TCREUR_Public/101122.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 22, 2010, Vol. 11, No. 230


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Net Loss Widens to EUR69.9 Million in 3rd Quarter
GALLERIA MODA: Bankruptcy Sought by Unicredit Bank


ALMATIS B.V.: Court Awards US$18.4 Million in Professional Fees
ALMATIS B.V.: Jubilee Wants Access to Confidential Information
ENVIVA PELLETS: Preliminary Insolvency Administrator Appointed
GENERAL MOTORS: European Unit's Reorganization Ahead of Schedule
KUKA AG: Moody's Assigns 'B2' Corporate Family Rating

PROVIDE GEMS: Fitch Affirms 'Csf' Ratings on Two Classes of Notes


RECONS VAGYONKEZELO: Files for Bankruptcy; Owes HUF3.4 Billion


CHAPEL 2003-I: S&P Puts B- Rating on Class F Notes on Watch Neg.
SILVER BIRCH: Moody's Cuts Rating on Class D Notes to Caa1 (sf)


ROSSIYSKIY KREDIT: Moody's Affirms 'E' Bank Strength Rating
RVK-FINANCE LLC: Fitch Assigns 'BB-' Senior Unsecured Rating
ZENIT BANK: Moody's Assigns 'Ba3' Senior Unsecured Debt Rating
* Fitch Affirms 'BB' Long-Term Ratings on Republic of Komi


GC PASTOR: Moody's Cuts Rating on C Certificate to 'Ca(sf)'
IM CAJASTUR: Moody's Assigns (P)'B1' Rating to Class B Notes
REAL ESTATE: Banco Santander Opts for Liquidation


VIKING AIRLINES: Files for Reorganization

U N I T E D   K I N G D O M

BARKER COLLINS: Bought Out of Administration
CANARY WHARF: Moody's Affirms 'Ba1(sf)' Rating on Class D2 Notes
CASHBOX PLC: Under New Ownership Following Administration
DB RUSSELL: Goes Into Administration
MENORAH GRAMMAR: Goes Into Liquidation; School Remains Open

MIDLAND SUPERBIKES: Investigation Into Firm Continues
NATIONWIDE BUILDING: Moody's Affirms 'Ba2' Subordinated Rating
NEW FOREST: Goes Into Administration
ROK PLC: Administrators Cut 235 More Jobs
SPECIALITY RETAIL: Suits You Faces Closure; 370 Jobs Affected


* BOND PRICING: For the Week November 15 to November 19, 2010


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Net Loss Widens to EUR69.9 Million in 3rd Quarter
Krystof Chamonikolas at Bloomberg News reports that ECM Real
Estate Investments AG said its loss widened in the third quarter.

Bloomberg relates ECM said late on Nov. 16 the company's net loss
was EUR69.9 million (US$95 million) in the three months ended
Sept. 30, compared with a loss of EUR28 million in the same period
a year earlier.

"The operating level considerably deteriorated in all segments,"
analysts led by Milan Vanicek at Atlantik FT, a Prague-based stock
brokerage, wrote in a report to clients on Thursday, according to
Bloomberg.  "We rate the results as negative."

Bloomberg notes ECM said rental and related income fell to EUR4.2
million from EUR11.7 million and total asset value declined 38% to
EUR211 million.

According to Bloomberg, Atlantik wrote in the report liabilities
declined 17% to EUR257 million, leaving the company with a
negative equity value of EUR46 million.

ECM's stock dropped 14% to 91 koruna on Thursday, Nov. 18, its
lowest close since ECM listed shares in December 2006, Bloomberg

"We keep our negative outlook for the stock," Miroslav Adamkovic,
a Prague-based analyst at Komercni Banka AS, wrote in a report on
Thursday, according to Bloomberg.  "We believe ECM will not be
able to survive without a substantial debt/equity swap that would
decimate the current shareholders' stakes."

As reported by the Troubled Company Reporter-Europe on Nov. 9,
2010, Bloomberg News, citing Czech newspaper Hospodarske Noviny,
said ECM is in insolvency proceedings after one of its bondholders
brought the company to court.  Bloomberg disclosed the newspaper
said the proceedings significantly curtail ECM's ability to use
its capital.

On Oct. 13, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that ECM's bondholders rejected a
proposal for an early redemption of euro-denominated bonds and
approved a draft debt-reorganization plan.

ECM Real Estate Investments AG is a developer in central Europe.
It built Prague's tallest building.

GALLERIA MODA: Bankruptcy Sought by Unicredit Bank
CTK, citing daily Mlada fronta Dnes, reports UniCredit Bank is
pushing for the bankruptcy of Galleria Moda, the discount outlet
center constructed by Palcor Czech.

Palcor Czech, CTK says, almost completed the center in 2008 but
never opened it to customers.

CTK relates the insolvency administrator of Palcor Czech has
completed the inventory of assets and debts.

According to CTK, there are 32 creditors making claim on the
amount of CZK2.47 billion.  UniCredit Bank provided CZK1.2 billion
for the construction and is the only secured creditor, CTK
discloses.  Smaller creditors, including construction company
Syner which is the second largest creditor, were in favor of
reorganization and completion of the center, CTK notes.

Galleria Moda is located near Prague-Ruzyne.


ALMATIS B.V.: Court Awards US$18.4 Million in Professional Fees
Judge Martin Glenn of the U.S. Bankruptcy Court for the
Southern District of New York approved the applications of nine
professionals retained by Almatis B.V. and the other reorganized
debtors for allowance of final fees and reimbursement of expenses
incurred for the period April 30 to September 20, 2010.

The Allowed Fees and Expenses aggregate approximately

The specific Final Fees and Expenses are:

                                         Total Fees     Allowed

  Professional           Allowed Fees      in US$      Expenses

in US$
  -------------          ------------    ----------    --------

  De Brauw Blackstone    EUR1,598,852  US$2,089,700    EUR8,849  US

  Westbroek N.V.

  Ernst & Young            EUR432,338    US$688,346         N/A

  Belastingadviseurs LLP   US$123,281

  DC Advisory Partners   US$4,943,075  US$5,490,848   GBP23,805  US

  (Close Brothers          GBP351,136
  Corporate Finance Ltd.)

  Moelis & Company LLC     US$450,000    US$450,000   US$31,001  US


  Linklaters LLP         GBP1,300,177  US$2,028,276    GBP9,536  US


  Ernst & Young Gmbh       EUR266,658    US$348,522         N/A


  Butzel Long, P.C.         US$23,552     US$23,552    US$1,709   US


  Talbot Hughes            GBP936,424  US$1,460,821  GBP177,500 US

  McKillop LLP

  Gibson, Dunn &         GBP3,426,682  US$5,345,625   GBP73,277 US

  Crutcher LLP

  Total                            US$17,925,690             US



The Professionals sought payment of fees and reimbursement of
expenses in currencies other than U.S. Dollars.  The Reorganized
Debtors are authorized to pay retained professionals in
currencies other than U.S. dollars, in accordance with their
agreement with those professionals.

Accordingly, a corresponding U.S. Dollar amount for the Allowed
Fees and Expenses are set forth in a separate column for
informational purposes only.

The U.S. Dollar amounts were calculated using the exchange rate
in effect on the Confirmation Date, September 20, 2010, of
GBP1.56 per US$1.00 and EUR1.307 per US$1.00.

The Court specified that:

  -- The Allowed Expenses for Moelis reflects the firm's
     agreement to reduce the amount by $1,078 in response to the
     objection of the U.S. Trustee.  It also reflects a further
     reduction by $1,500 as ordered by the Court.

  -- The Allowed Expenses for Linklaters reflect the firm's
     agreement to reduce the amount by GBP15,742 to settle the
     U.S. Trustee's objection, and a further reduction by
     GBP7,692 as ordered by the Court.  Meanwhile, the firm's
     Allowed Expenses reflect a reduction by GBP1,212 also in
     response to the objection.

  -- The Allowed Expenses for Talbot Hughes reflect a reduction
     of GBP591 in response to the U.S. Trustee's objection.  In
     connection with the reimbursement of its expenses, Talbot
     Hughes filed a supplemental certification of Dean Merritt
     in support of its fee application, which certifies that the
     firm does not make a profit in providing reimbursable

  -- Gibson Dunn agreed after discussions with Almatis to reduce
     its requested fees by an additional GBP100,000 to settle
     the objections raised by the U.S. Trustee and any possible
     objections from the Court.  The firm applied GBP85,037 or
     US$132,657 of this reduction to its fee request.

  -- Gibson Dunn also agreed to apply GBP14,962 or US$23,342 of
     the GBP100,000 to its request for expense reimbursement to
     address concerns raised by the U.S. Trustee with respect to
     certain reimbursable expenses.

Among other things, the objections raised by Tracy Hope Davis, as
the U.S. Trustee for Region 2, against the fee applications of
certain of the firms were on grounds that they were deficient and
did not comply with the UST Guidelines, and that the time spent
and the fees billed for preparing the applications were

Butzel, however, contested the proposed reduction of its
requested fees by US$11,000, saying the U.S Trustee did not give
any justification for the reduction.  The firm said that the fees
were incurred in connection with the preparation of its
employment application.

The amount of Butzel's requested fees was reduced by $6,000 as
ordered by the Court.

A table showing a comparison of the Professionals' requested and
allowed fees and expenses is available without charge at:

                       About Almatis Group

Almatis B.V., operationally headquartered in Frankfurt, Germany,
is a global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Almatis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion in its petition.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

The Debtors' reorganization plan was declared effective on
September 30, 2010, allowing the Debtors to fully complete their
financial restructuring and emerge from Chapter 11 protection.

The Almatis restructuring plan took effect more than a week after
it was confirmed by Bankruptcy Judge Martin Glenn for the
Southern District of New York.

ALMATIS B.V.: Jubilee Wants Access to Confidential Information
Jubilee CDO VIII B.V. filed a motion with the U.S. Bankruptcy
Court for the Southern District of New York to authorize its
legal counsel to access certain documents that were produced to
Schulte Roth & Zabel.

The move came after Almatis B.V. and Oaktree Capital Management
Ltd. refused to have those documents reviewed by Herrick
Feinstein LLP, Jubilee's legal counsel.

Almatis, Oaktree and Dubai International Capital LLC earlier
inked a stipulation governing the sharing of documents, including
those that contain confidential information.  Schulte Roth, as
co-counsel to Jubilee, was previously granted access to the

"It should make no difference to the other parties to the
stipulation whether the attorneys for Jubilee reviewing the
documents at this time are from [Schulte Roth] or Herrick so long
as both are bound by the same stipulation," Paul Rubin, Esq., at
Herrick Feinstein, in New York, said in court papers.

Jubilee also asked Judge Glenn to extend the deadline to return
or destroy confidential documents through December 29, 2010, to
give Herrick enough time to review the documents.

The Document Sharing Stipulation provides that any confidential
documents produced must be returned or destroyed within two
months following the effective date of Almatis' restructuring
plan.  The restructuring plan took effect on September 30, 2010,
which means that Jubilee only has two weeks left if the Court
does not approve the proposed extension.

Earlier, Jubilee obtained a ruling from Judge Glenn requiring
Almatis, Oaktree Capital and DIC to appear before the Court on
November 23, 2010, to explain why Herrick should not be given
access to the documents.

The motion drew flak from Almatis and DIC, both of which see the
request as an attempt by Jubilee to prosecute new litigation.
The Objectors argued that the Document Sharing Stipulation allows
the use of documents only in connection with Almatis' bankruptcy
case and related proceedings.

Oaktree Capital also opposed approval of the Confidential Info
Access Motion, saying that the subject documents are no longer
relevant and were being produced in connection with its proposed
prepackaged restructuring plan, which was withdrawn after Almatis
accepted a better proposal from DIC.  It also said that Jubilee
is not involved in any ongoing litigation that would entitle it
to access the documents.

Jubilee, however, found an ally in Alcentra Mezzanine No. 1 Sarl,
Alcentra Mezzanine QPAM Sarl, Shiofra 1 Sarl, and Shiofra 2 Sarl,
which expressed support for the approval of the Info Access
Motion.  Herrick also serves as the legal counsel for these

The Court will hold a hearing on November 23, 2010, to consider
the Jubilee's Motion.

                       About Almatis Group

Almatis B.V., operationally headquartered in Frankfurt, Germany,
is a global leader in the development, manufacture and supply of
premium specialty alumina products.  With nearly 900 employees
worldwide, the company's products are used in a wide variety of
industries, including steel production, cement production, non-
ferrous metal production, plastics, paper, ceramics, carpet
manufacturing and electronic industries.  Almatis operates nine
production facilities worldwide and serves customers around the
world.  Until 2004, the business was known as the chemical
business of Alcoa.  Almatis is now owned by Dubai International
Capital LLC, the international investment arm of Dubai Holding.

Almatis B.V., and its affiliates filed for Chapter 11 on April 30,
2010 (Bankr. S.D.N.Y. Lead Case No. 10-12308).  Almatis B.V.
estimated assets of US$500 million to US$1 billion and debts of
more than US$1 billion in its petition.

Michael A. Rosenthal, Esq., at Gibson, Dunn & Crutcher LLP, serves
as counsel to the Debtors in the Chapter 11 cases.  Linklaters LLP
is the special English and German counsel and De Brauw Blackstone
Westbroek N.V. is Dutch counsel.  Epiq Bankruptcy Solutions, LLC,
serves as claims and notice agent.

The Debtors' reorganization plan was declared effective on
September 30, 2010, allowing the Debtors to fully complete their
financial restructuring and emerge from Chapter 11 protection.

The Almatis restructuring plan took effect more than a week after
it was confirmed by Bankruptcy Judge Martin Glenn for the
Southern District of New York.

ENVIVA PELLETS: Preliminary Insolvency Administrator Appointed
Fordaq reports that pellet manufacturer Enviva Pellets has filed
for bankruptcy with Dr. Hubert Ampferl from Regensburg appointed
as preliminary insolvency administrator.

Fordaq relates the company cited lower production at sawmills and
higher prices for sawmill by-products as the reason of its woes.

US-based Intrinergy/Enviva group acquired the former CompacTec
plant in Straubing in 2007.  The group's plan was to make
Straubing as its European headquarter but timber supply was always
difficult on this site non-integrated, the report notes.

Straubingen-based Enviva Pellets manufactures wood pellets.

GENERAL MOTORS: European Unit's Reorganization Ahead of Schedule
General Motors Co.'s European division is reorganizing faster than
planned as higher car prices help limit losses this year, Steve
Rothwell and Cornelius Rahn at Bloomberg News report, citing Nick
Reilly, the head of the unit.

Bloomberg relates Mr. Reilly on Thursday night said in London that
the division, which includes the Opel brand based in Ruesselsheim,
Germany, and Vauxhall in the U.K., will lose US$1.9 billion in
2010, compared with a forecast loss of US$3 billion at the
beginning of the year.  He reiterated that the business has "a
chance" of making money in 2011, excluding reorganization costs,
Bloomberg notes.

"We are considerably ahead in the underlying business," Bloomberg
quoted Mr. Reilly as saying.  "We have more volume, and average
transaction prices have gone up based on new products."

GM Europe is the only unprofitable division of General Motors
following the carmaker's reorganization that included shuttering
or selling four brands worldwide, Bloomberg discloses.

Mr. Reilly, as cited by Bloomberg, said the biggest challenge for
GM in Europe, especially in Germany, is improving the brands'
reputation after the division sought government aid.

                       About General Motors

With its global headquarters in Detroit, Michigan, General Motors
Company -- is one of the world's largest
automakers.  GM employs 205,000 people in every major region of
the world and does business in some 157 countries.  GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling.  GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada, and Italy.  GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information

General Motors Co. is 60.8% owned by the U.S. Government.  It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing.  The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co.  Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.

At June 30, 2010, GM had US$131.899 billion in total assets,
US$101.00 billion in total liabilities, US$6.998 billion in
preferred stock, and US$23.901 billion in stockholders' equity.

New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026).  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts.  Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company.  GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims.  Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee.  Attorneys at Butzel Long serve as counsel regarding
supplier contract matters.  FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee.  Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.

Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
( 215/945-7000)

KUKA AG: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a definite B2 Corporate
family rating and B2 probability of default rating following its
successful refinancing package.  The definite ratings replace
KUKA's provisional (P)B2 corporate CFR and a (P)B2 PDR.  At the
same time, Moody's has also changed the provisional P(B3), LGD4
(60%) rating to KUKA's EUR202 million senior secured notes into a
definite B3, LGD4 (60%) following the receipt of the final bond
documentation.  The rating outlook is stable.

                        Ratings Rationale

KUKA's B2 CFR balances (i) KUKA's solid market position in its key
segments, namely Robotics (No. 1 worldwide, 27% market share) and
Systems (body-in-white, No. 2 in Europe and US); (ii) its high
level of innovativeness and technology leadership; as well as
(iii) its long-standing customer relationship.  However, the
rating is constrained by (i) KUKA's high level of customer
concentration, with limited diversification both in terms of
industry as well as geography, leaving the company heavily reliant
upon the automobile industry; (ii) a lack of scale in a low-margin
cyclical business; and (iii) weak free cash flow generation.

Moody's rating assessment is based on the expectation that KUKA
can broadly sustain the performance shown in H1 2010 and therefore
achieve consolidated revenues of more than EUR1.0 billion and
reported EBIT for FY 2010 in the range of EUR20-30 million (before
restructuring costs and Moody's standard adjustments).

Moody's deems KUKA's liquidity profile -- including its cash
position, the new revolving credit facility as well as funds from
operations -- to fully cover all anticipated liquidity needs over
the next 12 months, comprising debt maturities, working capital
and day-to-day needs as well as capital expenditures.

The stable rating outlook incorporates Moody's expectation that
KUKA will (i) be able to halt its cash burn in the current year,
generate positive free cash flows thereafter and use the generated
cash to reduce debt; and (ii) sustainably improve its operating
performance and cash flow generation; (iii) preserve its improved
liquidity profile following the bond issue and the renewed undrawn
syndicated credit facility and (iv) keep a comfortable headroom
under its covenants.

Moody's would consider downgrading KUKA's ratings in the event of
(i) a continued cash burn evidenced by a negative free cash flow
through H2 2010 and beyond; or (ii) the company's inability to
improve the EBITA margin above 2.5% in the current year and/or an
inability to further improve it above 4% in 2011; or (iii) a
failure to de-leverage significantly with debt/EBITDA to be
reduced to around 4.5x in 2011 and well below 4.0x thereafter.

Moody's would consider upgrading the ratings over the medium term
if KUKA demonstrates continued improvements in operating and cash
generation and a more robust performance through the cycle, as
evidenced by (i) a sustained EBITA margin of above 5%; (ii) an
interest coverage (EBIT/interest expenses) of at least 2.0x; as
well as (iii) a positive free cash flow generation of EUR10
million a year or more.

The rating agency believes that a family recovery rate of 50%
(Moody's standard assumption for debt structures including bond
and bank debt) is the most appropriate assumption for KUKA when
applying Moody's Loss-Given-Default Methodology.  Given these
assumptions and the subordination of the bond to the secured
revolving credit facility, Moody's Loss-Given-Default Methodology
results in a B3 instrument rating for the EUR202 million senior
secured notes with LGD4(60%).


Issuer: KUKA AG

  -- Probability of Default Rating, Assigned B2
  -- Corporate Family Rating, Assigned B2
  -- Senior Secured Regular Bond/Debenture, Assigned B3

Moody's last rating action on KUKA was the assignment of a first
time (P)B2 CFR, (P)B2 PDR and a (P)B3 rating for its announced
EUR200 m senior secured bond and a stable outlook on November 9,

Headquartered in Augsburg, Germany, KUKA AG focuses on robot-
supported automation of manufacturing processes and is thus active
in the mechanical and plant engineering sector.  The company has
two divisions: KUKA Robotics and KUKA Systems, with the latter
being by far the most important in terms of revenues, to which it
contributed around 65% in 2009.

PROVIDE GEMS: Fitch Affirms 'Csf' Ratings on Two Classes of Notes
Fitch Ratings has downgraded Provide GEMS 2002-1's Class C tranche
and affirmed all other tranches of the synthetic German RMBS
transaction.  The agency has also revised the Outlook on the class
A notes to Stable from Negative.  The rating actions are:

  -- Class A+ (ISIN XS0145700398) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating 'LS-3'

  -- Class A (ISIN XS0145700471) affirmed at 'AA-sf'; Outlook
     revised to Stable from Negative; LS Rating 'LS-4'

  -- Class B (ISIN XS0145701289) affirmed at 'BBB-sf'; Outlook
     Negative; LS Rating of 'LS-4'

  -- Class C (ISIN XS0145701792) downgraded to 'CCCsf' from 'B-
     sf'; Recovery Rating revised to 'RR2' from 'RR1'

  -- Class D (ISIN XS0145701875) affirmed at 'Csf'; Recovery
     Rating 'RR6'

  -- Class E (ISIN XS0145702170) affirmed at 'Csf'; Recovery
     Rating 'RR6'

The revision of the Outlook on the class A notes to Stable from
Negative follows the build up in credit enhancement of this
tranche, which benefits from the deal's sequential amortization.
Meanwhile, losses continue to be allocated to the deal as
reference claims that have undergone credit events are
subsequently liquidated.  Realized losses to date have reached
EUR27.2 million.  As a result, the outstanding threshold amount
has been fully depleted and losses allocated to the class E notes
are equivalent to 51.3% of the initial class E note balance.

As of August 2010, EUR57.5 million of reference claims were
reported as outstanding credit events.  Historically, prior to
allocating losses incurred from liquidation of loans, a
significant portion of credit events are found to be ineligible,
as such loans did not meet the eligibility criteria.  At certain
ratings scenarios, Fitch has assumed that a percentage of the
current EUR57.5 million worth of credit events will be removed.
In rating scenarios above 'A', a 100% default assumption has been

The expected loss attributable to the outstanding credit events is
dependent on two factors: the proportion of loans that meet the
eligibility criteria, and their subsequent loss severity upon
liquidation.  Each of these have increased over the past three
years, to 42.1% and 91% respectively, which prompted Fitch to
downgrade the class C tranche, as expected loss levels challenge
the credit enhancement presently available to these notes.

Arrears levels (excluding credit events) have marginally declined
since May 2009.  However, the size of outstanding credit events
compared with the size of the remaining collateral (EUR305.7
million) highlights the importance of expected loss resulting from
their liquidation.


RECONS VAGYONKEZELO: Files for Bankruptcy; Owes HUF3.4 Billion
MTI-Econews, citing regional daily Delmagyarorszag, reports ReCons
Vagyonkezelo es Fejleszto Kft on Nov. 10 filed for bankruptcy
protection after racking up debts of HUF3.4 billion.

According to MTI, the company has 90 days to come to an agreement
with its creditors.

ReCons Vagyonkezelo es Fejleszto Kft, formerly known as Kozep-
Europai Epito es Szerelo Kft., is part of the KESZ Group.


CHAPEL 2003-I: S&P Puts B- Rating on Class F Notes on Watch Neg.
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on Chapel 2003-I B.V.'s class A to C and on
Chapel 2007 B.V.'s class A1 to F notes.

Chapel 2003 and Chapel 2007 are securitizations of pools of large
unsecured loans and second lien mortgages originated by DSB Bank
to borrowers in The Netherlands; the transactions closed in 2003
and 2007.

The performance of the assets backing these transactions has
suffered from a significant peaking of delinquencies as a result
of the insolvency of DSB Bank in October 2009.  Efforts that the
servicer -- which is still DSB Bank -- has made to reign in these
high delinquency levels have to a large extent proved successful;
however, in the process both transactions have drawn on their
reserve funds on multiple occasions and they remain below their
target levels.

Insolvency and write-off numbers for both pools had been broadly
in line with S&P's expectations; however, S&P is now beginning to
see a deteriorating trend.

Each of the asset pools currently contains a significant
proportion of loans whose borrowers are alleging, among many other
issues, due care failures with respect to the selling of
accompanying insurance products and overextension of credit.
Accompanying insurance products included sickness and unemployment
insurance as well as savings products designed to help borrowers
meet bullet payments on interest-only loans at maturity.  The
alleged claims relate to miss-selling and miss-pricing of such
products as well due care failures.

S&P understands that Stichting Security Trustee, acting in its
capacity as trustee for both the 2003 and 2007 transactions, has
scheduled a noteholders meeting on Nov. 18 to update noteholders
on the process of due care claims as well as the situation
surrounding servicing.

Further to the noteholders meeting, S&P understands that there
will be a claims admission hearing on Dec. 10 held by the
supervisory judge for all of DSB Bank's creditors.  S&P also
understands that this hearing is unlikely to provide clarity on
the extent of the due care claims.  There is no clear timetable as
timing of cases are determined by individual borrower's
circumstances.  If it becomes clear that courts are upholding
these claims, then the set-off amounts are likely to reduce asset
principal.  Should this happen, S&P believes it is unlikely that
there will be sufficient credit enhancement to maintain the
existing ratings on Chapel 2003-I and Chapel 2007's outstanding

Neither of these transactions has been subject to rating action to
date, and they have benefited from a principal deficiency ledger
definition that has some elements of conservatism, in that it
effectively provides for anticipated losses as well as actual
write-offs and bankruptcies.

S&P will review the pending investor reports for both transactions
and if S&P see a continuation of the negative performance trends
S&P will likely downgrade some tranches of the notes.  However,
following such a course of events, the notes will remain on
CreditWatch negative until S&P has further clarity on the extent
of the due care claims set-off.

The pool factor of the 2003 transaction is currently at about 44%,
whereas the 2007 transaction has a pool factor of about 84%.  If
due care claims are to be set off, both transactions may be
subject to downward rating action; all other things being equal,
the 2007 transaction would experience greater negative notching
than the 2003 transaction.

                            Ratings List

              Ratings Placed on CreditWatch Negative

                        Chapel 2003-I B.V.

          Class       To                       From
          -----       --                       ----
          A           AAA (sf)/Watch Neg       AAA (sf)
          B           AA (sf)/Watch Neg        AA (sf)
          C           A (sf)/Watch Neg         A (sf)

                          Chapel 2007 B.V.
        EUR710.7 Million Asset-Backed Floating-Rate Notes
                  And Excess-Spread Backed Notes

          Class       To                       From
          -----       --                       ----
          A1          AAA (sf)/Watch Neg       AAA (sf)
          A2          AAA (sf)/Watch Neg       AAA (sf)
          B           AAA (sf)/Watch Neg       AAA (sf)
          C           AA (sf)/Watch Neg        AA (sf)
          D           A (sf)/Watch Neg         A (sf)
          E           BBB+ (sf)/Watch Neg      BBB+ (sf)
          F           B-(sf)/Watch Neg         B- (sf)

SILVER BIRCH: Moody's Cuts Rating on Class D Notes to Caa1 (sf)
Moody's Investors Service has taken these rating actions on four
classes of notes issued by Silver Birch CLO I B.V.:

Issuer: Silver Birch CLO I B.V.

  -- EUR205.5M Class A Senior Secured Floating Rate Notes due
     2020, Confirmed at Aa1 (sf); previously on Jun 16, 2010 Aa1
     (sf) Placed Under Review for Possible Downgrade

  -- EUR18M Class B Senior Secured Floating Rate Notes due 2020,
     Confirmed at A2 (sf); previously on Jun 16, 2010 A2 (sf)
     Placed Under Review for Possible Downgrade

  -- EUR21M Class C Senior Secured Deferrable Floating Rate Notes
     due 2020, Confirmed at Ba1 (sf); previously on Jun 16, 2010
     Downgraded to Ba1 (sf) and Placed Under Review for Possible

  -- EUR18M Class D Senior Secured Deferrable Floating Rate Notes
     due 2020, Downgraded to Caa1 (sf); previously on Jun 16, 2010
     Downgraded to B2 (sf) and Placed Under Review for Possible

Ratings Rationale:

This transaction is a managed cash leveraged loan collateralized
loan obligation with exposure to predominantly European senior
secured loans.

In June 2010, Moody's downgraded and/or placed on review for
possible downgrade the 5 classes of notes issued by Silver Birch
CLO I after observing a sharp deterioration in the credit quality
of the portfolio.

At the time however, the evolution of key transaction metrics was
expected to be impacted by the pending reinvestment of a large
cash bucket (approx. EUR40 million, or 13% of the pool).  Since
then, Alcentra has reinvested this cash into substitute collateral
loan obligations and reallocated more than 20% of the portfolio in
aggregate, which has led to improve the collateral quality tests
and coverage tests of the transaction.

This improvement is observed through a decrease in the portfolio
weighted average rating factor 'WARF' (2950 in September 2010
compared to 3100 in April 2010) and an increase in the class A/B
par value test (119.40% in September 2010, compared to 116.55% in
April 2010).  In light of these positive developments, Moody's
confirms the ratings of the class A to C notes.  The class D notes
however remain negatively impacted by a relatively low
overcollateralization level and the high proportion of Caa assets
currently representing 21% of the portfolio.

In its base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 3546, a
diversity score of 28 and a weighted average recovery rate of

The default properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.  The default probability is derived from the credit
quality of the collateral pool and Moody's expectation of the
remaining life of the collateral pool.  The average recovery rate
to be realized on future defaults is based primarily on the
seniority and country of the assets in the collateral pool.  In
each case, historical and market performance trends, and
collateral manager latitude for trading the collateral are also
considered.  In particular, in reaching its decision to confirm
the ratings, Moody's took into account the improved

Deal Performance in the last several months thanks to the
manager's solid portfolio management strategy, as well as further
positive expectations on the evolution of portfolio credit
quality.  Consequently, in the quantitative analysis model results
based on a 15% default probability stress assumption was weighed
more heavily than the usual 30% stress assumption.

In order to assess the sensitivity of the notes to changes in
credit quality of the portfolio and par, Moody's ran sensitivity
analyses on key parameters.  For example, Moody's ran cases with
an absolute change of +/- 200 in the base case WARF and a +/- 5%
change in the total performing par.  In all cases, the impact on
the senior notes was less than 1 notch and the impact on the
junior notes was less than 2 notches from the base case model

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.

Moody's modelled the transaction using the Binomial Expansion
Technique, as described in section of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in August 2009.


ROSSIYSKIY KREDIT: Moody's Affirms 'E' Bank Strength Rating
Moody's Investors Service has affirmed Rossiyskiy Kredit Bank's
bank financial strength rating of E and the long-term and short-
term local and foreign currency deposit ratings of Caa1/Not Prime.
Concurrently, Moody's Interfax Rating Agency has affirmed the
long-term national scale rating of  Moscow-based Moody's
Interfax is majority-owned by Moody's.  The outlook on the global
scale ratings is stable, while the national scale rating carries
no specific outlook.

Rossiyskiy Kredit Bank's ratings have been affirmed at a low
rating level due to: (i) the bank's very limited franchise with no
clear development prospects to date; and (ii) the bank's high risk

As a captive investment bank, the bank is significantly involved
in related-party lending and exhibits high credit risk
concentration in terms of single-name and as well as industry
exposures.  At year-end 2009, the top four borrowers accounted for
58% of the bank's total equity, while the real estate and
construction portfolio represented 59% of the bank's gross loan
portfolio, or 60% of its total equity.

The ratings also take into account liquidity risks in the form of
a highly concentrated funding base, with the top-four clients
providing nearly 100% of deposits and significant amounts of due
restructured debt.  The bank is also exposed to marked risks
because of significant proprietary trading activities.

Moody's acknowledges Rossiyskiy Kredit Bank's very high level of
capitalization, with shareholders' equity amounting to 67% of
total assets under IFRS as at YE2009.  Nevertheless, Moody's
believes that this high equity buffer does not give sufficient
momentum to mitigate Rossiyskiy Kredit Bank's high risk profile
and thus lift the bank's ratings into a higher category.

Headquartered in Moscow, Russia, Rossiyskiy Kredit Bank reported
total consolidated assets of RUB15 billion (US$498 million) and
total equity of RUB10.1 billion (US$333 million) under IFRS as at

RVK-FINANCE LLC: Fitch Assigns 'BB-' Senior Unsecured Rating
Fitch Ratings has assigned RVK-Finance LLC's RUB3 billion 9%
coupon bonds due to mature in November 2015 a final local currency
senior unsecured rating of 'BB-' and a final National Long-term
rating of 'A+(rus)'.

The bonds issued by RVK-Finance LLC, a wholly-owned indirect
subsidiary of Ventrelt Holdings Ltd ('BB-'/Stable), benefit from
sureties provided on a joint and several basis from RVK-Invest
LLC, Krasnodar Vodokanal LLC, Tyumen Vodokanal LLC and Kaluzhsky
oblastnoy vodokanal LLC, which are all wholly-owned indirect
subsidiaries of Ventrelt Holdings Ltd.  Ventrelt Holdings is a
privately owned water and wastewater company that operates in
Russia and Ukraine under the name of Rosvodokanal.

ZENIT BANK: Moody's Assigns 'Ba3' Senior Unsecured Debt Rating
Moody's Investors Service has assigned a Ba3/Not-Prime long and
short-term global local currency deposit ratings and a Ba3 long-
term global local currency senior unsecured debt rating to Zenit
Bank.  The ratings carry a stable outlook.  Any subsequent senior
debt issuance by Zenit Bank will be rated at the same rating level
subject to there being no material change in the bank's overall
credit rating.

The rating of Ba3 was assigned to these debt instruments:

  - RUB3.000 billion Senior Unsecured Regular Bond due 9 November

  - RUB5.000 billion Senior Unsecured Regular Bond due 4 June 2013

  - RUB3.000 billion Senior Unsecured Regular Bond due 1 July 2014

  - RUB5.000 billion Senior Unsecured Regular Bond due 7 April

  - RUB5.000 billion Senior Unsecured Regular Bond due 24
    September 2013

                        Ratings Rationale

The ratings assigned by Moody's are in line with Zenit Bank's
baseline credit assessment of Ba3, which is, in turn, based on the
bank's D- BFSR (mapping to a BCA of Ba3).  The rating does not
incorporate any expectation of systemic or shareholder support for
Zenit Bank in case of need.

Moody's notes that the ratings reflects Zenit Bank's position as
one of Russia's 20 largest banks in terms of assets -- albeit with
a moderate market share -- together with (i) its relatively
diversified business and earnings, (ii) a solid fee-generating
capacity and a visible domestic profile in corporate and
investment banking and asset management, and (iii) its adequate
customer reach.  However, the rating remains constrained by the
large customer concentrations on both sides of the bank's balance
sheet, its continuing dependence on related parties for funding,
and still challenging credit conditions in Russia.

Headquartered in Moscow, Zenit Bank reported total consolidated
(reviewed) IFRS assets of RUB197 billion (US$6.3 billion) as at
June 30, 2010.

* Fitch Affirms 'BB' Long-Term Ratings on Republic of Komi
Fitch Ratings has affirmed the Republic of Komi's Long-term
foreign and local currency ratings at 'BB' respectively and its
Short-term foreign currency rating at 'B'.  The agency also
affirmed the region's National Long-term rating at 'AA-(rus)'.
All the Long-term rating Outlooks are Stable.

The ratings reflect Komi's strong economic profile, adequate but
weakened budgetary performance and moderate direct risk.  However,
the ratings also factor in high fiscal concentration on a few
companies, and dependence on the resources sector, which is
exposed to commodity price and demand fluctuations.  Recovery and
maintenance of strong budgetary performance with operating margin
above 15% and robust debt coverage ratios would be positive for
the ratings.  Downward rating pressure would arise from further
deterioration in budgetary performance accompanied by increasing

The region's economy is strong with GRP per capita in 2008
exceeding the national average by 27%.  Komi's GRP is heavily
weighted towards the development of extractable resources
(particularly oil, gas and coal).  Despite the negative trends in
both the domestic and external commodity markets in Q408-H109 Komi
demonstrated adequate economic performance with GRP declining by
only 1% in 2009 compared with the national average decline of 8%.
The administration forecasts average GRP growth of about 3% per
annum in 2010-2013.

The region depends heavily on tax revenue, which represented 74%
of its operating revenue in 2009.  The decline of proceeds from
corporate income tax caused total tax revenue to contract 10% so
far in 2009.  Tax concentration on the top 10 companies remains
significant, averaging 47% of total tax revenue in 2007-2009.
Successful development of new businesses will help reduce fiscal
concentration, although this will be challenging to achieve in the
medium term.

The region's operating balance deteriorated to 8.3% of operating
revenue in 2009 from an average 15.1% in 2005-2008.  Lower tax
revenue in 2009 was partly offset by current transfers,
stabilizing budgetary performance.  Fitch expects budgetary
performance to recover in 2010 to the level of 2008 and to further
increase in 2011-2012 on recovery of tax revenue and restraint on
operating expenditure.

The region's direct risk increased in 2009 to RUB5.3bn, but
remained moderate at 15% of current revenue in 2009.  During the
last 10 months of 2010 direct risk further increased to RUB6bn and
is likely to remain at this level till year-end.  Amortizing long-
term domestic bonds represent 68% of the direct risk.  The region
has no repayments till end-2010 and the maturity profile in 2011-
2015 is smooth.  The region does not intend to raise more debt in
the medium-term.  Fitch expects debt coverage ratios to improve to
under two years for 2011-2012.

Komi is located in north-east European Russia.  It accounted for
0.9% of national GDP in 2008 and 0.7% of the population.
Municipal transfers and personnel salaries are the main operating


GC PASTOR: Moody's Cuts Rating on C Certificate to 'Ca(sf)'
Moody's Investors Service has downgraded the ratings of the class
A2, B and C notes issued by GC Pastor Hipotecario 5.

Issuer: GC Pastor Hipotecario 5

  -- EUR492.8M A2 Certificate, Downgraded to Aa2 (sf); previously
     on Nov 30, 2009 Aaa (sf) Placed Under Review for Possible

  -- EUR24.9M B Certificate, Downgraded to Ba2 (sf); previously on
     Nov 30, 2009 A1 (sf) Placed Under Review for Possible

  -- EUR7.3M C Certificate, Downgraded to Ca (sf); previously on
     Nov 30, 2009 Baa2 (sf) Placed Under Review for Possible

The ratings of the notes in GC Pastor Hipotecario 5 were placed on
review for possible downgrade given deterioration in the
performance of pool collateral and economic environment in Spain.

                        Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral.  It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates projected for 2010.

GC Pastor Hipotecario 5 is a securitization of loans granted to
individuals and small and medium enterprises secured by a first-
lien mortgage guarantee.  The loans granted to individuals secured
on residential properties represent 85% of current portfolio,
while 15% of the pool are loans granted to SME.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the lifetime losses (expected
loss), as well as the transaction structure and any legal
considerations as assessed in Moody's cash flow analysis.  The
expected loss and the Milan Aaa CE are the two key parameters used
by Moody's to calibrate its loss distribution curve, used in the
cash-flow model to rate European RMBS transactions

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation for GC Pastor
Hipotecario 5 taking into account the collateral performance to
date as well as the current macroeconomic environment in Spain.
GC Pastor Hipotecario 5 is performing worse than Moody's
expectations as of closing.  The share of loans more than 90 days
has decreased to 2.36% of current pool balance as at September
2010, down from 3.16% in December 2009.  But, cumulative defaults
have risen rapidly over the same period, reaching 2.21% of
original pool balance as at September 2010, up from 0.49% in
December 2009.  Moody's performed a loan-by-loan analysis of all
delinquent and written-off loans in the deal.  This analysis
highlighted that loans originated to SME have a significantly
greater write-off rate than loans originated to individuals.  The
write-off rate for loans granted to SME is between 3 to 4 times
the write-off rate of loans granted to individuals.  As at
September 2010, the SME sub-pool contributed to almost half of the
total cumulative defaults even if it only represents 15% of the
overall securitized pool.

The primary source of assumption uncertainty is the current
macroeconomic environment in Spain.  Moody's expect the portfolio
credit performance to remain under stress, as Spanish unemployment
continued to be elevated.  Moody's believe that the anticipated
tightening of Spanish fiscal policies is likely to weigh on the
recovery in the Spanish labor market and constraint further
Spanish households finances.  On the basis of the rapid increase
in defaults in the transaction and Moody's negative sector outlook
for Spanish RMBS, Moody's have updated the portfolio expected loss
assumption to 3.1% of original pool balance, up from 0.74% at


Moody's split the portfolio into two sub-pools based on the debtor
characteristics (individuals & SME).  For the sub-pool of loans
granted to individuals, Moody's has assessed the loan-by-loan
information to determine a MILAN Aaa CE.  For the SME subpool (15%
of the current pool), Moody's derived its default distribution
using the ABS SME approach, based on the default probability
contribution of each single borrower, and the correlation among
the different industries represented in the portfolio.  Moody's
translated the outputs of the ABS SME approach into a lognormal
distribution for the SME subpool.  Once both lognormal
distributions (SME sub-pool and individual sub-pool) were
obtained, Moody's conservatively approximated the combined
distribution taking into consideration 100% correlation between
both pools.  Moody's has increased its overall MILAN Aaa CE
assumptions to 12%, up from 5.79% at closing.  The increase in the
MILAN Aaa CE is mainly driven by the performance of the SME
debtors in the portfolio.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

GC Pastor Hipotecario 5 closed in June 2007.  The transaction is
backed by a portfolio of first-ranking mortgage loans granted to
individuals and small and medium enterprises secured by a first-
lien mortgage guarantee.  The loans were originated by Banco
Pastor (A3/P2) between 2000 and 2006, with the current weighted
average loan-to-value standing at 57%.  A limited share of the
securitised mortgage loans has been originated via external
brokers or "Agente de Promocion Inmobiliaria", representing about
4% of the current pool balance at the end of September 2010.
About 5% of the loans were originated to non-Spanish nationals.

For details on the deal structure, please refer to the "GC Pastor
Hipotecario 5" new issue report.  For more information on the
servicing practices of Banco Pastor, please refer to "Moody's
updates on Banco Pastor, S.A. as servicer of 5 Spanish RMBS
deals".  Both reports are available on

Hedging agreement: The transaction benefits from an interest rate
swap provided by La Caixa (Aa2/P1).  Following its downgrade,
Banco Pastor has been replaced as swap counterparty by La Caixa in
December 2008, which is in line with the requirements described in
Moody's report titled "the Framework for De-linking Hedge
Counterparty Risks from Global Structured Finance Cashflow

Paying Agent: Banco Sabadell (A2/P1) acts as paying agent of the
Fondo since November 2008.

Treasury Bank Accounts: All payments collected under the loans in
the portfolio are transferred, every week, to the treasury account
held by Banco Sabadell (A2/P1).

Reserve fund: The rapidly increasing levels of defaulted loans
ultimately resulted in draws to the reserve fund.  The reserve
fund is currently fully depleted.  The amortization of the
mezzanine and junior notes is likely to remain sequential as a
consequence of this breach of pro-rata amortization triggers.

Principal deficiency ledger: GC Pastor Hipotecario 5 has seen
EUR131,183 unpaid PDL at the end of September 2010.

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 six months.

IM CAJASTUR: Moody's Assigns (P)'B1' Rating to Class B Notes
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by IM Cajastur MBS 1 FTA:

  -- (P)Aaa (sf) to the EUR492,000,000 Class A notes due 2052
  -- (P)B1 (sf) to the EUR123,000,000 Class B notes due 2052

                        Ratings Rationale

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Aaa Credit Enhancement and the portfolio expected loss,
the transaction structure and any legal considerations.

Moody's split the portfolio into two sub-pools based on the debtor
characteristics (individuals & SME).  For the SME subpool (18.9%
of the provisional pool), Moody's derived its default distribution
using its ABS SME approach, based on the default probability
contribution of each single borrower, and the correlation among
the different industries represented in the portfolio.

Finally, Moody's translated the outputs of the ABS SME approach in
a lognormal distribution for the SME subpool.  Once both lognormal
distributions (SME sub-pool and individual sub-pool) were
obtained, Moody's conservatively approximated the combined
distribution taking into consideration 100% correlation between
both pools.

The expected portfolio loss of 8.0% of original balance of the
portfolio at closing and the MILAN Aaa required Credit Enhancement
of 25.5% served as input parameters for Moody's cash flow model,
which is based on a probabilistic lognormal distribution as
described in the report "The Lognormal Method Applied to ABS
Analysis", published in September 2000.

The key drivers for the MILAN Aaa Credit Enhancement number, which
is higher than MILAN Aaa Credit Enhancement in Spanish RMBS
transactions, are (i) the weighted average loan-to-value of 79.1%,
(ii) 18.9% of the portfolio are loans granted to SMEs, (iii) non
residential properties represent 26.2% of the portfolio and (iv)
the very high concentration in Asturias region (69.1%).

The key drivers for the portfolio expected loss are (i) the
performance of high LTV loans and loans granted to SMEs in the
sellers' book, and (ii) the higher volatility on non residential
property prices.  The assumed expected loss corresponds to an
assumption of approximately 15% cumulative default rate in the
portfolio (assuming recovery is realized with a lag after the
default).  Given the historical performance of the high LTV loans
in the seller's book, Moody's believes the assumed expected loss
is appropriate for this transaction.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes.  In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity.  Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The notes are backed by a pool of prime Spanish mortgages granted
to individuals (81.1%) and SMEs (18.9%) by Cajastur (A3, Prime-2).
The properties are mainly residential (73.8%), with the remaining
part being commercial properties.  At closing the mortgage pool
balance will consist of approximately EUR615 million mortgage
loans.  The Reserve Fund will be funded at 13.5% of the total
notes outstanding and may start to amortize three years after
closing to 27.0% of the outstanding balance of the notes, subject
to performance conditions.  The total credit enhancement for the
Class A notes is 33.5%.

The V Score for this transaction is Medium, which is in line with
the score assigned for the Spanish RMBS sector.  The V Score was
negatively impacted by the exposure of this transaction to the
high weighted average LTV of the portfolio, as well as the
presence of loans granted to SMEs.  V Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating.  High variability in key assumptions could
expose a rating to more likelihood of rating changes.  The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that Class A notes would have
achieved a Aaa even if the expected loss was as high as 19.1%
assuming MILAN Aaa CE remained at 25.5% and all other factors were

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed.  The
analysis assumes that the deal has not aged and is not intended to
measure how the rating of the security might migrate over time,
but rather how the initial rating of the security might have
differed if key rating input parameters were varied.  Parameter
Sensitivities for the typical EMEA RMBS transaction are calculated
by stressing key variable inputs in Moody's primary rating model.

Moody's Investors Service received and took into account a third
party due diligence report on the underlying assets or financial
instruments in this transaction and the due diligence report had a
neutral impact on the rating.

REAL ESTATE: Banco Santander Opts for Liquidation
Sharon Smyth at Bloomberg News, citing Expansion, reports Banco
Santander SA will liquidate investment vehicle Real Estate
Investment Society Espana, in which it holds a 31% stake.

According to Bloomberg, the newspaper said the bank announced the
decision to liquidate REIS Espana and return shareholders' money
in September after it received complaints regarding management of
the vehicle.

Real Estate Investment Society is a Spanish investment vehicle.


VIKING AIRLINES: Files for Reorganization
Travel Weekly UK reports that Viking Airlines AB has filed for the
Swedish equivalent of Chapter 11 administration in a bid to
relaunch its UK operations next year.

Viking Airlines is a privately owned charter airline with a head
office in Stockholm, Sweden and bases in Athens and Heraklion,
Greece and Bristol, London Gatwick, Manchester in the UK.  Viking
Airlines primarily operates charter flights for European tour

U N I T E D   K I N G D O M

BARKER COLLINS: Bought Out of Administration
Barker Collins Engineering has been bought out of administration
in a deal negotiated by a group of Yorkshire-based advisers,
Insider Media reports.

According to the report, the company went into administration on
September 27, 2010, and has been bought by Barker Collins, a
newly-formed company led by former management plus new investors.
The new company has acquired the business and assets, safeguarding
22 jobs.

Insider Media notes Chris Carter, managing director of Barker
Collins, said: "This is a business with a great future, there is
huge potential for growth within the renewable energy fields, such
as wind, carbon capture and nuclear."

The deal, Insider Media says, was brokered by Graham Camm of
Sterling Corporate Finance in Leeds who acted as lead adviser for
the purchaser providing insolvency and financial planning
expertise as well as negotiating with the administrators and
securing funding.  Leeds-based legal firm Clarion was brought in
by Sterling Corporate Finance to advise the new company.

"This is a sound business with a viable future," Insider Media
quoted Mr. Camm as saying.  "The company hit difficulties when the
recession struck, turnover fell and as a result, bank funding
reduced. Having made efficiencies, the new company is in a strong
position to benefit as the market recovers," he added.

Headquartered in Sheffield, Barker Collins Engineering is a
subcontract precision engineering company.

CANARY WHARF: Moody's Affirms 'Ba1(sf)' Rating on Class D2 Notes
Moody's Investors Service has affirmed the ratings of the below
referenced classes of Notes issued by Canary Wharf Finance II plc
(amounts reflect initial outstandings), as a result of the
announced property substitution by the Issuer:

  -- GBP1215 million Class A1 Notes, Affirmed at Aaa (sf);
     previously on 22 Jan 2004 Confirmed at Aaa (sf)

  -- GBP400 million Class A3 Notes, Affirmed at Aaa (sf);
     previously on 22 Jan 2004 Confirmed at Aaa (sf)

  -- GBP222 million Class A7 Notes, Affirmed at Aaa (sf);
     previously on 24 Apr 2007 Definitive Rating Assigned Aaa (sf)

  -- GBP235 million Class B Notes, Affirmed at A1 (sf); previously
     on 14 Apr 2009 Downgraded to A1 (sf)

  -- GBP104 million Class B3 Notes, Affirmed at A1 (sf);
     previously on 14 Apr 2009 Downgraded to A1 (sf)

  -- GBP275 million Class C2 Notes, Affirmed at Baa1 (sf);
     previously on 14 Apr 2009 Downgraded to Baa1 (sf)

  -- GBP125 million Class D2 Notes, Affirmed at Ba1 (sf);
     previously on 14 Apr 2009 Downgraded to Ba1 (sf)

1) Transaction Overview

Canary Wharf Finance II plc (as the "Issuer") represents a true-
sale securitization of a large loan secured by first-ranking
mortgages over a portfolio of prime office properties located in
the London Docklands Canary Wharf district.

This transaction originally closed in June 2000 and the Issuer has
issued Notes on six occasions, with the most recent issuance
closing in April 2007.  The total current balance of the Notes is
approximately GBP2,462 million as of the October 2010 interest
payment date.  The legal final maturity of the Notes is in October
2037 with an expected maturity in January 2035.  The Notes are
partially amortizing with a balloon repayment in January 2035 of
approximately GBP757 million.  The transaction benefits from a
coverage reserve account that can be used to cover intercompany
loan-level interest and amortization shortfalls.  In addition,
there is a GBP300 million liquidity facility.  At the October 2010
interest payment date, GBP0.3 million was standing to the credit
of the coverage reserve account.

In April 2009, Moody's downgraded the classes B, B3, C2 and D2
following negative developments including: (i) the impact of the
insolvency of Lehman Brothers Limited, the main tenant of the
largest property in the pool, 25/30 Bank Street ("HQ2"); (ii) the
weakening credit strength of a number of larger tenants occupying
the other six properties in the transaction; and (iii) Moody's
expectation of further property value declines in the future.  In
April 2010, Moody's affirmed the then ratings as the transaction
was performing in line with expectations.

2) Rating Rationale

Moody's has affirmed the ratings of all classes of Notes following
the announcement of a property substitution that the HQ2 and 50
Bank Street properties have been removed and replaced by 10 Cabot
Square and 20 Cabot Square.  In addition, the announcement states
that Canary Wharf Group will increase the cash reserve account by
GBP65.7 million in order to fund the cash flow shortfall caused by
the substitution.  Indeed, after considering the benefit of the
HQ2 facility, the portfolio generates GBP30 million less annual
rental cash flow post-substitution than pre-substitution, causing
a debt service shortfall until mid-2016 in Moody's estimation.

This decrease in rental income is the main negative credit
consequence of the substitution.  However, Moody's believes this
is largely offset by these positive aspects:

1- The substitution of the HQ2 building removes a large part of
   the uncertainty surrounding future rental cashflows of the
   mortgaged properties;

2- Other characteristics of the property portfolio have improved
   following the substitution: (i) the property portfolio now
   benefits from a longer lease profile, (ii) the average tenant
   quality has improved as a result of Barclays Bank Plc (Aa3/P-1)
   representing 20% of the current net rental income and (iii) the
   total underwritten value of the new estate has also increased
   with the substitution;

3- Injection of GBP65.7 million cash by Canary Wharf Limited into
   the reserve account.  This will offset the above referenced
   shortfall for approximately four years, allowing the
   transaction to maintain a 1.00x DSCR during that period.

4- Void costs for the HQ2 building will not be borne out of
   securitisation cashflows anymore.  In the HQ2 property, void
   costs were forecast to increase due to high vacancy (90%)
   following Nomura's lease expiry;

5- The cost of the HQ2 facility will no longer have to be borne by
   the securitisation.

Overall, the ratings continue to be within acceptable parameters.
However, their sensitivity to adverse events has increased
compared with the situation pre-substitution, owing to the lower
coverage because of the reduction in current annual rents,
especially for the Class D2 Notes.  Hence, the affirmation relies
on the ability of the borrower to support the transaction both
through active property management and cash injections when
necessary.  Moody's will continue to closely monitor the
transaction going forwards.

3) The Substitution

Prior to the property substitution, the seven buildings backing
the intercompany loans were 33 Canada Square ("DS6"), One Canada
Square ("DS7"), 20 Bank Street ("HQ1"), 40 Bank Street ("HQ3"), 10
Upper Bank Street ("HQ5"), 50 Bank Street ("HQ4") and 25-30 Bank
Street ("HQ2").

The buildings involved in the substitution are described below:

HQ2 Property: Lehman Brothers Limited, who entered into
administration in the UK in September 2008, is the tenant of
record of that building.  Theoretically, the administrator of LBL
currently leases 1.023m sq ft on a tenancy agreement due to expire
in July 2033 at a rent of GBP54.59 psf.  Of that 1.023m sq ft,
approximately 354,000 sq ft was sublet to Nomura International.
It exercised its break option in September 2010 and has now
vacated the building.  100,000 sq ft is sublet until 2013.  LBL's
administrators vacated the building in April 2010 and ceased
paying rent.  Prior to the substitution, the securitization had
the benefit of a loan facility agreement with AIG, which would
fund shortfalls between the contracted rent and the received rent
for the HQ2 property.  The facility would have been available for
4 years starting from the first drawdown.  As of June 2010, the
underwriter's value of the HQ2 property was GBP351 million.

HQ4 Property: This building is mainly let to Northern Trust
Company (Aa3/P-1) under several leases expiring in March 2022.
Other tenants include Goldenberg Hehmeyer Trading Company Limited.
As of June 2010, the UW value of the HQ4 building was GBP142

FC2 Property: Located on 10 Cabot Square / 5 North Colonnade, this
property is almost fully let to Barclays until June 2032 at a rent
of GBP29 psf.  The lease is indexed to the UK retail price index
floored at 0% and capped at 5% annually.  However, the first
review will only fall in January 2015 where the rent will be reset
based on the previous 5 years RPI compounded.  WPP Group plc
currently occupies 103,854 sq ft at a higher rate (GBP38.44 psf)
until August 2016.  From that point on, the rent on this space
will become payable by Barclays at a rent equivalent to the rent
payable in the reminder of the building.

FC4 Property: Located on 20 Cabot Square / 10 South Colonnade, it
is also let to Barclays until June 2032 at a rent of GBP27.50 psf.
There are no other tenants.  As before, the lease is indexed to
RPI with a floor of 0% and a cap of 5% annually.  However, the
first review will only fall in January 2015 whereupon the rent
will be reset based on the previous 5 years RPI compounded.

The Issuer has agreed to these changes:

- Release of the HQ2 and HQ4 buildings together worth a total of
  GBP493 million as of June 2010 and termination of the HQ2

- In return, addition of FC2 and FC4 buildings together worth
  GBP615 million as of June 2010.  A cash injection by Canary
  Wharf Limited into the reserve account of GBP65.7 million brings
  the total on the reserve account to GBP66 million.

The removed properties currently represent an area of 1.233
million sq ft and generate total annual rental income of
approximately GBP14 million.  With the benefit of the HQ2
facility, that rental income would potentially have been
GBP64 million.  HQ2 and HQ4 have a weighted average remaining
lease term of 2.7 and 11.3 years remaining respectively.  The
buildings substituted into the transaction generate currently
approximately GBP34 million of annual rental income and represent
1.2 million sq ft of lettable space.

CASHBOX PLC: Under New Ownership Following Administration
InfoCash has acquired the business and assets of its former
competitor Cashbox after the latter was forced into administration
by its biggest rival, Insider Media reports.

According to Insider Media, last month, competitor YourCash bought
a two-year-old GBP1.8 million loan note and subsequently demanded
that Cashbox repay the entire amount immediately.  The report
relates that shares in Hook-based Cashbox were suspended while the
directors discussed what to do next and the business eventually
went into administration on November 16, 2010, saying it had "no

Meanwhile, Insider Media says, InfoCash reached an arrangement
with the administrator, Deloitte, to purchase the business.

All Cashbox employees have been transferred to the payroll of
InfoCash, the report adds.

Cashbox PLC -- is an independent
automated teller machine installer and operator.  The Company is
engaged in the installation, maintenance and operation of ATM and
the processing of ATM transactions thereon.  The Company has four
wholly owned subsidiary companies, Cashbox ATM Systems Limited,
Cashbox No 1 Limited, Cashbox No 2 Limited and Cashbox Finance
Limited.  The Company has three models of ATM: the Sale Mode, the
Placement Model and the Fully Managed Model.  Cashbox generates
revenue from its ATMs through transaction revenues, sales of ATMs
and sales of ancillary consumables.

DB RUSSELL: Goes Into Administration
DB Russell Construction has goes into administration.

According to BBC News, the administrators said that the company
owes about GBP2 million.  The report relates that Tim Ball, from
the administrators Mazar, said debt accrued in a previous takeover
had led to the current problems.

"[It] resulted in huge amounts of money owed to creditors," BBC
quoted Mr. Ball as saying.  There was "interest from different
parties" in taking over the business, he added.

BBC notes that the firm is thought to owe GBP900,000 to companies
it has sub-contracted work to, GBP370,000 to suppliers and
GBP620,000 to banks.

Headquartered in Clevedon, DB Russell works with local councils
and housing associations and employs 30 people.

MENORAH GRAMMAR: Goes Into Liquidation; School Remains Open
Jessica Elgot at The Jewish Chronicle Online reports that the
Menorah Grammar School for Orthodox boys in Edgware has gone into
liquidation for the second time in less than two years. But the
150-pupil school will remain open.

According to The Jewish Chronicle Online, former governor Stephen
Goldberg said on Wednesday that the latest liquidation was the
result of the school's new governors wanting to go through a
"restructuring process".

"This was the method the new board decided to adopt. Times are
hard and parents must be urged to pay their fees as much as
possible, but we are still up and running with pupils," The Jewish
Chronicle Online relates.

The Jewish Chronicle Online notes in January 2009 Menorah Grammar
School Limited had debts of GBP322,000 and just GBP1,200 in the
bank.  The company which owned the school changed its name to
Menorah Grammar School 5769 Limited.  There will now be another
name change, The Jewish Chronicle Online adds.

The Jewish Chronicle Online relates school head Kevin Brown said:
"The school went into liquidation on October 19.  No staff have
been asked to leave -- we were all technically made redundant --
but everyone is now back on board."

Menorah Grammar was founded as a charity in 1978. It changed
status to a limited company in 2002 so that trustees would not be
personally liable for debts.  The school is mortgage-free as it
owns its building and the land.  It also houses the Menorah
Foundation Primary, which is believed to be unaffected by the
financial difficulties.

MIDLAND SUPERBIKES: Investigation Into Firm Continues
A meeting held on November 16, 2010, between police and
administrators over criminal allegations surrounding the collapse
of Midland Superbikes has been described as "useful" by an
officer, Harborough Mail reports.

According to Harborough Mail, a criminal investigation was
launched into allegations of theft and fraud after police received
18 complaints from angry customers saying they are owed thousands
of pounds.  Harborough Mail relates that the Sgt. Pete Jelbert, of
Harborough police, said: "It was a useful meeting.  But the
investigation is not going to be a quick process."

Harborough Mail adds that sources have suggested the probe could
take months.

Headquartered in based in Albany Road, Midland Superbikes is a
motorbike company.

NATIONWIDE BUILDING: Moody's Affirms 'Ba2' Subordinated Rating
Moody's Investors Service has changed the outlook on the C- Bank
Financial Strength Ratings of Nationwide Building Society to
stable from negative.  The debt/deposit and BFSR ratings of
Aa3/P-1/C- were affirmed.  The standalone C- BFSR maps to Baa2 on
the long-term scale.  All other ratings including the subordinated
ratings of Baa3 and Ba2 were affirmed with a stable outlook.

                         Rating Rationale

Moody's says that the stabilization of the rating outlook reflects
its expectation that Nationwide's asset quality and earnings
decline may have reached their bottom as demonstrated by these
factors: (1) arrears in the residential mortgage book (85% of its
total portfolio) have remained flat and at a relatively low level
over the last two years -- indeed, they were at 0.68% of loans as
of FY2010 ending April 4, 2010 and are among the lowest in the
sector; (2) the deterioration of commercial property loans (just
under 15% of the portfolio) has also stabilized with specific
provisions against this portfolio having been reduced (GBP119
million in the second half of FY2010 vs. GBP180 million in the
first half of FY2010), signaling that the peak performance issues
in this sector may have been reached; and (3) despite some
pressure on earnings and asset quality, capital levels (15.3%
Tier 1 at FY2010 under IRB basis) have remained adequate against
Moody's expected loss estimates and compare favorably with UK

On the declining trend in interest margins, Moody's comments that
more than 40% of Nationwide's loan portfolio is linked to its Base
Mortgage Rate, which is capped at 200bps above the Bank of England
Base Rate.  This has been a key driver behind the pressure on
interest margins.  Although Moody's believes that the future
impact of this structural problem is now limited to any downward
potential for the base rate (currently at 0.5%), the rating agency
expects Nationwide will be challenged to improve its margins
meaningfully while UK interest rates remain at historic lows.
Therefore, maintenance of lower impairment provisions and
increased contribution from non-interest income are even more
important for Nationwide, which currently has limited options for
capital raising other than retained earnings.

Moody's notes that Nationwide has a good funding profile when
compared to non-mutual banks in the UK, with over 84% of loans
being funded with retail deposits.  Its wholesale funding remains
well-diversified and its access to unsecured and secured funding
markets has been largely uninterrupted throughout the financial
crisis.  Furthermore, Nationwide has a liquidity portfolio
comprising of high-quality assets with maturity, sector and
currency diversification.  Moody's regards Nationwide's mostly
retail-funded balance sheet, solid and well-established wholesale
funding as well as its conservative liquidity book as factors
which underpin its current C- BFSR.

In addition to the above factors, Nationwide's current C- BFSR
also reflects its robust franchise (as one of the top six UK
lenders, and the largest building society in the UK), predominance
of prime lending and strong capital adequacy as well as its
stabilizing asset quality.

Moody's last rating action on Nationwide was implemented on
February 11, 2010, when the ratings of its Permanent Interest
Bearing Shares were downgraded from Ba1 to Ba2.

Headquartered in Swindon, United Kingdom, Nationwide had total
assets of GBP191.3 billion at its FY2010 (April 4, 2010).

NEW FOREST: Goes Into Administration
New Forest Garden Plants went into administration on
November 17, 2010.

Horticulture Week reports that around 40 staff have been made
redundant.  The report relates that the company is being run by
administrators Grant Thornton in Southampton.  The bank involved
is HSBC, the report says.

According to Horticulture Week, joint administrators Trevor
O'Sullivan and Nigel Morrison are developing a strategy to market
the site.  The report relates Mr. O'Sullivan said the business had
seen a downturn in turnover over the last 18 months and did not
have the funds to carry it through the winter.

Headquartered in Beaulieu, Hampshire, New Forest Garden Plants was
established in 1985 and grows herbs, alpines, bulbs, wild flowers
and other seasonal plants for the garden centre industry.
Production is approximately three million plants per year and
turnover is between GBP3 million and GBP4 million.

ROK PLC: Administrators Cut 235 More Jobs
BBC News reports that a further 235 job losses have been announced
by the administrators of Rok plc.

According to BBC, the redundancies are at its construction
operations in Reading, Crawley, Bristol and Exeter as well as its
social housing activities in Leeds.

BBC notes elsewhere 381 jobs have been secured after the
administrators, PricewaterhouseCoopers, managed to sell part of
Rok's business.

BBC relates PwC said it had reached an agreement in principle to
sell parts of the construction and social house building division
of Rok to Mansell Construction Services, which is a subsidiary of
Balfour Beatty.

The businesses to be sold include the construction operations in
Milton Keynes, Gatwick and Heathrow as well as the social house
building businesses based in the south-west and north-west of
England, BBC notes.  BBC says almost 400 jobs will be saved in
those areas.

The remaining construction operations in Reading, Crawley, Bristol
and Exeter as well as the social house building activities in
Leeds are being closed, BBC discloses.

As reported by the Troubled Company Reporter-Europe on Nov. 10,
2010, Wiltshire Times said Rok plc and Rok Building Limited went
into administration and Robert Hunt, Michael Jarvis, and Robert
Lewis and Jeremy Webb, all of PwC, were appointed as joint

ROK Plc -- 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.

SPECIALITY RETAIL: Suits You Faces Closure; 370 Jobs Affected
Suits You is closing down with the loss of about 370 jobs, Mark
Potter at Reuters reports, citing administrators to parent company
Speciality Retail Group Ltd.

Reuters relates Zolfo Cooper said all 66 Suits You shops would
close, with 10 shutting before the end of November, but most
continuing to trade over Christmas before closing in the New Year.

"We looked at trading the business in the longer term, however
this has not proved to be financially viable," said Fraser Gray, a
partner at Zolfo Cooper, according to Reuters.

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


* BOND PRICING: For the Week November 15 to November 19, 2010

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

RAIFF ZENTRALBK        4.500   9/28/2035       EUR     67.19

FORTIS BANK            8.750   12/7/2010       EUR     13.60

MUNI FINANCE PLC       0.250   6/28/2040       CAD     24.00
MUNI FINANCE PLC       0.500   9/24/2020       CAD     68.65
MUNI FINANCE PLC       1.000   2/27/2018       AUD     68.03
MUNI FINANCE PLC       1.000   6/30/2017       ZAR     61.28
MUNI FINANCE PLC       0.500   3/17/2025       CAD     53.51

AIR FRANCE-KLM         4.970    4/1/2015       EUR     16.76
ALCATEL SA             4.750    1/1/2011       EUR     16.73
ALCATEL-LUCENT         5.000    1/1/2015       EUR      3.31
ALTRAN TECHNOLOG       6.720    1/1/2015       EUR      4.89
ATOS ORIGIN SA         2.500    1/1/2016       EUR     51.88
CALYON                 6.000   6/18/2047       EUR     45.89
CAP GEMINI SOGET       3.500    1/1/2014       EUR     42.53
CAP GEMINI SOGET       1.000    1/1/2012       EUR     43.27
CLUB MEDITERRANE       6.110   11/1/2015       EUR     18.02
EURAZEO                6.250   6/10/2014       EUR     59.78
FAURECIA               4.500    1/1/2015       EUR     23.25
GROUPE VIAL            2.500    1/1/2014       EUR     21.93
MAUREL ET PROM         7.125   7/31/2014       EUR     16.36
MAUREL ET PROM         7.125   7/31/2015       EUR     13.57
NEXANS SA              4.000    1/1/2016       EUR     63.30
PEUGEOT SA             4.450    1/1/2016       EUR     35.03
PUBLICIS GROUPE        3.125   7/30/2014       EUR     37.69
PUBLICIS GROUPE        1.000   1/18/2018       EUR     48.28
RHODIA SA              0.500    1/1/2014       EUR     48.75
SOC AIR FRANCE         2.750    4/1/2020       EUR     21.75
SOITEC                 6.250    9/9/2014       EUR     10.24
TEM                    4.250    1/1/2015       EUR     57.12
THEOLIA                2.700    1/1/2041       EUR     11.24
VALEO                  2.375    1/1/2011       EUR     47.20
ZLOMREX INT FIN        8.500    2/1/2014       EUR     68.88
ZLOMREX INT FIN        8.500    2/1/2014       EUR     68.88

DEUTSCHE BK LOND       0.500   8/25/2017       BRL     53.53
DEUTSCHE BK LOND       3.000   5/18/2012       CHF     66.44
HSH NORDBANK AG        4.375   2/14/2017       EUR     63.96
HYPOREAL INTL AG       4.560   3/28/2021       EUR     86.21
L-BANK FOERDERBK       0.500   5/10/2027       CAD     49.51
LB BADEN-WUERTT        2.500   1/30/2034       EUR     72.84
QIMONDA FINANCE        6.750   3/22/2013       USD      3.13
RENTENBANK             1.000   3/29/2017       NZD     73.99
SOLON AG SOLAR         1.375   12/6/2012       EUR     33.06

ATHENS URBAN TRN       5.008   7/18/2017       EUR     67.57
ATHENS URBAN TRN       4.851   9/19/2016       EUR     70.49
HELLENIC RAILWAY       4.500   12/6/2016       JPY     65.01
HELLENIC REP I/L       2.300   7/25/2030       EUR     49.22
HELLENIC REP I/L       2.900   7/25/2025       EUR     49.38
HELLENIC REPUB         6.140   4/14/2028       EUR     67.86
HELLENIC REPUB         5.000   3/11/2019       EUR     60.84
HELLENIC REPUB         5.000   8/22/2016       JPY     67.17
HELLENIC REPUB         4.590    4/8/2016       EUR     73.21
HELLENIC REPUB         5.250    2/1/2016       JPY     74.69
HELLENIC REPUB         5.200   7/17/2034       EUR     60.72
HELLENIC REPUBLI       5.900   4/20/2017       EUR     70.48
HELLENIC REPUBLI       4.300   7/20/2017       EUR     64.10
HELLENIC REPUBLI       4.600   7/20/2018       EUR     63.51
HELLENIC REPUBLI       6.000   7/19/2019       EUR     68.64
HELLENIC REPUBLI       6.250   6/19/2020       EUR     69.83
HELLENIC REPUBLI       4.600   9/20/2040       EUR     53.62
HELLENIC REPUBLI       4.700   3/20/2024       EUR     60.18
HELLENIC REPUBLI       5.300   3/20/2026       EUR     62.11
HELLENIC REPUBLI       4.500   9/20/2037       EUR     53.78
HELLENIC REPUBLI       3.700   7/20/2015       EUR     70.20
HELLENIC REPUBLI       3.600   7/20/2016       EUR     66.03
NATIONAL BK GREE       3.875   10/7/2016       EUR     76.08

AIB MORTGAGE BNK       5.000   2/12/2030       EUR     56.16
AIB MORTGAGE BNK       5.000    3/1/2030       EUR     56.11
AIB MORTGAGE BNK       5.580   4/28/2028       EUR     62.43
ALLIED IRISH BKS      10.750   3/29/2017       EUR     44.63
ALLIED IRISH BKS      12.500   6/25/2019       GBP     47.43
ALLIED IRISH BKS      11.500   3/29/2022       GBP     44.53
ALLIED IRISH BKS      12.500   6/25/2019       EUR     45.71
ALLIED IRISH BKS       5.250   3/10/2025       GBP     37.21
ALLIED IRISH BKS       7.875    7/5/2023       GBP     42.59
ALLIED IRISH BKS      10.750   3/29/2017       USD     44.56
ANGLO IRISH BANK       4.000   4/23/2018       EUR     58.51
BANK OF IRELAND       10.000   2/12/2020       GBP     67.28
BANK OF IRELAND       10.000   2/12/2020       EUR     66.56
BANK OF IRELAND       10.750   6/22/2018       GBP     66.07
BANK OF IRELAND        4.875   1/22/2018       GBP     58.01
BANK OF IRELAND        9.250    9/7/2020       GBP     64.40
BK IRELAND MTGE        5.450    3/1/2030       EUR     60.74
BK IRELAND MTGE        5.760    9/7/2029       EUR     63.59
BK IRELAND MTGE        5.400   11/6/2029       EUR     60.45
DEPFA ACS BANK         4.900   8/24/2035       CAD     64.46
DEPFA ACS BANK         3.250   7/31/2031       CHF     67.98
DEPFA ACS BANK         1.920    5/9/2020       JPY     74.13
DEPFA ACS BANK         0.500    3/3/2025       CAD     32.95
DEPFA ACS BANK         3.278   7/17/2026       CHF     74.12
DEPFA ACS BANK         5.125   3/16/2037       USD     71.37
DEPFA ACS BANK         5.125   3/16/2037       USD     71.61
IRISH LIFE PERM        4.250    4/9/2015       EUR     73.93
IRISH NATIONWIDE      13.000   8/12/2016       GBP     25.42
IRISH NATIONWIDE       5.500   1/10/2018       GBP     27.46

CITY OF TURIN          5.270   6/26/2038       EUR     70.32
CO BACOLI              3.671   3/31/2026       EUR     72.95
CO SPOLETO             3.711   3/31/2026       EUR     73.32
COMU MONT LEOGRA       4.362   1/13/2037       EUR     74.04
COMU MONT LEOGRA       3.685   1/15/2026       EUR     73.25

ARCELORMITTAL          7.250    4/1/2014       EUR     29.42
LIGHTHOUSE INTL        8.000   4/30/2014       EUR     47.13
LIGHTHOUSE INTL        8.000   4/30/2014       EUR     47.36

APP INTL FINANCE      11.750   10/1/2005       USD      0.01
ARPENI PR INVEST       8.750    5/3/2013       USD     47.63
ARPENI PR INVEST       8.750    5/3/2013       USD     47.63
ASTANA FINANCE         7.875    6/8/2010       EUR     12.97
BK NED GEMEENTEN       0.500   2/24/2025       CAD     53.94
BRIT INSURANCE         6.625   12/9/2030       GBP     68.42
DGS INTL FIN BV       10.000    6/1/2007       USD      0.01
ELEC DE CAR FIN        8.500   4/10/2018       USD     56.68
INDAH KIAT INTL       12.500   6/15/2006       USD      0.01
IVG FINANCE BV         1.750   3/29/2017       EUR     74.50
NATL INVESTER BK      25.983    5/7/2029       EUR     29.58
NED WATERSCHAPBK       0.500   3/11/2025       CAD     54.09
RABOBANK               6.900    6/6/2017       RUB     92.15
TJIWI KIMIA FIN       13.250    8/1/2001       USD      0.01

EKSPORTFINANS          0.500    5/9/2030       CAD     42.91
KOMMUNALBANKEN         0.500   9/24/2014       BRL     71.06

REP OF POLAND          2.648   3/29/2034       JPY     65.62
COMBOIOS DE PORT       5.700    2/5/2030       EUR     68.96

PARPUBLICA             3.567   9/22/2020       EUR     65.45
PORTUGUESE OT'S        4.100   4/15/2037       EUR     69.05

ACBK-INVEST            8.000   4/14/2011       RUB     75.00
AGROKOM GROUP         10.000   6/21/2011       RUB     75.00
APK ARKADA            17.500   5/23/2012       RUB      0.38
ARKTEL-INVEST         12.000    4/9/2012       RUB      1.00
BANK KEDR             12.800   7/22/2011       RUB     75.00
BANK SOYUZ             7.750    5/2/2011       RUB     75.00
BANK SOYUZ             9.500   2/23/2011       RUB     75.00
BARENTSEV FINANS      20.000    7/4/2011       RUB      1.10
CREDIT EUROPE BA      11.500   6/28/2011       RUB     75.00
DVTG-FINANS           17.000   8/29/2013       RUB      9.00
ENERGOSPETSSNAB        8.500   5/30/2016       RUB     75.00
EUROKOMMERZ           16.000   3/15/2011       RUB      0.01
FINANCEBUSINESSG      12.500   6/22/2011       RUB     75.00
FINANCEBUSINESSG      10.000    7/1/2013       RUB     75.00
FORTUM OJSC            7.600    2/6/2013       RUB     75.00
GLAVSTROY-FINANS       1.000   3/17/2011       RUB     75.00
GRACE DIAMOND         15.000    6/7/2012       RUB     75.00
GRADOSTROY-INVES      11.000    3/3/2011       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     51.00
INTERSOFT             10.070   3/31/2025       RUB     75.00
INTL INDUST BANK      13.250    1/3/2018       RUB     75.00
IZHAVTO               18.000    6/9/2011       RUB     11.31
KARUSEL FINANS        12.000   9/12/2013       RUB     75.00
LADYA FINANS          13.750   9/13/2012       RUB     75.00
LLC VICTORIA FIN       8.000   2/12/2013       RUB     75.00
LR-INVEST             13.750   7/17/2012       RUB     75.00
M-INDUSTRIYA          12.250   8/16/2011       RUB     29.00
MACROMIR-FINANS        7.750    7/3/2012       RUB      0.21
MAIN ROAD OJSC        10.200    6/3/2011       RUB     75.00
MIG-FINANS             0.100    9/6/2011       RUB      2.09
MIRAX                 17.000   9/17/2012       RUB     29.00
MIRAX                 14.990   5/17/2011       RUB     30.01
MORTON-RSO            12.000   2/28/2011       RUB     75.00
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      6.99
MY BANK               12.960   4/16/2015       RUB     90.00
NATIONAL CAPITAL      13.000   9/25/2012       RUB     75.00
NATIONAL FACTORI      11.500    5/3/2011       RUB     75.00
NAUKA-SVYAZ           15.000   6/27/2013       RUB     75.00
NEW INVESTMENTS       12.000    7/7/2011       RUB     75.00
NOK                   12.500   8/26/2014       RUB      0.02
NOK                   10.000   9/22/2011       RUB      1.01
NOMOS-LEASING         12.000    7/8/2011       RUB     75.00
NOVOROSSIYSK          13.000   12/9/2011       RUB     75.00
NOVYE TORGOVYE S      15.000   4/26/2011       RUB     79.90
NUTRINVESTHOLDIN      11.000   6/30/2014       RUB     25.25
OJSC FCB              11.000    8/7/2012       RUB     75.00
PETROCOMMERCE BK       5.000    7/6/2011       RUB     98.00
PROM TECH             16.000   4/25/2011       RUB     75.00
PROMNESTESERVICE       9.500   12/5/2014       RUB     75.00
RIATO                 13.750    6/3/2013       RUB     75.00
RYBINSKKABEL           0.010   2/28/2012       RUB      0.01
SAHO                  15.000   5/21/2012       RUB     50.00
SATURN                10.000    6/6/2014       RUB      1.00
SEVENTH CONTINE        9.250   6/14/2012       RUB      5.70
SEVKABEL-FINANS       10.500   3/27/2012       RUB      3.40
SIBUR                 13.500   3/13/2015       RUB     75.00
SISTEMA-HALS           8.500   4/15/2014       RUB     75.00
SISTEMA-HALS           8.500    4/8/2014       RUB     75.00
SOUTHERN STOCK C       9.000   4/29/2014       RUB     75.00
TECHNONICOL-FINA      13.500   9/11/2013       RUB     75.00
TECHNONICOL-FINA      13.000   9/25/2013       RUB     75.00
TECHNONICOL-FINA      13.000   9/19/2013       RUB     75.00
TECHNOSILA-INVES       7.000   5/26/2011       RUB     45.00
TERNA-FINANS           1.000   11/4/2011       RUB      6.06
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     97.00
VESTER-FINANS         15.250   8/11/2011       RUB      3.53
VKM-LEASING FINA       1.000   5/18/2011       RUB      0.01
VLADPROMBANK          12.000    3/8/2011       RUB     75.00
ZAO EUROPLAN          10.000   8/11/2011       RUB     75.00
ZAPSIBCOMBANK         11.000   9/15/2011       RUB     75.00
ZHILSOTSIPOTEKA-       9.000   7/26/2011       RUB     75.00

AYT CEDULAS CAJA       3.750   6/30/2025       EUR     69.07
BANCAJA                1.500   5/22/2018       EUR     63.72
BANCAJA EMI SA         2.755   5/11/2037       JPY     44.88
BANCO GUIPUZCOAN       1.500   4/18/2022       EUR     64.36
CAJA CASTIL-MAN        1.500   6/23/2021       EUR     54.86
CEDULAS TDA 6          3.875   5/23/2025       EUR     70.80
CEDULAS TDA A-5        4.250   3/28/2027       EUR     72.31
CEDULAS TDA A-6        4.250   4/10/2031       EUR     67.22
GENERAL DE ALQUI       2.750   8/20/2012       EUR     71.73
JUNTA LA MANCHA        3.875   1/31/2036       EUR     69.91

SWEDISH EXP CRED       9.000   8/12/2011       USD     10.11
SWEDISH EXP CRED       9.000   8/28/2011       USD      9.56
SWEDISH EXP CRED       0.500   9/29/2015       BRL     64.75

UBS AG                10.580   6/29/2011       USD     38.96
UBS AG                13.700   5/23/2012       USD     14.30
UBS AG                13.300   5/23/2012       USD      4.08
UBS AG JERSEY          9.350   9/21/2011       USD     64.71
UBS AG JERSEY          9.450   9/21/2011       USD     51.25
UBS AG JERSEY         16.170   1/31/2011       USD     12.76
UBS AG JERSEY          3.220   7/31/2012       EUR     49.98
UBS AG JERSEY         10.280   8/19/2011       USD     35.67
UBS AG JERSEY         13.900   1/31/2011       USD     34.29
UBS AG JERSEY         14.640   1/31/2011       USD     36.44
UBS AG JERSEY         11.000   2/28/2011       USD     70.04
UBS AG JERSEY         10.000   2/11/2011       USD     59.90
UBS AG JERSEY         15.250   2/11/2011       USD     11.25
UBS AG JERSEY         10.360   8/19/2011       USD     53.58
UBS AG JERSEY         11.150   8/31/2011       USD     39.03
UBS AG JERSEY         16.160   3/31/2011       USD     42.51
UBS AG JERSEY         12.800   2/28/2011       USD     33.71
UBS AG JERSEY         10.650   4/29/2011       USD     15.50
UBS AG JERSEY         11.030   4/21/2011       USD     20.51
UBS AG JERSEY         10.820   4/21/2011       USD     21.35

BANK OF SCOTLAND       6.984    2/7/2035       EUR     73.97
BARCLAYS BK PLC       13.800   5/27/2011       USD     52.08
BARCLAYS BK PLC        7.610   6/30/2011       USD     52.25
BARCLAYS BK PLC        8.750   9/22/2011       USD     72.60
BARCLAYS BK PLC        8.800   9/22/2011       USD     16.76
BARCLAYS BK PLC       10.350   1/23/2012       USD     20.48
BARCLAYS BK PLC        8.550   1/23/2012       USD     11.57
BARCLAYS BK PLC       12.950   4/20/2012       USD     23.97
BARCLAYS BK PLC       10.650   1/31/2012       USD     41.50
BARCLAYS BK PLC       10.800   7/31/2012       USD     27.48
BARCLAYS BK PLC        9.400   7/31/2012       USD     11.67
BARCLAYS BK PLC        9.500   8/31/2012       USD     29.41
BARCLAYS BK PLC        9.250   8/31/2012       USD     34.72
BRADFORD&BIN BLD       5.500   1/15/2018       GBP     45.23
BRADFORD&BIN PLC       6.625   6/16/2023       GBP     46.48
BRADFORD&BIN PLC       7.625   2/16/2049       GBP     48.40
CO-OPERATIVE BNK       5.875   3/28/2033       GBP     75.03
EFG HELLAS PLC         6.010    1/9/2036       EUR     34.88
EFG HELLAS PLC         5.400   11/2/2047       EUR     60.38
ENTERPRISE INNS        6.375   9/26/2031       GBP     73.35
NORTHERN ROCK          5.750   2/28/2017       GBP     75.14
PUNCH TAVERNS          7.567   4/15/2026       GBP     68.62
PUNCH TAVERNS          6.468   4/15/2033       GBP     44.40
ROYAL BK SCOTLND       6.316   6/29/2030       EUR     69.34
RSL COMM PLC           9.125    3/1/2008       USD      1.31
RSL COMM PLC          10.125    3/1/2008       USD      1.31
SKIPTON BUILDING       6.750   5/30/2022       GBP     68.69
SKIPTON BUILDING       5.625   1/18/2018       GBP     72.35
TXU EASTERN FNDG       6.450   5/15/2005       USD      2.88
UNIQUE PUB FIN         6.464   3/30/2032       GBP     64.79
WESSEX WATER FIN       1.369   7/31/2057       GBP     31.76


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

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  Go to 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,

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 * * *