TCREUR_Public/101129.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 29, 2010, Vol. 11, No. 235



A-TEC INDUSTRIES: Inter RAO May Buy AE&E Unit With EMAlliance


CMA CGM: To Receive US$500 Million Cash Injection From Yildirim


CONERGY AG: Creditors Back Debt-for-Equity Swap
DEUTSCHE POSTBANK: Moody's Gives Positive Outlook on 'B1' Rating
* GERMANY: Must Sort Out Vulnerable Parts of Banking Sector


EUROCONNECT ISSUER: Fitch Affirms 'B-sf' Rating on Class D Notes
IRISH LIFE: Likely Bailout May Affect EBS Acquisition Bid


BANK AVANGARD: Moody's Assigns 'B2' Rating to Senior Unsec. Debt
RUSSIAN STANDARD: Moody's Gives Stable Outlook on 'Ba3' Rating
TINKOFF.CREDIT SYSTEMS: Moody's Puts 'B3' Rating to Senior Debt


TDA FTPYME: Moody's Assigns (P)B2 (sf) Rating on Series B Note


* Fitch Changes Outlook on Turkey's 'BB+' Ratings to Positive

U N I T E D   K I N G D O M

CITIGROUP INC: Western European Operations Face Wind-Down
CUSTOM LEISURE: Placed Into Administration; 43 Jobs Axed
DUNDEE FOOTBALL CLUB: SFL to Hear Appeal on Penalty in December
GROUPE FOKIA: Goes Into Administration
GUIDESTAR DATA: Administrator Says Recovery Is 18p in the GBP1

PIPE HOLDINGS: S&P Upgrades Corporate Credit Rating to 'B-'
TAYLOR WIMPEY: Moody's Assigns 'B2' Corporate Family Rating
WEST FIFTY: Goes Into Administration


* EUROPE: Bailout Fund May Need to Be Increased If Necessary
* BOND PRICING: For the Week November 22 to November 26, 2010



A-TEC INDUSTRIES: Inter RAO May Buy AE&E Unit With EMAlliance
Anna Shiryaevskaya at Bloomberg News, citing Kommersant, reports
that OAO Inter RAO UES, a state-run Russian utility, may buy A-Tec
Industries AG after the company filed for debt relief.

According to Bloomberg, the Moscow-based newspaper on Friday said
Inter RAO and EMAlliance may be interested in A-Tec's AE&E unit if
the company is broken up and sold off in pieces.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2010, A-Tec's AE&E construction unit received court clearance to
reorganize debt after it failed to sell the company or unfreeze a
EUR798 million (US$1.06 billion) credit line.  Bloomberg disclosed
A-Tec said in a statement AE&E will be managed by an administrator
after it filed for reorganization proceedings at the Vienna
Commercial Court on Nov. 24.  AE&E said under the restructuring,
which is part of the insolvency process, creditors are being
offered 20% of what they are owed, according to Bloomberg.  A-Tec,
as cited by Bloomberg, said in a separate statement on Nov. 24
AE&E had been trying to sell itself and potential buyers included
Austria's Andritz AG, Mass Financial Corp. of Hong Kong and
Korea's Doosan Heavy Industries and Construction Co.

As reported by the Troubled Company Reporter-Europe on Nov. 5,
2010, Bloomberg News said the AE&E unit, which builds power plants
for clients such as utilities or steel makers, is A-Tec's biggest
unit with 60% of the group's revenue and 83% of pretax profit in
2009.  Bloomberg noted failure to keep it afloat would diminish
the funds for creditors.

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

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


CMA CGM: To Receive US$500 Million Cash Injection From Yildirim
Robert Wright at The Financial Times reports that CMA CGM has
brought to an end more than a year of efforts to find fresh
capital after a Turkish group agreed to make a US$500 million cash

According to the FT, the deal, announced on Thursday evening, will
see the family-owned Yildirim Group invest in return for
convertible notes that will eventually give it 20% of the capital

The FT relates Jacques Saade, CMA CGM's chairman and founder, said
the alliance would allow the company to strengthen its balance

CMA CGM was forced to seek a financial restructuring in September
2009 after sharp falls in world container trade volumes and in
earnings per container shipped pushed it into severe losses, the
FT discloses.  It also faces significant liabilities paying for
new, large ships ordered during container shipping's long boom
between 2002 and 2008, the FT notes.

The Troubled Company Reporter-Europe, citing Bloomberg News, had
reported that CMA CGM, which is reorganizing EUR5.4 billion
(US$7 billion) of debt, began talks with creditors in September
2009 to reorganize and avoid insolvency after breaching covenants
on most of its debt.  Bloomberg disclosed under France's court-
sponsored conciliation procedure, a company's failure to meet the
deadline for an agreement with creditors makes it harder to raise
new funds and leaves it vulnerable to insolvency if broken
covenants are invoked.

France-based CMA CGM -- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.


CONERGY AG: Creditors Back Debt-for-Equity Swap
Jann Bettinga at Bloomberg News, citing the Financial Times
Deutschland, reports that Conergy AG's creditors agreed in
principle to the option of a debt-for-equity swap.

According to Bloomberg, the newspaper said several banks sold
their debt in the German company to hedge funds including York
Capital and Sothic Capital, and Conergy believes that hedge funds
hold at least 25% of the company's debt.

As reported by the Troubled Company Reporter-Europe on Aug. 2,
2010, Bloomberg News, citing Handelsblatt, said Conergy reached an
agreement with its creditors, avoiding bankruptcy.

Conergy AG -- is a Germany-based global
manufacturer of products for the solar power generation, operating
in two business segments: Conergy PV and EPURON.  The Conergy PV
segment is divided into two divisions: Components, developing and
manufacturing system components, such as solar cells, solar
modules, module frames and electronic components, and Sales &
Systems, distributing the products to wholesalers, installers and
final customers.  The activities of EPURON segment encompass
project development and structured financing in the field of
renewable energies, through a number of subsidiaries. EPURON
develops, finances and implements solar farms, as well as solar
thermal power plants and bioenergy systems, mainly for
institutional investors.  It has representatives in 16 countries.
As of December 31, 2009, the Company had 347 subsidiaries.

DEUTSCHE POSTBANK: Moody's Gives Positive Outlook on 'B1' Rating
Moody's Investors Service has changed the outlook to positive from
negative on the B1 rating of Deutsche Postbank AG's Genussschein,
due in 2014 (ISIN DE0001397032).  Concurrently, Moody's affirmed
the B1 rating.

                        Ratings Rationale

The B1 rating is based on Moody's expected-loss approach, which
reflects the risk associated with the Genussschein's profit and
loss trigger.  The additional principal write-down feature is also
linked to a net loss.  Trigger breaches for the fiscal years 2008
and 2009 resulted in one coupon deferral and two consecutive
principal write-downs.

However, Postbank recently stated publicly that they intend to
fully write-back the instrument's principal amount and pay the
current coupons, including omitted coupon payments from prior
fiscal years as they expect to achieve a profit in 2010.  This has
triggered the change of the rating outlook to positive from
negative.  Moody's expect to apply Moody's normal notching
approach to this instrument from the Adjusted Baseline Credit
Assessment, once Postbank publishes its annual results according
to local GAAP (HGB).  Moody's believes that the results will show
positive performance.

The most recent rating action on Postbank was implemented on
February 19, 2010, when Moody's downgraded Postbank's ratings to
A1/D+ from Aa3/C, with a negative outlook on all the ratings.

Headquartered in Bonn, Germany, Deutsche Postbank AG reported
total assets of EUR231.5 billion, as of end-September 2010.

* GERMANY: Must Sort Out Vulnerable Parts of Banking Sector
German banks are in better shape than a year ago but the country
must do more to sort out vulnerable parts of the system such as
the Landesbank sector, James Wilson writes for The Financial
Times, citing a Bundesbank report.

According to the FT, officials at the German central bank said the
country's strong economic recovery meant writedowns from bad loans
would be at the lower end of original expectations.  But they
cautioned that German banks still had considerable exposure to
troubled sectors such as property, via direct lending and
structured securities, the FT notes.

The FT relates the Bundesbank said they would need to raise about
EUR50 billion (US$67 billion) in capital to comply with Basel III
capital requirements -- lower than some previous estimates.

The Bundesbank also played down German banks' exposure to Ireland,
estimating direct exposure at about EUR25 billion, the FT

The Bundesbank warned they must curb an increasing dependency on
volatile short-term funding, which had risen to about 30% of
outstanding debt from 225 before the financial crisis, the FT
discloses.  It said there was a need to cut "excess capacity" in
the banking system, the FT relates.

According to the FT, the Bundesbank said German banks face bad
loan losses of about EUR23 billion this year and a similar amount
in 2011, compared with EUR37 billion in 2009.

The Bundesbank also believes German banks should largely be able
to use retained earnings to build up capital to meet the Basel III
requirement, the FT states.

The central bank also warned it needed to "shed more light on the
shadow banking system" to avoid riskier activities being shifted
to avoid tighter banking regulation, the FT notes.


EUROCONNECT ISSUER: Fitch Affirms 'B-sf' Rating on Class D Notes
Fitch Ratings has affirmed EuroConnect Issuer LC 2007-1 Ltd's

  -- EUR310.4m Class A secured notes (ISIN: XS0311810898):
     Affirmed at 'Asf', Stable Outlook, Loss Severity Rating 'LS-

  -- EUR93.1m Class B secured notes (ISIN: XS0311811862): Affirmed
     at 'BBBsf', Negative Outlook, Loss Severity Rating 'LS-4'

  -- EUR62.1m Class C secured notes (ISIN: XS0311813306): Affirmed
     at 'BBsf', Negative Outlook, Loss Severity Rating 'LS-5'

  -- EUR68.3m Class D secured notes (ISIN: XS0311814536): Affirmed
     at 'B-sf', Negative Outlook, Loss Severity Rating 'LS-5'

Fitch's affirmation reflects the notes' increased credit
enhancement resulting from amortization, which in Fitch's view
outweighs the portfolio deterioration since the last rating action
in October 2009.  Over the past 12 months, the class A CE has
increased to 17.1% from 10.2%.  Over the same period, class B CE
rose to 12.7% from 7.4%, class C CE to 9.8% from 5.5% and class D
CE to 6.6% from 3.  5%.  The non-rated class E notes of EUR138.8
million serve as a first-loss piece and provide CE to the rated
classes.  The Negative Outlooks assigned to the class B, C and D
notes reflect high portfolio concentration as well as relatively
limited CE surplus.  This makes the notes more vulnerable to the
potential negative asset migration risk and defaults.

The transaction is a partially-funded synthetic collateralized
debt obligation referencing a predominantly European portfolio of
senior unsecured obligations of medium-sized and large corporate
entities originated and credit-assessed by UniCredit Bank AG
(formerly HVB), UniCredit Bank Austria AG (formerly Bank Austria
Creditanstalt AG, BA-CA) and UniCredit S.p.A. (formerly UniCredit
Banca d'Impresa, UBI).

Fitch considers the remaining portfolio highly concentrated.  Due
to the amortizing pool notional, the exposure to the largest
obligor and top 10 borrowers has increased to 5.55% and 34.96% of
the portfolio notional, respectively, compared to 3.6% and 24.1%,
respectively, at the last review.  The portfolio is concentrated
in Austria (43.8%), Italy (21.4%) and Germany (11.2%).  Based on
the pool cut as of 31 July 2010, the portfolio consisted of 400
loans to 292 obligors with a total amount of EUR2.1 billion down
from EUR3.29 billion at the last review.  The weighted-average
life of the pool has decreased to 2.4 years from 2.75 years in
October 2009.  UniCredit Bank Austria AG originated 51% of the
outstanding pool, UniCredit Bank AG 28% and UniCredit S.p.A 21%.

In Fitch's view, performance has slightly deteriorated since the
last review.  According to the last investor report (as of the
payment date on September 15, 2010), eight assets that triggered a
credit event are in the work-out process.  Those assets represent
EUR63.4 million or 3% of the current outstanding pool of
EUR2.11 billion.  So far, one defaulted asset with a notional
amount of EUR21.7 million has gone through the work-out process
and resulted in a loss of EUR10.13 million that was absorbed by
class E.  Accordingly, the class E initial amount was reduced by
EUR10.13 million resulting into the current outstanding amount of
EUR138.82 million.

According to the latest investor report, four loans are
delinquent, amounting to EUR4.54 million or 0.2% of the current
outstanding pool.  To estimate the transaction's future
performance, Fitch used its Portfolio Credit Model.  To run PCM,
Fitch took a conservative assumption on the defaulted and
delinquent loans.

The originating banks use their internal credit rating systems to
assess the loans.  Fitch has reviewed the banks' internal rating
systems and mapped the internal rating categories to Fitch's IDR
scale at the transaction's close.  The proportion of loans with a
mapped rating of lower than 'BB' is 26.04% of the current total
pool and thus higher than at the last review (17.4%).

The note issuance proceeds remain as cash deposits at UniCredit
Bank AG ('A+'/Stable/'F1+'), Unicredit Bank Austria AG
('A'/Stable/'F1') and UniCredit S.P.A.  (formerly UniCredito
Italiano S.P.A., rated 'A'/Negative/F1').

Fitch has assigned an Issuer Report Grade of two stars ("basic")
to the publicly available reports on the transaction.  The
reporting is accurate and timely.  It contains detailed
information on cumulative default figures and various
stratifications.  However, the reports lack more detailed
information on the lower rating categories and on borrowers that
have triggered a credit event.

IRISH LIFE: Likely Bailout May Affect EBS Acquisition Bid
Laura Noonan at Irish Independent reports that Irish Life &
Permanent's (IL&P) bid for EBS Building Society has been thrown
into disarray after it emerged that the bancassurer may have to
accept state help as part of the banking bailout.

Irish Independent relates brokers on Wednesday suggested that IL&P
could need an extra EUR600 million to meet the new 12% capital bar
to be unveiled by the government over the coming weeks.

According to Irish Independent, legal sources say any government
help given to IL&P could be seen as state aid by the European
Commission, putting the company's EBS bid in jeopardy.  Irish
Independent says state aid rules mean the commission would have to
approve any acquisitions by a bailed-out IL&P, even if the
acquisition wasn't directly funded by the bailout.

Even if the commission does agree to allow IL&P to go ahead with
its EBS bid, any deal could still be subject to legal challenge
from rival bidder the Cardinal consortium, Irish Independent

Irish Independent notes that while a spokesman for IL&P declined
to comment on the implications of accepting a bailout, it is
understood, however, that the bancassurer does not view a cash
injection from the state as "inevitable".

Irish Independent says the company has been locked out of
international money markets and is heavily reliant on the European
Central Bank (ECB) for funding, in common with the other banks.
This suggests that investors are not reassured that IL&P has
enough capital, raising the specter of injections by the state,
Irish Independent discloses.

According to Irish Independent, even if IL&P doesn't feel it needs
the cash, it does need the support of policymakers to continue
funding its operations, and so could find it hard to refuse their

Headquartered in Dublin, Irish Life & Permanent plc -- is a provider of personal
financial services to the Irish market.  Its business segments
include banking, which provides retail banking services; insurance
and investment, which includes individual and group life assurance
and investment contracts, pensions and annuity business written in
Irish Life Assurance plc and Irish Life International, and the
investment management business written in Irish Life Investment
Managers Limited; general insurance, which includes property and
casualty insurance carried out through its associate, Allianz-
Irish Life Holdings plc, and other, which includes a number of
small business units.  On June 30, 2008, it acquired the rest of
the 50% interest in Joint Mortgage Holdings No. 1 Limited (the
parent of Springboard Mortgages Limited), resulting in Springboard
Mortgages becoming a wholly owned subsidiary.  On December 23,
2008, it acquired an additional 23% of Cornmarket Group Financial
Services Ltd, bringing its interest to 98%.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on April 8,
2010, Fitch Ratings downgraded Irish Life & Permanent's Individual
rating to 'D' from 'C'.  Fitch said the downgrade reflects Fitch's
concerns about ILP's profitability in the next two years, its
ability to absorb increased provisioning charges in the banking
business through operating profits, the standalone capital
position of the bank and its large share of wholesale funding.
According to Fitch, while the insurance business, Irish Life,
continues to be profitable at an operating level, its
profitability was not sufficient to compensate for losses in the
banking business, permanent tsb, in 2009.

IL&P continues to carry Moody's Investors Servie's standalone Bank
Financial Strength Rating of D, which maps to Ba2 on the long term
rating scale.  IL&P's also carries an undated subordinated debt
rating of Ba3 from the rating agency.


BANK AVANGARD: Moody's Assigns 'B2' Rating to Senior Unsec. Debt
Moody's assigns a B2 long-term global local currency debt rating
to Bank Avangard senior unsecured debt.  The rating carries a
stable outlook.  Any subsequent senior debt issuance by Bank
Avangard 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 B2 was assigned to these debt instruments:

  -- RUB1,500M Senior Unsecured Regular Bond due 10 May 2013

                        Ratings Rationale

The rating assigned by Moody's is in line with Bank Avangard's
global local currency deposit rating of B2, which is, in turn,
based on the bank's E+ BFSR (mapping to a Baseline Credit
Assessment of B2).  The rating does not incorporate any
expectation of systemic or shareholder support for Bank Avangard
in case of need.

The rating is constrained by: (i) adverse credit conditions in
Russia (ii) very high single-name concentrations on both sides of
the balance sheet; (iii) high (and recently increased) level of
related-party lending relative to the bank's equity; and (iv) some
corporate governance and risk management deficiencies.  The BFSR
is underpinned by Avangard's established franchise in the
corporate, retail and leasing segments.  This, in turn, is
supported by the bank's close connections with a number of key
clients and its visible franchise in servicing individuals and

Headquartered in Moscow, Bank Avangard reported total (audited)
consolidated IFRS assets of RUB54.5 billion (US$1.8 billion) at
year-end 2009.

RUSSIAN STANDARD: Moody's Gives Stable Outlook on 'Ba3' Rating
Moody's Investors Service has changed to stable from negative the
outlook on the Ba3 long-term foreign and local currency deposit
ratings and foreign currency senior unsecured debt ratings as well
as the D- Bank Financial Strength Rating of Russian Standard Bank.
Additionally, Moody's has assigned a Ba3 long-term local currency
debt rating, with stable outlook, to RSB's senior unsecured debt.
Any subsequent senior debt issuance by RSB will be rated at the
same rating level subject to there being no material change in the
bank's overall credit rating.

A long-term local currency debt rating of Ba3 was assigned to
these debt instruments:

  -- RUB5.000 billon Senior Unsecured Regular Bond Due 2012
  -- RUB5.000 billion Senior Unsecured Regular Bond Due 2011
  -- RUB6.000 billion Senior Unsecured Regular Bond Due 2011

                        Ratings Rationale

The assigned long-term local currency debt rating is in line with
RSB's local currency deposit rating, which is, in turn, based on
the bank's D- BFSR (mapping to a baseline credit assessment of
Ba3).  Moody's notes that the rating does not incorporate any
expectation of systemic or shareholder support for RSB in case of

"The change in outlook was prompted by RSB's improved asset
quality performance, diversification of its funding base and by
the bank's return to profitability according to reviewed H1 2010
IFRS financial statements and statutory reporting under Russian
Accounting Standards as of Q3 2010," says Maxim Bogdashkin, a
Moody's Assistant Vice President -- Analyst, and the lead analyst
for RSB.

Moody's observes that RSB's underwriting practices and its
strategic shift towards more conservative lending products
generate better-than-expected asset quality performance.
According to the bank, the combination of its non-performing loans
(loans overdue for more than 90 days) and all written-off loans
decreased to 9.1% of the average gross loan book in H1 2010,
compared with pre-crisis 9.6% in H1 2008; its loan loss reserves
were at a sufficient 7.7% of gross loans as at H1 2010.

Moody's notes the progress achieved by RSB in its deposit-taking
franchise, which led to improved diversification of the bank's
funding.  According to RSB's RAS financials, retail deposits grew
by 79% in the first nine months of 2010 and accounted for 44% of
total liabilities as of Q3 2010.  "This also supports an improved
liquidity position, which accounted for around 30% of total
liabilities as at H1 2010," adds Mr. Bogdashkin.

Due to various initiatives aimed at repatriating some equity to
its principal shareholder, Moody's anticipates a reduction in the
bank's capitalization level in the near term.  However, according
to the bank's strategy, the Tier 1 capital ratio will remain above
15% which provides sufficient level of protection against possible
loan losses.  Although not anticipated, failure to maintain the
bank's Tier1 ratio above this threshold would likely exert
downward pressure on the bank's ratings.

Moody's previous rating action on RSB was on April 21, 2009, when
the rating agency downgraded the bank's BFSR to D- from D, mapping
to a BCA of Ba3 due to (i) the bank's high reliance on wholesale
debt and the significant volumes of funding coming due in the
subsequent two years and (ii) the deteriorating economic
environment in those markets important for the bank's business.

Headquartered in Moscow, Russia, RSB reported total assets of
RUB128 billion (US$4.1 billion) and six month net income of
RUB1.9 billion (US$61 million) according to unaudited IFRS at
June 30, 2010.

TINKOFF.CREDIT SYSTEMS: Moody's Puts 'B3' Rating to Senior Debt
Moody's Investors Service has assigned a B3 long-term global local
currency debt rating to the senior unsecured debt of
Tinkoff.Credit Systems.  The rating carries a stable outlook.  Any
subsequent senior debt issuance by TCS 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 B3 was assigned to these debt instruments

  -- RUB1.400 billion Senior Unsecured Regular Bond due 28 July

  -- RUB1.600 billion Senior Unsecured Regular Bond due 20
     September 2013

                        Ratings Rationale

The rating assigned by Moody's is in line with TCS's global local
currency deposit rating of B3, which is, in turn, based on the
bank's E+ bank financial strength rating, mapping to a Baseline
Credit Assessment of B3.  The rating does not incorporate any
expectation of systemic or shareholder support for TCS in case of

Moody's notes that TCS's rating is constrained by (i) monoline
nature of operations along with limited -- albeit rapidly growing
-- market share; (ii) high reliance on wholesale funding and
retail internet deposits; (iii) short track record ; and (iv)
declining interest rates in the sector.

However, Moody's also observes that TCS's rating is underpinned by
(i) adequate capital cushion; (ii) wide net interest margin; and
(iii) good operating efficiency.

Moody's previous rating action on TCS was on May 12, 2010, when
the agency assigned B3/Not Prime/E+/ first-time ratings.

Headquartered in Moscow, Russia, TCS reported IFRS total assets
(audited) of US$212 million and shareholders' equity of US$35
million as at December 31, 2009.  The bank's net income in 2009
totalled US$18.2 million.


TDA FTPYME: Moody's Assigns (P)B2 (sf) Rating on Series B Note
Moody's Investors Service has assigned provisional ratings to
classes of Notes to be issued by TDA FTPYME Pastor 9, FTA:

  -- EUR62.5 M Series A1 Note, Assigned (P)Aaa (sf)
  -- EUR250.0 M Series A2(G) Note, Assigned (P)Aaa (sf)
  -- EUR127.5 M Series B Note, Assigned (P)B2 (sf)

                        Ratings Rationale

TDA FTPYME Pastor 9, FTA is a securitization of loans granted to
self-employed and small- and medium-sized enterprise by Banco
Pastor (A3/P-2).  The securitization is done under FTPYME program
following the Spanish Ministry of Economy's allocation of a new
guarantee budget for such transactions for the current year.

The portfolio will be serviced by Banco Pastor.  The provisional
pool of underlying assets was, as of October 2010, composed of a
portfolio of 3,782 contracts granted to obligors located in Spain.
The loans were originated between 2005 and 2010, with a weighted
average seasoning of 1.3 years and a weighted average remaining
life of 9.74 years.  Around 49% of the outstanding of the
portfolio is secured by first-lien mortgage guarantees over
different types of properties.  Geographically, the pool is
concentrated mostly in Galicia (23.6%), Madrid (13.7%) and in
Catalonia (13.2%).

According to Moody's, this deal benefits from several credit
strengths.  (i) Series A2(G) benefits from the guarantee of the
Kingdom of Spain for interest and principal payments.
Nevertheless, the expected loss associated with Series A2(G) notes
is consistent with a Aaa (sf) rating regardless of the Spanish
Treasury guarantees A2(G), (ii) a total credit enhancement,
including the reserve fund, over series A1 and A2(G) of 44.78%;
(iii) an upfront-funded reserve fund of EUR69.5 million.  However,
Moody's notes that the transaction features a number of credit
weaknesses, including: (a) a concentration of around 29% in the
Construction and Building according to Moody's industry
classification; (b) exposure to basis and interest rate risk given
the absence of an interest rate hedging agreement.  These
characteristics were reflected in Moody's analysis and provisional
ratings, where several simulations tested the available credit
enhancement and 15.80% reserve fund to cover potential shortfalls
in interest or principal envisioned in the transaction structure.

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.

Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the pool spread, the cash reserve and the
subordination of the notes.

Moody's assumed a mean default rate of 23.44% with a coefficient
of variation of 33.76% and a stochastic mean recovery rate of 50%
as the main input parameters for Moody's cash-flow model ABSROM.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (June 2053).  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series A1, A2(G) and B at par on
or before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The V Score for this transaction is Medium/High same as the
Medium/High score assigned for the Spanish ABS sector.  The
breakdown for this transaction indicates a lower score in
"Transaction Complexitey" as the absence of a swap in the
structure increases the analytical complexity of the transaction
where both basis and interest rate risks need to be taken into

Moody's also ran sensitivities around key parameters for the rated
notes.  For instance, if the assumed default probability of 23.44%
used in determining the initial rating was changed to 34.9% and
the recovery rate of 50% was changed to 30%, the model-indicated
rating for the Series A1 Notes would remain Aaa, while the Series
A2(G) and Series B model indicated ratings would change from Aaa
to Baa1 and from B2 to Caa3, respectively.  The sensitivity for
Series A2(G) does not take into consideration the benefit from the
Spanish government guarantee.

Moody's issues provisional ratings in advance of the final sale of
securities, and these ratings only reflect Moody's preliminary
credit opinions regarding the transaction.  Upon a conclusive
review of the final pool of assets and the final documentation,
Moody's will endeavor to assign a definitive rating to the notes.
A definitive rating, if any, may differ from a provisional rating.


* Fitch Changes Outlook on Turkey's 'BB+' Ratings to Positive
Fitch Ratings has revised the Outlook on the Republic of Turkey's
Long-term foreign and local currency Issuer Default Ratings to
Positive from Stable and affirmed them at 'BB+'.  The agency has
also affirmed Turkey's Short-term foreign currency IDR at 'B' and
the Country Ceiling at 'BBB-'.

"The revision in Turkey's Outlook reflects its strong economic
recovery, improving public finances and increasing confidence that
a lasting transformation in the country's economic prospects and
stability is underway," says Ed Parker, Head of Emerging Europe in
Fitch's Sovereigns team.  "Nevertheless, there is some uncertainty
whether Turkey can grow robustly without generating significant
imbalances that pose a threat to macroeconomic stability."

Turkey's improving public finances are increasing confidence in
its sovereign creditworthiness.  Fitch forecasts the general
government (GG) deficit (excluding privatization receipts) to
narrow to 4% in 2010 and 3.2% in 2011 from 5.9% of GDP in 2009,
broadly in line with the new Medium Term Program.  Debt dynamics
are favorable, helped by strong GDP growth and a marked decline in
interest rates.  Fitch forecasts GG debt to decline to around 42%
at end-2010 and 40% at end-2011 from 45.5% of GDP at end-2009
(compared with the ten-year 'BB' range median of 41%).  In
addition, the government is lengthening the maturity of its debt,
thereby reducing market risk; while financing is supported by a
deep local market, as well as strong current capital inflows.

The country is enjoying a strong "V-shaped" recovery, after a
severe recession (in which GDP contracted by 14.6% in the year to
Q109).  GDP was up 11% yoy in H110 and Fitch forecasts growth of
8% for 2010 and 5% in 2011 and 2012, led by domestic demand.

However, Turkey's external finances are deteriorating.  The
current account deficit has widened markedly to US$37 billion in
the 12 months to September 2010 from US$13 billion in the 12
months to October 2009.  Fitch forecasts the CAD at US$44 billion
(5.9% of GDP) in 2010 and US$53 billion in 2011, up from 2.3% of
GDP in 2009.  Moreover, the quality of financing has deteriorated
with an increasing proportion coming from short-term and portfolio
debt inflows (which totalled US$32 billion in Q110 to Q310).
These trends are worsening the external liquidity position and
expose the country to an abrupt shift in global liquidity.
External debt and debt service ratios are higher than for its
rating peers.

Furthermore, Turkey has a record of inflation that is higher and
more volatile than its rating peers.  The Central Bank of Turkey
will miss its year-end inflation target for the fourth time in
five years (despite lowering it in 2008).  Although core inflation
is low, the headline rate (at 8.6% in October) and price
expectations are above target, GDP and bank credit are growing
rapidly and real interest rates are negative.  However, the CBT
has indicated it does not expect to raise interest rates until
Q411.  In this challenging policy environment, with strong "hot
money" capital inflows, Fitch believes there is a risk of
inflation remaining above target and, at some point, financial
volatility occurring.

Turkey's ratings are underpinned by GDP per capita that is above
the 'BBB' range median, a strong banking system, a floating
exchange rate regime, and a favorable business climate and
governance relative to peers.  Political risk weighs on the
ratings: the World Bank ranks Turkey below the 'B' range median
for "political stability" in its Governance Indicators.

The revision in the Outlook follows the agency's two-notch upgrade
of the FCIDR to 'BB+' in December 2009, which recognized an
improvement in Turkey's credit fundamentals and its relative
resilience to the global financial crisis.

Potential triggers for future rating actions could be:

  -- The implementation of fiscal policy consistent with a
     downward trend in the government debt-to-GDP ratio could lead
     to an upgrade.  Fitch would also regard favorably a further
     lengthening in the maturity of government debt.

  -- Robust economic growth consistent with disinflation and broad
     macroeconomic balance (this does not necessarily preclude a
     sizeable CAD) would put upward pressure on the rating.  Major
     labor market reform would be positive.

  -- Coming through the parliamentary elections (in June 2011) and
     prospective constitutional amendments without a material
     increase in political instability would support the case for
     an upgrade.

  -- Significant macroeconomic or financial instability (or signs
     of overheating) - for example emanating from inflation or
     balance of payments shocks -- material fiscal slippage or a
     major political shock could lead to negative rating action.

U N I T E D   K I N G D O M

CITIGROUP INC: Western European Operations Face Wind-Down
Patrick Jenkins at The Financial Times reports that Citigroup Inc.
is planning to resuscitate its retail presence in Europe as the
bank, one of the biggest victims of the global financial crisis,
seeks to move beyond a period of enforced shrinkage and back into
a mode of targeted growth.

Citi's western European operations -- which comprise branch
networks in the UK, Spain, Greece and Belgium -- are being
forcibly wound down under the terms of the US-government bail-out.
Those terms split the group into an ongoing "Citicorp" and a mixed
bag of non-core "Citi Holdings" assets which must be sold, the FT

The FT notes, according to people close to the bank, Citi is
determined to rebuild a slim network of flagship outlets --
mimicking the store model employed by Apple, the technology group
-- to underpin an operation in key parts of western Europe.

According to the FT, analysts said the plan was likely to include
the UK, France and Germany.

It is unclear whether any of the assets languishing in Citi
Holdings could be transferred back into the group's core Citicorp
business, the FT states.

                       About Citigroup Inc.

Based in New York, Citigroup Inc. (NYSE: C) is a global
diversified financial services holding company whose businesses
provide a broad range of financial services to consumer and
corporate customers.

As reported in the Troubled Company Reporter on November 25, 2008,
the U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
The U.S. Treasury and the Federal Deposit Insurance Corporation
agreed to provide protection against the possibility of unusually
large losses on an asset pool of roughly US$306 billion of loans
and securities backed by residential and commercial real estate
and other such assets, which will remain on Citigroup's balance
sheet.  As a fee for this arrangement, Citigroup issued preferred
shares to the Treasury and FDIC.  The Federal Reserve agreed to
backstop residual risk in the asset pool through a non-recourse

Citigroup, the third-biggest U.S. bank, received US$45 billion in
bailout aid.  Citigroup sold assets to repay the bailout funds.

CUSTOM LEISURE: Placed Into Administration; 43 Jobs Axed
Custom Leisure Homes Limited has been placed into administration,
with the loss of 43 jobs.

BBC News reports that Custom Leisure said it had stopped trading
as a result of "severe cash-flow problems".

According to BBC News, the firm underwent a management buyout last
year.  Insolvency and recovery company Begbies Traynor has been
appointed as administrator, the report notes.

"It could be a viable business and has strong orders going
forward, but unfortunately it has proved unable to restructure its
operations quickly enough to overcome its immediate cash-flow
problems.  We are currently in discussions with some interested
parties who recognise the value of the firm's reputation within
the sector," the report quoted Andrew MacKenzie of Begbies Traynor
as saying.

Headquartered in Hull's Stockholm Road, Custom Leisure Homes
Limited manufactures hand-build residential and holiday homes.
The firm operates as Cosalt Leisure Homes.

DUNDEE FOOTBALL CLUB: SFL to Hear Appeal on Penalty in December
Dundee Football Club's appeal against the 25-point penalty imposed
on them by the Scottish Football League for sliding into
administration will be heard at a special general meeting at
Hampden next month, The Courier reports.

According to The Courier, no Scottish club has ever successfully
appealed against a punishment handed down for entering
administration but Brian Jackson, of administrators PKF, claimed
that Dundee Football Club may consider a legal appeal if, as
expected, the SFL clubs uphold the board's decision.

"We have issued a few dates for consideration to the lawyers
representing the administrators and we are awaiting their
response," the report quoted SFL Chief Executive David Longmuir as
saying.  "I must give 14 days' clear notice to my clubs about this
meeting but there's no point in doing that until Dundee agree on a
date.  We are aiming to hold the meeting before Christmas,
probably by the second or third week in December at the latest.
I'd like to have the date confirmed by the end of this week
because we want this hearing to take place as soon as possible
within that 14-day window.  Once we have the date we can send all
our members the submissions, the weighty tomes of paperwork which
go with this."

The SFL board also informed Dundee last month that further
sanctions may be taken against them if they are still in
administration on March 31, The Courier says.

Dundee Football Club -- is a Scottish
football club.

GROUPE FOKIA: Goes Into Administration
Chris Cheesman at Amateur Photographer reports that Groupe Fokia
that owns Cokin, the famous supplier of photographic optical
filters, has gone into administration but UK supplies continue,
contrary to reports, insists Cokin's UK distributor.

However, the report notes, as far as Cokin's UK distributor is
concerned it's almost business as usual.  "We have got supplies
and are supplying dealers," the report quoted Jane Nicholson, a
spokeswoman for Intro 2020, as saying.  Ms. Nicholson, the report
notes, conceded that supplies to the UK have slowed but expects
Cokin filter deliveries to return to normal in the New Year.

Intro 2020 dismissed reports of a management buyout at Cokin as
"just a rumor" and insisted that filter production has not been
stopped, Amateur Photographer says.

"Cokin has not gone into administration," Ms. Nicholson said,
stressing that it's the brand's parent company which is affected,
Amateur Photographer discloses.

The report adds that the firm's difficulties were first reported
in UK trade magazine Pixel last month.

Headquartered in Rungis, France, Cokin is a supplier of lighting
systems for the television industry.

GUIDESTAR DATA: Administrator Says Recovery Is 18p in the GBP1
Tania Mason at Civil Society Finance reports that the Directory of
Social Change is out of pocket by GBP267,028 over the GuideStar
deal but is likely to recover at least GBP48,000 from the sale of
the assets.

According to the report, new documents filed with Companies House
by the administrator Anthony Kent show that on October 11, 2010,
GuideStar Data Services CIC went into administration owing
GBP404,752, with DSC owed the most.  Experian, the company that
had the job of extracting and digitizing the information from
charities' annual reports and accounts, is owed GBP164,862, the
report says.

The Charity Commission is owed GBP15,000; HMRC GBP2,500 and other
creditors GBP12,349, Civil Society Finance discloses.

However, Civil Society Finance relates, since that estimated
statement of affairs was prepared, GuideStar International (GSI)
has also submitted a creditor's claim for GBP230,000, and HMRC's
claim has increased to GBP24,681.

In his "estimated administration outcome statement" dated Nov. 17,
2010, the administrator said there would be GBP129,138 available
to pay creditors once legal costs and the administrator's fees had
been paid, Civil Society Finance says.  Yet the creditors,
including GSI, are owed GBP713,921 between them, leaving a
shortfall of GBP584,784, Civil Society Finance discloses.

Mr. Kent noted that all the creditors' claims have not yet been
adjudicated upon, "but at present simply acknowledged," Civil
Society Finance notes.  The estimated return to the creditors is
18p in the GBP1, he added.

                 DSC Paid GBP1 for GuideStar Data

Explaining the background to the administration, Mr. Kent's report
states that GDS was incorporated on January 30, 2008, to operate
the GuideStar UK Web site and sell relevant database information
on the sector to commercial organizations for profit, Civil
Society Finance notes.

On March 1, Civil Society Finance relates, the shares in the
company were sold to DSC for GBP1.  The accounts for the year to
December 31, 2008, showed turnover of GBP580,000 and a net loss of
GBP718,000.  Accounts for the following year were prepared in
draft form but not signed by the board nor filed at Companies
House, Civil Society Finance says.

According to Civil Society Finance, Mr. Kent wrote: "Following the
purchase of the shares by the DSC in March 2010 it was discovered
that the database and software to enable the website and business
to be operated was not as complete as thought and a considerable
amount of time in development had to be expended in resolving the
technical issues which arose.  DSC therefore had to commit
significant resources to rationalize and develop the product.  The
costs of maintaining and improving the website were finally too
high for DSC to fund and a decision was therefore taken to cease
trading and seek professional advice."

Mr. Kent, Civil Society Finance says, added that it was initially
thought that the agreement between DSC and GuideStar International
(GSI) required the return of the Web site and database to GSI if
GDS went into administration.  But after legal advice it was
determined that these assets did belong to GDS and could therefore
be sold, though the GuideStar brand remained with GSI, Civil
Society Finance notes.

        Wilmington Group Paid GBP121,000 to Buy the Assets

Mr. Kent, Civil Society Finance relates, said the administration
of the company had achieved a better result for creditors than if
it had been wound up immediately.  If it had gone into liquidation
then creditors would only have recovered 3p in the pound, rather
than 18p, Civil Society Finance relates.  But it was not possible
to rescue the company as a going concern as it had stopped trading
before the administrator was appointed, Civil Society Finance

GuideStar Data Services CIC is a community interest company, which
was established to sell pools of data garnered from the GuideStar
Web site.

PIPE HOLDINGS: S&P Upgrades Corporate Credit Rating to 'B-'
Standard & Poor's Ratings Services said that it upgraded its long-
term corporate credit rating on U.K.-based plastic pipe
manufacturer Pipe Holdings PLC to 'B-' from 'CCC+'.  The outlook
is stable.

At the same time, S&P assigned a 'B-' issue rating to the EUR150
million 9.5% senior secured notes due Nov. 1, 2015, issued by
Pipe.  S&P has assigned a recovery rating of '3' to these notes,
indicating S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a payment default.

"The one-notch upgrade reflects S&P's view that the successful
refinancing of Pipe's existing debt has removed near-term
liquidity constraints," said Standard & Poor's credit analyst
Terence Smiyan.  Pipe has issued EUR150 million five-year senior
secured notes (the new notes) and replaced its EUR17.5 million
revolving credit facility with a new RCF of EUR30 million due
2015.  S&P anticipate that Pipe will use both the proceeds of the
new issuance and cash in hand to redeem in full -- on Dec. 8, 2010
-- its existing EUR122 million senior secured notes due 2011 (of
which about EUR101.4 million is currently outstanding) and its
EUR66 million senior unsecured notes due 2013 (together, the
existing notes).

S&P also view favorably the substantial steps that Pipe has
already taken to simplify and deleverage its capital structure at
the group's holding levels.

In S&P's view, refinancing risk has been successfully mitigated by
the issuance of the new notes and the extension of the RCF, and
S&P anticipate that Pipe's existing notes will be redeemed in
full.  In addition, S&P believes that although the group's
adjusted debt burden remains substantial, improvements in the
capital structure outside of the restricted group (the companies
above Pipe Holdings 2 Ltd.) significantly reduce financial risk
for the period that the current shareholders remain in place.

S&P considers Pipe's liquidity to be adequate following the
increase of both the amount and tenor of its RCF.  The stability
of the current rating will depend, among other things, on the
group's ability to continue to support its liquidity adequately
with sufficient on-balance-sheet cash, and a continuation of S&P's
assessment of the group's cash performance as relatively

The ratings could come under pressure should S&P deem liquidity to
be less than adequate.  This could occur as a consequence of
aggressive management actions such as bolt-on acquisitions, or a
failure to comply with financial covenants, including those
restricting financial indebtedness and specifying minimum EBITDA
generation (which S&P does not currently anticipate).

Ratings upside could arise as a result of sustainably improved
credit metrics, which could be supported by more favorable
industry conditions in the group's end markets in the absence of
aggressive management actions.

TAYLOR WIMPEY: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned to Taylor Wimpey plc a
first-time Corporate Family Rating and Probability of Default
Rating of B2 with a stable outlook.  Moody's has also assigned a
provisional (P)B2 senior unsecured rating to the proposed GBP250
million senior unsecured notes due 2015, with a loss given default
assessment of LGD4.  Taylor Wimpey is a leading, publicly quoted
UK homebuilder with operations in the US, Canada and Spain.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody's preliminary credit
opinion regarding the transaction only.  Upon a conclusive review
of the final documentation, Moody's will endeavor to assign a
definitive rating to the notes.  A definitive rating may differ
from a provisional rating.

The notes will be issued by Taylor Wimpey plc and will be
guaranteed by Taylor Wimpey UK Ltd on a shortfall basis to the
extent of any shortfall on the amounts due to the noteholders
after taking into account all recoveries that the noteholders
receive or are entitled to receive from the issuer and any other
guarantor.  The guarantor(s) must own at least 90% of the gross
assets of the consolidated UK business at all times.  Upon
completion of the current refinancing transactions, the shortfall
guarantee will protect the noteholders' senior unsecured pari
passu ranking to all other senior unsecured debt which will have
been issued by Taylor Wimpey plc with the same shortfall
guarantee, including a GBP950 million credit facility and a
GBP100 million private placement fund facility at Taylor Wimpey
plc.  According to the company, the rationale for this shortfall
guarantee is to satisfy all parties, including the UK pension
trustees, that no one creditor is able to gain priority over the
others by trying to enforce their claim ahead of the others.
Therefore, it is Moody's understanding that the notes will
represent senior unsecured obligations and rank pari passu with
all other unsecured and unsubordinated debts of the issuer and the
guarantor(s) (subject, in the case of the guarantee from Taylor
Wimpey UK Ltd, to the aforementioned shortfall nature of such
guarantee).  Future incurrence of any secured financial debt by
the company or the guarantor(s) that could rank in priority to the
noteholders is limited (subject to certain exceptions) to a
maximum of GBP50 million under the indenture save that an
additional GBP100 million of such debt may be incurred in the
North American subsidiaries provided there is no recourse to the
issuer or its subsidiaries other than the North American
Subsidiaries.  No secured financial debt will be outstanding at
the time of completion of the refinancing and the company does not
intend to incur any further financial debt with recourse to the
issuer or its subsidiaries other than on a senior unsecured basis.
The instrument rating has not been notched down from the CFR at
this point because, although the nature of the guarantee
introduces an element of potential delay in the recovery process,
the rating agency understands that senior unsecured creditors are
protected by the restrictions in the documentation and by their
pari passu ranking to other senior unsecured debtholders and the
UK pension funds, which limit the risk of effective subordination.

                         Rating Rationale

Moody's says the key strengths that support the B2 rating with
stable outlook are Taylor Wimpey's solid competitive position,
diversity and scale, as measured by number of houses sold, total
revenues and tangible net worth.  The company is the second
largest homebuilder in the UK by sales volume and lies in the top
10 in United States.  Its operations are broadly diversified and
it benefits strongly from economies of scale.

The rating is constrained by the company's poor profit performance
in the recent past -- it has not returned a profit in any of the
past three years -- which is directly related to a collapse in
demand from homebuyers as mortgage lending dried up in the UK and
foreclosures soared in the US.  The company may have turned the
corner on profitability in H1 2010 with operating margins rising
and positive net income of GBP7 million; however, Moody's believes
a recovery in the homebuilding industry in the UK and the US is
likely to be slow and uneven.

The company's financial strength is in line with the overall
rating and underpinned by its having produced positive free cash
flow in all but one of the years from 2006 through 2009 and H1
2010.  This was achieved by reducing inventory levels, controlling
expenditure and growing margins.  However, the amount of debt
carried is large relative to cash flows and the three-year average
FCF/adjusted debt and FFO/adjusted debt metrics for 2007-2009 are
relatively weak compared to its rated peers at 2.2% and 0.8%
respectively.  Note that Moody's adjusts debt to include the
capitalization of any operating leases and the company's
substantial pension fund deficit, which was GBP421 million at H1

The company's capital structure provides some support to the
rating.  The three-year (2007-2009) average leverage ratio,
defined as adjusted debt/total capitalization was 45.6%.  Taylor
Wimpey raised new equity in May 2009, in conjunction with
renegotiating its bank debt, to strengthen the balance sheet.  The
company has applied new equity raised in 2009 and free cash flow
towards a reduction of debt levels to improve H1 2010 leverage and
financial strength metrics compared to H1 2009.

Moody's assessment of Taylor Wimpey's liquidity risk indicates a
reliance on its revolving credit facilities for seasonal shifts in
working capital, but the company has adequate sources of funds to
meet outgoings over the next twelve months.  At H1-2010 the
company was in compliance with its financial bank covenants and
had sufficient headroom thereunder.  The current ratings and
outlook assume that Taylor Wimpey will maintain an adequate
liquidity profile, including ample covenant headroom at all times;
they also assume a successful refinancing of all of its existing
debt by year-end 2010 and that the company will address any future
upcoming maturities at least twelve months in advance.

The rating's stable outlook takes into account positive
developments since H2 2009, such as the company's improved gross
margins and overall profitability as well as the reduction of debt
levels from equity issuance and free cash flow over the past two
and a half years.  However, the outlook for the homebuilding
industry remains uncertain, particularly in light of consumer
confidence returning to a downward path in light of the cuts
announced in the government's recent spending review, which will
make further improvements difficult to achieve.

The current ratings and outlook assume a steady corporate state
and do not factor in the impact of transforming acquisitions or
any material disposals.  Positive pressure on the ratings could
occur if Taylor Wimpey were to improve its credit metrics with,
inter alia, adjusted debt/book capitalization to remain
sustainably below 50% and interest cover (EBIT/interest expense +
capitalized interest) to rise sustainably above 2.5x.  Conversely,
downward pressure on the ratings could arise from: (i) a failure
to maintain an adequate liquidity risk profile; (ii) adjusted
debt/book capitalization to trend above 60%; or (iii) the company
were to experience negative free cash flow generation for an
extended period of time.

Taylor Wimpey plc, headquartered in London, England, reported
consolidated revenues and net income of GBP2.68 billion and
GBP49 million respectively for the trailing twelve-month period
ending July 4, 2010.

WEST FIFTY: Goes Into Administration
West Fifty Five has gone into administration less than a year
after opening.

According to Becky Paskin at Big Hospitality, administrators Re10
will continue to keep the restaurant operational until a purchaser
can be found to take over the business.

The report notes Finbarr O'Connell, managing partner at Re10,
said: "We have had plenty of interest in (the restaurant) and
expect to be completing a deal on it in the very near future."

West Fifty Five is a Mediterranean restaurant on Baker Street,
London that features a patisserie counter and charcuterie bar, and
serves an a la carte menu of seafood, pasta and grill dishes
alongside a special tapas menu.


* EUROPE: Bailout Fund May Need to Be Increased If Necessary
Christian Vits and Mark Deen at Bloomberg News report that
European Central Bank council member Axel Weber said governments
can increase the size of the European Union-led bailout fund if
necessary to restore confidence in the euro.

"Seven hundred and fifty billion should be enough to assure the
markets," Mr. Weber said at the German embassy in Paris late
Wednesday, Bloomberg relates.  "If not, it will have to be

Bloomberg relates Mr. Weber said in Berlin on Thursday that in a
worst-case scenario, the fund would need an additional EUR140
billion (US$187 billion), an amount that would not jeopardize the
survival of the euro.

Bloomberg relates contagion from Europe's sovereign debt crisis is
spreading to Spain, sparking concern that the bailout fund set up
in May isn't large enough to rescue the euro region's fourth-
largest economy.

Germany, which on Thursday ruled out expanding the fund, is
resisting pressure from the European Commission to double its
size, Bloomberg says, citing Die Welt newspaper.

Bloomberg notes Mr. Weber said that if Greece, Ireland, Portugal
and Spain were unable to refinance government debt -- a scenario
he considers inconceivable -- rescue funds of EUR1.07 trillion
would be needed.


Separately, Gabi Thesing at Bloomberg News reports that the
European Central Bank may have to delay its exit from emergency
measures again as Ireland's bailout fails to stem the region's
sovereign debt crisis.

According to Bloomberg, investors are dumping Spanish and
Portuguese bonds on concern they will have to follow Ireland and
Greece in asking for European Union bailouts, making it more
difficult for the ECB to proceed with its withdrawal of liquidity
support for banks.  Some economists now doubt the ECB will be able
to signal a move back to limited auctions of three-month loans,
which they regard as the next likely step in the bank's exit, when
policy makers meet this week in Frankfurt, Bloomberg says.

Surging bond yields in Greece, Ireland, Portugal and Spain suggest
investors are losing confidence in the ability of European leaders
to contain the debt crisis, even after they agreed to rescue
Ireland, Bloomberg notes.

* BOND PRICING: For the Week November 22 to November 26, 2010

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

RAIFF ZENTRALBK         4.500   9/28/2035       EUR      69.07

FORTIS BANK             8.750   12/7/2010       EUR      11.82

MUNI FINANCE PLC        1.000   2/27/2018       AUD      67.55
MUNI FINANCE PLC        0.500   9/24/2020       CAD      68.66
MUNI FINANCE PLC        1.000   6/30/2017       ZAR      60.03
MUNI FINANCE PLC        0.500   3/17/2025       CAD      53.63
MUNI FINANCE PLC        0.250   6/28/2040       CAD      24.00

AIR FRANCE-KLM          4.970    4/1/2015       EUR      16.82
ALCATEL SA              4.750    1/1/2011       EUR      16.75
ALCATEL-LUCENT          5.000    1/1/2015       EUR       3.32
ALTRAN TECHNOLOG        6.720    1/1/2015       EUR       4.77
ATOS ORIGIN SA          2.500    1/1/2016       EUR      51.78
CALYON                  6.000   6/18/2047       EUR      45.34
CAP GEMINI SOGET        1.000    1/1/2012       EUR      43.09
CAP GEMINI SOGET        3.500    1/1/2014       EUR      42.11
CLUB MEDITERRANE        6.110   11/1/2015       EUR      17.80
EURAZEO                 6.250   6/10/2014       EUR      59.43
FAURECIA                4.500    1/1/2015       EUR      23.30
MAUREL ET PROM          7.125   7/31/2015       EUR      13.48
MAUREL ET PROM          7.125   7/31/2014       EUR      16.36
NEXANS SA               4.000    1/1/2016       EUR      63.59
PEUGEOT SA              4.450    1/1/2016       EUR      35.49
PUBLICIS GROUPE         1.000   1/18/2018       EUR      48.41
PUBLICIS GROUPE         3.125   7/30/2014       EUR      37.79
RHODIA SA               0.500    1/1/2014       EUR      48.75
SOC AIR FRANCE          2.750    4/1/2020       EUR      21.86
SOITEC                  6.250    9/9/2014       EUR      10.16
TEM                     4.250    1/1/2015       EUR      57.00
THEOLIA                 2.700    1/1/2041       EUR      11.19
VALEO                   2.375    1/1/2011       EUR      47.38
ZLOMREX INT FIN         8.500    2/1/2014       EUR      69.75
ZLOMREX INT FIN         8.500    2/1/2014       EUR      69.75

DEUTSCHE BK LOND        0.500   8/25/2017       BRL      53.33
DEUTSCHE BK LOND        3.000   5/18/2012       CHF      66.85
ESCADA AG               7.500    4/1/2012       EUR      17.75
HSH NORDBANK AG         4.375   2/14/2017       EUR      61.47
HYPOREAL INTL AG        4.560   3/28/2021       EUR      86.02
L-BANK FOERDERBK        0.500   5/10/2027       CAD      49.38
LB BADEN-WUERTT         2.500   1/30/2034       EUR      70.59
QIMONDA FINANCE         6.750   3/22/2013       USD       3.13
RENTENBANK              1.000   3/29/2017       NZD      74.30
SOLON AG SOLAR          1.375   12/6/2012       EUR      32.45

ATHENS URBAN TRN        4.851   9/19/2016       EUR      70.67
ATHENS URBAN TRN        5.008   7/18/2017       EUR      66.34
HELLENIC REP I/L        2.300   7/25/2030       EUR      49.25
HELLENIC REP I/L        2.900   7/25/2025       EUR      49.88
HELLENIC REPUB          5.000   8/22/2016       JPY      67.06
HELLENIC REPUB          5.000   3/11/2019       EUR      62.66
HELLENIC REPUB          5.250    2/1/2016       JPY      71.25
HELLENIC REPUB          6.140   4/14/2028       EUR      63.38
HELLENIC REPUB          5.200   7/17/2034       EUR      58.31
HELLENIC REPUB          4.590    4/8/2016       EUR      69.72
HELLENIC REPUBLI        4.500   5/20/2014       EUR      76.30
HELLENIC REPUBLI        3.700   7/20/2015       EUR      69.31
HELLENIC REPUBLI        3.600   7/20/2016       EUR      64.83
HELLENIC REPUBLI        5.900   4/20/2017       EUR      69.41
HELLENIC REPUBLI        4.300   7/20/2017       EUR      63.07
HELLENIC REPUBLI        4.600   7/20/2018       EUR      62.23
HELLENIC REPUBLI        6.000   7/19/2019       EUR      67.10
HELLENIC REPUBLI        6.250   6/19/2020       EUR      68.41
HELLENIC REPUBLI        4.700   3/20/2024       EUR      59.22
HELLENIC REPUBLI        5.300   3/20/2026       EUR      60.57
HELLENIC REPUBLI        4.500   9/20/2037       EUR      53.30
HELLENIC REPUBLI        4.600   9/20/2040       EUR      53.27
NATIONAL BK GREE        3.875   10/7/2016       EUR      75.53

AIB MORTGAGE BNK        5.580   4/28/2028       EUR      61.15
AIB MORTGAGE BNK        5.000   2/12/2030       EUR      54.96
AIB MORTGAGE BNK        5.000    3/1/2030       EUR      54.91
ALLIED IRISH BKS       12.500   6/25/2019       GBP      34.11
ALLIED IRISH BKS       11.500   3/29/2022       GBP      32.02
ALLIED IRISH BKS       10.750   3/29/2017       USD      34.43
ALLIED IRISH BKS       10.750   3/29/2017       EUR      34.50
ALLIED IRISH BKS        7.875    7/5/2023       GBP      31.75
ALLIED IRISH BKS        5.250   3/10/2025       GBP      32.29
ALLIED IRISH BKS       12.500   6/25/2019       EUR      34.58
ANGLO IRISH BANK        4.000   4/23/2018       EUR      56.53
BANK OF IRELAND        10.750   6/22/2018       GBP      50.63
BANK OF IRELAND         4.875   1/22/2018       GBP      47.96
BANK OF IRELAND         9.250    9/7/2020       GBP      50.36
BANK OF IRELAND         4.000    3/2/2015       EUR      74.65
BANK OF IRELAND        10.000   2/12/2020       GBP      52.14
BANK OF IRELAND         4.625   2/27/2019       EUR      49.70
BANK OF IRELAND        10.000   2/12/2020       EUR      52.72
BK IRELAND MTGE         5.400   11/6/2029       EUR      61.81
BK IRELAND MTGE         5.450    3/1/2030       EUR      62.35
BK IRELAND MTGE         5.760    9/7/2029       EUR      65.12
DEPFA ACS BANK          5.125   3/16/2037       USD      69.77
DEPFA ACS BANK          5.125   3/16/2037       USD      69.18
DEPFA ACS BANK          3.250   7/31/2031       CHF      65.98
DEPFA ACS BANK          3.278   7/17/2026       CHF      73.40
DEPFA ACS BANK          0.500    3/3/2025       CAD      33.07
DEPFA ACS BANK          1.920    5/9/2020       JPY      73.11
DEPFA ACS BANK          4.900   8/24/2035       CAD      64.42
EBS BLDG SOCIETY        4.992   3/19/2015       EUR      73.46
IRISH GOVT              5.400   3/13/2025       EUR      71.85
IRISH GOVT              4.400   6/18/2019       EUR      73.95
IRISH GOVT              4.500   4/18/2020       EUR      72.62
IRISH LIFE PERM         4.250    4/9/2015       EUR      73.42
IRISH LIFE PERM         4.820   3/22/2015       EUR      74.72
IRISH NATIONWIDE       13.000   8/12/2016       GBP      24.38
IRISH NATIONWIDE        5.500   1/10/2018       GBP      34.97

CITY OF TURIN           5.270   6/26/2038       EUR      70.15
CO BACOLI               3.671   3/31/2026       EUR      73.12
CO CAZZAGO SAN M        4.462   6/30/2037       EUR      74.46
CO SPOLETO              3.711   3/31/2026       EUR      73.50
COMU MONT LEOGRA        4.362   1/13/2037       EUR      73.56
COMU MONT LEOGRA        3.685   1/15/2026       EUR      73.47

ARCELORMITTAL           7.250    4/1/2014       EUR      28.93
IIB LUXEMBOURG         11.000   2/19/2013       USD      19.99
INTL INDUST BANK        9.000    7/6/2011       EUR      17.50
LIGHTHOUSE INTL         8.000   4/30/2014       EUR      44.88
LIGHTHOUSE INTL         8.000   4/30/2014       EUR      44.38

APP INTL FINANCE       11.750   10/1/2005       USD       0.01
ARPENI PR INVEST        8.750    5/3/2013       USD      47.88
ARPENI PR INVEST        8.750    5/3/2013       USD      47.88
BK NED GEMEENTEN        0.500   2/24/2025       CAD      53.77
BRIT INSURANCE          6.625   12/9/2030       GBP      68.03
DGS INTL FIN BV        10.000    6/1/2007       USD       0.01
ELEC DE CAR FIN         8.500   4/10/2018       USD      56.55
INDAH KIAT INTL        12.500   6/15/2006       USD       0.01
IVG FINANCE BV          1.750   3/29/2017       EUR      74.15
NATL INVESTER BK       25.983    5/7/2029       EUR      37.40
NED WATERSCHAPBK        0.500   3/11/2025       CAD      53.89
Q-CELLS INTERNAT        5.750   5/26/2014       EUR      72.30
RBS NV EX-ABN NV        6.316   6/29/2035       EUR      71.77
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      71.44

REP OF POLAND           2.648   3/29/2034       JPY      65.47
CAIXA GERAL DEPO        5.380   10/1/2038       EUR      71.10
COMBOIOS DE PORT        5.700    2/5/2030       EUR      66.80

PARPUBLICA              3.567   9/22/2020       EUR      65.64
PORTUGUESE OT'S         4.100   4/15/2037       EUR      67.25

ACBK-INVEST             8.000   4/14/2011       RUB      75.11
AGROKOM GROUP          10.000   6/21/2011       RUB      75.11
APK ARKADA             17.500   5/23/2012       RUB       0.38
ARKTEL-INVEST          12.000    4/9/2012       RUB       0.05
BANK KEDR              12.800   7/22/2011       RUB      75.11
BANK OF MOSCOW          6.450   7/29/2011       RUB      75.02
BANK SOYUZ              7.750    5/2/2011       RUB      75.11
BANK SOYUZ              9.500   2/23/2011       RUB      75.11
BARENTSEV FINANS       20.000    7/4/2011       RUB       1.10
CREDIT EUROPE BA       11.500   6/28/2011       RUB      75.11
DVTG-FINANS            17.000   8/29/2013       RUB      10.50
ENERGOSPETSSNAB         8.500   5/30/2016       RUB      75.11
EUROKOMMERZ            16.000   3/15/2011       RUB       0.01
FINANCEBUSINESSG       10.000    7/1/2013       RUB      75.11
FORTUM OJSC             7.600    2/6/2013       RUB      75.11
GLAVSTROY-FINANS        1.000   3/17/2011       RUB      75.00
GRACE DIAMOND          15.000    6/7/2012       RUB      75.11
GRADOSTROY-INVES       11.000    3/3/2011       RUB      75.11
IART                   12.000    8/4/2013       RUB       6.01
IAZS                   11.000   12/8/2010       RUB       2.11
INPROM                  9.500   5/18/2011       RUB      50.01
INTERSOFT              10.070   3/31/2025       RUB      75.11
INTL INDUST BANK       13.250    1/3/2018       RUB      75.11
IZHAVTO                18.000    6/9/2011       RUB      11.31
KARUSEL FINANS         12.000   9/12/2013       RUB      75.11
LADYA FINANS           13.750   9/13/2012       RUB      75.11
LEKSTROY                0.100   7/22/2011       RUB      75.11
LLC VICTORIA FIN        8.000   2/12/2013       RUB      75.11
LR-INVEST              13.750   7/17/2012       RUB      75.11
M-INDUSTRIYA           12.250   8/16/2011       RUB      29.56
MACROMIR-FINANS         7.750    7/3/2012       RUB       0.53
MAIN ROAD OJSC         10.200    6/3/2011       RUB      75.11
MIG-FINANS              0.100    9/6/2011       RUB       2.41
MIRAX                  14.990   5/17/2011       RUB      30.00
MIRAX                  17.000   9/17/2012       RUB      30.01
MORTON-RSO             12.000   2/28/2011       RUB      75.11
MOSKOMMERTSBANK         1.000   6/12/2013       RUB      75.00
MOSMART FINANS          0.010   4/12/2012       RUB       2.11
MOSOBLGAZ              12.000   5/17/2011       RUB      72.50
MOSOBLTRUSTINVES       20.000   3/26/2011       RUB       6.99
NATIONAL CAPITAL       13.000   9/25/2012       RUB      75.11
NAUKA-SVYAZ            15.000   6/27/2013       RUB      75.11
NOK                    10.000   9/22/2011       RUB       9.01
NOK                    12.500   8/26/2014       RUB       0.13
NOMOS-LEASING          12.000    7/8/2011       RUB      75.11
NOVOROSSIYSK           13.000   12/9/2011       RUB      75.11
NOVYE TORGOVYE S       15.000   4/26/2011       RUB      75.00
OJSC FCB               11.000    8/7/2012       RUB      75.11
PENSION FUND REA        5.000    5/7/2019       RUB      75.11
PROM TECH              16.000   4/25/2011       RUB      75.11
PROMNESTESERVICE        9.500   12/5/2014       RUB      75.11
RIATO                  13.750    6/3/2013       RUB      75.11
RYBINSKKABEL            0.010   2/28/2012       RUB       1.00
SAHO                   10.000   5/21/2012       RUB       0.03
SATURN                 10.000    6/6/2014       RUB      24.00
SETL GROUP             11.700   5/15/2012       RUB      75.11
SEVKABEL-FINANS        10.500   3/27/2012       RUB       3.40
SIBUR                   7.300   3/13/2015       RUB      75.11
SIBUR                  13.500   3/13/2015       RUB      75.11
SIBUR                   9.000   3/13/2015       RUB      75.11
SIBUR                   9.250   3/13/2015       RUB      75.11
SINERGIA               10.000   8/18/2014       RUB      75.11
SISTEMA-HALS            8.500   4/15/2014       RUB      75.11
SISTEMA-HALS            8.500    4/8/2014       RUB      75.11
SVOBODNY SOKOL          0.100   5/24/2011       RUB      40.00
TECHNONICOL-FINA       13.500   9/11/2013       RUB      75.11
TECHNONICOL-FINA       13.000   9/19/2013       RUB      75.11
TECHNONICOL-FINA       13.000   9/25/2013       RUB      75.11
TECHNOSILA-INVES        7.000   5/26/2011       RUB      35.00
TEKHNOPROMPROEKT        8.500   9/28/2016       RUB      75.11
TERNA-FINANS            1.000   11/4/2011       RUB       6.01
TRANSCREDITFACTO       12.000   11/1/2012       RUB      75.00
TRANSFIN-M             11.000   12/3/2014       RUB      75.11
TRANSFIN-M             11.000   12/3/2015       RUB      75.11
TRANSFIN-M             11.000   12/3/2015       RUB      75.11
TRANSFIN-M             11.000   12/3/2014       RUB      75.11
TRANSFIN-M             11.000   12/3/2014       RUB      75.11
TRANSFIN-M             14.000   7/10/2014       RUB      75.11
TRANSFIN-M             11.000   12/3/2014       RUB      75.11
TRANSFIN-M             11.000   12/3/2015       RUB      75.11
TRANSFIN-M             11.000   12/3/2015       RUB      75.11
TRANSNEFT               9.500   10/1/2019       RUB      75.11
TVER VAGONOSTRO         7.000   6/12/2013       RUB      75.11
URALCHIMPLAST           1.000   1/21/2011       RUB      75.11
VESTER-FINANS          15.250   8/11/2011       RUB       3.81
VKM-LEASING FINA        1.000   5/18/2011       RUB       0.02
VLADPROMBANK           12.000    3/8/2011       RUB      75.11
VMK-FINANCE            16.000   5/21/2014       RUB      75.11
VTB 24                  7.350    2/5/2013       RUB      75.00
ZAPSIBCOMBANK          11.000   9/15/2011       RUB     101.80
ZHELEZOBETON           10.000   5/27/2011       RUB      75.13
ZHILSOTSIPOTEKA-        9.000   7/26/2011       RUB      75.11

AYT CEDULAS CAJA        4.750   5/25/2027       EUR      76.25
AYT CEDULAS CAJA        3.750   6/30/2025       EUR      67.65
BANCAJA                 1.500   5/22/2018       EUR      63.42
BANCAJA EMI SA          2.755   5/11/2037       JPY      44.56
BANCO GUIPUZCOAN        1.500   4/18/2022       EUR      66.73
CAJA CASTIL-MAN         1.500   6/23/2021       EUR      54.86
CEDULAS TDA 6           3.875   5/23/2025       EUR      69.51
CEDULAS TDA A-5         4.250   3/28/2027       EUR      71.19
CEDULAS TDA A-6         4.250   4/10/2031       EUR      64.56
GEN DE CATALUNYA        4.220   4/26/2035       EUR      71.29
GENERAL DE ALQUI        2.750   8/20/2012       EUR      70.75
JUNTA LA MANCHA         3.875   1/31/2036       EUR      70.58

SWEDISH EXP CRED        0.500   9/29/2015       BRL      66.03
SWEDISH EXP CRED        9.000   8/12/2011       USD      10.15
SWEDISH EXP CRED        8.000   11/4/2011       USD       8.88

UBS AG                 13.300   5/23/2012       USD       4.03
UBS AG                 10.580   6/29/2011       USD      38.96
UBS AG                 13.700   5/23/2012       USD      14.30
UBS AG JERSEY          15.250   2/11/2011       USD      11.25
UBS AG JERSEY          11.000   2/28/2011       USD      70.04
UBS AG JERSEY          12.800   2/28/2011       USD      33.71
UBS AG JERSEY          11.400   3/18/2011       USD      24.85
UBS AG JERSEY          16.160   3/31/2011       USD      42.25
UBS AG JERSEY          10.820   4/21/2011       USD      21.35
UBS AG JERSEY          11.030   4/21/2011       USD      20.51
UBS AG JERSEY          10.650   4/29/2011       USD      15.50
UBS AG JERSEY          10.760   7/29/2011       USD      10.43
UBS AG JERSEY           3.220   7/31/2012       EUR      46.85
UBS AG JERSEY          11.150   8/31/2011       USD      39.08
UBS AG JERSEY           9.450   9/21/2011       USD      51.25
UBS AG JERSEY           9.350   9/21/2011       USD      64.71
UBS AG JERSEY          10.360   8/19/2011       USD      53.58
UBS AG JERSEY          10.280   8/19/2011       USD      35.67
UBS AG JERSEY          12.160   7/29/2011       USD      25.10
UBS AG JERSEY          12.640   7/29/2011       USD      34.30
UBS AG JERSEY          13.900   1/31/2011       USD      34.29
UBS AG JERSEY          14.640   1/31/2011       USD      35.92
UBS AG JERSEY          16.170   1/31/2011       USD      12.67

BANK OF SCOTLAND        6.984    2/7/2035       EUR      73.17
BARCLAYS BK PLC         9.500   8/31/2012       USD      29.41
BARCLAYS BK PLC        10.800   7/31/2012       USD      27.30
BARCLAYS BK PLC         9.250   8/31/2012       USD      34.72
BARCLAYS BK PLC         8.800   9/22/2011       USD      16.37
BARCLAYS BK PLC         9.400   7/31/2012       USD      11.28
BARCLAYS BK PLC         7.500   9/22/2011       USD      16.88
BARCLAYS BK PLC         7.610   6/30/2011       USD      52.25
BARCLAYS BK PLC        13.800   5/27/2011       USD      52.08
BARCLAYS BK PLC        13.000   5/23/2011       USD      23.10
BARCLAYS BK PLC        13.050   4/27/2012       USD      27.15
BARCLAYS BK PLC        12.950   4/20/2012       USD      23.97
BARCLAYS BK PLC         8.750   9/22/2011       USD      72.21
BARCLAYS BK PLC        10.650   1/31/2012       USD      41.50
BARCLAYS BK PLC        10.350   1/23/2012       USD      20.48
BARCLAYS BK PLC         8.550   1/23/2012       USD      11.57
BRADFORD&BIN BLD        5.500   1/15/2018       GBP      45.23
BRADFORD&BIN PLC        6.625   6/16/2023       GBP      43.16
BRADFORD&BIN PLC        7.625   2/16/2049       GBP      48.47
CO-OPERATIVE BNK        5.875   3/28/2033       GBP      74.04
DISCOVERY EDUCAT        1.948   3/31/2037       GBP      67.30
EFG HELLAS PLC          6.010    1/9/2036       EUR      34.88
EFG HELLAS PLC          5.400   11/2/2047       EUR      57.88
ENTERPRISE INNS         6.375   9/26/2031       GBP      73.49
HBOS PLC                6.000   11/1/2033       USD      73.54
HBOS PLC                6.000   11/1/2033       USD      73.54
MAX PETROLEUM           6.750    9/8/2012       USD      63.62
NORTHERN ROCK           5.750   2/28/2017       GBP      74.00
PUNCH TAVERNS           8.374   7/15/2029       GBP      61.87
PUNCH TAVERNS           7.567   4/15/2026       GBP      68.25
ROYAL BK SCOTLND        6.316   6/29/2030       EUR      68.99
RSL COMM PLC           10.125    3/1/2008       USD       1.31
RSL COMM PLC            9.125    3/1/2008       USD       1.31
SKIPTON BUILDING        5.625   1/18/2018       GBP      72.71
TXU EASTERN FNDG        6.450   5/15/2005       USD       2.88
UNIQUE PUB FIN          6.464   3/30/2032       GBP      65.03
WESSEX WATER FIN        1.369   7/31/2057       GBP      31.94


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.

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