  Borrower
concentrations remain high, albeit comparable with those of many
other CIS banks.  Lending to state-controlled companies, which has
doubled in absolute volumes during the crisis, represented a
moderate 13% of loans or 36% of equity at end-H110 (end-H108: 8%
and 71%, respectively).  Sizeable exposure to the troubled real
estate/construction segment (39% of end-H110 equity) and a
significant, albeit reduced, share of FX-lending (50% of end-H110
loans) heighten the bank's risk profile.

Ukreximbank's capital base quadrupled from end-Q308 to end-H110
based on large capital injections and an increase in subordinated
debt (its regulatory capital adequacy ratio was 47.5% at end-
H110), while internal capital generation has been constrained by
the high credit risk costs.

Ukreximbank's funding base is diversified by source, and inflows
of client deposits were significant, up by 33% to end-H110 from
end-2008.  A recent capital injection and Eurobond placement
underpinned the bank's liquidity position.  At end-H110, highly
liquid assets (cash and equivalents, unpledged government bonds
and net short-term interbank placements) were equal to a high 69%
of total client funds.  Foreign debt maturing before 2012 was
moderate, representing 10% of liabilities at end-H110.

Downward pressure on Ukreximbank's Individual rating could result
from a marked increase in directed lending or if large loan losses
result in a sharp deterioration in its capital position.

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

Rating actions:

Oschadbank:

  -- Long-term foreign and local currency IDRs: affirmed at 'B';
     Outlook Stable

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

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: upgraded to 'D/E' from 'E'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable

Ukreximbank:

  -- Long-term IDR: affirmed at 'B'; Outlook Stable

  -- Senior unsecured debt: affirmed at 'B'; Recovery Rating at
     'RR4'

  -- Subordinated debt: affirmed at 'CCC'; Recovery Rating at
     'RR6'

  -- Short-term IDR: affirmed at 'B'

  -- Support rating: affirmed at '4'

  -- Support Rating Floor: affirmed at 'B'

  -- Individual rating: affirmed at 'D'

  -- National Long-term rating: affirmed at 'AA-(ukr)'; Outlook
     Stable


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


ARC EUROPEAN: In Liquidation; Investors' Recovery Unknown
---------------------------------------------------------
Iain Martin at Citywire reports that the Arc European Property
fund is set to become the first Open Ended Investment Company
(OEIC) to be put into liquidation and investors have been warned
the prospect of recovery of any money is unknown.

According to Citywire, liquidator ReSolve Partners has told
investors in the GBP4 million fund it does not know how much money
they will receive, after Arc Fund Management made a series of poor
investment decisions.

Citywire says Arc Fund Management has gone into administration
following the failure of the fund, as have two enterprise
investment schemes it ran.

Citywire relates former Arc FM managing director John Gracey said
the business had suffered from the poor performance of its funds.
"I'm sure you are aware that investing in these types of companies
is a fairly high-risk enterprise and the track record was not very
good for the Arc funds," he said.

A legal dispute over property held by the fund could delay the
liquidation by two years.

Citywire notes that ReSolve Partners said the future for the two
enterprise investment schemes EIS 6 and 7, was "unclear at this
stage". It told investors in a report published June 30 it had
found a buyer for the schemes.

According to Citywire, administrator Cameron Gunn of ReSolve
Partners said he had struggled to estimate the value of unlisted
shares owned by Arc, like loss-making dating agency Dateline and
Britfilms Group, which has ceased trading.

Gracey bought Arch Fund Management and structured product provider
Arc Capital & Income from Consolidated Asset Management, owner of
IFA Throgmorton Asset Management, in October 2008.

Arc Capital & Income went into administration in October because
it was unable to meet claims from customers sold Lehman-backed
structured products.  Stockbroker Merchant Capital acquired Arc
Capital & Income and its structured product book from
administrator Carter Backer Winter in November 2009.


CK BUGGIES: Goes Into liquidation
---------------------------------
Mike Laycock at The Press reports that York baby equipment
retailer CK Buggies has gone into liquidation, leaving mums-to-be
and their relatives anxious over losing hundreds of pounds.  John
Twizell of Leeds-based insolvency practitioners Geoffrey Martin
and Co was last week appointed liquidator.

The Press reported in 2008 that the business was claiming to have
defied the credit crunch with a move to a larger store.

But last week it went into liquidation, to the consternation of
mums, pregnant women and their relatives who had ordered prams,
buggies, car seats and other items in preparation for the arrival
of their babies and were awaiting deliveries, The Press says.

According to The Press, Mr. Twizell said local customers who had
visited the store, and others from further afield who had bought
items on the Internet, had been affected.  He did not yet know how
many had been hit, but confirmed it was "more than a handful, but
fewer than hundreds".

The Press notes Mr. Twizell was not yet able to say if people
would get some or all of their money back, but the position should
be clearer after a creditors' meeting to be held in York on
September 24.

Based at Clifton Moor, CK Buggies sells a large range of nursery
products, buying in bulk and offering low prices.


ETHEL AUSTIN: New Report Reveals Trade Creditors Owed GBP33.2MM
---------------------------------------------------------------
HGV Fleet Cleaning Services said it is owed thousands of pounds
following the collapse of Ethel Austin, WiganToday.net reports.
The report relates that HGV Fleet has lost close to GBP14,000
after Ethel Austin went into administration for the second time
earlier this year.

According to the report, HGV Fleet revealed it has "zero chance"
of receiving the cash it is owed for cleaning the Ethel Austin's
stores when it was operational.  The report relates HGV Fleet's
owner said that having to write off so much cash has caused major
problems for the business.

Ethel Austin and its sister Au Naturale were put into
administration in February after a landlord issued a winding-up
petition.

"The amount owed stands at GBP14,990.  As a small business it is
obviously very damaging.  The money owed to us by Ethel Austin has
had to be written off," the report quoted a spokesman for HGV
Fleet Cleaning as saying.  "It hasn't affected day-to-day trade
and we've been able to recover.  But I don't think anyone would
like to lose close to GBP15,000."

WiganToday.net notes that according to the list of trade
creditors, HGV Fleet Cleaning Services, which offers domestic and
commercial cleaning services, is owed GBP13,850.50 while a total
of GBP33.2 million is owed to nearly 500 trade creditors.

According to WiganToday.net, former Ethel Austin owner, Elaine
McPherson bought back 90 of the 300 stores from the administrators
in March for a new company called Life & Style Retail.

Documents recently revealed the company collapsed owing GBP55
million, the report relates.

WiganToday.net relates in April, the 76-year-old firm owed GBP43
million, including GBP7.68 million to HM Revenue & Customs.

But, WiganToday.net points out, the creditors' report did not
reveal the full picture of liabilities because administrator MCR
revealed the "inter-company position had not yet been reconciled."

According to WiganToday.net, documents have now been filed at
Companies House showing trade creditors were owed GBP33.2 million,
HM Revenue & Customs had a GBP7.5 million claim, while parent
company ACLM was owed GBP13.5 million.

WiganToday.net relates the administrator also revealed stock
valued at GBP17.7 million was sold for just GBP2.3 million, while
equipment and fittings worth GBP4.4 million brought in only
GBP50,000.

WiganToday.net notes asset disposals raised GBP4.1 million against
debts of GBP59.2 million.

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


GFX CAPITAL: Company Director's Disqualification Extended
---------------------------------------------------------
Three-time bankrupt Terence Kenneth Freeman (formerly known as
Terence Kenneth Sparks), had his ban from acting as a company
director extended following an investigation into the affairs of
GFX Capital Markets Ltd, a spot foreign exchange trading company.

The Insolvency Service investigation found that while he was still
an undischarged bankrupt and already disqualified as a director,
Mr. Freeman set up GFX, became its director and had sole overall
responsibility for the company's currency trading activities.  GFX
traded from around June 2006 until January 2009; however, in late
2008, clients of the company became concerned when it failed to
satisfy their demands for the return of their funds.

Commenting on Mr. Freeman's disqualification, Stephen Speed, Chief
Executive of The Insolvency Service said: "The public and other
company directors should be reassured that The Insolvency Service
has robust powers which we will not hesitate to use to protect
consumers from directors like Mr. Freeman who ignore the terms of
their disqualification and go on to commit serious misconduct."

Mr. Freeman claimed that GFX lost around 75% of its trading
capital in one day in September 2008 due to the volatility of
market conditions.  In March 2009 a dissatisfied investor
petitioned for the company to be put into liquidation, and
investor claims in the liquidation total over GBP17 million.

This most recent disqualification means that Mr. Freeman is
prohibited from being concerned in the management of any company
until September 2025.

At this time it is not known whether any investors will get their
money back.

Mr. Sparks was originally disqualified from being a director for
15 years on March 21, 1997 in respect of a previous failed
company.  This disqualification was due to end on March 20, 2012.
The disqualification was made under his former name of Terence
Kenneth Sparks.

On July 11, 1994, Mr. Freeman was adjudged bankrupt for the third
time (under his former name), he remained un-discharged from that
bankruptcy until April 1, 2009.

On August 17, 2010, Terence Kenneth Freeman signed a Director
Disqualification Undertaking banning him from being a director of
a company for a period of fifteen (15) years.  The period of
disqualification commenced on September 16, 2010.


JERMON DEVELOPMENTS: Osborne King Sells Fanum House Properties
--------------------------------------------------------------
Jermon Developments' Fanum House, an 11-storey building on
Belfast's Great Victoria Street, and its associated properties,
including pub and live music venue Filthy McNasty's, are being
sold by Osborne King after the firm was placed into receivership
in June, Belfast Telegraph reports.

The report relates that other high profile properties belonging to
Jermon Developments is the Killymeal House in the Gasworks in
south Belfast.

According to the report, Anglo Irish Bank has appointed Tom Keenan
of Keenan CF as receiver to those properties, as well as to retail
parks in Strabane and Larne.  The report relates that other parts
of Jermon Developments' portfolio remain in the company's control.

The report notes that a planning application was submitted earlier
this year for a 146-bedroom hotel on the site.  Discussions have
been held with Accor Hotels about developing the hotel under the
banner of the Novotel and Etap brands, the report relates.

Osborne King, the report notes, is selling the properties in two
lots. The first lot includes Fanum House and its car park and the
second lot includes Filthy McNasty's and a charity shop, Cancer
Connect, the report relates.

Headquartered in Dungannon, Northern Ireland, Jermon Developments,
specialize in property development, commercial development, retail
development, leisure development and industrial development.


ROSSWELL LTD: Company Directors Disqualified
--------------------------------------------
An Exeter-based accountant and his partner have been banned from
acting as company directors and insolvency practitioners, after an
investigation by The Insolvency Service exposed a catalogue of
negligent accounting and grossly inaccurate VAT returns in their
company records.

William Henry George White, (also known as Bill White) and Jayne
Ann Thompson, also Mr. White's business partner, have been
disqualified from acting as company directors for eight years and
six years respectively.  Acting on behalf of The Insolvency
Service the Official Receiver found that Mr. White and Mrs.
Thompson's company, Rosswell Associates Limited, went into
liquidation on April 17, 2008 with no assets, owing debts of
GBP213,685.

Commenting on the case James Pales, Assistant Official Receiver
for Exeter said: "Keeping proper company records and filing
correct VAT returns is a basic business function that all company
directors have responsibility for.  The fact that Mr. White and
Mrs. Thompson have agreed to these disqualification undertakings
should offer the public reassurance.  The Insolvency Service has
robust powers and it said it will not hesitate to use them to
remove dishonest, reckless and irresponsible people from the
business environment."

Company Director Disqualification Undertakings were sought
because:

    * the investigation was unable to confirm that the company
directors of Rosswell had maintained proper accounting records as
Mr. White and Mrs. Thompson failed to deliver them to Official
Receiver.

    * available records indicated that at least GBP24,430 is owed
by the directors to Rosswell Associates Limited, and there is an
additional amount due for un-invoiced work carried out for the
benefit of Mrs. Thompson, as well as an associated company, which
could be as high as GBP165,104.  The lack of records has prevented
further investigation into this matter.

    * the Official Receiver found numerous discrepancies in
Roswell's accounting for VAT.  Again the lack of records prevented
further investigation into whether Rosswell claimed and received
rebates from HMRC totaling GBP39,940 by filing inaccurate VAT
returns.

    * there was difficulty distinguishing between the trading of
Mr. White, trading as an accountancy firm W White & Co, and the
trading of Rosswell as available records showed that purchases of
the accountancy firm were included in Roswell's VAT returns.

The Disqualification Undertakings were accepted on September 1,
2010.  The conditions have been imposed on Mr. White and Mrs.
Thompson after an application was made by the Official Receiver
under The Company Directors Disqualification Act on April 15,
2010.


RT PROPERTIES: Offers Creditors 1p for Every GBP4 Owed
------------------------------------------------------
BBC News reports that creditors owed money following the collapse
of a RT Properties have been offered about 1p for every GBP4 they
are owed.

According to BBC, small companies and investors account for around
GBP6 million of the GBP32 million owed.

BBC says about 20 of the 80 creditors attended the meeting at
Swansea's Marriott Hotel.  BBC notes the company's owner Roy
Thomas was not present at the private creditors' meeting but was
represented.  An offer of 0.26p for every GBP1 owed was discussed,
BBC recounts.

Sandra McAlister of McAlister & Co insolvency practitioners said a
further meeting of creditors would be arranged at a venue yet to
be confirmed on Oct. 5, BBC discloses.

BBC relates newspapers have reported that assets belonging to RT
Properties were bought out of receivership by the Royal Bank of
Scotland, its major creditor.  There are also newspaper reports
that RBS wrote down their value by between GBP30 million-GBP35
million, BBC states.

RT Properties owned around 25 properties in Swansea, including
those housing Ask restaurant in Wind Street, and nine properties
in Cardiff, including the Ha Ha bar and restaurant in The Friary.
M&S Swansea RT Properties also owned premises occupied by Marks &
Spencer in Swansea city center, according to BBC.


TONY KING: Goes Into Liquidation After Losing Contract
------------------------------------------------------
Tony King Logistics has entered into liquidation following a
contract loss that represented 75% of its revenue, Joanna Bourke
at Roadtransport.com reports.

Roadtransport.com relates that the company called in joint
liquidators Neil Marshman and Alan Price of insolvency
practitioners Marshman Price on September 7.

Roadtransport.com, citing statement of affairs submitted by the
directors, discloses that the company has liabilities of GBP63,827
and available assets of just GBP26,502.

The liquidators said Tony King Logistics, which had an O-licence
for two vehicles and 24 trailers, had traded profitably until it
lost its major contract in July, which amounted to three-quarters
of its turnover, according to Roadtransport.com.

"This appears to be a sad case of a company losing its main
customer and going out of business as a result.  On present
information, it is likely that a dividend will be paid to
unsecured creditors; however, we cannot say how much this will be
at present.  It will depend on how much can be collected in from
the amounts owed to the company by its customers," Mr. Marshman
told Roadtransport.com.

Great Doddington, Northants-based Tony King Logistics offers
logistics and hauling services.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Sept. 23-25, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Southwest Bankruptcy Conference
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/UMKC Midwestern Bankruptcy Institute
        Kansas City Marriott Downtown, Kansas City, Kan.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 1, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center, Washington, D.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

Oct. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Chicago Consumer Bankruptcy Conference
        Standard Club, Chicago, Ill.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 15, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Hilton New Orleans Riverside, New Orleans, La.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 28, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Level Professional Development Program
        Weil, Gotshal & Manges LLP, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 29, 2010 (tentative)
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        The Savoy, London, England
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. __, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Delaware Views from the Bench and Bankruptcy Bar
        Hotel du Pont, Wilmington, Del.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Detroit Consumer Bankruptcy Conference
        Hyatt Regency Dearborn, Dearborn, Mich.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29, 2010
  RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP, INC.
     17th Annual Distressed Investing Conference
        The Helmsley Park Lane Hotel, New York City
           Contact: 1-903-595-3800;
                    http://www.renaissanceamerican.com/

Dec. 9-11, 2010
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Camelback Inn, a JW Marriott Resort & Spa,
        Scottsdale, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

January 26-28, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Distressed Investing Conference
        Aria Las Vegas
           Contact: http://www.turnaround.org/

Jan. 27-28, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Rocky Mountain Bankruptcy Conference
        Westin Tabor Center, Denver, Colo.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 3-5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Caribbean Insolvency Symposium
        Westin Casuarina Resort & Spa, Grand Cayman Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

Feb. 24-25, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Valcon
        Four Seasons Las Vegas, Las Vegas, Nev.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 4, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Bankruptcy Battleground West
        Hyatt Regency Century Plaza, Los Angeles, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 7-9, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Conrad Duberstein Moot Court Competition
        Duberstein U.S. Courthouse, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - Florida
        Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 10-12, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     SUCL/ Alexander L. Paskay Seminar on
     Bankruptcy Law and Practice
        Marriott Tampa Waterside, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Mar. 17-19, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Byrne Judicial Clerkship Institute
        Pepperdine University School of Law, Malibu, Calif.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

April 27-29, 2011
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott, Chicago, IL
           Contact: http://www.turnaround.org/

May 5, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Nuts and Bolts - New York City
        Association of the Bar of the City of New York,
        New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     New York City Bankruptcy Conference
        Hilton New York, New York, N.Y.
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Canadian-American Cross-Border Insolvency Symposium
        Fairmont Royal York, Toronto, Ont.
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

July 21-24, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Hyatt Regency Newport, Newport, R.I.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Sanctuary at Kiawah Island, Kiawah Island, S.C.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hotel Hershey, Hershey, Pa.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     NCBJ/ABI Educational Program
        Tampa Convention Center, Tampa, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Dublin, Ireland
           Contact: 1-703-739-0800; http://www.abiworld.org/

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

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

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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

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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.


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