TCREUR_Public/101101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Monday, November 1, 2010, Vol. 11, No. 215

                            Headlines



G E R M A N Y

LANDESBANK BERLIN: Moody's Affirms 'D+' Bank Strength Rating


G R E E C E

PIRAEUS BANK: Mulls EUR800 Million Rights Offering
* GREECE: Cost of Insuring Debt Against Default Risk Rises


I R E L A N D

ANGLO IRISH: Refuses to Meet Rebel Bondholders Over Debt Exchange
CHARTBUSTERS: Set to Appoint Liquidator
NOMOS CAPITAL: Fitch Assigns 'BB-' Rating to Senior Unsec. Loan


L U X E M B O U R G

EUROMAX IV: S&P Cuts Ratings on Five Classes of Notes to 'CC (sf)'


M A C E D O N I A

* Fitch Gives Stable Outlook on Macedonia; Affirms 'BB+' Rating


R U S S I A

ABSOLUT BANK: Fitch Affirms Individual Rating at 'D/E'
NORDEA BANK: Fitch Upgrades Individual Rating to 'D'
RUSHYDRO FINANCE: Moody's Assigns 'Ba1' Rating to Senior Bonds
RUSHYDRO FINANCE: Fitch Assigns 'BB+' Rating to Loan Notes


S W I T Z E R L A N D

OMEGA CAPITAL: S&P Withdraws CCC+ (sf) Ratings on 2 Note Classes


T U R K E Y

YUKSEL INSAAT: Moody's Assigns (P)'B1' Rating to Senior Notes
YUKSEL INSAAT: Fitch Assigns 'B' Senior Unsecured Rating


U N I T E D   K I N G D O M

ARDEONAIG HOTEL: Placed Into Administration; Abandoned by Owner
BAA PLC: Moody's Assigns (P)'Ba3' Rating to Senior Secured Notes
BAA PLC: Fitch Assigns 'BB+' Rating to Q1 2017 Notes
COAST TO COAST: Goes Into Administration
CONWAY STEWART: Goes Into Administration

DUNDEE FOOTBALL CLUB: Rhys Weston Appeals for Leniency
LOTHIAN MORTGAGE: S&P Affirms 'BB (sf)' Ratings on Class E Notes
ROYAL BANK: Appoints Advisers for Insurance Unit Disposal
SOUTHERN CARE: Conwy County Staff Fear for Futures
TARGETFOLLOW ESTATE: Owner Lashes Out at Lloyds


X X X X X X X X

* BOND PRICING: For the Week October 25 to October 29, 2010




                         *********


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


LANDESBANK BERLIN: Moody's Affirms 'D+' Bank Strength Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Landesbank Berlin AG's D+
bank financial strength rating and A1 long-term debt and deposit
ratings.  The BFSR now maps to a Baseline Credit Assessment of
Baa3 compared with Ba1 previously.  Simultaneously, the rating
agency affirmed the A2 subordinated and Prime 1 short-term
ratings.  The outlook on all ratings is stable.

"The rating affirmation reflects LBB's steady progress in
improving its financial profile while maintaining a diverse
franchise focused on retail banking, corporate banking, real-
estate financing and financial market trading.  The change in the
BCA to Baa3 from Ba1 reflects LBB's improved capacity to absorb
potential losses given its Tier 1 ratio of 8.9% (as of H1 2010 for
LBB Holding) and that its problem loan ratio has improved over
recent years," explains Claude Raab, a Moody's Analyst.

Grandfathered liabilities that continue to benefit from the
statutory guarantees of Anstaltslast and Gewaehrtraegerhaftung are
rated Aa1, based on the creditworthiness of LBB's principal
guarantor, the City of Berlin and are not affected by the rating
announcement.

                        Ratings Rationale

LBB's D+ BFSR incorporates (i) its robust retail and SME franchise
in the Greater Berlin Area; (ii) the good progress it has made in
financial restructuring and repositioning the group's strategy;
and (iii) the improving financial profile, reflected in the steady
improvement in LBB's profitability and asset quality.

At the same time, the rating remains constrained by LBB's still-
high (but significantly improved) problem loan ratio, which
stabilized at 5.8% at year-end 2009 from levels as high as 7.7% in
2007 (according to the latest audited annual report).
Furthermore, the current BFSR also incorporates the weak quality
of LBB's capital, which remains reliant on a significant silent
participation from its majority shareholder.  Moody's anticipates
that LBB will take the necessary steps to bolster its
capitalization in order to meet future regulatory requirements,
which is also expressed in the higher BCA of Baa3.

LBB's A1 long-term global local-currency deposit rating reflects:
(i) the very high support from cross-sector mechanisms in place
for German public sector banks, particularly given the majority
ownership through Sparkassen-Finanzgruppe (S-Finanzgruppe; Aa2/C+,
with a stable outlook), which Moody's believe provides strategic
clarity for LBB and may contribute to a further strengthening of
LBB's franchise; and (ii) the high probability of systemic
support, if needed.  This rating thus receives a five-notch uplift
from the BCA.

The outlook on all ratings is stable and incorporates Moody's
expectation that LBB's profile will continue to balance its stable
retail activities with the riskier real-estate financing and
capital markets business, while also preserving current levels of
risk-adjusted profitability and capitalization.

The most recent rating action on LBB was implemented on 19
November 2009, when Moody's affirmed the BFSR at D+ and the long-
term term ratings at A1 with a stable outlook.

Headquartered in Berlin, Germany, Landesbank Berlin Holding had
total (audited) assets of EUR144.8 billion as of the end of June
2010.


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


PIRAEUS BANK: Mulls EUR800 Million Rights Offering
--------------------------------------------------
Piraeus Bank SA is planning to raise EUR800 million (US$1.1
billion) from a rights offering, Elisa Martinuzzi, Zijing Wu and
Maria Petrakis at Bloomberg News report, citing two people
familiar with the situation.

According to Bloomberg, one of the people, who declined to be
named because the information isn't yet public, said the sale may
take place in January.

Piraeus Bank S.A. -- http://www.piraeusbank.gr-- is an Athens,
Greece-based financial and banking services group.  The Bank
offers its services through three divisions: Individuals, which
includes deposit and investment solutions, loans, cards, insurance
products, wealth management and electronic banking services;
Companies and Professionals, which includes business deposit
solutions, business financing solutions and funds transfer, and
Large Enterprises, which includes financing products, asset
management, risk management and investment banking.  During the
year ended December 31, 2008, the Bank had 358 branches in Greece
and 537 branches internationally, of which 38 were in Greece and
113 were in South-Eastern European countries, Egypt and Cyprus.
Its group companies are active in retail, corporate, international
and investment banking, as well as in asset management and real
estate.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 5,
2010, Fitch Ratings affirmed Athens-based Piraeus Bank's
Individual rating at 'D' and removed it from Rating Watch Negative
following its announcement that it withdrew its bids for stakes in
Agricultural Bank of Greece and TT Hellenic Postbank currently
owned by the Greek government.

Fitch said the Individual rating factors in deteriorating asset
quality and profitability amid a recessionary environment in
Greece, the bank's heavy reliance on funding from the European
Central Bank (28% of non-equity funding at end-H110) and exposure
to the Greek government (rated 'BBB-'/Negative) via its
considerable portfolio of Greek government debt (EUR8.6 billion at
end-H110) and below peer average capital ratios, although these
remain adequate.


* GREECE: Cost of Insuring Debt Against Default Risk Rises
----------------------------------------------------------
Art Patnaude at The Wall Street Journal reports that the cost of
insuring Greek government debt against the risk of default jumped
Wednesday, October 27, underscoring investor concerns about the
heavily indebted country less than two weeks ahead of a key
national election.

According to The Journal, the annual cost of insuring US$10
million of Greek debt for five years jumped US$73,000 to
US$754,000.  The cost of insurance, as measured by credit default
swaps, had risen US$14,000 on Tuesday, The Journal notes.

The Journal relates Mohamed El-Erian, chief executive and co-chief
investment officer of bond giant Pimco, warned at a conference in
New York Monday last week that he expects Greece will default on
its debt within three years.  The Journal notes Mr. El-Erian added
that it is in Europe's interest for Greece to default "because the
alternative doesn't promise growth and employment generation."

George Papaconstantinou, the country's finance minister, told the
Associated Press Wednesday that the country isn't looking now to
extend the repayment period of an emergency bailout loan, but he
isn't ruling it out, according to The Journal.

In May, Greece narrowly avoided bankruptcy by agreeing to a series
of painful measures in exchange for a EUR110 billion (US$152.37
billion) bailout from the International Monetary Fund and the
European Union, The Journal recounts.  Under the terms of that
deal, the country aims to cut its budget deficit by more than a
third by the end of 2011, The Journal discloses.

Greek elections are scheduled for Nov. 7, and are seen as a first
critical test of the socialist government's standing after a year
in power and several rounds of spending cuts and tax increases,
The Journal states.


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


ANGLO IRISH: Refuses to Meet Rebel Bondholders Over Debt Exchange
-----------------------------------------------------------------
John Murray Brown, Jennifer Hughes and Anousha Sakoui at The
Financial Times report that Anglo Irish Bank has refused to meet
its rebel bondholders in spite of a threat from one group with a
stake big enough to stall parts of a EUR2 billion (GBP1.75
billion) debt exchange offered by the bailed-out bank.

The FT relates Alan Dukes, chairman of Anglo Irish, reiterated the
bank's take-it-or-leave-it stance after the rebels threatened to
derail the process by voting against the exchange.

According to the FT, some of the bank's junior bondholders have
complained about "unequal" treatment in the deal, which offers
junior noteholders new government-guaranteed bonds worth 20% of
the face value of their current holdings.

The rebels have called for meetings with the bank, which has taken
almost EUR30 billion in government funds following losses from a
property lending spree, the FT notes.

"We have published an offer and people will decide whether or not
they take it up. I hope they do," the FT quoted Mr. Dukes as
saying.  "We're satisfied that the operation we're doing is a
legitimate one [and] that it will succeed."

The FT relates junior bondholders had expected an offer well below
the bonds' face value, but the tough 20-per-cent-or-nothing
approach stunned them and the City.

Mr. Dukes has also ruled out any similarly tough action against
the bank's senior bondholders, the FT states.

As reported by the Troubled Company Reporter-Europe on Oct. 29,
2010, The FT said the ad hoc group of investors, represented by
law firm Brown Rudnick and investment bank Houlihan Lokey, said
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.  The FT disclosed the
investors say they do not plan to participate in the tender and
will vote against the extraordinary resolutions contained in it.
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 noted.  The group, as
cited by the FT, said Anglo Irish's proposal is inconsistent with
principles of fair and equal treatment of creditors.  The bank has
scheduled meetings in December for bondholders to vote on the
offer, the FT disclosed.  The FT said acceptance will require a
two-thirds turnout, and 75% of those present, to vote in favor.

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 Oct. 29,
2010, 2010, 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 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.


CHARTBUSTERS: Set to Appoint Liquidator
---------------------------------------
Barry O'Halloran at The Irish Times reports that Chartbusters is
understood to be preparing to appoint a liquidator to wind up the
business just 18 months after the High Court approved a rescue
plan for the company.

The Irish Times relates sources said Thursday that the company's
DVD operation has continued to decline this year, while
controversy over health risks has hit demand for tanning booths.

According to The Irish Times, sources also said that the directors
are likely to propose the appointment of Tom Keane, a partner with
Dublin accountants, BKRM, as liquidator to Chartbusters.

The Irish Times reports a number of local authorities and
businesses have registered judgments against the company in recent
months.  These include Ardkeen Shopping Centre in Waterford, which
has two judgments totalling almost EUR75,000; and South Dublin
County Council, to which it owes EUR62,000, The Irish Times
discloses.

Chartbusters is a DVD rental chain.  The company operates about 20
stores and employs an estimated 170 full- and part-time staff in
Ireland.


NOMOS CAPITAL: Fitch Assigns 'BB-' Rating to Senior Unsec. Loan
---------------------------------------------------------------
Fitch Ratings has assigned Nomos Capital Plc.'s US$400 million
senior unsecured loan participation notes due 2013 paying 6.5%
coupon a final Long-term rating of 'BB-'.

Nomos Capital Plc., an Ireland-domiciled special-purpose vehicle,
uses the proceeds from the note issuance to finance a senior
unsecured loan to Nomos Bank (rated 'BB-'/Stable) and will only
pay noteholders principal and interest received from the bank.


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


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

The rating action follows the receiver's recent notification to us
that there has been a change to the transaction's priority of
payments, so that the post-enforcement waterfall is now being
applied.

This means that cash proceeds will first be used to repay class A1
interest and principal, and that classes A2 and B will receive
payments only once class A1 has been fully repaid.  S&P's ratings
on classes A2 and B address timely payment of interest, and while
S&P believes that it is likely that they missed timely payment of
interest on the latest payment date, S&P has not received
confirmation of this.  Therefore, at this time S&P is affirming
its 'CC (sf)' rating on these classes of notes.

S&P has also been informed that the receiver has appointed a
financial advisor to undertake a valuation of the underlying
assets and that an auction of the transaction's assets is likely
to occur by mid-December.

Following a portfolio liquidation, the class A1 notes will be
repaid first, so S&P has chosen to affirm its 'CCC- (sf)' rating
on those notes.  At the same time, S&P believes that the class C,
D, F1 combination, and F2 combination notes are highly vulnerable
to nonpayment.  S&P has therefore lowered the ratings on these
classes to 'CC (sf)' from 'CCC- (sf)'.

Barbican No. 1 is a combination note comprising components of
EUROMAX IV MBS' class B and subordinated notes.  Since, in S&P's
view, the repayment of the Barbican notes relies on the ability to
repay class B in EUROMAX IV MBS, S&P has lowered these ratings to
'CC (sf)' from 'CCC- (sf)'.

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

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

                          Ratings List

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

                         Ratings Lowered

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

                        Ratings Affirmed

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

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

                         Ratings Lowered

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


=================
M A C E D O N I A
=================


* Fitch Gives Stable Outlook on Macedonia; Affirms 'BB+' Rating
---------------------------------------------------------------
Fitch Ratings has revised Macedonia's Outlook to Stable from
Negative.  Fitch has simultaneously affirmed the sovereign's
Long-term foreign currency Issuer Default Rating at 'BB+', Long-
term local currency IDR at 'BB+', and Short-term foreign currency
IDR at 'B'.  The agency has also affirmed the Country Ceiling at
'BBB-'.

"The revision to Macedonia's outlook reflects reduced pressure on
its external finances, as the current account deficit has narrowed
significantly and foreign-exchange reserves have fully recovered
after falling sharply during the initial phase of the global
financial crisis," said Douglas Renwick, Associate Director in
Fitch's Emerging Europe Sovereign team.  "Disciplined fiscal
policy, which has kept the budget deficit at less than 3% of GDP,
and the start of a recovery in output further support the rating
action."

Macedonia's official reserves are back at their pre-crisis levels,
after falling by roughly a third in H109.  The current account
deficit has tightened significantly to a forecast 3.2% in 2010,
which has reduced the country's dependence of foreign capital.
Fitch notes that monetary policy through the crisis has been
robust, with the central bank tightening interest rates to defend
the currency peg in late 2008/early 2009, and loosening as these
pressures eased.  The recession in Macedonia has been mild by
regional comparison, with a GDP contraction of only 0.8% in 2009.

Public finances are a rating strength.  The fiscal deficit has
remained below 3% of GDP throughout the crisis, and Fitch expects
this to remain the case over the medium term.  The debt stock (low
at 23.7% of GDP in 2009) is thus already on a sustainable path.
On the financing side, Fitch expects the government to return to
international capital markets in the next 12 months, but financing
from the domestic debt market is mainly FX-indexed and short-term.

Political risk weighs on the ratings.  However, the 2001 Ohrid
Agreement, which ended inter-ethnic conflict, has proved
successful in maintaining peace and political stability.  In
Fitch's view, the EU and NATO accession processes are important
anchors for entrenching political stability and pro-reform
sentiment.  However, Fitch expects little official progress
towards these goals while the dispute with Greece about
Macedonia's constitutional name remains unresolved.

The banking system is well capitalized and liquid, and reliance on
foreign funding is low (deposits exceed loans).  Although Greek
subsidiaries form 25% of the system by assets, these banks have
little need of their parents' liquidity or capital.

Governance in Macedonia is in line with 'BB'-range peers, as is
income per capita.  The government has passed legislation on a
raft of structural and pro-business reforms in recent years.
Although the actual ease of doing business in Macedonia has not
quite kept pace with the official Ease of Doing Business score, it
is improving.


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


ABSOLUT BANK: Fitch Affirms Individual Rating at 'D/E'
------------------------------------------------------
Fitch Ratings has upgraded the Individual ratings of four foreign-
owned Russian banks: ZAO UniCredit Bank, ZAO Raiffeisenbank and
ZAO Citibank to 'C/D' from 'D' and OJSC Nordea Bank to 'D' from
'D/E'.

The Individual rating upgrades reflect stabilization of the banks'
asset quality in an improved macroeconomic environment, and
currently comfortable capital and liquidity positions at each of
the institutions.  The Individual rating of Absolut Bank has been
affirmed at 'D/E'.

At the same time, Fitch has placed ZAO Citibank's 'BBB+' Long-term
Issuer Default Rating on Rating Watch Evolving and maintained
Absolut's 'BB+' Long-term IDR on RWE.  The Long-term IDRs of ZAO
UniCredit Bank, ZAO Raiffeisenbank and OJSC Nordea Bank have been
affirmed at 'BBB+' with Positive Outlooks.  All five banks' IDRs
are driven by potential support from foreign shareholders.

Fitch has also assigned ZAO Raiffeisenbank's upcoming issues of
fixed-rate RUB-denominated bonds (Series 01-10) expected ratings
of Long-term 'BBB+' and National Long-term 'AAA(rus)'.  The three-
year bonds have been registered in 10 series, with issue sizes of
RUB10 billion, RUB7 billion or RUB5 billion.  The final rating is
contingent on the receipt of final documents conforming to
information already received.  A full list of rating actions is
provided at the end of this commentary.

ZAO UniCredit Bank and ZAO Raiffeisenbank have achieved reasonable
performance during 2009-H110, and capital positions have been
supported by internal capital generation and loan book
contraction.  Although deterioration in asset quality has been
significant, along with the sector, loan impairment for the two
banks is somewhat below peers and the banks have remained
profitable, notwithstanding increased provisioning requirements.
At end-H110, ZAO Unicredit reported NPLs (loans overdue by more
than 90 days) of 7% and a Basel II tier 1 ratio of 11.8%.  At end-
2009, ZAO Raiffeisenbank reported NPLs of 8.2% and a Basel II tier
1 ratio of 17% and there were no significant changes in these
parameters at end H110.  Liquidity positions are comfortable,
customer deposits have been stable and the dependence on parent
institutions for funding is quite moderate, and at ZAO
Raiffeisenbank reducing.

ZAO UniCredit Bank is 100%-owned by UniCredit S.p.A.
('A'/Negative) through its Vienna-based subsidiary UniCredit Bank
Austria AG ('A'/Stable).  ZAO Raiffeisenbank is almost 100%
directly and indirectly owned by Raiffeisen Bank International AG
('A'/Stable).

ZAO Citibank's regulatory capital ratio improved to a strong 24.5%
at end-Q310 from 19% at end-2008, reflecting continued strong
profitability.  NPLs were a moderate 4.8% of gross loans at end-
Q310.  The bank continues to be locally funded by customer
deposits, which accounted for 94% of liabilities at end-Q310
statutory accounts.  At the same time, balance sheet liquidity
remains high with liquid assets (up to 30 days) covering about 72%
of customer deposits at end-Q310.

The RWE on ZAO Citibank's Long-term IDR reflects the potential for
the rating to be both downgraded and upgraded in the near-term.
The rating could be upgraded if Russia's 'BBB+' Country Ceiling is
upgraded, together with the sovereign 'BBB' Long-term IDRs, which
are currently on Positive Outlook.  The rating could be downgraded
if Citigroup Inc's 'A+' Long-term IDR is downgraded to 'BBB+',
which corresponds to Fitch's current assessment of Citigroup's
stand-alone financial strength.  Citigroup's Long-term IDR was
placed on Rating Watch Negative on 22 October 2010.  ZAO Citibank
is 100%-owned by Citigroup.

OJSC Nordea Bank's asset quality remained sound at end-H110, with
NPLs a low 1.4%, while the Basel I tier 1 capital ratio was
reported at a comfortable 21.2%.  The bank's concentrated credit
risk exposure is reduced by guarantees from its 100% owner, Nordea
Bank AB, on 70% of the top 20 borrowers, and a majority of the
loan book has been approved at the parent level.  Dependence on
parent funding is high.

Absolut's Long-term IDR reflects potential support from its 95%
shareholder, Belgian KBC Bank (rated 'A'/Stable), while the RWE
reflects KBCB's intention to divest the bank.  According to the
restructuring plan approved by European Commission, KBCB is to
sell Absolut by 2012, although that deadline may be postponed by
up to three years if reasonable purchase offers are not received.
Although KBCB has informed Fitch that it is not currently in
negotiations with any specific potential buyer, the possibility
remains that an investor may emerge in the short-term, which would
trigger a reassessment of Absolut's ratings.

The Individual Rating reflects substantial pressure on Absolut's
asset quality, with NPLs at about 16% at end-H110 and a
substantial 20% of the loan book restructured/rolled-over.
Absolut expects a net loss for 2010 as a result of high credit
costs, while the bank remains profitable on a pre-impairment
level.  The Basel I tier 1 ratio was 13.1% at end-H110, but will
decrease if the bank reports losses in H210 as forecasted.  At the
same time, Fitch notes Absolut's solid liquidity position,
supported by a contracting loan book, retail deposit growth and
substantial parent funding (the latter equal to 54% of Absolut's
liabilities at end-H110).

The rating actions are:

ZAO Raiffeisenbank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Positive

  -- Long-term local currency IDR: assigned at 'BBB+'; Outlook
     Positive

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Senior unsecured debt: affirmed at 'BBB+'/F2 and at
     'AAA(rus)'

  -- Senior unsecured upcoming RUB-denominated bonds: assigned
     Long-term 'BBB+ (exp)' and National Long-term 'AAA(rus)(exp)'

  -- Individual Rating: upgraded to 'C/D' from 'D'

ZAO Unicredit Bank

  -- Long-term foreign and local currency IDRs: affirmed at
     'BBB+'; Outlook Positive

  -- Short-term foreign and local currency IDRs: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: upgraded to 'C/D' from 'D'

ZAO Citibank

  -- Long-term foreign currency IDR 'BBB+' placed on RWE

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: upgraded to 'C/D' from 'D'

OJSC Nordea Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Positive

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

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

Absolut Bank

  -- Long-term foreign currency IDR 'BB+'; RWE maintained
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- National Long-term rating 'AA(rus)'; RWE maintained
  -- Support Rating '3'; RWE maintained
  -- Individual Rating: affirmed at 'D/E'


NORDEA BANK: Fitch Upgrades Individual Rating to 'D'
----------------------------------------------------
Fitch Ratings has upgraded the Individual ratings of four foreign-
owned Russian banks: ZAO UniCredit Bank, ZAO Raiffeisenbank and
ZAO Citibank to 'C/D' from 'D' and OJSC Nordea Bank to 'D' from
'D/E'.

The Individual rating upgrades reflect stabilization of the banks'
asset quality in an improved macroeconomic environment, and
currently comfortable capital and liquidity positions at each of
the institutions.  The Individual rating of Absolut Bank has been
affirmed at 'D/E'.

At the same time, Fitch has placed ZAO Citibank's 'BBB+' Long-term
Issuer Default Rating on Rating Watch Evolving and maintained
Absolut's 'BB+' Long-term IDR on RWE.  The Long-term IDRs of ZAO
UniCredit Bank, ZAO Raiffeisenbank and OJSC Nordea Bank have been
affirmed at 'BBB+' with Positive Outlooks.  All five banks' IDRs
are driven by potential support from foreign shareholders.

Fitch has also assigned ZAO Raiffeisenbank's upcoming issues of
fixed-rate RUB-denominated bonds (Series 01-10) expected ratings
of Long-term 'BBB+' and National Long-term 'AAA(rus)'.  The three-
year bonds have been registered in 10 series, with issue sizes of
RUB10 billion, RUB7 billion or RUB5 billion.  The final rating is
contingent on the receipt of final documents conforming to
information already received.  A full list of rating actions is
provided at the end of this commentary.

ZAO UniCredit Bank and ZAO Raiffeisenbank have achieved reasonable
performance during 2009-H110, and capital positions have been
supported by internal capital generation and loan book
contraction.  Although deterioration in asset quality has been
significant, along with the sector, loan impairment for the two
banks is somewhat below peers and the banks have remained
profitable, notwithstanding increased provisioning requirements.
At end-H110, ZAO Unicredit reported NPLs (loans overdue by more
than 90 days) of 7% and a Basel II tier 1 ratio of 11.8%.  At end-
2009, ZAO Raiffeisenbank reported NPLs of 8.2% and a Basel II tier
1 ratio of 17% and there were no significant changes in these
parameters at end H110.  Liquidity positions are comfortable,
customer deposits have been stable and the dependence on parent
institutions for funding is quite moderate, and at ZAO
Raiffeisenbank reducing.

ZAO UniCredit Bank is 100%-owned by UniCredit S.p.A.
('A'/Negative) through its Vienna-based subsidiary UniCredit Bank
Austria AG ('A'/Stable).  ZAO Raiffeisenbank is almost 100%
directly and indirectly owned by Raiffeisen Bank International AG
('A'/Stable).

ZAO Citibank's regulatory capital ratio improved to a strong 24.5%
at end-Q310 from 19% at end-2008, reflecting continued strong
profitability.  NPLs were a moderate 4.8% of gross loans at end-
Q310.  The bank continues to be locally funded by customer
deposits, which accounted for 94% of liabilities at end-Q310
statutory accounts.  At the same time, balance sheet liquidity
remains high with liquid assets (up to 30 days) covering about 72%
of customer deposits at end-Q310.

The RWE on ZAO Citibank's Long-term IDR reflects the potential for
the rating to be both downgraded and upgraded in the near-term.
The rating could be upgraded if Russia's 'BBB+' Country Ceiling is
upgraded, together with the sovereign 'BBB' Long-term IDRs, which
are currently on Positive Outlook.  The rating could be downgraded
if Citigroup Inc's 'A+' Long-term IDR is downgraded to 'BBB+',
which corresponds to Fitch's current assessment of Citigroup's
stand-alone financial strength.  Citigroup's Long-term IDR was
placed on Rating Watch Negative on 22 October 2010.  ZAO Citibank
is 100%-owned by Citigroup.

OJSC Nordea Bank's asset quality remained sound at end-H110, with
NPLs a low 1.4%, while the Basel I tier 1 capital ratio was
reported at a comfortable 21.2%.  The bank's concentrated credit
risk exposure is reduced by guarantees from its 100% owner, Nordea
Bank AB, on 70% of the top 20 borrowers, and a majority of the
loan book has been approved at the parent level.  Dependence on
parent funding is high.

Absolut's Long-term IDR reflects potential support from its 95%
shareholder, Belgian KBC Bank (rated 'A'/Stable), while the RWE
reflects KBCB's intention to divest the bank.  According to the
restructuring plan approved by European Commission, KBCB is to
sell Absolut by 2012, although that deadline may be postponed by
up to three years if reasonable purchase offers are not received.
Although KBCB has informed Fitch that it is not currently in
negotiations with any specific potential buyer, the possibility
remains that an investor may emerge in the short-term, which would
trigger a reassessment of Absolut's ratings.

The Individual Rating reflects substantial pressure on Absolut's
asset quality, with NPLs at about 16% at end-H110 and a
substantial 20% of the loan book restructured/rolled-over.
Absolut expects a net loss for 2010 as a result of high credit
costs, while the bank remains profitable on a pre-impairment
level.  The Basel I tier 1 ratio was 13.1% at end-H110, but will
decrease if the bank reports losses in H210 as forecasted.  At the
same time, Fitch notes Absolut's solid liquidity position,
supported by a contracting loan book, retail deposit growth and
substantial parent funding (the latter equal to 54% of Absolut's
liabilities at end-H110).

The rating actions are:

ZAO Raiffeisenbank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Positive

  -- Long-term local currency IDR: assigned at 'BBB+'; Outlook
     Positive

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Senior unsecured debt: affirmed at 'BBB+'/F2 and at
     'AAA(rus)'

  -- Senior unsecured upcoming RUB-denominated bonds: assigned
     Long-term 'BBB+ (exp)' and National Long-term 'AAA(rus)(exp)'

  -- Individual Rating: upgraded to 'C/D' from 'D'

ZAO Unicredit Bank

  -- Long-term foreign and local currency IDRs: affirmed at
     'BBB+'; Outlook Positive

  -- Short-term foreign and local currency IDRs: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: upgraded to 'C/D' from 'D'

ZAO Citibank

  -- Long-term foreign currency IDR 'BBB+' placed on RWE

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

  -- Individual Rating: upgraded to 'C/D' from 'D'

OJSC Nordea Bank

  -- Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook
     Positive

  -- Short-term foreign currency IDR: affirmed at 'F2'

  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable

  -- Support Rating: affirmed at '2'

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

Absolut Bank

  -- Long-term foreign currency IDR 'BB+'; RWE maintained
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- National Long-term rating 'AA(rus)'; RWE maintained
  -- Support Rating '3'; RWE maintained
  -- Individual Rating: affirmed at 'D/E'


RUSHYDRO FINANCE: Moody's Assigns 'Ba1' Rating to Senior Bonds
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba1 senior
unsecured bond rating to the RUB20 billion 7.875% Notes due 2015
issued by RusHydro Finance Limited, a special purpose vehicle,
incorporated under the laws of Ireland, of JSC RusHydro, for the
sole purpose of financing a loan to RusHydro.  The outlook is
stable.

                        Ratings Rationale

The Ba1 rating assigned to the Notes is equivalent to RusHydro's
corporate family rating, given that RusHydro Finance issued the
Notes for the sole purpose of financing a loan to RusHydro and
therefore Noteholders rely solely on the latter's creditworthiness
to service and repay the Notes.  RusHydro will use proceeds of the
respective loan for general corporate purposes, including
investments.  The rating and LGD assessment of LGD4 are based on
the assumption that the Notes rank pari passu with other senior
unsecured and unsubordinated financial indebtedness of RusHydro
(apart from obligations mandatorily preferred by law).

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on October 11, 2010.  Moody's rating
rationale was set out in a press release issued on that date.

Moody's regards RusHydro as a government-related issuer.  In
accordance with Moody's GRI rating methodology, the ratings of
RusHydro and of the proposed Notes incorporate uplift from
RusHydro's standalone credit quality measured by a Baseline Credit
Assessment of 13 (on a scale of 1 to 21 and equivalent to Ba3).
The uplift to the BCA is driven by the credit quality of the
Russian government, which owns around 60% of the company's shares,
and Moody's assessment of strong probability of state support in
the event of financial distress, as well as high default
dependence between the company and the government.

RusHydro's ratings remain constrained by the low visibility of the
evolution of its credit profile in the medium term, with headroom
under the company's financial metrics regarded as transitional.
At the same time, the ratings are underpinned by the company's
strong business fundamentals as Russia's largest low-cost hydro
generator, which is well positioned to benefit from the
liberalization of Russia's wholesale power market and should be
able to absorb the risks of market fluctuations.

The outlook on the ratings is stable, factoring in the headroom in
the company's financial profile at the end of 2009 and its
expected medium-term development within the current rating
category and acceptable liquidity.  Moody's currently considers an
upward revision in RusHydro's ratings to be unlikely in the near
term as the company's credit profile is expected to evolve,
pressured by the challenges both specific to the company and the
Russian electric utility sector.

RusHydro's BCA could be negatively impacted, if there were a
negative shift in the evolving regulatory and market framework and
the company failed to limit deterioration of its financial
profile, with the Debt-to-EBITDA ratio above 3x, while FFO
interest coverage and the RCF-to-Debt ratios fall below 5.0x and
30%, respectively.  The company's inability to maintain adequate
liquidity could also pressure the rating.  Negative pressure on
the rating could also result from Moody's assessment of a material
reduction in the probability of state support.

Headquartered in Moscow, RusHydro is Russia's largest generator
of hydro electricity.  RusHydro is controlled by the Russian
government, whose stake in the company is approximately 60%.
In 2009, the company's contribution to Russia's total installed
capacity and electricity output was around 12%, if the SS HPP
capacity was counted, and 9%, respectively.  In 2009,
RusHydro's IFRS revenues were RUB115.6 billion (approximately
US$3.7 billion).


RUSHYDRO FINANCE: Fitch Assigns 'BB+' Rating to Loan Notes
----------------------------------------------------------
Fitch Ratings has assigned RusHydro Finance Limited's RUB20
billion, 7.875% coupon and five-year loan participation notes a
final local currency senior unsecured 'BB+' rating.

The LPNs have been issued on a limited recourse basis for the sole
purpose of funding a loan by RusHydro Finance to JSC RusHydro.
RusHydro Finance is a finance vehicle for RusHydro, the Russian
hydro electricity generation company.  Proceeds from the bonds are
expected to be used by RusHydro for capital expenditure and
general corporate purposes.

RusHydro has Long-term local and foreign currency Issuer Default
Ratings of 'BB+' with a Positive Outlook, and a National Long-term
rating of 'AA(rus)' with a Positive Outlook.


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


OMEGA CAPITAL: S&P Withdraws CCC+ (sf) Ratings on 2 Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Omega Capital Investments PLC's class B, C, and E notes series 17
and Thunderbird Investments PLC's class B, C, D, and E notes
series 15.  At the same time, S&P removed from CreditWatch
positive the 'CCC+ (sf)' rating on Omega Capital Investments'
class C notes series 17.

The withdrawal follows BNP Paribas'--the arranger's--recent
notification to us that the issuers had fully repurchased the
notes.

                           Ratings List

                        Ratings Withdrawn

                  Omega Capital Investments PLC
    CHF75 Million and EUR15 Million Secured Floating-Rate Notes
                            Series 17

                               Rating
                               ------
               Class      To              From
               -----      --              ----
               B          NR              CCC+ (sf)
               E          NR              B+ (sf)

                   Thunderbird Investments PLC
EUR10 Million and CHF85 million ABS/Crossway Secured Floating-Rate
                         Notes Series 15

                               Rating
                               ------
               Class      To              From
               -----      --              ----
               B          NR              B+ (sf)
               C          NR              B+ (sf)
               D          NR              B (sf)
               E          NR              B- (sf)

     Rating Removed From CreditWatch Positive and Withdrawn

                  Omega Capital Investments PLC
    CHF75 Million and EUR15 Million Secured Floating-Rate Notes
                            Series 17

                         Rating
                         ------
         Class      To              From
         -----      --              ----
         C          CCC+ (sf)       CCC+ (sf)/Watch Pos
                    NR              CCC+ (sf)


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


YUKSEL INSAAT: Moody's Assigns (P)'B1' Rating to Senior Notes
-------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 rating/LGD4/50% to the
proposed senior unsecured 5-year notes to be issued by Yuksel
Insaat S.A.  This rating assignment follows the rating action on
October 25, when Moody's assigned B1 Corporate Family and
Probability of Default Ratings to Yuksel.

                        Ratings Rationale

The senior unsecured notes are to refinance Yuksel's mainly
secured, short term bank debt and for general corporate purposes.
The notes will be unconditionally and irrevocably guaranteed on a
pari-passu, senior unsecured basis by Yuksel's subsidiaries in the
construction business, except Fiba Yuksel.  Together with the
issuer, these subsidiaries represent the majority (at least 80%)
of the revenues, tangible assets and cash flows of the group.

Pro forma the bond issuance the amount of secured debt will be
below 10%.  Moody's notes that although Yuksel has the option to
use its permitted lien basket that allows the issue of up to US$
40m of secured debt, the company has made representations in
writing to Moody's not to use the secured debt headroom for
funding of core assets.  Any use of secured debt under this basket
is expected to be for specific energy projects, in which Yuksel
may participate.  Notching between the CFR and bonds could be
introduced in the future if Yuksel were to deviate from this
intention.

The last rating action on Yuksel was on October 25, 2010, when
Moody's assigned B1 Corporate Family and Probability of Default
Ratings to Yuksel.

Yuksel Insaat A.S., with corporate headquarters in Ankara/Turkey,
is among the ten largest construction companies in Turkey.
Established in 1963 by the Sazak and Sert families, Yuksel has
grown its revenue base from US$ 104 million in 2001 to US$ 720
million in 2009 based on non-consolidated figures.  The company
still has a strong foothold in Turkey, but has expanded into the
MENA region as well as Central Asia over the past years to
diversify its revenue streams.  Yuksel is primarily focused on the
infrastructure sector.


YUKSEL INSAAT: Fitch Assigns 'B' Senior Unsecured Rating
--------------------------------------------------------
Fitch Ratings has assigned Ankara-based construction company
YUKSEL Insaat A.S. a Foreign Currency senior unsecured rating of
'B' and a Recovery Rating of 'RR4'.  At the same time, Fitch has
assigned YUKSEL's planned 2015 US$ senior notes an expected senior
unsecured 'B' rating and a Recovery Rating of 'RR4' based on
summary terms and conditions only.  YUKSEL plans to use the
proceeds to repay existing debt and for general corporate
purposes.  Fitch will assign the notes a final rating upon closure
and the receipt of final documentation conforming to information
already received.

Fitch's senior unsecured debt rating assumes that the majority of
the bond proceeds will be used to pay down senior secured debt to
approximately US$20 million.  On 25 October 2010 Fitch Ratings has
assigned YUKSEL a Long-term foreign currency Issuer Default Rating
of 'B' with Stable Outlook.

The planned 2015 notes will be senior unsecured obligations of
YUKSEL and will rank equally with all other senior unsecured
obligations of YUKSEL.  On a senior unsecured basis the notes will
be unconditionally and irrevocably guaranteed on a joint and
several basis by YUKSEL's subsidiaries engaged in the construction
business (other than Fiba Yuksel Uluslararasi Proje Gelistirme
A.S, which is in charge of the development of a major residential
project in Istanbul).  The notes include an optional redemption;
change of control; limitations on indebtedness, liens, asset sales
and dividends; and a merger and consolidation provision.

YUKSEL's current debt is mainly composed of secured project
financing and a revolving credit of short-term maturity.  However,
following the planned US$ bond issue and the repayment of the
secured bank debt, most of the debt of the group will be on an
unsecured basis (more than 90% of the total).


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


ARDEONAIG HOTEL: Placed Into Administration; Abandoned by Owner
---------------------------------------------------------------
Ardeonaig Hotel has been placed into administration.  Eilis Jordan
at Business Sale Report relates that Ardeonaig Hotel has been
placed on the market by the administrators at Zolfo Coopers with a
price tag of GBP1.1 million.  The report notes that its ten
employees have all been made redundant.

According to the report, the South African owner Pete Gottgens has
reportedly left the hotel, having dropped all associations with
it.

The report notes Alan Creevy of Jones Lang LaSalle has been
mandated with the task of selling the hotel, which is "really
quite an exceptional property in a stunning location in the heart
of Perthshire."  The report relates that refurbishment undertaken
in 2008 left the business with cashflow problems.  It is believed
an amount close to GBP2 million was spent, the report notes.

The administrators, the report relates, are examining all the
options for the hotel and are positive about finding a buyer.
Anne O'Keefe of Zolfo Cooper, the report notes, said that the
decision has been made to stop trading at the business for the
winter months with the intention of resuming in the spring.  The
move will "ensure the viability of the business for prospective
buyers," she added.

Ardeonaig Hotel is located in Perthshire and owned by former
personal chef to Nelson Mandela, Pete Gottgens.


BAA PLC: Moody's Assigns (P)'Ba3' Rating to Senior Secured Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a (P)Ba3 rating to the
proposed issue of GBP Senior Secured Notes due 2017 to be issued
by BAA (SH) plc.  In addition Moody's has assigned a (P)Ba1
Corporate Family Rating, a (P)Ba2 Probability of Default Rating,
and a 35% Family-wide loss given default assumption to BAA SH.
Moody's has also assigned a LGD-5 (85%) Loss given default
assessment to the BAA SH Notes.  The rating outlook is stable.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign
definitive ratings to BAA SH.  A definitive rating may differ from
a provisional rating.  These provisional ratings are assigned on
the basis that the BAA SH Notes are issued, and together with the
proceeds from a new BAA SH GBP250m bank loan facility, are used to
repay all other outstanding debt of BAA SH.

                        Ratings Rationale

The (P)Ba1 Corporate Family Rating of BAA SH reflects a
Probability of Default Rating of (P)Ba2 and a 35% Family-wide loss
given default assumption.  The Corporate Family Rating is an
opinion of the BAA SH group's ability to honor its financial
obligations and is assigned to BAA SH as if it had a single class
of debt and a single consolidated legal structure.  The (P)Ba3 /
LGD-5(85%) rating of the BAA SH Notes reflects the structural
subordination of the BAA SH Notes in the BAA SH group structure.

The only asset of BAA SH is its shares in BAA (SP) Limited, which
in turn owns London Heathrow Airport, and London Stansted Airport.
The BAA SP group is financed via debt provided through a ring-
fenced secured debt financing structure.  BAA SP can only service
debt at BAA SH if it complies with the financial terms of the BAA
ring-fenced secured debt financing structure.  BAA SH debt in turn
benefits from a security interest in its ownership of BAA SP.

BAA SH's (P)Ba1 Corporate Family Rating reflects (i) BAA SP's
ownership of LHR, which is one of the world's most important hub
airports and the largest European airport, (ii) the relatively
resilient traffic characteristics of LHR which together with the
STN traffic profile affords some portfolio benefits, (iii) the
long established framework of economic regulation that pertains to
LHR which will evidence some changes but which is not expected to
be fundamentally altered, (iv) the significant capital expenditure
program at LHR, (v) the debt levels carried by the BAA SH group
together with the features of the BAA ring-fenced secured debt
financing structure which puts certain constraints around
management activity, and (vi) the protective features of the BAA
SH Notes which effectively limits BAA SH's activities to its
investment in BAA SP.

The rating outlook is stable.  This reflects Moody's expectation
that BAA's London airports will see a modest recovery in business
volumes, and that the capital expenditure program will continue to
be managed effectively to accommodate the ramp up in work at LHR
over the coming few years, both of which should ensure a financial
profile in line with the current rating category.  The outlook
further assumes that BAA SP will continue to manage its debt
raising program in a way that minimizes refinancing risk and
allows it to comfortably meet new funding requirements.  Although
there is headroom under the BAA SH debt documentation to increase
indebtedness at the BAA SH level, this is not expected to
materialize over the time horizon of the rating.

The Corporate Family Rating and rating of the BAA SH Notes could
move up if the BAA SH group were to exhibit a financial profile
that evidenced materially lower leverage than currently expected.
This could be suggested by a Net Debt to RAB ratio likely to be
permanently below 80% and an Adjusted Interest Cover Ratio of
permanently more than 1.2 times.

The Corporate Family Rating and rating of the BAA SH Notes could
move down if the BAA SH group were to exhibit a financial profile
that evidenced materially higher leverage than currently expected.
This could be suggested by a Net Debt to RAB ratio consistently in
the high 80s and an Adjusted Interest Cover Ratio of less than 1.0
times.

A sale of Stansted Airport, if required, would not likely cause a
downwards move in the rating.


BAA PLC: Fitch Assigns 'BB+' Rating to Q1 2017 Notes
----------------------------------------------------
Fitch Ratings has assigned BAA (SH) plc's GBP250 million-GBP325
million notes, expected to be due Q1 2017, an expected rating of
'BB+' with Stable Outlook.  The final rating is contingent on the
receipt of final documents conforming to information already
received.

The expected rating addresses the ability of BAA (SH) to service
and repay its senior secured debt, including the prospective bond
via regular cash payments from BAA (SP) Limited (BAA (SP) or the
OpCo).

The rating reflects the subordinated position of BAA (SH)
creditors below those of BAA (SP) and the reliance of BAA (SH) on
cash distributions from its subsidiary, which could be halted in
extreme circumstances.  It also reflects the modest refinancing
risk facing BAA (SH) at the bond's maturity date in 2017, and when
the two tranches of its bank facility -- which rank equally with
the notes -- reach maturity in one and five years respectively.
Although BAA (SH) is confident it will be able to refinance the
bank loan from surplus cash or by raising additional debt at the
OpCo level, Fitch has also considered the scenario where the debt
is refinanced at the HoldCo level.

Fitch also considered in the analysis the robustness of passenger
traffic (volume risk), as evidenced during the recent economic
crisis by the strong resilience of Heathrow (90% of the company's
revenue) as well as the Q310 traffic update for the airports.  The
agency further took into account the predictability of the tariff
(price risk) provided by the regulatory framework in a context of
strong market power for Heathrow.  Other factors considered are
the strong ability of the operator to manage operational and
financial risks and the residual exposure to low inflation.

Fitch has determined the rating using a consolidated analysis of
BAA (SH) and BAA (SP).  Most rating factors and analysis items are
thus common with those implemented for BAA Funding, and the same
metrics, with relevant levels of debt, were considered.  In
addition, Fitch paid specific attention to the structural features
that could hamper the ability of BAA (SP) to upstream sufficient
cash to BAA (SH) in order to service the rated debt given its
effective subordination.

Fitch has built a rating case, the outcome of which indicates that
BAA (SP) has strong capacity, both in terms of cash flow and its
ability to raise additional debt at OpCo level, to make cash
distributions to BAA (SH) sufficiently large to comfortably
service and to repay debt.  It also suggests that the likelihood
of a BAA (SP) level lock-up covenant being triggered, and
therefore its cash payment to BAA (SH) being prevented, is low.
BAA (SP)'s regulated airports -- Heathrow and Stansted -- have
both seen falling passenger traffic over the last three years,
although as expected, Heathrow has proven more resilient in this
regard.  Recent data suggests that passenger traffic at Heathrow
has recovered and that, excluding the one-off effects of the
volcanic ash cloud as well as prolonged airline industrial action
earlier in the year, traffic at the regulated airports will be
higher in 2010 compared with 2009.


COAST TO COAST: Goes Into Administration
----------------------------------------
Coast to Coast (UK) Ltd, which traded as ED Truckin Road Haulage,
has gone into administration.

Roadtransport.com reports that Christopher White, of insolvency
firm the P&A Partnership, was appointed administrator to the firm.
Mr. White confirmed to Roadtransport.com that the business has
ceased trading and its 40 employees had been made redundant.

Mr. White, the report notes, added: "The business had been trading
under a Company Voluntary Arrangement but we are now in the
process of asset realization on behalf of creditors.  I can
confirm that any outstanding claims on behalf of employees are
being handled by the Redundancy Payments Office."

Headquartered in Kettering, Northants, Coast to Coast (UK) has
been trading under a CVA since 1 December 2009 with the P&A
Partnership handling the arrangement.  The company was
incorporated in 1998.


CONWAY STEWART: Goes Into Administration
----------------------------------------
Conway Stewart and Company Ltd has gone into administration.

The Herald reports that Conway Stewart applied to the High Court,
in London, for an administration order earlier this month.

According to the report, Wilmslow-based business rescue and
recovery experts Cooper Williamson Ltd were appointed as
administrators.  Conway Stewart Thursday told The Herald it was
now known under the name of Conway Stewart Manufacturing UK Ltd.

Headquartered in Plymouth, Conway Stewart and Company Ltd is a
luxury pen manufacturer.


DUNDEE FOOTBALL CLUB: Rhys Weston Appeals for Leniency
------------------------------------------------------
Graeme Dey at The Courier reports that football player Rhys Weston
has appealed to the SFL not to hammer Dundee football club for
going into administration for the second time in seven years.

According to the report, administrator Bryan Jackson will be
grilled by the SFL board, with a decision on what punishment the
Dark Blues are to face expected to be made public early next week.
The report relates it is widely anticipated that a substantial
points deduction -- up to 30 points -- is in the pipeline,
effectively guaranteeing relegation to the second division.

The report notes Mr. Weston reckons that would be harsh.

"Hopefully the league will be lenient with us," the report quoted
Mr. Weston as saying.  "It is out of our control but it would be a
shame if our season is effectively ended on Thursday because we've
had so many points deducted.  The fight is on to keep the club
alive and the football is the main product so everyone will
suffer.  The fans, players and everyone involved with Dundee will
be hurt.  So, too, will be Scottish football. Apart from the Old
Firm game, ours was the third biggest attendance at the weekend.
The fans here have been through it before and they are rallying
again. They don't deserve to be punished for something that was
outside their control.  The supporters have been through the mill
on more than one occasion but I've seen them really pull together
and show a lot of resolve in the face of adversity.  All we can
hope for is a decent outcome on Thursday and the fans sticking by
us.  If we were forced into a situation where it's going to be an
uphill battle to stay in the league that would be very, very hard
to take," he added.

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


LOTHIAN MORTGAGE: S&P Affirms 'BB (sf)' Ratings on Class E Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
all classes of notes in Lothian Mortgage Master Trust PLC (Lothian
Mortgages (No. 3) PLC, Lothian Mortgages (No. 4) PLC, and Lothian
Mortgages Master Issuer PLC series 2006-1).

The affirmations follow S&P's review of the collateral performance
and current capital structure.  In S&P's opinion, collateral
performance is stable with low delinquencies and cumulative losses
of EUR494,000.  The collateral comprises 100% prime owner-occupied
residential mortgages, with all borrowers on flexible products.
Prepayments are high relative to other prime deals, reflecting the
conservative underwriting standards.  These factors have led us to
affirm S&P's ratings on these notes.

The credit enhancement for the class A notes increased to 11.04%
in September 2010, from 8.85% in November 2007.  During the same
period, the credit enhancement for the class B notes increased to
7.94% from 6.54%; the class C notes increased to 4.93% from 4.19%;
and the class D notes increased to 2.07% from 1.69%.  The credit
enhancement for the class E notes decreased to 1.04% from 1.29%,
as a result of a reduction in the reserve fund to EUR17.50 million
in September 2010 from EUR57.15 million in November 2007.
However, this level of credit enhancement is still consummate with
the current 'BB (sf)' rating on the class E notes.

Lothian Mortgages Master Trust is a prime U.K. residential
mortgage-backed securities program, securitizing loans originated
by Standard Life Bank PLC (now part of Barclays Bank PLC).

                           Ratings List

                        Ratings Affirmed

                  Lothian Mortgages (No. 3) PLC
US$855.0 Million and EUR779.6 Million Residential Mortgage-Backed
                       Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A2          AAA (sf)
                        B           AA (sf)
                        C           A (sf)
                        D           BBB (sf)
                        E           BB (sf)

                  Lothian Mortgages (No. 4) PLC
US$390 Million, EUR691.8 Million, and EUR565 Million Residential
               Mortgage-Backed Floating-Rate Notes

                        Class       Rating
                        -----       ------
                        A3          AAA (sf)
                        B           AA (sf)
                        C           A (sf)
                        D           BBB (sf)

               Lothian Mortgages Master Issuer PLC
US$562.4 Million, EUR471.3 Million, and EUR377 Million Residential
       Mortgage-Backed Floating-Rate Notes Series 2006-1

                        Class       Rating
                        -----       ------
                        A2          AAA (sf)
                        A3          AAA (sf)
                        A4          AAA (sf)
                        B           AA (sf)
                        C           A (sf)
                        D           BBB (sf)
                        E           BB (sf)


ROYAL BANK: Appoints Advisers for Insurance Unit Disposal
---------------------------------------------------------
Kristy Dorsey at The Scotsman reports that Royal Bank of Scotland
has appointed advisers to move ahead with the disposal of its
insurance arm, which includes the Churchill, Direct Line,
Privilege and Green Flag operations.

According to The Scotsman, investment banks Goldman Sachs and
Morgan Stanley have been awarded the mandate to review available
options for the division, whose net asset value stands at about
GBP4 billion.

                            Bailout

As reported by the Troubled Company Reporter-Europe on Aug. 26,
2010, Stephen Hester, Royal Bank of Scotland's chief executive, as
cited by The Scotsman, said that the bank should not be given a
second chance of a taxpayer bailout if it is involved in another
financial crisis.  In a bold admission that the public would not
tolerate further handouts, Mr. Hester said all financial
institutions -- including RBS -- should be allowed to fail and
suffer the consequences without the state rushing to their aid,
according to The Scotsman.  The Scotsman disclosed Mr. Hester was
drafted in when RBS sank under a mountain of debt after the
meltdown that followed its disastrous takeover of the Dutch bank
ABN Amro before the credit crunch.

                           About RBS

The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks.  The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing.  On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO).  In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.


SOUTHERN CARE: Conwy County Staff Fear for Futures
--------------------------------------------------
Owen R. Hughes at North Wales Weekly News reports that Southern
Care Group's workers are devastated with the news that the company
is under administration and concerned at potential disruption to
the elderly residents at the homes.

As reported in the Troubled Company Europe on October 28, 2010,
BBC News said that Southern Care Group has gone into
administration, with administrator PKF running the group.  BBC
related joint administrator Jon Newell said the business, founded
by Dylan Southern, had been "struggling to pay its liabilities"
and overheads had been "inconsistent with the income stream".  BBC
noted Mr. Newell said that a number of inquiries had been made
from potential buyers.

According to North Wales Weekly News, administrators Kerry Bailey
and Jonathan Newell, of PKF Accountants, said their intention was
to keep all the homes open and ensure there was minimal disruption
for residents.  The report relates that they intend to sell the
homes at a later date.

The report notes an unnamed staff said: "People are also worried
about what will happen to the elderly people in the homes, it
isn't nice for them or their families."

The nine care homes are:

* Woodfold, Brompton Avenue, Rhos-on-Sea
* Tandderwen, Holyrood Avenue, Old Colwyn
* Priory Grange, Kenelm Road, Rhos-on-Sea
* Rhoslan, Everard Road, Rhos-on-Sea
* Southern House, Water Street, Abergele
* Coed Duon, Halkyn Road, Holywell
* Maes Elwy, Upper Denbigh Road, St Asaph
* The White House, Grove Road, Wrexham
* Beach Court, Beach Road West.

The administrators have appointed Healthcare Management Solutions
to assist them to operate the care homes, the report adds.

North Wales-based Southern Care Group employs 270 people and cares
for up to 300 elderly people.


TARGETFOLLOW ESTATE: Owner Lashes Out at Lloyds
-----------------------------------------------
Hugo Duncan at thisismoney.co.uk reports that the owner of the
Centre Point tower in London accused Lloyds Banking Group of
"wanton destruction of value" as it tumbled into administration.

As reported in the Troubled Company Reporter Europe on October 28,
2010, Business Sale Report said that a GBP150 million cash
injection does not seem to be enough to save Targetfollow from
falling into administration.  According to the report, the firm
reportedly owes more than GBP700 million to Lloyds Banking Group.
The report related that the bank is said to be unwilling to accept
the investment cash -- GBP150 million from a "high-quality
institutional consortium" -- and wants to press forward with a
High Court hearing about possible administration procedures.

According to thisismoney.co.uk, Ardeshir Naghshineh, founder and
chairman of Targetfollow, lashed out after the part-nationalized
bank pulled the plug over the debt and appointed Deloitte as
administrator.  The report relates Mr. Naghshineh claimed that
Lloyds -- itself saved from collapse by a multi-billion pound
bailout by the taxpayer -- damaged the value of the company and
its properties by pursuing it so vigorously.

The report notes Lloyds values Targetfollow's estate at just
GBP450 million, while the company claims it is worth nearer GBP680
million.

Mr. Naghshineh, the report notes, said: "Obviously we are
disappointed at this turn of events because, as is widely
understood in the property industry, myself and my expert team are
the best people to extract full value from the portfolio.
However, if the appointment of administrators stops the wanton
destruction of value that has characterised the bank's
interference over the past 12 months, then that will be a move in
the right direction."

The administration process, the report relates, was delayed for
two weeks when Targetfollow asked for extra time to secure new
investment in the company.  But a court heard that Lloyds pulled
the plug on the firm and Deloitte has been lined up to begin the
administration process, the report adds.

Targetfollow is a property developer based in the United Kingdom.


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


* BOND PRICING: For the Week October 25 to October 29, 2010
-----------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES        2.750    5/10/2014        EUR      74.50
RAIFF ZENTRALBK         4.500    9/28/2035        EUR      69.03

BELGIUM
-------
FORTIS BANK             8.750    12/7/2010        EUR      20.54

FINLAND
-------
MUNI FINANCE PLC        0.250    6/28/2040        CAD      23.99
MUNI FINANCE PLC        0.500    3/17/2025        CAD      55.48
MUNI FINANCE PLC        0.500    9/24/2020        CAD      70.72
MUNI FINANCE PLC        1.000    2/27/2018        AUD      66.53
MUNI FINANCE PLC        1.000    6/30/2017        ZAR      66.59

FRANCE
------
AIR FRANCE-KLM          4.970     4/1/2015        EUR      16.42
ALCATEL SA              4.750     1/1/2011        EUR      16.70
ALCATEL-LUCENT          5.000     1/1/2015        EUR       3.55
ALTRAN TECHNOLOG        6.720     1/1/2015        EUR       4.86
ATOS ORIGIN SA          2.500     1/1/2016        EUR      52.56
BNP PARIBAS            10.050    7/24/2012        USD      64.27
CALYON                  6.000    6/18/2047        EUR      50.25
CAP GEMINI SOGET        1.000     1/1/2012        EUR      44.04
CAP GEMINI SOGET        3.500     1/1/2014        EUR      43.83
CLUB MEDITERRANE        6.110    11/1/2015        EUR      17.67
CLUB MEDITERRANE        4.375    11/1/2010        EUR      49.97
EURAZEO                 6.250    6/10/2014        EUR      58.94
FAURECIA                4.500     1/1/2015        EUR      23.17
GROUPE VIAL             2.500     1/1/2014        EUR      20.78
MAUREL ET PROM          7.125    7/31/2015        EUR      13.60
MAUREL ET PROM          7.125    7/31/2014        EUR      16.28
NEXANS SA               4.000     1/1/2016        EUR      62.97
PEUGEOT SA              4.450     1/1/2016        EUR      34.08
PUBLICIS GROUPE         3.125    7/30/2014        EUR      38.88
PUBLICIS GROUPE         1.000    1/18/2018        EUR      48.68
RHODIA SA               0.500     1/1/2014        EUR      48.41
SOC AIR FRANCE          2.750     4/1/2020        EUR      21.51
SOITEC                  6.250     9/9/2014        EUR       9.55
TEM                     4.250     1/1/2015        EUR      55.72
THEOLIA                 2.700     1/1/2041        EUR      11.87
VALEO                   2.375     1/1/2011        EUR      47.11
ZLOMREX INT FIN         8.500     2/1/2014        EUR      63.88
ZLOMREX INT FIN         8.500     2/1/2014        EUR      63.88

GERMANY
-------
DEUTSCHE BK LOND        0.500    8/25/2017        BRL      54.19
DEUTSCHE BK LOND        3.000    5/18/2012        CHF      65.00
ESCADA AG               7.500     4/1/2012        EUR      18.75
L-BANK FOERDERBK        0.500    5/10/2027        CAD      50.53
QIMONDA FINANCE         6.750    3/22/2013        USD       3.38
SOLON AG SOLAR          1.375    12/6/2012        EUR      37.52

GREECE
------
HELLENIC REP I/L        2.900    7/25/2025        EUR      53.65
HELLENIC REP I/L        2.300    7/25/2030        EUR      50.20
HELLENIC REPUB          6.140    4/14/2028        EUR      73.40
HELLENIC REPUB          5.000    3/11/2019        EUR      66.77
HELLENIC REPUB          5.000    8/22/2016        JPY      67.52
HELLENIC REPUB          5.250     2/1/2016        JPY      71.37
HELLENIC REPUB          5.200    7/17/2034        EUR      64.85
HELLENIC REPUBLI        4.300    7/20/2017        EUR      69.40
HELLENIC REPUBLI        3.600    7/20/2016        EUR      70.50
HELLENIC REPUBLI        3.700    7/20/2015        EUR      75.28
HELLENIC REPUBLI        5.300    3/20/2026        EUR      64.89
HELLENIC REPUBLI        4.600    9/20/2040        EUR      56.72
HELLENIC REPUBLI        4.500    9/20/2037        EUR      56.75
HELLENIC REPUBLI        4.700    3/20/2024        EUR      63.23
HELLENIC REPUBLI        6.250    6/19/2020        EUR      75.29
HELLENIC REPUBLI        6.000    7/19/2019        EUR      74.01
HELLENIC REPUBLI        4.600    7/20/2018        EUR      68.55
NATIONAL BK GREE        3.875    10/7/2016        EUR      75.73

IRELAND
-------
AIB MORTGAGE BNK        5.000     3/1/2030        EUR      73.94
AIB MORTGAGE BNK        5.000    2/12/2030        EUR      73.98
ALLIED IRISH BKS        7.875     7/5/2023        GBP      73.04
ALLIED IRISH BKS        5.250    3/10/2025        GBP      60.73
ANGLO IRISH BANK        4.000    4/23/2018        EUR      72.83
BANK OF IRELAND         4.875    1/22/2018        GBP      82.24
BANK OF IRELAND         4.625    2/27/2019        EUR      76.06
DEPFA ACS BANK          5.125    3/16/2037        USD      75.03
DEPFA ACS BANK          4.900    8/24/2035        CAD      65.78
DEPFA ACS BANK          3.250    7/31/2031        CHF      74.98
DEPFA ACS BANK          0.500     3/3/2025        CAD      34.13
DEPFA ACS BANK          1.920     5/9/2020        JPY      74.54
DEPFA ACS BANK          5.125    3/16/2037        USD      75.66
IRISH LIFE & PER        4.625     5/9/2017        EUR      67.57
IRISH NATIONWIDE       13.000    8/12/2016        GBP      42.38
IRISH NATIONWIDE        5.500    1/10/2018        GBP      42.42
CITY OF TURIN           5.270    6/26/2038        EUR      71.83

ITALY
-----
COMUNE DI MILANO        4.019    6/29/2035        EUR      73.82

LUXEMBOURG
----------
ARCELORMITTAL           7.250     4/1/2014        EUR      28.06
CRC BREEZE              5.290     5/8/2026        EUR      63.50
IIB LUXEMBOURG         11.000    2/19/2013        USD      60.00
INTL INDUST BANK        9.000     7/6/2011        EUR      15.75
LIGHTHOUSE INTL         8.000    4/30/2014        EUR      53.23
LIGHTHOUSE INTL         8.000    4/30/2014        EUR      52.75

NETHERLANDS
-----------
APP INTL FINANCE       11.750    10/1/2005        USD       0.01
ARPENI PR INVEST        8.750     5/3/2013        USD      46.13
ARPENI PR INVEST        8.750     5/3/2013        USD      46.13
ASTANA FINANCE          7.875     6/8/2010        EUR      12.97
BK NED GEMEENTEN        0.500    2/24/2025        CAD      54.49
BRIT INSURANCE          6.625    12/9/2030        GBP      68.54
DGS INTL FIN BV        10.000     6/1/2007        USD       0.01
ELEC DE CAR FIN         8.500    4/10/2018        USD      55.66
INDAH KIAT INTL        12.500    6/15/2006        USD       0.01
IVG FINANCE BV          1.750    3/29/2017        EUR      74.41
NATL INVESTER BK       25.983     5/7/2029        EUR      31.81
NED WATERSCHAPBK        0.500    3/11/2025        CAD      55.13
RABOBANK                6.900     6/6/2017        RUB      92.24
SIDETUR FINANCE        10.000    4/20/2016        USD      69.00
TJIWI KIMIA FIN        13.250     8/1/2001        USD       0.01

NORWAY
------
EKSPORTFINANS           0.500     5/9/2030        CAD      43.81
KOMMUNALBANKEN          0.500    9/24/2014        BRL      70.57

POLAND
------
REP OF POLAND           2.648    3/29/2034        JPY      65.28
REP OF POLAND           3.300    6/16/2038        JPY      70.81
REP OF POLAND           3.220     8/4/2034        JPY      73.24
METRO DE LISBOA         4.061    12/4/2026        EUR      72.85

PORTUGAL
--------
PARPUBLICA              3.567    9/22/2020        EUR      75.02
PORTUGUESE OT'S         4.100    4/15/2037        EUR      73.30

RUSSIA
------
ACBK-INVEST             8.000    4/14/2011        RUB      70.00
AGROKOM GROUP          10.000    6/21/2011        RUB      75.00
APK ARKADA             17.500    5/23/2012        RUB       0.38
ARKTEL-INVEST          12.000     4/9/2012        RUB       1.00
BANK SOYUZ              7.750     5/2/2011        RUB      75.00
BARENTSEV FINANS       20.000     7/4/2011        RUB       1.10
CHTPZ                   8.000    4/21/2015        RUB      75.00
DVTG-FINANS            17.000    8/29/2013        RUB       9.03
EUROKOMMERZ            16.000    3/15/2011        RUB       0.01
FINANCEBUSINESSG       12.500    6/22/2011        RUB      75.00
FORTUM OJSC             7.600     2/6/2013        RUB      75.00
GLAVSTROY-FINANS        1.000    3/17/2011        RUB      75.00
GLOBEX BANK             9.250    2/16/2013        RUB      90.10
GRACE DIAMOND          15.000     6/7/2012        RUB      75.00
IART                   12.000     8/4/2013        RUB       6.00
IAZS                   11.000    12/8/2010        RUB       2.00
INPROM                  9.500    5/18/2011        RUB      46.39
IZHAVTO                18.000     6/9/2011        RUB      11.31
LLC VICTORIA FIN        8.000    2/12/2013        RUB      75.00
LR-INVEST              13.750    7/17/2012        RUB      75.00
M-INDUSTRIYA           14.250    7/10/2013        RUB       2.11
M-INDUSTRIYA           12.250    8/16/2011        RUB      29.29
MACROMIR-FINANS         7.750     7/3/2012        RUB       0.50
MAIN ROAD OJSC         10.200     6/3/2011        RUB      75.00
MIG-FINANS              0.100     9/6/2011        RUB       1.61
MIRATORG-FINANS        11.000     8/2/2012        RUB      99.80
MIRAX                  17.000    9/17/2012        RUB      26.00
MIRAX                  14.990    5/17/2011        RUB      25.58
MOSKOMMERTSBANK         1.000    6/12/2013        RUB      75.00
MOSMART FINANS          0.010    4/12/2012        RUB       2.00
MOSOBLGAZ              12.000    5/17/2011        RUB      72.50
MOSOBLTRUSTINVES       20.000    3/26/2011        RUB       6.99
MY BANK                10.000     8/7/2012        RUB      75.00
NATIONAL CAPITAL       13.000    9/25/2012        RUB      75.00
NAUKA-SVYAZ            15.000    6/27/2013        RUB      75.00
NEW INVESTMENTS        12.000     7/7/2011        RUB      75.00
NOK                    10.000    9/22/2011        RUB       1.01
NOK                    12.500    8/26/2014        RUB       1.00
NUTRINVESTHOLDIN       11.000    6/30/2014        RUB       0.03
OBYEDINEONNYE KO        3.000    5/16/2012        RUB     100.00
OJSC FCB               11.000     8/7/2012        RUB      75.00
PROM TECH              16.000    4/25/2011        RUB      75.00
PROMNESTESERVICE        9.500    12/5/2014        RUB      75.00
RAF-LEASING            12.500    2/21/2012        RUB      75.00
RIATO                  13.750     6/3/2013        RUB      75.00
ROSSELKHOZBANK         11.500    9/27/2017        RUB      75.00
RYBINSKKABEL            0.010    2/28/2012        RUB       0.50
SAHO                   15.000    5/21/2012        RUB      14.00
SATURN                 10.000     6/6/2014        RUB       1.00
SEVENTH CONTINE         9.250    6/14/2012        RUB       1.42
SEVKABEL-FINANS        10.500    3/27/2012        RUB       3.40
SIBUR                  13.500    3/13/2015        RUB      75.00
SINERGIA               10.000    8/18/2014        RUB      75.00
SVOBODNY SOKOL         18.000    5/24/2011        RUB      40.01
TALIO-PRINCEPS         16.000    5/17/2012        RUB      75.00
TECHNONICOL-FINA       13.000    9/19/2013        RUB      75.00
TECHNONICOL-FINA       13.500    9/11/2013        RUB      75.00
TECHNONICOL-FINA       13.000    9/25/2013        RUB      75.00
TECHNOSILA-INVES        7.000    5/26/2011        RUB       0.01
TERNA-FINANS            1.000    11/4/2011        RUB      17.00
TGK-4                   8.000    5/31/2012        RUB      75.01
TK FINANS              12.600     9/5/2011        RUB      75.00
TRANSNEFT               9.500    10/1/2019        RUB      75.00
UNITED HEAVY MAC       13.000    5/31/2013        RUB      75.00
URALELEKTROMED          8.250    2/28/2012        RUB      75.00
VESTER-FINANS          15.250    8/11/2011        RUB       3.11
VKM-LEASING FINA        1.000    5/18/2011        RUB       1.10
VLADPROMBANK           12.000     3/8/2011        RUB      75.00
VMK-FINANCE            16.000    5/21/2014        RUB      75.00
VTB-LEASING FINA        7.050     8/1/2017        RUB     100.05
YUGFINSERVICE          15.250    5/20/2014        RUB      75.00
ZAPSIBCOMBANK          11.000    9/15/2011        RUB      75.00
ZHILSOTSIPOTEKA-        9.000    7/26/2011        RUB      75.00

SPAIN
-----
AYT CEDULAS CAJA        3.750    6/30/2025        EUR      71.35
BANCAJA                 1.500    5/22/2018        EUR      64.19
BANCAJA EMI SA          2.755    5/11/2037        JPY      45.79
BANCO GUIPUZCOAN        1.500    4/18/2022        EUR      63.84
CAJA CASTIL-MAN         1.500    6/23/2021        EUR      56.43
CEDULAS TDA 6           3.875    5/23/2025        EUR      73.16
CEDULAS TDA A-5         4.250    3/28/2027        EUR      75.11
CEDULAS TDA A-6         4.250    4/10/2031        EUR      70.40
GENERAL DE ALQUI        2.750    8/20/2012        EUR      73.75
JUNTA LA MANCHA         3.875    1/31/2036        EUR      72.52

SWEDEN
------
SWEDISH EXP CRED        9.000    8/12/2011        USD      10.11
SWEDISH EXP CRED        9.000    8/28/2011        USD       9.56
SWEDISH EXP CRED        0.500    9/29/2015        BRL      64.31

SWITZERLAND
-----------
UBS AG                 13.300    5/23/2012        USD       4.07
UBS AG                 10.580    6/29/2011        USD      38.41
UBS AG                 14.000    5/23/2012        USD       8.83
UBS AG JERSEY           3.220    7/31/2012        EUR      53.39
UBS AG JERSEY           9.450    9/21/2011        USD      50.04
UBS AG JERSEY           9.350    9/21/2011        USD      64.71
UBS AG JERSEY          11.150    8/31/2011        USD      38.18
UBS AG JERSEY          10.360    8/19/2011        USD      52.57
UBS AG JERSEY          10.280    8/19/2011        USD      35.67
UBS AG JERSEY          11.030    4/21/2011        USD      20.51
UBS AG JERSEY          10.820    4/21/2011        USD      21.35
UBS AG JERSEY          12.800    2/28/2011        USD      34.09
UBS AG JERSEY          11.000    2/28/2011        USD      70.04
UBS AG JERSEY          15.250    2/11/2011        USD      11.63
UBS AG JERSEY          10.000    2/11/2011        USD      59.90
UBS AG JERSEY          16.170    1/31/2011        USD      12.80
UBS AG JERSEY          14.640    1/31/2011        USD      36.44
UBS AG JERSEY          13.900    1/31/2011        USD      34.29
UBS AG JERSEY          10.650    4/29/2011        USD      15.65

UNITED KINGDOM
--------------
BANK OF SCOTLAND        6.984     2/7/2035        EUR      73.13
BARCLAYS BK PLC         8.550    1/23/2012        USD      11.54
BARCLAYS BK PLC        10.650    1/31/2012        USD      41.50
BARCLAYS BK PLC        12.950    4/20/2012        USD      24.40
BARCLAYS BK PLC        10.350    1/23/2012        USD      20.10
BARCLAYS BK PLC         7.610    6/30/2011        USD      52.99
BARCLAYS BK PLC         9.400    7/31/2012        USD      11.07
BARCLAYS BK PLC        10.800    7/31/2012        USD      27.21
BARCLAYS BK PLC         9.500    8/31/2012        USD      29.41
BARCLAYS BK PLC        13.800    5/27/2011        USD      52.08
BRADFORD&BIN BLD        5.500    1/15/2018        GBP      45.22
BRADFORD&BIN PLC        6.625    6/16/2023        GBP      45.88
BRADFORD&BIN PLC        7.625    2/16/2049        GBP      48.28
CO-OPERATIVE BNK        5.875    3/28/2033        GBP      75.12
EFG HELLAS PLC          5.400    11/2/2047        EUR      67.50
EFG HELLAS PLC          6.010     1/9/2036        EUR      34.25
ENTERPRISE INNS         6.375    9/26/2031        GBP      72.74
MAX PETROLEUM           6.750     9/8/2012        USD      63.76
NORTHERN ROCK           5.750    2/28/2017        GBP      75.93
PRINCIPALITY BLD        5.375     7/8/2016        GBP      69.95
PUNCH TAVERNS           6.468    4/15/2033        GBP      65.50
ROYAL BK SCOTLND        6.316    6/29/2030        EUR      69.28
SKIPTON BUILDING        5.625    1/18/2018        GBP      73.56
SKIPTON BUILDING        6.750    5/30/2022        GBP      68.85
TXU EASTERN FNDG        6.450    5/15/2005        USD       2.38
UNIQUE PUB FIN          6.464    3/30/2032        GBP      65.34
WESSEX WATER FIN        1.369    7/31/2057        GBP      32.44


                            *********

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

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

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

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

                            *********


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

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

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

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

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

The TCR Europe subscription rate is US$625 per half-year,
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of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *