TCREUR_Public/101021.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, October 21, 2010, Vol. 11, No. 208

                            Headlines



A U S T R I A

GLOUCESTER ENGINEERING: Blue Wolf in IP Dispute With Swiss Winding


B E L A R U S

* Fitch Raises Long-Term IDRs on Three Belarusian Banks to 'B'


G E R M A N Y

ATU AUTO-TEILE-UNGER: Moody's Affirms 'Caa1' Corp. Family Rating
BAYERISCHE LANDESBANK: Former Execs Liable for Failed HGAA Deal
CAPMARK FINANCIAL: Asks U.S. Court to Confirm Sale of Properties
ENTERPRISE NETWORKS: S&P Assigns 'B-' Corporate Credit Rating


I R E L A N D

AER ARANN: Creditors to Get EUR2.2 Million From New Investors
BANK OF IRELAND: Secures EUR22.5MM Summary Judgment v. Gormley
WILLOW NO 2: Moody's Puts 'B2' Rating on Loan Participation Notes
WINDERMERE XIV: Fitch Affirms 'CCCsf' Ratings on Class E & F Notes


I T A L Y

* ITALY: Has Bigger Default Risk Than Indonesia or Philippines


K A Z A K H S T A N

AMANAT INSURANCE: Fitch Assigns 'B' Financial Strength Rating


N E T H E R L A N D S

DSB BANK: To Sue 4 Members of Central Bank Board Over Press Leaks


R O M A N I A

* ROMANIA: Minimum Wage Hike to Bankrupt at Least 50,000 Firms


R U S S I A

ACRON JSC: Fitch Affirms Senior Unsecured Rating at 'B+'
ALROSA FINANCE: Moody's Assigns (P)'Ba3' Rating to Unsecured Notes
RUSIA PETROLEUM: Court Commences Bankruptcy Proceedings
VOSTOCHNY EXPRESS: Moody's Assigns 'B2' Sr. Unsecured Debt Rating
YUKOS OIL: Yukos Finance Sale by Russian Administrator Blocked

* Fitch Affirms 'BB' Rating on Republic of Sakha (Yakutia)


S P A I N

GC PASTOR: S&P Puts BB (sf)-Rated Class F Notes on Watch Negative


S W I T Z E R L A N D

ZURICH BANK: Moody's Affirms 'D-' Bank Financial Strength Rating


U N I T E D   K I N G D O M

CANDOVER INVESTMENTS: May Ditch Plans to Sell Parques Reunidos
CROWN CURRENCY: Administrators to Review Refund to Some Customers
DECO 8: Moody's Affirms 'Caa2 (sf)' Rating on Class E Notes
DUNDEE FOOTBALL CLUB: Fans & Giovanni di Stefano vie for Ownership
EMI GROUP: Guy Hands Blames Citigroup Banker for 2007 Bid

GUIDESTAR DATA: Falls Into Administration
RESLOC UK: Fitch Upgrades Rating on Class F1b Notes to 'CCsf'
UROPA SECURITIES: Fitch Affirms 'CCsf' Rating on Class B2a Notes
WEDGWOOD MUSEUM: Judge to Make Final Decision Next Year


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                         *********


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A U S T R I A
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GLOUCESTER ENGINEERING: Blue Wolf in IP Dispute With Swiss Winding
------------------------------------------------------------------
Bill Bregar at Plastic News reports that Blue Wolf Capital
Partners LLC is poised to take ownership of Massachusetts-based
Gloucester Engineering Co. out of bankruptcy. But over in Vienna,
a court battle pits the deep-pocketed New York private equity firm
against a small maker of film winders in Rapperswill, Switzerland:
Swiss Winding Inventing AG, Mr. Bregar relates.

According to the report, the prize is ownership of the business
and intellectual property of Gloucester's insolvent subsidiary in
Vienna, Gloucester Engineering Europe GmbH.

According to Plastic News, Michael Ranson said his firm Partners
LLC will pull out all the stops to get Gloucester Engineering
Europe GmbH, which it wants to continue running to serve customers
in Europe.

"We don't want the IP to fall into the hands of the competitors.
But we also want the European market to know that Gloucester is
going to continue to be active, do business and have a commitment
to that market," Plastic News quoted Mr. Ranson as saying.

The case is playing out in bankruptcy court in Vienna, Plastic
News says.  The intellectual property includes technical drawings,
customer lists and parts lists, Plastic News discloses.

Plastic News relates on Sept. 1, creditors of Gloucester
Engineering Europe voted to accept a settlement offer from the
Gloucester, Massachusetts-based parent company to pay 30% of the
money owed them, or about EUR360,000 (US$503,000).  Mr. Ranson, as
cited by Plastic News, said 95% of the creditors approved the
Gloucester Engineering offer -- all but two creditors.  But Swiss
Winding filed an appeal Sept. 15, Plastic News recounts.
According to Plastic News, its chairman Carlos Martinez said he is
prepared to pay up to EUR1 million (US$1.4 million) for assets of
Gloucester Engineering Europe, an amount that would settle
creditors' claims in full.  He claims Swiss Winding, a creditor
owed less than EUR2,000 (about US$2,800), has a right to appeal
the settlement, Plastic News notes.

Plastic News relates Mr. Ranson called the million-euro offer
"irrelevant" because "Gloucester had already reached a settlement
with the creditors."  Also, Swiss Winding's offer was "nowhere
near that amount" when it had the chance to buy the assets,
Plastic News says.

Raoul Wagner, the court-appointed trustee for Gloucester
Engineering Europe, said that, on Oct. 13, the Vienna court
published notice that Swiss Winding has appealed, Plastic News
discloses.  Mr. Wagner, as cited by Plastic News, said that
triggers a 14-day period for opponents to answer the appeal.

Plastic News notes Mr. Ranson said that even if the Austrian court
ends up accepting Swiss Winding's standing to make an appeal,
Gloucester Engineering and Blue Wolf will keep battling, by filing
a separate lawsuit in another court on the intellectual property
issue.

Gloucester Engineering Europe GmbH is the Vienna-based subsidiary
of Gloucester Engineering Co. Inc., a blown and cast film
machinery maker in Gloucester, Massachusetts.  GEC manufactures
its equipment from its headquarters in Gloucester, MA, USA and
through its joint-venture company in Damman, India, Kabra
Gloucester Engineering.  Gloucester Engineering's Chapter 7 case
-- filed on March 23, 2010 -- was converted to Chapter 11
bankruptcy protection on June 25, 2010 (Bankr. D. Mass. Case No.
10-12967).


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B E L A R U S
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* Fitch Raises Long-Term IDRs on Three Belarusian Banks to 'B'
--------------------------------------------------------------
Fitch Ratings has upgraded the Long-term Issuer Default Ratings of
three Belarusian state-owned banks -- Belarusbank, Belagroprombank
and Belinvestbank to 'B' from 'B-'.  At the same tine, the agency
has revised the Outlooks on these ratings to Stable from Negative
and affirmed Individual Ratings of BBK and BIB at 'D/E'.  Fitch
has also revised the Outlooks on the 'B' Long-term IDRs of four
Belarusian foreign-owned banks -- PS-Bank, Belgazprombank,
Belvnesheconombank and VTB-Bank -- to Stable from Negative.  A
full rating breakdown is provided at the end of this comment.

The upgrades and Outlook changes on the state-owned banks reflect
Fitch's opinion that the ability of the Belarusian authorities to
provide support to these entities has strengthened since the
height of the global financial crisis.  In particular, Fitch notes
that sovereign FX reserves have increased to about US$6 billion at
end-Q310 from US$2.6 billion at end-H109, and these provided 3.2x
coverage of the three state-owned banks'external liabilities at
end-H110.  Furthermore, state-owned banks' foreign currency
deposits, which account for a majority of their FX liabilities,
proved stable during the crisis.  As a result, Fitch now believes
it is less likely than before that FX deposit outflow would drive
government support requirements in any future downturn.  The
stronger performance of the Belarusian economy, which reported
6.6% GDP growth in 9M10 compared to 0.2% in 2009, also supports
Fitch's view of a more stable near-term outlook for sovereign
finances and the country's banks.

Fitch has always regarded the authorities' propensity to support
state-owned banks as high, and there is a track record of
government support in terms of capital and funding.  Asset quality
of the state-owned banks is underpinned by ongoing government
support for the wider economy.

At the same time, Fitch remains concerned about Belarus's external
finances, and its current account deficit in particular.  Failure
to address this imbalance over the medium term could weaken the
sovereign's financial position and therefore impair the
authorities' ability to provide support to the banking sector.

The Stable Outlooks on the foreign-owned banks reflect the more
stable near-term outlook for the Belarus sovereign's financial
position, and therefore the reduced likelihood that Belarusian
transfer and convertibility risks will increase.  Transfer and
convertibility risks capture the risk that a sovereign will impose
restrictions on the ability of domestic non-sovereign borrowers to
service their foreign currency liabilities.

BBK's 'D/E' Individual rating is driven by good reported asset
quality to date, the broad local franchise and the relative
stability of its funding base.  It also considers the risks
arising from recent very rapid credit growth, including under
government programs, the bank's relatively high borrower
concentrations and moderate loss absorption capacity.  The
regulatory total capital ratio was a modest 12.7% at end-H110,
while statutory loan impairment reserves covered only a quarter of
NPLs (non-performing loans, or those overdue by more than 90
days), which stood at 2.8% at end-H110.  BBK is the largest
Belarusian bank, accounting for 44% of the sector's assets at end-
H110.

BIB`s 'D/E' Individual rating reflects the comfortable liquidity
position and good reported asset quality, but is undermined by
notable borrower concentrations and the still difficult operating
environment.  Reported NPLs were a low 0.7% at end-H110, and
reserve coverage was comfortable at 4.2x.  The regulatory total
capital ratio was reasonable, at 14.6%, at end-H110.

Fitch has not reviewed Belagroprombank's Individual rating within
the current review.

The rating actions are:

Belarusbank

  -- Long-term Issuer Default Rating: upgraded to 'B' from
     'B-'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: upgraded to '4' from '5'

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

  -- Support Rating Floor: upgraded to 'B' from 'B-'

Belagroprombank

  -- Long-term Issuer Default Rating: upgraded to 'B' from
     'B-'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: upgraded to '4' from '5'

  -- Support Rating Floor: upgraded to 'B' from 'B-'

  -- Individual Rating of 'D/E' unaffected by current review

Belinvestbank

  -- Long-term Issuer Default Rating: upgraded to 'B' from
     'B-'; Outlook Stable

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: upgraded to '4' from '5'

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

  -- Support Rating Floor: upgraded to 'B' from 'B-'

BPS-Bank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating of 'D/E' unaffected by current review

Belgazprombank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating of 'D/E' unaffected by current review

Belvnesheconombank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating of 'D/E' unaffected by current review

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

VTB-bank

  -- Long-term IDR: affirmed at 'B'; Outlook revised to Stable
     from Negative

  -- Short-term IDR: affirmed at 'B'

  -- Support Rating: affirmed at '4'

  -- Individual Rating of 'E' unaffected by current review


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G E R M A N Y
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ATU AUTO-TEILE-UNGER: Moody's Affirms 'Caa1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating of A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG and the
Caa3 (LGD5, 87%) rating for the existing floating rate notes
(initially EUR150 million) issued by A.T.U. Auto-Teile-Unger
Investment GmbH & Co. KG.  At the same time Moody's has changed to
definitive the B3 (LGD3, 37%) ratings for ATU's EUR375 million
fixed rate senior secured notes and its EUR75 million floating
rate senior secured notes due May 14, 2014.  The outlook on the
ratings has been revised to stable from negative.

The outlook change to stable was prompted by the successful
placement of senior secured notes worth EUR450 million and the
group's ability to obtain a EUR30 million revolving credit
facility.  The successful refinancing extends the group's debt
maturity profile with no major debt coming due before 2014 and
gives the group more time to continue its gradual recovery in
earnings.

Moody's previously noted on September 24, 2010 that a successful
refinancing could lead to a change in the outlook to stable from
negative.

                         Ratings Rationale

ATU's Caa1 corporate family rating is supported by the
demonstrated commitment and ability of ATU's management to
restructure and reposition the group.  Major achievements have
been significant cost savings through personnel reduction and
improved sourcing, as well as the increased efficiency of sales
and marketing activities.  In total, the group estimates that it
has reduced its cost base by approximately EUR116 million compared
with 2007 levels.  In addition, ATU made further progress in
repositioning its business model to its original and successful
value-for-money proposition, providing good quality parts of well-
known brands and good service at a low price.

However the rating remains constrained by the group's high
leverage (Debt/EBITDA of 7.7x as of June 30, 2010) and its
operating performance being to a large extent reliant on the
winter tire segment.

Future events that have potential to improve ATU's outlook or
ratings include a continued improvement in ATU's operating
performance, especially during the important winter tire season,
which should result in a significant reduction in leverage to
levels below 7x debt/EBITDA as well as the return to notable free
cash flow generation for 2010.

Consideration for downward migration would arise if the group's
restructuring efforts proved to be insufficient, leading to
reduced prospects that ATU can recover earnings to a level that
sustainably supports the company's current debt load.

The change to definitive ratings for the new senior secured
follows the assignment of provisional ratings on September 24,
2010 and Moody's receipt and review of final documentation, the
terms and conditions of which are not materially different from
those previously conveyed to Moody's.

Both the EUR375 million fixed rate senior secured notes as well as
the EUR75 million floating rate senior secured notes have been
issued by A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG, a
subsidiary of A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG and
the most significant operating entity of ATU group.  The EUR375
million fixed rate senior secured notes, the EUR75 million
floating rate senior secured notes as well as the new EUR30
million super senior revolving credit facility, will benefit from
guarantees of subsidiaries of the issuer A.T.U. Auto-Teile-Unger
Handels GmbH & Co. KG.  Together with the issuer, these
subsidiaries represent substantially all of the revenues and
tangible assets of the group (defined as PP&E, inventories, trade
receivables, trademarks, franchises, industrial rights and similar
rights).

Moreover, the proposed senior secured notes and the revolving
credit facility will be secured by shares of capital stock of the
issuer and the guarantors as well as certain inventory,
receivables, moveable assets and trademarks of the issuer.  Land,
buildings and equipment are not part of the collateral since ATU
leases most of its branches and owns only minor amounts of this
asset category (as of December 2009, ATU reported consolidated
property, plant and equipment amounting to EUR55 million).  In
total, Moody's estimates that the collateral represents the clear
majority of the group's tangible assets.  In this context, it
should also be noted that goodwill (EUR588 million as per December
2009), represents a large portion of ATU's assets (EUR1,066
million as December 2009), and that the book value of its tangible
assets would be insufficient to cover the group's financial debt.

The revolving credit facility will rank super senior to the
proposed senior secured notes on distribution of enforcement
proceeds, or bankruptcy or insolvency proceeds of security.  The
proposed senior secured notes will rank effectively senior to the
existing floating-rate notes, which benefit only from subordinated
upstream guarantees and not from tangible collateral.

The B3 (LGD3, 37%) rating for the EUR375 million fixed rate senior
secured notes and the EUR75 million floating rate senior secured
notes is the outcome of Moody's application of its Loss Given
Default Methodology, with the rating agency having taken the view
that the security package comprises essentially all of the group's
assets.  The B3 (LGD3, 37%) rating is one notch above the Caa1 CFR
whereas the Caa3 (LGD5, 87%) rating on the existing floating-rate
notes remains two notches below the CFR.  Moody's notes that,
apart from the proposed senior secured notes and the existing
floating-rate notes, ATU's debt structure will consist of only the
new EUR30 million revolving credit facility and minor amounts of
other bank debt following the refinancing.  Moody's further notes
that ATU has substantial lease obligations, of which EUR119
million (expected lease payments for 2010) has been considered as
a lease rejection claim and ranked on par with the existing
floating rate notes in the rating agency's loss-given-default
analysis.

Downgrades:

Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG

  -- Senior Secured Regular Bond/Debenture, Downgraded to LGD3,
     37% from LGD3, 35%

Assignments:

Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG

  -- Senior Secured Regular Bond/Debenture, Assigned B3

  -- Senior Secured Regular Bond/Debenture, Assigned 37 - LGD3 to
     B3

Outlook Actions:

Issuer: A.T.U.  Auto-Teile-Unger Invtmt GmbH & Co. KG

  -- Outlook, Changed To Stable From Negative

Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG

  -- Outlook, Changed To Stable From Negative

Measured by sales, A.T.U. Auto-Teile-Unger is Germany's leading
operator of specialist auto retail stores with integrated, brand-
independent workshops.  The group operates more than 640 retail
stores with approximately 12,500 employees, mostly in Germany but
also in Austria, Czech Republic, Netherlands, Switzerland and
Italy.  In 2009, ATU generated EUR1.2 billion of sales, of which
approximately 80% of were generated through sales of car parts and
accessories and 20% from workshop services.  ATU is owned by
private equity firm KKR and management.

                      Regulatory Disclosures

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


BAYERISCHE LANDESBANK: Former Execs Liable for Failed HGAA Deal
---------------------------------------------------------------
James Wilson at The Financial Times reports that former senior
executives of Bayerische Landesbank could face legal claims from
the bank after an inquiry by a law firm concluded they were liable
for the disastrous acquisition of Hypo Group Alpe Adria.

According to the FT, BayernLB said the inquiry, commissioned by
the company, found liability  for the purchase of the Austrian
bank was limited to the management board and did not extend to
members of its administrative board of non-executive directors,
which is part of Germany's two-tier corporate governance system.

The FT relates BayernLB had to cede control of troubled HGAA to
Austria's government last year, leaving it with about EUR3.7
billion (US$5.1 billion) in losses since it bought the bank in
2007.  BayernLB, which is talking to WestLB, another Landesbank,
about a possible merger, was one of the German banks worst hit by
the financial crisis, the FT recounts.  It reported net losses of
EUR7.8 billion in 2008 and 2009 combined because of failed
securities investments as well as the failure of its HGAA deal,
the FT discloses.

The FT notes announcing the conclusions of the report, by law firm
Hengeler Mueller, BayernLB said its administrative board would
meet again next week to hear the law firm's recommendations on
legal and disciplinary steps.  Only one management board member at
the time of the acquisition remains at the bank, the FT says.

"Mistakes were obviously made in the acquisition of HGAA," the FT
quoted Georg Fahrenschon, Bavaria's finance minister who chairs
the administrative board, as saying.

According to the FT, BayernLB said Hengeler Mueller's report had
found that the bank's management board should not have concluded
the acquisition of HGAA as it did; that it exceeded its authority
and that there was a "serious violation" of the board's duty to
inform the bank's board of administration.

                          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 Sept. 29,
2010, Fitch Ratings upgraded the Individual Rating of BayernLB to
'D' from 'D/E'.  Fitch expects to review the RWN on BayernLB's
ratings when the European Commission announces its decision on the
bank's state aid or if BayernLB's recently announced exploratory
discussions with WestLB result in a concrete merger plan.


CAPMARK FINANCIAL: Asks U.S. Court to Confirm Sale of Properties
----------------------------------------------------------------
Capmark Financial Group Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to issue an
order confirming the authority of Capmark Finance Inc. to enter
into and consummate a sale of properties in Germany, including the
release and cancellation of land charges under a Loan Transaction
Order.

As previously reported, the Court entered an order in December
2009 authorizing the Debtors' use of cash collateral postpetition
and to provide adequate protection to Prepetition Secured Parties
in line with the use of Cash Collateral.  The Cash Collateral
Order contains, among other things, a procedure by which the
Debtors must obtain the consent of their secured lenders to sell
certain loans forming part of the collateral held as security for
a US$1.5 billion Term Loan Credit and Guaranty Agreement, dated as
of May 29, 2009.

To address concerns raised by certain loan counterparties, the
Debtors filed a motion with the Court on April 6, 2010, to
establish specific procedures authorizing them to restructure,
sell, and settle loans in the ordinary course of business and
without Court approval, whether those loans are or are not part
of the Collateral.  The Loan Transaction Motion was approved by
the Court on April 19, 2010.

By the Loan Transaction Order, the Court established, among other
things, procedures to which the Debtors are authorized to enter
into and consummate Loan Transactions.

At the time the Loan Transaction Order was entered, CFI was
negotiating the release of four properties securing Loans in
certain areas of Germany pursuant to a sale of the properties by
the borrowers under the Loans.

As the remaining face amount of the German Loans was collectively
more than US$50 million and the German Loans do not constitute
Collateral, the Debtors sought and obtained the approval from the
Official Committee of Unsecured Creditors, through its advisor,
Alvarez & Marsal, of the German Sale pursuant to the Loan
Transaction Order procedures.  The Debtors believe they had
satisfied the terms of the Loan Transaction Order and were, thus,
authorized to consummate the German Sale without further order of
the Court.

The Debtors relate that the German Sale has proceeded to closing
and has been consummated with CFI's shares of the sale proceeds
-- approximately US$35 million -- currently held in escrow pending
the cancellation of liens or other encumbrances on the
properties, namely:

  (i) a mortgage in the amount of EUR20,000,000 registered in
      Section III no.2 folio no. 3468 of the land register of
      Reinbek kept at the local court of Reinbek;

(ii) a mortgage in the amount of EUR20,000,000 registered in
      Section III no.1 folio no. 1586 of the land register of
      Mehlem kept at the local court of Bonn;

(iii) a mortgage in the amount of EUR20,400,000 registered in
      Section III no.2 of folio 2928 of the land register of
      Frankfurt city district 19 kept at the local court of
      Frankfurt am Main;

(iv) a mortgage in the amount for EUR 20,000,000 registered in
      Section III no.1 of folio no. 13721 of the land register
      of Oberursel kept at the local court of Bad Homburg von
      der Hohe,

in the relevant land register by the competent land registry in
each of the four jurisdictions.

The Debtors note that upon cancellation of the Land Charges, the
proceeds will be allocated to CFI.

The Debtors maintain that CFI's entry into the German Sale is
authorized as an ordinary course transaction under Section 363(c)
of the Bankruptcy Code, as they routinely engaged in those
transactions prepetition; other industry members routinely engage
in those transactions; and parties-in-interest have reasonable
expectations that they would enter in those transactions.
Moreover, the Debtors further believe that CFI was authorized to
enter into and consummate the German Sale under the authority
granted to the Debtors under the Loan Transaction Order, subject
to the satisfaction of the approved procedures.

To assuage the concerns of the various Land Registries, however,
and to obtain a release of the escrowed funds to CFI, the Debtors
have determined it is in their best interest to seek explicit
confirmation from the Court of CFI's authority to enter into and
consummate the German Sale in the form of a confirming order for
delivery to the Land Registries.

                       About Capmark Financial

Based in Horsham, Pennsylvania, Capmark Financial Group Inc. --
http://www.capmark.com/-- provides financial services to
investors in commercial real estate-related assets.  Capmark has
three core businesses: lending and mortgage banking, investments
and funds management, and servicing.  Capmark operates in North
America, Europe and Asia.  Capmark has 1,000 employees located in
37 offices worldwide.

On October 25, 2009, Capmark Financial and certain of its
subsidiaries filed voluntary petitions for relief under Chapter 11
(Bankr. D. Del. Lead Case No. 09-13684).  Capmark disclosed assets
of USUS$20 billion against total debts of USUS$21 billion as of
June 30, 2009.

Capmark's financial advisors are Lazard Freres & Co. LLC and
Loughlin Meghji + Company.  Capmark's bankruptcy counsel is Dewey
& LeBoeuf LLP.  Richards, Layton & Finger, P.A., serves as local
counsel.  Beekman Advisors, Inc., is serving as strategic advisor.
KPMG LLP is tax and accounting advisor.  Epiq Bankruptcy
Solutions, LLC, is the claims and notice agent.

Protech Holdings C, LLC, an affiliate of Capmark, filed for
Chapter 11 protection on July 29, 2010 (Bankr. D. Del. Case No.
10-12387).  The Debtor estimated assets and debts in excess of
US$1 billion as of the filing date.

Since filing in Chapter 11, Capmark completed three sales to
generate more than US$1 billion cash. Berkshire Hathaway Inc. and
Leucadia National Corp. bought most of the business for
US$468 million.


ENTERPRISE NETWORKS: S&P Assigns 'B-' Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B-'
long-term corporate credit rating to Germany-headquartered
provider of enterprise communications-related technology and
solutions Enterprise Networks Holdings B.V. (operating under the
brand name Siemens Enterprise Communications).  The outlook is
stable.

At the same time, S&P assigned a 'B-' issue rating and a '4'
recovery rating to the proposed EUR200 million senior secured
notes due 2015 to be issued by ENH's wholly owned subsidiary EN
Germany Holdings B.V.  The issue rating on the proposed senior
secured notes is based on draft documentation dated Oct. 14, 2010.
As such, this rating is subject to S&P's satisfactory review of
the final documentation.

"The rating on ENH is constrained by the company's current cash
flow negative status," said Standard & Poor's credit analyst
Michael O'Brien.  "This is due to the substantial costs associated
with a headcount reduction and other corporate reorganization
activities; the significant competitive pressures in the dynamic
enterprise communications market; and the short track record of
combined operations given that ENH is a recently formed joint
venture between the former enterprise communications business of
Siemens AG (A+/Stable/A-1) and assets from private equity investor
The Gores Group (not rated)."

These factors are offset in part by ENH's position as a leading
provider of enterprise communications-related technology and
solutions, with leading market shares in Europe (particularly in
Germany) and Brazil.

In S&P's view, ENH should be in a position to achieve cost savings
and complete a corporate restructuring to enable the generation of
future positive free cash flow over the next 24 months.  S&P also
considers that careful management of ENH's liquidity profile,
particularly over the next 24 months, and efficient working
capital management will be critical to maintain rating stability.

Positive rating momentum would build immediately if the company
were successful in issuing its proposed EUR200 million senior
secured notes.  This, in S&P's view, would provide a sufficient
liquidity buffer to address any operating underperformance at
least over the next couple of years.  However, S&P would only
consider a rating upgrade when and if the company completes its
operational turnaround--in particular, by demonstrating a capacity
to generate positive free cash flow on a sustainable basis while
maintaining adequate liquidity.

If ENH successfully completes its proposed bond offering, S&P
would view downward rating pressure as unlikely over the next
couple of years.  Conversely, rating headroom would be less
substantial if the company were unable to complete its bond
offering as planned, and rating pressure may arise from delays in
reaching a sustainable cash generating position and from weakening
liquidity.


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


AER ARANN: Creditors to Get EUR2.2 Million From New Investors
-------------------------------------------------------------
Ciaran Hancock at The Irish Times reports that creditors of Aer
Arann, which was placed into examinership in August, are set to
receive EUR2.2 million from the airline's new investors in
settlement for their debts.  The Irish Times says this is part of
a scheme of arrangement that has been put together by Aer Arann's
examiner, Michael McAteer of Grant Thornton.

According to The Irish Times, some creditors -- notably the Dublin
Airport Authority -- are set to receive all of the money they are
owed under the terms of the scheme, but others will get back just
2%.

In all, there are 18 classes of creditor at the airline who are
owed some EUR29.5 million between them, The Irish Times notes.

The Irish Times relates Mr. McAteer has agreed an investment deal
of EUR3.5 million with a group comprising UK transport company
Stobart and Galway businessman Padraig O'Ceidigh, who owns the
airline.  The investors will purchase Aer Arann for EUR1, The
Irish Times discloses.  Of the initial investment, EUR2.2 million
will be paid to creditors and fees from the examinership process,
The Irish Times states.  The balance will go towards working
capital, according to The Irish Times.

Meetings with creditors have been scheduled for Friday at the
Radisson hotel at Dublin Airport, The Irish Times discloses.

The document relating to the scheme of arrangement shows that
costs of the examinership, including legal fees, amount to
EUR400,000, The Irish Times notes.

Aer Arann operates 13 aircraft.  It employs 320 people at its
bases in Dublin and Galway, as well as in Shannon, Cork, Waterford
and the Isle of Man.


BANK OF IRELAND: Secures EUR22.5MM Summary Judgment v. Gormley
--------------------------------------------------------------
Vivion Kilfeather at The Irish Examiner reports that Bank of
Ireland has secured a EUR22.5 million summary judgment order on
consent against a Dublin businessman over unpaid property loans.

The Irish Examiner relates the bank told Mr. Justice Peter Kelly
on Monday it also intends to seek similar orders shortly over the
same loans against Smart Telecom purchaser Brendan Murtagh and two
Cork businessmen, one of whom, Greg Coughlan, is the subject of an
arrest warrant over his failure to obey court orders in
proceedings over other unpaid loans.

The proceedings arise over a July 2006 EUR22.6 million loan
facility to four defendants -- Frank Gormley, Maple Road,
Clonskeagh, Dublin; Brian Madden, Well Road, Douglas, Cork; Greg
Coughlan, Fastnet House, The High Road, Kinsale, Cork; and Mr
Murtagh, Dunheeda, Kingscourt, Co Cavan, The Irish Examiner
discloses.

According to The Irish Examiner, Mr. Justice Kelly was told Mr.
Gormley was consenting to an order for summary judgment for
EUR22.5 million against him and the judge made that order.  The
Irish Examiner notes counsel for the bank said it had been unable
to serve Mr. Coughlan who might be in Spain.

To date, Messrs. Murtagh, Coughlan and Madden have had total
judgments for more than EUR60 million entered against them in the
Commercial Court, The Irish Examiner states.

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

                           *     *     *

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

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


WILLOW NO 2: Moody's Puts 'B2' Rating on Loan Participation Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings to
notes issued by Willow No. 2 (Ireland) PLC:

  -- US$250 million 9.625per cent Loan Participation Notes due
     2015, Series No.: 37, Tranche No.: 1 Notes, Definitive Rating
     Assigned B2

The B2 rating addresses the expected loss posed to investors by
the legal final maturity of the transaction.

                        Ratings Rationale

The definitive B2 rating of the Notes is based primarily on:

  -- The ability of the Borrower, currently rated B2, the ultimate
     obligor in respect of payments under the Notes, to make
     timely payments of interest and principal on the loan.

  -- The sub-participation of rights and interests by the Lender
     to the Issuer for the benefit of Noteholders under English
     law.

  -- The charge and assignment of rights and interests by the
     Issuer to the Trustee for the benefit of Noteholders under
     English law.

  -- The rating of the Lender.

The issue proceeds from the Notes are used to fund a loan extended
to Yasar Holdings A.S. (as the "Borrower"), currently rated B2
CFR.  Interest and principal repayment of the loan will be used to
make interest and principal payments on the Notes (perfect match).

Unlike issuances of loan repackage securities based on outright
assignment of Lender's rights to the Issuer, in this transaction
Barclays Bank PLC (as "the Lender") has agreed to grant only a
participating interest in the underlying loan to the Issuer.
Although such sub-participation mechanism cannot be characterized
as a true sale transfer, under the deed of sub-participation the
Lender has assigned by way of security (not absolute assignment)
all its rights, interest and title in amounts deposited in the
collection account and payable under the loan.

Holding loan interests through a participation exposes the Issuer
to additional risks.  Among such risks is a potential failure of
the Lender to pass through the payments on the underlying loan to
the Issuer for reasons that may include the potential bankruptcy
or insolvency of the Lender.  Notwithstanding such exposure, an
additional default probability of 0,14% contributed by the
exposure to Aa3 rated Barclays Bank PLC is negligible in relation
to 21.7% default probability associated with B2 rating of the
Borrower.  Although in Moody's view the security arrangements in
this transaction do not in and of themselves sufficiently mitigate
the exposure to the Lender's insolvency, the exposure to Barclays
via the sub-participation mechanism is unlikely to materially
affect the definitive B2 rating of the Notes while the Lender is
sufficiently highly rated.  The rating of the Notes however
remains linked to the rating of Barclays.

During the life of the deal the Borrower will pass interest and
the repayment of principal on the loan to the account in the name
of Barclays held with Citibank N.A London Branch.  Then such
amounts will be transferred to the Principal Paying Agent account
(Citibank N.A London Branch) in the name of Issuer and the Issuer
will pay the amounts due on the Notes.  The Lender will only
account to the Issuer for amounts equivalent to principal and
interest actually received from the Borrower under the loan
agreement.

The notes were issued on a limited recourse basis by the Issuer,
who has charged and assigned its rights and interests over the
loan agreement and transaction account (as the "Collateral") to
the Trustee for the benefit of Noteholders.  This property charged
to the Trustee is however reflective of the limitations applicable
to the security arrangements between the Lender and the Issuer.

Upon a Borrower event of default all amounts payable under the
loan agreement by the Borrower will be due and payable.  In the
event of a Lender default, the Trustee may enforce the security
and the Borrower will no longer pay into the transaction account
in the name of Barclays but instead will be instructed by the
Trustee to direct the payments to the Issuer.  Once the security
over the Collateral is realized, Noteholders will only have
recourse to proceeds from the Collateral and will bear any
shortfall.  They will not be able to take further steps against
the Issuer to recover any shortfall and the right to receive such
sums will be extinguished.

                      Regulatory Disclosures

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

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

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

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


WINDERMERE XIV: Fitch Affirms 'CCCsf' Ratings on Class E & F Notes
------------------------------------------------------------------
Fitch Ratings has affirmed all classes of European CMBS
transaction Windermere XIV.  The rating actions (listed at the
bottom of this release) are driven by the relatively stable
performance of the pool over the past year.  Despite some adverse
developments in the Haussman and Fortezza loans, in particular,
these are in line with Fitch's expectations at the time of its
previous rating action in October 2009.

The largest loan in the pool is the Haussmann loan (29.1% the
portfolio), secured by a grade A office property located in the
eastern part of the Paris CBD.  The property is currently fully
let to two tenants, Atos Euronext Market Solutions (accounting for
57% of passing rent) and Reuters France (rated 'A-'/Outlook
Stable) on leases expiring in 2011 and 2014 respectively.  Atos
Euronext has given notice that it intends to depart the building
at lease maturity.  As per the loan documentation, this has
resulted in amortization being suspended until a new tenant is
found.

Fitch does not expect this development to impact the ability of
the borrower to make interest payments as the loan remains
unhedged following the bankruptcy of Lehman Brothers (the hedging
provider) and therefore benefits from low current EURIBOR rates.
In addition, a EUR10.3 million rental reserve account is available
to cover shortfalls if interest rates should rise.  The loan has a
reported loan-to-value ratio of 61%.  Fitch estimates an LTV of
approximately 100%.

The Fortezza II loan (28.4% the portfolio) is an interest-only
loan, secured by 10 office properties located in Rome and a single
office property located in Pescara.  90% of income is currently
generated from Italian government tenants.  Three properties that
were previously generating GBP4.7 million passing rent were
vacated in December 2009; this is in line with Fitch's
expectations as the underlying leases had expired in December 2008
and June 2009.  While a new 12-year lease (with a break option
after six years) was signed by Italfondiario for one of the vacant
properties, the loan's lease profile remains relatively weak with
an average lease length of 4.2 years.  The loan matures in 3.5
years.  Fitch estimates an LTV in excess of 100%.

The Sisu loan (22.8% of the portfolio) is an A-note of a EUR238.8
million whole loan secured by 286 assets in regional Finland.  In
line with the sponsor's business plan, the portfolio continues to
be liquidated, with more than 50 assets sold within the last 12
months.  This has not only reduced the outstanding senior loan
balance to EUR202 million, down from EUR329.7 million at closing,
but has also decreased the reported LTV to 67.6% from 72%, roughly
in line with Fitch's own estimate.  Although vacancy within the
portfolio is high at 23% (up from 18% at closing), the loan
benefits from significant income diversity with more than 1,000
tenants, the largest of which contributes only 5% of passing rent.
The floating rate loan is subject to an interest rate cap, and
consequently reports a strong ICR of 2.99x due to low current
EURIBOR rates.

Balloon risk remains a key concern; the Harbour loan (1.4% of the
portfolio) failed to repay at its maturity in January 2010 and
remains in standstill.  The Baywatch (5.8%) and Queen Mary (4.6%)
loans are scheduled to mature in April 2011 and January 2012,
respectively; both have Fitch LTVs that suggest refinancing will
prove challenging.

  -- EUR644.0m class A (XS0330752436) affirmed at 'AAsf'; Outlook
     Negative

  -- EUR87.3m class B (XS0330752782) affirmed at 'BBBsf'; Outlook
     Negative

  -- EUR71.0m class C (XS0330752949) affirmed at 'BBsf'; Outlook
     Negative

  -- EUR30.0m class D (XS0330753244) affirmed at 'Bsf' Outlook
     Negative

  -- EUR39.8m class E (XS0330753590) affirmed at 'CCCsf' Recovery
     Rating (RR) of 'RR3'

  -- EUR19.4m class F (XS0330753673) affirmed at 'CCCsf' Recovery
     Rating (RR) of 'RR5'


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


* ITALY: Has Bigger Default Risk Than Indonesia or Philippines
--------------------------------------------------------------
Anchalee Worrachate at Bloomberg News reports that Italy's debt
costs more to insure against default than that of the Philippines
or Indonesia, as Europe's financial woes overshadow a credit
rating six levels higher than either of the emerging-market
nations.

According to Bloomberg, credit-default swaps on Italy, the only
borrower among Europe's so-called peripheral nations not to suffer
a cut in its credit rating since last year, trade at 165.5 basis
points.  That's more than the 131 basis points for Indonesia,
which had to restructure some of its debt in 2000, or the 129
basis points for the Philippines, Bloomberg notes.

Bloomberg says the cost of insuring Italian government bonds
against payment failure is also higher than that of Russia, which
in 1998 defaulted on US$40 billion of domestic debt.


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


AMANAT INSURANCE: Fitch Assigns 'B' Financial Strength Rating
-------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based Amanat Insurance a 'B'
Insurer Financial Strength rating and a National IFS 'BB(kaz)'
rating.  The Outlooks are Stable.

The ratings take into account the operational challenges faced by
Amanat due to the forced restructuring commenced in 2009 and also
caused by the unfavorable environment in the Kazakh insurance
sector.  On the other hand, the ratings reflect the insurer's
strong risk-adjusted capital position, largely driven by a
dramatic decline of net premiums written in 2009 and expected to
be further supported by a capital injection in Q410.

Exit of the minority shareholder and full change in the management
team in Q109 resulted in 68% decline of Amanat's gross written
premium in 2009.  The reason behind this was significant
dependence of the franchise base on the company's CEO, nominated
by the exited minority shareholder.  The combined ratio rose far
above 100%, largely driven by the expense ratio and delayed
payment of the reinsurance costs for the portfolio written in
2008.  However, Amanat's return on adjusted equity remained
positive in 2009, supported by investment income.  The majority
shareholder, which used to have little involvement in the
insurer's operations, declared its interest in the insurance
business in 2009, nominated a new team and announced significant
capital increase to be completed in 2010 to help the company meet
new regulatory capital requirements.  The portfolio started to
recover in 2010, with GWP growth reaching 67% in 8M10.

Amanat remains exposed to the challenges of the operating
environment in the Kazakh insurance sector.  Its main features are
distribution of business largely through captive channels and
affiliation of leading insurers with banking and industrial
groups.  The local insurance sector has suffered from the price
softening during the global financial crisis like many other local
insurance sectors worldwide.  Amanat has no specific competitive
advantages, which could help it to reduce the exposure to the
challenges of the operating environment.

The insurer's investment portfolio largely consists of fixed-
income instruments, but has some significant industry
concentrations.  The credit quality is mixed with approximately
half of the portfolio held in instruments with investment-grade
ratings, and the other half in the low range of the speculative
grade.  A partially offsetting factor is that almost all
instruments are marketable.

Amanat is a non-life insurance company, headquartered in Almaty,
Kazakhstan.  It wrote KZT2.8 billion of GWP in 2009 and had gross
assets of KZT3.6 billion at FYE09.


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


DSB BANK: To Sue 4 Members of Central Bank Board Over Press Leaks
-----------------------------------------------------------------
DutchNews.nl reports that Dirk Scheringa, the founder of DSB Bank
NV, is taking legal action against four members of the Dutch
central bank board.

According to DutchNews.nl, a spokesman for Mr. Scheringa said the
charges -- against central bank president Nout Wellink and three
others -- center on the deliberate leaking of information about
DSB's finances to the press.

DutchNews.nl relates the leak came as government officials,
central bank officials and representatives from the big Dutch
banks held crisis talks about a rescue package for DSB, which was
on the verge of collapse last October.  DutchNews.nl says news of
the talks and an appeal to have DSB placed under central bank
control was leaked to the media, leading to a further run on the
bank.

Mr. Scheringa accused finance ministry or central bank officials
of being behind the leaks, DutchNews.nl discloses.

As reported by the Troubled Company Reporter-Europe on Oct. 20,
2009, Bloomberg News said that the Amsterdam court on Oct. 19
declared DSB bankrupt after its owner failed to find a buyer.
Bloomberg disclosed the Dutch central bank took control of DSB on
Oct. 12 as an outflow of capital threatened the company's
existence.

DSB Bank -- http://www.dsbbank.com/-- is a fully licensed bank in
the Netherlands, providing mortgages, consumer loans, savings and
insurance products to retail clients.  The bank has a leading
market share in the Dutch market for consumer loans.  DSB Bank
also has operations in Belgium and Germany.  DSB Bank, established
in 1975, is privately owned by Dirk Scheringa, currently CEO of
DSB Bank, Chairman of the Executive Management Board.  Mr.
Scheringa is also 100% owner of AZ Alkmaar football club, which
plays in the Dutch Premier League and president of the Scheringa
Museum for Magic Realism, an international collection of more than
500 works of art.


=============
R O M A N I A
=============


* ROMANIA: Minimum Wage Hike to Bankrupt at Least 50,000 Firms
--------------------------------------------------------------
Mediafax reports that the Romanian National Council of Private
SMEs head Ovidiu Nicolescu said Tuesday that raising minimum wages
will bankrupt at least 50,000 firms and will increase the number
of unemployed people.

According to Mediafax, Mr. Nicolescu said, at the end of talks at
the Labor Ministry, that taking into account the country's current
situation, raising minimum wages will also lead to a GDP decrease.

Mr. Nicolescu highlighted that wage raises must be correlated with
labor productivity, and added the labor productivity has
registered no increase, Mediafax notes.


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


ACRON JSC: Fitch Affirms Senior Unsecured Rating at 'B+'
--------------------------------------------------------
Fitch Ratings has affirmed Russia-based fertilizer producer JSC
Acron's Long-term foreign currency Issuer Default Rating, Long-
term local currency IDR and Local currency Senior Unsecured Rating
at 'B+'.  The National Long-term Rating is affirmed at 'A(rus)';
The Outlook on all ratings is revised to Stable.  Fitch has also
affirmed Acron's Short-term IDR at 'B'.

The change in outlook to Stable primarily reflects the marked
improvement in Acron's liquidity position and its ability to repay
Q410-2011 maturities, using the undrawn committed facilities and
cash on hand estimated at RUB21.3 billion (including RUB5.8
billion of cash) as at September 30, 2010.  The rating action also
reflects Fitch's expectation that Acron should be able to raise
enough new capital over the next 12 months to fully eliminate the
re-financing risk in 2012 and 2013 and finance its phosphate
mining project.  Options currently being explored include
additional rouble bond issues, ECA (export credit agency)-
financing and Eurobonds.  Acron demonstrated access to the debt
markets in July 2010 when it successfully signed a 3-year US$300
million pre-export financing with a syndicate of international
banks.  The deal was subsequently increased by a further US$125
million in October 2010.

Acron's performance has improved slightly over the last 12 months
thanks to higher demand for its products and lower than expected
inflation in Russia.  H110 sales volumes and revenues increased by
16% year-on-year to RUB21.8 billion due to higher volumes and
prices, while EBITDA increased by 27% to RUB4.5 billion (21%
margin).  Fitch expects 2010 revenue to increase 9%-10% yoy to
RUB40-RUB41 billion mainly driven by higher average product prices
and EBITDAR margin of 23%-24%.  The agency's expectation of
EBITDAR margin during 2011-2013 of 21%-23% and funds from
operations net leverage of 3.1x-3.8x is based on single-digit
volumes growth, 1%-2% increase in average product prices and
continuing increase in underlying costs driven by liberalization
of natural gas, electricity and rail tariffs in Russia.

Fitch is reassured by progress on the Oleniy Ruchey phosphate
project.  The project, which is on time and on budget will come
onstream in 2012 and will improve Acron's business profile by
providing a secure source of the raw material apatite concentrate.
The agency expects free cash flow to be negative during the
completion phase.

Fitch regards Acron's dependency on dominant suppliers for complex
fertilizer inputs as a key constraint on its ratings. This limits
the group's ability to derive higher margins from the value-added
component of its product mix and poses material supply disruption
risks, with associated earnings volatility.  Fitch's forecasts do
not factor in any debt-funded expenditure towards the development
of the Verkhnekamsk potash field, which under the terms of the
license, should commence operations in 2016.

Acron's ratings are also constrained by its relatively small size
in comparison to peers rated by Fitch and by its complex
organizational structure, with part ownership of fully
consolidated material operating subsidiaries.  The absence of
financial information on some of those entities reduces visibility
on the group's performance, thus impairing Fitch's ability to
assess potential restriction of cash movements and repayment
capacity.  The ratings also reflect the agency's outlook on the
global fertilizer market, with poor visibility on near-term demand
trends, and competitive pressures from new low-cost nitrogen
fertilizer capacity in the medium term.

The ratings continue to be supported by Acron's diversified
product portfolio with value-added complex fertilizers
underpinning strong margins, its access to competitively priced
feedstock in Russia and its integrated marketing and distribution
operations.  The ratings also capture the proximity of the group's
plants to open-sea ports and its focus on asset modernization and
upgrades, which together should partly offset the cost pressures
from increasing rail tariffs and natural gas and electricity
prices in Russia.

Negative rating pressure could arise in case of weaker performance
with annualized EBITDAR margin falling below 20% or failure to
raise expected new debt to fully cover the scheduled maturities
over the next 24 months.

Positive rating pressure could arise in case of successful
execution of the phosphate project, evidence of commitment to
further improve vertical integration or forecast FFO net leverage
below 2.0x by end-2013.


ALROSA FINANCE: Moody's Assigns (P)'Ba3' Rating to Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba3 / LGD
4 (50) ratings to the proposed unsecured notes of ALROSA Finance
SA, a financial subsidiary of ALROSA Company Ltd.

                        Ratings Rationale

The (P) Ba3/LGD 4 (50) ratings assigned to the new notes are
supported by the unconditional and irrevocable payment guarantee
provided by ALROSA Company Ltd.  The obligations arising under the
guarantee is ranking pari passu with the other unsecured
unsubordinated obligations of ALROSA Company Ltd.

The provisional rating is assigned prospectively in advance of the
placement.  These ratings reflect Moody's preliminary credit
opinion regarding the transactions only.  Upon conclusive review
of the final documentation, Moody's will endeavor to assign
definitive corporate family rating and the rating to the notes.  A
definitive rating may differ from a provisional rating.

These ratings are assigned for the first time as part of this
rating action:

                        ALROSA Finance SA

  - Unsecured guaranteed notes -- (P) Ba3 / LGD 4 (50);

ALROSA enjoys leading position in the concentrated global diamond
production markets.  The company is majority owned by the
Government of the Russian Federation (50.9% shareholding) and the
Republic of Sakha Yakutia (combined 40% shareholding).  ALROSA
operates its principal mines located in the North of Eastern
Siberia under several licenses that expire and are expected to be
extended in 2015-2022.  ALROSA also operates in Angola through its
JV Catoca Mining Company Ltd.  In 2009, ALROSA reported
consolidated revenues of RUB77.9 billion (RUB64.4 billion for 6
months 2010) and had operating assets of RUB236 billion (RUB232
billion).

                     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.

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.


RUSIA PETROLEUM: Court Commences Bankruptcy Proceedings
-------------------------------------------------------
A Russian regional court declared RUSIA Petroleum insolvent on
Tuesday and opened bankruptcy proceedings, Reuters reports.

Reuters relates the court said in an announcement posted on the
Irkutsk Arbitrage Court Web site that the bankruptcy proceedings
will go on for six months, until April 19, 2011.

Reuters says TNK-BP, half owned by British major BP Plc and a
quartet of Russia-connected billionaires, filed a petition to
initiate bankruptcy proceedings for RUSIA Petroleum in June and
said that it was determined to recover its investment in the gas
project.  In February, Reuters recounts, one of TNK-BP's
shareholders, German Khan said that TNK-BP had invested around
$1 billion in the Kovyka project and is looking to recover these
costs.

According to Reuters, the East Siberian Kovykta gas field, which
TNK-BP has controlled for about 15 years, had been meant to supply
China before Moscow started asserting control over natural
resources and made its gas behemoth Gazprom a gas export monopoly.

Reuters recounts that Russian officials have repeatedly threatened
to withdraw the Kovykta licence from TNK-BP for low production
volumes, and TNK-BP announced its decision to withdraw from the
project in 2007.

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


VOSTOCHNY EXPRESS: Moody's Assigns 'B2' Sr. Unsecured Debt Rating
-----------------------------------------------------------------
Moody's assigns a B2 long-term global local currency debt rating
to Vostochny Express Bank's senior unsecured debt.  The rating
carries a stable outlook.  Any subsequent senior debt issuance by
VE will be rated at the same rating level subject to there being
no material change in the bank's overall credit rating.

The rating of B2 was assigned to this debt instrument:

  -- RUB1,000M Senior Unsecured Regular Bond Due 2013

                        Ratings Rationale

The assigned rating is in line with VE Bank's global local
currency deposit rating, which is in turn based on the bank's E+
Bank Financial Strength rating, which maps to a baseline credit
assessment of B2.  The deposit and debt rating of B2 does not
incorporate any uplift either from shareholder or from systemic
support.

The rating reflects VE's high appetite for credit risk, reflected
by the bank's aggressive growth strategy and by its emphasis on
the riskiest segment of the retail loan market -- unsecured
consumer lending.  The rating also incorporates the risks
associated with the operating and regulatory environment in
Russia.  At the same time, the rating is supported by VE's (i)
established regional franchise on the Far East of Russia as well
as its expanding geographical coverage, (ii) adequate liquidity,
and (iii) adequate capitalization.

Headquartered in Khabarovsk, Russia, VE reported total
consolidated assets of RUB52.4 billion according to IFRS at YE
2009.

                     Regulatory Disclosures

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

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

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


YUKOS OIL: Yukos Finance Sale by Russian Administrator Blocked
--------------------------------------------------------------
The Amsterdam Court of Appeal on Tuesday said the sale of Yukos
Finance BV, a Dutch corporation, by the Russian administrator
wasn't permitted as the shares don't fall within OAO Yukos Oil
Co.'s Russian bankruptcy, Aoife White at Bloomberg News reports,
citing a statement on the court's Web site.

As reported by the Troubled Company Reporter-Europe, Yukos, once
Russia's largest oil producer, collapsed after charges of tax
evasion led to the company being broken up and sold off to meet
debts.  The bulk of the company's assets were bought up by state-
run oil company Rosneft.

                         About Yukos Oil

Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation.  Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.

The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark.  A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for
US$9.35 billion, as payment for US$27.5 billion in tax arrears for
2000-2003.  Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.

On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements.  The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.

On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.

On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake.  The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.

On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.

On Nov. 23, 2007, the Russian Trading System and Moscow
Interbank Currency Exchange stopped trading Yukos shares after
the company formally ceased to exist.  Mr. Rebgun completed the
company's liquidation process afte Russia's Federal Tax Service
has entered Yukos' liquidation on the Uniform State Register of
Legal Entities.

As reported in the Troubled Company Reporter-Europe on Nov. 14,
2007, the Moscow Arbitration Court entered an order closing the
liquidation proceedings of OAO Yukos Oil Co., 15 months after it
was declared bankrupt on Aug. 1, 2006.


* Fitch Affirms 'BB' Rating on Republic of Sakha (Yakutia)
----------------------------------------------------------
Fitch Ratings has revised the Russian Republic of Sakha
(Yakutia)'s Outlooks to Positive from Stable and affirmed the
region's Long-term foreign and local currency ratings at 'BB'
respectively.  Its other ratings have been affirmed at Short-term
foreign currency 'B' and National Long-term 'AA-(rus)'.

The revision of the Outlook reflects Fitch's expectation that
Sakha will benefit from the improved economic environment in 2010
and over the medium term.  The ratings reflect its sound budgetary
performance, low debt and improved liquidity position.  The
ratings also consider moderate concentration of the local economy
in the prime resource extraction sector and its large broad public
sector.  The ratings could be upgraded if budgetary performance
improves further with sustained margins around 15% and if debt and
debt coverage ratios remain moderate over the medium term.

Sakha's operating margin increased to 11.1% in 2009 from 10.2% in
2008.  The region's balance before debt variation turned positive
at RUB2.5 billion in 2009 after a moderate RUB0.9 billion deficit
in 2008.  Fitch expects the region's budgetary performance to be
positively affected by the improved tax collection with full-year
operating margin to be about 12% by end-2010 and 13%-14% in 2011-
2012.

The region's direct risk decreased to 11.2% of current revenue in
2009 (2008: 15.3%), or RUB8.9 billion.  Of this, 84% was domestic
bonds with maturities up to 2014.  The direct risk payback ratio
decreased to one year of the current balance in 2009 after
stabilizing at 1.7 years in 2007-2008.  Immediate refinancing
needs on bonds amortizing in Q410 are fully covered by accumulated
cash reserves, which increased to RUB3 billion in 2009 (2008:
RUB1.8 billion).  Fitch expects the region's direct risk as a
proportion of current revenue and current balance to decline over
2010-2012.

Contingent risk is moderate, though increasing.  It comprises debt
of public sector companies and issued guarantees within the
region.  Because of the republic's remoteness, under-developed
infrastructure and severe climate, development of regular
commercial operations is constrained, which in turn explains the
presence of the large broad public sector.  Fitch notes that the
region should continue to maintain strict control over its
increasing contingent liabilities in order to protect the ratings.

Sakha is Russia's largest region with rich deposits of prime
natural resources, located in the far eastern part of the country.
Sakha's 951,000 people account for 0.7% of the national population
and the region contributes 0.9% of the national GDP.  The local
economy remains concentrated in the extraction of natural
resources, particularly diamonds.  However, development of other
resources, such as oil and gas, improved tax base diversification
in 2008-2009.


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


GC PASTOR: S&P Puts BB (sf)-Rated Class F Notes on Watch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on GC Pastor Hipotecario 5, Fondo de
Titulizacion de Activos' class B and C notes, due to a potential
deterioration in the creditworthiness of these notes.  At the same
time, S&P has affirmed S&P's ratings on the class A2 notes.  The
class D notes remain unaffected as they defaulted in December
2009.

The rating actions follow S&P's review of this transaction based
on the June 2010 investor report.  S&P understands that cumulative
defaults have more than doubled since December 2009, which in
S&P's opinion means that the pace of new defaults has considerably
increased since then.  Cumulative defaults, as a percentage of the
original pool balance, have increased to 1.94% in June 2010, from
1.05% in March 2010 and 0.49% in December 2009.

The reserve fund is now fully depleted (as of the September 2010
payment date), which resulted from the rapid growth of defaults
and a structural mechanism that requires full provisioning for
defaulted loans (defined as loans in arrears for more than 18
months).  This has weakened the credit enhancement for the
subordinated notes.

The rising level of cumulative defaults increases the risk that
interest-deferral triggers could be breached.  These triggers
state that, if the cumulative level of defaulted loans in this
securitization reaches certain levels over the original balance of
the mortgage-backed notes, the priority of payments changes so as
to divert the interest payments from the related class of notes
toward amortizing the most senior class of notes.

The trigger levels for the class B and C notes are 10.0% and 6.7%,
respectively.  The ratio of cumulative defaults over the original
balance has reached 2.21%, as of the September 2010 payment date.
In S&P's opinion, the current level of defaults and the pace at
which they are rising could have a negative effect on the
creditworthiness of the class B and C notes.  Therefore, S&P has
placed these classes on CreditWatch negative.  S&P will now
perform a further credit and cash flow analysis with the aim of
resolving these CreditWatch placements in due course.

GC Pastor Hipotecario 5 is a Spanish securitization fund, which
closed in June 2007.  A pool of residential and commercial
mortgage loans granted to individuals and companies for the
acquisition of properties backs the transaction.  Banco Pastor,
S.A. originated and services the loans.

                          Ratings List

    GC Pastor Hipotecario 5, Fondo de Titulizacion de Activos
       EUR710.5 Million Floating-Rate Mortgage-Backed Notes

             Ratings Placed on CreditWatch Negative

                                Rating
                                ------
            Class      To                     From
            -----      --                     ----
            B          A- (sf)/Watch Neg      A- (sf)
            C          BB (sf)/Watch Neg      BB (sf)

                         Rating Affirmed

                         Class      Rating
                         -----      ------
                         A2         AA+ (sf)

                        Rating Unaffected

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


=====================
S W I T Z E R L A N D
=====================


ZURICH BANK: Moody's Affirms 'D-' Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service announced that it had placed on review
for possible upgrade the insurance financial strength rating (A1)
and debt ratings (A2 senior, A3 subordinated, Baa1 preferred) of
Zurich Insurance Company Ltd, and associated ratings listed below.

The rating agency said that the rating review follows the
improvement in the credit profile of the Zurich Group (Zurich),
especially with regard to capital adequacy, financial flexibility,
high risk assets, and business diversification, whilst producing
very good operating performance in recent times and maintaining an
excellent market position.

The Group's solvency position has improved meaningfully in recent
times on both an economic and statutory basis.  Its economic
solvency ratio, which is calibrated at a 99.95% confidence level,
at H1 10 was estimated at 124% compared to an internal target
range of 110-120%, and it has also filed with the Swiss regulator
a Swiss Solvency Test ratio in excess of 200%.

The Group's financial flexibility has also improved.  YE09
adjusted financial leverage stood at 25%, marking a meaningful
decrease from the YE08 figure of 30%, primarily due to a large
increase in shareholders' equity.  Total leverage also decreased
to 38% (YE08: 42%), and 2009 earnings cover increased to 7.0x
(YE08: 6.4x) with coverage on a five year average basis very good
at 8.4x.  The Group's very good access to capital markets was also
demonstrated during 2009 by the US$1.1 billion equity raise, and a
number of senior and more junior financial debt transactions.
With regard to asset quality, the proportion of high risk assets
to equity decreased to 63% (YE08: 78%) with Zurich's investment
portfolio viewed as relatively conservative.

Notwithstanding difficult investment conditions, and losses from
non-core operations including Zurich Bank, Zurich's recent return
on capital and business operating performance has been very good.
The Group's ROC for 2008 and 2009 was 8.5% with an average from
2005-2009 of around 11.5%, and on a Business Operating Profit
basis -- an internal measure used by Zurich which indicates
underlying performance- return on equity for 2008 and 2009 was
around 17% compared to a cross-cycle target of 16%.  Furthermore,
Moody's sees a reduced risk in the future of material losses
emanating from the Group's non-core activities.

Zurich's business profile remains excellent.  It is a major
European insurance player with a strong market position in a broad
range of countries, including the U.S., and a strong brand reach,
although it lacks a top tier status in some important European
markets.  Furthermore, the Group benefits from excellent business
and geographic diversification, and although the overall business
remains orientated towards P&C risk (67% of GWP and policy fees at
YE09), the balance between life and non-life is improving.

The rating agency said that its review for possible upgrade would
concentrate on the Group's ability to sustain the improvement in
its credit profile, and in particular on the Group's prospective
economic and regulatory capital and financial flexibility
position, together with cross-cycle profit potential.  Moody's
indicated that in the event the review process resulted in an
upgrade of Zurich's ratings, such upgrade would highly likely be
limited to one notch.

Moody's has also placed, inter alia, on review for possible
upgrade the ratings of the Group's UK and German Life
subsidiaries, Zurich Assurance Ltd (A2 IFSR) and Zurich Deutscher
Herold Lebensverischerung (A1 IFSR), together with the ratings of
the Farmers Insurance Group (A2 IFSR).  These ratings all benefit
to varying degrees from explicit and/or implied support from
Zurich.  As part of its review process Moody's will evaluate this
support prospectively to help determine whether these ratings
should receive further uplift in the event of ZIC's ratings being
upgraded.

Additionally, Moody's affirmed with a stable outlook the A3 IFSR
of Kemper Investors Life Insurance Company.  The rating
affirmation and stable outlook were driven by ZIC's continued
support of KILICO whose liabilities have been largely in runoff
since 2003.  However, the large unrealized loss position on
KILICO's US$10 billion BOLI (bank-owned life insurance) portfolio
is very credit sensitive and could lead to a greater dependence on
parent resources in a stressed economic environment.

These ratings were placed on review for possible upgrade:

  -- Zurich Insurance Company Ltd- A1 insurance financial strength
     rating;

  -- Zurich Insurance Company Ltd and guaranteed EMTN issuers- A2
     senior unsecured debt, A3 subordinated debt, Baa1 capital
     note;

  -- Zurich Insurance Company Ltd- (P) A3 and (P) Baa1 EMTN
     Programme Type A Capital Notes, (P) Baa1 and (P) Baa2 EMTN
     Programme Type B Capital Notes;

  -- Zurich RegCaPS Funding Trust II, V & VI: Baa1 preferred stock
     rating;

  -- Zurich Finance (USA) Trusts I- V: Baa1 preferred stock
     rating;

  -- Zurich Assurance Ltd: A2 insurance financial strength rating;

  -- Zurich Deutscher Herold Lebensverischerung AG: A1 insurance
     financial strength rating;

  -- ZC Specialty Insurance Company: A2 insurance financial
     strength rating;

  -- Centre Reinsurance (US) Ltd: A2 insurance financial strength
     rating;

  -- Zurich Capital Markets Inc: A1 issuer rating;

  -- ZCM Matched Funding Corp: A1 Issuer rating;

  -- Espial Ventures Limited: A1 senior secured debt rating;

  -- Capstone Investments Limited: A1 senior secured debt rating;

  -- Argus Ventures Limited: A1 senior secured debt rating;

  -- Vista Investments Limited: A1 senior secured debt rating;

  -- Farmers Insurance Exchange: A2 insurance financial strength
     rating, Baa2 surplus notes;

  -- Farmers Insurance Company of Oregon: A2 insurance financial
     strength rating;

  -- Truck Insurance Exchange: A2 insurance financial strength
     rating;

  -- Fire Insurance Exchange: A2 insurance financial strength
     rating;

  -- Farmers Exchange Capital: Baa2 surplus notes;

  -- Zurich Bank: A1 long-term bank deposit rating, (P)A2
     guaranteed senior debt EMTN programme rating

This rating was affirmed with a stable outlook:

  -- Kemper Investors Life Insurance Company: A3 insurance
     financial strength rating.

These ratings were affirmed:

  -- ZCM Matched Funding Corp: P-1 short-term issuer rating;

  -- Zurich Bank: P-1 short-term bank deposit rating, D- (negative
     outlook) bank financial strength rating

Based in Zurich, Switzerland, Zurich Financial Services reported
gross written premiums and policy fees of US$53.8 billion and
total equity of US$34 billion as of December 31, 2009.

Moody's last rating action on ZIC occurred on April 17, 2009, when
the ratings were affirmed with a stable outlook.


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


CANDOVER INVESTMENTS: May Ditch Plans to Sell Parques Reunidos
--------------------------------------------------------------
Martin Arnold at The Financial Times reports that Candover
Investments is on the brink of ditching plans to sell or float
Parques Reunidos, the Spanish theme park operator, after offers
from rival buy-out groups came in below its EUR2 billion (US$2.8
billionn) price tag.

The FT relates Apollo Management and a consortium of Advent
International and the Carlyle Group both submitted final bids for
Parques on Friday.  But the two offers were below Candover's
asking price for the operator of 69 theme parks in Europe and the
US, the FT notes.  Poor weather in Europe during the summer kept
some visitors away, dragging its trading figures below budget and
persuading bidders to cut their offers, the FT states.

According to the FT, Candover executives are due to meet this week
to discuss their options.  They are expected to keep Parques, one
of the top performing deals in Candover's 2005 fund, and refinance
the group's debts to fund its expansion and acquisition plans, the
FT says, citing people familiar with the situation.

By ditching the planned sale of Parques, Candover would send a
clear signal that it is determined to avoid a fire sale of assets,
even after becoming one of the biggest private equity victims of
the financial crisis, the FT notes.

The FT relates Candover Investments announced six weeks ago that
it would wind itself up by returning cash from the sale of its
remaining portfolio to shareholders.  After talks about a takeover
of Candover by a Canadian pension fund broke down in July, its
buy-out team has been left with no money for new deals and little
chance of raising a new fund, the FT recounts.

As reported by the Troubled Company Reporter-Europe on Sept. 2,
2010, Candover, as cited by the FT, said that the net asset value
of its portfolio had fallen 13% to GBP197.4 million, or 903p per
share.  The FT disclosed interim pre-tax losses at Candover
widened from GBP25.9 million to GBP27.8 million, while net debt
fell from GBP74.8 million to GBP58.8 million.

Candover Investments PLC -- http://www.candoverinvestments.com/
-- is an investment trust listed on the London Stock Exchange
since 1984.  It invests in buyouts across Europe via funds managed
by its wholly owned subsidiary, Candover Partners, a European
private equity house.  As well as investing money on behalf of
Candover Investments plc, Candover raises substantial funds for
buyout investment from third parties such as pension funds,
insurance companies, endowments, charities and other professional
investors.


CROWN CURRENCY: Administrators to Review Refund to Some Customers
-----------------------------------------------------------------
The administrators of Crown Currency Exchange are reviewing
whether any of the 13,000 customers of the collapsed company are
entitled to a refund as a priority, MoneyHighStreet.com reports.

MoneyHighStreet.com says Crown told Barclays, its bank, on
September 29 that it was insolvent. Their bank accounts were then
closed on October 1 but it was not until October 4 that the
company went into administration.

According to MoneyHighStreet.com, the administrators are reviewing
whether those who paid Crown during the six-day period between
September 29 and October 4 are due a refund.  If they are then
effectively they will get priority over other unsecured non-
preferential creditors -- all in total who are owed some
GBP20 million, MoneyHighStreet.com notes.

"This may provide some hope for a very limited number of consumers
but we will need to review the position very carefully and taking
into account each customer's individual circumstances prior to
making any final decision," the administrators said in a
statement, according to MoneyHighStreet.com.

The report notes it could well mean that the administrators may
need to obtain a determination of the Court.  At this moment in
time, however, no decision has been made and consumers need not
contact the joint administrators."

"It's expected the review work will take at least 3 weeks and
therefore no further update is expected until week commencing
November 8," the administrators added.

As reported in the Troubled Company Reporter-Europe on Oct. 6,
2010, BBC News said thousands of people face uncertainty over
travel money after Crown Currency Exchange went into
administration.  Crown Currency blamed the downturn in the travel
market.  Administrators from MCR and SPW were appointed on Oct. 4,
2010.  Administrators MCR said that an estimated 13,000 consumers
would be directly affected.  The administrators said that these
people should not expect an early resolution in the case and a
quick return of money.

                        About Crown Currency

Headquartered in Hayle, Cornwall, Crown Currency Exchange is one
of the UK's biggest foreign exchange websites.  The business was
established by husband and wife Peter and Susan Benstead five
years ago.


DECO 8: Moody's Affirms 'Caa2 (sf)' Rating on Class E Notes
-----------------------------------------------------------
Moody's Investors Service has affirmed these classes of Notes
issued by Deco 8 -- UK Conduit 2 plc (amounts reflect initial
outstandings):

  -- GBP200M Class A-1, Affirmed at Aaa (sf); previously on Jun
     26, 2009 Confirmed Aaa (sf)

  -- GBP256.6M Class A-2, Affirmed at Aa3 (sf); previously on Jun
     26, 2009 Downgraded to Aa3 (sf)

  -- GBP32.4M Class B, Affirmed at Baa2 (sf); previously on Jun
     26, 2009 Downgraded to Baa2 (sf)

  -- GBP34M Class C, Affirmed at Ba1 (sf); previously on Jun 26,
     2009 Downgraded to Ba1 (sf)

  -- GBP23.5M Class D, Affirmed at B2 (sf); previously on Jun 26,
     2009 Downgraded to B2 (sf)

  -- GBP61.1M Class E, Affirmed at Caa2 (sf); previously on Jun
     26, 2009 Downgraded to Caa2 (sf)

1) Rating Rationale

Moody's affirmed the ratings of the classes of Notes A, B, C, D,
and E.  Following a detailed re-assessment of the pool's credit
risk, which examined both negative and positive credit events on
the loan and/or property level, it was concluded that the
outstanding ratings were commensurate with the credit risk of the
pool.  During 2010, Moody's received special notices affecting
three of the four largest loans in the transaction.  The notices
included:

1.  The restructuring of the Lea Valley loan (extension to April
    2016 from April 2012);

2.  Lease renewal of the largest tenant of the Mapely II loan;

3.  Updated valuation of the Le Meridien loan following a recent
    sale of the hotel property.

As such, the primary focus of the review was these three loans
which account for 79% of the current pool and secondarily, the
performance of the Fairhold Portfolio loan and the remaining 13
smaller loans in the pool.

This rating action concludes Moody's annual review for this
transaction.

2) Moody's Portfolio Analysis

Lea Valley loan.  On May 28, 2010, the servicer (Deutsche Bank AG,
London) announced that following prior negotiations, parties have
agreed to certain loan modifications of the Lea Valley loan.
These include amongst others: (i) an extension of the maturity
date to April 2016 from April 2012; (ii) a reduced fixed rate for
the extended period (with the loan margin unchanged); (iii) a new
target debt level covenant subject to a potential six months
tolerance granted by the servicer; (iv) excess cash flow swept
into deposit account; and (v) removal of the loan-to-value ratio
covenant.  In order to meet the debt targets the borrower has the
intention to sell (an unidentified) part of the existing 28
properties securing the loan, all of which are located throughout
the UK.  No updated valuation has been reported to date.  Hence
with no amortization since closing, the underwriter's LTV ratio
remained at 84% on a whole loan basis and 77% on an A-Loan basis.
Furthermore, the loan benefits from a current debt service
coverage ratio of 1.1x on a whole loan basis (1.2x on A-Loan
basis).  The weighted-average remaining lease term to expiry/
break is currently 3.3 years.  Since April 2009, the vacancy level
increased to 31% in July 2010 from 21%.  Based on its rating
review, Moody's views the above modifications to the Lea Valley
loan overall as mildly positive for the lenders as a whole.

As a result of the analysis of the loan modifications, property
market developments, rental cash flows and the value of the
properties securing the loan, Moody's revised its current value to
GBP183 million from GBP174 million.  Going forward, the current
value is expected to remain relatively flat and affected by (i)
the current high vacancy level (31% by area) and (ii) the existing
relative short WA lease to expiry/ break.  As a result, Moody's
expected exit LTV ratio is approximately 128% on a whole loan
basis.  Therefore, Moody's still expects a high likelihood of
default of the Lea Valley loan at the extended loan maturity date
in April 2016 despite a possible recovery during the 4-year
extension.  Although the refinancing risk remains high, it has
marginally decreased compared to pre-restructuring of the loan.
Hence benefitting from a possible market recovery.

Mapely II loan.  The Mapely II loan is secured by 16 office
properties all located in the UK.  The loan is interest only and
matures in April 2016.  At the July 2010 IPD, the largest tenant,
Microsoft (rated Aaa), exercised their December 2010 lease break
option.  Microsoft occupies three of the properties securing the
loan (the Microsoft Campus) in Reading, totalling approximately
246,000 square feet.  However, as announced on 28 September 2010,
the completion of recent negotiations resulted in three new RPI
linked leases for the entire campus.  The leases have no break
option and each have a 15-year term providing a total rental
income of GBP5.65 million.  The rental income (excluding rent
free) is approximately 23% below the closing date rental level.
The borrower agreed to a rent free period of 14 months which will
be spread equally over the next six years.  As a result, the WA
remaining lease term to expiry/ break increased to approximately
8.7 years from 3.1 years as reported at the last IPD.  To date, no
updated valuation has been reported.  Hence, the UW LTV ratio
remained at 82%.  As a result of the recent rent reduction, the
interest coverage ratio of 1.56x as reported at the last IPD
(1.18x excluding Microsoft) is expected to decrease at the next
IPD.  However, Moody's does not expect the ICR covenant of 1.25x
to be breached.

Following the analysis of recent property market developments,
current rental cash flows and the value of the properties securing
the loan, Moody's revised its current value to GBP221 million from
GBP240 million as per last review in June 2009.  Going forward,
the value is expected to increase moderately benefitting from a
good tenant base, low vacancy rate and moderate lease rollover.
As a result, Moody's expected exit LTV ratio is approximately 90%.
In June 2009, Moody's assessment resulted in a slightly lower exit
LTV ratio (approximately 83%).  Therefore, Moody's still expects a
moderate likelihood of default of the Mapely II loan at the loan
maturity date in 2016.

Le Meridien loan.  On July 23, 2010, the servicer reported that
the asset securing the Le Meridien loan, a 266-room, 5-star hotel
in London West End, was sold to the American hotel group Host
Hotels and Resorts (rated Ba1).  The request by HHR for a change
of control instead of a loan prepayment was permitted by the
servicer subject to two conditions; (i) an updated valuation; and
(ii) the removal of the junior lender control rights in the
intercreditor agreement.  The subsequent updated value increased
to GBP67.1 million from GBP52.5 million at closing.  This resulted
in a UW whole loan LTV ratio of 64% and an LTV ratio of 50% on an
A-Loan basis compared to 85% on a whole loan basis at closing.
Following its analysis, Moody's current assessment of the property
value is GBP40 million (GBP150,000 per room) resulting in LTV
ratio of 106% on a whole loan basis which is expected to remain
flat until the (extended) loan maturity in January 2013.

Remaining pool:

The Fairhold Portfolio loan.  Since October 2009, the Fairhold
Portfolio loan (11.8% of the current portfolio) which is secured
by a large portfolio of ground leases breached its DSCR covenant.
As a result, the loan which matures in January 2013 was added to
the servicer's watch list.  To date, the borrower continues to
make all loan interest payments.  The ICR/ DSCR as per last IPD
were 1.26x/ 1.07x on a whole loan basis and 1.81x/ 1.51x on a A-
Loan basis.  Compared to its last review in 2009, Moody's did not
change its main assumptions for this loan.  Therefore, the current
Moody's LTV ratio is 96% on a whole loan basis and 73% on A-Loan
basis.  Moody's LTV ratio at loan maturity is 90%, which is lower
compared to as result of scheduled amortization.  The UW LTV ratio
is 72% on whole loan basis and 55% on A-loan basis.  No updated
valuation has been reported since closing.

Loan payment status of the 13 smallest loans.  As of the last
interest payment date, all but four of the remaining 13 loans in
the portfolio were current.  Three loans which receive only
partial interest payments and no amortization include (i) the KS
Focus Derby loan (0.7% of the current pool); (ii) the Challenge
and Wrencote loan (0.5% of the current pool); and (iii) the
Swiftgold Limited loan (0.2% of the current pool).  In addition to
the Fairhold Portfolio loan, the MPH (UK) loan (0.7% of the
current pool) breached its DSCR covenant while it continued to
receive full interest payments.  However, only partial
amortization was paid by the borrower at the last IPD.

The MPH (UK) loan breached its DSCR covenant in January 2010 due
to the insolvency of the single tenant.  Currently, the loan is
expected to be restructured while a new 5-year lease has been
agreed to with the administrator of the tenant.  The servicer
received an updated valuation indicating an increase in UW market
LTV ratio to 186% from 51% at closing.

At the upcoming (October) IPD, it is expected that also the Rowan
UK loan (2.6% of the current portfolio) will be transferred to
special servicing due to an ICR covenant breach at the previous
IPD coupled with the upcoming loan maturity.

Refinancing risk in the pool.  The transaction's exposure to loans
maturing in the short-term (2010 and 2011) is moderate.  While
3.4% of loans mature in 2010, 6.4% of the current pool matures in
2011 (including the fourth largest loan (Le Meridien loan, 5.8% of
the current pool), and 1.7% of the loans mature in 2012 (reduced
from 39.4% as result of the Lea Valley loan extension).  The Le
Meridien loan benefits from two remaining one-year extension
options.

Since Moody's expects property values in the UK to only slowly
recover from 2011 onwards, all loans will remain highly leveraged
at their respective maturity dates, especially when taking into
account the additional debt in the form of B-loans for four of the
loans.  Consequently, in Moody's view, for almost all of the
loans, the default risk at maturity remains high compared to the
closing analysis.


DUNDEE FOOTBALL CLUB: Fans & Giovanni di Stefano vie for Ownership
------------------------------------------------------------------
Dundee Football Club fans could face a battle with former director
Giovanni di Stefano for the ownership of the financially-stricken
First Division club, BBC News reports.

According to the report, Bob Brannan's resignation from the club's
board was confirmed as he pledged to make his shares available to
the fans.  The report relates that the departure of main
benefactor Calum Melville and George Knight were also announced by
administrator PKF.

BBC notes Mr. Di Stefano have written to the club's administrator
confirming his interest in purchasing the club.  The report
relates Mr. Di Stefano has asked Bryan Jackson to provide him with
a figure outlining the club's liabilities and an estimated amount
needed to fund them through the season.

"I think the figure will be pretty modest -- GBP300,000 to
GBP500,000," he told BBC Radio Scotland.  "Once the season is over
you can regroup and take matters from there.  The fans are not
going to be sufficient. They don't have the money, the expertise
or the credibility," he added.

The report notes Mr. Di Stefano was also quick to rule out any
role for fans if he was to get involved again.

Mr. Jackson, the report discloses, was called into the club last
week after an investigation into unpaid taxes brought the club's
financial problems into public view.  The report relates that the
administrator revealed that the club's debt was around GBP2
million -- GBP420,000 being owed to the tax authorities -- and
Jackson concluded that the club had a 50% chance of survival.

Dundee Football Club -- http://www.thedees.co.uk/-- is a Scottish
football club.


EMI GROUP: Guy Hands Blames Citigroup Banker for 2007 Bid
---------------------------------------------------------
Andrew Edgecliffe-Johnson at The Financial Times reports that
Guy Hands' Terra Firma private equity group told a New York court
on Tuesday that it would not have bid for EMI Group in a 2007
auction had it not been for the alleged advice of a Citigroup
banker.

According to the FT, Mr. Hands, taking the stand on the second day
of his fraud lawsuit against the bank that financed the GBP4.2
billion (US$6.6 billion) deal, alleged that David Wormsley, head
of Citigroup's UK investment banking practice, encouraged Terra
Firma to enter the race for the music company even though the
private equity group preferred to avoid auctions.

The FT relates Mr. Hands said suing his closest external adviser
had been "a very, very last resort", arrived at reluctantly only
after negotiations with Citigroup on restructuring EMI failed.  He
reiterated his allegation that Mr. Wormsley told him over the
weekend before the Monday morning bid deadline that Terra Firma
should offer 265p per EMI share because Cerberus, a rival private
equity firm, planned a 262p offer, the FT notes.

Citigroup, the FT says, vehemently disputes the claim, arguing
that Mr. Hands decided to sue only after losing most of his
investment in the deal.  In the first hint in court at the
substantial damages Terra Firma might seek, Mr. Hands estimated
that EMI's value had fallen to about GBP1.8 billion, the FT
discloses.

Lawyers for Citigroup sought to undermine the idea that Terra
Firma relied on Mr. Wormsley as the source of its understanding
about Cerberus's position or the need to bid 265p, according to
the FT.  They pointed to several Terra Firma documents mentioning
Cerberus and a 265p bid before the alleged weekend conversations,
including accounts of a meeting between Mr. Hands and Eric Nicoli,
EMI's former chief executive, the FT notes.

The FT relates Judge Jed Rakoff said that he saw no reason to
believe that, however "boring" some of the evidence, the case
should be beyond a jury's comprehension.

The case continues.

                        Banking Covenants

As reported by the Troubled Company Reporter-Europe on Aug. 19,
2010, the FT said that an assessment by Maltby Capital, EMI's
private equity owner, shows that EMI will fall short of its
banking covenants until 2015 and will need a far larger injection
of fresh equity next year than the GBP87.5 million (US$136
million) it received in 2010.  The FT disclosed that while Maltby
outlines strong operational improvements in the business in its
annual report, the gains remain insufficient to satisfy tightening
banking covenants, raising the pressure for a renegotiation with
Citigroup to avoid breaching the terms of the GBP3.04 billion debt
due between 2014 and 2017.  The FT noted that although it has a
provisional commitment from Terra Firma funds to provide the
GBP26.9 million it expects to need for the periods ending June 30,
September 30 and December 31 this year, it expects "a further
significant shortfall" when the covenant is tested at the end of
March 2011.  The FT said EMI could require "substantially in
excess" of the GBP87.5 million in equity cures injected in 2010.
Further smaller sums may also be required for the remaining three
covenant tests in 2011, the FT stated.

EMI Group Ltd. -- http://www.emigroup.com/-- is the fourth
largest record company in terms of market share (behind Universal
Music Group, Sony Music Entertainment, and Warner Music Group).
It houses recorded music segment EMI Music and EMI Music
Publishing.  EMI Music distributes CDs, videos, and other formats
primarily through imprints and divisions such as Capitol Records
and Virgin, and sports a roster of artists such as The Beastie
Boys, Norah Jones, and Lenny Kravitz.  EMI Music Publishing, the
world's largest music publisher, handles the rights to more than a
million songs.  EMI Music operates through regional divisions (EMI
Music North America, International, and UK & Ireland).  Private
equity firm Terra Firma owns EMI.


GUIDESTAR DATA: Falls Into Administration
-----------------------------------------
GuideStar Data Services CIC has been placed into administration
seven months after it was assimilated into the Directory of Social
Change, Civil Society Finance reports.

According to the report, in a statement, the board of directors of
GuideStar UK CIC said: "It was with great reluctance that the
directors of GuideStar Data Services took the decision to appoint
an administrator over the company.  This decision was taken in the
context of an extremely challenging economic environment which
meant that the business was unable to sustain itself in its
current form.  The administrators are currently working to
restructure the company to maximize its assets and where possible
to protect and preserve its services."

The report notes that ownership of the free public GuideStar Web
site, which contains information about all UK charities, and
GuideStar Data Services passed from UK-registered charity
GuideStar International to the DSC in early March.

Meanwhile, the report relates, the trustees of DSC issued a
separate statement: "The trustees of the Directory of Social
Change acquired the share in GuideStar Data Services, and the
related website GuideStar UK, because it was of the view that the
free website was an enormously important resource for the sector
and should be preserved if at all possible.  DSC was prepared to
take on this challenge.  It is with immense sadness that DSC, as
the shareholder, accepts the decision of the board of directors of
GuideStar Data Services, to appoint an administrator.  DSC
continues to believe that this is an enormously important resource
for the sector and hopes that the process of administration will
help preserve this very important asset."

The administrator, Maidment Judd, was appointed on October 11,
2010.

GuideStar Data Services CIC is a community interest company, which
was established to sell pools of data garnered from the GuideStar
Web site.


RESLOC UK: Fitch Upgrades Rating on Class F1b Notes to 'CCsf'
-------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed 12 tranches from
ResLoC UK 2007-1 PLC Series UK non-conforming RMBS transaction,
containing residential mortgage loans originated by Morgan Stanley
International Bank Limited - Advantage, GMAC-RFC, Amber Homeloans
Limited and Victoria Mortgage Funding.  The upgrades to the junior
excess spread notes follow improved cash flow due to slower
losses.

Loans in arrears for more than three months have been declining as
a result of improved affordability due to low interest rates and
limited payment shock for borrowers switching from a fixed rate.
Over the last two quarters the three months plus arrears have
fallen to 10.45% from 11.49%.  Also, due to improved
affordability, collection rates from borrowers in arrears,
especially in higher arrears buckets, have increased and
significantly contributed to the cashflow available each period.

The decrease in arrears levels has also been mirrored by a
slowdown in the number of properties taken into repossession
which, in turn, has limited the volume of losses from the sale of
these properties.  Due to declining house prices, continued losses
on sales are expected; however, current excess spread levels are
sufficient to cover any loss registered to the principal
deficiency ledgers.  Period loss severities have fallen to 25%
over the last two quarters from highs of 40% a year and a half
ago.  Cumulative loss severity has stabilized around 35%.

Once heavily drawn, the reserve fund has begun to top up since
September 2009.  Improved cash flows are expected to help top up
the reserve fund towards its target.  Fitch remains cautious due
to the volume of loans remaining within higher arrears buckets but
acknowledges that the current levels of net excess spread would be
sufficient to cover the level of losses that are likely to be
realized over the short term.  It should be noted that once
interest rates increase, borrowers who are having difficulty
making payments are expected to be under further stress.

Ratings are:

ResLoC 2007-1 plc:

  -- Class A3a (ISIN XS0300468385): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3b (ISIN XS0300470365): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3c (ISIN XS0300472817): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class M1a (ISIN XS0300473203): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class M1b (ISIN XS0300473542): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class B1a (ISIN XS0300474193): affirmed at 'AAsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class B1b (ISIN XS0300474607): affirmed at 'AAsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class C1a (ISIN XS0300474789): affirmed at 'A-sf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-4'

  -- Class C1b (ISIN XS0300475083): affirmed at 'A-sf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-4'

  -- Class D1a (ISIN XS0300475323): affirmed at 'Bsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class D1b (ISIN XS0300476057): affirmed at 'Bsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class E1b (ISIN XS0300477022): affirmed at 'CCCsf'; assigned
     a Recovery Rating of 'RR4'

  -- Class E2b (ISIN XS0300477535): upgraded to 'CCCsf' from
     'CCsf'; assigned a Recovery Rating of 'RR3'

  -- Class F1b (ISIN XS0300477964): upgraded to 'CCsf' from 'Csf';
     assigned a Recovery Rating of 'RR4'


UROPA SECURITIES: Fitch Affirms 'CCsf' Rating on Class B2a Notes
----------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed 17 tranches from the
Uropa Securities PLC Series UK non-conforming RMBS transactions,
containing residential mortgage loans originated by GMAC-RFC,
Kensington, Edeus, Platform and Money Partners.  The Outlooks on 5
tranches have been revised to Stable from Negative.

The upgrade and revision of Outlooks follows an improvement
observed in the underlying collateral portfolios, with lower
levels of arrears and a slowdown of losses.  This has allowed the
transactions to clear previous principal deficiency ledger
balances, and in the case of Uropa 2007-1 to top up the reserve
fund to its required level.

Low interest rates have improved borrower affordability over the
last year, making it possible for borrowers who were previously in
distress to make payments on their current monthly installments
and at the same time, reducing the payment shock for those
borrowers reverting to floating rates from their fixed/discounted
payment periods.

Overall asset performance on both Uropa Securities PLC Series
2007-01B and Uropa Securities PLC Series 2008-1 have remained
stable over the last year.  Loans in arrears for more than three
months plus have remained at approximately 10% and 6%,
respectively for Uropa 2007 and 2008, while current outstanding
repossessions dropped to 0.22% and 0.36% respectively from 0.62%
and 0.4% in the July/June 2010 interest payment dates.

Although house prices have continued to fall, losses realized from
the sale of properties have been limited over the last three
quarters, mainly due to the reported reduction in the amounts of
loans taken into repossession.  The limited losses being
registered to the transaction PDLs in Uropa 2007 allowed excess
spread to top up its reserve fund to its target amount.  Having
the reserve fund at its target in October 2010 IPD resulted in
available net excess spread flow through the priority of payments
and begin redeeming the Class D excess spread note.  Fitch expects
a continuation of the recent trend of slower losses in the short
term.  This is the key driver for the upgrade of the Class D
excess spread note to 'Bsf' from 'Csf' as Fitch now expects that
this note will redeem over the next year following a large
turnaround in the performance of the transaction.

The reserve fund in Uropa 2007 is not expected to amortize due to
the breach of its trigger set on the percentage of cumulative loss
amounts.  Unlike Uropa 2007, Uropa 2008 does not feature a reserve
fund.  Instead, it has a liquidity facility reserve which only
covers senior expenses and certain interest shortfalls and not any
PDL balances.  The transaction has utilized this facility to cover
interest shortfalls on its Class B tranche during its first three
quarters.  However since then, it has topped up and remained fully
funded.  Due to the lack of a reserve fund to provide support to
the transaction any losses greater than the period excess spread
are written to the PDL.  This has resulted in a GBP4m PDL on the
unrated Class D.  This has reduced the level of protection
remaining for the more senior notes.

Ratings are:

Uropa Securities plc Series 2007-01B:

  -- Class A1a (ISIN XS0311801806): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A1b (ISIN XS0311805203): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A1c (ISIN XS0311806862): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A2b (ISIN XS0311807167): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3a (ISIN XS0311807753): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A3b (ISIN XS0311808561): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-1'

  -- Class A4a (ISIN XS0311809452): affirmed at 'AAAsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class A4b (ISIN XS0311809882): affirmed at 'AAAsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-3'

  -- Class M1a (ISIN XS0311810385): affirmed at 'A-sf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-4'

  -- Class M1b (ISIN XS0311811193): affirmed at 'A-sf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-4'

  -- Class M2a (ISIN XS0311813058): affirmed at 'BBsf'; Outlook
     revised to Stable from Negative; assigned a Loss Severity
     Rating of 'LS-4'

  -- Class B1a (ISIN XS0311815855): affirmed at 'CCCsf'; assigned
     a Recovery Rating of 'RR2'

  -- Class B1b (ISIN XS0311816150): affirmed at 'CCCsf'; assigned
     a Recovery Rating of 'RR2'

  -- Class B2a (ISIN XS0311816408): affirmed at 'CCsf'; assigned a
     Recovery Rating of 'RR3'

  -- Class D (ISIN XS0311819923): upgraded to 'Bsf' from 'Csf';
     assigned Stable Outlook

Uropa Securities plc Series 2008-1:

  -- Class A (ISIN XS0406658624): affirmed at 'AAAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-2'

  -- Class M1 (ISIN XS0406667534): affirmed at 'AAsf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-3'

  -- Class M2 (ISIN XS0406668938): affirmed at 'Asf'; Outlook
     Stable; assigned a Loss Severity Rating of 'LS-4'


WEDGWOOD MUSEUM: Judge to Make Final Decision Next Year
-------------------------------------------------------
The Wedgwood family said it is devastated at the prospect of a
unique pottery collection being sold off to plug a pension fund
deficit, BBC News reports.  The Wedgwood Museum was placed into
administration in March after the transferral of a GBP134 million
pension debt from the collapse of the pottery firm.

According to the report, MPs debated what to do at Westminster
Hall on Tuesday and a campaign is under way to safeguard the
Museum Trust.  A final decision will be made by a judge next year.

Alison Wedgwood told BBC News that the collection was treasured.
"The family is absolutely devastated and shocked," the report
quoted Ms. Wedgwood as saying.  "Also, I think there's really a
sense of anger that is probably shared by the people of Stoke-on-
Trent and the pensioners and ex-employees because here we have a
museum which won a prestigious award last year and here's an
amazing collection and suddenly it may all be threatened with a
forced sale."

The report notes that Waterford Wedgwood Plc went into
administration in January 2009 and after the Museum Trust
inherited its pension debt, fears escalated that it may have to
sell valuable artifacts to fill the black hole.

The debate, called an adjournment debate, was called by Stoke-on-
Trent Central Labour MP Tristram Hunt, the report adds.

Wedgwood Museum is located in Barlaston, United Kingdom.


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 28, 2010
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Oct. 29, 2010 (tentative)
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Dec. 2-4, 2010
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     22nd Annual Winter Leadership Conference
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January 26-28, 2011
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     Rocky Mountain Bankruptcy Conference
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Feb. 24-25, 2011
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     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.  Valerie U. Pascual, Marites O. Claro, Rousel Elaine
T. Fernandez, Joy A. Agravante, Frauline S. Abangan and Peter A.
Chapman, Editors.

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

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

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

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


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