TCREUR_Public/100930.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 30, 2010, Vol. 11, No. 193

                            Headlines



D E N M A R K

AMAGERBANKEN AS: Moody's Downgrades Bank Deposit Ratings to 'Ba2'


G E R M A N Y

BAYERISCHE LANDESBANKEN: Landesbanken Owners Discuss WestLB Tie-Up
GECO 2002: Moody's Withdraws 'Ba2 (sf)' Rating on Class E Bond
HYPO REAL: Closure Not "Cost Free" Option for Taxpayers
WESTLB AG: Landesbanken Owners Discuss BayernLB Tie-Up


I R E L A N D

ARDAGH GLASS: Moody's Affirms Corporate Family Rating at 'B2'
ARDAGH GLASS: S&P Changes Outlook to Stable; Affirms 'B+' Rating
HARVEST CLO: Changes in Contracts Won't Affect Fitch's Ratings
INTERMEDIATE FINANCE: Moody's Reviews Ratings on Seven Notes

* IRELAND: Minister Rules Out Tapping European Bailout Package
* IRELAND: Must Honor Obligations, Finance Minister Says


I T A L Y

BANCO POPOLARE: Moody's Cuts Bank Financial Strength Rating to D+


N E T H E R L A N D S

IMPRESS HOLDINGS: S&P Affirms Corporate Credit Rating at 'B+'


P O L A N D

PBP ORBIS: Files for Bankruptcy After Shareholder Pulls Plug


R U S S I A

DEVELOPMENT CAPITAL: S&P Gives Positive Outlook; Keeps 'B-' Rating


S L O V E N I A

ABANKA VIPA: Moody's Lowers Financial Strength Rating to 'D+'
NLB INTERFINANZ: Moody's Downgrades Issuer Rating to 'Ba1'
NOVA KREDITNA: Moody's Lowers Financial Strength Rating to 'D'
NOVA LJUBLJANSKA: Moody's Cuts Financial Strength Rating to 'D+'


S P A I N

MALLORCA: Dismisses Club President Josep Pons
SANTANDER CONSUMER: Fitch Affirms Junks Ratings on Various Notes

* SPAIN: Grappling With Real Estate Crisis; At Risk of Recession


S W E D E N

SAAB AUTOMOBILE: Has Engine Purchasing Deal With BMW


U K R A I N E

FERREXPO PLC: Moody's Assigns 'B2' Corporate Family Rating


U N I T E D   K I N G D O M

AEGON NV: To Close Two More UK Businesses; 90 Jobs Affected
ARCHIAL GROUP: PwC Administrators Sell Archial Architects
B3 CABLE: Liquidators to Accept More Bidders for B3 Assets
CONNAUGHT PLC: Call for Investigation Into Contracts Rejected
DUNDEE FOOTBALL CLUB: May Need to Go Part-Time, Bannon Warns

ELPHINSTONE ESTATES: Placed Into Administration
KEYDATA INVESTMENT: 19,000 Lifemark Investors to Get Compensation
NORPAK (EUROPE): Future Uncertain After Administration
TRAVEL CLUB: Goes Into Administration

* UK: Creditors Should Share Losses in Bank Crises, FSA Chair Says


X X X X X X X X

* EUROPE: Banking Regulators Interested in Bail-In Option

* Upcoming Meetings, Conferences and Seminars




                         *********



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D E N M A R K
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AMAGERBANKEN AS: Moody's Downgrades Bank Deposit Ratings to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the long- and short-term
bank deposit ratings of Amagerbanken A/S to Ba2/Not Prime from
Baa3/P-3, while its bank financial strength rating is upgraded to
D- from E+, which now maps to a baseline credit assessment of Ba3.
The outlook on all ratings is now stable.  The rating action
concludes the review for possible downgrade of the bank's deposit
ratings, initiated on June 2, 2010.  This rating action does not
affect the backed Aaa rating assigned to individually government
guaranteed debt issued by Amagerbanken.

                        Ratings Rationale

Moody's decision to change the BFSR to D- from E+ was prompted by
the approximately DKK900 million of additional capital raised in
an equity offering earlier this month, allowing the bank to be
eligible to issue up to three-year government guaranteed debt
under the Danish Banking Package II.  Despite the bank being
unable to issue debt on a standalone basis in the capital markets,
issuing government guaranteed debt will enable the bank to
refinance existing debt that matures in the short- and medium
term, reducing the risk of imminent liquidity shortfalls.

However, Moody's notes that Amagerbanken continues to be faced by
challenges in its risk governance, profitability, asset quality
and liquidity management.  The bank's asset quality has
deteriorated substantially, and the bank is now undertaking
efforts to reduce major exposures and property loans.  Since the
start of the crisis Amagerbanken has recorded net losses totaling
DKK1.3 billion, as a result of DKK3.1 billion of impairments (to a
large extent on its real estate exposures), erasing the earnings
generated by the bank during 2005-2007.  For the first six months
of 2010, Amagerbanken reported a pre-tax loss of DKK478 million,
compared with a pre-tax loss of DKK415 million for the same period
in 2009.  The negative result was driven mainly by continued high
levels of credit impairments (DKK622 million in H1 2010, compared
with DKK732 million in H1 2009) and a lower net interest income
(down 17% year-on-year), reflecting a 13% reduction in its loan
book, as well as expenses related to the government hybrid capital
injection received under Banking Package II.

Commenting on Amagerbanken's deposit ratings, Moody's says that
since the introduction of the Danish government's general
guarantee mechanism in 2008 and following the downgrade of
Amagerbanken's standalone BFSR to D-on February 26, 2009, and
further down to E+ on September 8, 2009, the banks' deposit
ratings at Baa3 have benefited from extraordinarily high uplift
over the BCA, reflecting the strong systemic support provided to
depositors and senior creditors and specifically the government's
general guarantee.

The rating action removes these elements of extraordinary support,
reflecting the expiration of the general government guarantee for
the deposit and senior unsecured debt of Danish banks as per the
end of September 2010.  However, Moody's added that the ratings
continue to benefit from a lower level of systemic support from
the Danish government.  Moody's will continue to evaluate the
merits of such support in light of the evolving legal environment
with respect to Danish banking, including the legal amendments
approved by the Danish Parliament on 1 June 2010.

Moody's would view improvements in risk governance, as well as a
stabilization of capital and improved asset quality and liquidity
as positive factors that could put upward pressure on the bank's
ratings.  However, if further losses were significant enough to
result in failure to meet the bank's individual solvency
requirements, this would likely trigger renewed regulatory
interventions.  In that event, the BFSR would likely be downgraded
to E.

Moody's last rating action on Amagerbanken was implemented on
September 16, 2010, when it assigned a backed rating of Aaa to the
SEK2 billion senior notes issued by Amagerbanken A/S with a Danish
government guarantee.

Amagerbanken, headquartered in Copenhagen, Denmark, reported total
assets of DKK30.3 billion (EUR4.1 billion) at the end of June
2010.

                     Regulatory Disclosures

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

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

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

MOODY'S 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.


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


BAYERISCHE LANDESBANKEN: Landesbanken Owners Discuss WestLB Tie-Up
------------------------------------------------------------------
James Wilson and Gerrit Wiesmann at The Financial Times report
that owners of Germany's Landesbanken reached a broad agreement on
the need to reform the banking sector, officials and bank
representatives said after meeting to consider restructuring
proposals.

Talks about a merger between WestLB and Bayerische Landesbank, two
banks that lost billions of euros in the global financial crisis,
have injected fresh urgency into efforts to restructure
Landesbanken -- a perennial source of instability in Germany's
financial sector, the FT notes.

According to the FT, a BayernLB-WestLB link was one of the
"several concrete proposals" discussed on Tuesday at a meeting in
Berlin, according to participants.  Germany's finance ministry had
ordered bank owners to discuss reform prospects, the FT states.

The FT relates Georg Fahrenschon, the Bavarian finance minister,
said a "first business analysis" of a tie-up between WestLB and
BayernLB -- owned by Bavaria -- would be ready in November.

Steffen Kampeter, deputy finance minister, said no possible models
for consolidation had been ruled out, the FT notes.

The FT says another firm plan discussed is a merger involving
Duesseldorf's WestLB -- which was bailed out by the government
last year -- and Helaba and Deka, two Frankfurt-based public
sector institutions.

WestLB is at the heart of consolidation plans because the European
Commission has ordered that it change ownership by the end of next
year, according to the FT.

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 BayernLB

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.


GECO 2002: Moody's Withdraws 'Ba2 (sf)' Rating on Class E Bond
--------------------------------------------------------------
Moody's Investors Service has withdrawn its rating on all rated
notes issued by GECO 2002 Limited due to early redemption in full
due to a call of the loss guarantee.  The redeemed ratings are
(amount reflects initial outstandings):

  -- EUR300M Cl. A-3 Bond, Withdrawn (sf); previously on Apr 4,
     2003 Confirmed at Aaa (sf)

  -- EUR15.4M Cl. A-4 Bond, Withdrawn (sf); previously on Aug 1,
     2006 Upgraded to Aaa (sf)

  -- EUR51.9M Class B Bond, Withdrawn (sf); previously on Feb 18,
     2009 Confirmed at Aaa (sf)

  -- EUR51.8M Class C Bond, Withdrawn (sf); previously on Feb 18,
     2009 Confirmed at Aa2 (sf)

  -- EUR47.8M Class D Bond, Withdrawn (sf); previously on Aug 1,
     2006 Upgraded to Baa2 (sf)

  -- EUR23.1M Class E Bond, Withdrawn (sf); previously on Aug 1,
     2006 Upgraded to Ba2 (sf)

Classes A1+ (together with the Senior CDS) and A2 had previously
been redeemed in full.  The Junior CDS was privately rated by
Moody's.

In this synthetic transaction, Westfalische Hypothekenbank AG
(Deutsche Pfandbriefbank AG) transferred the credit risk of
initially 189 commercial mortgage loans secured by 229 commercial
properties located throughout Germany.  The senior portion and the
most junior portion of the credit risk were transferred via two
credit default swaps to third parties, while the mezzanine portion
was transferred to the Issuer via a loss guarantee.  The Issuer
in-turn issued credit-linked notes to investors.


HYPO REAL: Closure Not "Cost Free" Option for Taxpayers
-------------------------------------------------------
James Wilson at The Financial Times reports that Joerg Asmussen,
deputy finance minister, on Tuesday hit back at calls for a wind-
down of all of Hypo Real Estate Holding and said keeping the core
bank was "the better solution" for German taxpayers.

According to the FT. Mr. Asmussen said closing down the troubled
property lender would not be "cost free" for taxpayers.

The bank, the biggest failure in Germany during the global
financial crisis, received increased state support this month,
raising the volume of taxpayer-backed guarantees to EUR142 billion
(US$193 billion), the FT discloses.  The FT relates HRE and the
government say the increase will tide the bank through spinning
off some EUR200 billion of unwanted assets into a "bad bank".

Mr. Asmussen, as cited by the FT, said HRE's bad bank spin-off
plan, which was temporarily approved by European competition
authorities, was "very complex", involving securities and loans
that had 3,600 counterparties in 60 jurisdictions, the FT notes.

Public criticism of the problems at HRE has been driven by the
rising amount of taxpayer exposure and by irritation at EUR25
million of bonus payments, the FT states.

                      About Hypo Real Estate

Germany-based Hypo Real Estate Holding AG (FRA:HRXG) --
http://www.hyporealestate.com/-- is a German holding company for
the Hypo Real Estate Group.  It is an international real estate
financing company, combining commercial real estate financing
products with investment banking.  The Company divides its
operations into three business units: Commercial Real Estate,
which provides real estate financing on the international and
German market; Public Sector & Infrastructure Finance, and Capital
Markets & Asset Management.  Hypo Real Estate Group operates
through a number of subsidiaries, including, among others, Hypo
Real Estate Bank International AG that focuses on Pfandbrief-based
commercial real estate financing in all international markets, and
offers large-volume investment banking and structured finance
transactions; Hypo Real Estate Bank AG that focuses on the
commercial real estate financing and refinancing business in
Germany, and DEPFA Bank plc in Dublin, Ireland, which is a
provider of public finance.

                          *     *     *

As reported by the Troubled Company Reporter-Europe, Bloomberg
News said Chancellor Angela Merkel's government took over Hypo
Real Estate in 2009 after the lender's Dublin-based Depfa Bank Plc
unit couldn't raise financing when the bankruptcy of Lehman
Brothers Holdings Inc. froze credit markets.  Hypo Real was one of
seven banks to fail stress tests on 91 of Europe's biggest lenders
in July, according to Bloomberg.


WESTLB AG: Landesbanken Owners Discuss BayernLB Tie-Up
------------------------------------------------------
James Wilson and Gerrit Wiesmann at The Financial Times report
that owners of Germany's Landesbanken reached a broad agreement on
the need to reform the banking sector, officials and bank
representatives said after meeting to consider restructuring
proposals.

Talks about a merger between WestLB and Bayerische Landesbank, two
banks that lost billions of euros in the global financial crisis,
have injected fresh urgency into efforts to restructure
Landesbanken -- a perennial source of instability in Germany's
financial sector, the FT notes.

According to the FT, a BayernLB-WestLB link was one of the
"several concrete proposals" discussed on Tuesday at a meeting in
Berlin, according to participants.  Germany's finance ministry had
ordered bank owners to discuss reform prospects, the FT states.

The FT relates Georg Fahrenschon, the Bavarian finance minister,
said a "first business analysis" of a tie-up between WestLB and
BayernLB -- owned by Bavaria -- would be ready in November.

Steffen Kampeter, deputy finance minister, said no possible models
for consolidation had been ruled out, the FT notes.

The FT says another firm plan discussed is a merger involving
Duesseldorf's WestLB -- which was bailed out by the government
last year -- and Helaba and Deka, two Frankfurt-based public
sector institutions.

WestLB is at the heart of consolidation plans because the European
Commission has ordered that it change ownership by the end of next
year, according to the FT.

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.


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I R E L A N D
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ARDAGH GLASS: Moody's Affirms Corporate Family Rating at 'B2'
-------------------------------------------------------------
Moody's Investor's Service affirmed the Corporate Family Rating
and Probability of Default Rating for Ardagh Glass Group plc at B2
and assigned provisional ratings to the financing of the announced
acquisition of Impress Cooperative U.A.  The outlook has been
changed to positive from stable.

The proposed Senior Secured Notes (EUR850 million and US$375
million, 7 years) have been assigned a provisional (P)Ba3 rating.
The proposed Senior Unsecured Notes (EUR315 million and US$310
million, 10 years) have been assigned a provisional (P)B3 rating.
The ratings of Ardagh's existing senior secured notes (EUR300
million due 2016) have been affirmed at Ba3, the senior unsecured
notes (EUR310 million due 2017 and EUR180 million due 2020) have
been affirmed at B3 and the rating for the PIK note (EUR126.5
million due 2015) has been affirmed at Caa1.  Moody's issues
provisional ratings in advance of the final sale of securities and
these ratings reflect Moody's preliminary credit opinion regarding
the transaction only.  Upon a conclusive review of the final
documentation, Moody's will endeavor to assign a definitive rating
to the notes.  A definitive rating may differ from a provisional
rating.

                        Ratings Rationale

The affirmation of the B2 CFR reflects Ardagh's strong operating
performance over the last quarters, which has been ahead of
expectations and resulted in some headroom in the current rating
category prior to the acquisition announcement.  In addition, the
affirmation reflects the positive impact of the acquisition on
Ardagh's business profile, given Impress' complimentary product
portfolio of metal cans, with a strong focus on the defensive food
industry and a wide geographic spread with operations in Europe,
North America and Australasia.  Moreover, Moody's would expect
customer concentration to reduce considerably following the
acquisition, a concern currently incorporated into Ardagh's
rating.

At the same time, this acquisition will result in increased pro
forma leverage ratios of approximately 5.5x debt/EBITDA as
adjusted by Moody's on an LTM basis per June, which however
remains in line with the requirements for the B2 rating category.
Furthermore, Moody's notes the execution and integration risks
inherent in such a transformational acquisition as well as certain
aggressiveness in the financial policy as the purchase price
consideration will be fully debt financed.

The positive outlook is based on Moody's expectation that the
enlarged group should be able to reduce leverage towards levels of
5x debt/EBITDA over the next 12-18 months on the back of ongoing
cost savings initiatives, potential synergies and the application
of positive free cash flows to net debt reduction.  The positive
outlook also incorporates Moody's expectation that the enlarged
group will continue to tightly manage production volumes and
prudently control volatile input costs without compromising
current profitability levels as well as the preservation of an
adequate liquidity profile including sufficient leeway under
financial covenants.  The ratings could be upgraded over the next
12-18 months should Ardagh manage to bring down leverage in terms
of Debt/EBITDA towards 5 times and keep interest coverage in terms
of (EBITDA-Capex)/Interest around 1.5x on the back of improvements
in operating profitability and continued positive free cash flow
generation.

Moody's understands that Ardagh plans to acquire Impress for a
total consideration of EUR1.7 billion including the repayment and
assumption of existing debt at as well as fees and expenses which
values the transaction at around 6x June LTM adjusted EBITDA.  The
transaction is still subject to regulatory approval, but is
expected to close in late 2010.

Ardgah plans to finance the acquisition with the issuance of (i)
EUR850 million and US$375 million Senior Secured Notes and (ii)
EUR315 million and US$310 million Senior Notes.  The proceeds of
EUR1.7 billion together with about EUR136 million of existing cash
balances and initial drawings under a new EUR200 million revolving
credit facility are planned to be used to finance (i) EUR380
million consideration for the equity of Impress Cooperative U.A,
(ii) the repayment of EUR1.13 billion of existing Impress net
debt, (iii) EUR214 million repayment of existing bank debt at
Ardagh and (iv) to cover transactions fees and expenses.

The provisional instrument ratings are based on indicative terms
and conditions received so far according to which (i) the proposed
Senior Secured Notes benefit from the same guarantors and security
package as Ardagh's existing Senior Secured Notes (EUR 300mn, due
2016), and (ii) the proposed senior unsecured notes benefit from
the same guarantee package as Ardagh's existing senior unsecured
notes (EUR310 million, due 2017 and EUR180 million, due 2020).

Ardagh's existing senior secured notes are supported by senior
guarantees of subsidiaries representing at least 85% of
consolidated assets and EBITDA and security interests which
Moody's understand comprise the clear majority of the guarantors'
assets.  While Ardagh's senior unsecured debt is supported by
guarantees from the same entities that guarantee the senior
secured debt, it does not benefit from any tangible collateral.
Following the closing of the acquisition, Moody's understand that
material operating subsidiaries of the acquired business will
become providers of upstream guarantees and collateral as are
current material subsidiaries of Ardagh.

Downgrades:

Issuer: Ardagh Glass Finance plc

  -- Senior Subordinated Regular Bond/Debenture, Downgraded to
     LGD5, 77% from LGD5, 73%

  -- Senior Secured Regular Bond/Debenture, Downgraded to LGD2,
     29% from LGD2, 23%

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD5,
     77% from LGD5, 73%

Issuer: Ardagh Glass Group PLC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD6,
     95% from LGD6, 93%

Assignments:

Issuer: Ardagh Packaging Finance plc

* Senior Secured Regular Bond/Debenture, Assigned a range of 29 -
  LGD2 to (P)Ba3

* Senior Unsecured Regular Bond/Debenture, Assigned a range of 77
  - LGD5 to (P)B3

Outlook Actions:

Issuer: Ardagh Glass Group PLC

  -- Outlook, Changed To Positive From Stable

Moody's last rating action on Ardagh was on January 13, 2010, when
Moody's affirmed the B2 CFR with a stable outlook and assigned a
B3 rating to the company's new EUR180 million Senior Notes due
2010.

Ardagh Glass Group, registered in Ireland, is a leading supplier
of glass containers by volume in Northern Europe, in particular in
Germany, the UK, Scandinavia, Poland and the Benelux region.  In
the last twelve months ending June 2010, Ardagh generated sales of
EUR1.25 billion.

Incorporated in Deventer, The Netherlands, Impress is among the
largest European metal packaging manufacturers, holding market
leading positions in several metal packaging segments e.g.  for
seafood packaging globally and being the largest producer of
paints, decorative tins and aerosols in Europe and ranking number
two in Europe for heat-processed food packaging.  Impress
generated sales of EUR1.8 billion in the last twelve months ending
June 2010.

                     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.

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

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.


ARDAGH GLASS: S&P Changes Outlook to Stable; Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Ireland-based glass-container manufacturer Ardagh Glass
Group PLC and its related entity Ardagh Glass Holdings Ltd. to
stable from negative.  At the same time, S&P affirmed the 'B+'
long-term corporate credit ratings on both entities.

At the same time, S&P has lowered the existing ?300 million senior
secured issue rating from 'BB' to 'BB-', and revised the recovery
rating from '1' to '2' on this instrument, indicating S&P's
expectation of substantial (70%-90%) recovery for senior secured
noteholders in the event of a payment default.  However, S&P
foresee the recovery at the low end of the 70%-90% range.

S&P has also lowered the existing ?490 million senior unsecured
issue rating from 'B' to 'B-', and revised the recovery rating
from '5' to '6', indicating S&P's expectation of negligible (0%-
10%) recovery for unsecured noteholders in the event of a payment
default.

The issue rating on the existing payment-in-kind notes due 2015 is
affirmed at 'B-' and the recovery rating remains at '6',
indicating S&P's expectation of negligible (0%-10%) recovery for
noteholders in the event of a payment default.

S&P has assigned a 'BB-' issue rating a recovery rating of '2' to
the proposed ?1.130 billion-equivalent senior secured notes,
indicating its expectation of substantial (70%-90%) recovery--
albeit at the low end of the range--for unsecured noteholders in
the event of a payment default.

S&P has assigned a 'B-' issue rating and a recovery rating of '6'
to the proposed ?550 million-equivalent senior unsecured notes
indicating S&P's expectation of negligible (0%-10%) recovery for
noteholders in the event of a payment default.

"S&P's rating action follows Ardagh's announcement that it intends
to acquire Impress Holdings B.V.  (Impress), a Netherlands-based
global provider of metal packaging," said Standard & Poor's credit
analyst Izabela Listowska.

The acquisition is conditional on EU and U.S. competition
authority approvals.

In S&P's opinion, the acquisition will enhance Ardagh's
competitive position and diversity, with combined annual pro forma
sales of about ?3 billion.  S&P believes that the acquisition will
improve Ardagh's business risk profile, which S&P currently view
as "satisfactory".  The stronger business risk profile, coupled
with the company's "adequate" liquidity position, will be
sufficient to mitigate the immediate increase in financial
leverage, in S&P's opinion.  In addition, S&P anticipates that
credit measures following the transaction will remain in line with
its guidelines for the ratings, albeit at the low end, before they
gradually recover starting in 2011.  This view is based on S&P's
assumption of low-single-digit growth in revenues, fairly stable
operating margins, the company's disciplined future capital-
spending policy, and the absence of discretionary spending.

The ratings remain constrained by S&P's view of the group's
"highly leveraged" financial risk profile.  The key risk factors
include Ardagh's sensitivity to volatile input costs and
relatively high capital intensity, in particular in the glass
sector.  The ratings are also constrained by the company's very
aggressive financial policy, as demonstrated by its appetite for
debt-funded acquisitions.

These negative factors are partly offset by Ardagh's
"satisfactory" business risk profile, which is supported by its
leading market positions, long-standing relationships with
customers, and end markets for about 75% of total revenues that
are typically less sensitive to changing economic conditions.  The
ratings also reflect Ardagh's good profitability, underpinned by
its enhanced cost base and ability to manage input cost changes,
although S&P believes that its operating margins will be somewhat
diluted by the lower-margin acquisition.

The stable outlook assumes that the acquisition of Impress obtains
the necessary approvals expected by the end of 2010, and reflects
the anticipated improvement in Ardagh's business risk profile and
its offsetting of the weaker financial risk profile resulting from
the proposed transaction.  S&P would view a ratio of adjusted
funds from operations to debt of 10%-15% and adjusted debt to
EBITDA of 5.0x-5.5x to be in line with a 'B+' rating for Ardagh,
and S&P expects Ardagh to sustain this level in the near term.

"The outlook reflects S&P's expectations of management's cautious
approach to leverage, and that liquidity sources and headroom
under financial covenants remain adequate," said Ms. Listowska.


HARVEST CLO: Changes in Contracts Won't Affect Fitch's Ratings
--------------------------------------------------------------
Fitch Ratings says that Harvest CLO V PLC's ratings will not be
affected by the change in derivative contracts.  The FX options
and the GBP Libor cap agreements with Banque AIG and guaranteed by
American International Group Inc. ('BBB'/Stable/'F1') have been
terminated.  Simultaneously, Harvest CLO V PLC has purchased from
Barclays Bank PLC ('AA-'/Stable/'F1+') FX options and a GBP Libor
cap.  The terms of these new derivative contracts are almost
identical to the terms of the derivative contracts that have been
terminated.  In Fitch's view, the minor differences between the
agreements are not material enough to impact the ratings of the
transaction.

The notes are rated:

  -- EUR242.9m Class A-D (XS0293379342): 'AAA'; Outlook Negative;
     Loss Severity Rating (LS) 'LS-2'

  -- EUR152.5m Class A-R: 'AAA'; Outlook Negative; 'LS-2'

  -- EUR32.5m Class A2 (XS0293379771): 'AA'; Outlook Negative;
     'LS-4'

  -- EUR42.5m Class B (XS0293380191): 'A'; Outlook Negative; 'LS-
     4'

  -- EUR30m Class C1 (XS0293380274): 'BBB'; Outlook Negative; 'LS-
     4'

  -- EUR10m Class C2 (XS0293951280): 'BBB'; Outlook Negative; 'LS-
     4'

  -- EUR27.5m Class D (XS0293380431): 'BB'; Outlook Negative; 'LS-
     5'

  -- EUR28.3m Class E1 (XS0293380514): 'B'; Outlook Negative; 'LS-
     5'

  -- EUR5.6m Class E2 (XS0293952684): 'B'; Outlook Negative; 'LS-
     5'

  -- EUR8m Class Q (XS0293380944): 'BB-'; Outlook Negative


INTERMEDIATE FINANCE: Moody's Reviews Ratings on Seven Notes
------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the ratings of 7 classes of notes issued by Intermediate
Finance II PLC:

Issuer: Intermediate Finance II PLC

  -- EUR104M Class A-1 Senior Secured Floating Rate Notes due
     2024, Placed Under Review for Possible Downgrade; previously
     on Oct 13, 2009 Downgraded to A1 (sf)

  -- EUR195M Class A-2 Senior Secured Floating Rate Notes due
     2024, Placed Under Review for Possible Downgrade; previously
     on Oct 13, 2009 Downgraded to A3 (sf)

  -- EUR26M Class A-3 Senior Secured Floating Rate Notes due 2024,
     Placed Under Review for Possible Downgrade; previously on Oct
     13, 2009 Downgraded to Baa3 (sf)

  -- EUR63M Class B-1 Senior Secured Floating Rate Notes due 2024,
     Placed Under Review for Possible Downgrade; previously on Oct
     13, 2009 Downgraded to Ba2 (sf)

  -- EUR15M Class B-2 Senior Secured Fixed Rate Notes due 2024,
     Placed Under Review for Possible Downgrade; previously on Oct
     13, 2009 Downgraded to Ba2 (sf)

  -- EUR78M Class C Secured Deferrable Floating Rate Notes due
     2024, Placed Under Review for Possible Downgrade; previously
     on Oct 13, 2009 Downgraded to B3 (sf)

  -- EUR39M Class D Secured Deferrable Floating Rate Notes due
     2024, Placed Under Review for Possible Downgrade; previously
     on Oct 13, 2009 Downgraded to Caa1 (sf)

Intermediate Finance II PLC is a multicurrency collateralized loan
obligation backed by a portfolio of European mezzanine loans.  The
transaction is managed by Intermediate Capital Managers Limited.

According to Moody's, the review for downgrade reflects further
deterioration in the credit quality of the portfolio.  This is
observed through an increase in the portfolio weighted average
rating factor 'WARF' (3005 in July 2010, compared to 2740 in
August 2009), an increase in the proportion of securities rated
Caa1 and below in the portfolio (15.39% in July 2010, compared to
10.2% in August 2009), a decrease in the Senior Par Value Test
(149.51% in July 2010, compared to 152.48% in August 2009) and the
failure of the Class D Par Value Test.  These measure were taken
from the trustee report dated July 30, 2010.

However, Moody's notes that this deterioration may be partially
mitigated following the reinvestment of approximately 92.5 million
of cash (i.e. 19% of the current collateral balance) currently
held in the structure.  Depending on the impact that such
reinvestment may have on the key metrics of the transaction (par,
WARF, WAS and DS), the ratings of the notes may be affected by a 0
to 2 notch downgrade.  Classes A and D are likely to be the most
sensitive to such changes in metrics.

Moody's will closely monitor the evolution of the transaction and,
in particular, the impact on the WARF, par and DS upon full
reinvestment of the principal proceeds.

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which being determined by the
diversity score of the portfolio.  The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.  The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool.  The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.  In addition, large single
exposure to obligors bearing a Credit Estimates have been
considered for the analysis and applied a stress applicable to
concentrated pools with non publicly rated issuers as per the
report titled "Updated Approach to the Usage of Credit Estimates
in Rated Transactions" published in October 2009.


* IRELAND: Minister Rules Out Tapping European Bailout Package
--------------------------------------------------------------
Patrick Donahue at Bloomberg News reports that Irish Foreign
Minister Micheal Martin "absolutely" ruled out activating the
European bailout package for Ireland, saying markets will calm
after the government clarifies bank-bailout costs and the budget
outlook.

Bloomberg relates Mr. Martin said the government in Dublin will
provide details of the bailout costs for Anglo Irish Bank Corp. by
the end of the week and soothe bond investors after Standard &
Poor's said more than EUR35 billion (US$47 billion) may be needed.
According to Bloomberg, he said the budget is financed through the
middle of next year and Ireland won't need money from the euro
fund.

Bloomberg says buyers of Irish debt reacted to concern about the
bank bailout, pushing the extra yield investors demand to hold the
country's 10-year debt over German bunds to a record on Tuesday,
Sept. 28.  Mr. Martin, as cited by Bloomberg, said he's confident
that calm will return when the cost for recapitalizing the state-
owned lender is released this week and the government publishes
its fiscal outlook in mid-October.

He also dismissed speculation about a default among holders of
Anglo Irish's senior debt, which was cut on Monday to the lowest
investment grade rating by Moody's Investors Service, Bloomberg
notes.


* IRELAND: Must Honor Obligations, Finance Minister Says
--------------------------------------------------------
BBC News reports that Irish Finance Minister Brian Lenihan has
said that the Republic of Ireland must "honor its obligations" to
retain the confidence of the global money markets.

Mr. Lenihan told BBC the Irish economy had now "stabilized".  BBC
notes he said keeping creditors to the country's ailing banks on
side was essential to the recovery.

The country's banking sector has continued to struggle following
the financial crisis, BBC says.

"Irish banks are very dependent on the international wholesale
money markets," Mr. Lenihan told the BBC's business editor, Robert
Peston.

"Those who acted in good faith to Irish lending institutions have
to be convinced that Ireland will honor its obligations and Irish
banks will honor their obligations. . . .  If those obligations
are not honored, Ireland's funding position in the future will be
perilous."

Some EUR22 billon has already been spent on rescuing banks hit by
the collapse of the Republic's property bubble, BBC discloses.


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


BANCO POPOLARE: Moody's Cuts Bank Financial Strength Rating to D+
-----------------------------------------------------------------
Moody's Investor Services has changed the outlook to negative from
stable on the A2 long-term deposit rating and on the Prime-1
short-term deposit rating of Banco Popolare Societa Cooperativa
and has downgraded the bank financial strength rating to D+ from
C- (which now translates to a Baa3 on the long-term rating scale).

The outlook on the deposit ratings was changed to negative from
stable.

These ratings were downgraded:

  -- Bank financial strength rating to D+ from C-
  -- Tier III MTN to (P)Baa1 from A3
  -- Junior subordinated debt to (P)Ba1 from Baa3
  -- Preferred stock to Ba3 from Ba2

                        Ratings Rationale

Moody's commented that the downgrade and the negative outlook on
the deposit ratings of Banco Popolare reflect the significant
challenges that it faces.  Against an operating environment that
has become less accommodating for most Italian banks, Banco
Popolare needs to finalize the restructuring and integration of
its acquisitions, while at the same time it needs to establish a
profitable, well capitalized business model.  The obstacles it
faces towards this are significant: it has low capital levels, and
its internal capital generation is constrained by its low
profitability, whereas external capital raising in the market is
difficult with the company's corporate structure.  Disposal of
non-core assets could strengthen capital levels, but further
impact the bank's ability to generate sustainable profit and
weaken its franchise.

While the bank is continuing to take measures aimed at de-risking
its operations and improving profitability, efficiency and
capital, Moody's believes that the achievement of these goals
however remains a significant challenge, and that further downward
rating pressure cannot be excluded if no visible progress is made.

Moody's commented that the rating action in particular takes into
account (i) the agency's expectation that Banco Popolare's modest
operating profitability -- as evidenced by the H1 2010 audited
results -- is not likely to significantly improve before 2012
given the fragile economic recovery in Italy; (ii) a liquidity
profile below that of its Italian peers, also due to the
consolidation of its subsidiary, Banca Italease and (iii) the
bank's weak capital adequacy and asset quality (Banco Popolare had
a Tier 1 and Core Tier 1 ratio of 7.7% and 6.1% respectively, as
of June 2010).  Furthermore, Moody's notes lack of visibility over
the bank's strategy beyond immediate restructuring, with the
business plan postponed until the end of the first quarter of
2011.

The key factor supporting the current rating remains the bank's
sound franchise as the fourth largest Italian bank, with about 5%
market share in retail banking activities.  Banco Popolare's
deposit ratings therefore incorporate four notches of systemic
support.

Any lack of improvement in the bank's financial profile, and a
failure to reach a Core Tier 1 ratio above 7% in a short timeframe
in particular, could prompt Banco Popolare's BFSR to become more
weakly positioned in the D+ category, or even result in a further
lowering of the BFSR itself.  This could result in a downgrade of
the deposit ratings, hence the negative outlook.  Moody's expects
to resolve the negative outlook around April 2011 upon analysis of
the full-year 2010 performance and greater clarity of the bank's
business plan and strategy.

Banco Popolare's BFSR could be upgraded if significant
improvements to its borrower concentration and financial profile
are achieved, including (i) a Core Tier 1 ratio above 7.5%; (ii) a
cost-to-income ratio below 65%; (iii) problem loans below 5% of
loans; and (iv) top 20 borrowers below 750% of pre-provision
income.  Given the negative outlook and the challenges faced by
this bank, these are however likely to be medium term objectives.

The key factual elements underpinning the rating action are the
bank's Tier 1, problem loans and net income as stated in its
audited financial statements as at June 2010 and December 2009.

                     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.

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

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.


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


IMPRESS HOLDINGS: S&P Affirms Corporate Credit Rating at 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed the
'B+' long-term corporate credit rating on Impress Holdings B.V.,
Netherlands-based global provider of metal packaging.  The outlook
is stable.

At the same time S&P placed the 'B+' issue ratings on Impress's
?615 million and US$175 million secured bonds on CreditWatch with
developing implications.

S&P placed the 'B-' issue rating in Impress's ?250 million
unsecured bonds on CreditWatch with positive implications.

"The affirmation follows an announcement by Ardagh Glass Group PLC
that it intends to acquire Impress," said Standard & Poor's credit
analyst Izabela Listowska.

The acquisition is conditional on EU and U.S. competition
authority approvals.

If the transaction closes as currently contemplated by the end of
2010, the combined entity would have a "satisfactory" business
risk profile and "highly leveraged" financial risk profile, with
pro forma anticipated adjusted debt to EBITDA of 5.0x-5.5x and
adjusted funds from operations to debt of 10%-11%.  S&P does not
currently anticipate raising or lowering the corporate credit
rating on Impress as a result of the transaction.

The current ratings on Impress remain constrained by Impress' high
debt leverage and its exposure to input cost changes.  In
addition, the company faces meaningful competition, in particular
from smaller regional players, in fairly mature markets.  These
risks are mitigated by Impress' leading positions in its core
markets, about two-thirds of which are fairly stable because the
underlying business is food related.  Furthermore, the company
benefits from its good geographic and customer diversification,
long-standing relationships with key customers, and good
profitability.

The CreditWatch placements reflect the uncertainties regarding the
successful full refinancing of each instrument, as well as their
future relative ranking in Ardagh's capital structure, should they
not be entirely refinanced.  While S&P understand that, following
Ardagh's offer to buy Impress, Ardagh must offer to repurchase
Impress's bonds, given the presence of a change-of-control clause
in each of Impress's bond documentation, some of Impress'
bondholders may refuse the offer.

"While S&P might lower, raise, or affirm the issue rating on the
senior secured notes, S&P considers that S&P would only raise or
affirm the issue rating on the unsecured instrument; hence the
difference in CreditWatch status of the secured and unsecured
instruments," said Ms. Listowska.

S&P would withdraw the issue and recovery ratings on any
successfully refinanced instruments.

The outlook is stable and also reflects S&P's assumption that the
proposed acquisition by Ardagh will be closed by 2010.


===========
P O L A N D
===========


PBP ORBIS: Files for Bankruptcy After Shareholder Pulls Plug
------------------------------------------------------------
Martyna Olik at Warsaw Business Journal reports that PBP Orbis on
Tuesday filed for bankruptcy.

According to Warsaw Business Journal, PBP Orbis said that the
immediate cause of its bankruptcy was the majority shareholder's
decision not to provide funds for the company.  Warsaw Business
Journal relates private equity fund Enterprise Investors informed
PBP Orbis of its decision to withhold its cash on Sept. 14.

"Until the very end, the board of PBP Orbis tried to save the
Company by implementing a restructuring plan and actively
searching for a new investor," the company said in an official
announcement that appeared on its Web site on Wednesday morning,
according to Warsaw Business Journal.

"As of Sept. 29, 2010, all operational activity of the Company
will be suspended, while all tourist events scheduled from
Sept. 29, 2010 onwards are canceled," the company wrote, Warsaw
Business Journal notes.

Orbis S.A., the firm's former owner, estimates that it might lose
up to PLN13.64 million from the bankruptcy, Warsaw Business
Journal discloses.  Warsaw Business Journal notes the hotel
operator issued a statement saying that although the company is
not part of the Orbis capital group, there are loan agreements to
the tune of PLN7.64 connecting both companies and an amount of up
to PLN6 million for the tourist guarantee.

PBP Orbis is a travel agency based in Poland.


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


DEVELOPMENT CAPITAL: S&P Gives Positive Outlook; Keeps 'B-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russia-based Development Capital Bank OJSC to positive
from stable.  At the same time the 'B-' long-term and 'C' short-
term counterparty credit ratings were affirmed.  The outlook is
stable.  The Russia national scale rating was raised to 'ruBBB+'
from 'ruBBB'.

"The outlook revision reflects S&P's view that the bank has shown
positive dynamics in its financial profile, namely its stronger
balance-sheet liquidity, stabilization of asset quality
indicators, improved funding profile and maintenance of solid
capitalization," said Standard & Poor's credit analyst Sergey
Voronenko.

The ratings continue to be constrained by inherent risks related
to its undiversified business profile including a highly
concentrated loan portfolio and deposit base.

Owned by Russian businessman Rustem Teregulov, Development Capital
Bank is a small bank specializing in corporate banking and
financial services mostly for a limited number of high net-worth
individuals.  On Sept. 1, 2010, the bank had total assets of
Russian ruble 9 billion (about US$300 million).  The ratings
reflect the bank's stand-alone credit profile, and do not include
any extraordinary external support, either from the owner or the
government.

The bank's limited business base and customer franchise result in
significant single-name concentrations in its lending and funding
profiles.  As of Sept. 1, 2010, the top 20 borrowers accounted for
about 90% of gross loans.  Although Development Capital Bank has a
strategic target of developing a wider customer base and product
range, S&P expects concentrations to remain high over the medium
term.

The loan portfolio is highly concentrated in the real estate and
construction industries (about 70% of total loans as at Sept. 1,
2010).  This is mitigated by the owner's good knowledge of these
industries, his personal business connections, and regular
revaluation of collateral.  Impaired loans comprised about 8% of
total loans as of Sept. 1, 2010 (where overdue loans did not
exceed 1%), with an additional 8% restructured in 2009.

Development Capital Bank's customer deposit base more than doubled
in 2009, but mostly consists of current accounts, forcing the bank
to invest these funds into liquid short-term instruments.  On
Sept. 1, 2010, about one-third of Development Capital Bank's
assets consisted of cash, interbank deposits, and bonds eligible
for use in repurchase agreement transactions.  In S&P's view, the
securities portfolio bears only moderate credit risk; corporate
bonds accounted for 95% of the bank's total securities investments
or 21% of its total assets as at Sept. 1, 2010, and were issued by
leading Russian companies and banks.

Core profitability remained relatively good in 2009 and in the
first eight months 2010, reflected in a net interest margin of
11%, owing to very low interest expenses and a high share of
capital in the bank's overall funding base.  A good level of
capitalization and liquid assets provide a protective buffer
against a possible moderate market downturn and room for further
business growth.

The positive outlook reflects S&P's belief that Development
Capital Bank will continue to enhance its financial and business
profile through organic business growth, while preserving an
adequate liquidity position, capitalization, and acceptable asset
quality metrics, despite high borrower concentrations.


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


ABANKA VIPA: Moody's Lowers Financial Strength Rating to 'D+'
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
Slovenian banks: Nova Ljubljanska Banka, NLB InterFinanz, Nova
Kreditna Banka Maribor and Abanka Vipa.  The rating actions are:

  -- NLB's deposit ratings have been downgraded by two notches to
     A3/Prime-2 and its bank financial strength rating to D+; all
     ratings carry a negative outlook

  -- The issuer rating of NLB InterFinanz was downgraded to two
     notches to Ba1 and then withdrawn (see below for more details
     on the withdrawal).

  -- NKBM's deposit ratings were downgraded by two notches
     Baa1/Prime-2 and its BFSR was downgraded to D; all ratings
     carry a negative outlook

  -- Abanka's long-term deposit rating has been downgraded by one
     notch to Baa1 and its D+ BFSR was affirmed; the short-term P-
     2 rating remains unchanged; all ratings carry a negative
     outlook

In the case of NLB, NLB InterFinanz and NKBM, the rating action
concludes the review for downgrade of their ratings initiated on 3
June 2010.

                        Ratings Rationale

Moody's says that the rating downgrades are driven by continuing
pressure on the banks' financial metrics, given the weak credit
environment in Slovenia and in other regional markets in which
they operate.  "The anaemic economic recovery in Slovenia, which
has followed the sharp recession in 2009, continues to generate
corporate insolvencies and is likely to result in further asset
quality deterioration and significant provisioning needs in the
second half of 2010," explains George Chrysaphinis, a Vice-
President and Senior Analyst in Moody's Financial Institutions
Group.

"Although capitalization levels are currently adequate, the banks'
financial positions remains under pressure because of the risk of
further increases in non-performing loans and banks' limited
capacity to build capital reserves through profits," continues Mr.
Chrysaphinis.  The rating agency believes that these new ratings
more accurately reflect this position.

Moody's decision to maintain all of the negative outlooks on the
banks' ratings reflects the possibility of further material
deterioration in the banks' financial positions in the coming
months.  Ratings could be potentially downgraded further if there
is significant additional asset quality deterioration, putting
pressure on capital.

                    Rating Actions In Detail

                     Nova Ljubljanska Banka

Moody's has downgraded NLB's long- and short-term deposit ratings
to A3/Prime-2 and its BFSR to D+, mapping to a baseline credit
assessment of Ba1.  The outlook on all ratings is negative.  The
rating action is driven by the bank's currently modest
capitalization position within the context of continued weakness
in the Slovenian credit environment.

In assessing the vulnerability of NLB's capital position, Moody's
took into account the bank's elevated loan loss provisioning
expenses during the first half of 2010 and also noted the
continued flow of major corporate insolvencies in Slovenia during
the year as evidence of ongoing weakness in the credit
environment.  In addition, Moody's has taken into consideration
the bank's high corporate loan concentration and material presence
in other regional markets in south eastern Europe, which further
amplifies its exposure to credit risk.

Moody's has also accounted for the likelihood that the bank will
proceed with a substantial rights issue over the next few months,
in line with plans announced by NLB's management and echoed by the
Slovenian government -- NLB's largest shareholder -- in public
statements.

Moody's decision to downgrade NLB's BFSR to D+ reflects the
sharper-than-expected deterioration in the bank's financial
position in 2009 and the ongoing weakness in the credit
environment.  In Moody's opinion, these factors more than offset
the positive impact of the planned capital injection.

The two-notch downgrade of the bank's long-term deposit rating to
A3 is driven by the downgrade of the BFSR to D+, equivalent to a
BCA of Ba1.  The A3 long-term deposit rating therefore continues
to incorporate four notches of uplift due to the likelihood of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR190.0 million subordinated loan to Baa1

  -- The EUR100.0 million perpetual subordinated floating-rate
     notes to Ba1

                         Nlb Interfinanz

Moody's has downgraded NLB InterFinanz's issuer rating by two
notches to Ba1.  This action reflects (i) NLB's reduced capacity
to provide parental support following the downgrade of its BFSR to
D+, and (ii) pressure on the company's stand-alone financial
strength as a result of weakening asset quality (though it remains
profitable).  The rating of NLB InterFinanz continues to
incorporate some uplift due to parental support from NLB.

Moody's Investors Service has withdrawn the credit rating of NLB
InterFinanz for its own business reasons.

                    Nova Kreditna Banka Maribor

Moody's has downgraded NKBM's long- and short-term deposit ratings
to Baa1/Prime-2 and the BFSR has been downgraded to D, mapping
onto a baseline credit assessment of Ba2.  All ratings carry a
negative outlook.  The rating action reflects the reassessment of
the bank's financial strength as continued weakness in the
Slovenian credit environment could yield further material
deterioration in the bank's asset quality in 2010, following a
difficult 2009, especially within the context of high corporate
loan concentrations.

The rating downgrade recognizes that, although current
capitalization is adequate, deteriorating asset quality and
declining provisioning coverage are more consistent with the new
rating level.

Moody's adds that, at the Baa1 level, NKBM's deposit ratings
continue to benefit from four notches of uplift as a result of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR100.0 million 7.02% subordinated loan participation
     notes were downgraded to Ba2

  -- The EUR50.0 million subordinated floating-rate Eurobonds were
     downgraded to Ba2

                           Abanka Vipa

Moody's has downgraded Abanka's long-term deposit rating to Baa1.
Although its D+ BFSR has been affirmed, its BCA now maps to the
Ba1 level from Baa3 previously.  The short-term P-2 rating remains
unchanged.  All ratings carry a negative outlook.  The rating
action is driven by the continued weakness in the Slovenian credit
environment, which is likely to lead to a deterioration in the
bank's financial position over the next few months.

Moody's says that although Abanka's capitalization is currently
sound and despite its asset quality comparing favorably with its
peers, the bank remains vulnerable to the weak credit environment
in Slovenia, as evidenced by the continued flow of corporate
insolvencies and given the bank's high corporate loan
concentrations.

The maintenance of a negative outlook on Abanka's ratings reflects
the fact that the bank's position within its rating category is
vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also downgraded and remains on negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes to
     Ba3

            Previous Rating Actions and Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on NLB Interfinanz was implemented
on 3 June 2010 when its issuer rating was put on review for
possible downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on Abanka Vipa was implemented on 3
June 2010 when the bank's A3/Prime-2 deposit ratings and D+ BFSR
of Abanka Vipa (Abanka) were affirmed.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR19.58 billion as of 30
June 2010.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF781.76 million (EUR525.6 million)
as of 31 December 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.92 billion as of 30
June 2010.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.69 billion as of 30 June 2009.

                     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 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.


NLB INTERFINANZ: Moody's Downgrades Issuer Rating to 'Ba1'
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
Slovenian banks: Nova Ljubljanska Banka, NLB InterFinanz, Nova
Kreditna Banka Maribor and Abanka Vipa.  The rating actions are:

  -- NLB's deposit ratings have been downgraded by two notches to
     A3/Prime-2 and its bank financial strength rating to D+; all
     ratings carry a negative outlook

  -- The issuer rating of NLB InterFinanz was downgraded to two
     notches to Ba1 and then withdrawn (see below for more details
     on the withdrawal).

  -- NKBM's deposit ratings were downgraded by two notches
     Baa1/Prime-2 and its BFSR was downgraded to D; all ratings
     carry a negative outlook

  -- Abanka's long-term deposit rating has been downgraded by one
     notch to Baa1 and its D+ BFSR was affirmed; the short-term P-
     2 rating remains unchanged; all ratings carry a negative
     outlook

In the case of NLB, NLB InterFinanz and NKBM, the rating action
concludes the review for downgrade of their ratings initiated on 3
June 2010.

                        Ratings Rationale

Moody's says that the rating downgrades are driven by continuing
pressure on the banks' financial metrics, given the weak credit
environment in Slovenia and in other regional markets in which
they operate.  "The anaemic economic recovery in Slovenia, which
has followed the sharp recession in 2009, continues to generate
corporate insolvencies and is likely to result in further asset
quality deterioration and significant provisioning needs in the
second half of 2010," explains George Chrysaphinis, a Vice-
President and Senior Analyst in Moody's Financial Institutions
Group.

"Although capitalization levels are currently adequate, the banks'
financial positions remains under pressure because of the risk of
further increases in non-performing loans and banks' limited
capacity to build capital reserves through profits," continues Mr.
Chrysaphinis.  The rating agency believes that these new ratings
more accurately reflect this position.

Moody's decision to maintain all of the negative outlooks on the
banks' ratings reflects the possibility of further material
deterioration in the banks' financial positions in the coming
months.  Ratings could be potentially downgraded further if there
is significant additional asset quality deterioration, putting
pressure on capital.

                    Rating Actions In Detail

                     Nova Ljubljanska Banka

Moody's has downgraded NLB's long- and short-term deposit ratings
to A3/Prime-2 and its BFSR to D+, mapping to a baseline credit
assessment of Ba1.  The outlook on all ratings is negative.  The
rating action is driven by the bank's currently modest
capitalization position within the context of continued weakness
in the Slovenian credit environment.

In assessing the vulnerability of NLB's capital position, Moody's
took into account the bank's elevated loan loss provisioning
expenses during the first half of 2010 and also noted the
continued flow of major corporate insolvencies in Slovenia during
the year as evidence of ongoing weakness in the credit
environment.  In addition, Moody's has taken into consideration
the bank's high corporate loan concentration and material presence
in other regional markets in south eastern Europe, which further
amplifies its exposure to credit risk.

Moody's has also accounted for the likelihood that the bank will
proceed with a substantial rights issue over the next few months,
in line with plans announced by NLB's management and echoed by the
Slovenian government -- NLB's largest shareholder -- in public
statements.

Moody's decision to downgrade NLB's BFSR to D+ reflects the
sharper-than-expected deterioration in the bank's financial
position in 2009 and the ongoing weakness in the credit
environment.  In Moody's opinion, these factors more than offset
the positive impact of the planned capital injection.

The two-notch downgrade of the bank's long-term deposit rating to
A3 is driven by the downgrade of the BFSR to D+, equivalent to a
BCA of Ba1.  The A3 long-term deposit rating therefore continues
to incorporate four notches of uplift due to the likelihood of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR190.0 million subordinated loan to Baa1

  -- The EUR100.0 million perpetual subordinated floating-rate
     notes to Ba1

                         Nlb Interfinanz

Moody's has downgraded NLB InterFinanz's issuer rating by two
notches to Ba1.  This action reflects (i) NLB's reduced capacity
to provide parental support following the downgrade of its BFSR to
D+, and (ii) pressure on the company's stand-alone financial
strength as a result of weakening asset quality (though it remains
profitable).  The rating of NLB InterFinanz continues to
incorporate some uplift due to parental support from NLB.

Moody's Investors Service has withdrawn the credit rating of NLB
InterFinanz for its own business reasons.

                    Nova Kreditna Banka Maribor

Moody's has downgraded NKBM's long- and short-term deposit ratings
to Baa1/Prime-2 and the BFSR has been downgraded to D, mapping
onto a baseline credit assessment of Ba2.  All ratings carry a
negative outlook.  The rating action reflects the reassessment of
the bank's financial strength as continued weakness in the
Slovenian credit environment could yield further material
deterioration in the bank's asset quality in 2010, following a
difficult 2009, especially within the context of high corporate
loan concentrations.

The rating downgrade recognizes that, although current
capitalization is adequate, deteriorating asset quality and
declining provisioning coverage are more consistent with the new
rating level.

Moody's adds that, at the Baa1 level, NKBM's deposit ratings
continue to benefit from four notches of uplift as a result of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR100.0 million 7.02% subordinated loan participation
     notes were downgraded to Ba2

  -- The EUR50.0 million subordinated floating-rate Eurobonds were
     downgraded to Ba2

                           Abanka Vipa

Moody's has downgraded Abanka's long-term deposit rating to Baa1.
Although its D+ BFSR has been affirmed, its BCA now maps to the
Ba1 level from Baa3 previously.  The short-term P-2 rating remains
unchanged.  All ratings carry a negative outlook.  The rating
action is driven by the continued weakness in the Slovenian credit
environment, which is likely to lead to a deterioration in the
bank's financial position over the next few months.

Moody's says that although Abanka's capitalization is currently
sound and despite its asset quality comparing favorably with its
peers, the bank remains vulnerable to the weak credit environment
in Slovenia, as evidenced by the continued flow of corporate
insolvencies and given the bank's high corporate loan
concentrations.

The maintenance of a negative outlook on Abanka's ratings reflects
the fact that the bank's position within its rating category is
vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also downgraded and remains on negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes to
     Ba3

            Previous Rating Actions and Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on NLB Interfinanz was implemented
on 3 June 2010 when its issuer rating was put on review for
possible downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on Abanka Vipa was implemented on 3
June 2010 when the bank's A3/Prime-2 deposit ratings and D+ BFSR
of Abanka Vipa (Abanka) were affirmed.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR19.58 billion as of 30
June 2010.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF781.76 million (EUR525.6 million)
as of 31 December 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.92 billion as of 30
June 2010.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.69 billion as of 30 June 2009.

                     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 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.


NOVA KREDITNA: Moody's Lowers Financial Strength Rating to 'D'
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
Slovenian banks: Nova Ljubljanska Banka, NLB InterFinanz, Nova
Kreditna Banka Maribor and Abanka Vipa.  The rating actions are:

  -- NLB's deposit ratings have been downgraded by two notches to
     A3/Prime-2 and its bank financial strength rating to D+; all
     ratings carry a negative outlook

  -- The issuer rating of NLB InterFinanz was downgraded to two
     notches to Ba1 and then withdrawn (see below for more details
     on the withdrawal).

  -- NKBM's deposit ratings were downgraded by two notches
     Baa1/Prime-2 and its BFSR was downgraded to D; all ratings
     carry a negative outlook

  -- Abanka's long-term deposit rating has been downgraded by one
     notch to Baa1 and its D+ BFSR was affirmed; the short-term P-
     2 rating remains unchanged; all ratings carry a negative
     outlook

In the case of NLB, NLB InterFinanz and NKBM, the rating action
concludes the review for downgrade of their ratings initiated on 3
June 2010.

                        Ratings Rationale

Moody's says that the rating downgrades are driven by continuing
pressure on the banks' financial metrics, given the weak credit
environment in Slovenia and in other regional markets in which
they operate.  "The anaemic economic recovery in Slovenia, which
has followed the sharp recession in 2009, continues to generate
corporate insolvencies and is likely to result in further asset
quality deterioration and significant provisioning needs in the
second half of 2010," explains George Chrysaphinis, a Vice-
President and Senior Analyst in Moody's Financial Institutions
Group.

"Although capitalization levels are currently adequate, the banks'
financial positions remains under pressure because of the risk of
further increases in non-performing loans and banks' limited
capacity to build capital reserves through profits," continues Mr.
Chrysaphinis.  The rating agency believes that these new ratings
more accurately reflect this position.

Moody's decision to maintain all of the negative outlooks on the
banks' ratings reflects the possibility of further material
deterioration in the banks' financial positions in the coming
months.  Ratings could be potentially downgraded further if there
is significant additional asset quality deterioration, putting
pressure on capital.

                    Rating Actions In Detail

                     Nova Ljubljanska Banka

Moody's has downgraded NLB's long- and short-term deposit ratings
to A3/Prime-2 and its BFSR to D+, mapping to a baseline credit
assessment of Ba1.  The outlook on all ratings is negative.  The
rating action is driven by the bank's currently modest
capitalization position within the context of continued weakness
in the Slovenian credit environment.

In assessing the vulnerability of NLB's capital position, Moody's
took into account the bank's elevated loan loss provisioning
expenses during the first half of 2010 and also noted the
continued flow of major corporate insolvencies in Slovenia during
the year as evidence of ongoing weakness in the credit
environment.  In addition, Moody's has taken into consideration
the bank's high corporate loan concentration and material presence
in other regional markets in south eastern Europe, which further
amplifies its exposure to credit risk.

Moody's has also accounted for the likelihood that the bank will
proceed with a substantial rights issue over the next few months,
in line with plans announced by NLB's management and echoed by the
Slovenian government -- NLB's largest shareholder -- in public
statements.

Moody's decision to downgrade NLB's BFSR to D+ reflects the
sharper-than-expected deterioration in the bank's financial
position in 2009 and the ongoing weakness in the credit
environment.  In Moody's opinion, these factors more than offset
the positive impact of the planned capital injection.

The two-notch downgrade of the bank's long-term deposit rating to
A3 is driven by the downgrade of the BFSR to D+, equivalent to a
BCA of Ba1.  The A3 long-term deposit rating therefore continues
to incorporate four notches of uplift due to the likelihood of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR190.0 million subordinated loan to Baa1

  -- The EUR100.0 million perpetual subordinated floating-rate
     notes to Ba1

                         Nlb Interfinanz

Moody's has downgraded NLB InterFinanz's issuer rating by two
notches to Ba1.  This action reflects (i) NLB's reduced capacity
to provide parental support following the downgrade of its BFSR to
D+, and (ii) pressure on the company's stand-alone financial
strength as a result of weakening asset quality (though it remains
profitable).  The rating of NLB InterFinanz continues to
incorporate some uplift due to parental support from NLB.

Moody's Investors Service has withdrawn the credit rating of NLB
InterFinanz for its own business reasons.

                    Nova Kreditna Banka Maribor

Moody's has downgraded NKBM's long- and short-term deposit ratings
to Baa1/Prime-2 and the BFSR has been downgraded to D, mapping
onto a baseline credit assessment of Ba2.  All ratings carry a
negative outlook.  The rating action reflects the reassessment of
the bank's financial strength as continued weakness in the
Slovenian credit environment could yield further material
deterioration in the bank's asset quality in 2010, following a
difficult 2009, especially within the context of high corporate
loan concentrations.

The rating downgrade recognizes that, although current
capitalization is adequate, deteriorating asset quality and
declining provisioning coverage are more consistent with the new
rating level.

Moody's adds that, at the Baa1 level, NKBM's deposit ratings
continue to benefit from four notches of uplift as a result of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR100.0 million 7.02% subordinated loan participation
     notes were downgraded to Ba2

  -- The EUR50.0 million subordinated floating-rate Eurobonds were
     downgraded to Ba2

                           Abanka Vipa

Moody's has downgraded Abanka's long-term deposit rating to Baa1.
Although its D+ BFSR has been affirmed, its BCA now maps to the
Ba1 level from Baa3 previously.  The short-term P-2 rating remains
unchanged.  All ratings carry a negative outlook.  The rating
action is driven by the continued weakness in the Slovenian credit
environment, which is likely to lead to a deterioration in the
bank's financial position over the next few months.

Moody's says that although Abanka's capitalization is currently
sound and despite its asset quality comparing favorably with its
peers, the bank remains vulnerable to the weak credit environment
in Slovenia, as evidenced by the continued flow of corporate
insolvencies and given the bank's high corporate loan
concentrations.

The maintenance of a negative outlook on Abanka's ratings reflects
the fact that the bank's position within its rating category is
vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also downgraded and remains on negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes to
     Ba3

            Previous Rating Actions and Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on NLB Interfinanz was implemented
on 3 June 2010 when its issuer rating was put on review for
possible downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on Abanka Vipa was implemented on 3
June 2010 when the bank's A3/Prime-2 deposit ratings and D+ BFSR
of Abanka Vipa (Abanka) were affirmed.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR19.58 billion as of 30
June 2010.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF781.76 million (EUR525.6 million)
as of 31 December 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.92 billion as of 30
June 2010.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.69 billion as of 30 June 2009.

                     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 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.


NOVA LJUBLJANSKA: Moody's Cuts Financial Strength Rating to 'D+'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
Slovenian banks: Nova Ljubljanska Banka, NLB InterFinanz, Nova
Kreditna Banka Maribor and Abanka Vipa.  The rating actions are:

  -- NLB's deposit ratings have been downgraded by two notches to
     A3/Prime-2 and its bank financial strength rating to D+; all
     ratings carry a negative outlook

  -- The issuer rating of NLB InterFinanz was downgraded to two
     notches to Ba1 and then withdrawn (see below for more details
     on the withdrawal).

  -- NKBM's deposit ratings were downgraded by two notches
     Baa1/Prime-2 and its BFSR was downgraded to D; all ratings
     carry a negative outlook

  -- Abanka's long-term deposit rating has been downgraded by one
     notch to Baa1 and its D+ BFSR was affirmed; the short-term P-
     2 rating remains unchanged; all ratings carry a negative
     outlook

In the case of NLB, NLB InterFinanz and NKBM, the rating action
concludes the review for downgrade of their ratings initiated on 3
June 2010.

                        Ratings Rationale

Moody's says that the rating downgrades are driven by continuing
pressure on the banks' financial metrics, given the weak credit
environment in Slovenia and in other regional markets in which
they operate.  "The anaemic economic recovery in Slovenia, which
has followed the sharp recession in 2009, continues to generate
corporate insolvencies and is likely to result in further asset
quality deterioration and significant provisioning needs in the
second half of 2010," explains George Chrysaphinis, a Vice-
President and Senior Analyst in Moody's Financial Institutions
Group.

"Although capitalization levels are currently adequate, the banks'
financial positions remains under pressure because of the risk of
further increases in non-performing loans and banks' limited
capacity to build capital reserves through profits," continues Mr.
Chrysaphinis.  The rating agency believes that these new ratings
more accurately reflect this position.

Moody's decision to maintain all of the negative outlooks on the
banks' ratings reflects the possibility of further material
deterioration in the banks' financial positions in the coming
months.  Ratings could be potentially downgraded further if there
is significant additional asset quality deterioration, putting
pressure on capital.

                    Rating Actions In Detail

                     Nova Ljubljanska Banka

Moody's has downgraded NLB's long- and short-term deposit ratings
to A3/Prime-2 and its BFSR to D+, mapping to a baseline credit
assessment of Ba1.  The outlook on all ratings is negative.  The
rating action is driven by the bank's currently modest
capitalization position within the context of continued weakness
in the Slovenian credit environment.

In assessing the vulnerability of NLB's capital position, Moody's
took into account the bank's elevated loan loss provisioning
expenses during the first half of 2010 and also noted the
continued flow of major corporate insolvencies in Slovenia during
the year as evidence of ongoing weakness in the credit
environment.  In addition, Moody's has taken into consideration
the bank's high corporate loan concentration and material presence
in other regional markets in south eastern Europe, which further
amplifies its exposure to credit risk.

Moody's has also accounted for the likelihood that the bank will
proceed with a substantial rights issue over the next few months,
in line with plans announced by NLB's management and echoed by the
Slovenian government -- NLB's largest shareholder -- in public
statements.

Moody's decision to downgrade NLB's BFSR to D+ reflects the
sharper-than-expected deterioration in the bank's financial
position in 2009 and the ongoing weakness in the credit
environment.  In Moody's opinion, these factors more than offset
the positive impact of the planned capital injection.

The two-notch downgrade of the bank's long-term deposit rating to
A3 is driven by the downgrade of the BFSR to D+, equivalent to a
BCA of Ba1.  The A3 long-term deposit rating therefore continues
to incorporate four notches of uplift due to the likelihood of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR190.0 million subordinated loan to Baa1

  -- The EUR100.0 million perpetual subordinated floating-rate
     notes to Ba1

                         Nlb Interfinanz

Moody's has downgraded NLB InterFinanz's issuer rating by two
notches to Ba1.  This action reflects (i) NLB's reduced capacity
to provide parental support following the downgrade of its BFSR to
D+, and (ii) pressure on the company's stand-alone financial
strength as a result of weakening asset quality (though it remains
profitable).  The rating of NLB InterFinanz continues to
incorporate some uplift due to parental support from NLB.

Moody's Investors Service has withdrawn the credit rating of NLB
InterFinanz for its own business reasons.

                    Nova Kreditna Banka Maribor

Moody's has downgraded NKBM's long- and short-term deposit ratings
to Baa1/Prime-2 and the BFSR has been downgraded to D, mapping
onto a baseline credit assessment of Ba2.  All ratings carry a
negative outlook.  The rating action reflects the reassessment of
the bank's financial strength as continued weakness in the
Slovenian credit environment could yield further material
deterioration in the bank's asset quality in 2010, following a
difficult 2009, especially within the context of high corporate
loan concentrations.

The rating downgrade recognizes that, although current
capitalization is adequate, deteriorating asset quality and
declining provisioning coverage are more consistent with the new
rating level.

Moody's adds that, at the Baa1 level, NKBM's deposit ratings
continue to benefit from four notches of uplift as a result of
systemic support.

The negative outlook on the ratings reflects the downside risk to
current assumptions about the severity and duration of asset
quality weakening at the bank.

This debt was also downgraded:

  -- The EUR100.0 million 7.02% subordinated loan participation
     notes were downgraded to Ba2

  -- The EUR50.0 million subordinated floating-rate Eurobonds were
     downgraded to Ba2

                           Abanka Vipa

Moody's has downgraded Abanka's long-term deposit rating to Baa1.
Although its D+ BFSR has been affirmed, its BCA now maps to the
Ba1 level from Baa3 previously.  The short-term P-2 rating remains
unchanged.  All ratings carry a negative outlook.  The rating
action is driven by the continued weakness in the Slovenian credit
environment, which is likely to lead to a deterioration in the
bank's financial position over the next few months.

Moody's says that although Abanka's capitalization is currently
sound and despite its asset quality comparing favorably with its
peers, the bank remains vulnerable to the weak credit environment
in Slovenia, as evidenced by the continued flow of corporate
insolvencies and given the bank's high corporate loan
concentrations.

The maintenance of a negative outlook on Abanka's ratings reflects
the fact that the bank's position within its rating category is
vulnerable to worse-than-anticipated economic developments in
Slovenia.

This debt of Abanka was also downgraded and remains on negative
outlook:

  -- EUR120.0 million preferred stock loan participation notes to
     Ba3

            Previous Rating Actions and Methodologies

Moody's previous rating action on Nova Ljubljanska Banka was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on NLB Interfinanz was implemented
on 3 June 2010 when its issuer rating was put on review for
possible downgrade.

Moody's previous rating action on Nova Kreditna Banka Maribor was
implemented on 3 June 2010 when the bank's ratings were put on
review for possible downgrade.

Moody's previous rating action on Abanka Vipa was implemented on 3
June 2010 when the bank's A3/Prime-2 deposit ratings and D+ BFSR
of Abanka Vipa (Abanka) were affirmed.

Headquartered in Ljubljana, Slovenia, Nova Ljubljanska Banka
reported total consolidated assets of EUR19.58 billion as of 30
June 2010.

Headquartered in Zurich, Switzerland, NLB Interfinanz reported
total consolidated assets of CHF781.76 million (EUR525.6 million)
as of 31 December 2009.

Headquartered in Maribor, Slovenia, Nova Kreditna Banka Maribor
reported total consolidated assets of EUR5.92 billion as of 30
June 2010.

Headquartered in Ljubljana, Slovenia, Abanka Vipa reported total
consolidated assets of EUR4.69 billion as of 30 June 2009.

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


MALLORCA: Dismisses Club President Josep Pons
---------------------------------------------
Troubled Primera Division side Mallorca has dismissed club
president Josep Pons after the former Spanish ambassador was
accused on sexual harassment charges, Peace FM Online reports.

According to the report, Mr. Pons was appointed club president at
the end of last season, when Lorenzo Serra Ferrer took over
ownership of the entity as they plunged into administration.  The
report relates that the case against Mr. Pons derives from his
period working in the Spanish embassy in Austria, and an employee
has failed an official complaint.

The report notes that the board of directors convened to establish
the most suitable course of action and selected to dismiss the
diplomat and promote Vice President Jaume Cladera into his
position.  The report relates that Efe reported that Mr. Pons
protested his innocence and refuted claims that there had been any
allegations made against him.

Despite Mr. Pons' protestations, the club has decided to remove
him until the case can be investigated in full, the report adds.


SANTANDER CONSUMER: Fitch Affirms Junks Ratings on Various Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Santander Consumer Spain Auto 06, FTA
ratings and revised the Outlooks on the class A, B and C notes to
Stable from Negative.  Also following Fitch's recent review of the
transactions' performance, the agency has downgraded the mezzanine
and junior classes of Santander Consumer Spain Auto 07-1, FTA and
Santander Consumer Spain 08-1, FTA.  A full rating breakdown is
provided below:

Santander Consumer Spain Auto 06, FTA:

  -- EUR288,6m class A (ISIN ES0338057005): affirmed at 'AA+sf';
     Outlook revised to Stable from Negative; Loss Severity (LS)
     Rating 'LS-1'

  -- EUR22.3m class B (ISIN ES0338057013): affirmed at 'Asf';
     Outlook revised to Stable from Negative; Loss Severity (LS)
     Rating 'LS-3'

  -- EUR22.3m class C (ISIN ES0338057021): affirmed at 'BBBsf';
     Outlook revised to Stable from Negative; Loss Severity (LS)
     Rating 'LS-3'

  -- EUR22.9m class D (ISIN ES0338057039): affirmed at 'CCCsf';
     Recovery Rating 'RR4'

  -- EUR10.2m class E (ISIN ES0338057047): affirmed at 'CCsf';
     Recovery Rating 'RR5'

Santander Consumer Spain Auto 07-1, FTA:

  -- EUR849,0m class A (ISIN ES0337709002): affirmed at 'AAsf';
     Outlook revised to Stable from Negative; Loss Severity (LS)
     Rating 'LS-1'

  -- EUR78m class B (ISIN ES0337709010): affirmed at 'BBBsf';
     Outlook Negative; LS Rating revised to 'LS-3' from 'LS-4'

  -- EUR20m class C (ISIN ES0337709028): downgraded to 'Bsf' from
     'B+sf'; Outlook Negative; LS Rating 'LS-5'

  -- EUR40m class D (ISIN ES0337709036): affirmed at 'CCsf';
     Recovery Rating revised to 'RR5' from 'RR3'.

Santander Consumer Spain 08-1, FTA:

  -- EUR251,1m class A (ISIN ES0378638003): affirmed at 'AA-sf';
     Outlook Negative; LS Rating 'LS-2'

  -- EUR35m class B (ISIN ES0378638011): downgraded to 'BBsf' from
     'BBBsf'; Outlook Negative; LS Rating revised to 'LS-3' from
     'LS-4'

  -- EUR10m class C (ISIN ES0378638029): downgraded to 'CCCsf'
     from 'BBsf'; assigned Recovery Rating 'RR2'

  -- EUR12m class D (ISIN ES0378638037): downgraded to 'CCsf' from
     'CCCsf'; Recovery Rating revised to 'RR3' from 'RR2'.

  -- EUR10m class E (ISIN ES0378638045): downgraded to 'Csf' from
     'CCsf'; Recovery Rating revised to 'RR5' from 'RR3'.

Fitch has revised the Outlooks of class A, B and C notes of
Santander Consumer Spain Auto 06 to Stable from Negative and
affirmed all the ratings on this deal due to an improvement in the
performance of the underlying pool and adequate credit support.
Fitch believes the transaction will continue to benefit from
deleveraging, resulting in further increases in the available
credit enhancement.

Following a period of climbing arrears from January 2008 to
January 2009, early and middle stage delinquencies began to
stabilize a year ago.  Since then, arrears have decreased in the
latest payment dates.  As of July 2010, 90 days-past-due
delinquencies stood at 4.2%, versus 5.4% in January 2010.  As a
result, excess spread trends are increasingly positive, and Fitch
expects the reserve fund to continue to increase given the
decreasing delinquency pipeline.

For Santander Consumer Spain Auto 07-1, FTA and Santander Consumer
Spain Auto, 08-1, delinquencies are stabilizing, albeit at
elevated levels.  For the 07-1 deal, 90dpd delinquencies were 6.9%
as of June 2010, up from 6.7% in March 2010, whereas 90dpd
delinquencies for the 08-1 deal were 10.5% as of the latest
payment date compared to 11.4% as of January 2010.  Fitch expects
defaults to increase as late stage arrears progress to the default
threshold.  The 07-1 and 08-1 transactions have a relatively late-
stage default definition of 18 months-past-due (mpd), compared to
12mpd for Santander Consumer Spain Auto 06.

Fitch notes that excess spread has dropped for the 07-1 and 08-1
transactions as a result of the significant rise in defaulted
loans.  Fitch expects excess spread to remain negative for the
next several quarters.  As a result, Fitch expects increased
pressure on the reserve fund following the elevated default
volumes (1.5% for 07-1 and 2.3% for 08-1 as of the latest payment
date).  For Santander Consumer Spain 08-1, the agency expects the
reserve fund to be completely drawn and a principal deficiency
ledger to start building up in the short term.

Fitch's affirmation of the ratings of the senior classes of
Santander Consumer Spain Auto 07-1 and 08-1 reflects the positive
effect of the transaction amortization on the available credit
enhancement.  For the same deals, Fitch's downgrades of the
ratings of the mezzanine and junior classes reflect increasing
exposure to future performance deterioration as reserve funds
decline.

Based on the current pool performance, Fitch has revised its
assumptions on the expected defaults and recovery rate for the
remaining pool.  Other factors, such as the pool de-leveraging,
prepayment and weighted average residual life, have also been
factored into the final rating analysis.


* SPAIN: Grappling With Real Estate Crisis; At Risk of Recession
----------------------------------------------------------------
InsolvencyJournal.ie, citing Nick Hood from Begbies Global
Network, reports that Spain is grappling with the worst real
estate crisis in the world.

According to InsolvencyJournal.ie, there are now some 1.5 million
unfinished, unsold or unwanted residential units across the
country, a housing mountain of epic proportions, estimated by some
to represent 30 years' demand at present sales levels.

InsolvencyJournal.ie relates earlier this year the Bank of Spain
suggested that EUR165 billion in loans, equal to just under 40% of
all bank exposure to construction and real estate, may turn out to
be irrecoverable threatening the financial sector with a repeat
off Japan's zombie bank syndrome of the 1990s when banks hoarded
capital to cover losses.

InsolvencyJournal.ie says Spain remains at real risk of sliding
back into recession amid speculation that yet further deficit
reduction measures will be forced on the government, triggering a
downward spiral with serious implications for the Eurozone.


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


SAAB AUTOMOBILE: Has Engine Purchasing Deal With BMW
----------------------------------------------------
Saab Automobile and Bayerische Motoren Werke AG have agreed on a
deal that allows the Swedish carmaker to use engines made by BMW,
Ola Kinnander and Chris Reiter at Bloomberg News report, citing a
person with direct knowledge of the matter.

Bloomberg relates the person said Saab will initially purchase BMW
engines for the 9-3 model that is scheduled for release in late
2012.

Spyker Cars, Saab's new owner, "confirms that talks are ongoing
and will give further details once a final agreement has been
reached," the Zeewolde, Netherlands-based company said in a
statement, according to Bloomberg.

Bloomberg notes the person said the automakers are also in talks
about Saab buying diesel engines from Munich-based BMW, as well as
using BMW's Mini Countryman platform for its smaller 9-2 model.

As reported by the Troubled Company Reporter-Europe on Sept. 24,
2010, Bloomberg News said that Volvo Cars and Saab Automobile,
struggling to revive slumping U.S. sales, need to find distinctive
design and the right price tags to compete as luxury brands
against BMW and Daimler AG.  Bloomberg said moving into the luxury
segment in the U.S. is essential to restoring profitability at
Saab and Volvo after years of losses under General Motors Co. and
Ford Motor Co.  Bloomberg disclosed Saab's U.S. sales, which
peaked at 48,000 cars in 2003, dropped to 8,500 in 2009, while
Volvo's U.S. deliveries declined 16% to 61,435 during the year.
The fight back will be toughest for Saab, which was on the brink
of collapse before Spyker stepped in, according to Bloomberg.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and
stock.


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


FERREXPO PLC: Moody's Assigns 'B2' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned Corporate Family and
Probability of Default Ratings of B2 to Ferrexpo Plc, a Ukrainian
iron ore pellet producer.  The outlook is stable.  This is the
first time that Moody's has rated Ferrexpo Plc.

                        Ratings Rationale

The B2 corporate family rating recognizes the company's (i) access
to sizeable iron ore reserves and unexploited iron ore resources
adjacent to its existing exploited iron ore deposits (almost 7
billion tons of measured and indicated resources including 1.5
billion tons of proven and probable reserves), (ii) geographical
location with good access to the European markets and to the
seaborne market thanks to its proximity to the Black Sea, (iii)
long history of iron ore mining and iron ore pellet production at
its main operating subsidiary Ferrexpo Poltava GOK Corporation,
(iv) relatively strong market position in iron ore pellets as the
sixth largest pellet producer worldwide, (v) sound balance sheet
structure and debt metrics to date despite having experienced
volatility in iron ore and pellets prices over the last eighteen
to twenty four months, and (vi) the group's continued focus on
reducing operating cash costs which are currently at the bottom
end of the second quartile of the pellet production industry cost
curve.

On a more negative tone, the rating is constrained by (i) the
exposure of the group to a single commodity which has proven
volatile over the recent past, (ii) Ferrexpo's concentration in
iron ore resources in one single location which increases the
production outage risk notwithstanding that the production track
record of the group has been good so far, (iii) the relatively low
grade of the group's mining deposits compared to some competitors,
(iv) the average cash cost structure of the group with a position
at the low end of the second quartile of the iron ore pellet
production industry cost curve, (v) the group's strong customer
concentration with material revenues generated under long term
contracts with Voest Alpine (unrated) and US Steel (Ba2, Negative
Outlook) notwithstanding that Ferrexpo has had long standing
relationships with these customers and no significant volume off-
take disruptions despite turbulent times in the steel industry,
and (vi) the group's concentrated ownership structure with 51% of
the shares of the company being controlled by an individual.

The B2 Corporate Family Rating also reflects the country ceiling
of the Republic of Ukraine (B1, Negative Outlook) which owns the
iron ore reserves and resources notwithstanding that Ferrexpo
exports all its products outside of Ukraine and is largely funded
through non domestic banks.

The liquidity position of Ferrexpo is adequate.  At June 30, 2010,
the group had US$60 million of cash on balance sheet.  The
liquidity needs of the group over the next twelve months mainly
consist of capex, working capital requirements and dividends and
are expected to be funded from operating cash flows and cash on
balance sheet.  Moody's expects Ferrexpo to apply discretion in
the development of its unexploited mining resources in order to
maintain an adequate liquidity profile in the future.  The agency
positively notes the refinancing of the group's US$230 million
pre-export finance facility with a US$350 million pre-export
finance facility, which will push back first monthly amortization
to 2012 from 2011.

The stable outlook assigned to the ratings reflects Moody's
expectation that Ferrexpo will maintain a prudent balance sheet
strategy going forward and will continue to benefit from
supportive demand fundamentals for its iron ore pellets.  The
stable outlook also reflects the agency's expectation that
Ferrexpo will continue to focus on the optimization of its cost
structure and will apply discretion in the development of its
commercially unexploited iron reserves.  Finally the stable
outlook reflects Moody's expectation that Ferrexpo will maintain
an adequate liquidity profile through the cycle.

Ferrexpo Plc, headquartered in Switzerland and incorporated in the
UK, is an iron ore pellet producer with all its mining and
processing assets located in Ukraine.  Ferrexpo has the fourth
largest iron ore reserves worldwide behind Vale, Rio Tinto and BHP
Billiton with access to approximately 1.5 billion tonnes of JORC
proved and probable reserves included in approximately 6.9 billion
of resources at an average ore grade of 30% Fe.  Ferrexpo is the
6th largest pellet producer behind Cliffs, Vale, Samarco Metinvest
and LKAB.  In 2009, the group generated sales of US$649 million
and an EBITDA of US$138 million.

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


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


AEGON NV: To Close Two More UK Businesses; 90 Jobs Affected
-----------------------------------------------------------
Terry Murden at The Scotsman reports that Aegon on Tuesday said it
will close two more businesses in Britain, resulting in a further
90 job losses.

According to The Scotsman, its third-party pension administration
and its employee benefits software businesses, both based in
England, are not considered core to the company's plans.

The Scotsman relates the announcements came in an update on
measures first announced in June aimed at taking GBP80 million a
year in costs out of the UK business.

Aegon has already taken a number of measures to restructure its UK
operations, including the closure of its group risk business, its
withdrawal from the bulk annuities market and the reorganization
of the company's UK sales division which led to 106 job losses,
The Scotsman notes.

The Scotsman says it wants to focus on life insurance, pensions
and asset management in order to improve earnings growth, cash
flow generation and return on capital.

The third-party pensions administration business is part of
Aegon's trustee solutions business unit, and currently employs 82
staff in Daresbury, Cheshire, The Scotsman discloses.  It will be
wound down while the remainder of the business, which provides
support for clients moving from defined benefit to defined
contribution schemes, based in Edinburgh, will be retained, The
Scotsman notes.

The employee benefit software business, Aegon Benefit Solutions,
currently employs seven staff in London, The Scotsman discloses.
The business will also move into wind-down, The Scotsman notes.

The Scotsman relates Otto Thoresen, chief executive of Aegon UK,
said the group had withdrawn from the third-party pensions
administration business as it could not achieve desired volumes.

                             Bailout

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, The Financial Times said that Aegon agreed to a series of
commercial controls, including a pledge not to offer the three
most competitive interest rates, in return for final approval from
Brussels of the EUR3-billion bailout it received from the Dutch
government during the financial crisis.  The FT disclosed the
group already repaid EUR1 billion and will repay a further EUR500
million to the state this month.  It would pay back the balance of
EUR1.5 billion by June 2011, the FT said.

                           About AEGON

As an international life insurance, pension and investment company
based in The Hague, AEGON has businesses in more than 20 markets
in the Americas, Europe and Asia.  AEGON companies employ roughly
29,000 people and have more than 40 million customers across the
globe.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on July 28,
2010, Fitch maintained the Rating Watch Negative on AEGON's
perpetual capital securities to reflect the risk of coupon
deferral under the concept of "burden sharing" for state-aided
financial institutions such as AEGON.

Eleven AEGON N.V. perpetual capital securities have been rated
'BB': US$500m 6.5%, callable 12/2010 (NL0000062420); US$250m
floating rate, callable 12/2010 (NL0000062438); NLG450m 7.125%,
callable 03/2011 (NL0000120889); EUR200m 6%, callable 07/2011
(NL0000168466); US$550m 6.875%, callable 09/2011 (NL0000686368);
US$1,050m 7.25%, callable 12/2012 (NL0006056814); EUR950m floating
rate, callable 07/2014 (NL0000116150); US$500m floating rate,
callable 07/2014 (NL0000116168); NLG250m 4.156%, callable 06/2015
(NL0000120004); US$1,000m 6.375%, callable 06/2015 (NL0000021541);
and NLG300m 5.185%, callable 10/2018 (NL0000121416).


ARCHIAL GROUP: PwC Administrators Sell Archial Architects
---------------------------------------------------------
Rachael Singh at Accountancy Age reports that PwC administrators
have sold Archial Architects and its subsidiary to Ingenium
Archial.

According to the report, the sale will provide continuity for the
staff, suppliers, and customers of the architectural business.

As reported in the Troubled Company Reporter-Latin America on
September 24, 2010, bdonline.co.uk said that Archial Group PLC
f.k.a SMC was unable to agree on repayment terms over unpaid tax
owed to HM Revenue & Customs and appointed joint administrators
David Chubb and Graham Frost of PricewaterhouseCoopers, who are
now seeking a rapid sale of the business.  The report related Mr.
Chubb said: ". . .  due to difficulties in meeting the group's
financial obligations, the directors have concluded that various
companies in the Group, including Archial Architects Limited and
Alsop Sparch Limited, should be placed into administration to
protect the business and assets."

Archial Group PLC is a London-based practice that employs 400
staff worldwide including around 200 architects.


B3 CABLE: Liquidators to Accept More Bidders for B3 Assets
----------------------------------------------------------
RTE News reports that Landsbanki has instructed Alan Flanagan, who
has been dealing with the receivership and liquidation of B3 Cable
Solutions (Ireland) Ltd., to accept further offers from anyone
interested in re-establishing cabling manufacturing at the plant.

In a statement released to RTE News, Mr. Flanagan said his work
was continuing as normal.  But he said he was available for the
next eight weeks to any party that wished to make an offer for any
remaining assets with a view to re-starting business at the site,
according to RTE News.

RTE News relates that expressions of interest had been closed
within weeks of the plant's being closed with just hours of notice
to staff.  But it is understood that the majority of the assets at
the plant, which was involved in the manufacture of cabling, have
been sold.

A local councilor and MEP Marian Harkin met representatives of
Landsbanki in London on Tuesday and agreed that the liquidator
would be open to expressions of interest in the plant for the next
two months, RTE News adds.

As reported in the Troubled Company Reporter-Europe on July 15,
2010, The Irish Times said workers at B3 Cable Solutions were
summoned to a meeting in Longford and were told the plant was to
shut as no new owner could be found.  Receiver and manager of B3
Cable Solutions Alan Flanagan of Deloitte said an exhaustive
search had failed to find a buyer for the facility.  The closure
will result in the loss of 104 jobs.  B3 Cable Solutions said:
"Since appointment on June 30, 2010, Alan Flanagan of Deloitte,
the receiver of B3 Cable Solutions (Ireland) Ltd., has been
engaged in an extensive process to sell the business and assets of
the company as a going concern.  Unfortunately, this has not
proved possible, and reluctantly Mr. Flanagan is now forced to
close the B3 plant at Aghafad, Longford, and dispose of the assets
on a piecemeal basis."

B3 Cable Solutions manufactured copper-based cable for Eircom and
other customers.


CONNAUGHT PLC: Call for Investigation Into Contracts Rejected
-------------------------------------------------------------
Dan Grimmer at Evening News24 reports that calls for an
independent investigation into the process which led to Connaught
PLC being awarded contracts with Norwich City Council were
rejected by Labour-controlled City Hall on September 28, 2010.

The report relates that the Liberal Democrats wanted the probe
after the company that was awarded the GBP17.5 million contract to
fix council homes went into administration -- leading to the loss
of more than 300 jobs in Norwich.

Evening News24 notes, at the first public council meeting since
the Connaught collapse, Labor leaders defended the process by
which the contract was awarded and said instead of a probe, time
would be better spent picking up the pieces to ensure services
continued and jobs were safeguarded.  The report relates Judith
Lubbock, Lib Dem councilor for Eaton, had said, in calling for the
inquiry: "The collapse of Connaught has caused huge concern and
hardship for those 320 staff that have lost their jobs.  The
collapse has also caused many questions to be asked about the
procurement process itself.  In order that there is public
confidence in the council's ability to let future contracts the
Lib Dems are asking that there be a full independent inquiry into
the procurement process which led to the Connaught housing repair
and maintenance contract."

However, Evening News24 notes, Alan Waters, executive member for
corporate resources and governance, said: "I think time would be
better spent moving forward rather than trying to rewrite history
and what the city will want is the repairs and maintenance service
running smoothly and job opportunities for former Connaught
workers as soon as possible."  The report relates Mr. Waters
pointed out that Mrs. Lubbock was involved in the cross party
procurement process -- the details of which were outlined in a 15
page document handed out at last night's meeting.

Mrs. Lubbock, Evening News24 relates, said she was "very
disappointed" at Labor's attitude towards an independent probe.

Evening News24 discloses that while the calls for a public inquiry
were dismissed, the council did agree a Conservative motion,
amended by the Greens, for the issue to be looked at through its
scrutiny committee.  The report relates that the Greens also asked
a string of questions through which it emerged that the council
has had to spend GBP1.2 million in letting a string of emergency
contracts ahead of getting in place a new contractor in the longer
term.  The report relates that they also queried why the Connaught
workforce did not have the right kit in place when the contract
started, which Mr. Waters said was partially due to the
uncertainty created when Morrison sought an injunction to stop it
being awarded - and was not connected to the collapse of Connaught
earlier this month.

Evening News24 says that Morrison, which previously ran the
CityCare contract had obtained an injunction with the High Court
to prevent the award of the contract -- with a judge said that
there was a "serious issue as to the pricing of the Connaught bid
and as to the investigations that the council took to assure
itself that it was a properly sustainable bid."  However, the
report relates, it never came to a trial as the council and
Morrison reached a settlement, which is believed to have included
a financial package.

Evening News24 notes that more than 300 Connaught employees
working on the social housing maintenance and repairs contract
were made redundant earlier this month after the collapse of
Connaught Partnerships.  The report relates that administrator
KPMG said it could not find a buyer to take over the work,
although most of the other similar contracts with councils around
the country were snapped up.

The council now faces re-letting contracts on an interim basis --
for six to 12 months, while also trying to find a longer term
solution, which could involve re-tendering the contracts -- a
process which could be lengthy and costly to City Hall, Evening
News24 adds.

                        About Connaught plc

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


DUNDEE FOOTBALL CLUB: May Need to Go Part-Time, Bannon Warns
------------------------------------------------------------
Dundee United legend Eamonn Bannon has told city rivals Dundee
Football Club that they may need to go part-time in a bid to get
out of the financial mire, Scottish Daily Record reports.

As reported in the Troubled Company Reporter-Latin America on
September 29, 2010, Mail Online said that Dundee Football Club
could be plunged into administration for the second time in just
seven years after it emerged they owe the taxman GBP250,000.
According to the report, the club has fallen behind in payments
over the last 19 months and has been hit by a demand for the
balance to be cleared immediately.  The report related Director
Calum Melville has revealed the club could call in the
administrators within weeks.

According to Scottish Daily Record, Mr. Bannon has urged the club
to start from scratch again by rearing their own young players.
The report relates Mr. Bannon said that the only other way is to
find another investor like Callum Melville who tried and failed to
get the club into the SPL and is on the brink of walking away.

"[Mr.] Melville came in and ploughed in his own money on the
premise they'd get into the SPL.  When that didn't happen the
alarm bells started ringing.  If they want to survive they have to
get back to what they can afford.  Get back to the bare bones and
start from scratch, even if it's only as a part-time club."
Bannon is certain Dundee wouldn't be in their current mess if the
city had just one club. "I don't think a city like Dundee needs
two clubs. In a perfect world you'd just have Dundee FC in a nice
big stadium, like Aberdeen," Scottish Daily Record quoted Mr.
Bannon as saying.


ELPHINSTONE ESTATES: Placed Into Administration
-----------------------------------------------
Elphinstone Estates and a number of its subsidiaries were put into
administration after Lloyds Banking Group pulled its funding,
estimated to be worth GBP175 million in a combination of debt and
equity, The Scotsman reports.  The report relates that the
company, owned and run by Ken Ross, is the third developer to
admit defeat after failing to agree terms with its lender, Lloyds.

According to The Scotsman, Mr. Ross said that Lloyds had pulled
its support despite being close to finding another funder.  "A
re-financing package had been developed with another funder," the
report quoted Mr. Ross as saying.  "And we were trying to reach an
agreement with Lloyds Banking Group that would have enabled the
business to move on. Regrettably LBG was unable to provide
continuing support," he added.

The Scotsman discloses that senior Scottish property figures
turned on Lloyds Banking Group, saying it was "in danger of
destroying the industry" following the firm's collapse.  The
report relates David Hunter, a former property fund manager and
head of Hunter Advisers, said the bank was "in danger of
destroying the Scottish property industry" by taking a short-term
approach to its lending woes.  Mr. Hunter, the report says, called
on the Scottish government to intervene to ensure there are
sufficient property developers and land consents to continue
building.

The Scotsman discloses that Dan Macdonald, chief executive of
property firm Macdonald Estates, said the bank's decision was
"nonsensical" and added to the call for government intervention.

However, The Scotsman notes that an unnamed spokesman for Lloyds
insisted that putting its customers into administration was
"always a last resort".

Elphinstone Estates is a Scottish property developer.


KEYDATA INVESTMENT: 19,000 Lifemark Investors to Get Compensation
-----------------------------------------------------------------
The Daily Telegraph reports that around 19,000 consumers who lost
money in Lifemark bonds bought through collapsed investment firm
Keydata Investment Services Ltd. are set to receive compensation.

According to The Daily Telegraph, the Financial Services
Compensation Scheme said that following an investigation it had
decided that marketing material used by Keydata to promote the
Lifemark bonds did not comply with Financial Services Authority
rules.  As a result, the company has a legal liability to people
who lost money because of the problems at Lifemark, The Daily
Telegraph discloses.

Luxembourg-based Lifemark is in provisional administration, but
the administrator is considering proposals to restructure the
group, The Daily Telegraph says.  The Daily Telegraph notes the
FSCS said there was still uncertainty about the restructuring and
what the implications would be for investors.  As a result it is
not known how much individual Lifemark bonds are worth, and how
much each investor has lost, The Daily Telegraph states.

Lifemark is not covered by the FSCS because it is based in
Luxembourg, but the FSCS will be paying out compensation to
eligible British investors who bought bonds through Keydata if it
finds the group has a liability to them, according to The Daily
Telegraph.

The FSCS's announcement affects people with Lifemark Defined
Income Plans issues one to eight, Income Plans issues one to 14,
Secure Income Bonds issue four, and Secure Income Plans one to 14,
The Daily Telegraph discloses.

As reported by the Troubled Company Reporter-Europe, Messrs.
Schwarzmann and Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

The FSCS hopes to provide a further update on the calculation and
payment of compensation by the end of October, The Daily Telegraph
notes.

The Daily Telegraph says people who have an eligible claim will
receive 100% of the first GBP30,000 they lost, and 90% of the next
GBP20,000, giving a maximum of GBP48,000.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.


NORPAK (EUROPE): Future Uncertain After Administration
------------------------------------------------------
Adam Hooker at printweek.com reports that uncertainty surrounds
the future of Norpak (Europe), which went into administration last
month.

According to the report, Richard Simms and Steven Ford at F A
Simms & Partners were appointed to the company on August 10, 2010;
however the administrator has not commented on the situation.  The
report relates that no one from Norpak was available for comment
and the company's number is no longer being answered.

The report says that it was announced in January that Norpak had
joined forces with newspaper mailroom equipment distributor WRH
Marketing.

Lee Whatmough, head of WRH Marketing, told PrintWeek that there
had been no contact between the companies for some time.
"Information in the market place is sparse.  We haven't been
contacted about the situation by Norpak and I wouldn't be able to
add too much because I don't know what is going on.  Obviously any
arrangement between the two companies is no longer active," he
added.

Norpak (Europe) manufactures polywrapping.


TRAVEL CLUB: Goes Into Administration
-------------------------------------
Travel Club of Upminster and its subsidiary Austria Travel have
gone into administration following a failed attempt by owner Tony
Freudmann to rescue the businesses, travelmole.com reports.

According to the report, Mr. Freudmann and administrators Shipleys
held last-ditch talks with a possible buyer, but shortly after the
meeting Shipleys issued a statement both businesses had gone into
administration.  The report relates that Shipleys said they were
unable to meet payments to key overseas accommodation providers.

The report says that a notice of intent to appoint administrators
was filed in court for Travel Club on September 14 and for Austria
Travel on September 24.   The report relates that specialist
travel accountants Ellman Wall were earlier instructed to value
the businesses and seek expressions of interest from within the
industry, but no buyer came forward.

                  About Travel Club of Upminster

Headquartered in Birmingham, Travel Club of Upminster and its
subsidiary Austria Travel provided accommodation-only primarily in
Majorca, Portugal and, in the case of Austria Travel, in Austria.


* UK: Creditors Should Share Losses in Bank Crises, FSA Chair Says
------------------------------------------------------------------
Ben Moshinsky at Bloomberg News reports that Financial Services
Authority Chairman Adair Turner said creditors should be forced to
take losses in bank crises.

Bloomberg relates Mr. Turner said in a speech in Brussels on
Tuesday lawmakers should create "mechanisms to impose losses on
senior debt and subordinated debt holders" to pay for a bailout in
the event of a bank crisis.


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


* EUROPE: Banking Regulators Interested in Bail-In Option
---------------------------------------------------------
Scheherazade Daneshkhu and Brooke Masters at The Financial Times
report that global regulators meeting in Paris on Monday to
discuss "too big to fail" banks said "good progress" had been made
but that global measures to deal with the problem were likely to
take years to implement.

The FT relates Svein Andresen, secretary-general of the Financial
Stability Board -- the Swiss-based body charged with tackling the
issue by the leaders of the Group of 20 large and emerging nations
-- said the measures "will unfold over a number of years".

According to the FT, Mario Draghi, chairman of the FSB, said there
was unanimous agreement that big banks needed a higher capacity to
absorb losses than the minimum capital standards set two weeks ago
by global banking regulators meeting in Basel.  The FT says
regulators, however, appeared no closer to agreeing on the
composition of the "loss-absorption measures".

The FT notes Mr. Draghi reiterated that these could include a
combination of a capital surcharge for large institutions;
"contingent capital" that converts from debt to equity at times of
stress and "bailin debt", under which bank creditors lose part of
their investment in a failing bank.

European regulators are interested in bail-ins, while the US has
already passed a law forcing banks to draw up resolution plans,
known as living wills, the FT states.

Mr. Draghi, as cited by the FT, said that the FSB would launch
studies of contingent capital and bail-in debt to assess their
capacity to absorb losses.


* 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.

                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *