TCREUR_Public/101028.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Friday, October 29, 2010, Vol. 11, No. 214

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: CEO to Hand Over 25.1% Stake; Creditors to Meet


G E R M A N Y

RHJ INTERNATIONAL: Honsel AG Files for Insolvency
WESTLB AG: May Sell WestImmo in Pieces; Seeks Deadline Extension
* GERMANY: Draws Up EU Mechanism for State Insolvencies


I R E L A N D

ANGLO IRISH: Bondholders to Block EUR2 Billion Debt Exchange
ANGLO IRISH: S&P Downgrades Rating on Debt Securities to 'D'
BANK OF IRELAND: Sold EUR750 Million Government-Guaranteed Bonds
INTERNATIONAL SECURITIES: Owners to Wind Up Business Due to Losses


K A Z A K H S T A N

BTA BANK: S&P Raises Counterparty Credit Ratings to 'B-' From 'D'


L U X E M B O U R G

TRUVO USA: Wins Confirmation of Exit Plan After Settlement


N E T H E R L A N D S

AMSTEL CLO: Moody's Lifts Rating on Class E Notes From Ba2 (sf)
AMSTEL CORPORATE: Moody's Upgrades Ratings on Various Notes
AMSTEL SECURITISATON: Moody's Upgrades Ratings on Various Notes
AMSTEL SECURITIZATION: Moody's Lifts Ratings on Various Notes
AMSTEL SHER: Moody's Lifts Rating on Class E Notes to 'Ba1 (sf)'

SENSATA TECHNOLOGIES: Posts US$48MM Net Loss in Sept. 30 Quarter


R U S S I A

BANK VOZROZHDENIE: S&P Gives Positive Outlook; Keeps 'B+/B' Rating
GLOBEXBANK: Fitch Changes Outlook to Stable; Affirms 'BB' Rating
TATTELECOM OJSC: Fitch Upgrades Issuer Default Rating to 'BB-'
TRANSCREDITBANK: Moody's Assigns (P)'Ba1' Rating to Senior Debt


S P A I N

CAJA SAN FERNANDO: S&P Affirms Ratings on Five Classes of Notes
GRIFOLS SA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
* SPAIN: Commercial Bankers Criticize Slow Caja Reform


S W E D E N

STENA AB: Moody's Downgrades Corporate Family Rating to 'Ba2'


U K R A I N E

PIVDENNYI BANK: Moody's Gives Stable Outlook on 'B2' Rating


U N I T E D   K I N G D O M

ALTERNATIVE HOTEL: Lloyds to Give Incentives for DeVere Turnaround
CHARLTON CARE HOMES: Goes Into Administration
FIRST CALL: Goes Into Liquidation After Major Customer Moved
LEISURE & GAMING: Forced Into Administration
MAYPOLE GROUP: Joint Administrators Appointed

PARAMOUNT PRINT: Falls Into Administration; Cuts 35 Jobs
PULSE MEDIA: Goes Into Administration
SPECIALITY RETAIL: Acquired by GA Europe; Goes Into Administration
XL LEISURE: Goes Into Administration


X X X X X X X X

* BOOK REVIEW: Fraudulent Conveyances, A Treatise Upon Conveyances




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: CEO to Hand Over 25.1% Stake; Creditors to Meet
-----------------------------------------------------------------
Wirtschaftsblatt, citing Wolfgang Hrobar of creditor protection
associations Alpenlaendischer Kreditorenverband, who attended a
creditor committee meeting on Wednesday, reported that A-Tec
Industries AG Chief Executive Officer Mirko Kovats plans to hand
over a 25.1% stake in the company, Zoe Schneeweiss writes for
Bloomberg News.

Bloomberg relates Mr. Hrobar, as cited by the Vienna-based
newspaper, said the stake will be entered into the insolvency
estate via a trusteeship or be mortgaged.

According to Bloomberg, Mr. Hrobar told the paper that regarding
the company's AE&E units the creditor banks will make cash and
credit lines available until March 31, 2012.  The banks will
receive the EUR12 million (US$16.5 million) dividend of A-Tec's
Brixlegg unit as a security, Bloomberg relates, citing
Wirtschaftsblatt.

Bloomberg notes Mr. Hrobar said the banks will meet today,
Oct. 29, to discuss details.

A-Tec's creditors committee consists of the three trustees for
bond crditors -- Georg Freimueller, Ulla Reisch and Susi
Pariasek -- creditor protection associations KSV, Alpenlaendischer
Kreditorenverband and Creditreform and Austria's attorney general,
Bloomberg discloses.

Separately, Boris Groendahl at Bloomberg News, citing Der
Standard, reports A-Tec's creditor banks will meet on Monday,
Nov. 1, to decide whether to unfreeze up to EUR80 million (US$110
million) in loans and EUR70 million in guarantees to its AE&E
unit.

According to Bloomberg, Die Presse newspaper reported the banks
are demanding that A-Tec, which requested insolvency protection
last week, inject its own funds into the unit.

Bloomberg notes Der Standard reported that non-Austrian banks may
favor to break up the company and sell its assets.

As reported by the Troubled Company Reporter-Europe on Oct. 22,
2010, Bloomberg News said A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
Bloomberg disclosed A-Tec said in a statement on Oct. 20 that
the company filed for self-administered reorganization proceedings
at the Vienna Commercial Court and appointed trustees for
bondholders.  Bloomberg said A-Tec has 90 days under Austrian law
to seek an agreement with lenders, after which it can seek full
protection from creditors.  The company has a EUR798 million
(US$1.11 billion) revolving credit facility and EUR302 million of
outstanding bonds, according to Bloomberg data.

A-Tec Industries AG is an engineering company based in Vienna,
Austria.


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G E R M A N Y
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RHJ INTERNATIONAL: Honsel AG Files for Insolvency
-------------------------------------------------
RHJ International's fifty-one percent subsidiary, Honsel AG, has
filed for insolvency in Germany, having failed to reach agreement
with all stakeholders on a sustainable restructuring plan to allow
for the continuation of the company.

As part of a restructuring in July 2009, RHJI invested
EUR50 million into the Honsel Group in exchange for a 51% stake in
the group, with the remaining 49% being held by Honsel's senior
term lenders.  Over the last year Honsel has incurred significant
operating losses.  Despite the equity support provided by RHJI in
the midst of the economic downturn and considerable efforts by
Honsel's management to address operating issues in manufacturing
in conjunction with new product launches, Honsel's financial
performance remained under pressure and resulted in a liquidity
shortfall.

Leonhard Fischer, RHJI's Chief Executive Officer, commented:"We
regret that in spite of all efforts the company has not been able
to turn around its business."

The carrying value of the investment in Honsel as reflected in
RHJI's non- consolidated accounts stands at EUR50 million.  In
addition EUR20 million super senior credit facilities and
EUR15 million of leasing and factoring facilities are outstanding.

                     About RHJ International

RHJ International is a limited liability company incorporated
under the laws of Belgium, having its registered office at Avenue
Louise 326, 1050 Brussels, Belgium.  RHJI is transforming itself
from a diversified industrial holding company into an active and
dynamic financial services group.


WESTLB AG: May Sell WestImmo in Pieces; Seeks Deadline Extension
----------------------------------------------------------------
Holger Elfes at Bloomberg News, citing Financial Times
Deutschland, reports that WestLB AG may sell its WestImmo property
unit in bits if the European Union won't extend the end-of-the-
year deadline for a disposal.

Bloomberg relates the FTD, citing people close to the government,
reported Germany's federal government will support WestLB and ask
the EU for an extension of the deadline.

Separately, James Wilson at The Financial Times reports extending
the deadline for a WestImmo sale would enable WestLB to sell when
market conditions normalised and improve the subsidiary's funding
needs.  Westimmo had EUR871 million (US$1.2 billion) of equity and
assets of EUR28 billion at the end of June, the FT discloses.

Offers received for WestImmo, a property finance unit, were
"unacceptable from an overall business point of view", WestLB
admitted after months of trying to conclude a deal, according to
the FT.

The FT relates the request for an extended deadline to sell
WestImmo risks further inflaming WestLB's fraught relationship
with the EU's competition commission, which has still fully to
approve the way that the landesbank this year off-loaded toxic and
unwanted assets into a so-called "bad bank" to be wound down.

The FT notes Germany's government -- which must negotiate with
Brussels on WestLB's behalf -- said it would consider the request
to extend the deadline for the WestImmo sale.  According to the
FT, the Commission said it had not yet received WestLB's request.

On July 23, 2010, the Troubled Company Reporter-Europe reported
Bloomberg News, citing the FTD, said that Aareal Bank AG and
investment firm Apollo made binding bids for WestImmo.  As
reported by the Troubled Company Reporter-Europe on June 4, 2010,
Dow Jones Newswires said WestLB is mandated by the EU to sell
WestImmo as part of a broader restructuring tied to its use of
government bailouts.

                          About WestLB

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

                           *     *     *

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


* GERMANY: Draws Up EU Mechanism for State Insolvencies
-------------------------------------------------------
Patrick Donahue at Bloomberg News reports that Handelsblatt,
citing an unidentified government official, related that German
Finance Ministry officials have drafted a European Union mechanism
for state insolvencies that involves an extension of sovereign-
debt maturities, a suspension of interest payments and a waiver on
creditors' claims.

According to Bloomberg, the newspaper said the draft, which will
be presented in coming weeks, avoids the term "orderly
insolvency."


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I R E L A N D
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ANGLO IRISH: Bondholders to Block EUR2 Billion Debt Exchange
------------------------------------------------------------
Anousha Sakoui and Jennifer Hughes at The Financial Times report
that Anglo Irish Bank faces a battle to impose a punitive
settlement on its junior creditors after a group of bondholders
formed in a bid to block attempts to force a EUR2 billion (GBP1.74
billion) debt exchange on creditors.

The FT relates an ad hoc group of investors, represented by law
firm Brown Rudnick and investment bank Houlihan Lokey, said on
Wednesday they held enough bonds in one of the bank's so-called
lower tier two notes to block moves by the bank to force
bondholders to accept a tender offer of that issue.

According to the FT, the investors say they do not plan to
participate in the tender and will vote against the extraordinary
resolutions contained in it.  Bondholders are being offered to
participate in an exchange that will pay them 20% of face value
for their current bonds, the FT discloses.  If more than 75% of
bondholders approve the offer by participating, the company may
force dissenting bondholders to sell their bonds back to the bank
for just one cent for every EUR1,000 of the bonds' face value, the
FT notes.

The group, as cited by the FT, said Anglo Irish's proposal is
inconsistent with principles of fair and equal treatment of
creditors.

Last week, Maarten van Eden, the bank's chief financial officer,
told the Financial Times that the bank would not negotiate on the
terms.

The Irish government has repeatedly warned it will introduce
legislation, if necessary, to force bondholders to share the
burden, the FT relates.

The bank has scheduled meetings in December for bondholders to
vote on the offer, the FT states.  The FT says acceptance will
require a two-thirds turnout, and 75% of those present, to vote in
favor.

                             Default

As reported by the Troubled Company Reporter-Europe on Oct. 27,
2010, ratings firm DBRS, as cited by Bloomberg News, said Anglo
Irish's offer to swap its subordinated debt for new bonds is
"tantamount to a default" because of the penalties inflicted on
investors who refuse to take part.  Bloomberg disclosed DBRS said
in a statement that the lender's non-senior ratings will be cut
one step to D for "Default" after the lender completes the
exchange announced on Oct. 21.  "DBRS views the proposed exchange
as offering bondholders limited options," the ratings company
said, according to Bloomberg. "Should the bondholders reject the
proposed exchange, at an 80 percent discount on tendered notes,
they face the risk of significant burden sharing."  Bloomberg
News' Abigail Moses reported BNP Paribas SA said the bank's offer
to swap subordinated bonds for new notes may trigger payouts on as
much as US$420 million of credit-default swap contracts.
Bloomberg disclosed BNP Paribas credit analyst Olivia Frieser said
investors will have to approve changes to the terms of the bonds
to exchange them, causing a so-called restructuring credit event
on swaps linked to all of the bank's debt.

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

                          *     *     *

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

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


ANGLO IRISH: S&P Downgrades Rating on Debt Securities to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its rating
on Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The 'BBB/A-2'
counterparty credit ratings on Anglo remain on CreditWatch with
negative implications, where they were placed on Jan. 26, 2010.
The rating action does not affect issuances by Anglo which are
guaranteed by the Republic of Ireland (AA-/Negative/A-1+).

The downgrade of the lower Tier 2 debt rating reflects S&P's
opinion that this exchange offer is a "distressed exchange" and
tantamount to default in accordance with its criteria.  There is
no related rating action on the counterparty credit ratings
because there is no default on non-regulatory capital issues.

Anglo has announced an exchange offer for its lower Tier 2
bondholders.  It has offered bondholders the opportunity to
exchange any or all of their existing notes at a rate of 20 cents
on the euro into a new one-year senior government guaranteed bond.
S&P considers this to be a "distressed exchange" because
bondholders will receive significantly less than the original
promise and because, as Anglo has referenced in its Memorandum to
bondholders, the Minister of Finance has said that he is prepared
to legislate to ensure that subordinated bondholders share
appropriately in the financial burden of rescuing the bank.

In addition, Anglo has offered a small cash payout to junior
subordinated bondholders.  The ratings on these notes are
unaffected because S&P already rate them 'C', reflecting the
ongoing coupon deferral.

If both of these offers are fully accepted, Anglo will reportedly
create additional core Tier 1 capital of about EUR1.5 billion.

Anglo's exchange offer follows recent announcements that the Irish
government has resolved to split Anglo into two licensed and
regulated credit institutions, subject to EC approval.  Further,
the regulator has determined that Anglo will need an additional
EUR6.4 billion in capital (based on its central case) over and
above the EUR22.9 billion of capital already provided by the
state.  S&P understand, based on the Minister's Statement on
Banking on Sept. 30, 2010, that the projected capital gains from
the exchange offers were already factored into the government's
projected total gross cost of Anglo's restructuring.  Anglo also
receives significant levels of special funding lines from the
Central Bank of Ireland and participates in open-market operations
with the European Central Bank.  S&P regard Anglo's funding and
liquidity position as highly stressed.

"S&P plan to resolve Anglo's CreditWatch status once S&P has
reviewed its restructuring plan," said Standard & Poor's credit
analyst Nigel Greenwood.  "Based on S&P's current understanding of
the government's support and its plan to split and wind-down
Anglo, S&P would expect, on resolution of the CreditWatch, to
classify Anglo as a government-related entity," he added.  Under
S&P's GRE criteria, S&P would expect to assign ratings to Anglo no
higher than the existing 'BBB/A-2' ratings.  Depending on S&P's
view of Anglo's role and link to the government, and its view of
its stand-alone credit profile, S&P could lower the ratings by one
or more notches.

S&P's ratings will take into consideration its assessment of the
medium-term importance of Anglo to the government, the intentions
of the latter with respect to Anglo's various classes of debt, and
Anglo's future financial and business profile.


BANK OF IRELAND: Sold EUR750 Million Government-Guaranteed Bonds
----------------------------------------------------------------
Jennifer Hughes at The Financial Times reports that Bank of
Ireland has sold EUR750 million (GBP655 million) of two-and-a-half
years, government-guaranteed bonds amid strong demand that helped
increase the sale from the original EUR500 million.

According to the FT, Bank of Ireland's bonds will pay an interest
coupon of 5.875%.  Investor orders for the transaction totalled
EUR1 billion and a total of 68 accounts bought the bonds,
indicating wide interest, the FT discloses.

The FT relates of the buyers, 35% were from the UK and Ireland;
the rest were from continental Europe.

The FT relates bankers involved in the deal said most of the
investors were so-called "real money", or institutional fund
managers, not hedge funds and other speculative players.

Bank of Ireland recently issued GBP300 million of private bonds to
a small group of investors, but Wednesday's deal was its first
attempt to offer bonds publicly, the FT notes.

The deal was also completed successfully in spite of increasing
market concern following the collapse of talks over Portugal's
planned austerity budget, the FT 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.


INTERNATIONAL SECURITIES: Owners to Wind Up Business Due to Losses
------------------------------------------------------------------
International Securities Trading Corporation is set to be
liquidated over the next two months, Emmet Oliver at Irish
Independent reports citing current owners Collins Stewart.

"The directors intend to liquidate the company and this process is
scheduled to begin in late 2010," the company's latest accounts
states, according to Irish Independent.  A number of resignations
have hit the company in recent months, among them original founder
Tiarnan O'Mahoney, the ex-Anglo Irish executive, Irish Independent
relates.

According to Irish Independent, the company will be bowing out
sitting on a loss of EUR1.9 million after tax.

Irish Independent reveals that the company only had income at the
end of 2009 of EUR1.1 million, almost half the amount registered
the previous year.

The shareholder's equity left in the company is EUR4.2 million
which should now go to Collins Stewart, after costs are
discharged, Irish Independent discloses.

"The company incurred significant losses during the financial year
as a result of a difficult trading environment. Following an in
depth strategic review of the company's future viability, the
directors decided to wind up the company."

As reported by the Troubled Company Reporter-Europe on March 7,
2008, Irish Independent said unsecured creditors of ISTC approved
the scheme of arrangement drafted by court-appointed examiner John
McStay.  Irish Independent disclosed under the scheme, unsecured
creditors, which include banks, were expected to recover 12% of
their EUR439 million investment, while subordinated creditors --
including 125 small investors who invested EUR43 million in bonds
in ISTC -- and Asian investors, who bought EUR160 million, worth
of preference share-like instruments, would see no return.

Irish Independent said the company was forced to petition for
examinership after a warning from Dresdner Bank, a German
creditor, that the bank would seek to have the company wound up
unless it paid back a EUR176,000 debt.

Headquartered in Dublin, Ireland, International Securities
Trading Corporation Plc -- http://www.istcorporation.com/--
provides investment grade Tier 1 and Tier II hybrid bank capital
via private placement issues and primary market participation.
Acting as principal in private placement transactions, ISTC is
uniquely positioned to offer bespoke solutions and certainty of
execution to issuers.


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


BTA BANK: S&P Raises Counterparty Credit Ratings to 'B-' From 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term counterparty credit ratings on Kazakhstan-based BTA Bank
J.S.C. to 'B-' from 'D' and its short-term counterparty credit
ratings to 'C' from 'D'.  The outlook is stable.  At the same
time, S&P assigned a 'kzBB-' Kazakhstan national scale rating.

"The upgrade reflects the improvement of BTA's stand-alone credit
profile resulting from the completion of the restructuring of its
wholesale debt, as well as S&P's incorporation in its assessment
of the stand-alone credit profile of ongoing financial support
from the Kazakh government," said Standard & Poor's credit analyst
Ekaterina Trofimova.

The final rating incorporates a one-notch uplift above the stand-
alone credit profile because S&P expects a "moderate" probability
of potential timely and extraordinary government support if
required.

Very weak asset quality and capitalization, poor earnings, and a
somewhat tight repayment schedule remain the key weaknesses for
the ratings.

With assets of US$13 billion on Sept. 1, 2010, BTA ranked among
the top three banks in Kazakhstan.  BTA reported market shares of
16% by assets and 21% by loans as of Sept. 1, 2010.  However,
these high nominal figures overstate its real market position and
business franchise, given significant nonperforming loans
accumulated on the books.

S&P considers BTA to be a government-related entity according to
its criteria.  S&P's one-notch uplift from BTA's stand-alone
credit profile reflects: BTA's "strong" link with the government.
As a result of restructuring, 100% state-owned holding and
investment company Samruk?Kazyna (not rated) now owns 81.5% of the
bank and BTA currently represents one of the government's largest
investments in the financial sector; and

BTA's "limited" importance for Kazakhstan's economy because the
bank's market share is reducing and the bank does not provide a
specific public service that cannot be provided by other
commercial banks.  The stable outlook reflects S&P's expectation
that the Kazakh government will continue to provide substantial
ongoing liquidity support as the bank cleans it loan book,
diversifies its funding base, and reinvigorates its business
franchise.

"S&P may lower the ratings if S&P perceive that the Kazakh
government's stance toward the bank is no longer consistent with a
"moderate" likelihood of support, or if BTA's weak earnings and
poor asset quality do not improve but further threaten the bank's
financial health and pressure its liquidity profile and refinance
risks increase sharply," said Ms. Trofimova.

Under S&P's base-case scenario, S&P sees limited ratings upside
potential in the medium term, unless the weight of problem loans
is lifted from the bank and it can reinvigorate its business
franchise and boost earnings, or if a new owner with strong
capacity and willingness to provide substantial financial support
is sought.


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


TRUVO USA: Wins Confirmation of Exit Plan After Settlement
----------------------------------------------------------
Bill Rochelle, the bankruptcy columnist for Bloomberg News,
reports that Truvo Luxemburg Sarl won confirmation from the U.S.
bankruptcy judge of its proposed plan of reorganization.

As reported in the Troubled Company Reporter on October 7, Truvo
Group struck a deal with its unsecured creditors that would give
them a greater recovery when the Company exits from Chapter 11
protection.

The revised proposal:

     -- increases to EUR20 million ($27.4 million) from
        EUR15 million the amount to be divvied up among holders
        of Truvo's high-yield bonds; and

     -- entitles the high-yield bondholders to:

        * warrants good for a higher percentage of the reorganized
          Truvo's shares than they would have previously received;
          and

        * cash good for 7.5% of Truvo's U.S. tax proceeds, if that
          money is available.

The TCR reported that the holders of the high-yield notes will get
the better recovery only if they vote for Truvo's new bankruptcy-
exit plan.  Truvo's committee of unsecured creditors, which is
representing the bondholders, agreed to support the plan and
withdraw all litigation regarding it.

Full-text copies of the Plan and Disclosure Statement are
available for free at:

       http://bankrupt.com/misc/TRUVOUSA_2ndAmendedPlan.pdf
       http://bankrupt.com/misc/TRUVOUSA_AmendedDS.pdf

                          About Truvo USA

Wilmington, Delaware-based Truvo USA LLC is a non-operating
subsidiary of Belgium-based Truvo Luxembourg S.a.r.l, which
publishes print and online directories through its operating
subsidiaries.

Truvo USA and other non-operating affiliates filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 10-13513) on
July 1, 2010.  The Company estimated $500 million to $1 billion
in assets and more than $1 billion in debts in its Chapter 11
petition.

Sean A. O'Neal, Esq., and Thomas J. Moloney, Esq., at Cleary
Gottlieb Steen & Hamilton, LLP, and Vincent Edward Lazar, Esq., at
Jenner & Block LLP, assist the Company in its restructuring
effort.  Jenner & Block LLP and Simpson Thacher & Bartlett LLP are
the Company's special counsel.  Houlihan Lokey Howard & Zukin
(Europe), Limited, is the Company's restructuring and financial
advisor.

Truvo Luxembourg and its operating subsidiaries have not sought
protection under Chapter 11 protection or any other insolvency
regime.


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


AMSTEL CLO: Moody's Lifts Rating on Class E Notes From Ba2 (sf)
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of notes issued
by Amstel CLO 2007-1 BV

Issuer: Amstel Corporate Loan Offering 2007-1 B.V.

  -- EUR125M Class B Notes, Upgraded to Aaa (sf); previously on
     May 14, 2007 Definitive Rating Assigned Aa2 (sf)

  -- EUR100M Class C Notes, Upgraded to Aaa (sf); previously on
     May 14, 2007 Definitive Rating Assigned A2 (sf)

  -- EUR100M Class D Notes, Upgraded to Aa1 (sf); previously on
     May 14, 2007 Definitive Rating Assigned Baa2 (sf)

  -- EUR150M Class E Notes, Upgraded to A2 (sf); previously on
     May 14, 2007 Definitive Rating Assigned Ba2 (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by the substantial and
ongoing amortization of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.

This transaction which closed in March 2007 is a synthetic balance
sheet CLO referencing a portfolio of largely European and North
American corporate loans originated by ABN Amro (now RBS N.V.).
Between April 2010 and August 2010, the pool has amortized by
20.2% from EUR2,899.4 million to EUR2,312.1 million; the August
2010 portfolio has a WARF of 777.6 consistent with an implied
rating of Ba1 for the pool.  There have been five credit events
since closing totaling EUR53.8 million of par, which represent
0.5% of the closing portfolio of EUR10 billion.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case.  Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.

Moody's considered several sensitivity runs on top of this base
case.  These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were half a notch lower, a jump to
Caa2 scenario where the agency assumed that either of the two
largest obligors ratings would move to Caa2, and an amortization
scenario considering that another 20.2% of the pool would further
repay by December 2010.  In all these cases, the model outputs are
equal or better than the current revised ratings.  However, in
reaching its rating decision, Moody's weighted the fact that
tranches D and E remain sensitive to potential losses on the
portfolio, as an additional 4% loss on the pool sees a decrease in
the model outputs by up to 1 and 4 notches respectively compared
to the base case run.

Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.

Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortisation and prepayments.  If rapid
delivering continues to affect this transaction, assuming that
other credit related factors remain stable, the notes ratings are
likely to experience further upgrade migration.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.  A mean recovery rate of 36.6% was generated for the pool
(dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability -- net of stresses- was 3.36%.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


AMSTEL CORPORATE: Moody's Upgrades Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Notes issued
by one synthetic collateralized debt obligation transaction
referencing mainly European and North American corporate loans.

Issuer: Amstel Corporate Loan Offering 2005-1 B.V.

  -- EUR125M Class B Notes, Upgraded to Aaa (sf); previously on
     July 11, 2005 Assigned Aa2 (sf)

  -- EUR150M Class C Notes, Upgraded to Aa1 (sf); previously on
     July 11, 2005 Assigned A2 (sf)

Issuer: Amstel Corporate Loan Offering 2005-2 B.V.

  -- EUR60M Class D Notes, Upgraded to Aa2 (sf); previously on
     July 11, 2005 Assigned Baa2 (sf)

  -- EUR85M Class E Notes, Upgraded to Baa3 (sf); previously on
     July 11, 2005 Assigned Ba2 (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by the substantial and
ongoing amortization of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.

These transactions, which closed in June 2005 are synthetic
balance sheet CLO referencing the same underlying pool, a
portfolio of largely European and North American corporate loans
originated by ABN Amro (now RBS N.V.).  Between April 2010 and
August 2010, the pool has amortized by 32% from EUR4,371.7 million
to EUR2,970.4 million; the August 2010 portfolio has a WARF of 279
consistent with an implied Moody's rating of Baa2 for the pool.
There have been no credit events since closing.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case.  Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.

Moody's considered several sensitivity runs on top of this base
case.  These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were half a notch lower, a
potential loss scenario to assess whether an additional 2% loss on
the pool would affect the model outputs, and an amortization
scenario considering that another 32% of the pool would further
repay by December 2010.  In all these cases, the model outputs are
equal or better than the current revised ratings.  However, in
reaching its ratings decision, Moody's weighted the fact that
tranches E and F remain sensitive to a jump to Caa2 scenario where
the agency assumed that either of the two largest obligors ratings
would move to Caa2.  Under these scenarios, the model outputs are
respectively 1 and 5 notches lower than the base case run.

Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.

Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortization and prepayments.  If rapid
delivering continues to affect this transaction, the notes ratings
are likely to experience further upgrade migration.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.  A mean recovery rate of 42.9% was generated for the pool (
dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability -- net of stresses- was 0.54%.

Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio and computes
the associated loss to each tranche in the structure.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


AMSTEL SECURITISATON: Moody's Upgrades Ratings on Various Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of notes issued
by Amstel Securitisaton of Highgrade Exposures 2006 B.V.

Issuer: Amstel Securitisation of Highgrade Exposures 2006 B.V.

  -- EUR125M Class B Notes, Upgraded to Aaa (sf); previously on
     May 30, 2007 Assigned Aa2 (sf)

  -- EUR100M Class C Notes, Upgraded to Aa1 (sf); previously on
     May 30, 2007 Assigned A2 (sf)

  -- EUR80M Class D Notes, Upgraded to Aa2 (sf); previously on
     May 30, 2007 Assigned Baa2 (sf)

  -- EUR90M Class E Notes, Upgraded to Baa1 (sf); previously on
     May 30, 2007 Assigned Ba1 (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by the substantial and
ongoing amortisation of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.

This transaction which closed in November 2006 is a synthetic
balance sheet CLO referencing a portfolio of largely European and
North American corporate loans originated by ABN Amro (now RBS
N.V.).  Between April 2010 and August 2010, the pool has amortized
by 20.6% from EUR4,062.1 million to EUR3,227.2 million; the August
2010 portfolio has a WARF of 418.7 consistent with an implied
rating of Baa3 for the pool.  There have been two credit events
since closing totaling EUR27.4 million of par, which represent
0.27% of the closing portfolio of EUR10 billion.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case.  Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.

Moody's considered several sensitivity runs on top of this base
case.  These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were half a notch lower, and an
amortization scenario considering that another 20.6% of the pool
would further repay by December 2010.  In all these cases, the
model outputs are equal or better than the current revised
ratings.  However, in reaching its ratings decisions, Moody's
weighted the fact that tranches D and E remain sensitive to a jump
to Caa2 scenario where the agency assumed that either of the two
largest obligors ratings would move to Caa2.  Under these
scenarios, the model outputs are respectively 1 and 6 notches
lower than the base case run.

Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.

Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortization and prepayments.  If rapid
delivering continues to affect this transaction, assuming that
other credit related factors remain stable, the notes ratings are
likely to experience further upgrade migration.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
models.  A mean recovery rate of 42.1% was generated for the pool
(dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability -- net of stresses- was 1.3%.

Under this methodology, Moody's relies on a simulation based
framework, implemented via CDOROM2.6TM, to generate default and
recovery scenarios for each asset in the portfolio and computes
the associated loss to each tranche in the structure.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


AMSTEL SECURITIZATION: Moody's Lifts Ratings on Various Notes
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of notes issued
by Amstel Securitization of Contingent Obligations 2006-1 B.V.

Issuer: Amstel Securitization of Contingent Obligations 2006-1
B.V.

  -- EUR518M Class A Notes, Upgraded to Aaa (sf); previously on
     June 25, 2009 Downgraded to Aa1 (sf)

  -- EUR70M Class B Notes, Upgraded to Aaa (sf); previously on
     June 25, 2009 Downgraded to A1 (sf)

  -- EUR35M Class C Notes, Upgraded to Aaa (sf); previously on
     June 25, 2009 Downgraded to A3 (sf)

  -- EUR49M Class D Notes, Upgraded to Aa1 (sf); previously on
     June 25, 2009 Confirmed at Baa2 (sf)

  -- EUR70M Class E Notes, Upgraded to A1 (sf); previously on
     June 25, 2009 Confirmed at Ba2 (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by the substantial and
ongoing amortization of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.

This transaction which closed in December 2006 is a synthetic
balance sheet transaction referencing a portfolio of derivatives
exposures to largely European, Asian and North American corporates
and institutions, originated by ABN Amro (now RBS N.V.).  Between
April 2010 and September 2010, the pool has amortized by 34% from
EUR2,144.1 million to EUR1,421.1 million; the September 2010
portfolio has a WARF of 305 consistent with an implied Moody's
rating of Baa2 for the pool.  There have been no credit events
since closing.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case.  Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.

Moody's considered several sensitivity runs on top of this base
case.  These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were half a notch lower, a jump to
Caa2 scenario where the agency assumed that either of the two
largest obligors ratings would move to Caa2.  In all these cases,
the model outputs are equal or better than the current revised
ratings.  However, in reaching its ratings decisions, Moody's
weighted the fact that tranches D and E remain sensitive to
potential losses on the portfolio, as an additional 4% loss on the
pool sees a decrease in the model outputs by up to 1 and 3 notches
respectively from the base case run.

Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.

Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortisation and prepayments.  If rapid
delivering continues to affect this transaction, assuming that
other credit related factors remain stable, the notes ratings are
likely to experience further upgrade migration.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
models.  A mean recovery rate of 32.3% was generated for the pool
(dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability -- net of stresses- was 1.76%.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


AMSTEL SHER: Moody's Lifts Rating on Class E Notes to 'Ba1 (sf)'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of notes issued
by Amstel SHER 2007-1 B.V.

Issuer: Amstel SHER 2007-1 B.V.

  -- EUR75M Class B Notes, Upgraded to Aa1 (sf); previously on
     May 14, 2007 Definitive Rating Assigned Aa2 (sf)

  -- EUR115M Class C Notes, Upgraded to Aa2 (sf); previously on
     May 14, 2007 Definitive Rating Assigned A2 (sf)

  -- EUR75M Class D Notes, Upgraded to A3 (sf); previously on
     May 14, 2007 Definitive Rating Assigned Baa2 (sf)

  -- EUR90M Class E Notes, Upgraded to Ba1 (sf); previously on
     May 14, 2007 Definitive Rating Assigned Ba2 (sf)

                        Ratings Rationale

Moody's said the rating actions are driven by the substantial and
ongoing amortization of the underlying pool leading to an enhanced
level of subordination for the rated tranches coupled with
satisfactory performance of the reference pool.

This transaction which closed in May 2007 is a synthetic balance
sheet CLO referencing a portfolio of largely European and North
American corporate loans originated by ABN Amro (now RBS N.V.).
Between April 2010 and August 2010, the pool has amortized by
22.8% from EUR5,066.8 million to EUR3,911.3 million; the August
2010 portfolio has a WARF of 505.3 consistent with an implied
rating of Baa3 for the pool.  There have been three credit events
since closing totalling EUR27.2 million which represent 0.27% of
the closing portfolio of EUR10 billion.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale as a base case.  Because this mapping
was performed more than two years ago, an additional stress was
applied to capture potential deviations from the established
mapping.

Moody's considered several sensitivity runs on top of this base
case.  These sensitivity runs include a notching stress scenario
to assess the impact of a mapping drift, where Moody's assumed
that all names in the portfolio were half a notch lower, a
potential loss scenario to assess whether an additional 1% loss on
the pool would affect the model outputs, and an amortization
scenario considering that another 22.8% of the pool would further
repay by December 2010.  In all these cases, the model outputs are
equal or better than the current revised ratings.  However, in
reaching its ratings decisions, Moody's weighted the fact that
tranches C, D and E remain sensitive to a jump to Caa2 scenario
where the agency assumed that either of the two largest obligors
ratings would move to Caa2.  Under these scenarios, the model
outputs are respectively 2, 4 and 4 notches lower than the base
case run.

Rating actions taken are based on a consideration of the above
scenarios and other factors including the size and quality of the
subordination available to the rated tranches.

Moody's notes that the ratings of this transaction remain
sensitive to the rate of amortization and prepayments.  If rapid
delivering continues to affect this transaction, assuming that
other credit related factors remain stable, the notes ratings are
likely to experience further upgrade migration.

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.  A mean recovery rate of 38.8% was generated for the pool
(dependent upon industry sector and domicile of individual
reference obligors) and the base case weighted average default
probability -- net of stresses- was 1.95%.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.


SENSATA TECHNOLOGIES: Posts US$48MM Net Loss in Sept. 30 Quarter
----------------------------------------------------------------
Sensata Technologies B.V. filed its quarterly report on Form 10-Q
with the Securities and Exchange Commission, reporting a net loss
of US$48.43 million on US$383.29 million of net revenue for the
three months ended Sept. 30, 2010, compared with a net loss of
US$54.02 million on US$302.47 million of net revenue for the same
period a year earlier.

The Company's balance sheet at Sept. 30, 2010, showed
US$3.25 billion in total assets, US$2.42 billion in total
liabilities, and stockholder's equity of US$825.96 million.

A full-text copy of the quarterly report on Form 10-Q is available
for free at http://ResearchArchives.com/t/s?6cff

                           About Sensata

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- supplies sensing, electrical
protection, control and power management solutions.  Majority-
owned by affiliates of Bain Capital Partners, LLC, a leading
global private investment firm, and its co-investors, Sensata
employs approximately 9,500 people in nine countries.  Sensata's
products improve safety, efficiency and comfort for millions of
people every day in automotive, appliance, aircraft, industrial,
military, heavy vehicle, heating, air-conditioning, data,
telecommunications, recreational vehicle and marine applications.

As reported by the TCR on December 7, 2009, Moody's Investors
Service has upgraded Sensata Technologies B.V.'s Corporate Family
and Probability of Default ratings to Caa1 from Caa2, as well as
the company's senior secured credit facility to B2, senior
unsecured notes to Caa2, and senior subordinated notes to Caa3.
In a related rating action, Moody's affirmed the Company's
Speculative Grade Liquidity rating at SGL-3.  The outlook is
positive.

The TCR on Nov. 4, 2009, said that Standard & Poor's affirmed the
ratings on Attleboro, Massachusetts-based Sensata Technologies,
Inc., including the 'CCC+' corporate credit rating.  At the same
time, S&P revised the outlook on the company to stable from
negative.

Standard & Poor's Ratings Services raised its ratings on sensors
and controls manufacturer Sensata Technologies B.V., including the
corporate credit rating, to 'B+' from 'B'.  The outlook is
positive.

Moody's Investors Service has upgraded Sensata Technologies B.V.'s
Corporate Family and Probability of Default ratings to B2 from B3.
In a related action, the company's senior secured credit facility
was affirmed B1, senior unsecured notes affirmed Caa1, and senior
subordinated notes upgraded to Caa1 from Caa2.  Moody's also
upgraded the company's Speculative Grade Liquidity rating to SGL-2
from SGL-3.  The rating outlook is positive.


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


BANK VOZROZHDENIE: S&P Gives Positive Outlook; Keeps 'B+/B' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Russia-based Bank Vozrozhdenie to positive from stable.
The 'B+/B' counterparty credit ratings and 'ruA+' Russia national
scale ratings were affirmed.

"The outlook revision reflects S&P's view that Bank Vozrozhdenie's
financial profile shows higher-than-expected resilience to its
operating environment," said Standard & Poor's credit analyst
Ekaterina Trofimova.

The bank's funding and liquidity profile and capitalization are
adequate and remain positive rating factors, while asset quality
has stabilized in S&P's view.

Due to its conservative credit management, the bank has shown
better-than-expected resilience to the market downturn, with a
sustainable funding and liquidity profile, stabilizing asset
quality, and an adequate level of capitalization.  The bank has a
moderate market risk appetite, limited funding reliance on
wholesale markets, and below-sector-average single-name
concentrations in its loan book.

The ratings on the bank continue to reflect its stand-alone credit
profile, because S&P does not include any uplift for extraordinary
external support.

The positive outlook reflects S&P's view that Bank Vozrozhdenie's
financial profile could improve gradually over the next quarters,
despite significant pressure on profitability.  S&P expects asset
quality to stabilize, while liquidity and capitalization should
remain adequate.

"S&P would consider taking a positive rating action if asset
quality were to improve and profitability to show an adequate
resilience," said Ms. Trofimova.  "This also assumes that funding,
liquidity, and capitalization would remain adequate and positive
rating factors."

S&P would consider revising the outlook to stable if its
expectations regarding asset quality do not materialize, or if
profitability were to deteriorate more than S&P expects.


GLOBEXBANK: Fitch Changes Outlook to Stable; Affirms 'BB' Rating
----------------------------------------------------------------
Fitch Ratings has changed the Outlook on Russia-based Globexbank
to Stable from Evolving.  At the same time, it has affirmed the
bank's Long-term foreign currency Issuer Default Rating at 'BB',
Support rating at '3' and Individual rating at 'D/E'.

The change of Outlook to Stable reflects Fitch's view that a
possible sale of GB is now less likely to happen in the near term
than previously expected.  This reflects the fact that GB's owner,
Vnesheconombank ('BBB'/Stable) has approved a new five-year
strategy for the bank, and in July 2010 made a further RUB5bn
capital injection to support GB's planned rapid growth.  Fitch
also notes VEB's current intention to sell the bank only after
selling the property assets it bought through its subsidiary,
VEB-Invest, as part of GB's rescue in 2008.  VEB only intends to
sell these assets once the market recovers, so that the combined
sale of the property assets and the bank would allow VEB to recoup
all funds spent on GB's rescue.  However, Fitch believes that this
may take considerable time.

GB's Long-term IDR and Support rating are driven by the potential
support the bank could receive, in case of need, from state-owned
VEB.  Fitch continues to believe that GB does not represent a
strategic investment for VEB, given VEB's intention to sell the
bank in the long term, and this is reflected in the three-notch
difference between VEB and GB's Long-term IDRs.

The Individual rating reflects the risks associated with GB's
rapid recent and planned growth, high concentration on both sides
of the balance sheet and significant exposure to the construction
and real estate sectors.  The rating also factors in the bank's
solid capital position, currently limited loan impairment and
comfortable liquidity.

GB's loan book increased by 51% in 9M10, having grown by a rapid
323% in 2009.  The growth was mainly driven by loans to corporate
entities, which represented 97.6% of the loan book at end-H110,
and is concentrated by industry and borrower.  Exposure to real
estate and construction accounted for a significant 28% of total
loans.  The 20 largest borrowers accounted for 62% of loans or
170% of equity at end-H110, which is a decrease from 89% at
end-Q309.

Loans more than 90 days overdue were a low 1.4% of total loans at
end-H110, with the majority of these from a small legacy retail
portfolio (2.4% of loans).  However, the low level of NPLs in the
corporate portfolio should be viewed in conjunction with the
recent rapid growth.

The bank's funding is reasonably diversified by source: 63% of
total funding at end-H110 was represented by customer funding
(almost evenly split between corporate and retail segments), and
18% was funded locally via the issuance of two senior bonds.
However, dependence on wholesale funding is likely to increase
given the ambitious loan growth plans and limited customer
franchise.

Highly liquid assets, including cash and short-term interbank
placements, accounted for 6% of assets at end-Q310.  However, a
sizable portion of the securities portfolio could be pledged for
refinancing with the Central Bank of Russia.  A RUB15bn liquidity
facility is also available from VEB.

The capital position of the bank is currently solid, with the core
capital/total assets and core capital/net loans ratios at 26% and
37%, respectively, at end-H110.  However, the bank's strategy
envisages a gradual reduction of capital ratios as the loan book
grows.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     changed to Stable from Evolving

  -- Long-term local currency IDR: affirmed at 'BB'; Outlook
     changed to Stable from Evolving

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

  -- Support rating: affirmed at '3'

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

  -- National Long-term rating: 'AA-(rus)'; Outlook changed to
     Stable from Evolving


TATTELECOM OJSC: Fitch Upgrades Issuer Default Rating to 'BB-'
--------------------------------------------------------------
Fitch Ratings has upgraded OJSC Tattelecom's Long-term foreign
currency Issuer Default Rating and senior unsecured foreign
currency rating to 'BB-' from ' B+', respectively.  Fitch has also
affirmed Tattelecom's Short-term foreign currency IDR at 'B'.  The
Outlook for the Long-term foreign currency IDR is Stable.

The upgrade reflects Tattelecom's decreased refinancing risks and
leverage.  The company managed to reduce its short-term debt to
31% of total debt at end-Q310 from above 60% at end-Q309 and the
remaining maturities are evenly distributed by year until end-
2013.  Tattelecom's funds from operations adjusted net leverage
will likely decrease to below 1.5x at end-2010 from 1.7x at end-
2009 (down from 1.9x at end-2008), due to significantly reduced
debt.  This leverage would be close to Tattelecom's higher-rated
Russian peers.  A modest 12% of total debt is foreign currency-
denominated.

The ratings factor in Tattelecom's strong operating performance
and resilient EBITDA generation during the economic downturn.  Its
EBITDA margin, adjusted for a one-off release of RUB142 million
provisions for bad receivables, rose to 41.7% at end-2009 from
39.9% at end-2008 due to reduced costs.  Fitch expects this margin
to increase to above 42% at end-2010 due to rapid revenue growth
(above 10%) driven by broadband, and backed by continuing cost
control.

In 2009, Tattelecom's free cash flow improved due to capex
reduction.  However, it remained negative, suppressed by
significant negative changes in working capital (reduced payables
and deferred income), which are unlikely to recur.  FCF would have
been positive if adjusted for a one-off purchase of financial
assets of RUB330 million.  Fitch expects FCF to be strongly
positive in 2010 and beyond, with the margin largely depending on
capex.

Tattelecom's ratings are supported by its strong market position
in the fixed-line voice segment (72% by line at end-2009) in the
Republic of Tatarstan ('BBB-'/Stable) within the Russian
Federation ('BBB'/Positive).  Due to the company's extensive
"last-mile" network, its market share is likely to remain
unrivalled in the medium term, in the absence of local-loop
unbundling regulation.

Tattelecom is a leader in the regional broadband market, with a
44% residential market share by line, compared with the 30% and
14% of its two closest competitors.  The incumbent will likely
continue capturing broadband market growth and maintain a solid
market share due to its presence in areas not covered by
alternative operators' networks, extensive coverage of potential
residential subscribers with its ADSL-based offers, and bundling
opportunities not available to many competitors.  Fitch believes
that Tattelecom may improve its competitive edge if it realizes
its planned roll-out of fibre network without delays.

At end-Q310, Tattelecom's liquidity was sufficient to cover its
short-term debt, although it was supported mainly by the next 12
months' positive FCF forecast by Fitch, rather than cash and
undrawn credit facilities.  Tattelecom's liquidity management is
moderately aggressive, as its cash balance is usually
insignificant, and the company does not maintain large long-term
undrawn credit facilities.  Tattelecom prefers to procure new
external funding, if needed to repay or refinance existing debt,
closer to maturity (around three months before a due date).
However, the company has substantial capex flexibility and may
postpone part of its capex if necessary to support liquidity,
without materially affecting its operating profile.
Tattelecom's ratings are suppressed by its small scale of
business, which makes it potentially vulnerable to competition or
acquisition by larger federal players, and limits the company's
access to international debt markets.

Although 87.2% of Tattelecom is held by the Tatarstan government-
controlled holding company OJSC Svyazinvestneftekhim
('BBB-'/Stable), it is rated on a standalone basis due to weak
operational and financial ties with SINEK.  However, Fitch
considers it likely that SINEK would provide Tattelecom with
liquidity or lobbying support if necessary.


TRANSCREDITBANK: Moody's Assigns (P)'Ba1' Rating to Senior Debt
---------------------------------------------------------------
Moody's Investors Service has assigned (P) Ba1/(P) Not-Prime long-
and short-term foreign currency and global local currency senior
debt ratings, and (P) Ba2 long-term foreign and local currency
subordinated debt ratings to the US$2 billion notes program of
TransCreditBank for the issuance of loan participation notes
through Transcredit Finance Plc -- the Ireland-based special
purpose vehicle.  The notes to be issued on a limited recourse
basis for the sole purpose of financing senior unsecured and
subordinated loans to TCB.  The rating outlook is stable.

                        Ratings Rationale

Moody's says that the (P) Ba1 rating assigned to the senior notes
to be issued under the program is based on the fundamental credit
quality of the underlying obligor, TCB, rated Ba1/Not Prime/D-
(stable outlook).  The assigned rating reflects the status of the
bank's obligations under the senior loan received from Transcredit
Finance Plc that will rank at least pari passu in right of payment
with all other unsecured and unsubordinated obligations of TCB,
except as otherwise provided by mandatory provisions of applicable
law.

Therefore the assigned (P) Ba1 senior rating is in line with TCB's
global foreign currency debt rating of Ba1, which is, in turn,
based on (i) the bank's D- BFSR (mapping to a Baseline Credit
Assessment (BCA) of Ba3); and (ii) Moody's assessment of a high
probability of support in the event of need from the bank's
controlling shareholder -- Russian Railways (RR, rated Baa1,
stable outlook) -- which results in a two-notch uplift from TCB's
BCA of Ba3.

TCB's D- BFSR is underpinned by (i) its solid franchise which is
supported by its relationship with RR, a state railroad monopoly,
(ii) its good brand recognition, (iii) reasonable liquidity
management supported by good access to funding sources and (iv)
reasonable financial indicators demonstrating some resilience to
crisis events.

At the same time, TCB's BFSR is constrained by (i) still
insufficient diversification of the client base and the resulting
high dependence on a single client/industry/related party --
resulting in significant concentration levels on the asset and
liabilities side, (ii) significant dependence on strategic
priorities of RR in its longer-term development, and (iii)
potential corporate governance issues stemming from potential
ability of RR to influence business decisions.  TCB's Ba1 Global
Local Currency (GLC) deposit rating is based on Moody's assessment
of high probability of support from RR in the event of need, given
RR's controlling ownership of TCB and the company's importance for
TCB's operations.

The (P) Ba2 rating for subordinated notes, which is notched down
one notch from TCB's (P) Ba1 senior unsecured debt rating, takes
into account the extent of the notes' subordination against
various classes of debt and equity, and associated differences in
expected loss in case of default.  Moody's states that if TCB were
to issue notes containing features enhancing its subordination
and/or debts with other special features, the ratings will be
assessed individually and may not correspond to the ratings
currently assigned to the program.

Headquartered in Moscow, Russia, TransCreditBank reported total
(audited) assets of RUB258 billion (US$8.6 billion) and net income
of RUB4 billion according to IFRS at YE2009.


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


CAJA SAN FERNANDO: S&P Affirms Ratings on Five Classes of Notes
---------------------------------------------------------------
Standard & Poor's Rating Services affirmed its credit ratings on
all notes in Caja San Fernando CDO I Fondo de Titulizacion de
Activos.

The rating actions follow S&P's assessment of the credit quality
of the underlying portfolio, which comprises primarily 2002 and
2003 vintage U.S. collateralized debt obligations of asset-backed
securities.  S&P's analysis shows that the credit quality of the
underlying portfolio remains largely unchanged since its last
review, with about 48.0% of the portfolio currently rated 'CC' or
'D' (compared with 47.6% in June 2010).  In addition, a further
10% of the portfolio ($8.5 million) is currently rated within the
'CCC' rating category ('CCC+', 'CCC', or 'CCC-') compared with
$10.5 million in June 2010).

According to S&P's analysis, the balance of assets rated above
'CC' currently covers the outstanding principal amount of the
class A1 notes, while par coverage on the class A2 notes continues
to depend on recoveries from assets currently in default.  In
S&P's view, interest proceeds from the portfolio appear to be
sufficient to make timely payments of interest on the class A1 and
A2 notes.  However, in S&P's opinion, there continues to be an
increased risk of shortfalls in principal on the class A2 notes if
recoveries on defaulted assets are lower than S&P previously
anticipated.  S&P has therefore affirmed the 'CCC- (sf)' ratings
on the class A1 and A2 notes.

S&P has affirmed the 'CC (sf)' ratings on the class B, C, and D
notes, as S&P continue to believe that the probability of ultimate
repayment of principal is highly unlikely.  Interest payments on
these notes have continued to be deferred as a result of the
breach of the overcollateralization ratio test.  According to the
latest available payment date report of August 2010, the result of
the overcollateralization ratio test continues to be significantly
below 100%.

                           Ratings List

    Caja San Fernando CDO I Fondo de Titulizacion de Activos
      US$171 Million Fixed- and Floating-Rate Notes Series

                        Ratings Affirmed

                      Class        Rating
                      -----        ------
                      A1           CCC- (sf)
                      A2           CCC- (sf)
                      B            CC (sf)
                      C            CC (sf)
                      D            CC (sf)


GRIFOLS SA: S&P Affirms 'BB-' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
preliminary 'BB-' long-term corporate credit rating on Spanish
health care company Grifols S.A.  The outlook is positive.

At the same time, S&P affirmed its preliminary 'BB' debt rating on
Grifols' proposed senior secured bank facility and its preliminary
recovery rating of '2' on this instrument, reflecting its view of
substantial (70%-90%) recovery in the event of a payment default.
In addition, S&P affirmed its preliminary 'B' debt rating on the
company's proposed unsecured bridge facility and its preliminary
recovery rating of '6' on this instrument, indicating its
expectation of negligible (0%-10%) recovery in the event of a
payment default.

Final ratings will depend upon receipt and satisfactory review of
all final transaction documentation.  Accordingly, the preliminary
ratings should not be construed as evidence of final ratings.  If
Standard & Poor's does not receive final documentation within a
reasonable time frame, or if final documentation departs from
materials reviewed, Standard & Poor's reserves the right to
withdraw or revise its ratings.

"The ratings on Grifols continue to reflect S&P's view that the
company's financial risk profile is 'aggressive', specifically
given its relatively high leverage following the proposed
acquisition of U.S.-based biopharmaceuticals company Talecris
Biotherapeutics Inc. in June 2010," said Standard & Poor's credit
analyst Florence Devevey.

The combined company's ability, in S&P's opinion, to generate
sufficient free cash flow to reduce its debt quickly is a
mitigating factor, however.

The ratings also continue to reflect S&P's assessment of Grifols'
business risk profile as "satisfactory."

"This is supported by Grifols' position as the world's third-
largest producer of plasma protein therapies following the
Talecris acquisition," said Ms. Devevey.

S&P views plasma fractionation as a niche sector that benefits
from high barriers to entry, good long-term growth prospects, and
relatively strong profitability.

Offsetting these positive factors are S&P's perception of the risk
of Grifols' revenue concentration in three main plasma-derived
proteins, the inherent industry risk of potential product
contamination liabilities, and uncertainties related to the
potential impact of supply-demand imbalances on product pricing.

S&P understands that the regulatory approval from the U.S. Federal
Trade Commission for Grifols' acquisition of Talecris is in
advanced stages, but is still pending.  Final ratings will be
subject to the successful closing of the proposed transaction and,
in particular, to the company's receipt of regulatory approval for
the acquisition.

The positive outlook reflects S&P's view of Grifols' sound
position in the consolidated and growing plasma fractionation
market.

"It also reflects the possibility of an upgrade if the combined
group is able to generate sufficient cash flow and improve its
leverage to levels S&P views as commensurate with a 'BB' rating--
defined as a ratio of Standard & Poor's-adjusted debt to EBITDA
sustainably lower than 4x--over the 15 months following closing of
the acquisition," said Ms. Devevey.

S&P could consider revising the outlook to stable or taking a
negative rating action if Grifols' deleveraging is delayed due to
deterioration in the company's operating performance or financial
policy.


* SPAIN: Commercial Bankers Criticize Slow Caja Reform
------------------------------------------------------
Victor Mallet at The Financial Times reports that Spanish
commercial bankers have publicly attacked the slow pace of reform
among the country's unlisted savings banks, arguing that the cajas
are using billions of euros of public restructuring funds to
compete unfairly.

The FT relates Emilio Botin, chairman of Santander, the eurozone's
largest bank by market capitalization, led the charge with a
speech to business leaders this week criticizing the "inadequate"
speed of restructuring at the cajas and calling for more concrete
plans that would cut capacity and improve margins.

The FT notes on Wednesday, Angel Cano, chief executive of BBVA,
Spain's second-biggest listed bank, made a similar complaint and
called for the restructuring to be completed so that bankers could
begin 2011 "with equal conditions and on a level playing field".

Spanish lenders have seen their interest margins squeezed by the
combination of low mortgage lending rates and a price war for
retail deposits because of the difficulty of raising wholesale
finance, the FT states.

Mr. Cano specifically criticized the deposit rates of up to 4.75%
offered by some cajas, arguing that such campaigns were bound to
generate losses that were unacceptable for institutions receiving
public aid, the FT relates.

For weeks, bankers have privately criticized the weaker cajas for
embarking on formal mergers without tackling the need to cut staff
and close branches in order to reduce costs, but this is the first
time they have spoken in public, the FT recounts.

The original 45 cajas have been reduced to 18 holding groups with
the help of nearly EUR11 billion (US$15 billion) of aid from the
Fund for Orderly Bank Restructuring and EUR3.8 billion from a
deposit guarantee fund, but bankers say the Bank of Spain is now
demanding a "second round" of reforms to complete the process, the
FT discloses.


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


STENA AB: Moody's Downgrades Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Stena AB's Corporate
Family Rating and Probability-of default-rating to Ba2 from Ba1.
At the same time, Moody's has downgraded the rating for Stena's
senior unsecured rating to Ba3 from Ba2.  Moody's has changed the
outlook on the ratings to stable from negative.

                        Ratings Rationale

The downgrade reflects Moody's view that the group is unlikely to
reach a consolidated financial profile over the medium term that
would be commensurate with the guidance previously outlined for
maintaining a Ba1 rating.

"The combined effect of higher-than-anticipated capital investment
spending for the period 2008/12 and the current recessionary
environment, which is taking a toll on some of the company's
activities -- notably Ferry and Tankers -- delaying the recovery
of their performance, is slowing the de-leveraging process of the
group; therefore, Moody's believes that Stena is no longer able to
reach and maintain credit metrics commensurate with a Ba1 rating
over the intermediate term," says Marco Vetulli, a Vice President
in Moody's Corporate Finance Group and lead analyst for the
company.

Moody's had previously indicated that it expected the company to
maintain its operating profile and improve its credit metrics on a
sustainable basis, with EBIT interest coverage over 2x and debt to
EBITDA below 5x at consolidated level by FYE2010, and debt to
EBITDA below 4.5x at the restricted group level.

"Moody's expects that Stena will close the current year with a
higher-than-anticipated leverage that the rating agency
anticipates to be close to 6x, which is significantly above the
target levels for the Ba1 rating category," explains Mr. Vetulli.

The stable outlook reflects Moody's view that, despite the current
performance, Moody's expect an improvement of Stena's credit
metrics as Moody's get closer to 2011.

"Moody's believes that Stena's business profile and market
position remain solid, thanks to both the increasing share of
contracted activities in drilling and the stable contribution of
its real estate portfolio.  Furthermore, its good liquidity and
balanced financial policies will provide the Swedish group with
the financial flexibility needed to offset negative economic
pressure resulting from the current downturn," adds Mr. Vetulli.

Upward pressure on Stena's ratings could develop following a
sustainable increase in internal cash flow generation, with a
retained cash flow/net debt ratio approaching the high teens; and
a progressive de-leveraging of the group's balance sheet, with a
total debt/EBITDA ratio of below 4.5x.

The ratings could be adjusted downwards if there is a significant
decline in Stena's revenues as a result of weaker-than-expected
market conditions, which could constrain the group's ability to
achieve, over financial year 2011 and on a sustainable basis: (i)
EBIT interest coverage approaching 2.0x and a total debt/EBITDA
ratio trending towards 5.5x at the consolidated level; and (ii) a
total debt/EBITDA ratio toward 5x and an RCF/net debt ratio
approaching the mid-teens at the restricted group level.

Downward rating pressure could also result from the group
developing an increased appetite for risk in its trading
activities and failure to generate positive Free Cash Flow after
2011.Moreover, Moody's cautions that if the deterioration in the
drilling sector were to be more severe than expected, Stena's
outlook and rating could be affected.

The last rating action was implemented on 9 March 2010, when
Moody's assigned a provisional P(Ba2) senior unsecured rating to a
proposed EUR150 million bond issuance.

Headquartered in Gothenburg, Sweden, Stena AB is one of the
largest entities within the "Stena Sphere" of companies, fully
controlled by the Olsson Family.  Stena AB is a holding company
engaged in different business divisions, including Ferry
operations, Shipping, Offshore Drilling, Real Estate and Other
investment activities.  In FY2009, it recorded revenues around
SEK28 billion.


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


PIVDENNYI BANK: Moody's Gives Stable Outlook on 'B2' Rating
-----------------------------------------------------------
Moody's Investors Service has changed the outlook on Pivdennyi
Bank's B2 long-term local currency debt and deposit ratings to
stable from negative.  The bank financial strength rating of E+,
B3 long-term foreign currency deposit rating, Not-Prime short-term
local and foreign currency deposit ratings already carried a
stable outlook.

                        Ratings Rationale

"Pivdennyi Bank has preserved its pre-provision income over the
last several quarters at a level, which currently enables it to
withstand asset quality problems without a significant negative
impact on capitalization, with total capital accounting for over
12% of the bank's assets in accordance with IFRS as of H1 2010"
says Ms.  Elena Redko, the lead analyst for the bank.  "In
addition, deterioration of asset quality was less severe than
previously anticipated by Moody's.  Loans 90+ days overdue stood
at a modest compared to Ukrainian peers 4.5% of the loan portfolio
as at June 30, 2010," adds Ms. Redko.

Moody's notes that the key rating constraints on Pivdennyi Bank's
E+ BFSR are represented by (i) high single-name concentration of
the loan book with top-20 credit exposures ranging from 250% to
300% of the bank's Tier 1 capital, (ii) a narrow system-wide
franchise, and (iii) still challenging credit conditions in
Ukraine.  At the same time, the current ratings reflect Pivdennyi
Bank's strong franchise in its home market in the Odessa region of
Southern Ukraine, a sizeable corporate and retail client base
supported by region-wide coverage, as well as good financial
fundamentals

Moody's previous rating action on Pivdennyi Bank was on May 12,
2009 when Moody's downgraded the global foreign currency deposit
rating from B2 to B3 with negative outlook, which was prompted by
the downgrade of Ukraine's foreign currency bank deposit ceiling
to B3 with negative outlook.

Headquartered in Odessa, Ukraine, Pivdennyi Ban k reported -- at
June 30, 2010 -- total consolidated reviewed IFRS assets of
UAH11.8 billion (US$1.5 billion) and net IFRS income profit of
UAH53 million (US$6.7 million).


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


ALTERNATIVE HOTEL: Lloyds to Give Incentives for DeVere Turnaround
------------------------------------------------------------------
Richard Tyler at The Daily Telegraph reports that Lloyds Banking
Group has handed the senior executives of the De Vere hotel chain
GBP67.3 million in incentives to turn the debt laden group's
fortunes around.

According to The Daily Telegraph, chief executive Richard Balfour-
Lynn and finance director Jagtar Singh are members of partnerships
that have been allocated GBP57.5 million in shares while part-time
Chairman Andrew Coppel is in line for a GBP9.8 million pay out.

It is understood they will only achieve the full bonus if the
manage to grow the group's value by GBP700 million to GBP1.9
billion and give its main shareholder, Lloyd's subsidiary Bank of
Scotland (BOS), the chance to exit from its investment within four
years, either via a trade sale or initial public offering, The
Daily Telegraph notes.

De Vere's parent the Alternative Hotel Group is jointly owned by
BOS and AHG Management Services following a GBP650 million debt
for equity swap on March 8, The Daily Telegraph discloses.

The Daily Telegraph relates a spokesman for AHG, which employs
11,350 people and includes the Malmaison and Hotel Du Vin chains,
The Grand in Brighton, and Liberty of London department store,
said the GBP67.3 million was the "maximum pay out".

"If the bank recovers the significant sums of money that are set
out under the terms of the restructuring the management will be
rewarded accordingly," The Daily Telegraph quoted the spokesman as
saying.

It is understood that the first payment would be triggered only
when BoS's investment in the company returned to break even, The
Daily Telegraph states.

AHG revealed turnover of GBP76 million in those two months
generated a GBP47 million pre-tax loss after the company closed
out GBP25 million of interest rate swaps and debt issue costs, The
Daily Telegraph notes.  The debt restructuring reduced its
interest payments from GBP98.1 million in 2009 to GBP54 million
this year, The Daily Telegraph discloses.

Based in London, United Kingdom, Alternative Hotel Group Ltd. is a
hotel and conference center operator.  AHG owns properties such as
Cameron House in Scotland and Slaley Hall in Northumberland
through its De Vere chain.  It also owns Village Hotels & Leisure
Clubs and the Greens gym chain.


CHARLTON CARE HOMES: Goes Into Administration
---------------------------------------------
Charlton Care Homes has gone into administration, throwing a
question mark over the future of 120 employees and 90 current
residents, Scunthorpe Telegraph reports.

The report relates that the company called in the administrators
after experiencing cash flow problems due to low occupancy levels.

According to Scunthorpe Telegraph, the move comes two years after
Charlton bought the leases on The Willows at Barton-Upon-Humber,
and Cherry Tree and Warley Houses in Scunthorpe from a local
company called Barton Medical Services.

Administrator KPMG, the report notes, is now working with
Birmingham-based care home management firm Healthcare Management
Solutions to keep the sites in Scunthorpe and Barton trading until
a buyer is found.

According to Scunthorpe Telegraph, Ian Corfield, joint
administrator and KPMG restructuring director, said: "All the care
homes will be trading as usual while we market the businesses for
sale."  The report relates Mr. Corfield said last year the
Charlton Group reported a turnover of GBP4.8 million.

Mr. Corfield added: "The business has experienced cash flow
difficulties due to low occupancy levels in some of the homes in
its portfolio. But we believe the care home sector's strong long-
term prospects mean Charlton Care Homes could be an attractive
acquisition opportunity."

Scunthorpe Telegraph notes that there have already been a number
of expressions of interest but due to commercial confidentiality
the administrators have declined to give further details.

Mr. Corfield, the report discloses, said that the current debt
levels of the home operators would become clearer when the company
directors provided their statement of affairs which was expected
in the near future.  "The administrators will explore any form of
sale that will maximise the return to creditors so we will look at
expressions of interest for the full portfolio of homes or
individual homes," he added.

Middlesex-based firm Charlton Care Homes operates three care homes
in North Lincolnshire.  The company owns four other sites in Leeds
and Bristol.


FIRST CALL: Goes Into Liquidation After Major Customer Moved
------------------------------------------------------------
First Call Logistics has entered liquidation after its biggest
customer moved its business to the Midlands, Chris Tindall at
roadtransport.com reports.

Liquidator Robert Day, appointed to the firm on October 15, said
he believes the company would still be trading if it had not lost
the electrical supplies delivery contract, roadtransport.com
relates.

According to roadtransport.com, Mr. Day said another business,
First Call (Heathrow), which shares the same address, director and
transport manager, is not affected by the liquidation.

Mr. Day said the debts are thought to be GBP62,000, split between
five creditors, the report adds.

Staines-based First Call Logistics operates a haulage business.
The company had an O-licence for 10 vehicles and two trailers.


LEISURE & GAMING: Forced Into Administration
--------------------------------------------
Leisure & Gaming has been placed into administration with its
principal asset, Betshop Group (Europe) Ltd (BSG) sold as a going
concern to Honeymead Services for EUR1 million, less than a fifth
of the price it had previously agreed with Pefaco earlier this
month, egrmagazine reports.

According to the report, LNG had failed to agree terms with
Spain's Grupo Pefaco for the sale of its gaming subsidiary BSG in
a deal worth up to EUR5.3 million, however the sale fell through
after the terms of exclusivity with Pefaco expired without
renewal.

The report notes that LNG's directors were then forced to call on
joint administrators Philip Watkins and Geoff Rowley of FRP
Advisory placing the company into administration and agreeing to
sell BSG to Honeymead, a company controlled by a syndicate of
investors including Gabriel Chaleplis, a director of BSG.  The
report relates that selling BSG as a going concern has safeguarded
the jobs of more than 600 agents and employees in Italy, Greece,
Cyprus and the UK.  LNG originally said it would sell BSG in July
this year, the report adds.

Egrmagazine discloses a LNG statement said that FRP Advisory was
employed by LNG on October 12, 2010, and initially contacted 13
"potentially interested parties" and five turnaround funds, with a
deadline to receive offers for BSG by October 14, 2010, with a
view to completing both due diligence and a transaction by the
beginning of last week.

The report relates that statement read that the group's cash
position was "critical," requiring an injection of around EUR3
million, including EUR1.5 million as working capital into BSG,
EUR0.5 million into the company to "deal with immediate creditors"
and EUR1 million to the bank that had issued demand for repayment.

It also revealed that it incurred EUR450,000 of sports betting
losses in a single week earlier this month "further compounding
the cash position in BSG", the report notes.

The report notes that four offers were then received including the
acquisition of an intercompany loan of EUR0.9 million due from BSG
to LNG.

Trading in LNG shares was suspended on London's AIM market on
May 21 this year after Betshop business was hit by poor sports
betting margins arising from the consistent success of the
dominant football teams across Europe since the start of the year,
the report adds.

Leisure and Gaming plc is a holding company with major assents in
the global interactive betting and gaming industry.  Its interests
span from software development to marketing.


MAYPOLE GROUP: Joint Administrators Appointed
---------------------------------------------
Matt Eley at The Publican reports that Baker Tilly Restructuring
and Recovery has been appointed as administrators of Maypole Group
plc after it has gone into administration.

According to the report, Simon Bower and Bruce Mackay, partners at
Baker Tilly Restructuring and Recovery LLP, have been appointed
joint administrators of the company.

The report notes Mr. Bower said: "Having an established stable of
distinctive pub hotels providing great quality, locally sourced
food, the prospects for selling the group remain strong and a
number of parties have already come forward.  All the group's
venues remain open for business as usual and we encourage
customers to continue to take advantage of all facilities
provided."

The report notes that the company's latest financial results for
the six months to June this year indicated group sales were down
7.6% and the company was operating with a loss of GBP118,350.  The
report relates that the statement also showed the company's debt
was up from GBP7.7 million in 2009 to GBP8.6 million.

Maypole Group plc was founded in November 2003, with the intention
of being an acquisition vehicle for UK countryside hotels with
restaurants or pubs attached.


PARAMOUNT PRINT: Falls Into Administration; Cuts 35 Jobs
--------------------------------------------------------
PrintWeek reports that Paramount Print Group has fallen into
administration with half of the GBP7.5 million-turnover company's
staff made redundant.  Matthew Dunham and Les Ross of Grant
Thornton were appointed to the company on October 25, 2010.

According to the report, Mr. Dunham said that around 30 of the 65
employees remain at the company's Manchester site completing work
in progress.

The report relates Mr. Dunham said: "A sale of the business has
not been agreed but we are in discussions with a number of
interested parties.

Mr. Dunham, the report notes, said that the company had a turnover
of around GBP7.5 million, but no results had been filed because
"it was an amalgamation of several businesses".

Paramount Print, the report relates, bought fellow Manchester
printer Qualitech out of administration in August 2009, and Dunham
said that the company had struggled ever since.  "Since buying
Qualitech, Paramount has had a problem getting credit from the
paper suppliers. It just reached a point where the business ran
out of cash, it is a very tough market out there," the report
quoted Mr. Dunham as saying.

Paramount Print Group in Manchester is unconnected to Paramount
Printers in Edinburgh.


PULSE MEDIA: Goes Into Administration
-------------------------------------
Pulse Media has gone into administration.

According to The BusinessDesk, Andrew Poxon and John Titley of the
Bury-based accountancy firm Leonard Curtis have been appointed
joint administrators at the business.

Pulse Media is a Stockport company that specializes in designing
packaging for consumer goods.  The company has offices in Heaton
Mersey and Slough, Berkshire.


SPECIALITY RETAIL: Acquired by GA Europe; Goes Into Administration
------------------------------------------------------------------
Speciality Retail Group has been bought by restructuring
specialists GA Europe and put into administration, Property Week
reports.

According to the report, Zolfo Cooper has been appointed
administrator.  The report relates that SRG entered a Company
Voluntary Arrangement earlier this year, carried out by KPMG.

However, the report relates, its approval was linked to a
significant improvement in trading for the business.  But trading
had not improved and it is thought GA Europe will begin a "closing
down sale" process across the stores, the report discloses.

It is thought it has paid GBP3.25 million for the business, the
report adds.

Speciality Retail Group is a clothing retailer.  The company owns
brands such as Suits You and Racing Green.  It employs
approximately 300 people and has a portfolio of 71 stores across
the United Kingdom.


XL LEISURE: Goes Into Administration
------------------------------------
XL Leisure Group has gone into administration.

According to MarketWatch, the company blamed volatile fuel prices
and the economic downturn.  The report relates that a statement on
the company's Web site said that all flights have been cancelled
and all its aircraft grounded.

XL Leisure Group is a United Kingdom travel company.


===============
X X X X X X X X
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* BOOK REVIEW: Fraudulent Conveyances, A Treatise Upon Conveyances
               Made by Debtors to Defraud Creditors, Containing
               References to All Cases Both English and American,
               A Law Classic
----------------------------------------------------------------
Author: Orlando F. Bump
Publisher: Beard Books, Washington, D.C. 2000
(reprint of book first published in 1872 by Orlando F. Bump). 657
pages. US$34.95 trade paper, ISBN 1-893122-78-6.

The book is a legal classic for adding American law on fraudulent
conveyances up to the 1870s when it first appeared to English law
going back much further; which in turn grew out of Roman law.  Mr.
Bump's first chapter on the history of such law will be of
interest to readers looking for this perspective; though the large
bulk of the content is a meticulous, lawyerly organization and
expounding of the many facets of the law on fraudulent conveyances
as this has formed over centuries.

As Mr. Bump notes, this area of law has a larger number of
"opposing authorities . . . than can be found in any other branch
of the law."  In order to keep the treatment as simple as possible
while still being true to its many facets and opposing authorities
and relevant to legal practice of readers for whom it is intended,
the author takes fraudulent conveyances as a part of common law.
"This work simply considers the subject as it was at common law
with the remedies afforded by the common law."  Mr. Bump's
treatment thus does not go into criminal law or law with reference
to statutes.  Though statutes regarding fraudulent conveyances
have been passed in each state, these statutes have basically
copied Elizabethan Anglo-Saxon law and have "always been
considered as merely declaratory of the common law."  Since there
is thus no wide or radical difference between common law and state
statutes concerning fraudulent conveyance, nearly all of Mr.
Bump's work bears as well on law associated with the statutes.  He
brings this up in the work's Preface so readers will understand
the framework by which he treats the subject.  In the regular
text, Bump does not take up state fraudulent conveyance statutes
except where ones vary from the common law "to warn the
practitioner [reader] that the text is not applicable to his
particular State."  The author does not however discuss grounds
for this variance between a state's statutes and common law.

Mr. Bump begins the voluminous study with definitions at the
foundation of fraudulent conveyance.  Fraudulent conveyances are
all transfers made "to the end, purpose, and intent to delay,
hinder, or defraud creditors."  Whether a conveyance to a creditor
is fraudulent is determined by the three "points" (as the author
calls them) of intent, the consideration, and the bona fides of
the transfer.  Consideration generally refers to the right of the
debtor to use certain property or other assets to settle a debt.
Bona fide means that the debtor was not given the property, loan,
etc., fraudulently by the creditor.

From the basics of the definitions, Mr. Bump moves on to the many
facets of this area of law dealing with circumstances in all types
of human relationships.  Not only business dealings, but
transactions establishing a debtor-creditor relationship between
members of a family, neighbors, governments, and just about any
two legally recognized parties are covered by the law of
fraudulent conveyances.  Subsequent creditors, ambiguous
contracts, and determining the value of property to pay debts are
all factors bringing complications to such law which Mr. Bump
systematically takes up.

Though the book was written in the mid latter 1800s, since the
basics of the law of fraudulent conveyances have not changed much
since then -- or from when such law was formulated for that matter
-- Mr. Bump's work remains relevant and educating for anyone from
lawyers to businesspersons to lay persons interested in the topic.
A detailed index running close to 50 pages takes readers to
specific topics of this involved legal subject.


                            *********

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.
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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
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related conferences are encouraged.  Send announcements to
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Each Friday's edition of the TCR includes a review about a book of
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                            *********


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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  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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