TCREUR_Public/101103.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

          Wednesday, November 3, 2010, Vol. 11, No. 217

                            Headlines



B U L G A R I A

KREMIKOVTZI AD: Chinese Investor Eyes Steel Mill Assets


G E R M A N Y

HEAT MEZZANINE: Moody's Comments on Approval of CDO Deal Amendment
S-CORE 2007-1: Moody's Reviews Ratings on Six Classes of Notes


G R E E C E

T BANK: Fitch Downgrades Issuer Default Rating to 'B-'
WIND HELLAS: 82% of Creditors Back Scheme of Arrangement


I R E L A N D

ALLIED IRISH: Sale of British Businesses Remain Under Review
ANGLO IRISH: Seeks Summary Judgment Order Against Former Director
ANGLO IRISH: Creditors Can't Go After Ex-Chief's Home in US
CHEYNE CLO: S&P Cuts Ratings on Various Classes of Notes to 'D'
CLAYTON HOTEL: In Receivership

FOUR SEASONS: Buyer Expected to Be Found by Year-End
* IRELAND: Number of Insolvencies Drop to 118 in October
* IRELAND: Has One Month to Stave Off International Bailout


N E T H E R L A N D S

DUTCH MORTGAGE: Fitch Assigns 'BB+sf' Rating to Class B Notes
E-MAC NL: Note Redemption Cues Moody's to Withdraw Ratings


R O M A N I A

VICTORIA HOLDING: Australian Parent Files Unit's Insolvency


R U S S I A

NATIONAL FACTORING: Moody's Assigns 'B3' Rating to Senior Debt
SOVCOMBANK ICB: S&P Assigns 'B-' LT Counterparty Credit Ratings


U K R A I N E

* Moody's Assigns B2 Rating to Ukrainian State Enterprise's Debt


U N I T E D   K I N G D O M

ASSET REPACKAGING: S&P Assigns BB+ (sf) Ratings to Various Notes
ATRIUM EUROPEAN: Fitch Upgrades Senior Unsecured Rating to 'BB+'
CLARIS IV: S&P Cuts Ratings on Various Classes of Notes to 'D'
CLARIS LIMITED: Moody's Confirms Ba1 (sf) Ratings on Various Notes
CONFORTO FINANCIAL: To Be Placed Into Administration

DECO 8: Fitch Downgrades Rating on Class G Notes to 'Dsf'
DUNDEE FOOTBALL CLUB: Scottish Football League Deducts 25 Points
IONA CDO: S&P Lowers Rating on Class B Notes to 'CC (sf)'
OCCUPATIONAL MEDICALS: Bought Out of Administration by Evidence
R&R ICE: S&P Downgrades Long-Term Corporate Credit Rating to 'B+'

SALTWELL SIGNS: On the Road to Recovery
* BRITAIN: Pressures Ease for Manufacturing Industry




                         *********


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Chinese Investor Eyes Steel Mill Assets
-------------------------------------------------------
A Chinese investor has expressed interest in acquiring the
insolvent and obsolete steel mill Kremikovtzi AD Sofia,
novinite.com reports.

According to novinite.com, the mill's labor unions confirmed that
the Chinese have visited the location several times and would take
part in the second auction of the company, which will take place
on November 5.

The Asian investor has decided to take part in the auction after
meeting Prime Minister Boyko Borisov, novinite.com discloses.
They also hope to make a profit from selling to ailing facilities
for scrap, novinite.com relates.

The Mayor of the Kremikovtzi district has said he was aware of the
Chinese project and talks are pending to finalize details,
novinite.com adds.

As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News, citing a report from the receiver, said the
mill's assets total BGN840 million, while debt was estimated at
BGN1.9 billion.  Bloomberg recalled the Sofia City Court declared
Kremikovtzi bankrupt May 31.  The Sofia-based plant was placed in
receivership in 2008 after failing to pay suppliers and investors
holding BGN325 million (US$422 million) of bonds, Bloomberg
disclosed.  Creditors rejected a restructuring plan in
October 2009, opting to be repaid under insolvency laws, Bloomberg
recounted.  Bloomberg noted that of the total liabilities, 42% are
owed to state-run power and gas utilities, the state railways and
tax authorities.

                        About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


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


HEAT MEZZANINE: Moody's Comments on Approval of CDO Deal Amendment
------------------------------------------------------------------
Moody's Investors Service has received confirmation that
noteholders have consented to a suite of amendments to the
documentation in relation to the three German SME CDO transactions
issued by Heat Mezzanine S.A.  Included in the amendments is a
proposal to extend the legal maturities by a further four years.

1) Overview of the Transactions

The three transactions closed between 2005 and 2007 with combined
initial portfolios totaling to EUR814 million at closing.  The
pools are all entirely composed of subordinated loans to German
Small and Medium sized Enterprises.  The loans are structured as
seven year bullet loans.  The pools are highly concentrated and
contain between 22 and 46 performing obligors.

2) Restructuring plan

The issuer obtained noteholder approval for certain changes to the
transaction documents.  Some of the structural aspects included
were:

  -- Extension of the legal maturity date by an additional four
     years.

  -- Removal of the need for Trustee consent to restructure the
     Subordinated Loan Agreements or commence litigation against
     an obligor in the pool.

  -- Creation of a cash reserve account to be placed senior to the
     notes in the waterfall, in order to pay litigation costs
     related to proceedings taken against any obligors in the
     pool.  This will be funded by EUR50,000 per payment date.

  -- Supplementary right for the issuer to appoint an additional
     recovery manager in order to be represented in Creditors'
     meetings of relevant obligors.

  -- Ability for the issuer to appoint a Work-out Manager at any
     time after the scheduled maturity to assist in restructuring
     negotiations of any defaulted obligors.  This amendment was
     only approved in relation to H.E.A.T.  I-2005 S.A.

3) Moody's Opinion: Impact of the amendments on the transactions

It is Moody's opinion that the amendments to the deal
documentation are credit positive.  The rating agency views that
the amendments will improve the actual recoveries on the
underlying subordinated loans.

In particular, Moody's considers the extension of the legal
maturity will allow sufficient time, more than commensurate with
the recovery process in Germany, for the issuer to complete
workout procedures on defaulted names, and/or resolve any legal
proceedings undertaken against obligors.

4) Moody's Opinion: Does the Proposal Constitute a Distressed
Exchange?

Moody's definition of default is intended to capture events
whereby an issuer fails to meet its original debt service
obligation promise --as rated by Moody's, by the legal final
maturity.  A Distressed Exchange therefore constitutes a default
under Moody's definition if 1) an issuer offers creditors a new or
restructured debt, or a new package of securities or assets, that
amount to a diminished financial obligation relative to the
original obligation, and 2) the exchange has the effect of
allowing the issuer to avoid a bankruptcy or payment default.

In Moody's view, although the proposal to extend the legal
maturity is considered as beneficial for the transactions, it does
constitute a diminished financial obligation as per Moody's
definition as it does not embed any direct economic compensation.
In addition, as some of the rated tranches would have likely
suffered a default by their legal final maturity, the extension of
such maturity technically enables the issuer to avoid default as
it relates to Moody's definition.  For the avoidance of doubt,
this is not related to the legal definition of event of default
under the transaction documentation.

Moody's notes that there is no ratings impact on the tranches,
including those for which Moody's consider are distressed
exchanges.  The tranches of notes for which the restructuring
constitutes a Distressed Exchange according to Moody's definition
are:

Issuer: H.E.A.T Mezzanine I-2005 S.A.

  -- EUR25.6M B1 Notes, current rating Caa3 (sf)
  -- EUR8.5M B2 Notes, current rating Caa3 (sf)

Issuer: H.E.A.T Mezzanine S.A. (Compartment 2)

  -- EUR30.8M B Notes, current rating Ca (sf)
  -- EUR10M Combo Notes, current rating Caa3 (sf)

Issuer: H.E.A.T Mezzanine S.A. - Compartment 3 Notes

  -- EUR233M A Notes, current rating B3 (sf)
  -- EUR31M B Notes, current rating Ca (sf)
  -- EUR25.5M C, current rating C (sf)


S-CORE 2007-1: Moody's Reviews Ratings on Six Classes of Notes
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade its
ratings of six classes of notes issued by S-core 2007-1 GmbH.

Issuer: S-CORE 2007-1 GmbH

  -- EUR363.8M A1 Notes, Aaa (sf) Placed Under Review for Possible
     Downgrade; previously on Aug 10, 2007 Definitive Rating
     Assigned Aaa (sf)

  -- EUR91M A2 Notes, A2 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 2, 2009 Downgraded to A2 (sf)

  -- EUR8.85M B Notes, Ba2 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 2, 2009 Downgraded to Ba2 (sf)

  -- EUR9.6M C Notes, B1 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 2, 2009 Downgraded to B1 (sf)

  -- EUR12.4M D Notes, Caa1 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 2, 2009 Downgraded to Caa1 (sf)

  -- EUR19.7M E Notes, Caa3 (sf) Placed Under Review for Possible
     Downgrade; previously on Sep 2, 2009 Downgraded to Caa3 (sf)

S-core 2007-1 is a German SME CLO referencing a static portfolio
of 'schuldscheine' loans with bullet maturities between 2012 and
2014.  The Class A notes have been paid down by EUR37.9 million
from amortizations and excess spread.  The outstanding portfolio
totals EUR441.9 million of portfolio assets, representing exposure
to 137 loans.

Moody's has placed this transaction under review for possible
downgrade in response to a rate of defaults that has remained
elevated and above that expected at last rating action on 2
September 2009.  The transaction has suffered EUR38 million in
defaults, EUR20 million of which have occurred since the previous
rating action.  The Principal Deficiency Ledger has increased from
EUR7.6 million to EUR25.6 million since the last action.  Despite
the improvement in the German economic environment the average
pool credit quality remains equivalent to a B1/B2, the same as at
the last action.  This information is taken from the latest
information report dated 5th October 2010.

The internal ratings assigned to the loan obligors by the
originator Deutsche Bank are used to determine their default
probabilities.  These internal ratings are converted to Moody's
rating scale according to a mapping.

Moody's expects to resolve its review in the coming weeks
following deal specific analysis.


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


T BANK: Fitch Downgrades Issuer Default Rating to 'B-'
------------------------------------------------------
Fitch Ratings has downgraded T Bank S.A.'s (formerly Aspis Bank)
Long-term Issuer Default Rating to 'B-' from 'B'.  The Long-term
IDR remains on Rating Watch Evolving.  At the same time, the
agency has placed T Bank's Short-term IDR of 'B' on Rating Watch
Negative.  A full list of rating actions is included at the end of
this comment.

The downgrade reflects the bank's difficulties in containing
ongoing operating losses as well as its deteriorating
capitalization and strained liquidity profile.  This is despite
the EUR48.4 million capital increase in April 2010 from TT
Hellenic Postbank S.A. (34.04% owned by the Greek state, rated
'BBB-'/Negative) when it acquired a 32.9% stake in the bank
following the capital increase.

The RWE reflects the agency's opinion that T Bank is likely to be
downgraded further if capital is not significantly strengthened.
Conversely, should Postbank -- or other third-parties -- provide
further support for T Bank, notably by providing additional
capital support and/or acquiring a majority stake in the bank,
then this could lead to upside potential for T Bank's ratings.

The future involvement of the Greek state, which is currently the
largest shareholder in Postbank is, in Fitch's view, uncertain,
reflected in the recently withdrawn bid by one of Greece's largest
banks for the government stake in Postbank and the government's
stated intention to reassess its stake in Postbank (and other
Greek institutions).  As a result, Postbank has not yet formulated
a clear strategic plan for its stake in T Bank and Fitch expects
this uncertainty to continue in the short -term.

T Bank continued to be loss-making in H110, largely as a result of
subdued revenue generation due to negative loan growth and still
high loan impairment charges (190bp of gross loans in H110) due to
still weakening asset quality.  As a result, T Bank's capital
ratios have been eroded to 5.5% (tier 1) and 9.2% (total capital
ratio) at end-H110, only marginally above the regulatory
requirement.  Assuming an unchanged loss rate for H210, T Bank
would be in breach of the regulatory capital ratio at end-Q310,
indicating an urgent need for additional capital.

T Bank's stand-alone funding and liquidity position is in Fitch's
opinion severely strained, evidenced by a sizeable reduction in
customer deposits in Q110, considerable utilization of ECB funding
and the lack of further ECB-eligible unencumbered assets.
However, Postbank provides significant funding facilities to T
Bank and the involvement of Postbank has also led to a sizeable
increase in customer deposits in Q310, easing funding and
liquidity pressures to some extent.

T Bank, the 11th-largest Greek bank by end-2009 assets, is a
domestically orientated former mortgage bank.  Postbank,
established in 1900 as part of the Hellenic Post office, is the
seventh largest Greek bank by assets at end-2009 and is focused on
retail banking.  It has a nationwide network of 146 branches,
supported by around 840 post offices distributing Postbank
products.  As of end-2009, the Greek state held 34% of Postbank's
shares, with the Greek Post Office owning 10%, domestic
institutional investors 20.5%, foreign institutional investors
7.7% and the balance being held by private investors.

T Bank S.A.:

  -- Long-term IDR: downgraded to 'B-' from 'B'; Rating Watch
     Evolving maintained

  -- Short-term IDR: 'B'; placed on Rating Watch Negative

  -- Individual Rating: affirmed at 'E'

  -- Support Rating: affirmed at '5'

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

  -- Lower tier 2 notes: affirmed at 'CCC'/'RR6'

  -- Tier 1 hybrid notes: affirmed at 'CC'/'RR6'


WIND HELLAS: 82% of Creditors Back Scheme of Arrangement
--------------------------------------------------------
John Glover at Bloomberg News reports that Wind Hellas
Telecommunications SA said it won support from 82% of creditors
for a scheme of arrangement to allow senior secured bondholders to
take over the company.

Bloomberg says a scheme of arrangement will bind all holders into
the restructuring.

According to Bloomberg, the company said in a statement it is also
asking lenders in its revolving credit facility to agree to a
binding commitment to support the restructuring.

Bloomberg notes the statement said the first hearing for the
scheme is scheduled for Thursday, Nov. 4, at the High Court.

As reported by the Troubled Company Reporter-Europe on Oct. 20,
2010, Bloomberg News that Wind Hellas's senior bondholders were
picked as preferred bidders for the Greek mobile phone operator in
the second time the company has been sold in a year.  Wind
Hellas's senior secured floating-rate noteholders, owed about
EUR1.2 billion (US$1.67 billion), will inject EUR420 million and
write off debt in exchange for the company, Bloomberg said, citing
Wind's parent Weather Finance III Sarl, the holding company of
Egyptian billionaire Naguib Sawiris.  Weather Finance said in a
statement that under the bondholders' proposal, Wind Hellas's
GBP250 million-revolver will be repaid in full, while the
company's senior secured notes and EUR355 million of subordinated
bonds will be written off, according to Bloomberg.  Bloomberg
noted the statement said the bondholder group includes Mount
Kellett Capital Partners (Ireland) Ltd., Taconic Capital Advisers
UK LLP, Providence Equity Capital Markets LLC, Anchorage Capital
Group LLC, Angelo Gordon & Co and Eton Park International LLP.

                        About WIND Hellas

Headquartered in Athens, Greece, WIND Hellas Telecommunications
S.A. -- http://www.wind.com.gr/-- provides mobile voice and data
services to about 6 million consumer and business customers
throughout Greece.  The company enables international roaming in
155 countries for travelling subscribers through agreements with
other carriers.  It also provides cellular and satellite-based
vehicle management and tracking services.  WIND Hellas is owned by
investment firm Weather Investments, a company led by Cairo-based
Orascom Telecom's founder and chairman, Naguib Sawiris.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 25,
2010, Fitch Ratings downgraded Greek mobile operator WIND Hellas
Telecommunications S.A.'s Long term Issuer Default rating to 'RD'
from 'C'.  Fitch said the downgrade follows the company's
announcement of the selection of a preferred bidder in the
restructuring of the company's capital base following the
Standstill Agreement entered into with its lenders on June 30,
2010.


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


ALLIED IRISH: Sale of British Businesses Remain Under Review
------------------------------------------------------------
Padraic Halpin at Reuters reports that Allied Irish Banks said on
Tuesday that the sale of its British businesses remained under
review after difficult market conditions had made progress
challenging.

Reuters relates the bank's statement followed comments from its
new chairman on Monday that the sale of the businesses had been
put on hold after failing to get any decent bids, meaning the
state may end up owning around 95% of the lender.

According to Reuters, David Hodgkinson had said its business bank
in Britain and First Trust retail operation in Northern Ireland
could not be sold on satisfactory terms and that the lender would
try to strengthen the operations before re-examining its options.

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

                           *     *     *

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


ANGLO IRISH: Seeks Summary Judgment Order Against Former Director
-----------------------------------------------------------------
Tim Healy at Irish Independent reports that Anglo Irish Bank is
seeking summary judgment orders in the Commercial Court against
Tom Browne, the one-time head of its Irish lending division, over
unpaid loans of EUR50 million.

According to Irish Independent, Mr. Browne's loans were secured
against shares in the bank and various property investments.

Mr. Browne claims he is being singled out by Anglo because of his
previous position with the bank, Irish Independent discloses.  He
claims "negligent acts" by Anglo and state bodies between late
2007 and January 2009 resulted in the bank's nationalization,
Irish Independent states.  This in turn had led to the collapse of
the bank's shares, resulting in him suffering substantial losses
as a result, Mr. Browne said as cited by Irish Independent.

Irish Independent says Mr. Browne claims in letters to the bank
that had the then board not engaged in certain courses of action,
Anglo would still be a publicly quoted company and his
shareholding would be "of material value".

Irish Independent relates a solicitor for Mr. Browne told Mr.
Justice Peter Kelly at the Commercial Court on Monday that her
client was consenting to have the case fast-tracked by the court
but she had no instructions yet whether a defense was being raised
or its nature.

The case was adjourned until Friday, Irish Independent notes.

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at 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.


ANGLO IRISH: Creditors Can't Go After Ex-Chief's Home in US
-----------------------------------------------------------
Shane Phelan at Irish Independent reports creditors of former
Anglo Irish Bank boss David Drumm will not be able to go after his
new US$2 million (EUR1.4 million) home in the US as the property
is being held by a trust.

According to Irish Independent, court documents reveal that Mr.
Drumm and at least one other unknown individual used a trust to
buy the house on the outskirts of Boston earlier this year.

Gardai now wants to interview him as part of a fraud squad
investigation into major irregularities at Anglo, but he has so
far refused to return home voluntarily for questioning, Irish
Independent discloses.

Irish Independent relates after Mr. Drumm filed for bankruptcy
with debts of EUR10.26 million last month, it emerged he and his
family were living in a plush four-bedroom property in Wellesley,
Massachusetts.

Mystery surrounded the ownership of the house, as the beneficial
owners are not listed in land registry records, Irish Independent
says.

However, Mr. Drumm has now been forced to admit in bankruptcy
court filings seen by the Irish Independent that he has a 50%
beneficial interest in the Epiphany Nominee Trust, which holds the
property.

Court documents do not reveal who benefits from the remaining half
and the terms of the trust are private, Irish Independent notes.

                          Liabilities

Separately, Irish Independent's Mr. Phelan reports Mr. Drumm is
making US$9,000 (EUR6,500) a month from giving financial advice.
He revealed the income in court documents filed in the US over the
weekend.

Irish Independent relates he told court officials he was paid the
wage from Delta Corporate Finance (DCF), a company he set up in
Boston, Massachusetts, in January 2009.  According to Irish
Independent, court records show he failed to adjust to the drop in
income and was living beyond his means when he filed for
bankruptcy last month.  He claimed in the court documents his
monthly expenses totaled US$10,605 (EUR7,620), leaving him with an
after-tax loss per month of US$1,168 (EUR840), Irish Independent
discloses.

The court records also outline for the first time the full extent
of Mr. Drumm's financial difficulties.  Irish Independent says his
liabilities are listed as being US$14,279,044 (EUR10,260,144) but
his assets come to just US$13,906,395 (EUR9,992,379).  According
to Irish Independent, his major creditors include:

    * Anglo Irish, which is owed US$11,963,482 (EUR8,596,307).

    * Cape Cod Five Cents Savings Bank, owed US$1,164,884
      (EUR837,022).

    * Solicitors Eversheds O'Donnell Sweeney, owed EUR248,927.

    * KBC Homeloans, owed EUR252,245.

    * His wife, Lorraine, owed EUR210,347 from various loans.

According to Irish Independent, Mr. Drumm owes these amounts on
various credit cards:

    * EUR18,486 on an AIB Visa card,

    * US$14,368 (EUR10,324) on a Chase Mastercard,

    * US$6,000 (EUR4,311) on a Citicards Exxon Mobil credit card,
      and

    * US$2,821 (EUR2,027) on a Discover credit card.

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.


CHEYNE CLO: S&P Cuts Ratings on Various Classes of Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its credit ratings on Cheyne CLO Investments I Ltd.'s class
B, C, D, and E notes.  At the same time, S&P has affirmed its 'D
(sf)' rating on the class A notes.

On Oct. 6, S&P received a notice from the trustee (State Street
Bank and Trust Co.), indicating that the collateral has now been
enforced and the net proceeds from enforcement have been
distributed in accordance with the post-enforcement priority of
payments.  S&P understand that the noteholders of the controlling
class instructed the trustee to issue the notice of enforcement.

The notice shows that the net proceeds from enforcement were
insufficient to pay any amounts due and payable under the notes.
S&P does not anticipate that any future payments on the notes will
be made.  S&P has therefore lowered to 'D (sf)' its ratings on the
class B, C, D, and E notes.

On July 30, 2009, S&P lowered to 'D (sf)' its rating on the class
A notes following a payment default on the interest due and
payable on these notes.  S&P further affirmed its rating on the
class A notes on Feb. 5, 2010 as they continued to default on
interest payments.  S&P has again affirmed the 'D (sf)' rating on
the class A notes due to insufficient amounts available to fully
repay these notes following enforcement.

Cheyne CLO Investments I closed in April 2005.  A portfolio
comprising U.S. collateralized loan obligation tranches and total
return swaps referencing CLO tranches backs the transaction.


CLAYTON HOTEL: In Receivership
------------------------------
James Enright at The Sunday Business Post Online reports that the
Clayton Hotel has gone into receivership last week.  The report
relates that Ulster Bank seized control of the four-star, 200-
bedroom hotel on the outskirts of Galway city.  The bank has
appointed KPMG's Kieran Wallace as receiver.

According to The Sunday Business Post, the accountant has
reassured all 130 members of staff that their jobs are secure and
that the hotel will continue trading as normal.  The report notes
that all bookings and deposits for functions will be honored, and
the day-to-day running of the hotel will not be affected.

Senior industry executive Pat McCann has taken over the running of
the hotel, The Sunday Business Post relates.

Mr. Wallace, the report notes, was appointed receiver over Chequer
Hill Investments and Three Corner Holdings, which own the Clayton.
The report relates that Mr. Wallace was also appointed receiver to
a third company owned by over 100 business people who claim tax
relief through their investment in the hotel.

The hotel, The Sunday Business Post relates, had been trading well
in recent months but Ulster Bank had become increasingly concerned
about its loans to the hotel and appointed the receiver.

The Sunday Business Post discloses that despite restructuring his
business interests several years ago to protect the hotel, the
collapse of Marcon Developments last month which followed the
failure to reach an agreement with John Sisk & Sons over a EUR2
million debt to the construction firm, has prompted Ulster Bank to
move to protect its position in relation to the Clayton.

Last month, the report relates, Marcon Developments collapsed into
liquidation with debts of almost EUR20 million.  The hotel's
previous owner Shane Connolly was among the creditors and was owed
around EUR8 million, the report adds.

Clayton Hotel is located in Galway, Ireland.


FOUR SEASONS: Buyer Expected to Be Found by Year-End
----------------------------------------------------
A buyer for Dublin's Four Seasons Hotel is expected to be found
before the end of the year, Geoff Percival at The Irish Examiner
reports, citing the Irish office of international real estate
specialists CB Richard Ellis which is in charge of the sale
process.

The Irish Examiner relates the company said Monday that it has
received "an encouraging level of enquiries" in recent weeks --
mainly from overseas investors.

The hotel's owners -- the Nollaig Partnership of investors --
announced in September that it was putting the property on the
market after posting EUR2 million in losses for its latest
financial year, The Irish Examiner discloses.  The owners also owe
EUR50 million to Anglo Irish Bank, although it isn't expected the
eventual sale figure will cover this debt by itself, The Irish
Examiner notes.

As reported by the Troubled Company Reporter-Europe on Sept. 22,
2010, the hotel has been badly hit by the recession and the
decline in the number of American business guests.

Four Seasons Hotel is situated in Ballsbridge, Dublin.


* IRELAND: Number of Insolvencies Drop to 118 in October
--------------------------------------------------------
The Irish Times, citing InsolvencyJournal.ie, reports that the
number of insolvencies fell to 118 in October, compared to 120 in
September.  The report says there was a notable fall in
insolvencies in the construction sector, with 26 construction
companies entering liquidation last month, compared to 42 in
September.


* IRELAND: Has One Month to Stave Off International Bailout
-----------------------------------------------------------
Dara Doyle at Bloomberg News reports that Irish Finance Minister
Brian Lenihan may have just one month to stave off an
international bailout.

Bloomberg relates the extra yield that investors demand to hold
Irish 10-year bonds over German bonds surged to a record on
Sunday, Oct. 31, as Mr. Lenihan tries to put together a 2011
budget by Dec. 7 that convinces investors he can get the country's
finances in order.

"The behavior of international bond markets suggests the
government's various announcements haven't convinced markets that
we are on a credible, stable path," said Karl Whelan, an economics
professor at University College Dublin and a former economist at
the Federal Reserve, according to Bloomberg.  "The budget is going
to be crucial in determining if we can change that attitude."

The premium on Irish bonds has doubled since August and is now
wider than the spread on Greek debt four days before it sought a
European Union-led bailout in April, Bloomberg notes.  That's
putting pressure on Mr. Lenihan to cut the deficit and overcome
both an economic slump and the rising cost of bailing out the
country's banks, Bloomberg states.

Bloomberg says that while Ireland doesn't need to raise money this
year, its EUR20 billion (US$28 billion) cash pile may only last
until the middle of 2011.  Mr. Lenihan will pave the way for the
budget when he publishes a four-year roadmap for cutting the
deficit in the next two weeks, Bloomberg states.

"The market seems to be worried that Ireland will have to get
support," Bloomberg quoted Michiel de Bruin, who oversees about
US$35 billion as head of European government debt at F&C
Netherlands in Amsterdam, as saying.  "People are worried about
how the government will be able to show that it's able to anchor
the deficit and the debt, and at the same time maintain growth."

According to Bloomberg, Mr. Lenihan aims to narrow the budget gap
to 3% of gross domestic product by 2014 from about 12% this year.
When the costs of the banking rescue are included, this year's
deficit jumps to 32 percent of GDP, Bloomberg discloses.


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


DUTCH MORTGAGE: Fitch Assigns 'BB+sf' Rating to Class B Notes
-------------------------------------------------------------
Fitch Ratings has assigned these expected ratings to the class A1,
A2 and B notes of Dutch Mortgage Portfolio Loans VIII B.V.:

  -- EUR220,700,000 class A1 notes, due 2047: 'AAAsf', Outlook
     Stable; Loss Severity Rating (LSR) 'LS-1'

  -- EUR529,300,000 class A2 notes, due 2047: 'AAAsf', Outlook
     Stable; LSR 'LS-1'

  -- EUR61,700,000 class B notes, due 2047: 'BB+sf', Outlook
     Stable; LSR 'LS-2'

  -- EUR8,200,000 class C notes, due 2047: 'NR'

Final ratings will be assigned upon closing, subject to a
satisfactory review of the final transaction documentation by the
rating agency.  The capital structure above is the one announced
by arrangers to market participants.  The overall issuance amount
may change depending on the outcome of the market placement.

DMPL VIII is a securitization of Dutch residential mortgages
originated by Achmea Hyptheekbank N.V. (rated 'A-'/'F2'/Negative)
and some of its predecessors.  Achmea HB is the mortgage lending
entity of the Achmea group, a large insurance and banking group
established both in the Netherlands and internationally.

This loans in the provisional portfolio have comparatively low
loan-to-values by the standards of Dutch mortgage securitizations;
the WA LTV of the loans at origination is 77.7% and the current WA
LTV is 74.2%.  The provisional portfolio is more than six years
seasoned in average, which is particularly high.

The credit enhancement for the class A notes is provided by the
subordination of the class B notes (7.60% of the collateralized
notes balance) and the reserve fund (funded at closing at 1.01% of
the collateralized notes balance).

The financial structure of the transaction is in line with other
Dutch mortgage securitizations.  Rabobank ('AA+'/Stable/'F1+'/)
provides an interest rate swap leaving 35bps of guaranteed excess
spread in the transaction, as well as a liquidity facility of 2%
of the collateralized notes balance.

The counterparty exposure of the transaction to the Achmea group
essentially lies in the risk of insurance set-off and related
defence, since the group provides around 75% of the capital
insurance policies, which themselves cover 20% around of the
aggregate portfolio balance.  This risk has been incorporated in
the rating agency's analysis.


E-MAC NL: Note Redemption Cues Moody's to Withdraw Ratings
----------------------------------------------------------
Moody's Investors Service has withdrawn the rating of the notes
issued by E-MAC NL 2003-II B.V. following the redemption of all
the notes on 25 October 2010.  All of the notes had become subject
to a mandatory redemption triggered by the failure to obtain
rating confirmations from all rating agencies by 20 October 2010
before the put option date, as per the transaction documentation.

Moody's had changed the direction of its ongoing rating review of
the notes issued to uncertain from possible downgrade on 15
September 2010.  The change reflected the rating agency's updated
assessment of the complex put option structure of this
transaction, which indicated that the ratings could be upgraded as
well as downgraded, depending on the outcome of the put option
process.  Moody's had indicated that it could downgrade the
ratings of the notes if an event of default occurred following the
failure by GMAC RFC Nederland B.V. to provide the servicer advance
upon a mandatory redemption and the trustee served an enforcement
notice.

E-MAC NL 2002-II was the third and last of the E-MAC transactions
subject to provisions that exposed investors to specific risks
upon enforcement.  Under the post-enforcement priority of
payments, the non-capped, market rate-based step-up interests
would cease to be subordinated.  Moody's reflected this risk in
its downgrade of the ratings of the mezzanine and junior classes
of notes in the E-MAC NL 2003-II transaction on 18 June 2009, and
on 12 January 2010, and its ongoing rating review for further
possible downgrade.

All of the other outstanding E-MAC transactions are also exposed
to a potential mandatory redemption associated with a similar put
option process.  However, unlike the EMAC NL 2003-II transaction,
Moody's believes that none of the other outstanding EMAC
transactions is exposed to a change in the priority of the step-up
margin in a post-enforcement waterfall.

All of the E-MAC transactions are also exposed to a senior swap
termination payment in an enforcement scenario.  However, Moody's
notes that the decision to serve an enforcement notice should be
governed by the interests of the majority of senior noteholders.
Moody's ratings of the senior class of notes do not consider the
scenario whereby the decision of the controlling party would
result in a loss to this class.


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


VICTORIA HOLDING: Australian Parent Files Unit's Insolvency
-----------------------------------------------------------
APN/UKA European Retail Property Group has asked for the
insolvency of its subsidiary Victoria Holding SA, which owns the
City Mall shopping center in Bucharest, Romania.

According to romania-insider.com, the Australian-based fund was
supposed to repay a EUR40 million loan to UniCredit Bank Austria
this month.  The company, romania-insider.com relates, has been
negotiating with the bank, as it had breached the required
interest ratio covenant when the shopping mall was valued at
EUR35.4 million in June this year.

"Although discussions are continuing, the Facility Agent (the
bank, e.n.) has notified the borrower that the loan is now due for
repayment in full.  As a result of this notice, the relevant
subsidiary is no longer in a position to meet its debts and it is
expected that it will therefore file for the equivalent of
voluntary administration under the Romanian bankruptcy regime,"
the fund said, according to romania-insider.com.

The fund, romania-insider.com notes, said this loan is a limited
recourse loan and has no ongoing financial impact to the AEZ
group, with the exception of a corporate guarantee which secures
the payment of any interest or amortization shortfall under this
loan to November 30, 2010.  This amount is expected to be less
than EUR1 million, the fund said in an official statement,
according to romania-insider.com.

APN/UKA European Retail Property Group is a holding Company that
invests in European retail properties.  AEZ has its business
operations located in European Union.


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


NATIONAL FACTORING: Moody's Assigns 'B3' Rating to Senior Debt
--------------------------------------------------------------
Moody's Investors Service has assigned a B3 long-term global local
currency debt rating to the senior unsecured debt of National
Factoring Company.  The rating carries a stable outlook.  Any
subsequent unsecured senior debt issuance by NFC will be rated at
the same level subject to there being no material change in the
bank's overall credit rating.

                        Ratings Rationale

The rating of B3 was assigned to this debt instrument:

  -- RUB 2,000M Senior Unsecured Regular Bond due 05/03/2011

The assigned rating is in line with NFC's global local currency
deposit rating of B3, which is, in turn, based on the bank's E+
BFSR (mapping to a Baseline Credit Assessment of B3).  Moody's
notes that the rating does not incorporate any expectation of
systemic or shareholder support for NFC in case of need.

Moody's observes that, on the one hand, NFC's rating is
constrained by (i) a narrow, competitive and higher-risk business
niche which makes it difficult to reach scale; (ii) concentrated,
short-term, costly and potentially volatile funding sources that
lead to volatility of business and difficulties in competing in
low-risk sectors; (iii) modest and inflexible operating
efficiency; (iv) liquidity being dependent on related parties; and
(v) potential corporate governance issues which could lead to a
significant rise in related-party transactions.

On the other hand, Moody's highlights that the rating is supported
by (i) NFC's high capitalization which enables it to withstand
significant stress, (ii) lower-than-average risk appetite for the
industry, (iii) reasonable yields on a risk-adjusted basis and
(iv) ability to retain market positions in its target segments,
secured by an innovative approach and developed technologies.

Headquartered in Moscow, Russia, National Factoring Company
reported total assets of RUB5.2 billion and net income of RUB76
million according to audited IFRS at YE2009.


SOVCOMBANK ICB: S&P Assigns 'B-' LT Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B-' long-term and 'C' short-term counterparty credit ratings to
Russia-based Sovcombank ICB LLC.  The outlook is stable.  At the
same time S&P assigned an 'ruBBB' Russian national scale rating.

Sovcombank operates in what S&P see as a risky environment in
Russia, focusing on generically high-risk unsecured consumer
lending with an emphasis on deepening its regional penetration.

"S&P is concerned that management will not be able to maintain
capitalization at adequate levels, given planned aggressive loan
growth," said Standard & Poor's credit analyst Maria Malyukova.
"Furthermore, the bank's retail deposit customer base is
potentially confidence sensitive."

Positively, the bank has good commercial business dynamics with a
strong focus on growing its funding through customer deposits and
limited reliance on wholesale funding.  Sovcombank demonstrated
adequate financial performance supported by good efficiency
ratios, and improving asset quality indicators for the first half
of 2010.

Sovcombank is a midsize bank with total assets of Russian ruble
33.6 billion (US$1.1 billion) on June 30, 2010, focused on
unsecured consumer lending, particularly in financially
underintermediated regions of Russia.  Standard & Poor's considers
this type of unsecured consumer lending to be generically high
risk.  However, a high proportion of the bank's customers have
demonstrated a good payment track record and the interest rates
that the bank charges are high to reflect the risk.  The bank
currently operates in 25 regions and more than 260 Russian towns,
being particularly active in Siberia and Far East federal
districts.  Sovcombank services about 450,000 active retail
customers through a network of more than 600 offices and points of
sale offering all-purpose cash loans, which average US$1,000.

S&P considers the bank's ownership to be a neutral rating factor,
because S&P is uncertain about the shareholders' ability to
provide financial support if required.  TBIF Financial Services
B.V., which is a subsidiary of The Netherlands-based Kardan N.V.,
and SovCo Capital Partners B.V. own 50% each of Sovcombank.

Sovcombank's loan portfolio consists of consumer loans and lending
to small and midsize enterprises in equal portions.  Sovcombank's
asset-quality is improving with the recent decrease in
nonperforming loans (overdue more than 90 days) to 9.77% on June
30, 2010, from 15.37% on Dec. 31, 2009.  The leading asset-quality
indicators, such as first-payment defaults and vintages for 2009-
2010, have improved, thanks to stabilizing economic conditions and
borrowers' stronger repayment capacity.

"The stable outlook balances the bank's challenging business
model, focused on risky, unsecured consumer lending in Russia's
regions against its positive commercial dynamics and resilient
financial performance," said Ms. Malyukova.

S&P could lower the ratings:

* If S&P saw asset quality deteriorating materially in excess of
  what S&P currently anticipate, which could in turn constrain
  profitability and capitalization;

* If deposit outflows triggered a significant liquidity shortage;
  or

* If planned loan growth substantially pressured capitalization.

S&P could consider a positive rating action if Sovcombank showed
sustained improvement in its financial performance, in particular
asset-quality dynamics, and substantially improved its
capitalization.


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


* Moody's Assigns B2 Rating to Ukrainian State Enterprise's Debt
----------------------------------------------------------------
Moody's Investors Service has assigned a long-term rating of B2 to
the foreign currency debt issued by the Ukrainian state enterprise
called 'Financing of Infrastructural Projects.' The debt benefits
from very strong support from the Ukrainian government.  The
outlook is stable, in line with that of Ukraine's government
ratings.

                         Rating Rationale

"The debt rating of the Ukrainian state enterprise known as
'Financing of Infrastructural Projects' reflects the very strong
support provided by the Ukrainian government," says Dietmar
Hornung, Vice President-Senior Credit Officer in Moody's Sovereign
Risk Group and lead analyst for Ukraine.

'Financing of Infrastructural Projects' is wholly owned by the
Ukrainian state.  Its primary mandate is to raise domestic and
foreign capital for expenses related to holding the European
Football Championship Finals in 2012 (UEFA Euro 2012).  By virtue
of its charter, the issuer has the status of a legal entity under
Ukrainian law.

The issuer was established as a state enterprise by the order of
the 'National Agency on Preparation and Holding in Ukraine of the
European Football Championship Finals in 2012' on 7 September
2010.  This agency in turn was established by a resolution of the
Cabinet of Ministers of Ukraine on 7 April 2010.  The agency is
the central organ of executive power in Ukraine for the
preparation and holding of the UEFA Euro 2012 event.

"Moody's regards the Ukrainian state enterprise 'Financing of
Infrastructural Projects' as a vehicle of public policy that is
not meaningfully distinguishable from the government," says Mr.
Hornung.  "Any positive or negative rating action on the
government of Ukraine would be matched by a similar action on this
state enterprise."

               Previous Rating Action & Methodology

The last rating action on Ukraine was implemented on 11 October
2010, when Moody's changed the outlook on the Ukrainian B2
government bond ratings to stable from negative.  Prior to that,
Moody's last rating action on Ukraine was implemented on 12 May
2009, when the rating agency downgraded Ukraine's government bond
ratings to B2 from B1 and assigned a negative outlook.


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


ASSET REPACKAGING: S&P Assigns BB+ (sf) Ratings to Various Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
two series of Asset Repackaging Vehicle Ltd.'s resecuritization
notes, series 2010-4 and 2010-5.

This transaction represents the first public resecuritizations of
a European commercial mortgage-backed securities bond.

In these transactions, the sellers (Lazuli Ltd. in series 2010-4
and HSBC Bank PLC in series 2010-5) each sold to Asset Repackaging
Vehicle a portion of GEMINI (ECLIPSE 2006-3) PLC's 'BB+ (sf)'
rated class A commercial mortgage-backed floating-rate notes.  The
issuance of the series 2010-4 and 2010-5 notes funded the purchase
of each portion of the CMBS bond.

The ratings reflect S&P's opinion of the expected performance of
the underlying collateral, the transaction structure, and the
payment priorities.

S&P has previously publicly rated 20 issuances from Asset
Repackaging Vehicle, each previously backed by U.S. structured
finance securities.

The scheduled maturity dates of series 2010-4 and 2010-5 are in
July 2016.

                           Ratings List

                  Asset Repackaging Vehicle Ltd.
       GBP69.41 Million Resecuritization Notes Series 2010-4

        Class          Rating             Amount (mil. GBP)
        -----          ------             -----------------
        A1             AA (sf)                  17.4
        A2             BBB (sf)                  6.9
        A3             BB+ (sf)                  6.9
        A4             BB+ (sf)                  6.9
        A5             BB+ (sf)                  6.9
        A6             BB+ (sf)                  6.9
        A7             BB+ (sf)                  6.9
        B              BB+ (sf)                  6.9
        C              NR                        3.7

                  Asset Repackaging Vehicle Ltd.
       GBP14.81 Million Resecuritization Notes Series 2010-5

        Class          Rating             Amount (mil. GBP)
        -----          ------             -----------------
        A1             AA (sf)                   3.7
        A2             BBB (sf)                  1.5
        A3             BB+ (sf)                  1.5
        A4             BB+ (sf)                  1.5
        A5             BB+ (sf)                  1.5
        A6             BB+ (sf)                  1.5
        A7             BB+ (sf)                  1.5
        B              BB+ (sf)                  1.5
        C              NR                        0.6

                          NR -- Not rated.


ATRIUM EUROPEAN: Fitch Upgrades Senior Unsecured Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded Atrium European Real Estate Ltd's
(Atrium) senior unsecured rating and Long-term Issuer Default
Rating to 'BB+' from 'BB-'.  The agency has simultaneously
affirmed Atrium's Short-term IDR at 'B'.  The Outlook on the Long-
term IDR is Stable.

"The upgrade reflects the stabilization of rental income, reduced
property costs and lower interest payments resulting from high-
coupon bond buy-backs of EUR232 million in H110," says Jean-Pierre
Husband, Director in Fitch's European Corporate Finance
Department.  "With development expenditure now complete and the
financial structure re-profiled, Atrium's business model is now
similar to its Western European peers."

With tenant defaults lower than expected in FY09, Fitch believes
Atrium's EBIT Net Interest Cover should stabilize between 3.0x and
4.5x between FY10 and FY13.  Net leverage should also stay low in
the next three years (loan to value of between 5% and 25% to
FY13), although Fitch believes that leverage will increase closer
to industry average levels (LTV around 40%) over the medium term.
This should allow Atrium some financial flexibility and
acquisitions of existing rental-generating shopping centers may be
possible.

While the CEE region has been one of the most exposed to the
global economic downturn, it is beginning to show some signs of
recovery (see Fitch Emerging Markets Ratings Newsletter -July
2010) with companies reporting improved cash flows and dividends.
Fitch is expecting the Russian economy for example to grow 4.3% in
2010, and 4% in 2011 and 2012.

The ratings are, however, constrained by the outstanding
litigation in respect of the share buy-backs in 2007, and Fitch
has little visibility over its timetable or outcome.  Although
Fitch believes that the ultimate liability to the owners and
management may be limited, there is some uncertainty and Atrium's
ability to issue new bonds may be constrained.  Fitch also expects
Atrium to maintain an EBIT NIC of above 2.0x for an investment
grade rating.

Atrium has drastically cut back on its committed development
program, with only one retail project currently under construction
in Poland - with a committed spend of EUR8 million.  This has
assisted the company's liquidity profile.  At 30 June 2010 Atrium
had EUR386 million of cash deposits available, sufficient to pay
the development costs outstanding (EUR8 million) and total debt
maturities of EUR58 million in FY10 and FY11.  With only EUR35
million of development spend in 2011, Atrium's liquidity position
is now strong (with a liquidity score of around 4x at end-June
2010).

Although gross rental income stagnated in H110 (EUR74.4 million vs
EUR74.6 million in H109) due to temporary discounts on rents (not
more than three months) in Russia and Latvia, the increase in net
service charge income (due to re-negotiated utility costs and
other efficiency improvements) and reduced property expenses has
resulted in net rental income increasing 11%.  This positive trend
is also underlined by the increased occupancy across the group's
CEE shopping centre portfolio now at 94.6% (94% at end-December
2009), close to the optimum for a retail landlord.


CLARIS IV: S&P Cuts Ratings on Various Classes of Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Claris IV Ltd.'s series 5, 7, and 10/2006 to 'D (sf)' from 'CCC-
(sf)'.  S&P also lowered the ratings on Claris IV's series 8/2006
and 9/2006 to 'CC (sf)' from 'CCC- (sf)'.

The downgrades follow confirmation that losses from credit events
in the underlying portfolio have either exceeded or currently
exceed the available credit enhancement and the tranche notionals.

S&P understand that the series 5, 7, and 10/2006 noteholders did
not receive full principal on maturity.  As a result, these three
series have defaulted on their obligations and S&P has thus
lowered its ratings on these series to 'D (sf)'.

In the case of series 8/2006 and 9/2006, S&P has lowered its
ratings to 'CC (sf)' as S&P understand that noteholders will not
receive full principal on maturity.

                           Ratings List

                         Ratings Lowered

                          Claris IV Ltd.

EUR40 million Carmel Valley 2006-3 Synthetic CDO Of RMBS Variable-
                       Rate Notes Series 5

                         Rating
                         ------
               To                           From
               --                           ----
               D (sf)                       CCC- (sf)

US$17.5 Million Carmel Valley Synthetic CDO Of RMBS Variable-Rate
                          Notes Series 7

                         Rating
                         ------
               To                           From
               --                           ----
               D (sf)                       CCC- (sf)

US$39 Million Leibnitz 2006-1 Synthetic CDO Of RMBS Variable-Rate
                       Notes Series 8/2006

                         Rating
                         ------
               To                           From
               --                           ----
               CC (sf)                      CCC- (sf)

US$49 Million Leibnitz 2006-1 Synthetic CDO Of RMBS Variable-Rate
                       Notes Series 9/2006

                         Rating
                         ------
               To                           From
               --                           ----
               CC (sf)                      CCC- (sf)

US$22 Million Leibnitz 2006-1 Synthetic CDO Of RMBS Variable-Rate
                      Notes Series 10/2006

                         Rating
                         ------
               To                           From
               --                           ----
               D (sf)                       CCC- (sf)


CLARIS LIMITED: Moody's Confirms Ba1 (sf) Ratings on Various Notes
------------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of the notes
issued by Claris Limited (Millesime).

Issuer: Claris Limited Series 20,21,22 and 23/2004 (Millesime)

-- EUR25M Series 20 Notes, Confirmed at A1 (sf); previously on
    June 29, 2010 Downgraded to A1 (sf) and Placed Under Review
    for Possible Downgrade

-- JPY500M Series 21 Notes, Confirmed at Baa1 (sf); previously
    on June 29, 2010 Downgraded to Baa1 (sf) and Placed Under
    Review for Possible Downgrade

-- EUR15M Series 22 Notes, Confirmed at Ba1 (sf); previously on
    June 29, 2010 Downgraded to Ba1 (sf) and Placed Under Review
    for Possible Downgrade

-- EUR10M Series 23 Notes, Confirmed at Ba1 (sf); previously on
    June 29, 2010 Downgraded to Ba1 (sf) and Placed Under Review
    for Possible Downgrade

Issuer: Claris Limited Series 25/2004 (Millesime)

-- US$5M Series 25 Notes, Confirmed at Ba1 (sf); previously on
    June 29, 2010 Downgraded to Ba1 (sf) and Placed Under Review
    for Possible Downgrade

This transaction is a synthetic CDO of 100% European ABS assets,
initially rated Aaa.  At present, the portfolio is composed of 95%
RMBS, 2.4% ABS Autos amongst others.

The ratings of all tranches were downgraded and placed under
review for possible downgrade on 29 June 2010 following the
downgrade review of several underlying RMBS exposures.  These
assets represented approximately 11% of the reference portfolio
(16.8% at present).  In particular, this included two Greek RMBS
senior tranches with an exposure totaling 4.4% of the portfolio
and are the two most lowly rated assets.  Since then, rating
action on one Greek exposure has been concluded and another
remains under review for possible downgrade.  A total of 11.5% of
the portfolio under review for downgrade are Aaa-rated Irish and
Portuguese RMBS tranches.  Moody's notes that the transaction has
not suffered any credit events to date and the lowest rated asset
representing 2% of the portfolio is Baa1.  Following Moody's
review of the transaction and considering the sensitivity analysis
performed on all assets under review for possible downgrade,
Moody's is currently comfortable with the current rating of
all tranches.


CONFORTO FINANCIAL: To Be Placed Into Administration
----------------------------------------------------
Citywire reports that Conforto Financial Management is in the
process of being wound up and placed into administration.

According to Citywire, the company has been crippled by its
GBP1.5 million purchase of Optimal Wealth Management earlier this
year, and managing director Andy Sutton has opted to wind up the
business.  The report relates Mr. Sutton said in an e-mail to
Conforto clients that he had been in talks with administrator
Begbies Traynor over the past three weeks.

Potential buyers are understood to be in talks with the
administrator although Conforto is yet to be officially placed
into administration, Citywire notes.

In the e-mail, Mr. Sutton blamed the collapse of Conforto on
Optimal, Citywire relates.  "Following the administration of our
subsidiary (Optimal) in August 2010, Conforto has been dragged
down by the events therein," the report quoted Mr. Sutton as
saying.

Citywire notes that Optimal was put into administration just six
months after the acquisition was completed.  Its former directors
bought the business back from administrator UHY Hacker Young in
September, the report adds.

Conforto Financial Management is headquartered in Hertfordshire.


DECO 8: Fitch Downgrades Rating on Class G Notes to 'Dsf'
---------------------------------------------------------
Fitch Ratings has downgraded DECO 8 - UK Conduit 2 plc's class G
commercial mortgage-backed notes to 'Dsf' from 'CCsf'.  At the
same time, Fitch has affirmed all other outstanding classes.  The
rating actions are:

  -- GBP138.8m class A1 (XS0251885603): affirmed at 'AAAsf';
     Outlook Stable

  -- GBP255.8m class A2 (XS0251886163): affirmed at 'BBB-sf';
     Outlook Negative

  -- GBP32.3m class B (XS0251886833): affirmed at 'BBsf'; Outlook
     Negative

  -- GBP33.9m class C (XS0251887211): affirmed at 'B+sf'; Outlook
     Negative

  -- GBP23.4m class D (XS0251887724): affirmed at 'Bsf'; Outlook
     Negative

  -- GBP60.9m class E (XS0251889696): affirmed at 'CCsf'; assigned
     Recovery Rating 'RR4'

  -- GBP14.2m class F (XS0251890199): affirmed at 'CCsf'; assigned
     Recovery Rating 'RR6'

  -- GBP8.3m class G (XS0251890868): downgraded to 'Dsf' from
     'CCsf'; assigned Recovery Rating 'RR6'

The downgrade of the class G notes reflects the loss allocated to
them on the October 2010 interest payment date following the sale
of the KS Derby loan collateral.  The affirmation of the other
outstanding tranches reflects their stable performance since the
last review in August 2010.

The special servicer, Hatfield Philips International (rated
'CSS3+'), announced that the hotel securing the GBP3.97 million KS
Derby loan (0.7% of the portfolio) had been sold on 6 October
2010.  The sale price was significantly lower than the July 2009
valuation: final net recoveries were GBP40,725, resulting in a
loss of 99% of the original loan balance.  The GBP3.92 million
loss was allocated reverse sequentially to the notes, resulting in
a partial write-down of the class G notes balance.

The Ashton Court Hotel, in Derby, was affected by the sole tenant,
the Swallow Group, entering voluntary administration in September
2006.  The asset sale followed the tenant administration and
severe deterioration of the collateral income, which left the
borrower unable to make full interest payments at the April 2009
IPD and prompted the transfer of the loan to special servicing.


DUNDEE FOOTBALL CLUB: Scottish Football League Deducts 25 Points
----------------------------------------------------------------
Scottish Football League Chief David Longmuir confirmed that the
organization's board has deducted 25 points from Dundee Football
Club, Metro.co.uk reports.

According to Metro.co.uk, a statement on the SFL Web site said it
had a "duty to protect the integrity and on-going smooth-running
of the league."  The report relates Dundee Football Club was found
to be guilty of conduct contrary to league rules, the interests of
the league and its member clubs.  As a result, the report says,
the club has been deduced 25 points and a player registration
embargo imposed until Dundee comes out of administration.  If the
club is still in administration at the end of March 2011, the
SFL's board will "deal with the club as it sees fit," the report
relates.

Metro.co.uk notes that as a result of the deduction, Dundee, who
is currently managed by caretaker boss Barry Smith, lie at the
foot of the Scottish First Division on minus 11 points.

Administrator Bryan Jackson, the report adds, described the
decision by the SFL as "outrageous" and confirmed the club would
attempt to overturn the decision.

Dundee went into administration on October 14 after being unable
to pay a tax bill which stood at GBP420,000.  It is the second
time in seven years the club has gone into administration.

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


IONA CDO: S&P Lowers Rating on Class B Notes to 'CC (sf)'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
IONA CDO I's class A and B notes.  At the same time, S&P affirmed
the rating on class C notes.

These rating actions reflect S&P's assessment of the credit
deterioration of the assets in the transaction's underlying
reference portfolio, which primarily comprises U.S. residential
mortgage-backed securities from 2004, 2005, and 2006 vintages.

In S&P's opinion, credit deterioration has led to an increase in
scenario loss rates.  At the same time, S&P believes that
portfolio asset defaults have lowered the available credit
enhancement for the notes.  In S&P's view, the ratings on the
class A and B notes are no longer commensurate with the credit
enhancement and portfolio quality, and S&P has therefore lowered
its ratings on classes A and B.

The losses from the credit events have exceeded the available
credit enhancement for the class B notes.  In S&P's opinion, the
class B noteholders are very unlikely to receive full repayment of
principal.  As such, S&P has lowered its rating on the class B
notes to 'CC (sf)' from 'CCC- (sf)'.  At the same time, S&P
affirmed the 'CC (sf)' rating on the class C notes.

                           Ratings List

                            IONA CDO I
  US$136.5 Million Secured Floating-Rate Credit-Linked Notes

                         Ratings Lowered

                                    Ratings
                                    -------
        Class              To                    From
        -----              --                    ----
        A                  CCC- (sf)             CCC+ (sf)
        B                  CC (sf)               CCC- (sf)

                         Rating Affirmed

                     Class              Rating
                     -----              ------
                     C                  CC (sf)


OCCUPATIONAL MEDICALS: Bought Out of Administration by Evidence
---------------------------------------------------------------
Evidence Health has bought Occupational Medicals out of
administration, putting the Stockport-based company in a "strong
position" to continue trading following earlier financial
difficulties, Insider Media Limited reports.

According to the report, Occupational Medicals went into
administration after becoming overstretched on costs, and its
brand, goodwill and assets were immediately bought by Evidence
Health.  The report notes that the combined business has the legal
name Occupational Medicals Enterprises but for continuity will
trade as Occupational Medicals, providing a wide range of job-
related medical assessments.

The head office will be at Crowthorne, with the Stockport premises
retained, the report says.

An unnamed spokeswoman, Insider Media discloses, said that the
merged business would provide a wider range of expertise in
occupational health and employment services.  Every effort would
be made to pay the creditors from the original Occupational
Medicals, she added.

The senior directors from both previous organizations remain with
the new business, the report adds.


R&R ICE: S&P Downgrades Long-Term Corporate Credit Rating to 'B+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to its
long-term corporate credit rating on U.K.-based private-label food
manufacturer R&R Ice Cream Ltd. to 'B+' from 'BB-'.  The outlook
is stable.

At the same time, the issue rating on R&R's proposed EUR350
million senior secured notes due 2017 was lowered to 'B+' from
'BB-'.  The recovery rating on this instrument is unchanged at
'4', indicating S&P's expectation of average (30%-50%) recovery
for noteholders in an event of a payment default.

"The rating action follows R&R's unexpected move to increase its
proposed bond issuance from the previous EUR280 million to EUR350
million," said Standard & Poor's credit analyst Silvia Ortolan.
"In S&P's view, this move reflects management's more aggressive
financial policy stance and more aggressive debt protection
measures."

S&P estimate that R&R's debt protection metrics will decline below
the levels S&P considers commensurate with the previous ratings,
specifically Standard & Poor's-adjusted EBITDA to cash interest
coverage of above 3.0x.

The ratings on R&R continue to reflect S&P's view of the company's
relatively highly leveraged debt structure.  From the business
risk profile standpoint, the rating is supported by R&R's leading
position in Europe as a manufacturer of private-label ice cream
and frozen desserts, its diversified customer base, its relatively
low ongoing capital requirements, and its good cash conversion
capacity.  These positive characteristics are partially offset by
the company's relatively modest size, limited geographic
diversification, and its exposure to volatile agricultural
commodities.

In S&P's view, R&R is well positioned to continue to generate
steady positive free cash flows from operations.  Credit measures
that are commensurate with the current rating would, in S&P's
view, include adjusted EBITDA to cash interest coverage in excess
of 2.5x, combined with continuous discretionary cash flow
generation in excess of EUR30 million.

Continued steady organic growth rates, combined with permanently
lower debt leverage at a level that S&P considers commensurate
with an aggressive financial profile, could create rating upside.
However, S&P believes that R&R's focus on sustaining small bolt-on
acquisitions is likely to delay the accumulation of the requisite
balance-sheet strength.

Conversely, a dilution of cash interest coverage to less than
2.5x, or material operating underperformance affecting R&R's free
cash flow generation, would be rating-negative.


SALTWELL SIGNS: On the Road to Recovery
---------------------------------------
nebusiness.co.uk reports that Saltwell Signs, which went into
administration last year, is now on the road to recovery after
being bought out by a rival manufacturer, which has already
created a number of jobs.  The report relates Saltwell Signs was
bought by The Redforrest Group earlier this year after it
struggled to pay some of its debts and saw its sales drop from
GBP3.1 million to GBP1.5 million last year.

According nebusiness.co.uk, Redforrest has now turned the company
around since its workforce was halved during the administration,
and has since moved the company to its own facilities at a cost of
GBP150,000.  The report notes that the acquisition has seen
Saltwell pick up a number of new contracts, including a GBP750,000
contract to make and fit 40 display stands for broadcaster Sky,
with the majority already on show at shopping centres across the
UK.

Saltwell, nebusiness.co.uk relates, is now on target to increase
its sales to GBP2 million by March next year with Redforrest
hopeful of growing this to around GBP3 million in 2012.  The firm
has already increased its workforce to 25 since joining the new
parent with additional jobs planned for next year, the report
adds.

Saltwell Signs, based at Team Valley, Gateshead, is a sign making
business firm.


* BRITAIN: Pressures Ease for Manufacturing Industry
----------------------------------------------------
The Manufacturer, citing British Industry, reports almost 50% less
manufacturing companies fell into administration in the first nine
months of 2010 compared with the same period last year, according
to business advisers Deloitte.

According to the report, there have been 252 manufacturing
administrations so far this year compared with 439 at the same
conjecture last year and this 42.6% decline has been topped only
by the retail sector (50.2%) and financial services (47.1%).  This
compares with a 36% drop when taking all companies across all
sectors into account, the report relates.

The report notes that administrations have been falling steadily,
quarter by quarter too, and in Q3 2010, there were only 66
manufacturing administrations compared with 128 in 2009.

Ross James, manufacturing partner at Deloitte, said that although
businesses should remain cautious, the rates of failure are "a
positive sign," the report discloses.

"The decline in administrations highlights the success of the
proactive approach adopted by many manufacturing businesses to
manage both their cash flows and stock levels," the report quoted
Ms. James as saying.  "In addition there is now some more, albeit
fragile, confidence in the corporate sector to invest, which is
translating into orders for capital goods manufacturers," he
added.

Mr. James, the report notes, also pointed to a positive outlook
for mergers and acquisitions as another sign of recovery.  A
recent survey by Deloitte among CFOs found that over 80% expect
M&A activity to increase over the next 12 months, with 18%
identifying expansion through acquisition as a priority for the
coming year, the report notes.

"This is positive news for business more generally and
demonstrates that companies now have the confidence to look for
growth opportunities," Mr. James added, The Manufacturer relates.



                            *********

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-
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