TCREUR_Public/101115.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 15, 2010, Vol. 11, No. 225

                            Headlines



B E L G I U M

BRINK'S CO: Belgian Unit to File for Bankruptcy


G E R M A N Y

HEIDELBERGCEMENT AG: Moody's Raises Corp. Family Rating to 'Ba2'
HONSEL AG: Sells Fonderie Lorraine Unit Under Restructuring Plan
SAARGUMMI GMBH: Files for Insolvency
WESTLB AG: Struggles to Find Buyer; Liquidation Risk Rises
* Germany: To Present EU Insolvency Plan This Week


H U N G A R Y

CERBONA: To File for Bankruptcy Protection


I R E L A N D

PALMER SQUARE: Moody's Downgrades Ratings on Notes to 'Ca (sf)'
PULS CDO: S&P Junks Rating on Class C-2 Notes From 'B- (sf)'
TITAN EUROPE 2006-2: S&P Cuts Rating on Class H Notes to 'D (sf)'
TITAN EUROPE 2006-5: S&P Cuts Rating on Class E Notes to 'D (sf)'


I T A L Y

TIRRENIA DI NAVIGAZIONE: Attracts 16 Potential Bidders


R O M A N I A

HIDROMECANICA: High Debt & Losses Prompt Insolvency Filing


R U S S I A

RAIFFEISENBANK ZAO: Moody's Assigns Rating on Bond Issuance


S P A I N

BANCO BILBAO: S&P Takes Various Rating Actions on Notes
BBVA 6: Moody's Reviews 'Ca (sf)' Rating on C Certificate
RACE POINT: Moody's Assigns 'Ba2' Rating to US$370 Mil. Loan


U K R A I N E

NADRA BANK: Liquidation Sought by IMF, Izvestia Says
RODOVID BANK: Liquidation Sought by IMF, Izvestia Says
STATE SAVINGS: Fitch Assigns 'B' Rating to Two Classes of Bonds


U N I T E D   K I N G D O M

BAA PLC: Fitch Assigns 'BB+' Rating to GBP325 Million Notes
BLACKPOOL PANTHERS: Rugby Football League Membership Cancelled
CHAMOIS FURNISHINGS: Goes Into Administration; Cuts 57 Jobs
CRUSADERS: Winding-Up Order Adjourned for a Week
CRYSTAL UMBRELLA: Unit Enters Administration as Group Restructures

EMI GROUP: CEO Roger Faxon Rules Out Break-Up to Pay Debts
INVERESK PAPER COMPANY: Court Awards GBP4.25MM to Tullis Russell
OVERFINCH BESPOKE: Goes Into Administration
PWB HEALTH: Provisional Liquidator Appointed; Assets Up for Sale
RMAC SECURITIES: S&P Cuts Ratings on Various Classes of Notes

ROK PLC: Administration Affects Messingham School Project


X X X X X X X X

* BOND PRICING: For the Week November 8 to November 12, 2010




                            *********


=============
B E L G I U M
=============


BRINK'S CO: Belgian Unit to File for Bankruptcy
-----------------------------------------------
John Martens at Bloomberg News, citing Flemish public broadcaster
VRT, reports that Brink's Co.'s Belgian unit that provides armored
cars to transport cash plans to file for bankruptcy.

According to Bloomberg's Vivek Shankar, Brink's said it has exited
the cash handling market in Belgium.

Bloomberg's Mr. Martens also reports BNP Paribas SA's Belgian
banking unit said it's evaluating the potential bankruptcy of the
Belgian unit of Brink's, which will have a "marginal" impact on
supplies of cash to its ATMs in the country.

The Brink's Company is a security and protection company
headquartered in Richmond, Virginia, United States.


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


HEIDELBERGCEMENT AG: Moody's Raises Corp. Family Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has upgraded HeidelbergCement's Ba3
corporate family rating to Ba2, and the senior unsecured long term
rating from B1 to Ba3.

The rating action was prompted by the relatively positive
performance that HC has shown in 2010 so far and the expectation
that the overall environment in HC's markets will remain stable to
slightly positive.

This should enable HC to improve its profitability in 2011 and to
generate positive free cash flows that can be applied to debt
reduction.  Both measures will help bringing HC's leverage ratios
closer to a level that would be commensurate with a high Ba
rating.

                        Ratings Rationale

"This rating action has also taken into account the commitment of
HeidelbergCement's management to further reduce debt, which also
includes the assumption that the dividend policy will remain
moderate going forward." said Matthias Hellstern, Moody's lead
analyst for HeidelbergCement.

HC is predominantly active in markets that are slowly recovering
from last year's crisis -- such as Germany, Canada or Sweden - ,
and has limited exposure to markets with continued weak economic
environment, such as Italy or Spain.  In addition markets in
Russia and Poland are recovering strongly more than offsetting the
continued weakness observed in Romania or Hungary.  HC's markets
in Africa and Asia are developing well supporting the expected
slow improvement in HC's profitability and cash flow generation
ability in 2011.

With RCF/net debt of 12.3% and debt/EBITDA of 4.7x per last-twelve
months September 2010 HC's leverage ratios are now weakly
positioning HC in the Ba2 rating category, but the expectation of
positive free cash flow in Q4 2010 and an improvement in overall
profitability in 2011 will help HC to quickly improve in the
current rating category and should lead over the next 12 -- 18
months to further positive rating pressure, hence the positive
outlook.

In the last 18 months HC has considerably improved its short-term
liquidity situation and its leverage by issuing new equity,
several sizeable long-term bonds and the refinancing of its bank
loan arrangements.  Therefore short term liquidity for HC is now
good, but banking arrangements contain conditionality including a
material adverse change clause and financial covenants that become
more restrictive starting in 2011 and Moody's will closely monitor
the compliance over time.

The rating could be upgraded if in the medium term HC achieves a
RCF/net debt ratio moving to the high teens and a debt/EBITDA
ratio below 4.0x, which, according to Moody's forecasts should be
achievable by the end of 2011.

Based on the current expectation for further development there is
a limited risk of a downgrade.  However, negative rating pressure
would occur, if the compliance with financial covenants -- and
hence availability of liquidity -- would be at risk and if --
contrary to Moody's expectation - the leverage ratios would not
improve further.

HeidelbergCement AG is the world's third largest cement producer
with strong market positions in mature Western European countries,
such as Germany, Scandinavia, Benelux, and the UK, as well as in
the emerging markets of Eastern Europe, Africa, Asia and Turkey.
HeidelbergCement generated sales of EUR 11.6 billion on a last
twelve months basis per September 2010.

Upgrades:

Issuer: Hanson Australia Funding Limited

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from
     B1

Issuer: Hanson Limited

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from


     B1

Issuer: HeidelbergCement AG

  -- Probability of Default Rating, Upgraded to Ba2 from Ba3

  -- Corporate Family Rating, Upgraded to Ba2 from Ba3

  -- Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba3
     from (P)B1

Issuer: Heidelbergcement Finance B.V.

  -- Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba3
     from (P)B1

  -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from
     B1


HONSEL AG: Sells Fonderie Lorraine Unit Under Restructuring Plan
----------------------------------------------------------------
Mike Gavin at Bloomberg News reports that Honsel AG has completed
the first step in its restructuring, with an agreement reached to
sell its French unit Fonderie Lorraine to ZF Friedrichshafen AG.

According to Bloomberg, Honsel's insolvency administrator said
Honsel is now in a "position to continue its operations in a
sustainable and profitable manner."

As reported by the Troubled Company Reporter-Europe on Oct. 29,
2010, Honsel, a 51% subsidiary of RHJ International, filed for
insolvency in Germany after it failed to reach agreement with all
stakeholders on a sustainable restructuring plan.  As part of a
restructuring in July 2009, RHJI invested EUR50 million into the
Honsel Group in exchange for a 51% stake in the group, with the
remaining 49% being held by Honsel's senior term lenders.  Over
the last year Honsel has incurred significant operating losses.
Despite the equity support provided by RHJI in the midst of the
economic downturn and considerable efforts by Honsel's management
to address operating issues in manufacturing in conjunction with
new product launches, Honsel's financial performance remained
under pressure and resulted in a liquidity shortfall.  The
carrying value of the investment in Honsel as reflected in
RHJI's non-consolidated accounts stands at EUR50 million.  In
addition EUR20 million super senior credit facilities and
EUR15 million of leasing and factoring facilities are outstanding.

Meschede, Germany-based Honsel AG manufactures cast aluminium,
magnesium and titanium alloy parts for cars, railway carriages and
aeroplanes.  The company also manufactures rolled light metal
products and distributes aluminium, magnesium and titanium metals.


SAARGUMMI GMBH: Files for Insolvency
------------------------------------
SaarGummi GmbH has submitted an insolvency filing a week after
daughter company SaarGummi Deutschland sought protection from
creditors, Tom Lavell at Bloomberg News reports, citing
administrator Schultze & Braun.

According to Bloomberg, the law firm said the filing affects the
holding company only and not its operating subsidiaries.

SaarGummi GmbH is a German rubber-component maker.


WESTLB AG: Struggles to Find Buyer; Liquidation Risk Rises
----------------------------------------------------------
Aaron Kirchfeld and Oliver Suess at Bloomberg News report that
WestLB AG is struggling to find a buyer and it has to convince the
European Union there are better options than just winding it down.

According to Bloomberg, the viability of the Dusseldorf-based bank
may be debated when officials from WestLB, German Finance Minister
Wolfgang Schaeuble, and representatives of the European Commission
meet in Brussels today, Nov. 15.

Bloomberg relates Dirk Becker, an analyst at Kepler Capital
Markets, said a shutdown of WestLB, which was kept alive by
taxpayer money, including EUR3 billion (US$4.1 billion) from
Germany's bank-rescue fund, would be manageable.

"WestLB isn't relevant for a functioning German banking market,"
Mr. Becker said according to Bloomberg.  "An orderly winding down
could go smoothly."

                          State Aid Probe

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2010, The Associated Press said European Union is extending its
probe of state aid for WestLB because the bank received more money
than it had foreseen. The Associated Press disclosed the European
Commission, the EU's competition authority also said it had
growing doubts about the state-controlled bank's future viability.
The commission said Westdeutsche Landesbank received EUR6.95
billion in state aid when it transferred more than EUR77 billion
in bad investments to a so-called bad bank, because the bad bank
overestimated the real economic value of those investments,
according to The Associated Press.  That is EUR3.4 billion more
than the commission had foreseen when it first opened a probe into
the state aid almost a year ago, The Associated Press noted.
Merger talks between WestLB and BayernLB, another Landesbank,
collapsed, dashing the hopes of the German government that a tie-
up would help keep WestLB afloat, The Associated Press disclosed.
The Associated Press noted Competition Commissioner Joaquin
Almunia said German authorities must now either announce further
restructuring measures or demand that WestLB pay back the
additional money it received.  So far, the German authorities have
failed to submit a revised restructuring plan, he said, and WestLB
has not sold off businesses fast enough, according to The
Associated Press.  The commissioner also questioned whether WestLB
can continue to function under its current business model without
receiving more state aid, The Associated Press noted.

                           About WestLB

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

                          *     *     *

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


* Germany: To Present EU Insolvency Plan This Week
--------------------------------------------------
Bloomberg News, citing Financial Times Deutschland, reports that
Germany will present its proposal for a European crisis mechanism
this week rather than next month to allay investor concerns that
have driven up bond yields.

The plan, which will spell out to what extent bondholders would
have to contribute to a sovereign bailout, could be presented at a
meeting of European Union finance ministers this week rather than
the EU summit in December, the newspaper said, according to
Bloomberg.


=============
H U N G A R Y
=============


CERBONA: To File for Bankruptcy Protection
------------------------------------------
Cerbona's shareholders agreed at a general meeting on Wednesday to
file for bankruptcy protection for the company, MTI-Econews
reports, citing CEO Gabor Gosztonyi.

According to MTI, Mr. Gosztonyi said Cerbona, which is struggling
because of big changes in grain and flour prices, wants to restore
normal operations and gain access to capital either through the
involvement of a bank or, preferably, an outside investor.

MTI relates Mr. Gosztonyi said shareholders at the meeting on
Wednesday authorized the company's board to raise capital up to
HUF3 billion through the issue of new shares over the next twelve
months, if necessary.

Cerbona's registered capital is currently HUF1.9 billion, while
its bank loans stood at HUF4.5 billion, MTI discloses.

Cerbona is a Hungarian food company.


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


PALMER SQUARE: Moody's Downgrades Ratings on Notes to 'Ca (sf)'
---------------------------------------------------------------
Moody's Investors Service took these rating actions on the notes
issued by Palmer Square 2 plc.

  -- US$1424M Class A1-M Floating Rate Notes due 2045 (currently
     US$1,093,362,026.50 outstanding), Downgraded to Ca (sf);
     previously on Apr 23, 2009 Confirmed at Caa2 (sf)

  -- US$356M Class A1-Q Floating Rate Notes due 2045, Downgraded
     to Ca (sf); previously on Apr 23, 2009 Confirmed at Caa2 (sf)

                        Ratings Rationale

Palmer Square 2 plc is a managed cash flow collateralized debt
obligation backed predominantly by a portfolio of US RMBS assets
and ABS CDOs.

According to Moody's, the rating downgrade actions are the result
of deterioration of the credit quality of the portfolio including
new defaults and deterioration of overcollateralization ratios.
The current aggregate principal balance of the portfolio,
excluding defaulted assets, is US$727.8M.  The amount of defaulted
securities has increased from US$634 million in September 2009 to
US$864 million in October 2010.  During the same time, the Class A
overcollateralization ratio decreased from 51.8% to 35.8%, and
Class A1 event of default ratio decreased from 108% to 104% as
reported in the Trustee Report dated 28 October 2010.

There are currently US$5.18M Class X notes outstanding, rated
Baa1(sf), which are sufficiently collateralized.  The other
classes of notes may incur losses upon the occurrence of an event
of default.  An event of default may occur due to the failure, on
any measurement date, of the Class A1 event of default ratio to be
equal to or greater than 101%.  During the occurrence and
continuance of an event of default, controlling creditors of the
transaction are entitled to direct the Trustee to take particular
actions with respect to the collateral and the notes, including
liquidation of the portfolio assets.

The current weighted average market value of 151 assets
representing 83% of the Aggregate Principal Balance, provided by
trustee, is 22.64%.  Moody's performed a sensitivity analysis by
assuming the 30 remaining assets for which market values were not
provided were sold at par.  In this best case scenario, the Class
A1-M and Class A1-Q could be covered by 37%, while the Class A2
and below would suffer a 100% loss under the post-enforcement
waterfall in case of liquidation of the portfolio.

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


PULS CDO: S&P Junks Rating on Class C-2 Notes From 'B- (sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
PULS CDO 2006-1 PLC's class A1, A2B, B, C1, C2, and R notes.  At
the same time, S&P affirmed the ratings on the other rated notes.

The rating actions follow deterioration in the credit quality of
the portfolio underlying the transaction.  Since S&P's last rating
action in August 2010.

S&P's review focused primarily on the single-obligor concentration
risk, as the underlying portfolio lacks granularity.

S&P's analysis of the risk posed by further defaults among the
largest obligors indicated that the remaining credit enhancement
was no longer commensurate with the assigned ratings for all but
the class A2A notes.  S&P has therefore lowered the ratings on the
class A2B, B, C1, and C2 notes.  Furthermore, S&P has downgraded
class A1 and R notes by a different number of notches, as its view
is that these tranches have very similar default risk to the class
A2B notes.

The current number of performing obligors stands at 29.  This lack
of granularity in the underlying portfolio leads to a high
sensitivity of the ratings to any further large obligor defaults:
In S&P's view, the class A1, A2B, and R notes are likely to lose
their investment-grade ratings in case of one further default.

PULS 2006 is a cash collateralized debt obligation that the
Capital Securities Group administers.  Senior unsecured and
subordinated bonds, issued by German and Swiss small- and midsize
enterprises, back the transaction.

                          Ratings List

                       PULS CDO 2006-1 PLC
  EUR266.95 Million Senior And Subordinated Deferrable Fixed- And
               Floating-Rate Notes Series 2006-1

                         Ratings Lowered

                                 Rating
                                 ------
             Class        To                From
             -----        --                ----
             A-1          BBB- (sf)         A (sf)
             A-2B         BBB- (sf)         BBB (sf)
             B            B+ (sf)           BB- (sf)
             C-1          B- (sf)           B (sf)
             C-2          CCC- (sf)         B- (sf)
             R            BBB- (sf)         A (sf)

                         Ratings Affirmed

                        Class        Rating
                        -----        ------
                        A-2A         A (sf)
                        D            CCC- (sf)
                        E-1          CCC- (sf)
                        E-2          CCC- (sf)
                        Q            CCC- (sf)


TITAN EUROPE 2006-2: S&P Cuts Rating on Class H Notes to 'D (sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-2 PLC's class F, G, and H notes.

These rating actions follow a second consecutive shortfall in
interest payments on the class H notes and S&P's expectation of an
ultimate principal loss on this class.  S&P also believe the risk
of the issuer failing to meet its interest obligations on the
class F and G notes on a timely basis has increased, and S&P has
therefore lowered its ratings on these classes.  The ratings on
the class A to E and J notes are unaffected.

The note interest shortfall results from a nonpayment of interest
under the Velvet loan and the special servicing fees and expenses
charged in the context of this loan.

The Velvet loan is secured by a portfolio of multifamily housing
assets.  The loan has been in default since July 2009, when the
borrower first failed to pay amounts due to the tax authorities.
Although the special servicer has confirmed to us that they have
not received interest payments at all on the July and the October
2010 interest payment dates, S&P expects the properties to
generate some rental income due to the granularity of the leases.
If the borrower makes a partial payment, the special servicing
fees and expenses would be paid senior to loan interest through
the intercreditor waterfall.  This would result in an increased
liquidity drawing, but bond interest could be paid in full on all
classes of notes.

Although there was excess cash at the note level, S&P understand
that the issuer was unable to apply this excess cash (the
difference between loan interest received and note interest plus
senior expenses payable) to the shortfall.  The excess cash was
paid to the class X noteholders instead.

Titan Europe 2006-2 was initially backed by seven loans, all
secured on German multifamily housing assets--approximately 28,000
units in total.  Three loans have prepaid and the outstanding note
issuance amount has now reduced to EUR669.4 million, from EUR862.1
million at closing.  All remaining loans are scheduled to mature
in 2011, while the legal final maturity date of the transaction is
in 2016.

                           Ratings List

                     Titan Europe 2006-2 PLC
EUR862.169 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                Rating
                                ------
              Class       To               From
              -----       --               ----
              F           CCC (sf)         CCC+ (sf)
              G           CCC- (sf)        CCC (sf)
              H           D (sf)           CCC- (sf)

                       Ratings Unaffected

                      Class        Rating
                      -----        ------
                      A           A (sf)
                      B           BBB (sf)
                      C           BBB- (sf)
                      D           BB (sf)
                      E           B- (sf)
                      J           D (sf)


TITAN EUROPE 2006-5: S&P Cuts Rating on Class E Notes to 'D (sf)'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-5's class D and E notes to 'CCC- (sf)' and 'D
(sf)', respectively.

This rating action follows a second consecutive shortfall in
interest payments on the class C, D, and E notes and reflects
S&P's expectation that the class E notes will suffer an ultimate
principal loss.

S&P believes the interest shortfalls on the class C notes are
likely to be repaid shortly, as the issuer had already repaid most
of the initial interest shortfall on the October 2010 note
interest payment date.  S&P has therefore not taken a rating
action on this class.

The interest shortfall on the class D notes comprised only 0.85%
of the class balance, an amount S&P views as minor.  There is a
risk that the shortfall may recur and S&P has lowered its rating
on this class to 'CCC- (sf)' from 'B- (sf)' accordingly.  If the
interest shortfall on this class persists, S&P would likely lower
the rating to 'D (sf)'.

The interest shortfall on the class E notes was also a minor
amount, in S&P's view, at 0.97% of the class balance.  S&P has
lowered its rating on the class E notes to 'D (sf)' because S&P
believes the current interest shortfalls are highly likely to be
recurring and that the likelihood of a full repayment of the
shortfalls has reduced.  S&P also anticipate an ultimate principal
loss on this class as some loans in the pool may not be repaid in
full.

The note interest shortfalls result from a nonpayment of interest
under the Quartier 206 loan and the special servicing fees and
expenses charged in the context of this loan.  S&P has previously
taken rating action following a similar incident.

The Quartier 206 loan is secured on a retail and office property
in Berlin.  The loan defaulted in April 2010 when the borrower
failed to service the debt.  This, in turn, followed the failure
to pay of a major tenant, which was related to the loan sponsor.
The property has also been revalued, which triggered an appraisal
reduction; the loan was transferred to special servicing.  S&P
were informed that on the October 2010 IPD, no funds were received
from the borrower, although S&P understand that tenants unrelated
to the loan sponsor continue to pay rent.  The entire interest
shortfall from the loan was drawn from the liquidity facility, but
the amounts charged by the special servicer reduced the funds
available for the issuer to make interest payments on the notes.

Although there was excess cash at the note level, S&P understand
that the issuer was unable to apply this excess cash (the
difference between loan interest received and note interest plus
senior expenses payable) to the shortfall.  The excess cash was
paid to the class X noteholders instead.

S&P has not been provided with any indication as to when the
servicer expects the borrower to resume at least a partial
interest payment and have therefore taken the rating action.

Titan Europe 2006-5 is a commercial mortgage-backed securities
transaction backed by seven loans.  The loans, in turn, are
secured on a mixture of retail, office, industrial, and
multifamily housing properties in Germany.  All loans are
scheduled to be repaid between October 2015 and July 2016.  The
legal final maturity date of the transaction falls in 2019.

                           Ratings List

                     Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes

                         Ratings Lowered

                                 Rating
                                 ------
         Class          To                      From
         -----          --                      ----
         D              CCC- (sf)               B- (sf)
         E              D (sf)                  CCC- (sf)

                       Ratings Unaffected

                    Class          Rating
                    -----          ------
                    A1             AAA (sf)
                    A2             AAA (sf)
                    A3             A+ (sf)
                    B              BBB+ (sf)
                    C              BB- (sf)
                    F              D (sf)
                    X              AAA (sf)


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


TIRRENIA DI NAVIGAZIONE: Attracts 16 Potential Bidders
------------------------------------------------------
Andrew Davis at Bloomberg News, citing newspaper Il Messaggero,
reports that sixteen companies moved to the second round of the
bidding process for Tirrenia di Navigazione SpA.

Giancarlo D'Andrea, the bankruptcy commissioner for the company,
sent letters to 16 of the 21 groups that showed initial interest,
saying they had qualified to begin due diligence on Tirrenia and
prepare an offer, the newspaper said, according to Bloomberg.

As reported by the Troubled Company Reporter-Europe on Aug. 16,
2010, Bloomberg News said that a Rome judge on Aug. 12 declared
Tirrenia insolvent, the first step toward placing the company
under state administration.  Bloomberg disclosed Italy failed this
month to sell Tirrenia and on Aug. 5 approved "emergency financial
provisions" to help guarantee ferry services.  The sale was pulled
after the government did not reach a final agreement with bidder
Mediterranea Holding, according to Bloomberg.

Italy-based Tirrenia di Navigazione SpA, founded in 1936, runs
passenger and cargo ships linking the mainland with islands
Sardinia, Sicily and Corsica as well as Albania.


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


HIDROMECANICA: High Debt & Losses Prompt Insolvency Filing
----------------------------------------------------------
SeeNews, citing local news daily Ziarul Financiar, reports
Hidromecanica has decided to file for insolvency due to high debt
and losses and slowdown in operations.

According to SeeNews, the daily said Hidromecanica posted a 46%
drop in its nine-month turnover to RON4.5 million (US$1.4
million/EUR1 million) and losses of RON1.0 million.


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


RAIFFEISENBANK ZAO: Moody's Assigns Rating on Bond Issuance
-----------------------------------------------------------
Moody's assigns a Baa3 long-term global local currency debt rating
to ZAO Raiffeisenbank's (RBRU) senior unsecured RUB10 billion bond
issuance maturing in 2013.  The rating carries a positive outlook.
Any subsequent senior debt issuance by the bank will be rated at
the same rating level subject to there being no material change in
the bank's overall credit rating.

                        Ratings Rationale

The assigned rating is in line with the bank's global local
currency deposit rating, which is in turn based on (i) the bank's
D+ bank financial strength rating (mapping to a baseline credit
assessment of Ba1); and (ii) Moody's assessment of a very high
probability of support in the event of need from the bank's
ultimate controlling shareholder, Raiffeisen Bank International AG
(BCA of Baa3, positive outlook), resulting in a one-notch uplift
from RBRU's BCA of Ba1.

The BFSR is supported by the bank's well-established franchise
with strong positions in a full range of commercial banking
businesses, sound market strategy and comparatively healthy pre-
provision earnings.  The rating is constrained by Russia's fragile
banking operating environment, as well as RBRU's concentrated loan
portfolio together with higher credit risk of the largest
exposures related to real estate and significant reliance on
parent's funding.

RBRU's global local-currency deposit ratings of Baa3/Prime-3
incorporate a very high probability of parental support in the
event of need.

Headquartered in Moscow, Russia, ZAO Raiffeisenbank reported total
IFRS assets of RUB511 billion (EUR13.4 billion) at June 30, 2010
and net income of RUB3.75 billion (EUR98 million) for H1 2010.


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


BANCO BILBAO: S&P Takes Various Rating Actions on Notes
-------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all classes of notes in six Banco Bilbao Vizcaya Argentaria, S.A.
transactions.  The six transactions are securitizations of loans
granted to Spanish small and midsize enterprises.

Specifically, S&P has:

* Lowered its ratings on BBVA-4 PYME Fondo de Titulizacion de
  Activos' class B notes and BBVA-5 FTPYME Fondo de
  Titulizacion de Activos'  class A1, A2, and A3(G) notes;

* Lowered and removed from CreditWatch negative its ratings from
  BBVA 4's class C notes, BBVA 5's class B notes, BBVA-6 FTPYME
  Fondo de Titulizacion de Activos' class A1, A2(G), B,
  and C notes, BBVA-7 FTGENCAT Fondo de Titulizacion de Activos'
  class A1, A2(G), B, and C notes, BBVA Empresas 1, Fondo
  de Titulizacion de Activos' class B and C notes, and BBVA-8
  FTPYME Fondo de Titulizacion de Activos' class B and C
  notes; and

* Affirmed its ratings on BBVA Empresas 1's class A1, A2, and A3
  notes, BBVA 4's class A2 notes, BBVA 5's class C notes, and BBVA
  8's class A1 and A2(G) notes.

The rating actions are based on S&P's review of each transaction,
including a credit and cash flow analysis.  S&P assessed the risk
related to a variety of critical features embedded in the current
backing pools, i.e., industry concentration, top borrowers' weight
over the pool totals, bullet loans, and loans granted to
developers.  The results of S&P's cash flow projections and
concentration tests led us to lower its ratings on some classes of
notes.

These table reports the summary information for each transaction
as per the last investor reports available.

                       90 to    Cumulative  Credit   Top 10
               Pool    360      default     support  borrowers
               factor  days(1)  (2)         (3)      (4)
               ------  -------  ----------  -------  ---------
     BBVA 1    35.37   0.85     1.47         4.28    23.34
     BBVA 4    12.17   3.57     1.09         5.01    15.71
     BBVA 5    23.76   1.70     2.75        (1.10)    7.38
     BBVA 6    32.60   2.78     3.80        (4.38)    6.26
     BBVA 7    39.30   1.39     4.23        (0.64)   19.57
     BBVA 8    51.90   1.71     2.83         4.32     8.83

(1) Delinquent loans between 90 and 360 days as a percentage of
    the current pool balance.

(2) Cumulative defaults as a percentage of the original pool
    balance.

(3) Cash reserve or principal deficiency as a percentage of the
    outstanding note balance.

(4) Top ten borrowers as a percentage of the current pool balance.

BBVA 4 shows a very low pool factor and a significant
concentration of the pool in few large borrowers.  Consequently,
the junior tranches are exposed to the risk of defaults in these
few large positions in conjunction with the cash reserve providing
less support.  Therefore, S&P lowered its ratings on the junior
notes in BBVA 4.

Of the Spanish asset-backed securities SME deals that S&P rate,
BBVA 5, BBVA 6, and BBVA 7 are the first ones to accumulate
principal deficiency.  In S&P's view, these deals face the risk
that the junior tranches could default due to the partial
amortization of the note balance at maturity.  At the same time,
higher levels of cumulative defaults and a trend of increasing
amounts of defaulted assets are, in S&P's opinion, increasing the
probability of a breach in the interest-deferral triggers for the
junior classes.  S&P's overall credit assessments show that credit
support for the senior classes is no longer commensurate with a
'AAA (sf)' rating.  For these reasons, S&P has lowered its ratings
on these transactions.

BBVA Empresas 1 and BBVA 8 report slightly better performance and
higher levels of credit support provided by the cash reserve.
Those elements led us to affirm S&P's ratings on the senior
classes.  At the same time, there are other concerning factors
(i.e., concentration risk), which led us to lower S&P's ratings on
the junior tranches.

A portfolio of loans BBVA has granted to SMEs across Spain back
the notes in these six transactions (as an exception, BBVA-7's
pool is fully concentrated in Catalunya).

                          Ratings List

                         Ratings Lowered

           BBVA-4 PYME Fondo de Titulizacion de Activos
        EUR1.25 Billion Mortgage-Backed Floating-Rate Notes

                               Rating
                               ------
              Class      To                From
              -----      --                ----
              B          A+ (sf)          AA- (sf)

         BBVA-5 FTPYME Fondo de Titulizacion de Activos
                EUR1.9 Billion Floating-Rate Notes

                               Rating
                               ------
              Class      To                From
              -----      --                ----
              A1         AA+ (sf)         AAA (sf)
              A2         AA+ (sf)         AAA (sf)
              A3(G)      AA+ (sf)         AAA (sf)

      Ratings Lowered and Removed From Creditwatch Negative

       BBVA Empresas 1, Fondo de Titulizacion de Activos
                EUR1.45 Billion Floating-Rate Notes

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

          BBVA-4 PYME Fondo de Titulizacion de Activos
        EUR1.25 Billion Mortgage-Backed Floating-Rate Notes

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

         BBVA-5 FTPYME Fondo de Titulizacion de Activos
                EUR1.9 Billion Floating-Rate Notes

                          Rating
                          ------
         Class      To                From
         -----      --                ----
         B          BBB+ (sf)         A- (sf)/Watch Neg

         BBVA-6 FTPYME Fondo de Titulizacion de Activos
                EUR1.5 Billion Floating-Rate Notes

                          Rating
                          ------
         Class      To                From
         -----      --                ----
         A1         AA- (sf)          AAA (sf)/Watch Neg
         A2(G)      AA- (sf)          AAA (sf)/Watch Neg
         B          B+ (sf)           BBB (sf)/Watch Neg
         C          CCC (sf)          B- (sf)/Watch Neg

        BBVA-7 FTGENCAT Fondo de Titulizacion de Activos
                EUR250 Million Floating-Rate Notes

                          Rating
                          ------
         Class      To                From
         -----      --                ----
         A          AA+ (sf)          AAA (sf)/Watch Neg
         A2(G)      AA+ (sf)          AAA (sf)/Watch Neg
         B          BB+ (sf)          A (sf)/Watch Neg
         C          B- (sf)           BB (sf)/Watch Neg

         BBVA-8 FTPYME Fondo de Titulizacion de Activos
                EUR1.1 Billion Floating-Rate Notes

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

                        Ratings Affirmed

        BBVA Empresas 1, Fondo de Titulizacion de Activos
                EUR1.45 Billion Floating-Rate Notes

                       Class      Rating
                       -----      ------
                       A1         AAA (sf)
                       A2         AAA (sf)
                       A3         AAA (sf)

          BBVA-4 PYME Fondo de Titulizacion de Activos
       EUR1.25 Billion Mortgage-Backed Floating-Rate Notes

                       Class      Rating
                       -----      ------
                       A2         AAA (sf)

          BBVA-5 FTPYME Fondo de Titulizacion de Activos
                EUR1.9 Billion Floating-Rate Notes

                       Class      Rating
                       -----      ------
                       C          AAA (sf)

         BBVA-8 FTPYME Fondo de Titulizacion de Activos
                EUR1.1 Billion Floating-Rate Notes

                       Class      Rating
                       -----      ------
                       A1         AAA (sf)
                       A2(G)      AAA (sf)


BBVA 6: Moody's Reviews 'Ca (sf)' Rating on C Certificate
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade certain classes of notes issued by these Spanish asset-
backed securities SME transactions:

  -- GC FTGENCAT CAIXA TARRAGONA 1, FTA
  -- PYMECAT 2 FTPYME, FTA
  -- BBVA 6 FTPYME, FTA

A complete list of the 12 affected tranches can be found below:

Issuer: BBVA-6 FTPYME, Fondo de Titulizacion de Activos

  -- EUR1201.9M A1 Certificate, Aa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 31, 2009 Downgraded to
     Aa3 (sf)

  -- EUR50.3M B Certificate, B1 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 31, 2009 Downgraded to
     B1 (sf)

  -- EUR32.3M C Certificate, Ca (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 31, 2009 Downgraded to
     Ca (sf)

Issuer: GC FTGENCAT Caixa Tarragona, FTA

  -- EUR104.3M AS Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 1, 2008 Definitive
     Rating Assigned Aaa (sf)

  -- EUR93.2M AG Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 1, 2008 Definitive
     Rating Assigned Aaa (sf)

  -- EUR25.7M B Certificate, A3 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 1, 2008 Definitive
     Rating Assigned A3 (sf)

  -- EUR16.8M C Certificate, Baa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Jul 1, 2008 Definitive
     Rating Assigned Baa3 (sf)

Issuer: PYMECAT 2 FTPYME Fondo de Titulización de Activos

  -- EUR237.7M A1 Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Oct 8, 2008 Definitive
     Rating Assigned Aaa (sf)

  -- EUR189.8M A2(G) Certificate, Aaa (sf) Placed Under Review for
     Possible Downgrade; previously on Oct 8, 2008 Definitive
     Rating Assigned Aaa (sf)

  -- EUR17.5M B Certificate, Aa2 (sf) Placed Under Review for
     Possible Downgrade; previously on Oct 8, 2008 Definitive
     Rating Assigned Aa2 (sf)

  -- EUR20M C Certificate, A3 (sf) Placed Under Review for
     Possible Downgrade; previously on Oct 8, 2008 Definitive
     Rating Assigned A3 (sf)

  -- EUR35M D Certificate, Baa3 (sf) Placed Under Review for
     Possible Downgrade; previously on Oct 8, 2008 Definitive
     Rating Assigned Baa3 (sf)

                        Ratings Rationale

The rating actions follow Moody's periodic performance review of
Spanish SME ABS and reflect the weaker-than-expected performance
in the affected transactions due to the stressful economic
environment over the past two years.

As part of the performance review, Moody's considered these four
indicators when evaluating the portfolio performance of Spanish
SME ABS: (i) the amount of cumulative defaults or losses that have
already occurred, compared with the latest default or loss
assumptions; (ii) the evolution of delinquency levels over the
last year; (iii) the evolution of credit enhancement since
closing; and (iv) the comparison between projected defaults or
losses and the credit enhancement level.

Moody's notes that the overall portfolio performance is -- on
average -- in line with the rating agency's expectations.
However, Moody's identified three negative outliers performing
worse-than-expected, according to these performance indicators.

       Transaction performance as of the date of the review

               GC FTGENCAT CAIXA TARRAGONA 1, FTA

This is a securitization of Spanish SME loans originated by by
Caixa d'Estalvis de Tarragona (now part of Caixa Catalunya,
Tarragona i Manresa A3/P-2 since the merger on 1 July 2010) under
the FTGENCAT program in July 2008.  As of 30 September 2010, the
reserve fund was drawn representing 79% of its target amount.  The
cumulative default rate (using a "cumulative 90 days" default
proxy) stands at 6.2% of total securitized assets, which compares
with the original assumption of 12%.  The pool factor of total
securitized assets was 78% in September 2010.  The relatively high
default rate observed at this stage and the lower-than-average
credit enhancement levels (particularly for tranche C) result in
the review for possible downgrade of the ratings of all notes
issued in this transaction.

                      PYMECAT 2 FTPYME, FTA

This is a securitization of Spanish SME loans originated by by
Caixa d'Estalvis de Catalunya (now part of Caixa Catalunya,
Tarragona i Manresa A3/P-2 since the merger on 1 July 2010) under
the FTPYME program in October 2008.  As of September 2008, the
cumulative default rate (using a "cumulative 90 days" default
proxy) was 9.8% of total securitized assets, compared with the
original assumption of 11.5%.  The pool factor of total
securitized assets was 58% in September 2010.  Moody's note that
90-360 day delinquency levels in this transaction (3.2% of the
current pool balance) greatly exceed the Spanish SME index (1.8%
of current pool balance).  The combination of the higher-than-
expected default rate observed at this stage -- and current credit
enhancement levels available to sustain future losses -- exerts
pressure on the ratings of the notes, which have therefore been
placed on review for possible downgrade.

                       BBVA 6 FTPYME, FTA

This is a securitization of Spanish SME loans originated by Banco
Bilbao Vizcaya Argentaria, S.A. (Aa2/P-1) under the FTPYME program
in June 2007.  This transaction was reviewed in July 2009 due to
worse-than-expected performance, which resulted in the downgrade
of several tranches.  As of September 2010, the cumulative default
rate (using a "cumulative 90 days" default proxy) was 7.3% of
total securitized pool balance, compared with the revised
assumption of 8.4%.  The pool factor of total securitized assets
was 31% in September 2010.  Moody's note that 90-360 day
delinquency levels in this transaction (2.9% of the current pool
balance) well exceeds the Spanish SME index (1.8% of the current
pool balance).  In September 2010, cumulative write-offs reached
4% of original pool balance, and the reserve fund was fully
depleted, resulting in an amortization deficit.  The relatively
higher-than-expected default rate observed at this stage --
combined with the current credit enhancement levels -- therefore
results in the review for possible downgrade of the ratings of all
but one notes in this deal.  Indeed, Class A2 is not affected by
the rating action given it benefits from a guarantee from the
Kingdom of Spain, rated Aa1.

                       Economic situation

In addition to the transaction-specific analysis, Moody's also
looked at macroeconomic factors that influence an SME's ability to
repay their debt, such as GDP growth and the evolution of the
real-estate market.  Moody's believes that GDP growth is a
fundamental driver of performance for this pro-cyclical portfolio.
Uncertainties regarding the timing and magnitude of the return to
growth, high unemployment and a troubled real-estate market are
likely to further weigh on the performance of Spanish SME
transactions.

                         Review Process

As part of its detailed transaction-by-transaction review, Moody's
will reassess the cumulative default rate for the remaining life
of each transaction, reflecting the collateral performance to date
as well as the future macroeconomic environment.  Moody's will
also request, whenever not already available, updated data on pool
characteristics such as borrower industry, value of the collateral
and delinquency status.  Where necessary, the rating agency will
also seek to keep abreast of current servicing and collection
procedures.  Moody's expects to conclude its detailed transaction
reviews over the next six months.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes.  Moody's ratings address
only the credit risks associated with the transaction.  Other,
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

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


RACE POINT: Moody's Assigns 'Ba2' Rating to US$370 Mil. Loan
------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
US$370 million senior secured term loan due 2017, for Race Point
Power.  The rating outlook is stable.

The Borrowers will actually consist of four individual holding
companies that will be the indirect owners of equity interests in
a portfolio of power projects in the US and Spain that are
currently held indirectly by three separate funds of ArcLight
Capital Partners, LLC.  The Borrowers are Race Point Power II LLC,
Race Point Power III LLC, Race Point Power IV LLC (as the "US
Borrowers") and NeoElectra Lux S.ar.l, the last of which is the
Borrower in respect of the Spanish power assets (as the "Euro
Borrower" and together with the US Borrowers, the "Borrowers" or
"Co-Borrowers").  Obligations of the Borrowers will be joint and
several with respect to all obligations under the term loan.  The
$370 million senior secured term loan facility will be allocated
to a US dollar-denominated tranche (as the "Dollar Tranche") and a
euro-denominated tranche (as the "Euro Tranche"), in amounts that
are still to be determined.  Each US Borrower will be entitled to
borrow a portion of the Dollar Tranche up to an agreed cap for
such US Borrower.  All the proceeds of the Euro Tranche will be
borrowed by the Euro Borrower.

Proceeds from the transaction will be used (i) to refinance
existing indebtedness (at existing holding company levels above
the projects in order to simplify the capital structure); (ii) to
acquire the remaining 50% interest of Crawfish (one of the US
projects); (iii) to pay related transaction fees and expenses;
(iv) for general corporate purposes, including permitted
dividends; (v) to fund a liquidity and capex reserve to fund
various project accounts; (vi) to fund a Lea Power reserve account
and (vii) to cash collateralize permitted LCs or alternatively,
ArcLight will post a letter of credit.  The portfolio consists of
8 power generation investments with a total of 24 power plants
throughout the US and Spain.  The portfolio is composed of
approximately 1,412MWs of combined generation capacity, with net
ArcLight ownership totaling 1,272MWs.  The assets are located in
Connecticut, Maine, Michigan, Nevada, New Mexico, Pennsylvania,
Texas and Spain.  ArcLight has majority-owned stakes in 6 of the 8
investments and 100% ownership in 5 investments.  There is project
level debt at 6 of the 8 investments.

ArcLight is a private equity investment firm founded in 2001
focused exclusively on the power and energy sectors.  ArcLight has
approximately $6.8 billion under management, with over 6,000 net
MWs in operation or construction across its four funds.  ArcLight
owns a diverse portfolio of companies in the power generation,
transmission and distribution, midstream and upstream sectors.

The rating primarily reflects: (a) the diversity of a portfolio of
8 power projects in the US and Spain; (b) the largely contracted
nature of the portfolio (90% of cash flows are contracted), which
provides stable cash flows through long-term power purchase
agreements, primarily with investment grade counterparties; and
(c) the strong operating histories of the generation projects with
commercially proven technologies.  However, the recommendation
also considers: (i) the high consolidated leverage that includes
project level debt associated with the underlying project assets;
(ii) regulatory risk and potential for changes to the regulated
tariff structure in Spain as approximately 44% of cash flows come
from projects at NeoElectra in Spain; (iii) refinancing risk; and
(iv) the structurally subordinated position of the holding
companies' lenders.

The Ba2 senior secured rating for the Borrowers considers these
strengths:

1) Diversified portfolio with five different primary fuel types
   (natural gas, hydro, diesel, waste coal and biomass) located
   across seven states and Spain

2) 90% of the cash flows are contracted

3) Diversified set of offtakers make up of PPAs with nine
   different entities, eight of which are investment grade

4) All Projects have solid availability factors and are operated
   and maintained by known and experienced service providers
   including CAMS, Dynegy, Terra-Gen and Cogentrix

5) Majority owned stakes in 6 of the 8 investments and 100%
   ownership of 5 projects, thereby providing for a high degree of
   operational and management control by ArcLight

The rating also reflects these areas of credit concern:

1) High consolidated leverage

2) Regulatory risk as about 44% of the cash flows are coming from
   the projects at NeoElectra in Spain

3) The structurally subordinated position of the lenders to the
   holding company, in relation to existing debt at 6 of the 8
   projects totaling approximately $440 million

4) Refinancing risk when the credit facility matures at the end of
   2017, leaving about $133 million outstanding (35% of the
   original amount) in Moody's base case

5) Modest foreign exchange risk due to the Spanish projects; the
   joint and several nature of the obligations mean that the US
   dollar cash flows may be needed to support the Euro Tranche
   should there be a shortfall in the euro cash flows, and vice
   versa

6) Average age of the plants (10 years) potentially increases the
   operating risk over time.

The credit facilities will be secured on a pari passu basis by a
first priority perfected security interest in substantially all
assets of the Co-Borrowers (and their respective unencumbered
wholly-owned subsidiaries), including cash distributions from each
of the projects, the Co-Borrowers' equity interests in each of
their direct or indirect subsidiaries (except to the extent
prohibited by the terms of financing documents entered into at the
project level, applicable law or the related project documents),
all Co-Borrowers accounts, and the equity interests of the parent
holding companies of each of the Borrowers (collectively, the
"Holding Companies") in the Co-Borrowers.  All obligations under
the Facility will also be unconditionally guaranteed by each
direct or indirect subsidiary of the Co-Borrowers (except to the
extent prohibited by the terms of financing documents entered into
at the project level or the related project documents) and each of
the Holding Companies.

Moody's also considered structural features in the term loan
agreement, including a cash sweep in years 1-4 equal to the
greater of (i) 75% of excess cash flow after scheduled debt
service and (ii) an amount required to achieve a target debt
balance, and a cash sweep in years 5-7 of 100% of excess cash
flow.  The transaction provides for only a 1% required annual
amortization, with additional amortization to be based upon
the cash flow sweep mechanism.  There is also a 6 month debt
service reserve covering forward interest and scheduled debt
service via cash or a letter of credit to be provided by
ArcLight, a US$13.4 million liquidity and capex reserve account,
a US$10 million reserve account in respect of the Hobbs Facility
and a set of financial and other covenants that restrict the
business and financial activities of the Borrowers.

The stable outlook reflects the expectation that the portfolio of
projects will generate relatively stable and predictable cash
flows, since the cash flows are derived from long term contracts
with largely investment grade counterparties.  The outlook also
assumes the near term stability in the credit quality of the
project off-takers and anticipates that the projects will continue
to be operated in a manner that allows them to perform as
expected.

Positive trends that could lead Moody's to consider an upgrade
would include a more rapid pay down of the project level debt than
currently projected and better than projected base case financial
performance.  Negative trends that could lead Moody's to consider
a downgrade would include credit deterioration by key contractual
off-takers, substantial operating performance difficulties that
result in a meaningful loss of cash flow available for debt
service, significant changes to the regulated tariff structure in
Spain that is detrimental to the cash flows at NeoElectra, and
financial performance that is consistently below expectations.
The rating is predicated upon final documentation in accordance
with Moody's current understanding of the transaction and final
debt sizing consistent with initially projected credit metrics.
The Co-Borrowers are special purpose entities formed by ArcLight
Capital Partners, LLC to hold its interests in a portfolio
consisting of 8 power projects in the US and Spain totaling 1,272
MWs of net generation.


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


NADRA BANK: Liquidation Sought by IMF, Izvestia Says
----------------------------------------------------
Daryna Krasnolutska at Bloomberg News, citing Ekonomicheskie
Izvestia newspaper, reports that the International Monetary Fund
urged the Ukrainian government and the central bank to liquidate
the country's lenders VAT Nadra Bank and PAT Rodovid.

As reported by the Troubled Company Reporter-Europe on Oct. 4,
2010, Moody's Investors Service withdrew all ratings of Bank
Nadra.  At the time of withdrawal, Bank Nadra's ratings were:
long-term local and foreign currency deposit ratings of Caa2,
short-term local and foreign currency ratings of Not Prime, Bank
Financial Strength Rating of E and National Scale Rating of B3.ua.
Moody's said the outlook on the bank's BFSR was stable, while the
outlook on the deposit ratings was negative.

Headquartered in Kiev, Ukraine, Bank Nadra reported total assets
of UAH24.8 billion (US$3.1 billion) and total equity of UAH475
million (US$59.3 million) according to Ukrainian Accounting
Standards at year-end 2009.


RODOVID BANK: Liquidation Sought by IMF, Izvestia Says
------------------------------------------------------
Daryna Krasnolutska at Bloomberg News, citing Ekonomicheskie
Izvestia newspaper, reports that the International Monetary Fund
urged the Ukrainian government and the central bank to liquidate
the country's lenders VAT Nadra Bank and PAT Rodovid.

As reported by the Troubled Company Reporter-Europe on Oct. 1,
2010, Bloomberg News, citing Interfax news, said Ukraine's central
bank was asking the government to put an additional UAH5.8 billion
(US$730,368) into the statutory capital of Rodovid.  Bloomberg
disclosed the central bank extended its temporary management of
Rodovid through Dec. 15.

Rodovid Bank is based in Kiev.  The net assets of the bank were
estimated at UAH16,952.2 million as of January 1, 2010, the
credits and debts of clients were valued at UAH5,355.5 million,
and the equity of shareholders was estimated at UAH4,336.4
million, according to Ukrainian News Agency.


STATE SAVINGS: Fitch Assigns 'B' Rating to Two Classes of Bonds
---------------------------------------------------------------
Fitch Ratings has assigned JSC State Savings Bank of Ukraine's
Series C and D bonds expected Long-term local currency ratings of
'B', expected National Long-term ratings of 'AA-(ukr)' and a
Recovery Rating of 'RR4'.  The Series C and Series D bonds are
expected to amount to UAH500 million each and have maturities of
two and five years, respectively.

The final ratings are contingent on the receipt of final
documentation conforming materially to information already
received.

Oschadbank has a Foreign Currency Long-term Issuer Default Rating
at 'B', a Local Currency Long-term IDR at 'B' with Stable Outlook,
a Short-term IDR at 'B', an Individual Rating at 'D/E', a Support
Rating at '4' and a National Long-term at 'AA-(ukr)', Stable
Outlook.  Fitch understands that the bank's obligations under the
new issues will rank at least equally with all its other unsecured
and unsubordinated creditors, except those preferred by relevant
Ukrainian legislation.  Under Ukrainian law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end-H110, retail depositors accounted for 41% of the bank's
non-equity funding, according to the bank's statutory accounts.

Oschadbank was the third-largest Ukrainian bank by assets at end-
H110.  It is the successor of the Ukrainian branch of the former
Soviet Union savings bank and has the largest branch network in
the country with over 6,000 outlets.  The Cabinet of Ministers of
Ukraine holds 100% of the bank's shares.


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


BAA PLC: Fitch Assigns 'BB+' Rating to GBP325 Million Notes
-----------------------------------------------------------
Fitch Ratings has assigned BAA (SH) plc's GBP325 million notes,
due March 2017, a final rating of 'BB+' with Stable Outlook.

The rating addresses the ability of BAA (SH) to service and repay
its senior secured debt, including the 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
its bank facility -- which ranks equally with the notes -- reach
maturity in five years.  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.


BLACKPOOL PANTHERS: Rugby Football League Membership Cancelled
--------------------------------------------------------------
Blackpool Panthers will not take part in Championship One next
season after having their membership of the Rugby Football League
cancelled, BBC News reports.

BBC News says the club, who went into administration in October,
missed last week's deadline to present plans for their
involvement.

According to the report, Panthers enjoyed their best-ever season
in 2010, as they reached the end-of-season play-offs.  But their
off-field problems worsened after head coach Martin Crompton
decided to step down.

BBC News reports that the club held crisis talks with potential
investors at the beginning of November in an attempt to stave off
the threat of liquidation.

Vice-chairman John Chadwick told BBC Radio Lancashire that he was
fearing the worst.

"The club ceased trading a number of weeks ago and accountants and
insolvency experts have been spoken to," Mr. Chadwick told BBC
Radio Lancashire.  "I just hope something positive comes out with
the possible new investors, the green light is given and a
business plan is produced."

BBC News notes RFL chief operating officer Ralph Rimmer said: "The
RFL has done everything possible to ensure the continuing
involvement of Blackpool Panthers in Co-operative Championship One
and we had every hope that a credible plan would be presented."

"Despite a flexible approach to deadlines and ongoing support from
the RFL as well as a commitment from the club's representatives
right up to the last minute that a plan would be forthcoming, we
have received notification that no proposal will be presented.
With plans for the 2011 season at an advanced stage we have had no
choice but to regretfully decide to cancel their membership,"
Mr. Rimmer said, according to BBC News.

The Troubled Company Reporter-Europe reported on Oct. 7, 2010,
that Blackpool Panthers RLFC was placed into administration.
Andy Moore at The Gazette said that the club has struggled on
without a major investor since the resignation of chairman and
owner Bobby Hope in June, though the club's financial problems
were already growing before then.  The co-operative Championship
One club, who have been tenants at Fylde RFC for the past four
seasons, owe a considerable sum to the Inland Revenue and
currently have no players on their books -- their entire 2010
squad are now out of contract.

Lytham St Annes, Lancashire-based Blackpool Panthers RLFC --
http://www.blackpoolpanthers-rlfc.co.uk/-- is a football club.


CHAMOIS FURNISHINGS: Goes Into Administration; Cuts 57 Jobs
-----------------------------------------------------------
Hanna Sharpe at Business Sale reports that Chamois Furnishings has
fallen into administration after failing to secure a buyer.

According to the report, despite having the support of well-known
environmentalist David Bellamy, the business was unable to sustain
itself following the spending cuts, which hit public sector
housing work hard.   The report relates that turnover dropped
below GBP3 million and the company was finally forced to admit
defeat, after months of fending off rumors of trouble.

Business Sale notes that Andrew Jones-Dutt, Chamois founder and
CEO, denied that his firm was in trouble in October of this year,
saying,

Business Sale relates, since then, Bob Young and Steve Currie,
from Begbies Traynor, Stoke-on-Trent, have been appointed as joint
administrators.  All 57 jobs at the company have been lost and the
goodwill and customer list has already been sold on to a rival
unnamed firm, the report discloses.

Headquartered in Showell Road, Bushbury, Chamois Furnishings,
provided ecologically-friendly kitchens to local councils and
housing associations.


CRUSADERS: Winding-Up Order Adjourned for a Week
------------------------------------------------
The uncertainty over Crusaders' future was prolonged when a
winding-up order was adjourned for a week rather than dropped as
the Welsh club had predicted, guardian.co.uk reports.

According to the report, the hearing provided the first
confirmation that the club have applied to go into administration,
with a lawyer for the administrators telling the court that the
debts owed to Her Majesty's Revenue & Customs and other creditors
had been paid.  However, the report relates, Matthew Smith,
counsel for HMRC, refuted that, and the court therefore refused to
drop the winding-up petition as requested.

Earlier the club had issued a press release announcing that two
more members of last season's squad, Peter Lupton and Frank
Winterstein, had signed new contracts until the end of 2012, the
report notes.

Crusaders are a Welsh professional rugby league club based in
Wrexham, North Wales.


CRYSTAL UMBRELLA: Unit Enters Administration as Group Restructures
------------------------------------------------------------------
Crystal Umbrella Services Ltd has entered administration and has
been bought by another company owned by its own parent group,
Recruiter reports.  The report relates that an unnamed company
spokesman said: "[the company] continues to be open for business
as usual".

According to the report, on October 28, 2010, Asher Miller and
Henry Lan of David Rubin & Partners LLP were appointed as joint
administrators.

Crystal Umbrella Services' move into administration was part of a
group restructuring, David Bailey, chief finance officer at
Crystal Umbrella Services, told Recruiter.  "Crystal Umbrella
itself has not gone into administration.  We are pleased to
announce the restructure of the group.  Three of us including
myself have joined the board bringing substantial management and
investment experience to the company.  We are all now owner
directors.  The method of undertaking, the restructure, did put
Crystal Umbrella Services Ltd, which is just one of our many group
services into administration but that business and all of the
clients and everything else transferred in one minute into the new
company.  No worker or agency has been affected.  They have all
been notified. Crystal Umbrella continues to be open for business
as usual.  In the last two weeks since that restructuring, we have
continued to pay 1,000+ contractors on time and in full," the
report quoted Mr. Bailey as saying.

According to Recruiter, Chief executive Colin Howell added:
"Crystal Umbrella Ltd has up until now been owned and run by
myself and Alan Little. At the end of October, we brought in three
new directors who have also invested in to a new company within
the business centre.  Crystal Umbrella Services Ltd was also owned
and run my myself and Alan Little, and was part of a group of
companies under the same controlling party which included a
holding company ALCO Holdings Limited.  Aqua Bubble Ltd is a new
company incorporated to continue to process and manage the
contracts of our flexible workforce. This company also trades as
Crystal Umbrella.  This restructure brings finance and resource at
a time of continued change for the industry. . . We will use this
opportunity to improve our infrastructure and invest once again in
new systems and technology."

Crystal Umbrella Services Ltd is United Kingdom's No 1 PAYE
Umbrella Company as voted by contractors themselves.


EMI GROUP: CEO Roger Faxon Rules Out Break-Up to Pay Debts
----------------------------------------------------------
Kristen Schweizer at Bloomberg News reports that EMI Group Ltd.'s
Chief Executive Officer Roger Faxon quelled speculation the record
company would be split and parts sold off to competitors to raise
funds so owner Guy Hands can meet debt payments to Citigroup Inc.

Bloomberg relates according to an internal memo to employees it
obtained, Mr. Faxon said EMI was "easily meeting all its debt
obligations" and wasn't in danger of "any form of bankruptcy."

According to the memo, no rival could financially "stomach" the
demands of taking over another big company and regulatory issues
would present obstacles, as they did when Warner and EMI attempted
to merge in 2000, Bloomberg notes.

According to Bloomberg, though splitting EMI was considered in the
past, Mr. Faxon said it was abandoned because "the best way to
build value is for EMI to remain as one company."  Selling off
catalog assets was ruled out as "utterly idiotic," according to
the memo, as it would lower the value of the rest of EMI,
Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on Nov. 8,
2010, The Financial Times said Citigroup won its courtroom battle
with Terra Firma's Mr. Hands over the GBP4.2-billion buy-out of
EMI in 2007.  The FT disclosed a New York jury found unanimously
for the bank at the end of a three-week trial that had seen the
British private equity investor trade allegations with David
Wormsley, the senior Citi figure he once counted as his closest
friend and adviser.  Terra Firma, as cited by the FT, said it
reserved its right to appeal and would focus on securing a
financial restructuring of EMI with Citi.  The impact on EMI will
become clearer over the next five months, as the next test of its
ability to meet covenants in its GBP3 billion of loans from
Citigroup comes up at the end of March, according to the FT.  The
FT disclosed the music group has failed these regular tests for
the past couple of years, but Mr. Hands has been able to keep
control by putting more of his investors' money into the company
as "equity cures", allowing the extra cash to be counted as
profits.  The FT noted it seems unlikely investors will give Mr.
Hands more money in March, making it possible that the business
will default on its debt and be taken over by its only creditor,
Citigroup.  If that happens, the bank is expected to seek a rapid
sale of EMI, probably by splitting it into two parts: music
publishing, with its valuable back catalogue of songs, and
recorded music, the loss-making business of producing new music,
according to the FT.

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


INVERESK PAPER COMPANY: Court Awards GBP4.25MM to Tullis Russell
----------------------------------------------------------------
Helen Morris at PrintWeek reports that Tullis Russell has been
awarded GBP4.25 million in compensation in its legal battle with
receivership-hit Inveresk and a further GBP555,000 in
reimbursement of costs.

According to the report, the decision relates to Inveresk's sale
of its Gemini brand to Tullis Russell -- the company said it has
been awarded the sum in respect of the damage to the brand caused
by Inveresk's actions.

PrintWeek relates that Lord Drummond Young issued his judgment on
November 10 and found "resoundingly in Tullis Russell's favour",
with the company's claims for reimbursement of compensation paid
to Tullis Russell customers (GBP500,000) and costs incurred in
handling customer complaints (GBP55,000) upheld in full.

The judge, PrintWeek notes, went on to award a further GBP4.25
million in compensation in respect of the damage to the Gemini
brand caused by Inveresk's actions.  Tullis Russell said that
there will also be interest due to be paid as well as expenses,
the report relates.

PrintWeek discloses that the judgment follows a successful appeal
earlier this year to the Supreme Court against Inveresk's claim
for payment of approximately GBP1 million.

Tullis Russell Papermakers first took legal action against
Inveresk over the purchase by Tullis Russell of the Gemini paper
brand from Inveresk in July 2007, the report adds.

As reported in the Troubled Company Reporter-Europe on October 18,
2010, PrintWeek said that Inveresk is in receivership after Ernst
& Young was appointed to the company, putting the jobs of its 35
staff at risk.  Andrew Davison, Colin Dempster and Chris Marsden
from Ernst & Young were appointed joint receivers on October 8,
2010.

Headquartered in Musselburgh, Scotland, Inveresk Paper Company was
incorporated in 1922.  Inveresk has a mill in Somerset, which
produces speciality products for niche markets.  The company also
has a registered office in Stirling, and a site in Singapore.


OVERFINCH BESPOKE: Goes Into Administration
-------------------------------------------
Overfinch Bespoke Vehicles has gone into administration.

Honest John News reports that the firm said their going into
administration was due to a series of "significant one-off non-
trading costs" over the past 18 months.  The report relates that
it has now been placed in the hands of administrators Lisa Hogg
and Claire Foster of Wilson Field, in Sheffield.  They are being
advised by the legal firm Clarion in Leeds, the report notes.

According to the report, joint administrator Lisa Hogg said:
"[O]ver the last 18 months the company has incurred significant
one-off non-trading costs which have severely affected cash flow.
We are continuing to trade the business while a purchaser is
sought and we are already in talks with a number of interested
parties."

Headquartered in Farnham, Surrey Overfinch, Bespoke Vehicles was
established in 1975.  It produces the The Holland & Holland Range
Rover.


PWB HEALTH: Provisional Liquidator Appointed; Assets Up for Sale
----------------------------------------------------------------
BBC News reports that PWB Health Ltd has gone into liquidation
after running out of cash.  Matt Henderson, partner of Johnston
Carmichael, has been appointed provisional liquidator to put the
company and its assets up for sale.

The company, BBC News relates, received GBP1,147,371 from the
Scottish Enterprise Co-Investment Fund in 2008 but the company's
future is now in doubt.

"Sales of this product have been good but the company has been
under immense pressure due to worldwide demand," BBC News quoted
Mr. Henderson as saying.  "The sheer volume of orders coupled with
a relatively low margin has crippled working capital and has left
the business cash-strapped."

Mr. Henderson, according to BBC News, said the company had found a
new low-cost alternative for its technology and could begin
trading under new owners.

PWB Health Ltd was founded in February 2007 and is funded by the
Scottish Government and private capital to develop innovative
home-use medical devices.  The Company manufactures and
distributes Breastlight, a medical device that allows women to
check their breasts for lumps at home.


RMAC SECURITIES: S&P Cuts Ratings on Various Classes of Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on notes in RMAC
Securities No. 1 PLC series 2006-NS2 (classes M2, B1, and B2),
series 2006-NS4 (classes M1, M2, and B1), and series 2007-NS1
(classes M1 and M2).  At the same time, S&P affirmed its credit
ratings on all other classes of notes in these transactions.

These rating actions follow S&P's credit and cash flow analysis
using the most recent information available for these
transactions, which is as of September 2010.  The performance in
all three transactions continued to stabilize this quarter, with
total arrears falling.  However, 90+ day arrears remain high: RMAC
2006-NS2 exhibits 90+ day arrears of 23.67%, RMAC 2006-NS4 shows
21.67%, and RMAC 2007-NS1 shows 24.22%.  S&P views these arrears
as an indicator of future repossessions, which S&P has factored
into its rating analysis.  In S&P's view, this has resulted in a
deterioration of the creditworthiness of the subordinate notes in
all three transactions.  In addition, the majority of the loans in
all three transactions are paying floating-rate interest, exposing
these borrowers to potential payment shock if the base rate rises
in the future.

S&P believes credit enhancement has increased for the senior notes
in RMAC 2006-NS2 (classes A2 and M1), RMAC 2006-NS4 (classes A2
and A3), and RMAC 2007-NS1 (classes A1 and A2).  S&P views this as
an additional benefit for the notes in sustaining their current
ratings and therefore S&P has affirmed its ratings on those
tranches.

Also, S&P continues to see consistent levels of excess spread in
both RMAC 2006-NS2 and RMAC 2006-NS4, which S&P believes are
encouraging signs.  Performance in the past quarter also showed
that RMAC 2007-NS1's reserve fund was at its required amount for
the first time since September 2007.

RMAC 2006-NS2, RMAC 2006-NS4, and RMAC 2007-NS1 comprise first-
ranking mortgages secured over properties in England, Northern
Ireland, Scotland, and Wales.

                           Ratings List

                        Ratings Affirmed

                          RMAC 2006-NS2
    EUR317.2 Million, EUR365.9 Million, and US$243 Million
      Mortgage-Backed Floating-Rate Notes Series 2006-NS2

                                 Rating
                                 ------
             Class      To                   From
             -----      --                   ----
             A2a        AAA (sf)             AAA (sf)
             A2c        AAA (sf)             AAA (sf)
             M1a        AA (sf)              AA (sf)
             M1c        AA (sf)              AA (sf)

                          RMAC 2006-NS4
       EUR830 Million, EUR263.8 Million, and $477 Million
      Mortgage-Backed Floating-Rate Notes Series 2006-NS4

                                 Rating
                                 ------
             Class      To                   From
             -----      --                   ----
             A2a        AAA (sf)             AAA (sf)
             A3a        AAA (sf)             AAA (sf)

                          RMAC 2007-NS1
    EUR296.8 Million, EUR214.0 Million, and US$168.0 Million
    Mortgage-Backed Floating-Rate Notes Series 2007-NS1

                                 Rating
                                 ------
             Class      To                   From
             -----      --                   ----
             A1a        AAA (sf)             AAA (sf)
             A1b        AAA (sf)             AAA (sf)
             A1c        AAA (sf)             AAA (sf)
             A2a        AA+ (sf)             AA+ (sf)
             A2b        AA+ (sf)             AA+ (sf)
             A2c        AA+ (sf)             AA+ (sf)
             B1a        B- (sf)              B- (sf)
             B1c        B- (sf)              B- (sf)

      Ratings Lowered and Removed From CreditWatch Negative

                          RMAC 2006-NS2
  EUR317.2 Million, EUR365.9 Million, and US$243 Million
   Mortgage-Backed Floating-Rate Notes Series 2006-NS2

                           Rating
                           ------
       Class      To                   From
       -----      --                   ----
       M2c        BBB+ (sf)            A+ (sf)/Watch Neg
       B1a        BB+ (sf)             BBB+ (sf)/Watch Neg
       B1c        BB+ (sf)             BBB+ (sf)/Watch Neg
       B2a        B+ (sf)              BBB- (sf)/Watch Neg

                          RMAC 2006-NS4
    EUR830 Million, EUR263.8 Million, and US$477 Million
    Mortgage-Backed Floating-Rate Notes Series 2006-NS4

                           Rating
                           ------
       Class      To                   From
       -----      --                   ----
       M1a        AA (sf)              AA+ (sf)/Watch Neg
       M1c        AA (sf)              AA+ (sf)/Watch Neg
       M2a        A- (sf)              A+ (sf)/Watch Neg
       M2c        A- (sf)              A+ (sf)/Watch Neg
       B1a        B (sf)               BB (sf)/Watch Neg
       B1c        B (sf)               BB (sf)/Watch Neg

                          RMAC 2007-NS1
  EUR296.8 Million, EUR214.0 Million, and US$168.0 Million
   Mortgage-Backed Floating-Rate Notes Series 2007-NS1

                           Rating
                           ------
       Class      To                   From
       -----      --                   ----
       M1a        BBB+ (sf)            A (sf)/Watch Neg
       M1c        BBB+ (sf)            A (sf)/Watch Neg
       M2c        BB+ (sf)             BBB (sf)/Watch Neg


ROK PLC: Administration Affects Messingham School Project
---------------------------------------------------------
ThisisScunthorpe.co.uk reports that the construction work to merge
Messingham Junior School with the neighbouring Infant School has
been halted after the Rok Group, which was managing the project,
went into administration.

According to the report, a North Lincolnshire Council spokeswoman
said: "Unfortunately due to the company going into administration
this week, building work has had to stop.  We have made the site
secure and we are currently in discussions on how we can continue
the project.  We will do our best to ensure that the project is
completed."

The report notes that consultancy firm PricewaterhouseCoopers
(PwC) is currently seeking a new buyer for Rok Group.

Mike Jervis, partner and joint administrator for PwC, said: "In
response to changes in market conditions, Rok Plc had taken a
number of steps to improve operations and to develop a sustainable
and profitable business going forward.  However, due to
difficulties in meeting the company's financial obligations, the
company and certain subsidiaries have been placed into
administration to protect the business and assets," the report
relates.

The report adds that it was anticipated to be completed by the end
of June 2011.

ROK PLC -- http://www.rokgroup.com/-- is a holding company of a
group of companies providing response maintenance, planned repairs
and refurbishment and new build services in the United Kingdom.
The Company operates in three segments: response maintenance;
planned repairs and refurbishment, and new build.  Rok Plc
provides a range of plumbing, heating and electrical (PHE)
services.  The Company's wholly owned subsidiaries include Rok
Building Limited, Rok Development Limited, Richardson Projects
Limited, LAS Plant Limited, Rok Civil Engineering Limited and
Tulloch Transport Limited.


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


* BOND PRICING: For the Week November 8 to November 12, 2010
------------------------------------------------------------

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

AUSTRIA
-------
RAIFF ZENTRALBK        4.500    9/28/2035       EUR      69.50

BELGIUM
-------
FORTIS BANK            8.750    12/7/2010       EUR      13.50

FINLAND
-------
MUNI FINANCE PLC       1.000    6/30/2017       ZAR      66.50
MUNI FINANCE PLC       0.250    6/28/2040       CAD      24.00
MUNI FINANCE PLC       1.000    2/27/2018       AUD      68.90
MUNI FINANCE PLC       0.500    3/17/2025       CAD      54.70
MUNI FINANCE PLC       0.500    9/24/2020       CAD      69.70

FRANCE
------
AIR FRANCE-KLM         4.970     4/1/2015       EUR      16.30
ALCATEL SA             4.750     1/1/2011       EUR      16.70
ALCATEL-LUCENT         5.000     1/1/2015       EUR       3.30
ALTRAN TECHNOLOG       6.720     1/1/2015       EUR       4.90
ATOS ORIGIN SA         2.500     1/1/2016       EUR      51.40
CALYON                 6.000    6/18/2047       EUR      49.00
CAP GEMINI SOGET       3.500     1/1/2014       EUR      42.20
CAP GEMINI SOGET       1.000     1/1/2012       EUR      43.10
CLUB MEDITERRANE       6.110    11/1/2015       EUR      17.90
EURAZEO                6.250    6/10/2014       EUR      59.60
FAURECIA               4.500     1/1/2015       EUR      23.10
GROUPE VIAL            2.500     1/1/2014       EUR      21.70
MAUREL ET PROM         7.125    7/31/2015       EUR      13.40
MAUREL ET PROM         7.125    7/31/2014       EUR      16.30
NEXANS SA              4.000     1/1/2016       EUR      63.90
PEUGEOT SA             4.450     1/1/2016       EUR      34.40
PUBLICIS GROUPE        1.000    1/18/2018       EUR      48.50
PUBLICIS GROUPE        3.125    7/30/2014       EUR      38.10
RHODIA SA              0.500     1/1/2014       EUR      48.80
SOC AIR FRANCE         2.750     4/1/2020       EUR      21.50
SOITEC                 6.250     9/9/2014       EUR      10.30
TEM                    4.250     1/1/2015       EUR      56.70
THEOLIA                2.700     1/1/2041       EUR      11.80
VALEO                  2.375     1/1/2011       EUR      47.10
ZLOMREX INT FIN        8.500     2/1/2014       EUR      65.50
ZLOMREX INT FIN        8.500     2/1/2014       EUR      65.50

GERMANY
-------
DEUTSCHE BK LOND       3.000    5/18/2012       CHF      64.70
DEUTSCHE BK LOND       0.500    8/25/2017       BRL      54.60
ESCADA AG              7.500     4/1/2012       EUR      18.00
HSH NORDBANK AG        4.375    2/14/2017       EUR      63.00
HVB REAL ESTATE        6.480    3/21/2022       EUR      13.60
HVB REAL ESTATE        6.570    3/18/2022       EUR      13.70
HYPO REAL ESTATE       7.496     5/8/2018       EUR      17.90
HYPO REAL ESTATE       8.000     6/6/2018       EUR      18.70
HYPOREAL INTL AG       8.060     5/2/2023       EUR      15.60
HYPOREAL INTL AG       4.560    3/28/2021       EUR       9.80
L-BANK FOERDERBK       0.500    5/10/2027       CAD      49.90
QIMONDA FINANCE        6.750    3/22/2013       USD       3.10
SOLON AG SOLAR         1.375    12/6/2012       EUR      35.90
WESTHYP                6.375    3/28/2012       EUR      61.40
WURTTEMBERGER HB       6.580    3/14/2022       EUR      13.80

GREECE
------
ATHENS URBAN TRN       4.851    9/19/2016       EUR      70.80
ATHENS URBAN TRN       5.008    7/18/2017       EUR      67.80
HELLENIC RAILWAY       4.500    12/6/2016       JPY      65.20
HELLENIC REP I/L       2.900    7/25/2025       EUR      52.50
HELLENIC REP I/L       2.300    7/25/2030       EUR      50.20
HELLENIC REPUB         5.250     2/1/2016       JPY      74.70
HELLENIC REPUB         5.200    7/17/2034       EUR      63.80
HELLENIC REPUB         6.140    4/14/2028       EUR      71.60
HELLENIC REPUB         5.000    8/22/2016       JPY      67.50
HELLENIC REPUB         5.000    3/11/2019       EUR      69.90
HELLENIC REPUBLI       6.000    7/19/2019       EUR      69.10
HELLENIC REPUBLI       4.600    7/20/2018       EUR      63.70
HELLENIC REPUBLI       4.300    7/20/2017       EUR      64.30
HELLENIC REPUBLI       5.300    3/20/2026       EUR      62.80
HELLENIC REPUBLI       4.600    9/20/2040       EUR      54.60
HELLENIC REPUBLI       4.500    9/20/2037       EUR      54.70
HELLENIC REPUBLI       4.700    3/20/2024       EUR      61.00
HELLENIC REPUBLI       6.250    6/19/2020       EUR      70.70
HELLENIC REPUBLI       3.700    7/20/2015       EUR      69.80
HELLENIC REPUBLI       3.600    7/20/2016       EUR      65.50
HELLENIC REPUBLI       5.900    4/20/2017       EUR      70.30
NATIONAL BK GREE       3.875    10/7/2016       EUR      76.20

IRELAND
-------
AIB MORTGAGE BNK       5.580    4/28/2028       EUR      62.60
AIB MORTGAGE BNK       5.000    2/12/2030       EUR      56.30
AIB MORTGAGE BNK       5.000     3/1/2030       EUR      56.30
ALLIED IRISH BKS      10.750    3/29/2017       EUR      53.80
ALLIED IRISH BKS      12.500    6/25/2019       GBP      54.50
ALLIED IRISH BKS      10.750    3/29/2017       USD      55.30
ALLIED IRISH BKS       7.875     7/5/2023       GBP      40.50
ALLIED IRISH BKS      11.500    3/29/2022       GBP      52.90
ALLIED IRISH BKS      12.500    6/25/2019       EUR      55.60
ANGLO IRISH BANK       4.000    4/23/2018       EUR      53.00
BANK OF IRELAND       10.750    6/22/2018       GBP      65.30
BANK OF IRELAND       10.000    2/12/2020       GBP      69.00
BANK OF IRELAND        9.250     9/7/2020       GBP      66.40
BANK OF IRELAND        5.450     3/1/2030       EUR      60.60
BANK OF IRELAND        4.875    1/22/2018       GBP      60.10
BK IRELAND MTGE        5.400    11/6/2029       EUR      60.20
BK IRELAND MTGE        5.760     9/7/2029       EUR      63.40
DEPFA ACS BANK         5.125    3/16/2037       USD      71.70
DEPFA ACS BANK         1.920     5/9/2020       JPY      74.80
DEPFA ACS BANK         0.500     3/3/2025       CAD      33.30
DEPFA ACS BANK         3.250    7/31/2031       CHF      68.30
DEPFA ACS BANK         4.900    8/24/2035       CAD      65.10
DEPFA ACS BANK         5.125    3/16/2037       USD      73.30
HYPO PUBLIC FIN        5.400    3/26/2024       EUR      10.50
IRISH GOVT             5.400    3/13/2025       EUR      76.60
IRISH NATIONWIDE       5.500    1/10/2018       GBP      27.50
IRISH NATIONWIDE      13.000    8/12/2016       GBP      27.40

ITALY
-----
CITY OF TURIN          5.270    6/26/2038       EUR      73.40

LUXEMBOURG
----------
ARCELORMITTAL          7.250     4/1/2014       EUR      29.60
IIB LUXEMBOURG        11.000    2/19/2013       USD      15.50
INTL INDUST BANK       9.000     7/6/2011       EUR      17.00
LIGHTHOUSE INTL        8.000    4/30/2014       EUR      47.10
LIGHTHOUSE INTL        8.000    4/30/2014       EUR      46.80

NETHERLANDS
-----------
APP INTL FINANCE      11.750    10/1/2005       USD       0.00
ARPENI PR INVEST       8.750     5/3/2013       USD      44.90
ARPENI PR INVEST       8.750     5/3/2013       USD      44.90
ASTANA FINANCE         7.875     6/8/2010       EUR      13.00
BK NED GEMEENTEN       0.500    2/24/2025       CAD      54.40
BRIT INSURANCE         6.625    12/9/2030       GBP      68.10
DGS INTL FIN BV       10.000     6/1/2007       USD       0.00
ELEC DE CAR FIN        8.500    4/10/2018       USD      56.90
INDAH KIAT INTL       12.500    6/15/2006       USD       0.00
IVG FINANCE BV         1.750    3/29/2017       EUR      74.60
NATL INVESTER BK      25.983     5/7/2029       EUR      30.60
NED WATERSCHAPBK       0.500    3/11/2025       CAD      54.40
RBS NV EX-ABN NV       6.316    6/29/2035       EUR      75.50
TJIWI KIMIA FIN       13.250     8/1/2001       USD       0.00

NORWAY
------
EKSPORTFINANS          0.500     5/9/2030       CAD      43.30
KOMMUNALBANKEN         0.500    9/24/2014       BRL      71.00

POLAND
------
REP OF POLAND          2.648    3/29/2034       JPY      66.10
COMBOIOS DE PORT       5.700     2/5/2030       EUR      68.20

PORTUGAL
--------
PARPUBLICA             3.567    9/22/2020       EUR      66.70
PORTUGUESE OT'S        4.100    4/15/2037       EUR      69.30

RUSSIA
------
AGROKOM GROUP         10.000    6/21/2011       RUB      75.00
APK ARKADA            17.500    5/23/2012       RUB       0.40
ARKTEL-INVEST         12.000     4/9/2012       RUB       1.00
BANK KEDR             12.800    7/22/2011       RUB     100.00
BANK SOYUZ             7.750     5/2/2011       RUB      75.00
BARENTSEV FINANS      20.000     7/4/2011       RUB       1.10
BASHKIRENERGO          8.300     3/9/2011       RUB     100.00
DVTG-FINANS           17.000    8/29/2013       RUB       9.00
EUROKOMMERZ           16.000    3/15/2011       RUB       0.00
FINANCEBUSINESSG      12.500    6/22/2011       RUB      75.00
GLAVSTROY-FINANS       1.000    3/17/2011       RUB      75.00
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      65.00
IZHAVTO               18.000     6/9/2011       RUB      11.30
LR-INVEST             13.750    7/17/2012       RUB      75.00
M-INDUSTRIYA          14.250    7/10/2013       RUB      60.00
M-INDUSTRIYA          12.250    8/16/2011       RUB      28.20
MACROMIR-FINANS        7.750     7/3/2012       RUB       0.20
MAIN ROAD OJSC        10.200     6/3/2011       RUB      75.00
MIG-FINANS             0.100     9/6/2011       RUB       2.10
MIRAX                 17.000    9/17/2012       RUB      31.00
MIRAX                 14.990    5/17/2011       RUB      27.00
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       7.00
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       1.00
NOK                   12.500    8/26/2014       RUB       1.00
NUTRINVESTHOLDIN      11.000    6/30/2014       RUB      24.20
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
RAZGULYAY-FINANS      17.000    3/16/2012       RUB      71.00
RIATO                 13.750     6/3/2013       RUB      75.00
ROSSELKHOZBANK        11.500    9/27/2017       RUB     105.10
RYBINSKKABEL           0.010    2/28/2012       RUB       0.00
SAHO                  15.000    5/21/2012       RUB      35.00
SATURN                10.000     6/6/2014       RUB       1.00
SEVENTH CONTINE        9.250    6/14/2012       RUB     105.00
SEVKABEL-FINANS       10.500    3/27/2012       RUB       3.40
SIBUR                 13.500    3/13/2015       RUB      75.00
SOUTHERN STOCK C       9.000    4/29/2014       RUB      75.00
SVOBODNY SOKOL        18.000    5/24/2011       RUB      40.00
TALIO-PRINCEPS        16.000    5/17/2012       RUB      75.00
TECHNONICOL-FINA      13.500    9/11/2013       RUB      75.00
TECHNONICOL-FINA      13.000    9/19/2013       RUB      75.00
TECHNONICOL-FINA      13.000    9/25/2013       RUB      75.00
TECHNOSILA-INVES       7.000    5/26/2011       RUB      44.00
TERNA-FINANS           1.000    11/4/2011       RUB       3.00
TK FINANS             12.600     9/5/2011       RUB      75.00
TRANSCREDITFACTO      12.000    11/1/2012       RUB      75.00
TRANSNEFT              9.500    10/1/2019       RUB      75.00
TVER VAGONOSTRO        7.000    6/12/2013       RUB      75.00
UNITED HEAVY MAC      13.000    5/31/2013       RUB      75.00
VESTER-FINANS         15.250    8/11/2011       RUB       3.50
VLADPROMBANK          12.000     3/8/2011       RUB      75.00
VMK-FINANCE           16.000    5/21/2014       RUB      75.00
YUGFINSERVICE         15.250    5/20/2014       RUB      75.00
ZHILSOTSIPOTEKA-       9.000    7/26/2011       RUB      75.00

SPAIN
-----
AYT CEDULAS CAJA       3.750    6/30/2025       EUR      71.00
BANCAJA                1.500    5/22/2018       EUR      64.00
BANCAJA EMI SA         2.755    5/11/2037       JPY      45.70
BANCO GUIPUZCOAN       1.500    4/18/2022       EUR      67.10
CAJA CASTIL-MAN        1.500    6/23/2021       EUR      55.70
CEDULAS TDA 6          3.875    5/23/2025       EUR      72.60
CEDULAS TDA A-5        4.250    3/28/2027       EUR      74.40
CEDULAS TDA A-6        4.250    4/10/2031       EUR      69.60
GENERAL DE ALQUI       2.750    8/20/2012       EUR      72.80
JUNTA LA MANCHA        3.875    1/31/2036       EUR      72.20

SWEDEN
------
SWEDISH EXP CRED       9.000    8/28/2011       USD       9.60
SWEDISH EXP CRED       0.500    9/29/2015       BRL      64.70
SWEDISH EXP CRED       9.000    8/12/2011       USD      10.20

SWITZERLAND
-----------
UBS AG                13.700    5/23/2012       USD      14.30
UBS AG                13.300    5/23/2012       USD       4.20
UBS AG                10.580    6/29/2011       USD      38.20
UBS AG JERSEY          9.350    9/21/2011       USD      64.70
UBS AG JERSEY         11.150    8/31/2011       USD      39.50
UBS AG JERSEY          9.450    9/21/2011       USD      51.30
UBS AG JERSEY         10.280    8/19/2011       USD      35.70
UBS AG JERSEY         10.650    4/29/2011       USD      15.70
UBS AG JERSEY         11.030    4/21/2011       USD      20.50
UBS AG JERSEY          3.220    7/31/2012       EUR      49.50
UBS AG JERSEY         10.820    4/21/2011       USD      21.40
UBS AG JERSEY         16.160    3/31/2011       USD      42.50
UBS AG JERSEY         12.800    2/28/2011       USD      34.10
UBS AG JERSEY         11.000    2/28/2011       USD      70.00
UBS AG JERSEY         15.250    2/11/2011       USD      11.30
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      36.40
UBS AG JERSEY         13.900    1/31/2011       USD      34.30
UBS AG JERSEY         10.360    8/19/2011       USD      53.60

UNITED KINGDOM
--------------
BANK OF SCOTLAND       6.984     2/7/2035       EUR      75.30
BARCLAYS BK PLC        9.500    8/31/2012       USD      29.40
BARCLAYS BK PLC        9.250    8/31/2012       USD      34.70
BARCLAYS BK PLC       10.800    7/31/2012       USD      27.50
BARCLAYS BK PLC        9.400    7/31/2012       USD      11.70
BARCLAYS BK PLC       12.950    4/20/2012       USD      24.00
BARCLAYS BK PLC       10.650    1/31/2012       USD      41.50
BARCLAYS BK PLC       10.350    1/23/2012       USD      20.10
BARCLAYS BK PLC        8.800    9/22/2011       USD      16.80
BARCLAYS BK PLC        7.610    6/30/2011       USD      52.30
BARCLAYS BK PLC       13.800    5/27/2011       USD      52.10
BARCLAYS BK PLC        8.550    1/23/2012       USD      11.70
BRADFORD&BIN BLD       5.500    1/15/2018       GBP      45.20
BRADFORD&BIN PLC       6.625    6/16/2023       GBP      43.20
BRADFORD&BIN PLC       7.625    2/16/2049       GBP      48.20
EFG HELLAS PLC         6.010     1/9/2036       EUR      35.50
EFG HELLAS PLC         5.400    11/2/2047       EUR      63.00
ENTERPRISE INNS        6.375    9/26/2031       GBP      74.00
MAX PETROLEUM          6.750     9/8/2012       USD      64.20
NORTHERN ROCK          5.750    2/28/2017       GBP      75.30
PUNCH TAVERNS          7.567    4/15/2026       GBP      69.70
PUNCH TAVERNS          6.468    4/15/2033       GBP      51.60
PUNCH TAVERNS          8.374    7/15/2029       GBP      70.10
ROYAL BK SCOTLND       6.316    6/29/2030       EUR      69.40
RSL COMM PLC          10.125     3/1/2008       USD       1.30
RSL COMM PLC           9.125     3/1/2008       USD       1.30
SKIPTON BUILDING       6.750    5/30/2022       GBP      68.70
SKIPTON BUILDING       5.625    1/18/2018       GBP      72.30
UNIQUE PUB FIN         6.464    3/30/2032       GBP      65.00
WESSEX WATER FIN       1.369    7/31/2057       GBP      32.20


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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




                  * * * End of Transmission * * *