TCREUR_Public/101206.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, December 6, 2010, Vol. 11, No. 240

                            Headlines


A U S T R I A

A-TEC INDUSTRIES: Andritz to Take Over AE&E Austria Unit
A-TEC INDUSTRIES: AE&E's Inova Unit Gets Bridge Loan


C Z E C H   R E P U B L I C

J&T BANKA: Moody's Affirms 'E+' Bank Financial Strength Rating


F R A N C E

NOVASEP HOLDING: Moody's Reviews 'B3' Corporate Family Rating


G E R M A N Y

DEUTSCHE POSTBANK: Moody's Affirms 'D+' Bank Strength Rating
HECKLER & KOCH: Moody's Downgrades Corporate Family Rating to B3
NUERNBERGER LEBENSVERSICHERUNG: Fitch Affirms 'BB+' Debt Rating


I R E L A N D

ANGLO IRISH: Ex-Chief to Face Questions About Role in Downfall
VARKO LIMITED: Appoints Ken Fennell as Liquidator
* IRELAND: Corporate Insolvencies Hit Record High in November


I T A L Y

AGRISECURITIES SRL: Fitch Cuts Rating on Class B Notes to BB+sf


L U X E M B O U R G

DEXIA FUNDING: S&P Raises Rating on Hybrid Securities to 'CCC'


R U S S I A

ROSSIYSKY KAPITAL: Moody's Upgrades National Scale Rating to Ba2
* Fitch Assigns 'B+' Rating on Ryazan Region's Upcoming Bonds


S P A I N

AYT GENOVA: Restructuring Delay Won't Affect Fitch's 'BB' Rating
CAJA DE AHORROS: Moody's Assigns 'D+' Bank Strength Rating
IM PASTOR: S&P Puts 'BB' Class D Note Rating on Watch Positive


T U R K E Y

* Fitch Gives Positive Outlook on 14 Turkish Banks' Ratings


U K R A I N E

UKRGASBANK JSC: Moody's Withdraws 'E+' Bank Strength Rating


U N I T E D   K I N G D O M

CORIOLANUS LIMITED: Moody's Junks Rating on Series 67 Notes
DAILY MAIL: S&P Gives Stable Outlook; Affirms 'BB+' Rating
GLASTONBURY FINANCE: S&P Affirms CCC- Rating on Class F Notes
WHITERIGG ALPINES: To Buy Back Chorley Centre


X X X X X X X X

* BOND PRICING: For the Week November 29 to December 3, 2010




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: Andritz to Take Over AE&E Austria Unit
--------------------------------------------------------
Zoe Schneeweiss at Bloomberg News reports that Hans-Georg Kantner,
the spokesman of insolvent A-Tec Industries AG's creditor
committee, on Thursday night said that Andritz AG had agreed to
buy the company's AE&E Austria unit in a deal valued at between
EUR5 million (US$6.6 million) and EUR10 million.

Andritz will pay for AE&E Austria in cash and by taking over
financial obligations, Bloomberg says, citing Mr. Kantner, a
representative of credit protection association
Kreditschutzverband von 1870.

Andritz on Friday confirmed the acquisition without disclosing
a purchase price, Bloomberg notes.

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,
Austria.


A-TEC INDUSTRIES: AE&E's Inova Unit Gets Bridge Loan
----------------------------------------------------
David Altaner at Bloomberg News reports that Costain Group Plc
said AE&E Inova AG, its contractor for the Belvedere waste-to-
energy project, told the company that it received a bridge loan
and bonding lines, and negotiations with investors "have been
encouraging."

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, The Telegraph said Costain entered into talks about the
financing of the Belvedere power plant in London after one of its
key contractors filed for insolvency.  The Telegraph disclosed
that the company is owed GBP22 million by AE&E Innova of
Switzerland, whose German parent collapsed last month.  Costain,
which is a sub-contractor for the "construction and delivery of a
significant part of the energy-from-waste facility", said it could
not be certain AE&E Inova will make all future payments under the
terms of its contract, according to The Telegraph.

As reported by the Troubled Company Reporter-Europe on Nov. 26,
2010, Bloomberg News said A-Tec Industries AG'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.  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.

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.

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


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C Z E C H   R E P U B L I C
===========================


J&T BANKA: Moody's Affirms 'E+' Bank Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has affirmed the E+ bank financial
strength rating of J&T Banka, a.s, with a negative outlook.  At
the same time, Moody's affirmed the bank's Ba1.cz long-term and
the CZ-4 short-term deposit ratings.

                        Ratings Rationale

According to Moody's, J&T Banka's E+ BFSR is constrained by the
high concentration in the bank's loan portfolio on commercial
real-estate related projects, high borrower concentration, related
party exposures (As reported in 2009, around 72%% of regulatory
capital was exposed to related parties), modest risk management
practices and the bank's niche position in the competitive Czech
banking market.

The negative outlook reflects the continuing deterioration of the
bank's asset quality during 2010, combined with the continually
high borrower concentrations, which includes exposure to more
vulnerable asset classes.  The BFSR is supported by the bank's
continued, albeit low, profitability throughout the financial
crisis.

J&T Banka reported CZK204 million (EUR7.9 million) in net profits
as of H1 2010, a 25% drop compared with the same period in 2009,
reflecting increased risk provisions and reduced fee and
commission income.  The bank's Tier 1 capital ratio decreased to
9.1% as of H1 2010 from 9.7% at year-end 2009.  The rating agency
said that it expects to resolve the negative outlook in the coming
months, when the bank's performance and asset quality through 2010
become more clear.

Given the negative outlook, Moody's does not currently see any
upward pressure on the BFSR or the deposit ratings.  Over time,
upward pressure on the BFSR could result from improving asset
quality and a reduction in borrower and industry concentrations.
Downward pressure on the BFSR and deposit ratings could result
from further deterioration of asset quality and/or increased
borrower concentrations.

The last rating action on J&T Banka was implemented on 17 August
2009, when Moody's confirmed the bank's BFSR and downgraded its
national scale deposit ratings to Ba1.cz/CZ-4 from Baa2.cz/CZ-2.

Headquartered in Prague, Czech Republic, J&T Banka reported
unaudited IFRS consolidated net income of EUR7.9 million in H1
2010 and total assets of EUR1.7 billion at the end of June 2010.


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F R A N C E
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NOVASEP HOLDING: Moody's Reviews 'B3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has placed the B3 corporate family
rating of Novasep Holding S.A.S. and the company's B2 probability-
of-default rating on review for possible downgrade.  Concurrently,
the rating agency has placed the B3 rating of the company's EUR270
million and US$150 million worth of senior secured notes, both
maturing in December 2015, on review for possible downgrade.

                        Ratings Rationale

"The review of Novasep's ratings reflects the company's weaker-
than-expected operating performance, with a notable decline in
profitability, which has resulted in a weakening of credit
metrics," says Marie Fischer-Sabatie, a Moody's Vice President-
Senior Analyst and lead analyst for Novasep.  "Although Moody's
was expecting Novasep to de-leverage with the aim of achieving a
debt/EBITDA ratio of below 5.5x at year-end 2011 from around 6x at
year-end 2010, the company's recent underperformance against its
business plan has impaired this process," Ms Fischer-Sabatie adds.

Novasep's adjusted EBITDA (excluding non-recurring income and
expenses) amounted to EUR43.3 million for the first nine months of
2010, compared with EUR49.1 million for the same period the
previous year.  This resulted in a decline in the company's
adjusted EBITDA margin to 19.5% for the first nine months of 2010,
from 23.5% for the same period a year before.  As per management
guidance, adjusted EBITDA for the full-year 2010 should be around
EUR55 million, significantly lower than the figure Moody's had
expected.  As a result, the rating agency now expects Novasep's
leverage ratio to be above 8x at year-end 2010 (on a gross debt
basis and after Moody's adjustment).

Moody's continues to recognize the long-term growth opportunities
in the contract manufacturing industry, despite some short-term
pressure as a result of consolidation and cost-cutting in the
pharmaceutical industry, as well as the company's business segment
and geographic diversity.  While the "take or pay" feature of
around half of Novasep's Synthesis contracts helps mitigate
potential revenue and cash flow volatility, the ability of the
company to book new orders with adequate returns and to convert
the increasing number of customer enquiries into new "take or pay"
contracts will be critical to it generating free cash flow going
forward.  The strong rebound of the Process activities since the
beginning of the year mitigates to some extent the weaker
performance of the Synthesis operations.

During its review process Moody's will focus on:

(i) Novasep's mid-term perspectives and the extent to which it
will be able to deleverage.

(ii) The evolution of the company's liquidity profile given
Moody's expectations of negative free cash flow generation for the
full year 2010, despite some improvements during Q3 2010.

During the process Moody's commented that it may reassess the
appropriateness of having a one-notch differential between the CFR
and the PDR.

Moody's most recent rating action on Novasep was implemented on
December 7, 2009, when the rating agency assigned a B3 CFR and B2
PDR to the company.  Concurrently, Moody's assigned a provisional
(P)B3 rating to the proposed EUR370 million senior secured notes
to be issued by Novasep.

Novasep, headquartered in Pompey, France, is a leading provider of
contract manufacturing services for life science industries and a
manufacturer of purification equipment.  Novasep reported revenues
of EUR222 million for the first none months of 2010.


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


DEUTSCHE POSTBANK: Moody's Affirms 'D+' Bank Strength Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Deutsche Postbank AG's D+
bank financial strength rating and its A1 long-term debt and
deposit ratings.  Simultaneously, the rating agency affirmed the
A2 subordinated debt and Prime-1 short-term ratings.  The outlook
on these ratings remains negative.

Moody's changed the outlook on several of Postbank's hybrid
securities to positive from negative.

The rating announcement follows Deutsche Bank (Aa3/C+ stable)
becoming Postbank's single largest shareholder with a stake of
49.95%, after the voluntary public takeover offer-period expired
on November 24, 2010.  Moody's understands that, when the US anti-
trust authorities approve the transaction, Deutsche Bank's stake
will increase to above 50%.

                        Ratings Rationale

Moody's affirmed the D+ BFSR, which maps to a Baseline Credit
Assessment of Baa3, as Postbank remains vulnerable given its weak
intrinsic profitability and large exposure to higher-risk loans
and investments.  The outlook on the BFSR remains negative.
Moody's recognize that Postbank has made steady progress in de-
risking its financial profile, while maintaining and investing in
its franchise in order to focus on its core businesses (retail
banking, corporate banking, and financial markets).  At the same
time, Moody's believes that Postbank's remaining exposures to
structured credit products (which are high compared with its
capital) and commercial real-estate lending continue to represent
a considerable challenge for the bank and a source of potential
credit losses.

The increase in Deutsche Bank's equity stake to 49.95% alleviates
some of the earlier pressure on Postbank's A1 long-term ratings.
Deutsche Bank has thus far made a considerable investment in
Postbank, and Moody's believes that Deutsche Bank will continue to
increase its ownership stake and exercise a degree of management
influence and control over Postbank.  Following the transaction,
Moody's has therefore changed the composition of the support
uplift that is factored into Postbank's long-term ratings:
parental support now provides for a two-notch uplift from
Postbank's Baa3 BCA.  Given Postbank's role as one of the major
deposit-taking institutions in Germany, Moody's continues to
assess the probability of systemic support as very high, which
provides for a further three-notch uplift for the long-term
ratings to A1.

The negative outlook on the A1 ratings remains constrained by the
negative outlook on the D+ BFSR, although Moody's may reconsider
the outlook as and when Deutsche Bank increases its level of
influence on and integration of Postbank, with positive
implications for its risk profile.

            Hybrid Ratings Outlook Changed to Positive

Except for one instrument (a profit-participation certificate, or
Genussschein, rated B1), Postbank's hybrid securities are
currently notched down from the adjusted BCA excluding parental
support which is Baa3 and reflects the bank's standalone credit
strength.  The Genusschein due 2014 is rated B1, based on an
expected-loss approach.

The positive outlook on all of these instruments reflects Moody's
expectation that the parental support may, in the future, have
positive implications on their performance.  If, for instance,
Deutsche Bank increases its commitment to establishing a profit-
and-loss transfer agreement, this may lead to a multi-notch
upgrade of the ratings for these securities.

Apart from the above mentioned Genussschein due 2014, Postbank's
rated hybrids comprise Genussscheine issued by ProSecure Funding
Limited Partnership rated Ba2 and Postbank's trust preferred
securities rated Ba3.

              Rating History and Moody's Methodology

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

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


HECKLER & KOCH: Moody's Downgrades Corporate Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded these ratings of Heckler
& Koch GmbH: the corporate family rating to B3 from B2; the
probability-of-default rating to B3 from B1; and the rating on the
company's EUR120 million worth of senior unsecured notes to B3
from B2.  The ratings remain on review for possible downgrade.

                        Ratings Rationale

The downgrade to B3 reflects (i) HK's more aggressive financial
policy, evidenced by a recent dividend payout of around
EUR16 million to its indirect shareholder Heckler & Koch
Beteiligungs GmbH; as well as (ii) the potential challenge the
company faces to refinance EUR120 million worth of senior
unsecured notes, maturing in July 2011, at the level of HK.

Moody's continues to acknowledge the consistently solid operating
performance of HK over recent quarters and the company's only
moderately leveraged capital structure.  On the back of the modest
leverage, Moody's has aligned the PDR and CFR to the same level,
as a reflection of solid recovery prospects for noteholders in a
distressed scenario.

The rating agency does not explicitly consider the EUR153 million
worth of payment-in-kind notes due in 2013 outstanding at the
level of Heckler & Koch Beteiligungs GmbH to be part of the
restricted group debt.  This is because the holders of the PIK
notes have no direct contractual claim as a creditor on cash flows
or assets of the borrowing group, HK.

Nevertheless, the rating agency decided to place more weight of
the holding company debt on the credit assessment of HK given its
significant influence on HK's financial policy by HKB and its
decision to divert cash flows to service the latter's funding
needs as evidenced by the dividend payout.  Moreover, HK's
financial policy is impacted by the fact that an early redemption
of the EUR120 million notes at HK level before its final maturity
date in July 2011 would trigger a pro-rata repayment of the PIK
notes.  Therefore, while the PIK notes are not directly reflected
in HK's financial debt, in Moody's view the increasing impact of
HKB on the company's financial policy is weakening the company's
credit profile as reflected in the downgrade to B3.

The rating review will focus on the options and the timeline of a
potential refinancing of the EUR120 million senior notes.

While Moody's further notes that a refinancing undertaken at the
level of HK, i.e. within the restricted group would most likely
preserve the company's modest leverage, a refinancing at the level
of both HK and HKB simultaneously with a shift in the restricted
group could result in a substantially higher financial leverage in
the future.

Moody's could confirm the ratings at B3 if the company were to
successfully refinance its debt at the level of HK with the
maintenance of a capital structure in line with the requirements
for the single B rating category.

The lack of appropriate and timely arrangement of refinancing
plans within the next few weeks could prompt a downgrade.

Downgrades:

Issuer: Heckler & Koch GmbH

  -- Probability of Default Rating, Downgraded to B3 from B1

  -- Corporate Family Rating, Downgraded to B3 from B2

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     from B2, LGD4, 65% changed to LGD4, 50%

Moody's most recent rating action on HK was implemented on
September 29, 2010, when all of the company's ratings were placed
on review for possible downgrade.

Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a
leading defence contractor in the small arms sector, with a strong
brand and number-one market positions in the supply of assault
rifles, (sub)machine guns and grenade launchers.  In 2009, the
company generated revenues of EUR235 million.


NUERNBERGER LEBENSVERSICHERUNG: Fitch Affirms 'BB+' Debt Rating
---------------------------------------------------------------
Fitch Ratings has revised the Outlooks on Nuernberger
Lebensversicherung AG's, Nuernberger Allgemeine Versicherung AG's,
Nuernberger Krankenversicherung AG's Insurer Financial Strength
ratings and Nuernberger Beteiligungs-Aktiengesellschaft's Long-
term Issuer Default Rating to Stable from Negative.  NLV, NAV, and
NKV's 'A' IFS and the 'BBB+' Long-term IDR for holding company NB
have been affirmed.  Fitch has also affirmed NB's EUR100 million
subordinated debt at 'BB+'.

Nuernberger group's investment portfolio has shown resilience over
2009 and 2010.  The gross revaluation reserve (Brutto-
Neubewertungsruecklage) increased by more than EUR300 million to
EUR242.4 million from end-2008 to end-2009.  During 2010, this
reserve has further increased, suggesting that possible write-offs
would have a limited effect on the group's capitalization.  Fitch
views the group's consolidated capitalization as strong.  Based on
the agency's risk-based capital assessment, capitalization was
stable in 2009 and supportive of the current rating level.  IFRS
shareholders' funds increased in 2009 by 9.1% to EUR660.6 million
and further increased in the first nine months of 2010 to EUR675.8
million.

In Fitch's view, Nuernberger has a strong business position in
life insurance and well-diversified distribution channels.
Moreover, NLV's business shows strong technical profitability that
mainly derives from disability and unit-linked insurance.  Fitch
believes that due to its business composition, Nuernberger would
be less affected by an ongoing low interest environment than many
of its competitors.  Gross earnings for the consolidated
Nuernberger group increased to EUR59.7 million from EUR24.5
million in 2008 but were still significantly short of the EUR140.6
million in 2007.

The non-life insurance segment, for which NAV is the main entity,
reported a slightly disappointing gross combined ratio of 101.4%
in 2009 (2008: 100.8%).  NAV has begun to restructure its p&c
segment, which should result in significantly improved
profitability in the medium term.  As part of the restructuring,
the insurer is expected to substantially decrease its share in
competitive motor insurance.  In 2009, the motor premiums of the
combined p&c operations decreased by 10.6% to EUR362.8 million
while overall gross written premiums decreased only by 5%.  This
trend is expected to continue in 2010 and 2011.

In 2009, the insurance operations of Nuernberger group generated
IFRS GWP of EUR3.3 billion.  The main life insurer, NLV, reported
2009 IFRS GWP of EUR2.3 billion, the non-life insurance operations
with its main entity NAV reported IFRS GWP of EUR812.3 million and
the health insurer NKV reported IFRS GWP of EUR147.4 million.

With its high ratio of IFA business, NLV is viewed by the market
as a supplier of innovative unit-linked and disability products,
while the relatively small NKV is a profitable private health
insurer.  NAV benefits from a unique sales channel based on its
strong connections with automobile distribution networks.  All the
companies are 100% subsidiaries of the holding company NB.  Fitch
notes that NLV, NAV and NKV are fully integrated within the
Nuernberger organization, as they have the same management and
distribution channels, client commonality and also share the same
brand name.  Fitch views these three operating entities as core to
the Nuernberger group.

A key rating driver for an upgrade would be a successful
restructuring of Nuernberger's p&c business with a return to at
least market average profitability, while negative rating pressure
could evolve if capitalization decreased significantly from the
current level.


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I R E L A N D
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ANGLO IRISH: Ex-Chief to Face Questions About Role in Downfall
--------------------------------------------------------------
Shane Phelan at Irish Independent reports that ex-Anglo Irish Bank
boss David Drumm had agreed to be quizzed by his former employers
as part of bankruptcy proceedings in the US.

Irish Independent says Mr. Drumm, who has refused to return to
Ireland to be interviewed by gardai about major irregularities at
Anglo, will now face questions from lawyers about his role in the
downfall of the bank.

According to Irish Independent, lawyers for Anglo said Mr. Drumm
would be asked if he was involved in any "breaches of fiduciary
duty", meaning failures to meet his legal or ethical obligations
while running the bank.

As part of the agreement, Mr. Drumm will be questioned in two
sessions, Irish Independent notes.  Irish Independent says the
first session of questions will be conducted next Tuesday by
bankruptcy trustee Kathleen Dwyer, who will ask Mr. Drumm about
property and assets he still holds.  Lawyers for Anglo will then
get an opportunity to quiz him in a second session in the New
Year, Irish Independent notes.

Irish Independent says as part of the deal Anglo agreed it would
drop its attempts to have Ms. Dwyer removed as trustee.  The bank
had sought to have her replaced after she sided with Mr. Drumm on
a number of legal matters, Irish Independent recounts.

As reported by the Troubled Company Reporter-Europe on Oct. 19,
2010, Bloomberg News said Mr. Drumm filed for bankruptcy, months
after the bank sought repayment of loans from him.  Bloomberg
disclosed Mr. Drumm, who resigned from the Dublin-based bank in
December 2008, listed assets and liabilities at US$1 million to
US$10 million on Oct. 14 in U.S. Bankruptcy Court in Boston.
Anglo Irish Bank's lawyers told a court in Dublin in December that
the bank is seeking repayment of loans valued at about EUR8
million (US$11.3 million) from Mr. Drumm, according to Bloomberg.
His liabilities are primarily business debts, Bloomberg said,
citing the Oct. 14 filing under Chapter 7 of the U.S. Bankruptcy
Code.

                        Restructuring Plan

On Dec. 1, 2010, the Troubled Company Reporter-Europe, citing BBC
News, reported that the Republic of Ireland's central bank said
that a strategy to wind down Anglo Irish Bank's loan book should
be ready by the end of January.  BBC disclosed the plan will then
be submitted for approval by European and International Monetary
Fund authorities.  In a statement the central bank said that
Anglo's restructuring plan would be submitted by the end of
January, as agreed by Dublin and the European finance ministers,
according to BBC.  The central bank emphasized that it would take
years to wind down Anglo's loans, required as part of Dublin's
EUR85 billion (GBP72.1 billion) bail-out, BBC noted.  BBC said
Anglo is likely to be split into two banks, with the heavily-
indebted "bad" half wound down or eventually sold.  The bank is on
course to cost the Republic's taxpayers between EUR29 billion and
EUR34 billion by the time it is fully wound down, BBC stated.

                      About Anglo Irish Bank

Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking.  The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions.  The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions.  In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc.  The Private Bank offers tailored products and
solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 29,
2010, 2010, Standard & Poor's Ratings Services lowered its rating
on Anglo Irish Bank Corp. Ltd.'s nondeferrable dated subordinated
debt (lower Tier 2) securities to 'D' from 'CCC'.  The downgrade
of the lower Tier 2 debt rating reflects S&P's opinion that the
bank's exchange offer is a "distressed exchange" and tantamount to
default in accordance with its criteria.


VARKO LIMITED: Appoints Ken Fennell as Liquidator
-------------------------------------------------
InsolvencyJournal.ie reports Varko Limited, trading as Intercall
Management appointed Ken Fennell, of kavanaghfennell, as
liquidator, at a meeting of creditors on November 24, 2010.

According to InsolvencyJournal.ie, accumulated losses, which the
Chairman of the Company attributes to their pricing structure,
have forced Varko into liquidation.  Despite correcting the
pricing strategy of the firm early in 2010 and a cash injection by
its members, they were unable to honor an installment arrangement
with the Revenue Commissioners, InsolvencyJournal.ie relates.  The
cash flow problem was compounded when an invoice discounting
arrangement with the company chose to rely on this security and
ceased to provide funding at levels previously provided,
InsolvencyJournal.ie notes.

The company is still a valuable commodity due to the ongoing
client contracts and therefore, it has been decided to continue
the Licence with a view to selling the assets of the company on a
going concern basis to a third party, InsolvencyJournal.ie
discloses.  This will preserve the goodwill of the company, and
maximize the possibility of a dividend being paid to creditors,
according to InsolvencyJournal.ie.

InsolvencyJournal.ie says 60 people are employed directly by
Varko, and it is hoped that their jobs may be saved by such a
sale.

InsolvencyJournal.ie has acted as a consultant agent in supply
chain management and logistics and management consultancy since
1995.


* IRELAND: Corporate Insolvencies Hit Record High in November
-------------------------------------------------------------
Business & Leadership, citing data released Thursday by
InsolvencyJournal.ie., reports that more than 1,300 companies have
gone bust so far in 2010, equating to four companies a day.

According to Business & Leadership, the data show 11% more
companies have gone bust this year when compared to 2009 figures.

The month of November saw 142 companies announce insolvency, the
highest number in 2010 so far, Business & Leadership notes.

Construction industry insolvencies rose to 42 following a low in
October of 26, Business & Leadership discloses.  In total, 419
construction companies have gone bust so far this year, Business &
Leadership says.

Good news came for the retail and hospitality sectors as their
insolvency figures declined, Business & Leadership notes.

There was a slight increase in the number of examinerships for
November with four examiners appointed, Business & Leadership
states.

"Three out of four companies that went into examinership in
November were trading companies and I believe you may see an
increasing number of trading companies entering examinership over
the coming months," Business & Leadership quoted Ken Fennell, a
partner in kavanaghfennell, the firm who compile the data, as
saying.


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


AGRISECURITIES SRL: Fitch Cuts Rating on Class B Notes to BB+sf
---------------------------------------------------------------
Fitch Ratings has downgraded the junior classes of Agrisecurities
S.r.l. Series -- Italian mixed-lease receivables-backed
transactions -- and affirmed the rest:

Agrisecurities S.r.l. Series 2002-1

  -- EUR17.98m class A notes affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity rating 'LS-1'

  -- EUR78.5m class B notes downgraded to 'BBBsf' from 'Asf';
     Outlook Negative; assigned Loss Severity rating 'LS-1'

Agrisecurities S.r.l. Series 2006

  -- EUR300.4m class A2 notes affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity rating 'LS-1'

  -- EUR103.5m class B notes downgraded to 'BBBsf' from 'Asf';
     Outlook Negative; assigned Loss Severity rating 'LS-1'

Agrisecurities S.r.l. Series 2008

  -- EUR678.6m class A notes affirmed at 'AAAsf'; Outlook Stable;
     assigned Loss Severity rating 'LS-1'

  -- EUR136.4m class B notes downgraded to 'BB+sf' from 'BBBsf';
     Outlook Negative; assigned Loss Severity rating 'LS-1'

The rating actions on the junior notes reflect the rising
delinquency and defaults in each of the transactions.  As at end-
September 2010, the cumulative gross default rate was 3.28% for
Agrisecurities 2002-1, 4.14% for Agrisecurities 2006 and 4.3% for
Agrisecurities 2008.  The delinquency rate was 5.84% for
Agrisecurities 2002-1, 7.55% for Agrisecurities 2006 and 5.88% for
Agrisecurities 2008.  With the exception of Agrisecurities 2002-1,
all the transactions have cumulative GDR values which are now
above Fitch's base case default assumptions.  The Agrisecurities
2008 transaction, in particular, now stands at 2% above the
agency's base case assumptions.

The cumulative net default rate, which takes recoveries into
account, has also been performing consistently worse than the
Fitch's base case default projections.  As at end-September 2010,
the CNDR was 2.42% for Agrisecurities 2002-1, 3.71% for
Agrisecurities 2006 and 3.4% for Agrisecurities 2008, all higher
than the Fitch base case values.  In particular Agrisecurities
2008's CNDR is over 1% above the agency's assumptions.

All three transactions have a proportion of the pool on the
principal payment holiday program introduced in Italy in 2009.  As
at August 2010, Agrisecurities 2002-1 had 6.4% of the outstanding
principal balance on the PPH program; Agrisecurities 2006 had
11.5%, and Agrisecurities 2008 had 8.7%.  The scheme was due to
expire in June 2010 but has been extended till January 2011.
Fitch notes the risk of increased charge-offs resulting from
accounts on the PPH program once the scheme expires.

The cash reserve fund for Agrisecurities 2006 began amortizing in
June 2010 after the outstanding balance of senior notes fell below
50% of the balance at closing, as per the transaction documents.
Reserve funds have kept in line with target levels for the other
two transactions.

As per the documentation, the transactions do not provision for
defaults, and only allocate principal losses as they arise.  This
feature remains a risk as a growing proportion of the loans remain
classified under the defaulted loan category.  In particular
Agrisecurities 2002-1 has a large percentage of the remaining
collateral now classified as defaulted and which remains in this
classification without provision as the performing pool amortizes.


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


DEXIA FUNDING: S&P Raises Rating on Hybrid Securities to 'CCC'
--------------------------------------------------------------
Standard & Poor's Ratings Services said it has raised to 'CCC'
from 'C' its junior subordinated debt rating on EUR500 million in
hybrid capital securities issued by Dexia Funding Luxembourg S.A.,
a subsidiary of Belgian banking group Dexia S.A.  This rating
action does not affect the counterparty credit ratings on Dexia
S.A.'s core operating entities.

On Nov. 2, 2010, Dexia paid the coupon due on the EUR500 million
DFL hybrid instrument due to its mandatory nature.  Dexia remains
committed not to pay coupons on all its hybrid debt instruments
until the end of 2011, unless the payment of such coupons is
deemed mandatory in the contractual clauses of the hybrid debt
instrument.

The mandatory character of the coupon payment derives from the
distribution of bonus shares by Dexia in May 2010.  Although Dexia
has committed to the European Commission to not pay cash dividends
until year-end 2011, it is allowed to issue new shares to its
shareholders, in the form of bonus shares, by the way of a capital
increase by incorporation of reserves.

"S&P believes that it is likely that Dexia will distribute new
bonus shares to its shareholders in 2011," said Standard & Poor's
credit analyst Taos Fudji.

S&P baseS its opinion on the assumption that Dexia will record
positive net income in 2010, and that the shareholders would
approve the distribution of bonus shares in the 2011 annual
general meeting.  In the first nine months of 2010, Dexia recorded
a group net profit of EUR667 million.  Such distribution of bonus
shares would render mandatory the coupon payment on the EUR500
million DFL hybrid instrument due on Nov. 2, 2011.

If Dexia does not distribute new bonus shares in 2011, S&P would
downgrade the rating on the DFL hybrid instrument to 'C' to
reflect the deferral of the coupon.


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


ROSSIYSKY KAPITAL: Moody's Upgrades National Scale Rating to Ba2
----------------------------------------------------------------
Moody's Interfax Rating Agency has upgraded the long-term National
Scale Rating of Rossiysky Kapital Bank to Ba2.ru from B3.ru.
Moscow-based Moody's Interfax is majority-owned by Moody's
Investors Service, a leading global rating agency.  The Ba2.ru NSR
reflects the ranking of the bank's credit quality relative only to
its domestic peers.

                        Ratings Rationale

The rating upgrade to Ba2.ru was prompted by a RUB6.4 billion
(US$208 million) injection into RKB's capital by the bank's
shareholder -- state-owned Deposit Insurance Agency -- in November
2010 in accordance with RKB's rehabilitation plan.  Moreover,
RKB's improving business -- its loan book grew by more than three
times and the customer funds grew by more than two times in 2010
-- supported its efficiency and profitability, although the bank
remained loss-making over the first nine months of 2010.

"The capital injection, which accounted for around 86% of RKB's
total capital and loan loss reserves under Russian Accounting
Standards as at end-October 2010, is likely to materially
alleviate pressure from the bank's currently very weak asset
quality, with problem assets estimated at around 140% of total
capital and loan loss reserves prior to the capital injection,"
says Maxim Bogdashkin, a Moscow-based Moody's Assistant Vice
President -- Analyst and lead analyst for this issuer.  However,
Moody's asset quality stress-test shows that, although
significantly improved, the new level of capital will not be
sufficient to withstand the rating agency's base-case crisis
scenario.

"Overall, weak efficiency, very high risk concentrations in assets
and in liabilities and still developing "post-crisis" strategy
remain the constraining factors for RKB's rating," adds Mr.
Bogdashkin.

Moody's Interfax Rating Agency specializes in credit risk analysis
in Russia.  MIRA is controlled by Moody's Investors Service, a
leading provider of credit ratings, research and analysis covering
debt instruments and securities in the global capital markets.
Moody's Investors Service is a subsidiary of Moody's Corporation.

Moody's last rating action on RKB was on July 12, 2010, when the
bank's B3.ru long-term NSR was placed on review for possible
upgrade.

Headquartered in Moscow, Russia, RKB reported total assets of
RUB9.2 billion (US$304 million) under audited IFRS at year-end
2009.


* Fitch Assigns 'B+' Rating on Ryazan Region's Upcoming Bonds
-------------------------------------------------------------
Fitch Ratings has assigned the Ryazan Region's upcoming RUB2.1
billion domestic bond, due November 27, 2014, expected ratings of
Long-term local currency 'B+' and National Long-term 'A(rus)'.

The region's Long-term foreign and local currency ratings are both
'B+'.  The region has a Short-term foreign currency rating of 'B'
and a National Long-term rating of 'A(rus)'.  The Outlooks on the
Long-term ratings are Stable.

The bond has a fixed step-down coupon.  The initial coupon rate
will be set by the issuer.  The principal will be amortized by 30%
of the initial bond issue value on 29 November 2012 and by another
30% on November 28, 2013.  The remaining 40% will be redeemed on
November 27, 2014.  The proceeds from the bond issue will be used
to finance the region's budget deficit.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

Ryazan is located in central Russia, bordering the Moscow region
to the north.  It contributed 0.4% of Russia's GDP in 2008 and
accounted for 0.8% of its population.


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


AYT GENOVA: Restructuring Delay Won't Affect Fitch's 'BB' Rating
----------------------------------------------------------------
Fitch Ratings says its ratings for AyT Genova Hipotecario XI,
Fondo de Titulizacion Hipotecaria mortgage-backed floating-rate
notes due in November 2040 are unaffected by a delay to its
restructuring.

Since Fitch assigned its ratings on November 11, 2010, a planned
increase of the transaction's reserve fund was unexpectedly
delayed, and a payment date had occurred in the interim.  On that
payment date the class A1 notes had completely amortized, and the
Class A2 notes were partially amortized.  The restructuring is now
complete, and Fitch's credit opinion is unchanged as a result of
the payment date.  The figures below refer to the capital
structure.

This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by
Barclay's Bank, S.A that originally closed in December 2007.  The
reserve fund has been finally increased to 3.63% from 1.04% of the
notes' outstanding balance.

As of December 2010 total credit enhancement for the class A2
notes, equivalent to 8.62% of the outstanding collateral balance,
is provided by the subordination of classes B, C and D (1.92%),
(1.79%) and (1.28%), respectively, plus a reserve fund of 3.63%.

The final ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage loans, available credit
enhancement, the integrity of the transaction's legal and
financial structure and Ahorro y Titulizacion S.G.F.T, S.A.'s
administrative capabilities.

Ratings remain:

  -- EUR890,357,580 Class A2 notes (ISIN ES0312302013) 'AAAsf';
     Outlook Stable; Loss Severity rating of 'LS-1'

  -- EUR18,000,000 Class B notes (ISIN ES0312302021) 'Asf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR16,800,000 Class C notes (ISIN ES0312302039) 'BBB+sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

  -- EUR12,000,000 Class D notes (ISIN ES0312302047) 'BBsf';
     Outlook Stable; Loss Severity rating of 'LS-3'


CAJA DE AHORROS: Moody's Assigns 'D+' Bank Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned Baa1/P-2/D+ ratings with a
negative outlook to the new entity Caja de Ahorros de Galicia,
Vigo, Ourense y Pontevedra.  The D+ standalone Bank Financial
Strength Rating maps to a Ba1 rating on the long-term scale.
Moody's rates the subordinated debt of the new entity at Baa2, the
junior subordinated debt at Ba2 and the preferred shares at B2.
The outlook is negative on all the ratings.

This new entity is the result of the merger of Caixa Galicia
(previously rated A3/P-2/D, negative outlook) with Caixa de
Aforros de Vigo, Ourense e Pontevedra (Caixanova, previously rated
A3/P-2/D, negative outlook).  The merger will be effective as of
December 1, 2010.  The new group has assumed the deposit and debt
obligations of these two savings banks, which will both cease to
exist on completion of the merger on 1 December.  Moody's will
therefore withdraw all the other ratings of these individual
entities.

             Rationale for the BFSR of the New Group

In assigning the D+ (Ba1) BFSR to the new savings bank, Moody's
focused on assessing the creditworthiness of the merged entity.
The rating agency considers the creditworthiness to be stronger on
a consolidated basis (post-merger), compared with the previous
individual BFSRs of D for both Caixa Galicia and Caixanova:

(i) the merger will improve provisioning levels against non-
performing assets;

(ii) the EUR1,162 million capital injection in the form of
preferred shares from the Fondo de Restructuracion Ordenada
Bancaria (FROB, or Spain's fund for orderly bank restructuring),
will strengthen the capitalization of the new savings bank (Tier 1
capital is expected to be 9.1% at FYE2010); and

(iii) the new entity will benefit from the cost savings that will
arise from the restructuring plan that the two savings banks have
approved.

Moody's understands that the Bank of Spain will closely monitor
the restructuring plan, which entails an approximate 16.5%
reduction of the new group's combined workforce, and branch
closures that will affect around 22% of the new entity's existing
networks.  In addition, the new savings bank plans to further
deleverage its balance sheet by selling some of its less
profitable branches and a large part of its equity portfolio.

Notwithstanding the clear benefits of the capital injection and
restructuring, Moody's believes that the new savings bank faces
challenges that will have to be aligned with its Tier 1 capital
ratio of 9.1%.  In the rating agency's view, this capitalization
level should be sufficient for the savings bank to absorb any
further losses under Moody's base-case scenario.  However, given
Spain's uncertain macroeconomic outlook and the remaining
uncertainties over its real-estate asset quality, the
recapitalization may not have sufficiently immunized the savings
bank against a more conservative scenario.  Although Moody's
estimates that the FROB funds will cover the bulk of loan-loss
provisioning requirements for the next few years, the rating
agency expects that internal capital generation from recurrent
sources may be limited by the very challenging domestic operating
environment of subdued growth and downward margin pressures.
These will arise from relatively high non-earning assets and
increased funding costs that will be impacted by the high coupon
payment of 7.75% on the FROB preference shares and higher market-
risk premiums.

                  Rationale for he Debt Ratings

The new entity's rating of Baa1/P-2 incorporates Moody's
assumption of ongoing exceptional systemic support.  In this
respect, Moody's believes that the Spanish government is generally
both willing and able to support its banking system and the new
entity in particular, as and when required.

Part of the extraordinary support has already been realized via
the capital injection and is reflected in the higher BFSR rating
at D+ compared to the D BFSR's of the preceding institutions.  The
debt ratings therefore incorporate a somewhat reduced likelihood
of further support, which however still underpins the ratings with
a three notch uplift.

In assigning the negative outlook for both the debt and deposit
ratings as well as for the BFSR, Moody's has taken into account
the execution risks associated with the merger process and the
vulnerability of the new savings bank to a further possible
deterioration of the operating environment, both of which could
result in additional downward rating pressure.

           Potential Triggers for an Upgrade/Downgrade

An upgrade of the new entity's ratings is currently unlikely given
the negative outlook on its ratings.  Any upward pressure on the
BFSR would depend on stronger capital adequacy levels, further
offsetting estimated credit losses under Moody's anticipated
scenario and a lower transition risk to a more severe scenario.
Downward rating pressure would most likely result from: (i)
greater-than-expected deterioration in the new group's risk-
absorption capacity, beyond the estimations assumed in Moody's
stress tests; and/or (ii) deterioration of the new savings bank's
adequate liquidity position.

Headquartered in La Coruna, Spain, Caixa Galicia reported total
consolidated assets of EUR45.1 billion as of September 30, 2010.

Headquartered in Vigo, Spain, Caixanova reported total
consolidated assets of EUR29.9 billion as of September 30, 2010.

The combined entity will be headquartered in Vigo and will have
combined assets of EUR72.9 billion.


IM PASTOR: S&P Puts 'BB' Class D Note Rating on Watch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services, in a corrected news release,
affirmed its credit rating on the class A notes and placed the
class B, C, and D notes on CreditWatch positive in IM PASTOR 2,
Fondo de Titulizacion Hipotecaria.

The rating actions result from S&P's review of IM Pastor 2's
collateral performance and the current capital structure as at
September 2010.

IM PASTOR 2's collateral performance has remained stable through
the recent economic cycle, in S&P's opinion, with comparatively
low delinquencies.  This is further supported by the high
weighted-average seasoning of approximately 94 months.  The
collateral consists of prime residential mortgages originated
between 1998 and 2003.  Prepayment levels remain in line with
other Spanish RMBS transactions and losses are lower than
subsequent transactions originated by Banco Pastor S.A.

The class A notes now have a pool factor of approximately 33% and,
consequently, credit enhancement throughout the structure has
increased.  The credit enhancement level for the class A notes in
each transaction increased to 12.31% in September 2010 from 4.57%
at closing.  Credit enhancement levels for the class B, C, and D
notes increased to 7.51%, 3.57%, and 1.77% from 2.89%, 1.51%, and
0.88%, respectively.  The reserve fund now represents 1.80% of
notes outstanding and is amortizing down towards a floor of EUR5
million.

To resolve the CreditWatch placements S&P will now conduct further
cash flow analysis.  Should the results indicate that the
transaction's credit enhancement levels support higher ratings,
S&P will likely raise its ratings on IM PASTOR 2's notes as
applicable.

IM PASTOR 2 is a Spanish prime RMBS transaction that securitizes
loans originated by Banco Pastor.

                           Ratings List

          IM PASTOR 2, Fondo de Titulizacion Hipotecaria
   EUR1 Billion Residential Mortgage-Backed Floating-Rate Notes

                         Rating Affirmed

                       Class       Rating
                       -----       ------
                       A           AAA (sf)

              Ratings Placed On CreditWatch Positive

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


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


* Fitch Gives Positive Outlook on 14 Turkish Banks' Ratings
-----------------------------------------------------------
Fitch Ratings has revised the Outlook to Positive from Stable on
the Long-term foreign currency and local currency Issuer Default
Ratings of 15 Turkish banks and financial institutions.  This
follows similar action taken on the LT FC and LT LC IDRs of the
Republic of Turkey announced on November 24, 2010.  Should the
sovereign rating be upgraded, the ratings of the affected
institutions would be likely to follow suit.  A full rating
breakdown is provided below; all other ratings on these
institutions are unaffected.

T. C. Ziraat Bankasi A.S., Turkiye Halk Bankasi A.S., Turkiye
Vakiflar Bankasi T.A.O., Turkiye Kalkinma Bankasi A.S.:

  -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
     revised to Positive from Stable

  -- Long-term local currency IDR: affirmed at 'BB+';
     Outlook revised to Positive from Stable

  -- Short-term FC and LC IDR: affirmed at 'B'

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB+'

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Outlook
     Stable

The IDRs and Outlooks, of the Turkish banks referenced are
equalized with those of the Turkish sovereign, reflecting the fact
that the banks are state-owned or state-controlled.

Yapi ve Kredi Bankasi A.S., Denizbank A.S., Turk Ekonomi Bankasi
A.S.:

  -- LTFC IDR: affirmed at 'BBB-'; Outlook revised to Positive
     from Stable

  -- LTLC IDR: affirmed at 'BBB' Outlook revised to Positive from
     Stable

  -- ST FC and LC IDR: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook
     Stable

The IDRs of the abovementioned banks are driven by potential
support from highly-rated foreign shareholders and reflect the
financial strength of their respective ultimate parents, namely
UniCredit S.p.A. ('A'/Negative; 50% stake in the holding company
controlling YKB), Dexia ('A+'/Stable, 99.8% stake in Denizbank)
and BNP Paribas ('AA-'/Stable, 50% stake in the holding company
controlling TEB).  The banks' LTLC IDRs are capped two notches
above the sovereign's LTLC IDR.  The LTFC IDRs of these banks are
constrained by Turkey's Country Ceiling of 'BBB-'.  The Positive
Outlooks on the ratings reflect the potential for the Turkish
sovereign ratings and Country Ceiling to be upgraded.

Turkiye Is Bankasi A.S., Turkiye Garanti Bankasi A.S., Akbank
T.A.S.:

  -- LTFC IDR: affirmed at 'BBB-'; Outlook revised to Positive
     from Stable

  -- LTLC IDR: affirmed at 'BBB-'; Outlook revised to Positive
     from Stable

  -- ST FC and LC IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '3'

  -- Support Rating Floor: affirmed at 'BB'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook
     Stable

The IDRs of the above systemically important banks are driven by
their intrinsic financial strength which is reflected in their
Individual Ratings of 'C'.  These banks are expected to benefit
from the improvement in the operating environment, implied by the
Positive Outlook on the sovereign ratings.  The banks' LT IDRs are
one notch above those of the sovereign.

Finansbank A.S.:

  -- LTFC IDR: affirmed at 'BBB-'; Outlook Stable

  -- LTLC IDR: affirmed at 'BBB-'; Outlook Stable

  -- ST FC and LC IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'C'

  -- Support Rating: affirmed at '3'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook
     Stable

The IDRs of Finansbank are driven by the bank's intrinsic
financial strength which is reflected in its Individual Rating of
'C'.  While Finansbank is also expected to benefit from the
improving operating environment, its balance sheet and franchise
are smaller than the three large banks listed above.  Its LT IDRs
are therefore likely to remain at the 'BBB-' level if the
sovereign is upgraded and hence have been affirmed with Stable
Outlooks.

Turkiye Sinai Kalkinma Bankasi A.S.:

  -- LTFC IDR: affirmed at 'BB+'; Outlook revised to Positive from
     Stable

  -- LTLC IDR affirmed at 'BB+'; Outlook revised to Positive from
     Stable

  -- ST FC and LC IDR: affirmed at 'B'

  -- Support Rating: affirmed at '3'

  -- National Long-term Rating: affirmed at 'AA+(tur)'; Outlook
     Stable

The revision of the Outlook on TSKB's LT IDRs reflects the similar
rating action taken on its parent's (Turkiye Is Bankasi A.S.) LT
IDRs.  The parent's improving ability to support its subsidiary
could result in the upgrade of TSKB's LT IDRs.

Garanti Finansal Kiralama A.S., Is Finansal Kiralama A.S., Garanti
Faktoring Hizmetleri A.S. and Ak Finansal Kiralama A.S.:


  -- LTFC IDR: affirmed at 'BBB-'; Outlook revised to Positive
     from Stable

  -- LTLC IDR affirmed at 'BBB-'; Outlook revised to Positive from
     Stable

  -- ST FC and LC IDRs: affirmed at 'F3'

  -- Support Rating: affirmed at '2'

  -- National Long-term Rating: affirmed at 'AAA(tur)'; Outlook
     Stable

The IDRs of the entities above are equalised with those of their
parents, reflecting integration and committed support, and
therefore are likely to move in tandem with their parents'
ratings.

Is Yatirim Menkul Degerler A.S.:

  -- National Long-term Rating: affirmed at 'AAA(tur')'; Outlook
     Stable

The National Long-term Rating of the above entity is equalized
with the National Long-term Rating of its parent, Turkiye Is
Bankasi A.S.


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


UKRGASBANK JSC: Moody's Withdraws 'E+' Bank Strength Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn these ratings of
Ukrgasbank: B3 long-term and Not Prime short-term local- and
foreign-currency deposit ratings, E+ Bank Financial Strength
Rating and the long-term national scale rating of Baa3.ua.  Before
this withdrawal, all Ukrgasbank's global scale ratings carried a
stable outlook.  The NSR carries no specific outlook.

                        Ratings Rationale

Moody's Investors Service has withdrawn the credit rating for its
own business reasons.

The rating withdrawal does not reflect a change in the companies'
creditworthiness.  Ukrgasbank had no outstanding debt rated by
Moody's at the time of the withdrawal.

Moody's most recent rating action on Ukrgasbank was on August 7,
2009, when Moody's confirmed the E+/B3/Baa3.ua ratings of the
bank.

Headquartered in Kiev, Ukrgasbank reported total assets of
UAH14.5 billion (US$1.8 billion) as at September 30, 2010,
according to the bank's unaudited Ukrainian Accounting Standards
financial report.


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


CORIOLANUS LIMITED: Moody's Junks Rating on Series 67 Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Series
67 (Bristol) note issued by Coriolanus Limited.

  -- Series 67 US$12,000,000 Portfolio Credit Linked Variable
     Rate Secured Notes due 2022 (current balance of 10,523,513),
     Downgraded to Caa2 (sf); previously on Jun 30, 2009
     Downgraded to B2 (sf)

                        Ratings Rationale

Coriolanus Limited -- Series 67 (Bristol) is a synthetic
collateralised loan obligation referencing a portfolio of credit
default swaps on US senior secured loans (81%), US senior
unsecured loans (14%) and high yield bonds (5%).  Series 67
(Bristol) is an equity tranche that is supported by a reserve
account credited by excess spread received from underlying assets
in the portfolio as well as trading gains.  This reserve account
(currently approximately US$1.32 million) is available to protect
the tranche against losses arising from both defaults and trading.

Moody's rating on Series 67 addresses the expected loss posed to
the investors by the legal final maturity in June 2022 as a
proportion of the rated balance and the rated coupon, where the
rated balance is equal, at any time, to the principal amount of
the notes on the closing date plus the rated coupon per annum
applied on the outstanding rated balance minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments.  The rated coupon is equal
to US$3 million Libor plus 0.25%.

According to Moody's, the downgrade rating action taken on the
Series 67 note is the result of the application of the US CLO
recovery methodology, which is based on fixed recovery modeling
assumptions.  Given that the underlying portfolio of this
transaction is fully made up of US obligors, Moody's believes that
this modeling approach is more appropriate than the stochastic
European recovery framework previously used to assess this
transaction.  The impact of this modeling change account for about
two notches of the current downgrade action.

The rating action also reflect continued credit deterioration of
the portfolio which is observed through the increase in the
proportion of securities rated Caa1 and below (9.64% in May 2009,
compared to 16.98 % in October 2010) and which predominantly
affects the junior class of notes.  Losses in the transaction
additionally increased from US$1.15 million in March 2009 to
US$8.39 million in October 2010.  Despite the continued
amortization of the underlying portfolio (4% in June 2009,
compared to 20% in October 2010), this credit deterioration has
had a direct negative impact on this first loss piece.

As a base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 2815 and a
weighted-average recovery rate of 47.49%.

Moody's additionally ran sensitivity analyses on key parameters
for the rated note.  Among these, Moody's considered the impact of
the complete removal of future excess spread credited to the
reserve account and found that this would not significantly impact
the results modelled for Series 67.  Moody's also considered the
impact of a change by +/- 5 % in its recovery rate assumption and
observed that the model results for the Series 67 note would
likely be impacted by less than one notch.

The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from those present in the
monthly note holders report.

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.


DAILY MAIL: S&P Gives Stable Outlook; Affirms 'BB+' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K.-based media group Daily Mail & General Trust PLC
to stable from negative.  At the same time, the 'BB+' long-term
and 'B' short-term corporate credit ratings, along with the 'BB'
senior unsecured debt ratings, on DMGT were affirmed.

The recovery rating on DMGT's senior unsecured debt is unchanged
at '5', indicating S&P's expectation of modest (10%-30%) recovery
for creditors in the event of a payment default.

"The outlook revision reflects the significant improvement in
DMGT's operating performance in financial 2010, which, combined
with a reduction in its pensions deficit, resulted in credit
metrics commensurate with the current ratings at the beginning of
October 2010," said Standard & poor's credit analyst Patrizia
D'Amico.  "The outlook revision also takes into account S&P's
expectation that the group's profitability and credit measures
will remain in line with the 'BB+' rating in the medium term,
despite some uncertainties regarding the effect of the government
budget cuts on the U.K. economy and advertising market in 2011."

DMGT reported a 2% like-for-like increase in revenues in financial
2010, although reported revenues fell 6% due to business
divestments executed during the year.  Reported EBITA reached
EUR320 million, EUR47 million higher than previous year, giving a
16% EBITA margin for the financial year--a strong, 300 basis-point
improvement.  The group's solid performance comes from significant
cost savings and a rebound in advertising revenues at the National
Newspaper division and at Euromoney.

In S&P's opinion, DMGT's operating performance should remain sound
in financial 2011 according to its base-case scenario of revenue
stability.  As a result, profitability and credit metrics should
remain in line with the current ratings during the period.  The
outlook also incorporates S&P's view that DMGT will maintain a
prudent acquisition and dividend policy in the medium term.

Positive rating pressure could arise from better-than-S&P
anticipate operating performance in financial 2011, particularly
if the group were able to further increase its EBITDA margin from
2010 levels.  It could also arise from continuing cash flow
generation improvement and further debt reduction in the period.

The ratings could come under downward pressure if the group's
operating performance were to fall significantly below S&P's base-
case expectations, adversely affecting its EBITDA, free cash flow
generation, and credit measures.  Downside rating pressure could
also arise from a more aggressive financial policy than S&P
currently anticipate.


GLASTONBURY FINANCE: S&P Affirms CCC- Rating on Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Glastonbury Finance 2007-1 PLC's class A-2 notes.  At the same
time, S&P affirmed its credit ratings on the class X, A-1, B, C,
D, E, and F notes.

Glastonbury Finance 2007-1 is a collateralized debt obligation of
European commercial mortgage-backed securities, which closed in
April 2007.  Palatium Investment Management Ltd. manages the
transaction.  At closing, Glastonbury issued the class A-1
revolving notes, under which amounts can be drawn in British
pounds sterling or euros.  S&P understand that the transaction's
reinvestment period ended on May 9, 2010.

                        Capital Structure

                           Notional
                           as of      Current    CE
        Rtg       Rtg      Aug-09     notional   as of    Current
  Class from      to       (mil. GBP) (mil. GBP) Aug-09   CE
  ----- ----      ---      ---------- ---------- ------   -------


  X     AAA (sf)  AAA (sf)    3.00       2.37    99.14    99.32
  A-1   AAA (sf)  AAA (sf)  219.73     201.14    35.98    42.04
  A-2   AAA (sf)  AA+ (sf)   33.00      33.00    26.49    32.65
  B     A- (sf)   A- (sf)    32.00      32.36    17.29    23.43
  C     BB+ (sf)  BB+ (sf)   31.00      31.57     8.38    14.44
  D     B (sf)    B (sf)     16.00      16.40     3.78     9.77
  E     CCC (sf)  CCC (sf)   10.00      10.54     0.91     6.77
  F     CCC- (sf) CCC- (sf)   4.00       4.28     0.00     5.55
  G Sub NR        NR         19.00      19.00      N/A      N/A

  Notes:

  NR -- Not rated.

  N/A -- Not applicable.

  CE -- Credit enhancement = (performing balance + cash balance
        GBP tranche balance [including tranche balance of all
        senior tranches])/(performing balance + cash balance).

Current amounts are derived from the Nov. 9, 2010 trustee report.
Euro amounts were converted using the spot rate as of the review
date.

These rating actions follow developments in the transaction that
S&P has observed since S&P last took rating action in August 2009.
These developments include a negative rating migration of the
underlying assets, as well as an increase in the credit
enhancement available for each note.

       Portfolio Rating Distribution (% of total collateral)

                   As of      As of S&P's most
          Rating   Aug-09     recent analysis
          ------   ------     ----------------
          Cash       0.25               0.64
          AA            -               1.05
          AA-           -                  -
          A+            -                  -
          A          3.90               2.61
          A-            -                  -
          BBB+          -               2.28
          BBB       33.49              33.77
          BBB-          -               2.82
          BB+        2.30               6.55
          BB        55.42              15.92
          BB-        4.64               2.24
          B+            -               6.47
          B             -              10.07
          B-            -               4.36
          CCC+          -                  -
          CCC           -               5.53
          CCC-          -               5.70

At the time of S&P's last rating action, a total 63% of the
portfolio was on CreditWatch negative, and as such S&P lowered the
corresponding ratings by three notches in accordance with S&P's
criteria.  As of December 1, no asset in the portfolio is on
CreditWatch negative.

The transaction is currently exposed to GBP19.43 million of 'CCC
(sf)' rated class E notes in Gemini (Eclipse 2006-3) PLC, and
GBP20.0 million of 'CCC-(sf)' rated class E notes in White Tower
2006-3 PLC.  In its analysis, S&P has taken into consideration
scenarios where recoveries on these assets are low, if they should
experience payment default.

In addition, S&P noteS that the overcollateralization ratio tests
for the class A, B, C, and D notes have been failing since May.
This has resulted in the continuing deferral of interest payments
due to the class B, C, D, E, and F notes, as available interest
proceeds are used (after payments due to the class X, A-1, and A-2
notes, and various senior items) to repay the class A-1 notes.

Overall, the amortization of the class A-1 notes has led to an
increase in credit enhancement available to all classes of notes.
However, this increase is, in S&P's opinion, offset by the
deterioration in the portfolio's credit quality.

Since the portfolio has entered its amortization phase, and as S&P
believes it is relatively poorly diversified, S&P took into
account the potential impact of spread compression and recovery
compression in its analysis.

Transaction Key Features
------------------------
Collateral balance (mil. GBP)*                         351.15
Number of underlying securities                          26
Portfolio weighted-average rating                       BB+
Weighted-average spread (%)                            0.87
Modeled 'AAA' weighted-average recovery rate (%)      30.00
Modeled 'AA' weighted-average recovery rate (%)       35.00
Modeled 'A' weighted-average recovery rate (%)        40.00
Modeled 'BBB' weighted-average recovery rate (%)      45.00
Modeled 'BB' weighted-average recovery rate (%)       50.00
Modeled 'B' weighted-average recovery rate (%)        60.00
Modeled 'CCC' weighted-average recovery rate (%)      70.00

* Euro amounts were converted using the spot rate as at the review
  date.

For class A-2, S&P considers that the increased default risk on
the portfolio is now consistent with a lower rating than
previously assigned, and S&P has therefore lowered its rating on
this class.

For the other rated classes, S&P considers that the credit
enhancement is currently sufficient to support the current rating,
and S&P has therefore affirmed its ratings.

Since S&P's last review, the class X notes have continued to
amortize in line with the requirements of the transaction
documents.  Accordingly, the class X notes get allocated a fixed
principal amount on each payment date, which is payable together
with class X interest.  According to S&P's analysis, the class X
notes incur a higher risk of missed interest payment in scenarios
where sterling assets default and the euro depreciates against the
sterling.  However, S&P currently consider this risk to be
sufficiently remote for the class X notes to sustain a 'AAA (sf)'
rating.

S&P's most recent rating action on Glastonbury Finance 2007-1 took
place in August 2009, when S&P lowered the ratings on class B, C,
D, E, and F notes.

                          Ratings List

                 Glastonbury Finance 2007-1 PLC
                GBP354 Million Floating-Rate Notes

                         Rating Lowered

                                Rating
                                ------
             Class       To                  From
             -----       --                  ----
             A-2         AA+ (sf)            AAA (sf)

                        Ratings Affirmed

                      Class       Rating
                      -----       ------
                      X           AAA (sf)
                      A-1         AAA (sf)
                      B           A- (sf)
                      C           BB+ (sf)
                      D           B (sf)
                      E           CCC (sf)
                      F           CCC- (sf)


WHITERIGG ALPINES: To Buy Back Chorley Centre
---------------------------------------------
Horticulture Week reports that Whiterigg Alpines Director Lee
Wrigley said the company will buy its site back after going into
receivership.

According the report, surveyor Eddisons is selling the 2.44ha
Chorley propagation centre and glasshouses for GBP350,000.

In September, Horticulture Week notes, the company was being
bought out of administration for the second time in as many years.
The business was sold to the newly-created Chorleyforest, owned by
former Whiterigg directors Steven and Lee Wrigley, the report
relates.

Jeremy Woodside and Ben Barrett from RSM Tenon were appointed
administrators on September 1, 2010.

Mr. Wrigley, Horticulture Week discloses, suggested that he had
made an offer for the site: "We went into administration last year
and this is the final bit left over.  (RSM Tenon) threatened to
sell the site on behalf of (the bank) but we have put something in
place so that won't happen. The (for sale) signs should hopefully
be coming down this week."

Horticulture Week recalls Whiterigg Alpines first entered
administration in April 2009 and was bought four months later by
Whiterigg Alpines UK.  Steven and Lee Wrigley were directors of
both companies.  At the time of going into administration in 2009,
Whiterigg employed 91 people, had a turnover of around GBP4.5
million and supplied more than 200 garden centers around the
country, the report adds.

Headquartered Lancashire, Whiterigg Alpines is a grower and
supplier of alpine rockery plants.


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


* BOND PRICING: For the Week November 29 to December 3, 2010
------------------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES         2.750   5/10/2014      EUR     74.82
RAIFF ZENTRALBK          4.500   9/28/2035      EUR     69.70

BELGIUM
-------
FORTIS BANK              8.750   12/7/2010      EUR     11.55

FINLAND
-------
MUNI FINANCE PLC         0.250   6/28/2040      CAD     24.00
MUNI FINANCE PLC         0.500   3/17/2025      CAD     53.91
MUNI FINANCE PLC         0.500   9/24/2020      CAD     68.47
MUNI FINANCE PLC         1.000   2/27/2018      AUD     67.65
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     59.18

FRANCE
------
AIR FRANCE-KLM           4.970    4/1/2015      EUR     16.71
ALCATEL SA               4.750    1/1/2011      EUR     16.79
ALCATEL-LUCENT           5.000    1/1/2015      EUR      3.27
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      4.73
ATOS ORIGIN SA           2.500    1/1/2016      EUR     52.52
CALYON                   6.000   6/18/2047      EUR     45.99
CAP GEMINI SOGET         3.500    1/1/2014      EUR     42.06
CAP GEMINI SOGET         1.000    1/1/2012      EUR     43.12
CLUB MEDITERRANE         6.110   11/1/2015      EUR     17.62
EURAZEO                  6.250   6/10/2014      EUR     59.47
FAURECIA                 4.500    1/1/2015      EUR     24.35
MAUREL ET PROM           7.125   7/31/2014      EUR     16.32
MAUREL ET PROM           7.125   7/31/2015      EUR     13.54
NEXANS SA                4.000    1/1/2016      EUR     65.43
PEUGEOT SA               4.450    1/1/2016      EUR     35.03
PUBLICIS GROUPE          1.000   1/18/2018      EUR     48.70
PUBLICIS GROUPE          3.125   7/30/2014      EUR     39.02
RHODIA SA                0.500    1/1/2014      EUR     48.78
SOC AIR FRANCE           2.750    4/1/2020      EUR     22.09
SOITEC                   6.250    9/9/2014      EUR      9.97
TEM                      4.250    1/1/2015      EUR     56.76
THEOLIA                  2.700    1/1/2041      EUR     11.24
VALEO                    2.375    1/1/2011      EUR     47.51
ZLOMREX INT FIN          8.500    2/1/2014      EUR     70.25
ZLOMREX INT FIN          8.500    2/1/2014      EUR     70.25

GERMANY
-------
DEUTSCHE BK LOND         3.000   5/18/2012      CHF     65.22
DEUTSCHE BK LOND         0.500   8/25/2017      BRL     53.51
ESCADA AG                7.500    4/1/2012      EUR     17.75
HSH NORDBANK AG          4.375   2/14/2017      EUR     54.97
HYPOREAL INTL AG         4.560   3/28/2021      EUR     85.12
L-BANK FOERDERBK         0.500   5/10/2027      CAD     49.63
LB BADEN-WUERTT          2.500   1/30/2034      EUR     67.46
QIMONDA FINANCE          6.750   3/22/2013      USD      4.00
RENTENBANK               1.000   3/29/2017      NZD     74.06
SOLON AG SOLAR           1.375   12/6/2012      EUR     31.62

GREECE
------
ATHENS URBAN TRN         4.851   9/19/2016      EUR     70.85
ATHENS URBAN TRN         5.008   7/18/2017      EUR     67.30
HELLENIC REP I/L         2.300   7/25/2030      EUR     49.36
HELLENIC REP I/L         2.900   7/25/2025      EUR     48.53
HELLENIC REPUB           5.000   8/22/2016      JPY     63.91
HELLENIC REPUB           5.200   7/17/2034      EUR     61.33
HELLENIC REPUB           6.140   4/14/2028      EUR     66.04
HELLENIC REPUB           5.000   3/11/2019      EUR     65.64
HELLENIC REPUB           3.060    7/6/2025      EUR     60.96
HELLENIC REPUB           5.800   7/14/2015      JPY     74.60
HELLENIC REPUB           5.250    2/1/2016      JPY     70.62
HELLENIC REPUB           4.590    4/8/2016      EUR     71.87
HELLENIC REPUBLI         4.600   7/20/2018      EUR     64.28
HELLENIC REPUBLI         4.300   7/20/2017      EUR     64.12
HELLENIC REPUBLI         4.700   3/20/2024      EUR     60.82
HELLENIC REPUBLI         5.300   3/20/2026      EUR     61.60
HELLENIC REPUBLI         4.500   9/20/2037      EUR     54.31
HELLENIC REPUBLI         4.600   9/20/2040      EUR     54.29
HELLENIC REPUBLI         3.600   7/20/2016      EUR     66.72
HELLENIC REPUBLI         5.900   4/20/2017      EUR     70.18
HELLENIC REPUBLI         3.700   7/20/2015      EUR     70.27
HELLENIC REPUBLI         6.250   6/19/2020      EUR     69.89
HELLENIC REPUBLI         6.000   7/19/2019      EUR     68.96
NATIONAL BK GREE         3.875   10/7/2016      EUR     75.48
YIOULA GLASSWORK         9.000   12/1/2015      EUR     73.00
YIOULA GLASSWORK         9.000   12/1/2015      EUR     74.44

IRELAND
-------
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     59.91
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     53.61
AIB MORTGAGE BNK         5.000   2/12/2030      EUR     53.66
AIB MORTGAGE BNK         4.875   6/29/2017      EUR     76.38
ALLIED IRISH BKS         5.250   3/10/2025      GBP     29.98
ALLIED IRISH BKS        11.500   3/29/2022      GBP     28.89
ALLIED IRISH BKS        10.750   3/29/2017      EUR     29.07
ALLIED IRISH BKS        10.750   3/29/2017      USD     29.95
ALLIED IRISH BKS        12.500   6/25/2019      EUR     30.24
ALLIED IRISH BKS         7.875    7/5/2023      GBP     29.12
ALLIED IRISH BKS        12.500   6/25/2019      GBP     28.89
ANGLO IRISH BANK         4.000   4/23/2018      EUR     55.78
BANK OF IRELAND          5.600   9/18/2023      EUR     52.87
BANK OF IRELAND          9.250    9/7/2020      GBP     46.98
BANK OF IRELAND         10.000   2/12/2020      GBP     50.21
BANK OF IRELAND         10.750   6/22/2018      GBP     47.13
BANK OF IRELAND         10.000   2/12/2020      EUR     51.04
BK IRELAND MTGE          5.760    9/7/2029      EUR     59.28
BK IRELAND MTGE          5.450    3/1/2030      EUR     56.73
BK IRELAND MTGE          5.400   11/6/2029      EUR     56.31
BK IRELAND MTGE          3.250   6/22/2015      EUR     77.30
DEPFA ACS BANK           3.250   7/31/2031      CHF     68.99
DEPFA ACS BANK           3.278   7/17/2026      CHF     72.88
DEPFA ACS BANK           5.250   3/31/2025      CAD     74.74
DEPFA ACS BANK           0.500    3/3/2025      CAD     32.98
DEPFA ACS BANK           5.125   3/16/2037      USD     69.30
DEPFA ACS BANK           5.125   3/16/2037      USD     68.87
DEPFA ACS BANK           4.900   8/24/2035      CAD     64.94
EBS BLDG SOCIETY         4.992   3/19/2015      EUR     75.22
IRISH LIFE PERM          4.250    4/9/2015      EUR     73.17
IRISH LIFE PERM          4.820   3/22/2015      EUR     74.80
IRISH NATIONWIDE         5.500   1/10/2018      GBP     34.97
IRISH NATIONWIDE        13.000   8/12/2016      GBP     20.38

ITALY
-----
ABRUZZO REGION           4.450    3/1/2037      EUR     74.85
CITY OF TURIN            5.270   6/26/2038      EUR     67.82
CO BACOLI                3.671   3/31/2026      EUR     71.57
CO BRAONE                4.620   6/30/2036      EUR     74.77
CO CASTELMASSA           3.960   3/31/2026      EUR     74.26
CO CAZZAGO SAN M         4.462   6/30/2037      EUR     72.63
CO PROVAGLIO DI          4.572   6/30/2037      EUR     73.94
CO SPOLETO               3.711   3/31/2026      EUR     71.98
CO VOBARNO               4.572   6/30/2037      EUR     73.94
COMU MONT LEOGRA         3.685   1/15/2026      EUR     72.01
COMU MONT LEOGRA         4.362   1/13/2037      EUR     71.55
PRALBOINO                4.567   6/30/2037      EUR     73.89

LUXEMBOURG
----------
ARCELORMITTAL            7.250    4/1/2014      EUR     30.03
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     42.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     41.76

NETHERLANDS
-----------
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     53.64
BRIT INSURANCE           6.625   12/9/2030      GBP     66.35
DGS INTL FIN BV         10.000    6/1/2007      USD      0.01
ELEC DE CAR FIN          8.500   4/10/2018      USD     55.81
INDAH KIAT INTL         12.500   6/15/2006      USD      0.01
NATL INVESTER BK        25.983    5/7/2029      EUR     35.84
NED WATERSCHAPBK         0.500   3/11/2025      CAD     53.86
Q-CELLS INTERNAT         5.750   5/26/2014      EUR     69.07
RBS NV EX-ABN NV         6.316   6/29/2035      EUR     71.28
TJIWI KIMIA FIN         13.250    8/1/2001      USD      0.01

NORWAY
------
EKSPORTFINANS            0.500    5/9/2030      CAD     43.45
KOMMUNALBANKEN           0.500   9/24/2014      BRL     71.65

POLAND
------
REP OF POLAND            2.648   3/29/2034      JPY     65.26

PORTUGAL
--------
CAIXA GERAL DEPO         5.320    8/5/2021      EUR     69.10
CAIXA GERAL DEPO         4.400   10/8/2019      EUR     67.86
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     68.53
COMBOIOS DE PORT         5.700    2/5/2030      EUR     67.17
METRO DE LISBOA          4.061   12/4/2026      EUR     73.97
PARPUBLICA               3.567   9/22/2020      EUR     71.14
PORTUGUESE OT'S          4.100   4/15/2037      EUR     72.99

RUSSIA
------
APK ARKADA              17.500   5/23/2012      RUB      0.38
ARKTEL-INVEST           12.000    4/9/2012      RUB      0.05
BARENTSEV FINANS        20.000    7/4/2011      RUB      1.10
DVTG-FINANS             17.000   8/29/2013      RUB      6.00
EUROKOMMERZ             16.000   3/15/2011      RUB      0.01
GLAVSTROY-FINANS         1.000   3/17/2011      RUB     75.00
IART                    12.000    8/4/2013      RUB      6.01
INPROM                   9.500   5/18/2011      RUB     70.10
IZHAVTO                 18.000    6/9/2011      RUB     11.31
M-INDUSTRIYA            12.250   8/16/2011      RUB     27.40
MACROMIR-FINANS          7.750    7/3/2012      RUB      0.51
MIG-FINANS               0.100    9/6/2011      RUB      3.01
MIRAX                   17.000   9/17/2012      RUB     16.04
MIRAX                   14.990   5/17/2011      RUB     28.00
MOSMART FINANS           0.010   4/12/2012      RUB      1.81
MOSOBLGAZ               12.000   5/17/2011      RUB     72.50
MOSOBLTRUSTINVES        20.000   3/26/2011      RUB      6.99
NOK                     10.000   9/22/2011      RUB      8.03
NOK                     12.500   8/26/2014      RUB      0.10
NOVYE TORGOVYE S        15.000   4/26/2011      RUB     75.00
RYBINSKKABEL             0.010   2/28/2012      RUB      0.06
SAHO                    10.000   5/21/2012      RUB      0.03
SEVENTH CONTINE          9.250   6/14/2012      RUB     10.60
SEVKABEL-FINANS         10.500   3/27/2012      RUB      3.40
SVOBODNY SOKOL           0.100   5/24/2011      RUB     30.00
TECHNOSILA-INVES         7.000   5/26/2011      RUB     10.00
TERNA-FINANS             1.000   11/4/2011      RUB      3.14
TRANSFIN-M              10.750   8/10/2012      RUB     75.00
VESTER-FINANS           15.250   8/11/2011      RUB      4.11
VKM-LEASING FINA         1.000   5/18/2011      RUB      0.02

SPAIN
-----
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     65.84
AYT CEDULAS CAJA         4.750   5/25/2027      EUR     75.13
BANCAJA                  1.500   5/22/2018      EUR     61.48
BANCAJA EMI SA           2.755   5/11/2037      JPY     50.16
BANCO GUIPUZCOAN         1.500   4/18/2022      EUR     62.63
CAJA CASTIL-MAN          1.500   6/23/2021      EUR     55.01
CAJA ESPANA              4.150   2/23/2020      EUR     72.13
CAJA MADRID              4.125   3/24/2036      EUR     73.35
CEDULAS TDA 6            3.875   5/23/2025      EUR     66.98
CEDULAS TDA A-5          4.250   3/28/2027      EUR     67.87
CEDULAS TDA A-6          4.250   4/10/2031      EUR     61.15
GEN DE CATALUNYA         4.220   4/26/2035      EUR     69.68
GENERAL DE ALQUI         2.750   8/20/2012      EUR     71.28
IM CEDULAS 5             3.500   6/15/2020      EUR     75.90
JUNTA LA MANCHA          3.875   1/31/2036      EUR     64.68

SWEDEN
------
SWEDISH EXP CRED         8.000   11/4/2011      USD      8.88
SWEDISH EXP CRED         0.500   9/29/2015      BRL     66.28
SWEDISH EXP CRED         9.000   8/12/2011      USD     10.15

SWITZERLAND
-----------
UBS AG                  10.580   6/29/2011      USD     38.78
UBS AG                  13.700   5/23/2012      USD     14.15
UBS AG                  13.300   5/23/2012      USD      4.03
UBS AG JERSEY           11.000   2/28/2011      USD     70.04
UBS AG JERSEY           10.990   3/31/2011      USD     31.36
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           15.250   2/11/2011      USD     11.25
UBS AG JERSEY           10.000   2/11/2011      USD     58.25
UBS AG JERSEY           10.760   7/29/2011      USD     10.43
UBS AG JERSEY           16.170   1/31/2011      USD     12.67
UBS AG JERSEY           14.640   1/31/2011      USD     35.92
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           10.280   8/19/2011      USD     35.67
UBS AG JERSEY           13.900   1/31/2011      USD     33.88
UBS AG JERSEY           10.360   8/19/2011      USD     53.58
UBS AG JERSEY           11.150   8/31/2011      USD     39.08
UBS AG JERSEY            9.350   9/21/2011      USD     67.75
UBS AG JERSEY            9.450   9/21/2011      USD     51.25
UBS AG JERSEY            3.220   7/31/2012      EUR     47.57
UBS AG JERSEY           11.400   3/18/2011      USD     24.10
UBS AG JERSEY           12.800   2/28/2011      USD     33.71

UNITED KINGDOM
--------------
BANK NADRA               8.000   6/22/2017      USD     68.39
BANK OF SCOTLAND         6.984    2/7/2035      EUR     73.59
BARCLAYS BK PLC          9.500   8/31/2012      USD     29.41
BARCLAYS BK PLC          9.250   8/31/2012      USD     34.72
BARCLAYS BK PLC         10.800   7/31/2012      USD     27.30
BARCLAYS BK PLC          9.400   7/31/2012      USD     11.28
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         10.350   1/23/2012      USD     20.48
BARCLAYS BK PLC          8.550   1/23/2012      USD     11.57
BARCLAYS BK PLC          8.750   9/22/2011      USD     72.21
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         13.000   5/23/2011      USD     23.10
BARCLAYS BK PLC          8.800   9/22/2011      USD     16.37
BRADFORD&BIN BLD         5.500   1/15/2018      GBP     45.48
BRADFORD&BIN PLC         7.625   2/16/2049      GBP     47.82
BRADFORD&BIN PLC         6.625   6/16/2023      GBP     44.16
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     70.84
DISCOVERY EDUCAT         1.948   3/31/2037      GBP     65.55
EFG HELLAS PLC           6.010    1/9/2036      EUR     31.38
EFG HELLAS PLC           5.400   11/2/2047      EUR     55.75
ENTERPRISE INNS          6.375   9/26/2031      GBP     71.36
HBOS PLC                 6.000   11/1/2033      USD     71.50
HBOS PLC                 6.000   11/1/2033      USD     71.50
HEALTHCARE SUPP          2.067   2/19/2043      GBP     68.24
KEELE RESIDENT           2.108   1/31/2047      GBP     73.51
NORTHERN ROCK            5.750   2/28/2017      GBP     72.18
PUNCH TAVERNS            7.567   4/15/2026      GBP     68.13
PUNCH TAVERNS            8.374   7/15/2029      GBP     61.94
ROYAL BK SCOTLND         6.316   6/29/2030      EUR     68.51
RSL COMM PLC             9.125    3/1/2008      USD      1.31
RSL COMM PLC            10.125    3/1/2008      USD      1.31
SKIPTON BUILDING         5.625   1/18/2018      GBP     71.64
TXU EASTERN FNDG         6.750   5/15/2009      USD      2.88
TXU EASTERN FNDG         6.450   5/15/2005      USD      2.88
UNIQUE PUB FIN           6.464   3/30/2032      GBP     63.69
WESSEX WATER FIN         1.369   7/31/2057      GBP     31.06


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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