/raid1/www/Hosts/bankrupt/TCREUR_Public/101221.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

          Tuesday, December 21, 2010, Vol. 11, No. 251

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Andritz Seeks AntiTrust's OK on AE&E Takeover


F R A N C E

PERNOD RICARD: Fitch Gives Stable Outlook for 2011


G E R M A N Y

BRENNTAG AG: S&P Gives Positive Outlook; Affirms 'BB+' Rating
COGNIS GMBH: S&P Upgrades Long-Term Corporate Credit Rating
EN GERMANY: Moody's Assigns 'B3' Rating to EUR200 Mil. Notes
* Moody's Reviews Ratings on German Subordinated Debt Securities


G R E E C E

DRYSHIPS INC: Offering of Ocean Rig Stock at $17.5 Per Share
* Moody's Reviews 'Ba1' Greece's Foreign Currency Bond Ratings
* Moody's Reviews 'Ba1' Rating on Athens for Possible Downgrade


H U N G A R Y

* HUNGARY: No. of Construction Firms in Liquidation Rises to 2.3%


I R E L A N D

ARGON CAPITAL: S&P Withdraws 'CCC-' Ratings on CDO Notes
BANK OF IRELAND: Subordinated Bondholders Agree to Swap Notes
DROGHEDA UNITED: Faces Financial Woes; Seeks New Owner
SVG DIAMOND: Moody's Corrects Press Release on Ratings
SVG DIAMOND: Moody's Corrects Press Release; Cuts Ratings on Notes


L I T H U A N I A

SIAULIU BANKAS: Moody's Reviews 'D-' Financial Strength Rating


L U X E M B O U R G

TENZING CFO: Moody's Corrects Press Release; Raises Ratings


N E T H E R L A N D S

EUROSAIL NL: Fitch Downgrades Rating on Class D Notes to 'CCCsf'


R O M A N I A

* ROMANIA:  Measure to Help Companies Repay Debts Proposed


R U S S I A

* Moody's Upgrades Global-Scale Rating on Moscow Oblast to 'B1'
* Moody's Downgrades Issuer Ratings on Vologda Oblast to 'Ba2'


S P A I N

RURAL HIPOTECARIO: Fitch Assigns 'BB-' Rating to Class C Notes


S W E D E N

SAS AB: S&P Changes Outlook to Stable; Affirms 'B-' Rating


T U R K E Y

HSBC BANK: Moody's Reviews Bank Financial Strength Rating


U N I T E D   K I N G D O M

BREYDON DEVELOPMENTS: Goes Into Receivership
EXCELL COMMUNICATIONS: Goes Into Administration
GARTMORE INVESTMENT: Henderson Mulls GBP344 Million Rescue Bid
LOGAN CDO: S&P Downgrades Ratings on US$150 Mil. Notes to 'D'
PUNCH TAVERNS: Bondholders Meet with Financial Advisers

PUNCH TAVERNS: S&P Cuts Ratings on Three Classes of Notes to 'BB-'
SIXTY UK: Italian Parent Ordered to Pay GBP600,000 Unpaid Rent
SPIRIT ISSUER: S&P Puts 'BB+' Note Ratings on CreditWatch Negative
TITAN EUROPE: Moody's Reviews Ratings on Various Classes of Notes


X X X X X X X X

* Large Companies with Insolvent Balance Sheets




                            *********


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


A-TEC INDUSTRIES: Andritz Seeks AntiTrust's OK on AE&E Takeover
---------------------------------------------------------------
Steel Guru reports that the takeover of AE&E Austria GmbH & Co KG
by Andritz AG was filed for approval with Austria's anti-trust
authorities on December 14, 2010.

As reported in the Troubled Company Reporter-Europe on Dec. 6,
2010, Bloomberg News said that Andritz AG had agreed to buy the A-
Tec Industries AG's AE&E Austria unit in a deal valued at between
EUR5 million and EUR10 million.  Andritz will pay for AE&E Austria
in cash and by taking over financial obligations, Bloomberg said,
citing Hans-Georg Kantner, the spokesman of A-Tec's creditor
committee.

The Troubled Company Reporter-Europe reported on Nov. 26, 2010,
that 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.


===========
F R A N C E
===========


PERNOD RICARD: Fitch Gives Stable Outlook for 2011
--------------------------------------------------
Fitch Ratings says that the credit Outlook for 2011 for EMEA-based
alcoholic beverages companies is Stable as potential duty
increases and rising commodity costs will be offset by strong
growth in emerging markets.  Rated alcoholic beverages companies
are Carlsberg Breweries A/S ('BBB-'/Stable), Diageo plc ('A-
'/Stable), Pernod Ricard SA ('BB+'/Stable), SABMiller plc
('BBB+'/Stable) and OAO Synergy ('B'/Stable).

"Risks exist from further excise duty increases, driven by a
combination of health and government budget motivations and, for
brewers, higher commodity costs once the benefits of hedged prices
run out," says Giulio Lombardi, Senior Director in Fitch's EMEA
Retail and Consumer team.  "With respect to spirits makers, profit
margins are likely to be held back by continued investments in
advertisement and promotions."

On the positive side, Fitch notes that most rated EMEA-based
alcoholic beverages companies enjoy a significant degree of
geographic diversification with over half of their sales coming
from markets located outside their home region which retain strong
growth momentum.

In contrast to an uncertain outlook for consumer spending in
western Europe, Fitch forecasts that in 2011, global alcoholic
beverages companies should benefit from mid-to-high single digit
real growth of consumer spending in several emerging Europe, Asia
and Latin American countries.  Also, in the important (especially
for Diageo, Pernod, ABInbev and SABMiller) US market, Fitch
forecasts US GDP growth of 2.5%-2.6% p.a. in 2011-2012 and a
gradual shift of beverages consumption back to the out-of-home
channel (see 2011 Outlook: U.S. Beverages, November 2010).

Regions enjoying improving consumer confidence are seeing renewed
consumption of more expensive premium products -- a trend that has
regained momentum since Q310, particularly for spirits makers.

Cash flow generation in 2011 should remain strong, provided
companies maintain a cautious approach to capex and dividends.  In
the absence of acquisition activity and share buybacks, credit
profiles should continue to improve.  However, Fitch expects a
number of players, especially those with higher ratings, to engage
in M&A activity and/or increase shareholder distributions.  This,
in turn, is expected to constrain rating upside.

While the beer industry is highly consolidated, Fitch believes
that there is still some scope for more acquisitions spending
before the ambitions of the top four international players,
ABInBev, Carlsberg, Heineken and SABMiller, are fulfilled.  In
Fitch's opinion, bolt-on spending can be accommodated within the
ratings as all four players have benefited from improved financial
flexibility since completing their M&A in 2008.

Within the spirits sector, consolidation is constrained by
widespread family ownership of potential target companies.  At the
same time, Fitch notes that there has been speculation over Brown
Forman Corp. and, following the announcement of its intention to
break up, the spirits and wine businesses of Fortune Brands, Inc.
('BBB-'/Stable) as potential takeover candidates.  Also, interest
remains high from major industry players in acquiring established
names in emerging markets to gain access to the distribution
system of those markets as, for instance, shown by the discussions
held last year by Diageo to purchase a stake in Indian leader
United Spirits.


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


BRENNTAG AG: S&P Gives Positive Outlook; Affirms 'BB+' Rating
-------------------------------------------------------------
Standard and Poor's Ratings Services said that it had revised its
outlook on Germany-based chemical distributor Brenntag AG to
positive from stable.  At the same time S&P affirmed the 'BB+'
long-term corporate credit rating.

At the same time, the 'BBB-' issue rating on the company's senior
secured debt was affirmed.  This debt has a recovery rating of
'2', indicating S&P's expectations of substantial (70-90%)
recovery in an event of payment default.  The 'BB-' issue rating
on Brenntag's subordinated debt was also affirmed, indicating
S&P's expectations of negligible (0-10%) recovery in an event of
payment default.

"The outlook revision reflects the greater predictability gained
in terms of Brenntag's financial policy in combination with S&P's
expectations of continued strong positive operating cash flows in
2011-2014," said Standard & Poor's credit analyst Per Karlsson.
"S&P could decide on an upgrade within the next six months."

Following discussions with management, S&P believes the company
will maintain intermediate debt to EBTIDA policies, and S&P now
view the risk of increased leverage as reduced.  This follows a
reduction in ownership by the main shareholder, Brachem
Acquisition S.C.A, to just below 50%.  The outlook revision also
reflects S&P's continued expectations that the company will
generate strong annual discretionary cash flow of EUR150 million-
EUR200 million in the next few years after dividends.  S&P
understands that the company plans to apply a 30%-45% pay-out
rate.

S&P expects the FOCF to be used to finance modest bolt-on
acquisitions.  The company's future debt levels likely to be
dictated by working capital swings.  In S&P's view, Brenntag has
in the past been successful in undertaking bolt-on acquisitions,
which have gradually increased its geographic presence and added
economies of scale.  In S&P's view small acquisitions of between
EUR100 million-EUR150 million annually will be manageable for the
company.  In S&P's credit scenario, Brenntag will maintain fully
adjusted funds from operations to debt at 25%-30% and fully
adjusted debt to EBITDA at or below 3x through 2014.  In
combination with low capital spending requirements of up to EUR100
million a year, S&P believes such ratios could be in line with a
credit rating one notch higher than at present.

Brenntag's business risk profile is "satisfactory", in S&P's view,
thanks to strong client and product diversity, leading market
positions, and the resilient profitability of the company's
chemical distribution activities.  Overall, S&P expects the
company's EBITDA to rise to EUR550 million-EUR600 million in 2010;
for credit purposes, S&P has assumed only a modest increase to
about EUR570 million-EUR610 million in 2011.  Partly in view of
the group's variable cost base, S&P expects Brenntag's operating
performance to remain very resilient to market fluctuations, as it
did in the 2009 economic downturn, and expect only limited
volatility in EBITDA.  Weaknesses include, in S&P's opinion, the
cyclicality of chemical demand as well as volatile raw material
price movements, although the company has an established record of
passing these on to customers on a timely basis, helped by its
strong market position.  In addition, S&P views the group's
limited presence in the growing Asian market and its fairly
acquisitive stance as weakness, even though the latter generally
involve only small purchases.

The positive outlook reflects the possibility of a one-notch
upgrade, potentially within the next six months, if S&P see
evidence that the group's credit metrics, and especially its
financial policy commitments, remain consistent with a higher
rating.


COGNIS GMBH: S&P Upgrades Long-Term Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Germany-based specialty chemicals
producer Cognis GmbH to 'A' from 'B'.  At the same time, the CCR
(along with the 'B' issue rating on Cognis' EUR1.65 billion-
equivalent senior secured debt, the 'BB-' issue rating on Cognis'
EUR250 million revolving credit facility, and the 'CCC+' issue
rating on Cognis' EUR345 million senior notes due 2014) was
removed from CreditWatch, where it was placed with positive
implications on June 23, 2010.  The outlook is stable.

In addition, S&P is withdrawing the CCR and all associated issue
ratings on Cognis GmbH (including the issue rating on Macany
Sarl).

"The upgrade aligns the CCR on Cognis GmbH with that on global
integrated chemicals company BASF SE following the latter's
completion of the acquisition of Cognis Holding GmbH on Dec. 9,
2010," said Standard & Poor's credit analyst Paul Watters.  "The
subsequent withdrawal of all of Cognis GmbH's ratings reflects the
repayment of all of its outstanding debt."

The ratings on Cognis GmbH were placed on CreditWatch with
positive implications on June 23, 2010, following the announcement
that BASF had agreed to acquire 100% of the shares of Cognis
Holding GmbH for a consideration of EUR3.1 billion (including
debt).

S&P understands that regulatory approval and other closing
conditions have been completed, with the result that Cognis
Holding GmbH is now a wholly owned subsidiary and will be mainly
integrated into the Performance Products segment of the BASF
Group.  S&P also understand that Cognis Holding GmbH will no
longer be publishing its financial statements as a stand-alone
entity.


EN GERMANY: Moody's Assigns 'B3' Rating to EUR200 Mil. Notes
------------------------------------------------------------
Moody's Investors Service has assigned a B3 (LGD3, 46%) rating to
the EUR200 million 10.75% senior notes due 2015 issued by EN
Germany Holdings B.V., Netherlands and guaranteed on a senior
secured basis by Enterprise Networks Holdings B.V. as well as
certain key intermediate holding companies and operating
subsidiaries of the group.  The final terms of the notes are in
line with the drafts reviewed for the provisional (P)B3 rating of
the notes.

Issuer: EN Germany Holdings B.V.,

Assignments:

  -- Senior Secured Regular Bond/Debenture, Assigned B3

                        Ratings Rationale

ENH is a leading global provider of communications-related
products and services to enterprises, including businesses,
government agencies and other organizations.  It is jointly owned
by private equity firm The Gores Group (51%) and Siemens AG (49%).
ENH, with corporate headquarters in Munich, Germany, generated
EUR2.3 billion revenues in the nine months to June 30, 2010.


* Moody's Reviews Ratings on German Subordinated Debt Securities
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of 246 subordinated debt securities together
with the subordinated tranches of the relevant debt programs
issued or guaranteed by 24 banks in Germany (including one Irish
subsidiary of a German bank).  This follows the German
parliament's approval of the German Bank Restructuring Act, which
will become legally effective as of 1 January 2011.

                        Ratings Rationale

The Bank Restructuring Act -- and related amendments to the German
Banking Act (KWG) -- will establish a framework for dealing with
banks in distress, allowing the regulator to trigger losses
outside of liquidation on senior debt as well as on subordinated
bank debt that is typically classified as Lower Tier 2 for
regulatory capital purposes.  While Moody's believes that, for the
time being, regulators are unlikely to impose losses on senior
debt due to the need to preserve systemic stability in the current
fragile market conditions, this change of law implies
significantly higher risk for subordinated bank debt.  In Moody's
view it materially reduces the likelihood of systemic support for
Lower Tier 2 debt in the context of bank bail-outs and may lead to
multi-notch rating downgrades for this category of debt.

Moody's review for possible downgrade will focus on the implied
higher risk for subordinated debt under the newly established bank
resolution regime.  For the first time in Germany, it will be
possible to separate subordinated from senior claims under a
reorganization procedure.  This would be achieved through either
(i) imposing losses on subordinated debt of a going-concern entity
under a reorganization plan; or (ii) separating classes of debt
into 'going concern' and 'gone concern' legal entities, de facto
changing the pari passu status of subordinated debt outside of
liquidation.

"The law allows losses to be selectively imposed on subordinated
debt.  In a post-crisis scenario, Moody's believes that its
provisions could be used without having a material adverse impact
on the stability of the financial markets", says Carola Schuler,
Managing Director for Banking at Moody's in Frankfurt.  "Going
forward, the regulators may take advantage of such wider
resolution options on a case-by-case basis."

Even though the regulatory tools provided by the Bank
Restructuring Act and the German Banking Act are broad enough to
allow the imposition of losses on senior unsecured bondholders as
well, Moody's is not considering rating actions in respect of
senior debt for the time being.  Haircuts on senior unsecured debt
would be likely to severely disrupt financial markets and, hence,
Moody's expects the regulator to tread very carefully and in
accordance with market conditions.  Moody's will, however,
continue to monitor the funding situation of German banks and will
reassess the relevance of systemic support and financial stability
accordingly on an ongoing basis.

  Future Ratings of Subordinated Debt Likely to Exclude Systemic
  Support, But May Still Benefit From Regional Government Support

As a consequence of the increased probability that losses may be
imposed on subordinated debt, Moody's will consider removing the
systemic support which currently accounts, on average, for three
notches of uplift for this class of bank debt in Germany.  Upon
the conclusion of the review and in line with "Moody's Guidelines
for Rating Bank Hybrid Securities and Subordinated Debt", Moody's
may position the ratings one notch below its Adjusted Baseline
Credit Assessment which reflects the bank's stand-alone financial
strength including parental and cooperative support.

Currently, the rating of subordinated debt of German banks is
positioned one notch below the Bank Deposit Rating and thus
incorporates uplift for all types of external support, including
systemic as well as regional and local government support.  The
Adjusted BCA adds parental and cooperative support to the
intrinsic financial strength of a bank, but excludes regional and
local government and systemic support on a regular basis.  In the
process of this review, Moody's may, on a case-by-case basis,
consider adding some degree of regional and local government
support to the Adjusted BCA for this particular class of debt,
mainly limited to the Landesbanken.  The review will therefore
focus on potential support scenarios for public sector banks under
the new law where regional and local governments effectively take
a first-loss position and are able and willing to provide support
in the future.

Moody's expects to conclude its review within a few weeks of the
new law becoming effective.

For the ratings of junior subordinated and hybrid debt in Germany,
the Adjusted BCA will continue to exclude both systemic and
regional and local government support and is not affected by this
review.

      List of Banks Affected and Their Current Adjusted BCAs

For the banks indicated by RLG and as discussed above, Moody's may
decide to include some degree of RLG support in the Adjusted BCA
for the purpose of rating subordinated debt as part of its review.

* Bayerische Landesbank: Adjusted BCA equivalent to Baa3 (RLG);

* Bremer Landesbank Kreditanstalt Oldenburg GZ: Adjusted BCA
  equivalent to A2 (RLG);

* Commerzbank AG: Adjusted BCA equivalent to Baa1;

* DekaBank: Adjusted BCA equivalent to A2;

* DEPFA Bank plc (Ireland): Adjusted BCA equivalent to B2;

* Deutsche Apotheker- und Aerztebank eG: Adjusted BCA equivalent
  to Baa1;

* Deutsche Bank: Adjusted BCA equivalent to A2;

* Deutsche Hypothekenbank AG: Adjusted BCA equivalent to A3;

* Deutsche Pfandbriefbank AG: Adjusted BCA equivalent to B1;

* Deutsche Postbank: Adjusted BCA equivalent to Baa1;

* DVB Bank S.E.: Adjusted BCA equivalent to A2;

* DZ BANK AG Deutsche Zentral-Genossenschaftsbank: Adjusted BCA
  equivalent to A2;

* Eurohypo AG: Adjusted BCA equivalent to Ba1;

* HSH Nordbank AG: Adjusted BCA equivalent to Ba2 (RLG);

* IKB Deutsche Industriebank AG: Adjusted BCA equivalent to Caa1;

* Landesbank Baden-Wuerttemberg: Adjusted BCA equivalent to A3
  (RLG);

* Landesbank Berlin AG: Adjusted BCA equivalent to Baa1;

* Landesbank Hessen-Thueringen GZ: Adjusted BCA equivalent to A3
  (RLG);

* Muenchener Hypothekenbank eG: Adjusted BCA equivalent to A2;

* Norddeutsche Landesbank GZ: Adjusted BCA equivalent to A2 (RLG);

* Sparkasse KoelnBonn: Adjusted BCA equivalent to Baa3 (RLG);

* UniCredit Bank AG: Adjusted BCA equivalent to A3;

* Volkswagen Bank GmbH: Adjusted BCA equivalent to A3;

* WestLB AG: Adjusted BCA equivalent to Ba3 (RLG).

Moody's last rating action on Bayerische Landesbank (BayernLB) was
on 2 March 2010 when Moody's downgraded BayernLB's hybrid ratings.

Domiciled in Munich, Germany, BayernLB reported total assets of
EUR332 billion at 30 September 2010 and a pretax profit for the
first nine months of EUR669 million.

Moody's last rating action on Bremer Landesbank was on September
22, 2009 when Moody's Investors Service affirmed Bremer
Landesbank's Aa2/C/Prime-1 ratings.

Domiciled in Bremen, Germany, Bremer Landesbank reported total
assets of EUR35 billion at 30 June 2010 and a pretax profit for
the first six months of EUR34 million.

Moody's last rating action on Commerzbank AG was on March 30, 2010
when Moody's upgraded the hybrid ratings of Dresdner Funding Trust
IV following a restructuring of the terms and conditions of this
instrument by Commerzbank AG.

Domiciled in Frankfurt, Germany, Commerzbank reported total assets
of EUR848 billion at 30 September 2010 and a pretax profit for the
first nine months of EUR1,097 million.

Moody's last rating action on DekaBank Deutsche Girozentrale was
on November 19, 2009 when Moody's Investors Service affirmed
DekaBank's BFSR C (Aa2) with a stable outlook.

Domiciled in Frankfurt, Germany, DekaBank reported total assets of
EUR137 billion at 30 September 2010 and a pretax profit for the
first three quarters of 2010 of EUR543 million.

Moody's last rating action on DEPFA Bank plc was on October 01,
2010 when Moody's Investors Service downgraded DEPFA Bank plc's
ratings to Baa3/E+/Prime-3.

Domiciled in Dublin, Ireland, DEPFA Bank plc reported total assets
of EUR240 billion at 30 June 2010 and a pretax loss for the first
six months of EUR303 million.

Moody's last rating action on Deutsche Apotheker- und Aerztebank
eG was on February 18, 2010 when Moody's downgraded apoBank's Tier
1 hybrid securities rating.

Domiciled in Duesseldorf, Germany, apoBank reported total assets
of EUR43 billion at 30 June 2010 and a net profit for the first
half year of EUR25 million.

Moody's last rating action on Deutsche Bank AG was on March 04,
2010 when Moody's downgraded Deutsche Bank to Aa3/C+ from Aa1/B.

Domiciled in Frankfurt, Germany, Deutsche Bank AG reported total
assets of EUR1,958 billion at 30 September 2010 and a pretax
profit for the first nine months of EUR3,268 million.

Moody's last rating action on Deutsche Hypothekenbank was on
October 22, 2010 when Moody's Investors Service assigned a final
Baa3 rating to the capital notes issued by Charlottenburg Capital
International S.a r.l. & Cie SECS.

Domiciled in Hannover, Germany, Deutsche Hypothekenbank reported
total assets of EUR37 billion at 30 June 2010 and a pretax profit
for the first six months of EUR12 million.

Moody's last rating action on Deutsche Pfandbriefbank AG was on
October 1, 2010 when Moody's affirmed the A3 long-term debt and
deposit ratings as well as the Baa1 rating for the senior
subordinated debt.

Domiciled in Unterschleiáheim, Germany, Deutsche Pfandbriefbank AG
reported total assets of EUR229 billion at 30 June 2010 and a
pretax loss for the first six months of EUR352 million.

Moody's last rating action on Deutsche Postbank AG was on February
19, 2010 when Moody's downgraded Postbank's ratings to A1/D+ from
Aa3/C.

Domiciled in Bonn, Germany, Deutsche Postbank AG reported total
assets of EUR231 billion at 30 September 2010 and a pretax profit
for the first nine months of EUR296 million.

Moody's last rating action on DVB Bank S.E. was on September 28,
2009 when Moody's downgraded DVB's BFSR to D+ from C- (Baa3).

Domiciled in Frankfurt, Germany, DVB Bank S.E. reported total
assets of EUR20 billion at 30 June 2010 and a pretax profit for
the first six months in 2010 of EUR140 million.

Moody's last rating action on DZ Bank was on February 19, 2010
when Moody's downgraded DZ Bank's hybrid securities ratings.

Domiciled in Frankfurt, Germany, DZ Bank reported total assets of
EUR404 billion at 30 June 2010 and a pretax income for the first
half year of EUR616 million.

Moody's last rating action on Eurohypo AG was on February 18, 2010
when Moody's downgraded Eurohypo's Tier III subordinated
securities rating under its MTN Program.

Domiciled in Eschborn, Germany, Eurohypo reported total assets of
EUR257 billion at 30 June 2010 and a pretax loss for the first
half year of EUR215 million.

Moody's last rating action on HSH Nordbank was on May 04, 2010
when Moody's downgraded HSH Nordbank's long-term debt ratings to
A3.

Domiciled in Hamburg, Germany, HSH Nordbank reported total assets
of EUR176 billion at 30 June 2010 and a pretax loss for the first
half year of EUR427 million.

Moody's last rating action on IKB Deutsche Industriebank AG was on
September 17, 2009 when Moody's confirmed IKB's Baa3/P-3 ratings.

Domiciled in Dusseldorf, Germany, IKB Deutsche Industriebank AG
reported total assets of EUR36 billion at 30 September 2010 and a
pretax loss for the first half year of EUR241 million.

Moody's last rating action on Landesbank Baden-Wuerttemberg was on
July 23, 2009 when Moody's downgraded LBBW's BFSR to C- from C,
the senior unsecured debt and deposit ratings to Aa2 from Aa1 and
the subordinated debt rating to Aa3 from Aa2.

Domiciled in Stuttgart, Germany, LBBW reported total assets of
EUR417 billion at 30 June 2010 and a pretax loss for the first
half year of EUR321 million.

Moody's last rating action on Landesbank Berlin AG was on November
19, 2009 when Moody's affirmed the D+/A1.

Landesbank Berlin AG domiciled in Berlin, Germany, reported total
assets of EUR143 billion at 30 June 2010 and a pretax profit for
the first half year of EUR146 million.

Moody's last rating action on Landesbank Hessen-Thueringen GZ was
on February 18, 2010 when Moody's downgraded Helaba's hybrid
securities ratings.

Landesbank Hessen-Thueringen GZ domiciled in Frankfurt, Germany,
reported total assets of EUR175 billion at 30 September 2010 and a
pretax profit for the first nine months of EUR284 million.

Moody's last rating action on Muenchener Hypothekenbank eG was on
December 08, 2009 when Moody's downgrades MnchenerHyp to A1/C-
from Aa3/C+, concluding review.

Domiciled in Munich, Germany, Muenchener Hypothekenbank eG
reported total assets of EUR36 billion at 30 September 2010 and a
pretax profit for the first three quarters of 2010 of EUR30
million.

Moody's last rating action on Norddeutsche Landesbank GZ was on
February 25, 2010 when Moody's downgraded Nord/LB's hybrid
ratings.

Norddeutsche Landesbank GZ domiciled in Hannover, Germany,
reported total assets of EUR237 billion at 30 September 2010 and a
pretax profit for the first nine months of EUR154 million.

Moody's last rating action on Sparkasse KoelnBonn was on March 15,
2010 when Moody's downgraded Sparkasse KoelnBonn's ratings to
A1/D- from Aa2/C.

Domiciled in Cologne, Germany, Sparkasse KoelnBonn reported total
assets of EUR30 billion at 31 December 2009 and a pretax loss for
2009 of EUR120 million.

Moody's last rating action on UniCredit Bank AG was on March 11,
2010 when Moody's downgraded UniCredit Bank's hybrid securities
ratings.

Domiciled in Munich, Germany, UniCredit Bank AG reported total
assets of EUR412 billion at 30 September 2010 and a pretax profit
for the first nine months of EUR1,686 million.

Moody's last rating action on Volkswagen Bank GmbH was on
September 23, 2010 when Moody's downgraded Volkswagen Bank's BFSR
to C-; A2 long-term rating confirmed.

Volkswagen Bank GmbH domiciled in Brunswick, Germany reported
total assets of EUR34 billion at 30 June 2010 and a pretax profit
for the first half year of EUR188 million.

Moody's last rating action on WestLB was on May 04, 2010 when
Moody's downgraded WestLB's senior unsecured debt and deposit
ratings to A3 from A2 and its subordinated debt ratings to Baa1
from A3 following Moody's revision of its assumptions for future
support for the bank.

Domiciled in Dusseldorf, Germany, WestLB reported total assets of
EUR220 billion at 30 September 2010 and a pretax loss for the
first nine months of EUR33 million.


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


DRYSHIPS INC: Offering of Ocean Rig Stock at $17.5 Per Share
------------------------------------------------------------
DryShips Inc. has priced its offering by way of a private
placement of shares of Ocean Rig's common stock at $17.50 per
Share for total gross proceeds of $500 million.

The offering has been made to Norwegian professional investors and
eligible counterparties as defined in the Norwegian Securities
Trading Regulation 10-2 to 10-4, to non-United States persons in
reliance on Regulation S under the Securities Act of 1933, as
amended and in a concurrent private placement in the United States
only to qualified institutional buyers pursuant to Rule 144A under
the Securities Act. The offering is expected to close on December
20, 2010.

The net proceeds of the offering are expected to be used to
finance the construction costs of the ultra deepwater newbuilding
drillships under construction at Samsung, exercise options to
build further ultra deepwater drillships and general corporate
purposes.  Following this transaction Dryships Inc will own
approximately 78% of OceanRig UDW Inc.

The Shares have not been registered under the Securities Act or
the securities laws of any other jurisdiction and may not be
offered or sold in the United States or to or for the benefit of
U.S. persons unless so registered except pursuant to an exemption
from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable securities laws
in other jurisdictions.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Shares, nor shall there be any
sale of the Shares in any jurisdiction in which such offer,
solicitation or sale is unlawful.  Any offer of the Shares will be
made only by means of a private placement memorandum.

In the European Economic Area, with respect to any Member State
that has implemented Directive 2003/71/EC the information in
respect of the Share offering is only addressed to and is only
directed at qualified investors in that Member State within the
meaning of the Prospectus Directive.

The joint lead managers for this transaction are DnB Nor Markets,
Fearnley Fonds ASA and Pareto Securities AS.

                       About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of September
10, 2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

The Company's balance sheet at Sept. 30, 2010, showed $5.80
million in total assets, $1.90 million in total current
liabilities, $1.10 million in total non current liabilities, and
stockholders' equity of $2.80 million.

On November 25, 2010, DryShips Inc. entered into a waiver letter
for its $230.0 million credit facility dated September 10, 2007,
as amended, extending the waiver of certain covenants through
December 31, 2010.


* Moody's Reviews 'Ba1' Greece's Foreign Currency Bond Ratings
--------------------------------------------------------------
Moody's Investors Service has placed Greece's Ba1 local and
foreign currency government bond ratings on review for possible
downgrade.  Greece's country ceilings for bonds and bank deposits
are unaffected by the review and remain at Aaa (in line with the
Eurozone's rating).

Moody's decision to initiate this review was prompted, despite
significant progress in implementing a very large fiscal
consolidation effort, by the increased uncertainty over (1)
Greece's ability to reduce its debt to sustainable levels given
the recent substantial upward revision in debt levels; (2) the
substantial revenue shortfall that Moody's has observed in 2010;
and (3) the level and conditions of ongoing support that would be
available to Greece in the event that its market access remains
cut off.  Therefore, Moody's review will focus on the factors,
namely nominal growth and fiscal consolidation, that will drive
the country's debt dynamics over the next few years.  It will also
consider implementation risk, which appears to be particularly
high in 2011 for both political and administrative reasons.

Moody's says that a multi-notch downgrade would be possible if it
concludes that there is an increased risk that Greece's debt-to-
GDP ratio will fail to stabilize in the next three to five years,
or that there is a greater risk that EU support will turn out to
be less strong after 2013 than the rating agency had previously
assumed.

                       Rationale for Review

"Greece has made significant progress in implementing a very large
fiscal consolidation effort.  However, the challenge of reducing
debt to sustainable levels has also become greater due to both
domestic and regional developments," says Sarah Carlson, Vice
President-Senior Analyst at Moody's Investors Service and lead
sovereign analyst for Greece.

These developments include:

1.) Substantial upward revision in debt levels: Greek debt was
    already at a high level before Eurostat's recent revision of
    Greece's 2009 debt statistics to 126.8% of GDP.  This 11.7
    percentage point revision is almost twice the level that
    Moody's had anticipated and amplifies the risks stemming from
    the country's uncertain growth and interest rate outlook over
    the coming years.

2.) Weak revenue growth: Greece has fallen well short of its
    revenue growth targets in 2009, a factor that contributed to
    the upward revision in its deficit projections for 2010.
    Although there are signs that VAT collections are improving in
    spite of the weak macroeconomic climate, the vigorous
    implementation of reforms to fight tax evasion will be
    critical to a sustainable improvement in public finances.

3.) Uncertainty surrounding ongoing support: The level and
    conditions of ongoing support on offer to Greece is no longer
    certain.  The IMF and European authorities have expressed very
    strong support for Greece, as long as Greece follows through
    with its economic program.  However, the authorities'
    willingness and ability to provide Greece with additional
    assistance is not assured and particularly depends on
    program implementation.  Moreover, the precise nature and
    conditions of support that will be forthcoming after 2013 --
    and the implications that this will have for bondholders -- is
    unclear.

Moody's recognizes the impressive progress that the government has
made in implementing the fiscal consolidation program so far.  The
reduction of the fiscal deficit by around 6 percentage points and
the passage of landmark pension and labor-market reform are
noteworthy achievements.

"However, the substantial upward revision of debt levels, weak
revenue growth and lack of certainty surrounding long-term
support, if required, are negative factors that outweigh the many
positive developments that Moody's has observed in Greece since it
accepted the Eurozone/IMF assistance package in May 2010," says
Ms. Carlson.

              Factors to Be Considered in the Review

Firstly, Moody's rating review will focus on Greece's ability to
reduce debt to sustainable levels in a challenging economic and
political environment.  This will be affected by two variables:
nominal growth and fiscal consolidation.  Therefore, a key element
of this review is Greece's 2012-2014 plan for fiscal consolidation
and economic reform.  The Eurozone/IMF program that was adopted in
May 2010 encourages the implementation of a credible, feasible and
incentive-compatible set of structural reforms.  However, the
program has relatively few details about the policy agenda for
2012-2014.  The revision of debt statistics has raised the bar for
what these future reforms need to accomplish.  "In order for
Greece to achieve large primary surpluses over a sustained period
of time, further structural fiscal adjustments will be required,"
says Ms. Carlson.

Moreover, the Greek government's ability to speed up the
implementation of the fiscal and structural reform program will
also be a factor in Moody's review.  "The government is clearly
very determined to push the adjustment process forward, but it is
facing significant political and administrative headwinds," says
Ms. Carlson.  Implementation risk is particularly high in 2011,
and during the review Moody's will be looking at how those risks
are being addressed.

The external environment in which Greece has been operating has
clearly deteriorated, which has had an adverse impact on its
creditworthiness.  Although support from the Eurozone has been
very strong up until now, Moody's believes that changing market
conditions imply that there are realistic limitations to any such
support.  Moreover, the nature of this support after the European
Financial Stability Facility (EFSF, rated Aaa) winds down in June
2013 is unclear.  "Uncertainty surrounding plans for burden-
sharing with investors in the event of a crisis are likely to
negatively affect market access and funding costs for Greece,"
says Ms. Carlson.

Moody's last rating action affecting Greece was implemented on
June 14, 2010, when the rating agency downgraded Greece's
government bond ratings to Ba1 and assigned a stable outlook.
Prior to that, Moody's last rating action on Greece was taken on
April 22, 2010, when the rating agency downgraded Greece's
government bond ratings to A3 and placed the rating on review for
further possible downgrade.


* Moody's Reviews 'Ba1' Rating on Athens for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed the Ba1 rating of the City of
Athens on review for possible downgrade.

                        Ratings Rationale

The rating announcement on Athens follows Moody's decision to
place the Ba1 sovereign rating of Greece on review for possible
downgrade.  Moreover, the rating action reflects the ongoing
uncertainties arising from the implications of local government
reforms on the city's finances, which are included within national
plans to curb public spending.

"Greek municipalities, including the city of Athens, are unlikely
to have enough financial flexibility to enable their credit
quality to be stronger than that of the sovereign itself,"
explains Gianfilippo Carboni, an analyst within Moody's sub-
sovereign group.  The rating agency also recognizes Athens'
reliance on central government transfers in order to fund its
operations and capital investments, and the high level of
integration of its local economic base with that of the national
economy.

Moody's will continue to monitor closely the impact of significant
national austerity measures on the city's finances.  This includes
those related to the Kallikrates reform, which intend to lead to
greater transparency and accountability at the local level,
involves significant changes in funding and responsibilities for
Greek municipalities during a time of pronounced governmental
austerity.  "In the near to medium term, the scope of Government
reforms is likely to pose financial challenges to the city's
administration, and the impact is difficult to assess given
inevitable uncertainties regarding the timing and the specific
mechanisms of its implementation," says Mr. Carboni.  Furthermore,
the rating agency notes that there are uncertainties regarding the
direction and implementation of strategies to achieve financial
balance by the new municipal government in the City of Athens
coming into power in January 2011, which adds to uncertainty going
forward.

Moody's points out that the city is forecasting worse-than-
anticipated results in 2010, due to higher cuts in government
transfers and lower service charges.  Cost-cutting measures have
only partly compensated for falling revenue during the year.
However, Athens' debt-service capacity and liquidity position have
remained stable overall, reflecting the city's modest, albeit
growing, debt burden and conservative investment and debt
management.  From 2011, the rating agency says that the City's
financial performance remains highly unpredictable and will depend
on the response of the new municipal government to ongoing
challenges associated with the implementation of local government
reforms.

The review for downgrade will focus on assessing (i) the credit
aspects of the sovereign, which to date have influenced the credit
quality of the city, (ii) the total scale of future reduction in
government transfers to the City of Athens and how this will
impact the city's finances and its future debt dynamics; and (iii)
whether any of the cost measures undertaken in 2010 can generate
structural savings capable of compensating for any (or some) fall
in revenues given deteriorating economic conditions.

Moody's last rating action on the city of Athens was implemented
on June 14, 2010, when the rating agency downgraded the issuer
rating of the city of Athens to Ba1, with a negative outlook,
following the downgrade of the sovereign ratings of Greece to Ba1,
with a stable outlook.

As the capital city of Greece, Athens plays a key role as the
financial, economic and political hub of the country.  It accounts
for almost 50% of national GDP and has a total population of
745,000.


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


* HUNGARY: No. of Construction Firms in Liquidation Rises to 2.3%
----------------------------------------------------------------
The Budapest Business Journal, citing company information provider
Opten, reports that creditors launched liquidation procedures
against 308 Hungarian construction industry companies in November,
up 2.3% from the same month a year earlier.

Opten said that the number of construction sector companies that
went under mandatory liquidation in January-November climbed 16.3%
to 3,590 from the same period a year earlier, BBJ relates.

According to the report, Opten said the owners of many Hungarian
companies that undergo mandatory or voluntary liquidation move as
many assets as they can into a newly established company and
continue business as usual.  The number of companies that ask for
bankruptcy protection is minimal, BBJ adds.


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


ARGON CAPITAL: S&P Withdraws 'CCC-' Ratings on CDO Notes
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC- (sf)' credit
ratings on Argon Capital PLC's Gansevoort collateralized debt
obligation limited-recourse secured floating-rate credit-linked
US$10 million class B notes series 36 and US$10 million class A
notes series 37.

S&P's withdrawals follow a recent notification to us by Merrill
Lynch, the arranger, that the issuer has fully repurchased the
notes.

The portfolio comprised ABS and corporate entities and was
originally scheduled to mature on June 20, 2014.

                           Ratings List

                        Argon Capital PLC

         US$10 Million Gansevoort CDO Limited Recourse
                     Secured Floating-Rate
                 Credit-Linked Notes Series 36

                                   Rating
                                   ------
             Class            To             From
             -----            --             ----
             B                NR             CCC-(sf)

          US$10 Million Gansevoort CDO Limited Recourse
                     Secured Floating-Rate
                Credit-Linked Notes Series 37

                                   Rating
                                   ------
             Class            To             From
             -----            --             ----
             A                NR             CCC-(sf)


BANK OF IRELAND: Subordinated Bondholders Agree to Swap Notes
-------------------------------------------------------------
John Glover and Joe Brennan at Bloomberg News report that Bank of
Ireland said holders of EUR1.4 billion (US$1.84 billion) of its
subordinated bonds agreed to swap their notes at a discount as the
lender seeks to raise capital.

Bloomberg relates that the bank offered to exchange as much as
EUR1.5 billion of its lower Tier 2 bonds for new, 6.75% state-
guaranteed notes due 2012.

According to Bloomberg, the tenders, made at 46% to 57.5% of face
value, will give the bank a capital gain of about EUR700 million
to go toward the EUR2.2 billion of new capital regulators require
it to hold.

Ireland passed legislation last week to force subordinated
bondholders to "share the burden" of bailouts with taxpayers.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 8,
2010, DBRS downgraded the Dated Subordinated Debt ratings of The
Governor and Company of the Bank of Ireland (Bank of Ireland or
the Group), to BB from 'A' to reflect the elevated risk of adverse
action by the government.

As reported by the Troubled Company Reporter-Europe on Nov. 4,
2010, Moody's Investors Service assigned A3/P-2 bank deposit
ratings and a D+ bank financial strength rating to Bank of Ireland
(UK) plc.  Moody's said the outlook is stable.


DROGHEDA UNITED: Faces Financial Woes; Seeks New Owner
------------------------------------------------------
RTE Sport reports that Drogheda United has revealed that they are
suffering severe financial problems after they confirmed that they
are actively seeking a new owner for the club.

RTE Sport relates that in a statement, the club confirmed that
they must raise EUR185,000 before January 28 if they are to
partake in next season's Airtricity First Division.

Drogheda, who were relegated from the Premier Division after
finishing bottom this season, have been run by a group of
volunteers since the club underwent examinership two years ago,
RTE Sport discloses.

"Due to lack of sufficient funds since Drogheda United exited
examinership two years ago, the club has by necessity been run by
a small group of volunteers who have been so embroiled in the
daily task of keeping the club functioning that they have not had
the time or manpower to put in place medium to long-term plans,"
RTE Sport quoted the club as saying in a statement.

Drogheda United Football Club -- http://www.droghedaunited.ie--
is a professional Irish football club currently playing in the
first division of the League of Ireland.  The club hails from
Drogheda, Ireland and, since 1979, play their home matches at
Hunky Dorys Park.


SVG DIAMOND: Moody's Corrects Press Release on Ratings
------------------------------------------------------
Moody's Investors Service revised its rating press release on
SVG Diamond Private Equity plc.

The revised release is:

Moody's Investors Service has downgraded its ratings of seven
classes of notes issued by SVG Diamond Private Equity plc.  The
transaction is a CDO referencing a portfolio of private equity
investments essentially constituted of buyout funds.

The rating actions are:

Issuer: SVG Diamond Private Equity plc

  -- EUR40M A-1 Notes, Downgraded to A1 (sf); previously on Mar
     26, 2009 Downgraded to Aa1 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$55M A-2 Notes, Downgraded to A1 (sf); previously on Mar
     26, 2009 Downgraded to Aa1 (sf) and Placed Under Review for
     Possible Downgrade

  -- EUR58.5M B-1 Notes, Downgraded to Baa3 (sf); previously on
     Mar 26, 2009 Downgraded to Aa3 (sf) and Placed Under Review
     for Possible Downgrade

  -- US$26.3M B-2 Notes, Downgraded to Baa3 (sf); previously on
     Mar 26, 2009 Downgraded to Aa3 (sf) and Placed Under Review
     for Possible Downgrade

  -- EUR15M C-1 Notes, Downgraded to Ba1 (sf); previously on Mar
     26, 2009 Downgraded to A3 (sf) and Placed Under Review for
     Possible Downgrade

  -- EUR40M M-1 Notes, Downgraded to Ba3 (sf); previously on Mar
     26, 2009 Downgraded to Baa3 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$49M M-2 Notes, Downgraded to Ba3 (sf); previously on Mar
     26, 2009 Downgraded to Baa3 (sf) and Placed Under Review for
     Possible Downgrade

                        Ratings Rationale

SVG Diamond Private Equity is a bankruptcy remote special purpose
company incorporated with limited liability in Ireland for the
sole purpose of acquiring its interest in the portfolio and
certain other assets securing the notes, and issuing the notes.

The rating actions are primarily a result of Moody's updated
surveillance approach assumptions pertaining to CFO referencing
private equity interest and the evolution of the performance of
the private equity transaction since the closing of the
transaction.  The ratings were kept on watch for downgrade on
March 26, 2009 as the approach was being reviewed.

Moody's updated surveillance approach:

In its updated surveillance approach, Moody's relies on the
Internal Rate of Return of each underlying fund as a primary
performance indicator.  Moody's believes that the shape of the
distribution that best fits the historical data is a student-t
distribution with three degrees of freedom.  The base case assumes
the equivalent volatility for primary funds to be 52% for VC funds
and 26% for buyout funds.  The mean is assumed at 10% for both
types of funds.

The timing of the cash-flows is an additional required input in
Moody's surveillance approach.  Based on historical analysis,
Moody's chose a set of deterministic cash-flows shapes for
distributions and drawn-downs, which represent Moody's "J-curve
assumptions".  Under these assumptions, draw-downs are expected to
be mostly concentrated in the first three to four years following
the initial commitment while the cash-flow distributions are
spread over a ten-year period and mostly concentrated between year
six and ten.

Moody's obtained historical performance data and further adjusted
the data using public equity equivalent analysis as well as
equivalent research pursued by scholars and researchers.

In its approach, Moody's used a Gaussian copula model for the
dependency structure of the final IRRs of the funds.  The
correlation between VC funds and buyout funds is assumed at 40% in
the base case.  The intra-correlation is assumed at 50%.

In addition, Moody's assumptions of the final returns of primary
funds were adjusted given the seasoning of the underlying funds
already invested in this transaction.  The standard deviation of
the IRR related to the funded portion of the underlying funds was
reduced by a factor of three and the correlation between the
funded portion and the unfunded portion was reduced to 20%.

A model derives the aggregated cash flow projection at the CFO
level based on Moody's dependence and J-curve assumptions for each
random IRR drawn from the student-t distribution.  For each
simulation, the aggregated cash-flows resulting from the asset
modeling is flushed into a simplified waterfall based on the
transaction's documentation.  The model then derives an expected
loss for each rated tranche.  The modeling on the liability side
is handled by the standard EMEA cash flow model, whose description
can be found in "Moody's Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2009.

In reaching its rating decisions, Moody's also considered these
important factors:

(1) Cash flow sensitivity analysis

Moody's assessed expected cash flows on the rated tranches based
on the updated surveillance approach.  In addition to the base
case described above, the agency considered various scenarios
related to the IRR distribution, the dependency structure and the
timing of distributions and drawdowns via the J-curve.
Sensitivity to interest rate and foreign exchange fluctuations was
also analyzed.  The observed model outputs volatility in these
sensitivity runs was deemed consistent with the current rating
levels and available notes coverage.

(2) Coverage Position

The coverage position is a balance sheet indicator assessing how
the current fair-value of the assets compare to the liabilities.
The Subordination Test level was 35.87% at the end of October 2010
and the test is passing since the test threshold is 22.25%.

(3) NAV

The NAV per share improved from 0.77 EUR in September 2009 to 0.90
EUR as of March 2010, as compared to approximately 1 EUR at
closing.

(4) Liquidity Position

By nature, private-equity investors commit capital that will be
drawn in the future.  The liquidity available is constituted of
the cash outstanding, the future distributions and the additional
protection provided by the liquidity facility.  This funds expense
payments and draw-downs to private-equity investors.  The current
modeling assumes that undrawn commitments will be fully drawn.
The presence of a liquidity facility renders the risk of a default
on an interest payment remote.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction in the past six months.
Moody's Investors Service did receive a financial statement and
the receipt of the statement itself had a neutral impact on the
ratings.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction in the past six months.
Moody's Investors Service did receive a financial statement and
the receipt of the statement itself had a neutral impact on the
ratings.


SVG DIAMOND: Moody's Corrects Press Release; Cuts Ratings on Notes
------------------------------------------------------------------
Moody's Investors Service revised its rating press release on
SVG Diamond Private Equity II plc.

The revised release is:

Moody's Investors Service has downgraded its ratings of seven
classes of notes issued by SVG Diamond Private Equity II plc.  The
transaction is a CDO referencing a portfolio of private equity
investments essentially constituted of venture capital funds,
buyout funds and Mezzanine funds.

The rating actions are:

Issuer: SVG Diamond Private Equity II Plc

  -- EUR55M A-1 Notes, Downgraded to Baa2 (sf); previously on Mar
     26, 2009 Downgraded to A2 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$71.6M A-2 Notes, Downgraded to Baa2 (sf); previously on
     Mar 26, 2009 Downgraded to A2 (sf) and Placed Under Review
     for Possible Downgrade

  -- EUR76.5M B-1 Notes, Downgraded to Ba2 (sf); previously on Mar
     26, 2009 Downgraded to A3 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$40M B-2 Notes, Downgraded to Ba2 (sf); previously on Mar
     26, 2009 Downgraded to A3 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$47.8M C Notes, Downgraded to B1 (sf); previously on Mar
     26, 2009 Downgraded to Baa1 (sf) and Placed Under Review for
     Possible Downgrade

  -- EUR43M M-1 Notes, Downgraded to Caa2 (sf); previously on Mar
     26, 2009 Downgraded to Ba2 (sf) and Placed Under Review for
     Possible Downgrade

  -- US$20.3M M-2 Notes, Downgraded to Caa2 (sf); previously on
     Mar 26, 2009 Downgraded to Ba2 (sf) and Placed Under Review
     for Possible Downgrade

                        Ratings Rationale

SVG Diamond Private Equity II is a bankruptcy remote special
purpose company incorporated with limited liability in Ireland for
the sole purpose of acquiring its interest in the portfolio and
certain other assets securing the notes, and issuing the notes.

The rating actions are primarily a result of Moody's updated
surveillance approach assumptions pertaining to CFO referencing
private equity interest and the evolution of the performance of
the private equity transaction since the closing of the
transaction.  The ratings were kept on watch for downgrade on
March 26, 2009 as the approach was being reviewed.

Moody's updated surveillance approach:

In its updated surveillance approach, Moody's relies on the
Internal Rate of Return of each underlying fund as a primary
performance indicator.  Moody's believes that the shape of the
distribution that best fits the historical data is a student-t
distribution with three degrees of freedom.  The base case assumes
the equivalent volatility for primary funds to be 52% for VC funds
and 26% for buyout funds.  The mean is assumed at 10% for both
types of funds.

The timing of the cash-flows is an additional required input in
Moody's surveillance approach.  Based on historical analysis,
Moody's chose a set of deterministic cash-flows shapes for
distributions and drawn-downs, which represent Moody's "J-curve
assumptions".  Under these assumptions, draw-downs are expected to
be mostly concentrated in the first three to four years following
the initial commitment while the cash-flow distributions are
spread over a ten-year period and mostly concentrated between year
six and ten.

Moody's obtained historical performance data and further adjusted
the data using public equity equivalent analysis as well as
equivalent research pursued by scholars and researchers.

In its approach, Moody's used a Gaussian copula model for the
dependency structure of the final IRRs of the funds.  The
correlation between VC funds and buyout funds is assumed at 40% in
the base case.  The intra-correlation is assumed at 50%.

In addition, Moody's assumptions of the final returns of primary
funds were adjusted given the seasoning of the underlying funds
already invested in this transaction.  The standard deviation of
the IRR related to the funded portion of the underlying funds was
reduced by a factor of three and the correlation between the
funded portion and the unfunded portion was reduced to 20%.

A model derives the aggregated cash flow projection at the CFO
level based on Moody's dependence and J-curve assumptions for each
random IRR drawn from the student-t distribution.  For each
simulation, the aggregated cash-flows resulting from the asset
modeling is flushed into a simplified waterfall based on the
transaction's documentation.  The model then derives an expected
loss for each rated tranche.  The modeling on the liability side
is handled by the standard EMEA cash flow model, whose description
can be found in "Moody's Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2009.

In reaching its rating decisions, Moody's also considered these
important factors:

(1) Cash flow sensitivity analysis

Moody's assessed expected cash flows on the rated tranches based
on the updated surveillance approach.  In addition to the base
case described above, the agency considered various scenarios
related to the IRR distribution, the dependency structure and the
timing of distributions and drawdowns via the J-curve.
Sensitivity to interest rate and foreign exchange fluctuations was
also analyzed.  The observed model outputs volatility in these
sensitivity runs was deemed consistent with the current rating
levels and available notes coverage.

(2) Coverage Position

The coverage position is a balance sheet indicator assessing how
the current fair-value of the assets compare to the liabilities.
The Subordination Test level was 18.04% at the end of October 2010
and the test is failing since the test threshold is 22.25%.

(3) NAV

The NAV per share improved from 0.26 EUR in September 2009 to 0.33
EUR as of March 2010, as compared to approximately 1 EUR at
closing.

(4) Liquidity Position

By nature, private-equity investors commit capital that will be
drawn in the future.  The liquidity available is constituted of
the cash outstanding, the future distributions and the additional
protection provided by the liquidity facility.  This funds expense
payments and draw-downs to private-equity investors.  The current
modeling assumes that undrawn commitments will be fully drawn.
The presence of a liquidity facility renders the risk of a default
on an interest payment remote.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction in the past six months.
Moody's Investors Service did receive a financial statement and
the receipt of the statement itself had a neutral impact on the
ratings.


=================
L I T H U A N I A
=================


SIAULIU BANKAS: Moody's Reviews 'D-' Financial Strength Rating
--------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the D- bank financial strength rating and the Ba3 long-
term local- and foreign-currency deposit ratings of Siauliu
Bankas, AB (Lithuania).  Concurrently, Moody's affirmed SB's Not
Prime short-term rating.

                        Ratings Rationale

Moody's assigned a negative outlook to SB in June 2009, driven by
concerns over SB's ongoing profitability and core profitability.
The rating action further reflects these pressures, namely Moody's
increasing concerns regarding SB's: (i) recurring losses without
clear prospect of recovery; (ii) the high level of problem loans
in the customer-loan portfolio combined with the low provisioning
of those loans; and (iii) depressed core-profitability.  As a
group, SB reported a pre-tax loss of LTL26.7million (EUR7.8
million) during Q1-Q3 2010, representing a further deterioration
compared with a LTL17million (EUR4.9 million) loss booked in the
same period of 2009.  SB's problem-loan ratio deteriorated in H1
2010 to 12.6%, from 10.5% at year-end 2009.  Pre-provision income,
equal to 0.56% of risk-weighted assets, is low compared with SB's
regional peer group of rated banks.  SB's deposit rating is equal
to the baseline credit assessment, as in Moody's opinion there is
very low probability of systemic support in the event of need.

During the review, Moody's will monitor in more detail SB's
profitability over 2010 and its asset quality in order to assess
the need for increased provisioning beyond expectations already
taken into account in Moody's loss-scenario analysis.  Increases
in provisioning would exert additional strain on SB's already
depressed performance.  Moody's will also further assess
developments in SB's related-party exposures, which Moody's
consider are high, exceeding Tier 1 capital as of year-end 2009.
Moody's added that evidence of an expected significant reduction
in problem loan levels and a sustained improvement in
profitability could, however, lead to a stabilization of the
rating.

Moody's previous rating action on SB was implemented on June 25,
2009, when the BFSR was downgraded to D- (BCA of Ba3), with a
negative outlook, from D (BCA of Ba2); the local- and foreign-
currency deposit ratings were also downgraded to Ba3 with a
negative outlook from Ba2.

Siauliu Bankas is headquartered in Siauliai, Lithuania, and
reported total assets of LTL2.3 billion (EUR0.7 billion) at the
end of September 2010.


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


TENZING CFO: Moody's Corrects Press Release; Raises Ratings
-----------------------------------------------------------
Moody's Investors Service revised its rating press release on
Tenzing CFO, S.A.

The revised release is:

Moody's Investors Service announced it has upgraded its ratings of
three classes of notes and confirmed the ratings of three classes
of notes issued by Tenzing CFO, S.A.  The transaction is a CDO
referencing a portfolio of private equity investments essentially
constituted of venture capital funds and buyout funds.

The rating actions are:

  -- US$55M A Notes, Upgraded to A2 (sf); previously on Mar 26,
     2009 Downgraded to Baa2 (sf) and Remained On Review for
     Possible Downgrade

  -- US$16M B1 Notes, Upgraded to Baa3 (sf); previously on Mar 26,
     2009 Downgraded to Ba2 (sf) and Remained On Review for
     Possible Downgrade

  -- EUR21M B2 Notes, Upgraded to Baa3 (sf); previously on Mar 26,
     2009 Downgraded to Ba2 (sf) and Remained On Review for
     Possible Downgrade

  -- US$33M C Notes, Confirmed at Ba3 (sf); previously on Mar 26,
     2009 Downgraded to Ba3 (sf) and Remained On Review for
     Possible Downgrade

  -- US$8.5M D1 Notes, Confirmed at B2 (sf); previously on Mar 26,
     2009 Downgraded to B2 (sf) and Remained On Review for
     Possible Downgrade

  -- EUR10M D2 Notes, Confirmed at B2 (sf); previously on Mar 26,
     2009 Downgraded to B2 (sf) and Remained On Review for
     Possible Downgrade

                        Ratings Rationale

Tenzing is a bankruptcy remote special purpose company
incorporated with limited liability in Luxembourg for the sole
purpose of acquiring its interest in the portfolio and certain
other assets securing the notes, and issuing the notes.

The rating actions are primarily a result of Moody's updated
surveillance approach assumptions pertaining to CFO referencing
private equity interest and the evolution of the performance of
the private equity transaction since the closing of the
transaction as well as the improvement in timely information
provided for the transaction.  The ratings were kept on watch for
downgrade on March 26, 2009 as the approach was being reviewed.

Moody's updated surveillance approach:

In its updated surveillance approach, Moody's relies on the
Internal Rate of Return of each underlying fund as a primary
performance indicator.  Moody's believes that the shape of the
distribution that best fits the historical data is a student-t
distribution with three degrees of freedom.  The base case assumes
the equivalent volatility for primary funds to be 52% for VC funds
and 26% for buyout funds.  The mean is assumed at 10% for both
types of funds.

The timing of the cash-flows is an additional required input in
Moody's surveillance approach.  Based on historical analysis,
Moody's chose a set of deterministic cash-flows shapes for
distributions and drawn-downs, which represent Moody's "J-curve
assumptions".  Under these assumptions, draw-downs are expected to
be mostly concentrated in the first three to four years following
the initial commitment while the cash-flow distributions are
spread over a ten-year period and mostly concentrated between year
six and ten.

Moody's obtained historical performance data and further adjusted
the data using public equity equivalent analysis as well as
equivalent research pursued by scholars and researchers.

In its approach, Moody's used a Gaussian copula model for the
dependency structure of the final IRRs of the funds.  The
correlation between VC funds and buyout funds is assumed at 40% in
the base case.  The intra-correlation is assumed at 50%.

In addition, Moody's assumptions of the final returns of primary
funds were adjusted given the seasoning of the underlying funds
already invested in this transaction.  The standard deviation of
the IRR related to the funded portion of the underlying funds was
reduced by a factor of three and the correlation between the
funded portion and the unfunded portion was reduced to 20%.

A model derives the aggregated cash flow projection at the CFO
level based on Moody's dependence and J-curve assumptions for each
random IRR drawn from the student-t distribution.  For each
simulation, the aggregated cash-flows resulting from the asset
modeling is flushed into a simplified waterfall based on the
transaction's documentation.  The model then derives an expected
loss for each rated tranche.  The modeling on the liability side
is handled by the standard EMEA cash flow model, whose description
can be found in "Moody's Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2009.

In reaching its rating decisions, Moody's also considered these
important factors:

(1) Cash flow sensitivity analysis

Moody's assessed expected cash flows on the rated tranches based
on the updated surveillance approach.  In addition to the base
case described above, the agency considered various scenarios
related to the IRR distribution, the dependency structure and the
timing of distributions and drawdowns via the J-curve.
Sensitivity to interest rate and foreign exchange fluctuations was
also analyzed.  The observed model outputs volatility in these
sensitivity runs was deemed consistent with the current rating
levels and available notes coverage.

(2) Coverage Position

The coverage position is a balance sheet indicator assessing how
the current fair-value of the assets compare to the liabilities.
The Asset Coverage Test was 425% for the Class A notes and 153%
for the Class D notes in September 2010.

(3) NAV

The NAV per share improved from 736 US$ in March 2009 to 792 US$
as of June 2010, as compared to 1,000 US$ at closing.

(4) Liquidity Position

By nature, private-equity investors commit capital that will be
drawn in the future.  The liquidity available is constituted of
the cash outstanding, the future distributions and the additional
protection provided by the liquidity facility.  This funds expense
payments and draw-downs to private-equity investors.  The current
modeling assumes that undrawn commitments will be fully drawn.
The presence of a liquidity facility renders the risk of a default
on an interest payment remote.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction in the past six months.
Moody's Investors Service did receive a financial statement and
the receipt of the statement itself had a neutral impact on the
ratings


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


EUROSAIL NL: Fitch Downgrades Rating on Class D Notes to 'CCCsf'
----------------------------------------------------------------
Fitch Ratings has downgraded four and affirmed 16 tranches of the
two Eurosail NL and two EMF NL transactions.  They are Dutch RMBS
transactions comprising loans originated by ELQ Hypotheken N.V.
and Quion 50 B.V.  A full list of rating actions is at the end of
this comment.

Downgrades of the mezzanine and junior tranches of Eurosail-NL
2007-2 and EMF-NL Prime 2008-A reflect the weakened performance of
the two deals.  The volume of loans in arrears by more than three
months continued to increase and is expected to lead to an
increase in default rates and losses.  The October 2010 investor
reports show the portion of such loans in the two Eurosail-NL
pools reached 7% (Eurosail-NL 2007-1) and 7.7% (Eurosail-NL 2007-
2), compared with 6.1% and 7.65% in July.  Cumulative loss rates
incurred to date have led to a breach in pro-rata and reserve fund
amortization triggers in both Eurosail-NL 2007-1 and Eurosail-NL
2007-2.

In comparison with the Eurosail-NL transactions, the increase in
arrears in the two EMF-NL deals was more significant.  The October
2010 investor reports show loans in arrears by more than three
months at 8.2% (EMF-NL 2008-1) and 8.9% (EMF-NL Prime 2008-A) of
the current portfolio.  In the event of interest rate rises, the
rising trends in arrears could lead to an increase in default
rates and losses, which would then put additional pressure on
excess spread, which is unlikely to be sufficient to absorb the
period losses incurred, particularly in the EMF-NL Prime 2008-A
transaction.  With annualized gross excess spread reaching 38bps
of the current portfolio in EMF-NL Prime 2008-A, any losses
incurred will further delay the replenishment of reserve fund in
this transaction.  Moreover, as of end-October 2010 the liquidity
facility for both EMF NL transactions was still not replaced,
which is why the ratings of the senior notes remain capped at
'AA+sf'.

Fitch also points to the weak credit quality of the underlying
pool collateral, where current loan-to-value ratios range from 86%
(Eurosail-NL 2007-1) to 98.8% (EMF-NL Prime 2008-A).  The majority
of the borrowers in three of the deals (Eurosail-NL 2007-1,
Eurosail-NL 2007-2 and EMF-NL 2008-1) are credit-impaired
individuals, and in current difficult market conditions there are
limited refinancing opportunities for such borrowers.  Further,
the high numbers of self-certified borrowers and interest-only
loans suggest that the ability of the borrowers to meet their
payments will be put under pressure, once interest rates begin to
rise (expected in late 2011).

The rating actions are:

Eurosail-NL 2007-1 B.V.:

  -- Class A (ISIN XS0307254259) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class B (ISIN XS0307256114) affirmed at 'AA-sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-1'

  -- Class C (ISIN XS0307257435) affirmed at 'A-sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-1'

  -- Class D (ISIN XS0307260496) affirmed at 'BBsf'; Outlook
     Negative; Loss Severity Rating revised to 'LS-3' from 'LS-1'

  -- Class E1 (ISIN XS0307265370) affirmed at 'Bsf'; Outlook
     Negative; Los/s Severity Rating revised to 'LS-5' from 'LS-3'

  -- Class ET (ISIN XS0307265883) affirmed at 'CCCsf'; Recovery
     Rating revised to 'RR2' from Distressed Recovery rating 'DR2'

Eurosail-NL 2007-2 B.V.:

  -- Class A (ISIN XS0327216569) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class M (ISIN XS0330526772) affirmed at 'AAAsf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class B (ISIN XS0327217880) affirmed at 'A+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-3' from 'LS-2'

  -- Class C (ISIN XS0327218425) affirmed at 'A-sf'; Outlook
     Negative; Loss Severity Rating revised to 'LS-4' from 'LS-3'

  -- Class D1 (ISIN XS0327219159) downgraded to 'BB+sf' from 'BBB-
     sf'; Outlook Negative; Loss Severity Rating revised to 'LS-4'
     from 'LS-3'

EMF-NL 2008-1 B.V.:

  -- Class A1 (ISIN XS0352314719) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class A2 (ISIN XS0352315526) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

  -- Class A3 (ISIN XS0359127387) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-2' from 'LS-1'

EMF-NL Prime 2008-A B.V.:

  -- Class A1 (ISIN XS0362459215) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class A2 (ISIN XS0362465535) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating of 'LS-1'

  -- Class A3 (ISIN XS0362465881) affirmed at 'AA+sf'; Outlook
     Stable; Loss Severity Rating revised to 'LS-1' from 'LS-2'

  -- Class B (ISIN XS0362466186) downgraded to 'Asf' from 'AAsf';
     Outlook Negative; Loss Severity Rating 'LS-3'

  -- Class C (ISIN XS0362466269) downgraded to 'BBsf' from 'Asf';
     Outlook Negative; Loss Severity Rating to 'LS-4'

  -- Class D (ISIN XS0362466772) downgraded to 'CCCsf' from
     'BB+sf'; assigned Recovery Rating 'RR3'


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


* ROMANIA:  Measure to Help Companies Repay Debts Proposed
----------------------------------------------------------
Mediafax.ro reports that Romanian employer organizations UGIR-1903
and CONPIROM on Sunday presented a proposition which allows
companies to pay their debts to the state budget in tranches in an
interval of five years and implements a series of measures to
support firms that do not register debts to the state budget.

The draft normative act was initiated by opposition social
democrat deputy Mugurel Surupaceanu, Mediafax.ro discloses.

Mediafax.ro relates that The lawmaker told a news conference
Sunday that 70% of Romanian companies register debts to the state
budget, and added that the measure will help them resume their
activity.

According to Mediafax.ro, the initiators of the draft act said the
measure will increase revenues to the state budget and will save
thousands of firms from bankruptcy.


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


* Moody's Upgrades Global-Scale Rating on Moscow Oblast to 'B1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the global-scale foreign-
and local-currency ratings of Moscow Oblast to B1 from B3.  The
outlook on the ratings has been changed to stable from negative.
At the same time, Moody's Interfax Rating Agency has assigned an
A1.ru national scale issuer rating to the region.

                        Ratings Rationale

The upgrade in Moscow Oblast's ratings is supported by the
regional government's recent efforts at fiscal consolidation, some
improvements in its debt structure and the post-recessionary
recovery in the region's key economic sectors.  "The Oblast's
government recently introduced a financial policy aimed at
maintaining a financing surplus and reducing its debt exposure
over the next three years, the first visible fiscal improvements
of which should emerge in 2010 realized accounts," says a Moody's
Vice President - Senior Analyst and lead analyst for Moscow
Oblast.  Moreover, the rating agency notes that significant direct
and indirect federal support has enabled the region to maintain
its liquidity position and to streamline its debt composition in
2009 and 2010.

Moody's understands that, according to the issuer, the region has
largely redeemed its missed obligatory put-option payment on
local-currency bonds, which were issued by the region's mortgage
agency and frozen under a court ruling in 2008.  The missed buy-
back obligation, which was the direct responsibility of the
regional government according to the terms of the bond issue, was
among the key drivers for the region's rating downgrades taken
place in 2008.

The ratings continue to take into account the region's diversified
economy, a high proportion of which is represented by the tertiary
sector, as well as its proximity to the City of Moscow, which is
the country's economic and financial hub.

The ratings remain constrained by the region's high debt burden,
continuing need for federal financial aid and its weak operating
balances.

Despite the aforementioned simplification of the region's debt
profile and a decreasing cost of new borrowing, the short-to-
medium term nature of Moscow Oblast's direct debt makes it
vulnerable to refinancing risk.  Moody's notes that the region's
constrained fiscal position was among the factors that led to the
bankruptcy and liquidation of a few of the region's owned and
significantly indebted enterprises.  Although the rating agency
understands that the debt of those entities is not considered as
the region's direct liability, the repercussions of these
bankruptcies pose additional risks.

Moody's notes that the risk of withdrawal of federal support
should also be considered in the near future, as the current
federal policy favours fiscal consolidation.  If economic
conditions deteriorate, the region would become more reliant on
its volatile tax revenue.  Moreover, its operating expenditure,
which has already been curtailed since 2009, remains increasingly
inflexible due to the high proportion of salaries, social
obligations and other sensitive spending items.

Moody's last rating action was implemented on April 27, 2009, when
the rating agency confirmed the global scale foreign and local
currency ratings of B3 and placed a negative outlook on the
ratings.  The action concluded the review of the ratings for
possible downgrade originally initiated in October 2008.

Moscow Oblast is located in the area surrounding the City of
Moscow.  With 6.8 million inhabitants, it accounts for 4.8% of the
total population of Russia, and its contribution to the national
GDP is 5% of the total.


* Moody's Downgrades Issuer Ratings on Vologda Oblast to 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has downgraded the foreign and local
currency issuer ratings of the Vologda Oblast (Russia) to Ba2 from
Ba1.  The outlook on the ratings has been changed to stable from
negative.  Separately, Moody's has also changed the outlook to
stable from negative for the ratings assigned to Nizhniy Novgorod
Oblast (Ba2), Belgorod Oblast (Ba1) and Tatarstan Republic (Ba1).
Moody's also affirmed the foreign and local currency issuer
ratings of the Saratov Oblast (Ba2); the outlook remains negative.

Separately, Moody's Interfax Rating Agency has downgraded the
national scale rating of the Vologda Oblast to Aa2.ru from Aa1.ru.
Moody's Interfax also affirmed the long-term NSRs of Belgorod
Oblast (Aa1.ru), Nizhniy Novgorod Oblast (Aa2.ru), Saratov Oblast
(Aa2.ru).  NSRs carry no specific outlook.

                        Ratings Rationale

Vologda Oblast - Moody's one-notch downgrade of the Vologda Oblast
reflects rapid growth in its market borrowing in 2009-2010 and an
expected further increase in its debt burden going forward.
"Notwithstanding the post-recessionary recovery in the regional
economy and some resumption in tax revenue, the region has not
been able to adjust its spending in order to avoid substantial
operating and financing deficits," explains Alexander Proklov, a
Moody's Vice President, Senior Analyst and lead analyst for
Russian sub-sovereigns.  Persistent challenges -- particularly the
volatility that characterizes the region's tax proceeds given its
high concentration on one large taxpayer -- will also exert
adverse pressure on the credit profile of Vologda Oblast.

The outlook on Vologda's Ba2 rating has been changed to stable,
based on the regional government's clear intention to introduce
fiscal consolidation measures beyond 2011, supporting a gradual
decline in debt ratios to moderate levels in the medium term.
"Moody's anticipates that the regional government's willingness to
improve its budget strategy will be supported by some
diversification in the local economy and, therefore, steady growth
in the region's tax base," adds Mr. Proklov.

Tatarstan Republic, Nizhniy Novgorod Oblast, Belgorod Oblast -
The changes in outlook to stable from negative for the ratings of
the Tatarstan Republic, Nizhniy Novgorod Oblast and Belgorod
Oblast reflect these regions' improving financial positions.
"Despite persistent rigidity on the expenditure side of the
regional budgets and some uncertainty with regard to budget plans,
these regions have displayed significant improvements in their key
financial ratios compared with the recessionary deterioration
witnessed in H1 2009," says Mr. Proklov.  According to Moody's,
the debt burdens of these entities remain at levels appropriate
for the rating category, while market conditions are currently
favorable for refinancing of existing debt.

Saratov Oblast - Moody's has retained the negative outlook on
Saratov Oblast's ratings following the recent substantial growth
in the region's direct debt and persistent operating and financing
deficits.  "In 2009-2010, the regional government incurred some
additional social expenditure payments, while its revenue stream
remained insufficient to fully fund these responsibilities,"
explains Mr. Proklov.  Nevertheless, outstanding debt is currently
at levels that are appropriate for the rating category.  Moreover,
Saratov's government has forecast a very low financing deficit in
2011 and does not envisage any additional debt growth.  "Moody's
will continue to monitor Saratov's debt policy and liquidity
profile over the next 9-12 months to ensure the adequacy of the
policy response to existing budget pressures," adds Mr. Proklov.

Overall, Moody's notes that the federal financial support provided
in 2009 and 2010 (in the form of transfers and budget loans), as
well as enhanced federal oversight have facilitated the transition
of Russian sub-sovereigns to a post-crisis environment.  Since H2
2009, most Russian sub-sovereigns have shown some improvements in
their budgetary performances, largely thanks to the wider economic
recovery and favorable commodity prices.  Stabilization and
streamlining of the sub-sovereign debt is also common, although
there are some exceptions.  Nevertheless, the expected gradual
withdrawal of federal support may pose some risks, particularly
with regard to sub-sovereigns with weak liquidity positions and
high refinancing needs.  Moody's will continue to monitor the
situation in the Russian sub-sovereign sector closely to estimate
the possible repercussions of federal consolidation measures.

The previous rating actions that Moody's implemented on these
Russian sub-sovereigns are:

* Vologda, Oblast of: the outlook on the oblast's global scale
  local and foreign currency ratings of Ba1 was changed to
  negative from stable on 5 June 2009.

* Belgorod, Oblast of: the outlook on the oblast's global scale
  local and foreign currency ratings of Ba1 was changed to
  negative from stable on 5 June 2009.

* Nizhniy Novgorod, Oblast of: the outlook on the oblast's global
  scale local currency rating of Ba2 was changed to negative from
  stable on 5 June 2009.

* Saratov, Oblast of: the outlook on the oblast's global scale
  local currency ratings of Ba2 was changed to negative from
  stable on 5 June 2009.

* Tatarstan, Republic of: the outlook on the republic's global
  scale foreign currency rating of Ba1 was changed to negative
  from stable on 5 June 2009.


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


RURAL HIPOTECARIO: Fitch Assigns 'BB-' Rating to Class C Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Rural Hipotecario XI,
Fondo de Titulizacion Activos' mortgage-backed floating-rate notes
due in March 2053:

  -- EUR1,835,582,985 Class A notes (ISIN ES0323975005) 'A+sf';
     Outlook Stable; Loss Severity rating of 'LS-1'

  -- EUR25,300,000 Class B notes (ISIN ES0323975013) 'A-sf';
     Outlook Stable; Loss Severity rating of 'LS-4'

  -- EUR61,600,000 Class C notes (ISIN ES0323975021) 'BB-sf';
     Outlook Stable; Loss Severity rating of 'LS-3'

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 Europea de Titulizacion S.G.F.T, S.A.'s
administrative capabilities.

This transaction is a cash flow securitization of a static pool of
first-ranking Spanish mortgage loans originated and serviced by 30
Spanish rural savings banks that originally closed in February
2009.  Fitch believes that the portfolio's characteristics are
those of a prime RMBS transaction.  Similar to previous Rural
Hipotecario deals, the underlying portfolio has low risk
attributes, low loan-to-value and is geographically well
distributed.

The portfolio's average original LTV is 68.8%, and the current LTV
is 60.2%.  The difference between current and original LTV is due
to the pool seasoning, which is above three years.  Although there
have been moderate levels of arrears and reserve fund draws, Fitch
believes the seasoning an LTV of the portfolio will result in
stable long-term performance.

Fitch has also incorporated the transaction's recent performance
into its analysis.  As of September 2010, 2.6% of the current
portfolio balance was in arrears over 90 days.  Additionally, the
transaction provisioned EUR5.1 million of loans in arrears over 18
months resulting in EUR0.5 million of reserve fund draws.  Excess
spread covered the rest of the provisioned balance.  Fitch expects
that excess spread will continue providing support to the
transaction by reducing reserve fund draws and cost of carry.

This transaction has two swap providers: Caja Rural de Navarra
('A-'/Stable/'F2') for their portion of the pool (approximately
14.6%) and Banco Cooperativo Espanol ('A'/Stable/'F1') for the
remaining portion of the pool, currently around 85.4%.  The
transaction is highly exposed to counterparty risk from Banco
Cooperativo Espanol, which also acts as account bank, credit line
provider, paying agent and back-up servicer.  However, Banco
Cooperativo is a highly rated entity and the downgrade language in
place envisions remedial actions for additional structural
protection if it is downgraded below 'BBB+'/'F2'.  Upon assignment
of final ratings by Fitch, the transaction documents have been
amended to reflect Fitch's applicable criteria.

As of September 2010, total CE for the class A notes, equivalent
to 8.21% of the outstanding collateral balance, was provided by
the subordination of class B (1.32%) and class C (3.20%), plus a
reserve fund of 3.69%.  Similarly, CE for the class B notes is
provided by subordination of class C plus the reserve fund.
Finally, CE for the class C notes is provided only by the reserve
fund.

The fund is regulated by Spanish Securitization Law 19/1992 and
Royal Decree 926/1998.  Its sole purpose is to transform into
fixed-income securities a portfolio of mortgage certificates
("certificados de transmision hipotecaria", CTHs) acquired from
the 30 sellers.  The CTHs were subscribed by Europea de
Titulizacion S.G.F.T, S.A., whose sole function is to manage
asset-backed notes on behalf of the fund.

The ratings address the timely payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger for the class B and C notes, as well
as the repayment of principal by the legal maturity date for each
note.


===========
S W E D E N
===========


SAS AB: S&P Changes Outlook to Stable; Affirms 'B-' Rating
----------------------------------------------------------
Standard and Poor's Ratings Services said that it revised its
outlook on Sweden-based airline SAS AB to stable from negative.
At the same time, S&P affirmed the 'B-' long-term corporate credit
rating on SAS.

"The stable outlook reflects S&P's view of an improvement in SAS'
trading conditions, a reduction in its capacity, its improved load
factors, a reduced cost structure, and improved underlying
profitability," said Standard & Poor's credit analyst Andrew
Stillman.  "The outlook also reflects a turnaround in the group's
cash flow situation and its improved liquidity position."

SAS' passenger levels have stabilized despite a slow start to the
year and the disruptive effects of the ash cloud from the
Eyjafjallajokull volcano in southern Iceland during April and May.

SAS' efforts to reduce its overall cost structure have seen a
saving of up to Swedish krona 5.0 billion in operating expenses.
While low-cost competitors are likely to remain ahead of SAS in
terms of their overall cost structures, SAS is already benefiting
from initiatives taken under its multi-year cost-reduction
program, "Core SAS."  SAS will implement the final initiatives
under this program in 2011 and 2012.

Cash flow returned to positive territory in 2010, with reported
cash flow from operations swinging to positive SEK63.0 million in
the nine months to Sept. 30, 2010, from negative SEK2.3 billion on
Sept. 30, 2009.  Standard and Poor's-adjusted capital expenditures
totaled SEK4.2 billion in the third quarter of 2010, leading to
free operating cash flow of negative SEK1.9 billion, a substantial
improvement on negative SEK7.4 billion in the third quarter of
2009.

In S&P's view, SAS' liquidity has improved following the group's
rights issue and bond refinancing activities earlier this year,
and is now adequate.  Furthermore, the revised outlook takes into
account the improved cash flow generation reported in the third-
quarter 2010 results.

The rating could come under pressure if SAS were unable to further
adapt its cost base to offset weakening revenues, and/or achieve a
sustainable level of cash outflows.  In particular, S&P could
lower the rating if the group's cash, unused loan commitments, or
credit metrics were to weaken from current levels.

S&P currently view rating upside as unlikely without significant
reductions in existing debt and a higher sustainable level of
profitability and cash flows.


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


HSBC BANK: Moody's Reviews Bank Financial Strength Rating
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the standalone Bank Financial Strength Rating of HSBC
Bank A.S. - Turkey.  At the same time, Moody's changed to negative
from stable the outlook of the bank's A3 long-term Global Local
Currency deposit rating and the Aaa.tr National Scale Rating.  The
rating agency also affirmed HSBC-Turkey's Prime-2 and TR-1 short-
term GLC deposit rating and NSR.  Foreign currency deposit rating
and its outlook are not affected.

                        Ratings Rationale

Moody's said that the review for possible downgrade of HSBC-
Turkey's standalone BFSR was triggered by a combination of (i)
poor asset quality, whereby expansion strategies adopted prior to
the 2008 global financial crisis resulted in the current weak
asset quality indicators, (ii) continuing contraction of the
bank's market share in loans (since 2006), and in deposits and
total assets (since 2007), and (iii) the bank's moderate
profitability and efficiency ratios, which is likely to experience
further negative pressure in 2011 as Moody's projects lower
profitability for the Turkish banking system against the backdrop
of anticipated interest rate hikes and increased competition.  The
rating agency also forecasts lower GDP compared to 2010.

Accordingly, the review of the BFSR will focus on: the bank's
credit origination practices and credit risk appetite; the
strategic position and direction of the HSBC-Turkey franchise; the
bank's profitability on a risk adjusted basis; and the quality of
the bank's revenue stream.  In general, Moody's regards revenues
from the retail and asset management franchise as less volatile,
higher quality earning streams.  The rating agency therefore will
evaluate the continued evolution of the bank's revenue stream as
the bank develops and grows its franchise in Turkey.

HSBC-Turkey's long-term GLC deposit rating incorporates parental
support from HSBC Holding Plc, (Aa2/Prime-1, with negative
outlook, with a Baseline Credit Assessment of Aa3) which provides
two notches of rating uplift to HSBC-Turkey's GLC deposit rating.
This high parental support assumption and the high rating of the
parent compared to that of HSBC-Turkey, dampens -- to some extent
-- the effect of any potential downward rating movement of the
bank's BFSR on its long-term GLC deposit rating.

However, any downgrade of HSBC-Turkey's BFSR, will render its GLC
deposit rating more susceptible to any movement in its parent's
rating due to the uplift incorporated in this rating.  Given the
negative outlook assigned to the parent's rating, Moody's also
assigned a negative outlook to the GLC deposit rating of HSBC-
Turkey.  After the ratings review, Moody's does not anticipate
that the supported long-term GLC deposit rating of HSBC-Turkey
will map to a lower short-term GLC deposit rating and, therefore,
Moody's has also affirmed the bank's Prime-2 short-term GLC
deposit rating.

HSBC-Turkey's NSR maps directly from its long-term GLC deposit
rating in the national scale rating for Turkey.  As a result, a
change in the bank's long-term GLC deposit rating to negative from
stable also resulted in a rating outlook change in the bank's NSR
of Aaa.tr.  Furthermore, affirmation of the bank's short-term GLC
deposit rating resulted in affirmation of the bank's short-term
NSR of TR-1.

The last rating action on HSBC Bank A.S. was implemented on
October 7, 2010, when the outlook on the Ba3 long-term foreign-
currency deposit rating was changed to positive from stable.

Headquartered in Istanbul, Turkey, HSBC Bank A.S. had total assets
(audited) of TRY13.9 billion (US$9.2 billion) under IFRS at the
end of December 2009.


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


BREYDON DEVELOPMENTS: Goes Into Receivership
--------------------------------------------
Emmet Oliver at Irish Independent reports that Bernard McNamara's
crumbling property empire is in danger of implosion as another two
of his firms slip into receivership.  The report relates that
Varleigh and Breydon Developments have both been put into
receivership by Ulster Bank, with PWC appointed to both firms as
the receivers.

Mr. McNamara, who is involved in negotiations with NAMA, creditors
and foreign banks has already seen one of his key companies go
into receivership, according to Irish Independent.

As reported in the Troubled Company Reporter-Europe on
November 20, 2010, Alex Lewis at St. Albans & Harpenden Review
said that Michael McNamara Construction went into receivership.
The report related that Michael McNamara and Company is the
district council's preferred bidder for the contract.

Irish Independent notes that Mr. McNamara owns the company but has
taken a step back from its activities in recent months.  Mr.
McNamara is believed to have debts of EUR1.5 billion and has been
in intense talks with NAMA for months, the report relates.

Varleigh and Breydon Developments are involved in property
development, much of it in the Tallaght area, and public relations
executive James Morrissey is a director of both companies.


EXCELL COMMUNICATIONS: Goes Into Administration
-----------------------------------------------
Business Credit Management reports that Excell Communications
Limited was placed into administration on December 6, 2010 and
David Moore and Gary Lee of Begbies Traynor were appointed Joint
Administrators.

The company, as an incentive to attract customers to various
Network Providers, offered discounted rates by way of a 'cash back
redemption' arrangement which effectively meant that cheques would
be sent to those customers who applied on a monthly basis for the
duration of their contract, according to Business Credit
Management.

Business Credit Management relates that this arrangement was
between Excell Communications Limited and the customers and the
line providers were not party to this arrangement.  It may well be
that there will be substantial claims lodged against Excell
Communications Limited for their cash back redemption agreements
but the indications at present are that there will be insufficient
funds available for a return to creditors, the report notes.


GARTMORE INVESTMENT: Henderson Mulls GBP344 Million Rescue Bid
--------------------------------------------------------------
Miles Johnson at The Financial Times reports that Henderson Global
Investors has begun negotiations with Gartmore Investment about
making a GBP344 million rescue bid for the company.

The FT relates that people familiar with the talks said Henderson
has made a 95p per share conditional offer, a discount to
Gartmore's current share price of 104.8p, which would be paid in a
mix of cash and Henderson shares.

According to the FT, the people said the terms of the deal, which
Jeffrey Meyer, Gartmore chief executive, wants to complete by the
end of the year, have not been finalized and there is no certainly
of its success.

The company has been rocked by a series of high-profile staff
departures amid which its shares collapsed by more than 50% from a
listing price of 220p, the FT discloses.  That made it one of the
worst-performing stock market listings in Europe since the onset
of the financial crisis, the FT notes.

Guillaume Rambourg, who co-managed Gartmore's hedge fund business
with Roger Guy, was suspended in March for breaching internal
trading rules, later resigning from the company to concentrate on
fighting a Financial Services Authority investigation into the
incident, the FT recounts.

Gartmore is an independent fund manager, offering a wide range of
investment products and services, tailored to meet the varying
needs of both retail and institutional clients.  It has offices
located in London, Tokyo, Boston, Madrid and Frankfurt.


LOGAN CDO: S&P Downgrades Ratings on US$150 Mil. Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings to
'D (sf)' from 'CCC- (sf)' on all Logan CDO II Ltd.'s US$150
million and all Logan CDO III Ltd.'s US$216.78 million and JPY1
billion floating-rate credit-linked secured notes.

These rating actions follow the arranger's notification to us that
losses from credit events in the underlying reference portfolio
have exceeded the available credit enhancement and led to a
principal loss to the noteholders.

                           Ratings List

                         Logan CDO II Ltd.
    US$150 Million Floating-Rate Credit-Linked Secured Notes

                                Rating
                                ------
           Class            To                From
           -----            --                ----
           A-1              D (sf)            CCC-(sf)
           A-2              D (sf)            CCC-(sf)
           B                D (sf)            CCC-(sf)

                        Logan CDO III Ltd.

  US$216.78 Million and JPY1 Billion Floating-Rate Credit-Linked
                          Secured Notes

                                Rating
                                ------
           Class            To                From
           -----            --                ----
           A-1              D (sf)            CCC-(sf)
           A-2A             D (sf)            CCC-(sf)
           A-2B             D (sf)            CCC-(sf)
           B                D (sf)            CCC-(sf)
           C-1A             D (sf)            CCC-(sf)
           C-1B             D (sf)            CCC-(sf)
           D                D (sf)            CCC-(sf)


PUNCH TAVERNS: Bondholders Meet with Financial Advisers
-------------------------------------------------------
Anousha Sakoui and Rose Jacobs at The Financial Times report that
bondholders of Punch Taverns have held initial meetings with
financial advisers, as lenders prepare themselves for possible
restructuring talks with the company.

The FT relates that a group of bondholders met on Friday to hear
the views of different advisers, including investment banks
Houlihan Lokey and Rothschild and accountancy firm Ernst & Young.
According to the FT, people with knowledge of the situation said
that the meetings were organized via the Association of British
Insurers and the company itself was not present.

The FT notes that the people said the process was at a very early
stage, the meetings were not a beauty parade to appoint advisers
and may not lead to a creditor committee forming as there is no
indication yet how the company will proceed.

The FT says almost all of Punch's pubs are backed by debt, and a
default would leave bondholders in control of more than 5,500
pubs.  Other possible solutions being considered are a
renegotiation of covenants, deferral of debt payments or a partial
debt-for-equity swap, the FT states.

A restructuring of the funding vehicles Punch owns could be
complex, as each has issued several tranches of bonds with
different order of priority, some of which have been guaranteed by
bond insurers, according to the FT.

As reported by the Troubled Company Reporter-Europe on Dec. 9,
2010, City A.M. said that Peel Hunt analyst Paul Hickman urged
Punch Taverns to default on two securitized loans worth around
GBP2.6 billion.  City A.M. said the loans, known as A and B, have
been securitized against 5,300 pubs.  City A.M. disclosed the pubs
currently require increasing levels of financial support from the
parent company, currently at around GBP43 million a year.
Mr. Hickman, as cited by City A.M., said: "It is quite clear that
the bond structure that finances most of the tenancies is
unsustainable.

                             Results

Separately, the FT's Ms. Jacobs reports Punch Taverns' managed
pubs, which include the Chef & Brewer and Taylor Walker brands,
saw 2.2% like-for-like revenue growth in the four months to
December 16, led by food sales.  That improvement came in spite of
the cold weather this month, the FT notes.

According to the FT, the larger group of tenanted venues is still
attempting to reverse declines.

Across the almost 6,000-site leased estate, like-for-like profits
fell 8.7%, the FT discloses.  The FT says this was an improvement
on last year's approximately 11% decline; average earnings per pub
before interest, tax, depreciation and amortization were down just
1.7%.

                             Review

The group is in the midst of a wide-ranging review by Ian Dyson,
its new chief executive, the FT discloses.  Mr. Dyson is reviewing
the group's financial structure, as well as strategy and
operations, according to the FT.  Mr. Dyson, as cited by the FT,
said an update on that review would come in the first quarter of
2011.

Punch Taverns plc -- http://www.punchtaverns.com/-- is a pub
company in the United Kingdom, with over 8,400 pubs across its
leased and managed portfolio.  The Company is engaged in the
trading activities in the operation of public houses either under
the leased model or as directly managed by the Company.  The
leased model involves the granting of leases to tenants who
operate the pub as their own business, paying rent to the Company,
purchasing beer and other drinks from it and entering into profit
sharing arrangements for income from leisure machines.  Pubs that
are directly managed involve the employment of a manager to
operate each managed pub and the Group receives all revenues
generated by the pub and is responsible for costs.  During the
fiscal year ended August 23, 2008, Punch Taverns plc acquired 20
pubs and 39 pubs were sold.


PUNCH TAVERNS: S&P Cuts Ratings on Three Classes of Notes to 'BB-'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its credit ratings on Punch Taverns Finance PLC's (Punch
A) class A, M, B, C, and D notes and Punch Taverns Finance B
Ltd.'s (Punch B) class A, B, and C notes.

On Oct. 15, 2010, S&P placed the notes on CreditWatch negative due
to their underperformance compared with S&P's expectations in
financial year 2010 to date and its lowered anticipations for
2011.  The CreditWatch placements were due to be resolved by S&P's
review of the business risk profiles of the two transactions, the
cash flow stresses for these deals, and the performance of the
U.K. pub market.  As a result of this review, S&P has revised the
business risk score to "fair" from "satisfactory" for both
transactions.  One consequence of a lower business risk score is
that S&P has commensurately increased the stresses applied to the
respective rating levels.  In calculating its stresses, S&P has
taken into account its short-term view on the transactions,
coupled with its long-term view of the tenanted pub sector.  Due
to the business risk profile revision, S&P has subsequently
increased the stress applied in areas such as long-term pub
closures, turnover, and profit margins, and these changes have led
us to the ratings on these transactions.

Both transactions have benefited from support from their parent
company, Punch Taverns PLC, throughout 2010.  Punch A received
GBP9.4 million and Punch B received GBP20.9 million.  In its
analysis, S&P has removed these additional supporting measures, as
its historical and forward-looking view is based on the
performance characteristics of the underlying portfolios, coupled
with the structural features in place for each transaction.

In S&P's last transaction update, S&P highlighted that S&P
expected the speed of decline of EBITDA per pub to slow down in
the second half of the fiscal year; for there to be clear signs
that 2011 will be significantly better than 2010; and that EBITDA
margins would not drop below 50%.  For both transactions, S&P has
seen continued weakness in 2010.  For Punch A, excluding parent
company support, S&P has seen a continued decline in EBITDA per
pub, falling to GBP54,000 per pub compared with GBP59,000 per pub
in Q4 2009; and EBITDA margins falling to 52.1%, from 56.7% a year
earlier.  In Punch B, the changes are from a lower base--
reflecting S&P's view of the weaker portfolio--with EBITDA per pub
falling to GBP49,000 in the year to Q4 2010, from GBP53,000 per
pub in Q4 2009; and an EBITDA margin falling below 50%, from 55%
in 2009 Q4.

By contrast, S&P's decision to downgrade Punch A's class A notes
was increasingly influenced by its assessment of recovery
potential for the transaction.  While S&P continue to believe that
the class A noteholders will recover their principal if the assets
of Punch A are sold, the headroom has reduced due to a decline in
EBITDA and perceived valuations for portfolios of pubs that has
not been matched by debt reduction.  The overall recovery
prospects reflect S&P's views on, among other things, the timing
of a potential enforcement, the expected EBITDA upon a sale, its
assessment of the supply and demand for tenanted pubs in the U.K.,
availability for funding to purchase a large portfolio of pubs,
present valuation metrics, swap-breakage costs, and other
recovery-related costs.

In S&P's view, the combination of government spending cuts, the
value-added tax increase, and national insurance rise will mean
that the tenanted-pub sector will continue to find it difficult to
improve trading to levels that would be commensurate with its
"satisfactory" business risk score.  S&P believes that while these
external factors will also affect the managed pubs, they will
continue to be in a better position to offset these pressures, and
hence are likely to continue to warrant a "satisfactory" business
risk profile.

S&P also note that Punch Taverns announced that it is looking to
sell 1,300 tail-end pubs over the next two to four years, which
S&P views as being due to two negative key factors.  Firstly, the
announcement suggests that the trading conditions for tenanted
pubs are weaker than the company had previously anticipated.
Secondly, S&P will monitor how the sale of the pubs could affect
the cash flow to debt service profile of the transactions.  S&P
believes this is especially a concern for the lower-rated notes
that start to amortize toward the back-end of the securitizations.

S&P notes that Punch Taverns PLC, the ultimate parent, is
presently conducting a strategic review.  S&P expects to resolve
the CreditWatch negative placements after the conclusion of the
review and S&P's subsequent assessment.

                           Ratings List

        Ratings Lowered and Kept on Creditwatch Negative

                    Punch Taverns Finance PLC
    GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes

                         Rating
                         ------
    Class      To                        From
    -----      --                        ----
    A1(R)      AA (sf)/Watch Neg         AAA (sf)/Watch Neg
    A2(R)      AA (sf)/Watch Neg         AAA (sf)/Watch Neg
    M1         BBB (sf)/Watch Neg        A- (sf)/Watch Neg
    M2(N)      BBB (sf)/Watch Neg        A- (sf)/Watch Neg
    B1         BB (sf)/Watch Neg         BBB- (sf)/Watch Neg
    B2         BB (sf)/Watch Neg         BBB- (sf)/Watch Neg
    B3         BB (sf)/Watch Neg         BBB- (sf)/Watch Neg
    C(R)       BB- (sf)/Watch Neg        BB+ (sf)/Watch Neg
    D1         B+ (sf)/Watch Neg         BB (sf)/Watch Neg

                   Punch Taverns Finance B Ltd.
    GBP1.574 Billion Fixed- and Floating-Rate Asset-Backed Notes

                         Rating
                         ------
    Class      To                        From
    -----      --                        ----
    A3         BBB (sf)/Watch Neg        A (sf)/Watch Neg
    A6         BBB (sf)/Watch Neg        A (sf)/Watch Neg
    A7         BBB (sf)/Watch Neg        A (sf)/Watch Neg
    A8         BBB (sf)/Watch Neg        A (sf)/Watch Neg
    B1         BB- (sf)/Watch Neg        BBB- (sf)/Watch Neg
    B2         BB- (sf)/Watch Neg        BBB- (sf)/Watch Neg
    C          B+ (sf)/Watch Neg         BB+ (sf)/Watch Neg


SIXTY UK: Italian Parent Ordered to Pay GBP600,000 Unpaid Rent
--------------------------------------------------------------
Christian Metcalfe at Estates Gazette reports that Sixty SpA, the
Italian parent Sixty UK, has been ordered to pay almost GBP600,000
in unpaid rent to the owner of the Met Quarter in Liverpool.

Estates Gazette relates that on Thursday, the high court ruled
that Sixty SpA was obliged to pay the sum to Jersey-based Mourant
& Co, landlord to the 135,000 sq ft mall, as guarantor to Sixty
UK.

Sixty UK occupied two stores in the Met Quarter under its Miss
Sixty and Energie brands, but collapsed into administration in
September 2008, Estates Gazettes notes.

Sixty UK agreed two 10-year leases on stores of around 3,000 sq ft
on November 3, 2006 at a basic rent of GBP100,000 pa, Estates
Gazette discloses.

According to Estates Gazette, Mourant claimed that Sixty UK failed
to pay the basic rent for the September and December 2008 quarter
dates, failed to pay basic rent for any of the quarters from March
2009 to date, and failed to pay other sums as they fell due.  It
also alleged that the retailer breached a clause in its leases by
ceasing to trade from the two stores, Estates Gazette says.

Mourant claimed that Sixty SpA owed it almost GBP4 million in rent
and interest, according to Estates Gazette.  The full claim is
expected to be heard next year, Estates Gazette notes.

Estates Gazette relates that Sixty SpA's QC Caroline Hutton argued
that the firm was not liable for the payment as the guarantee
provisions were in terms annexed to the lease agreement and were
therefore not binding.

The judge refused Sixty SpA the right to appeal, Estates Gazette
discloses.

                           Liquidation

As reported by the Troubled Company Reporter-Europe on Sept. 20,
2010, Accountancy Age said that Sixty UK was placed into
liquidation following a High Court ruling to revoke a previously
approved company voluntary arrangement earlier this year.  Rob
Horton and Tony Murphy from Bridge Business Recovery were
appointed as liquidators, Accountancy Age disclosed.

                               CVA

On July 27, 2010, the Troubled Company Reporter-Europe, citing the
Financial Times, reported that Mr. Justice Henderson on July 23
said in the High Court that the CVA was prejudicial to the
Metquarter landlords.  The FT disclosed Sixty UK's CVA proposal
was supported by more than 75% of Sixty UK's creditors, but the
Metquarter landlords opposed it, arguing leases had five years to
run.  They claimed they would have foregone rental income of about
GBP4 million, according to the FT.

Sixty UK is a fashion business.  It is the UK distributor for
young fashion brands Miss Sixty and Energie.


SPIRIT ISSUER: S&P Puts 'BB+' Note Ratings on CreditWatch Negative
------------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on Spirit Issuer PLC's class A notes.

This CreditWatch placement follows S&P's revision of Spirit's
business risk score to "weak" from "fair".

As business risk profile is a major factor in S&P's assessment of
credit risk and in determining its cash flow stresses, the
weakening of Spirit's business risk profile has led us to apply
harsher stresses when considering the overall ratings on the
transaction.  S&P notes that Spirit has the weakest business risk
profile of all pub transactions S&P currently rate in the U.K.

Spirit's profitability performance has been weak, in S&P's
opinion.  While its managed business saw its EBITDA margin
remaining largely unchanged at 16.0% between 2009 and 2010,
Spirit's managed business has consistently had the weakest
profitability in its rated peer group.  Tenanted business EBITDA
margin decreased, to about 45.7% in 2010 from 49.8% in 2009, and
again represents the weakest profitability in its rated peer
group.  The overall EBITDA margin fell to 20.3% in 2010, from
20.8% in 2009.  In S&P's opinion, Spirit's business risk profile
has weakened largely due to the material underperformance of the
estate.

Other factors leading to S&P's revision of Spirit's business risk
profile include rising value-added tax and beer duties, lower
government spending, and higher personal taxes, which are likely
to feed through into weaker consumer spending, lower beer sales,
and continuing downward pressure on rents.  S&P also believe that
recent announcements by the parent, Punch Taverns PLC, regarding
disposals across its securitizations, could potentially lead to
reduced EBITDA and cash flow coverage ratios.

Although the company has been buying back its bonds during the
short term, in S&P's view the debt reduction has not been enough
to compensate for the loss of cash flows and the increased
stresses due to the weakening business risk profile.

S&P notes that Punch Taverns PLC, the ultimate parent, is
presently conducting a strategic review.  S&P expects to resolve
the CreditWatch negative placement after reviewing S&P's stresses
from the deterioration in business risk score, and after the
conclusion of the review and its subsequent assessment.

                        Spirit Issuer PLC

       GBP1.25 Billion Fixed- and Floating-Rate Asset-Backed
                         Debenture Bonds

              Ratings Placed on Creditwatch Negative

                          Rating
                          ------
           Class   To                        From
           -----   --                        ----
           A1      BB+/Watch Neg,            BB+,
                   BB+/Watch Neg (SPUR)      BB+ (SPUR)
           A2      BB+/Watch Neg             BB+
           A3      BB+/Watch Neg,            BB+,
                   BB+/Watch Neg (SPUR)      BB+ (SPUR)
           A4      BB+/Watch Neg             BB+
           A5      BB+/Watch Neg,            BB+,
                   BB+/Watch Neg (SPUR)      BB+ (SPUR)

           SPUR - Standard & Poor's underlying rating.


TITAN EUROPE: Moody's Reviews Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade these classes of Notes issued by Titan Europe 2007-3
Limited (amounts reflecting initial outstandings):

  -- GBP463.04M Class A1 Commercial Mortgage Backed Floating Rate
     Notes due 2016 Certificate, Baa1 (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 11, 2009 Downgraded to
     Baa1 (sf)

  -- GBP54.39M Class B Commercial Mortgage Backed Floating Rate
     Notes due 2016 Certificate, B3 (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 11, 2009 Confirmed at
     B3 (sf)

  -- GBP52.79M Class C Commercial Mortgage Backed Floating Rate
     Notes due 2016 Certificate, Ca (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 11, 2009 Confirmed at
     Ca (sf)

  -- GBP115.76M Class A2 Commercial Mortgage Backed Floating Rate
     Notes due 2016 Certificate, Ba3 (sf) Placed Under Review for
     Possible Downgrade; previously on Dec 11, 2009 Downgraded to
     Ba3 (sf)

Moody's does not rate the Class E, Class F, Class G, Class V or
Class X Notes.

The rating action has been prompted by (i) a re-assessment of the
refinancing risk on the pool and (ii) the assessed risk of an
interest shortfall on the Class A-1 Notes and a subsequent Note
Event of Default.

The transaction is overly exposed to secondary property quality in
the UK for which the availability of financing decreased over the
past year and for which Moody's does not expect a significant
recovery of the lending market in the next two years when the
majority of the loans in the pool mature.  The loans show an
overall Moody's LTV ratio of well above 100%, which make a
refinancing in this lending market environment very unlikely.

Mostly driven by appraisal reductions after re-valuations showed
significant value declines since closing, interest shortfalls are
continuously occurring on the more junior ranking classes of Notes
up to the Class A-2 Notes.  Given the variability of the senior
costs, especially special servicing fees, there is an increased
risk of interest shortfalls on the Class A-1 and Class X Notes,
which rank pari-passu in terms of interest payments.  An interest
shortfall on the Class A-1 and Class X Notes would lead to a Note
Event of Default.  Interest shortfalls are caused by special
servicing fees, including workout and liquidation fees, appraisal
reduction amounts and extraordinary issuer expenses.

Titan Europe 2007-3 Limited closed in August 2007 and represents
the securitization of initially 20 (currently 15) mortgage loans
originated by Credit Suisse and secured by first-ranking legal
mortgages over initially 35 (currently 30) commercial properties
located across the UK.  The properties were predominantly offices
(53%) and mixed-use (37%).  61% of the properties were located in
the Greater London area.  The remaining collateral pool consisted
of retail (5%), warehouse (3%) and industrial (3%) properties
located throughout England.

Since closing five loans have repaid, only one of which (Auric
loan, 7.1% of initial pool balance) repaid in full.  The remaining
four loans have been liquidated, resulting in an aggregate loss of
GBP 33.5 million (65% loss severity on average).

Currently two loans representing 14.1% of the current pool balance
are in special servicing, of which one loan (Metro loan, 5.1% of
initial pool balance) is expected to be liquidated by the next
interest payment date in January 2011.

Moody's will conclude its transaction review after it has
finalized its analysis on (i) the increased refinancing risk and
(ii) a further analysis on the variable senior costs and the
shortfalls on the loan interest available to the Issuer.


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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                      Total
                                      Shareholders   Total
                                      Equity         Assets
  Company             Ticker          (US$)          (US$)
  -------             ------          ------         ------

AUSTRIA
-------
CHRIST WATER TEC      CWT AV      -5754287.761   165995618.1
CHRIST WATER TEC      CWT EO      -5754287.761   165995618.1
CHRIST WATER TEC      CWT PZ      -5754287.761   165995618.1
CHRIST WATER TEC      CWTE IX     -5754287.761   165995618.1
CHRIST WATER TEC      CWT EU      -5754287.761   165995618.1
CHRIST WATER TEC      CRSWF US    -5754287.761   165995618.1
CHRIST WATER TEC      C7W GR      -5754287.761   165995618.1
CHRIST WATER-ADR      CRSWY US    -5754287.761   165995618.1
KA FINANZ AG          3730Z AV      -359597327   30679270533
LIBRO AG              LBROF US    -110486313.8     174004185
LIBRO AG              LIB AV      -110486313.8     174004185
LIBRO AG              LB6 GR      -110486313.8     174004185
LIBRO AG              LIBR AV     -110486313.8     174004185
SKYEUROPE             SKYP PW     -89480486.93   159076577.5
SKYEUROPE             SKY PW      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EO      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYA PZ     -89480486.93   159076577.5
SKYEUROPE HLDG        SKY AV      -89480486.93   159076577.5
SKYEUROPE HLDG        S8E GR      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY LI      -89480486.93   159076577.5
SKYEUROPE HLDG        SKY EU      -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EO   -89480486.93   159076577.5
SKYEUROPE HLDG        SKYV IX     -89480486.93   159076577.5
SKYEUROPE HLDG        SKURF US    -89480486.93   159076577.5
SKYEUROPE HLDG        SKYPLN EU   -89480486.93   159076577.5
SKYEUROPE HOL-RT      SK1 AV      -89480486.93   159076577.5
STYROL HOLDING 1      3321155Z AV -69327699.53    1925984640

BELGIUM
-------
SABENA SA             SABA BB     -85494497.66    2215341060

CYPRUS
------
LIBRA HOLIDA-RTS      LBR CY      -39648682.41   209021322.6
LIBRA HOLIDA-RTS      LGWR CY     -39648682.41   209021322.6
LIBRA HOLIDAY-RT      3167808Z CY -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGR CY     -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGCYP EO   -39648682.41   209021322.6
LIBRA HOLIDAYS        LHGCYP EU   -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG CY      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG PZ      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG EO      -39648682.41   209021322.6
LIBRA HOLIDAYS G      LHG EU      -39648682.41   209021322.6
LIBRA HOLIDAYS-P      LBHG PZ     -39648682.41   209021322.6
LIBRA HOLIDAYS-P      LBHG CY     -39648682.41   209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG        CKDH CP     -89435858.16     192305153
CKD PRAHA HLDG        CKDPF US    -89435858.16     192305153
CKD PRAHA HLDG        CKDH US     -89435858.16     192305153
CKD PRAHA HLDG        CDP EX      -89435858.16     192305153
CKD PRAHA HLDG        297687Q GR  -89435858.16     192305153
SETUZA AS             2994767Q EO -61453764.17   138582273.6
SETUZA AS             SETU IX     -61453764.17   138582273.6
SETUZA AS             SZA EX      -61453764.17   138582273.6
SETUZA AS             2994755Q EU -61453764.17   138582273.6
SETUZA AS             2994763Q EU -61453764.17   138582273.6
SETUZA AS             SZA GR      -61453764.17   138582273.6
SETUZA AS             SETUZA PZ   -61453764.17   138582273.6
SETUZA AS             SETUZA CP   -61453764.17   138582273.6
SETUZA AS             2994759Q EO -61453764.17   138582273.6

DENMARK
-------
ELITE SHIPPING        ELSP DC     -27715991.74   100892900.3
OBTEC                 OBT DC      -14919946.34   138400232.8
OBTEC                 OBTEC DC    -14919946.34   138400232.8
OBTEC-NEW SHARES      OBTECN DC   -14919946.34   138400232.8
OBTEC-OLD             OBTN DC     -14919946.34   138400232.8
ROSKILDE BANK         ROSK EO     -532868894.9    7876687324
ROSKILDE BANK         RKI GR      -532868894.9    7876687324
ROSKILDE BANK         RSKC IX     -532868894.9    7876687324
ROSKILDE BANK         ROSKF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK PZ     -532868894.9    7876687324
ROSKILDE BANK         ROSBF US    -532868894.9    7876687324
ROSKILDE BANK         ROSK DC     -532868894.9    7876687324
ROSKILDE BANK         ROSK EU     -532868894.9    7876687324
ROSKILDE BANK-RT      916603Q DC  -532868894.9    7876687324
ROSKILDE BAN-NEW      ROSKN DC    -532868894.9    7876687324
ROSKILDE BAN-RTS      ROSKT DC    -532868894.9    7876687324
SANISTAL AS-B         SANIB BY    -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EO -11789341.08   491776701.8
SANISTAL AS-B         SNSC IX     -11789341.08   491776701.8
SANISTAL AS-B         SANL DC     -11789341.08   491776701.8
SANISTAL AS-B         SANIB DC    -11789341.08   491776701.8
SANISTAL AS-B         SNISF US    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EO    -11789341.08   491776701.8
SANISTAL AS-B         SANIB EU    -11789341.08   491776701.8
SANISTAL AS-B         SANI/B PZ   -11789341.08   491776701.8
SANISTAL AS-B         SANIBEUR EU -11789341.08   491776701.8
SANISTAL-B NEW        SANLN DC    -11789341.08   491776701.8
SCANDINAVIAN BRA      SBS1 EO     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 EU     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS DC      -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1 BY     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EO  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBS1EUR EU  -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSC IX     -14919946.34   138400232.8
SCANDINAVIAN BRA      SBSD PZ     -14919946.34   138400232.8

FRANCE
------
BELVEDERE - RTS       554451Q FP  -240506200.5    1000204586
BELVEDERE - RTS       702036Q FP  -240506200.5    1000204586
BELVEDERE SA          BELV FP     -240506200.5    1000204586
BELVEDERE SA          BED GR      -240506200.5    1000204586
BELVEDERE SA          BVD EO      -240506200.5    1000204586
BELVEDERE SA          BEVD IX     -240506200.5    1000204586
BELVEDERE SA          BVD FP      -240506200.5    1000204586
BELVEDERE SA          BVD EU      -240506200.5    1000204586
BELVEDERE SA          BVD PZ      -240506200.5    1000204586
BELVEDERE SA          BED TH      -240506200.5    1000204586
BELVEDERE SA          BVDRF US    -240506200.5    1000204586
BELVEDERE SA          BELV NM     -240506200.5    1000204586
BELVEDERE SA-NEW      946529Q FP  -240506200.5    1000204586
BELVEDERE SA-NEW      BVDNV FP    -240506200.5    1000204586
BELVEDERE SA-RTS      BVDDS FP    -240506200.5    1000204586
CADES                 211430Z FP     -1.32E+11    9983888303
CARRERE GROUP         CAR2 EO     -9829592.638     279906700
CARRERE GROUP         CRRHF US    -9829592.638     279906700
CARRERE GROUP         CARG FP     -9829592.638     279906700
CARRERE GROUP         CAR FP      -9829592.638     279906700
CARRERE GROUP         CARF PZ     -9829592.638     279906700
CARRERE GROUP         CAR2 EU     -9829592.638     279906700
CARRERE GROUP         CRGP IX     -9829592.638     279906700
CARRERE GROUP         XRR GR      -9829592.638     279906700
CHAINE ET TRAME       CHTR FP     -58947458.16   116889783.9
CHAINE ET TRAME       CTRM FP     -58947458.16   116889783.9
COMPAGNIE IMMOBI      CIMB EO     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB FP     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB PZ     -18851260.64   237751743.8
COMPAGNIE IMMOBI      CIMB EU     -18851260.64   237751743.8
EMPAIN GRAHAM DV      EMGD FP     -18851260.64   237751743.8
GRANDE PAROISSE       GDPXF US    -927267926.9     629287290
GRANDE PAROISSE       GAPA FP     -927267926.9     629287290
GRANDE PAROISSE       GDPA FP     -927267926.9     629287290
LAB DOLISOS           LADL FP     -27752176.19   110485462.4
LAB DOLISOS           DOLI FP     -27752176.19   110485462.4
MATUSSIERE & FOR      1007765Q FP -77896683.67   293868350.8
MATUSSIERE & FOR      MTUSF US    -77896683.67   293868350.8
MB RETAIL EUROPE      CTRF IX     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE FP     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE PZ     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EO     -58947458.16   116889783.9
MB RETAIL EUROPE      MBRE EU     -58947458.16   116889783.9
OROSDI                OROS FP     -35006822.54   151870593.9
OROSDI-BACK           BACK IX     -35006822.54   151870593.9
OROSDI-BACK           ORBA FP     -35006822.54   151870593.9
OROSDI-BACK           OROS PZ     -35006822.54   151870593.9
OROSDI-BACK           OROS EO     -35006822.54   151870593.9
OROSDI-BACK           OROS EU     -35006822.54   151870593.9
PAGESJAUNES GRP       PAJ EB       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ GK       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ BQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EU    -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBP EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ VX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ NQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ IX       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ PZ       -2806466942   928971577.5
PAGESJAUNES GRP       QS3 TH       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ FP       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EU       -2806466942   928971577.5
PAGESJAUNES GRP       PAJGBX EO    -2806466942   928971577.5
PAGESJAUNES GRP       QS3 GR       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ EO       -2806466942   928971577.5
PAGESJAUNES GRP       PAJ QM       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EO    -2806466942   928971577.5
PAGESJAUNES GRP       PAJ TQ       -2806466942   928971577.5
PAGESJAUNES GRP       PAJUSD EU    -2806466942   928971577.5
PAGESJAUNES GRP       PGJUF US     -2806466942   928971577.5
PAGESJAUNES GRP       PAJP IX      -2806466942   928971577.5
PAGESJAUNES GRP       PAJ LI       -2806466942   928971577.5
RESEAU FERRE FRA      224063Z FP   -1967530419   70147358617
RHODIA SA             RHA VX      -726840112.3    5945870566
RHODIA SA             RHD GR      -726840112.3    5945870566
RHODIA SA             2324011Q EU -726840112.3    5945870566
RHODIA SA             RHAGBX EU   -726840112.3    5945870566
RHODIA SA             RHADF US    -726840112.3    5945870566
RHODIA SA             RHA EU      -726840112.3    5945870566
RHODIA SA             3218857Q IX -726840112.3    5945870566
RHODIA SA             RHA BQ      -726840112.3    5945870566
RHODIA SA             RHA FP      -726840112.3    5945870566
RHODIA SA             RHAUSD EO   -726840112.3    5945870566
RHODIA SA             RHA GK      -726840112.3    5945870566
RHODIA SA             RHDI TH     -726840112.3    5945870566
RHODIA SA             RHANR PZ    -726840112.3    5945870566
RHODIA SA             RHA IX      -726840112.3    5945870566
RHODIA SA             2324015Q EO -726840112.3    5945870566
RHODIA SA             RHAGBX EO   -726840112.3    5945870566
RHODIA SA             RHA PZ      -726840112.3    5945870566
RHODIA SA             RHA TQ      -726840112.3    5945870566
RHODIA SA             RHA NQ      -726840112.3    5945870566
RHODIA SA             RHDI GR     -726840112.3    5945870566
RHODIA SA             RHA EO      -726840112.3    5945870566
RHODIA SA             RHAY IX     -726840112.3    5945870566
RHODIA SA             RHA EB      -726840112.3    5945870566
RHODIA SA             RHDAF US    -726840112.3    5945870566
RHODIA SA             RHAGBP EO   -726840112.3    5945870566
RHODIA SA             RHAUSD EU   -726840112.3    5945870566
RHODIA SA             RHA QM      -726840112.3    5945870566
RHODIA SA - NEW       2335921Q FP -726840112.3    5945870566
RHODIA SA - NEW       RHANV FP    -726840112.3    5945870566
RHODIA SA - NEW       3506266Q FP -726840112.3    5945870566
RHODIA SA - NEW       3156011Q FP -726840112.3    5945870566
RHODIA SA-ADR         RHAYY US    -726840112.3    5945870566
RHODIA SA-NON RE      RHANR FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      RHADS FP    -726840112.3    5945870566
RHODIA SA-RIGHTS      653447Q FP  -726840112.3    5945870566
RODIGUEZ GROUP        RGX GR      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EO      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD TQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD BQ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD PZ      -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD FP      -71997955.94   457127473.1
RODRIGUEZ GROUP       RRGZF US    -71997955.94   457127473.1
RODRIGUEZ GROUP       RDGP IX     -71997955.94   457127473.1
RODRIGUEZ GROUP       ROD EU      -71997955.94   457127473.1
SDR CENTREST          117241Q FP  -132420119.6   252176017.2
SOBIESKI              BVD PW      -240506200.5    1000204586
TROUVAY CAUVIN        ETEC FP     -396977.9956   133986439.7
TROUVAY CAUVIN        TVYCF US    -396977.9956   133986439.7

GEORGIA
-------
DEVELICA DEUTSCH      DDE PG      -86990929.38    1142447974
DEVELICA DEUTSCH      D4B GR      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE PZ      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE IX      -86990929.38    1142447974
DEVELICA DEUTSCH      DDE LN      -86990929.38    1142447974
PEARL HOLDING         3622Z LN    -133833007.2   968234065.8

GERMANY
-------
AGOR AG               DOO GR      -482446.6262   144432986.2
AGOR AG               DOO EO      -482446.6262   144432986.2
AGOR AG               DOOG IX     -482446.6262   144432986.2
AGOR AG               NDAGF US    -482446.6262   144432986.2
AGOR AG               DOO EU      -482446.6262   144432986.2
AGOR AG               DOOD PZ     -482446.6262   144432986.2
AGOR AG-RTS           2301918Z GR -482446.6262   144432986.2
ALNO AG               ANO EO      -73119134.74   198564638.9
ALNO AG               ANO EU      -73119134.74   198564638.9
ALNO AG               ANO GR      -73119134.74   198564638.9
ALNO AG               ALNO IX     -73119134.74   198564638.9
ALNO AG               ANO PZ      -73119134.74   198564638.9
ALNO AG-NEW           ANO1 GR     -73119134.74   198564638.9
ALNO AG-RTS           2259765Z GR -73119134.74   198564638.9
ALNO AG-RTS           4123912Z GR -73119134.74   198564638.9
BROKAT AG             BRKAF US    -27139391.98   143536859.7
BROKAT AG             BKISF US    -27139391.98   143536859.7
BROKAT AG             BROFQ US    -27139391.98   143536859.7
BROKAT AG             BROAF US    -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 NM     -27139391.98   143536859.7
BROKAT AG -NEW        BRJ1 GR     -27139391.98   143536859.7
BROKAT AG-ADR         BROA US     -27139391.98   143536859.7
BROKAT TECH -ADR      BROAQ US    -27139391.98   143536859.7
BROKAT TECH AG        BRJ NM      -27139391.98   143536859.7
BROKAT TECH AG        BSA LN      -27139391.98   143536859.7
BROKAT TECH AG        BRJ GR      -27139391.98   143536859.7
BROKAT TECH-ADR       BRJA GR     -27139391.98   143536859.7
CBB HOLDING AG        COBG IX     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EU     -42994732.85   904723627.8
CBB HOLDING AG        COBG PZ     -42994732.85   904723627.8
CBB HOLDING AG        COB2 EO     -42994732.85   904723627.8
CBB HOLDING AG        CUBDF US    -42994732.85   904723627.8
CBB HOLDING AG        COB GR      -42994732.85   904723627.8
CBB HOLDING-NEW       COB3 GR     -42994732.85   904723627.8
CBB HOLDING-NEW       COB1 GR     -42994732.85   904723627.8
CBB HOLD-NEW 97       COB2 GR     -42994732.85   904723627.8
COGNIS GMBH           575202Z GR   -1092037449    3081208210
COGNIS HOLDING G      635952Z GR   -1587896974    2850475613
DORT ACTIEN-BRAU      944167Q GR  -12689156.29   117537053.7
DORT ACTIEN-RTS       DAB8 GR     -12689156.29   117537053.7
EDOB ABWICKLUNGS      ESC EO      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC BQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESCDF US    -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TH      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC TQ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC EU      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC PZ      -22323463.23   425598807.8
EDOB ABWICKLUNGS      ESC GR      -22323463.23   425598807.8
EM.TV & MERCHAND      985403Q GR  -22067409.41   849175624.7
EM.TV & MERCHAND      ETV VX      -22067409.41   849175624.7
EM.TV & MERCHAND      ETV NM      -22067409.41   849175624.7
EM.TV & MERCHAND      EMTVF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETVMF US    -22067409.41   849175624.7
EM.TV & MERCHAND      ETV LN      -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 NM     -22067409.41   849175624.7
EM.TV & MERC-NEW      ETV1 GR     -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 NM     -22067409.41   849175624.7
EM.TV & MERC-RTS      ETV8 GR     -22067409.41   849175624.7
ESCADA AG             ESCG IX     -22323463.23   425598807.8
ESCADA AG -PFD        ESC3 GR     -22323463.23   425598807.8
ESCADA AG-NEW         ESCC GR     -22323463.23   425598807.8
ESCADA AG-NEW         3069367Q GR -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EO     -22323463.23   425598807.8
ESCADA AG-NEW         ESCN GR     -22323463.23   425598807.8
ESCADA AG-NEW         835345Q GR  -22323463.23   425598807.8
ESCADA AG-NEW         ESCN EU     -22323463.23   425598807.8
ESCADA AG-NEW         ESCD GR     -22323463.23   425598807.8
ESCADA AG-RTS         ESCE GR     -22323463.23   425598807.8
ESCADA AG-SP ADR      ESCDY US    -22323463.23   425598807.8
KABEL DEUTSCHLAN      KD8USD EO    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EU       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 GR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 BQ       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8USD EU    -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EO       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 QM       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 EB       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 TH       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 IX       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8 NR       -1938688429    2845375250
KABEL DEUTSCHLAN      KD8GBP EO    -1938688429    2845375250
KABEL DEUTS-CW10      DB7KWG GR    -1938688429    2845375250
KAUFRING AG           KFR GR      -19296489.56   150995473.8
KAUFRING AG           KFR EO      -19296489.56   150995473.8
KAUFRING AG           KAUG IX     -19296489.56   150995473.8
KAUFRING AG           KFR EU      -19296489.56   150995473.8
KAUFRING AG           KFR PZ      -19296489.56   150995473.8
MANIA TECHNOLOGI      2260970Z GR  -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EO      -35060806.5   107465713.6
MANIA TECHNOLOGI      MIAVF US     -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI PZ       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI1 EU      -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI GR       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNI NM       -35060806.5   107465713.6
MANIA TECHNOLOGI      MNIG IX      -35060806.5   107465713.6
MATERNUS KLINI-N      MAK1 GR     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAKG IX     -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK TH      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK GR      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EU      -14400749.54   155241036.1
MATERNUS-KLINIKE      MNUKF US    -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK PZ      -14400749.54   155241036.1
MATERNUS-KLINIKE      MAK EO      -14400749.54   155241036.1
NORDAG AG             DOO1 GR     -482446.6262   144432986.2
NORDAG AG-PFD         DOO3 GR     -482446.6262   144432986.2
NORDAG AG-RTS         DOO8 GR     -482446.6262   144432986.2
NORDSEE AG            533061Q GR  -8200552.046   194616922.6
PRIMACOM AG           PRCG PZ     -18656728.68   610380925.7
PRIMACOM AG           PRC GR      -18656728.68   610380925.7
PRIMACOM AG           PCAGF US    -18656728.68   610380925.7
PRIMACOM AG           PRC2 GR     -18656728.68   610380925.7
PRIMACOM AG           PRC TH      -18656728.68   610380925.7
PRIMACOM AG           PRC EO      -18656728.68   610380925.7
PRIMACOM AG           PRC NM      -18656728.68   610380925.7
PRIMACOM AG           PRCG IX     -18656728.68   610380925.7
PRIMACOM AG           PRC EU      -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAG US     -18656728.68   610380925.7
PRIMACOM AG-ADR       PCAGY US    -18656728.68   610380925.7
PRIMACOM AG-ADR+      PCAG ES     -18656728.68   610380925.7
RAG ABWICKL-REG       RSTHF US    -1744121.914   217776125.8
RAG ABWICKL-REG       ROS GR      -1744121.914   217776125.8
RAG ABWICKL-REG       ROSG PZ     -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EO     -1744121.914   217776125.8
RAG ABWICKL-REG       ROS1 EU     -1744121.914   217776125.8
RINOL AG              RIL GR           -2.7111   168095049.1
RINOL AG              RILB EO          -2.7111   168095049.1
RINOL AG              RILB GR          -2.7111   168095049.1
RINOL AG              RNLAF US         -2.7111   168095049.1
RINOL AG              RILB IX          -2.7111   168095049.1
RINOL AG              RILB EU          -2.7111   168095049.1
RINOL AG              RILB PZ          -2.7111   168095049.1
ROSENTHAL AG          2644179Q GR -1744121.914   217776125.8
ROSENTHAL AG-ACC      ROS4 GR     -1744121.914   217776125.8
ROSENTHAL AG-ADR      RSTHY US    -1744121.914   217776125.8
ROSENTHAL AG-REG      ROSG IX     -1744121.914   217776125.8
SANDER (JIL) AG       SAD GR      -6153256.917   127546738.8
SANDER (JIL) AG       JLSDF US    -6153256.917   127546738.8
SANDER (JIL)-PRF      SAD3 GR     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916157Q EU -6153256.917   127546738.8
SANDER (JIL)-PRF      SAD3 PZ     -6153256.917   127546738.8
SANDER (JIL)-PRF      2916161Q EO -6153256.917   127546738.8
SINNLEFFERS AG        WHG GR      -4491629.961   453887060.1
SPAR HANDELS-AG       SPHFF US    -442426199.5    1433020961
SPAR HANDELS-AG       773844Q GR  -442426199.5    1433020961
SPAR HAND-PFD NV      SPA3 GR     -442426199.5    1433020961
SPRINGER SCIENCE      648808Z GR  -610692611.7    3462165070
STROER OUT-OF-HO      SAX EO      -62153916.21    1072778885
STROER OUT-OF-HO      SAX EU      -62153916.21    1072778885
STROER OUT-OF-HO      SAX GR      -62153916.21    1072778885
TA TRIUMPH-ACQ        TWNA EU     -124531122.1   313411495.3
TA TRIUMPH-ACQ        TWNA GR     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWNG IX     -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EU      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TTZAF US    -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN GR      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN EO      -124531122.1   313411495.3
TA TRIUMPH-ADLER      TWN PZ      -124531122.1   313411495.3
TA TRIUMPH-A-RTS      1018916Z GR -124531122.1   313411495.3
TA TRIUMPH-NEW        TWN1 GR     -124531122.1   313411495.3
TA TRIUMPH-RT         TWN8 GR     -124531122.1   313411495.3
TA TRIUMPH-RTS        3158577Q GR -124531122.1   313411495.3
TOM TAILOR HOLD       TTI EO      -97711555.56     358434780
TOM TAILOR HOLD       TTI GR      -97711555.56     358434780
TOM TAILOR HOLD       TTI TH      -97711555.56     358434780
TOM TAILOR HOLD       TTI EU      -97711555.56     358434780

GREECE
------
AG PETZETAKIS SA      PETZK EO    -58119017.89     197258023
AG PETZETAKIS SA      PTZ GR      -58119017.89     197258023
AG PETZETAKIS SA      PETZK GA    -58119017.89     197258023
AG PETZETAKIS SA      PETZK PZ    -58119017.89     197258023
AG PETZETAKIS SA      PZETF US    -58119017.89     197258023
AG PETZETAKIS SA      PETZK EU    -58119017.89     197258023
AG PETZETAKIS SA      PTZ1 GR     -58119017.89     197258023
ALTEC HOLDINGS S      ALTEC EO    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC EU    -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC PZ    -47497062.28   116742573.1
ALTEC HOLDINGS S      AXY GR      -47497062.28   116742573.1
ALTEC HOLDINGS S      ALTEC GA    -47497062.28   116742573.1
ALTEC SA -AUCT        ALTECE GA   -47497062.28   116742573.1
ALTEC SA INFO         ATCQF US    -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTECR GA   -47497062.28   116742573.1
ALTEC SA INFO-RT      ALTED GA    -47497062.28   116742573.1
ASPIS PRONIA GE       ASASK EU    -189908329.1   896537349.7
ASPIS PRONIA GE       AISQF US    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK PZ    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK GA    -189908329.1   896537349.7
ASPIS PRONIA GE       ASASK EO    -189908329.1   896537349.7
ASPIS PRONIA -PF      ASAPR GA    -189908329.1   896537349.7
ASPIS PRONIA-PF       APGV GR     -189908329.1   896537349.7
ASPIS PRONIA-PF       ASASP GA    -189908329.1   896537349.7
ASPIS PRONIA-RT       ASASKR GA   -189908329.1   896537349.7
ASPIS PRONOIA GE      APG GR      -189908329.1   896537349.7
ASPIS PRONOIA GE      APGG IX     -189908329.1   896537349.7
ASPIS PRON-PF RT      ASASPR GA   -189908329.1   896537349.7
ATLANTIC SUPERMA      ATLA1 EO    -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA PZ     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA GA     -27331872.51   354883771.3
ATLANTIC SUPERMA      ATLA1 EU    -27331872.51   354883771.3
EMPEDOS SA            EMPED GA    -33637669.62   174742646.9
EMPEDOS SA-RTS        EMPEDR GA   -33637669.62   174742646.9
GEN HELLENIC-RTS      588494Q GA  -48074406.22    5484269349
GENIKI BANK SA        GHB1 GR     -48074406.22    5484269349
GENIKI BANK SA        TGEN GA     -48074406.22    5484269349
GENIKI BANK SA        TGEN PZ     -48074406.22    5484269349
GENIKI BANK SA        TGEN EO     -48074406.22    5484269349
GENIKI BANK SA        TGEN EU     -48074406.22    5484269349
GENIKI BANK SA        GHB GR      -48074406.22    5484269349
GENIKI BANK SA        GHLCF US    -48074406.22    5484269349
GENIKI BANK-AUC       TGENE GA    -48074406.22    5484269349
GENIKI BANK-RTS       2272580Q GA -48074406.22    5484269349
GENIKI BANK-RTS       TGENR GA    -48074406.22    5484269349
KOUMBAS INSUR-RT      KOUMD GA     -64617679.4   161224903.6
KOUMBAS RTS           KOUMR GA     -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM PZ      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EU      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM EO      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUM GA      -64617679.4   161224903.6
KOUMBAS SYNERGY       KOUMF US     -64617679.4   161224903.6
NAOUSSA SPIN -RT      NAOYD GA    -163114853.6   286539436.9
NAOUSSA SPIN-AUC      NAOYKE GA   -163114853.6   286539436.9
NAOUSSA SPINNING      NML GR      -163114853.6   286539436.9
NAOUSSA SPINNING      NML1 GR     -163114853.6   286539436.9
NAOUSSA SPIN-RTS      NAOYKR GA   -163114853.6   286539436.9
OASA ATHENS URBA      3485398Z GA  -1170161374    2292452052
PETZET - PFD-RTS      PETZPD GA   -58119017.89     197258023
PETZETAKIS - RTS      PETZKD GA   -58119017.89     197258023
PETZETAKIS-AUC        PETZKE GA   -58119017.89     197258023
PETZETAKIS-PFD        PTZ3 GR     -58119017.89     197258023
PETZETAKIS-PFD        PETZP GA    -58119017.89     197258023
RADIO KORASSIDIS      KORA GA     -100972173.9   244951680.3
RADIO KORASSIDIS      RKC GR      -100972173.9   244951680.3
RADIO KORASSIDIS      RAKOF US    -100972173.9   244951680.3
RADIO KORASSI-RT      KORAD GA    -100972173.9   244951680.3
RADIO KORASS-RTS      KORAR GA    -100972173.9   244951680.3
THEMELIODOMI          THEME GA    -55751178.85   232036822.6
THEMELIODOMI-AUC      THEMEE GA   -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMER GA   -55751178.85   232036822.6
THEMELIODOMI-RTS      THEMED GA   -55751178.85   232036822.6
UNITED TEXTILES       UTEX EU     -163114853.6   286539436.9
UNITED TEXTILES       UTEX GA     -163114853.6   286539436.9
UNITED TEXTILES       NAOYK GA    -163114853.6   286539436.9
UNITED TEXTILES       UTEX PZ     -163114853.6   286539436.9
UNITED TEXTILES       NAOSF US    -163114853.6   286539436.9
UNITED TEXTILES       UTEX EO     -163114853.6   286539436.9
WIND HELLAS TELE      3351088Z GA  -1698260717    4035059308

HUNGARY
-------
BRODOGRADE INDUS      3MAJRA CZ   -464934142.4   272013070.7
HUNGARIAN TELEPH      HUGC IX        -73724000     827192000
HUNGARIAN TELEPH      HUC EX         -73724000     827192000
INVITEL HOLD-ADR      IHO US         -73724000     827192000
INVITEL HOLD-ADR      0IN GR         -73724000     827192000
INVITEL HOLD-ADR      INVHY US       -73724000     827192000
INVITEL HOLDINGS      3212873Z HB    -73724000     827192000
IPK OSIJEK DD OS      IPKORA CZ   -3959722.961   117585184.1
MALEV LTD             MALEV HB     -75737819.4   251668964.4
OT OPTIMA TELEKO      2299892Z CZ    -67294802   105169944.1
OT-OPTIMA TELEKO      OPTERA CZ      -67294802   105169944.1

ICELAND
-------
AVION GROUP           B1Q GR        -223780352    2277882368
EIMSKIPAFELAG HF      HFEIM IR      -223780352    2277882368
EIMSKIPAFELAG HF      HFEIM PZ      -223780352    2277882368
EIMSKIPAFELAG HF      HFEIM EU      -223780352    2277882368
EIMSKIPAFELAG HF      HFEIMEUR EU   -223780352    2277882368
EIMSKIPAFELAG HF      HFEIM EO      -223780352    2277882368
EIMSKIPAFELAG HF      AVION IR      -223780352    2277882368
EIMSKIPAFELAG HF      HFEIMEUR EO   -223780352    2277882368

IRELAND
-------
IBERBOND 2004 PL      3485334Z ID -774220.0848   539890478.9
JAMES HARDIE IND      600241Q GR     -26700000    2132000000
JAMES HARDIE IND      726824Z NA     -26700000    2132000000
JAMES HARDIE IND      HAH NZ         -26700000    2132000000
JAMES HARDIE IND      HAH AU         -26700000    2132000000
JAMES HARDIE NV       JHXCC AU       -26700000    2132000000
JAMES HARDIE-ADR      JHINY US       -26700000    2132000000
JAMES HARDIE-ADR      JHX US         -26700000    2132000000
JAMES HARDIE-CDI      JHA GR         -26700000    2132000000
JAMES HARDIE-CDI      JHA TH         -26700000    2132000000
JAMES HARDIE-CDI      JHX AU         -26700000    2132000000
JAMES HARDIE-CDI      JHIUF US       -26700000    2132000000
MCINERNEY HLDGS       MCII IX     -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EO   -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBX EU   -132691148.8   374303706.5
MCINERNEY HLDGS       MCI VX      -132691148.8   374303706.5
MCINERNEY HLDGS       MCIGBP EO   -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EU      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI LN      -132691148.8   374303706.5
MCINERNEY HLDGS       MNEYF US    -132691148.8   374303706.5
MCINERNEY HLDGS       MCI EO      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 PO      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9C PZ     -132691148.8   374303706.5
MCINERNEY HLDGS       MCI IX      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI PO      -132691148.8   374303706.5
MCINERNEY HLDGS       MCI ID      -132691148.8   374303706.5
MCINERNEY HLDGS       MK9 GR      -132691148.8   374303706.5
MCINERNEY PROP-A      MYP LN      -132691148.8   374303706.5
MCINERNEY PROP-A      MCIYF US    -132691148.8   374303706.5
MCINERNEY PROP-A      MYP ID      -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF ID     -132691148.8   374303706.5
MCINERNEY -RT FP      MCIF LN     -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN ID     -132691148.8   374303706.5
MCINERNEY -RT NP      MCIN LN     -132691148.8   374303706.5
MCINERNEY-ADR         MNEYY US    -132691148.8   374303706.5
PAYZONE PLC           PAYZ EO     -138030903.2   510010035.3
PAYZONE PLC           PAYZ PG     -138030903.2   510010035.3
PAYZONE PLC           PAYZ IX     -138030903.2   510010035.3
PAYZONE PLC           PAYZ PZ     -138030903.2   510010035.3
PAYZONE PLC           PAYZ LN     -138030903.2   510010035.3
PAYZONE PLC           PAYZ EU     -138030903.2   510010035.3
PAYZONE PLC           4P6 GR      -138030903.2   510010035.3
WATERFORD - RTS       508523Q LN  -505729895.2     820803256
WATERFORD - RTS       508519Q LN  -505729895.2     820803256
WATERFORD - RTS       WWWB ID     -505729895.2     820803256
WATERFORD - RTS       WWWB GR     -505729895.2     820803256
WATERFORD - RTS       WWWA GR     -505729895.2     820803256
WATERFORD - RTS       WWWA ID     -505729895.2     820803256
WATERFORD W-ADR       WATWY US    -505729895.2     820803256
WATERFORD WDGEWD      WATFF US    -505729895.2     820803256
WATERFORD WDGEWD      WATWF US    -505729895.2     820803256
WATERFORD WED-RT      586556Q LN  -505729895.2     820803256
WATERFORD WED-RT      586552Q LN  -505729895.2     820803256
WATERFORD WED-RT      WTFR LN     -505729895.2     820803256
WATERFORD WED-RT      WWWD ID     -505729895.2     820803256
WATERFORD WED-RT      WWWC ID     -505729895.2     820803256
WATERFORD WED-RT      WWWC GR     -505729895.2     820803256
WATERFORD WED-RT      WWWD GR     -505729895.2     820803256
WATERFORD WED-UT      WWW PO      -505729895.2     820803256
WATERFORD WED-UT      WTFU EU     -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EU  -505729895.2     820803256
WATERFORD WED-UT      WTFU PO     -505729895.2     820803256
WATERFORD WED-UT      WTFU LN     -505729895.2     820803256
WATERFORD WED-UT      WWWD PZ     -505729895.2     820803256
WATERFORD WED-UT      WTFU ID     -505729895.2     820803256
WATERFORD WED-UT      WTFU VX     -505729895.2     820803256
WATERFORD WED-UT      WTFU EO     -505729895.2     820803256
WATERFORD WED-UT      WWW GR      -505729895.2     820803256
WATERFORD WED-UT      WTFU IX     -505729895.2     820803256
WATERFORD WED-UT      WTFUGBX EO  -505729895.2     820803256
WATERFORD WE-RTS      WTFN LN     -505729895.2     820803256
WATERFORD WE-RTS      WTFF ID     -505729895.2     820803256
WATERFORD WE-RTS      WTFF LN     -505729895.2     820803256
WATERFORD WE-RTS      WTFN VX     -505729895.2     820803256
WATERFORD WE-RTS      WTFN ID     -505729895.2     820803256
WATERFORD-ADR UT      WFWA GR     -505729895.2     820803256
WATERFORD-ADR UT      WATFZ US    -505729895.2     820803256
WATERFORD-SUB         3001875Z ID -505729895.2     820803256

ITALY
-----
BINDA SPA             BND IM      -11146475.29   128859802.9
BINDA SPA             BNDAF US    -11146475.29   128859802.9
BIOERA                BIE1 IX     -6731364.698   131141946.1
BIOERA                BIE1 PZ     -6731364.698   131141946.1
BIOERA                BIE EU      -6731364.698   131141946.1
BIOERA                B2A GR      -6731364.698   131141946.1
BIOERA                BIE IM      -6731364.698   131141946.1
BIOERA                BIE EO      -6731364.698   131141946.1
CART SOTTRI-BIND      DEM IM      -11146475.29   128859802.9
CIRIO FINANZIARI      FIY GR      -422095869.5    1583083044
CIRIO FINANZIARI      CRO IM      -422095869.5    1583083044
COIN SPA              GC IX       -154057608.3   800526929.5
COIN SPA              GUCIF US    -154057608.3   800526929.5
COIN SPA              965089Q GR  -154057608.3   800526929.5
COIN SPA/OLD          GC IM       -154057608.3   800526929.5
COIN SPA-RTS          GCAA IM     -154057608.3   800526929.5
COMPAGNIA ITALIA      CITU IX     -137726596.3   527372691.4
COMPAGNIA ITALIA      ICT IM      -137726596.3   527372691.4
COMPAGNIA ITALIA      CGLUF US    -137726596.3   527372691.4
CREDITO FONDIARI      CRF IM      -200209050.3    4213063202
CREDITO FOND-RTS      CRFSA IM    -200209050.3    4213063202
EUROFLY SPA           EEZ IX      -14153158.14   356030320.5
EUROFLY SPA -RTS      EEZAXA IM   -14153158.14   356030320.5
EUROFLY SPA-RTS       EURAXA IM   -14153158.14   356030320.5
I VIAGGI DEL VEN      VVE IM      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EU      -194331003.9     255327730
I VIAGGI DEL VEN      VVE PZ      -194331003.9     255327730
I VIAGGI DEL VEN      VVE EO      -194331003.9     255327730
I VIAGGI DEL VEN      VVE IX      -194331003.9     255327730
I VIAGGI DEL VEN      IV7 GR      -194331003.9     255327730
I VIAGGI DEL VEN      VVE TQ      -194331003.9     255327730
I VIAGGI DEL VEN      IVGIF US    -194331003.9     255327730
I VIAGGI-RTS          VVEAA IM    -194331003.9     255327730
MERIDIANA FLY         MEF EB      -14153158.14   356030320.5
MERIDIANA FLY         EEZ IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ TQ      -14153158.14   356030320.5
MERIDIANA FLY         MEF IX      -14153158.14   356030320.5
MERIDIANA FLY         E7N GR      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EU      -14153158.14   356030320.5
MERIDIANA FLY         EEZ QM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ EO      -14153158.14   356030320.5
MERIDIANA FLY         MEF IM      -14153158.14   356030320.5
MERIDIANA FLY         EEZ PZ      -14153158.14   356030320.5
MERIDIANA FLY         EFLYF US    -14153158.14   356030320.5
MERIDIANA FLY SP      MEFAXA IM   -14153158.14   356030320.5
OLCESE SPA            O IM        -12846689.89   179691572.8
OLCESE SPA-RTS        OAA IM      -12846689.89   179691572.8
OLCESE VENEZIANO      OLVE IM     -12846689.89   179691572.8
PARMALAT FINANZI      FICN AV     -18419390029    4120687886
PARMALAT FINANZI      PMT LI      -18419390029    4120687886
PARMALAT FINANZI      PMLFF US    -18419390029    4120687886
PARMALAT FINANZI      PAF GR      -18419390029    4120687886
PARMALAT FINANZI      PRF IM      -18419390029    4120687886
PARMALAT FINANZI      PRFI VX     -18419390029    4120687886
PARMALAT FINANZI      PARAF US    -18419390029    4120687886
PARMALAT FINA-RT      PRFR AV     -18419390029    4120687886
RISANAMEN-RNC OP      RNROPA IM    -51818228.1    3959683341
RISANAMENTO NAPO      RN5 GR       -51818228.1    3959683341
RISANAMENTO -OPA      RNOPA IM     -51818228.1    3959683341
RISANAMENTO -RNC      RNR IM       -51818228.1    3959683341
RISANAMENTO SPA       RN EO        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EO     -51818228.1    3959683341
RISANAMENTO SPA       RNGBP EO     -51818228.1    3959683341
RISANAMENTO SPA       RN IX        -51818228.1    3959683341
RISANAMENTO SPA       RNGBX EU     -51818228.1    3959683341
RISANAMENTO SPA       RN PZ        -51818228.1    3959683341
RISANAMENTO SPA       RN IM        -51818228.1    3959683341
RISANAMENTO SPA       RN TQ        -51818228.1    3959683341
RISANAMENTO SPA       RN EU        -51818228.1    3959683341
RISANAMENTO SPA       RSMNF US     -51818228.1    3959683341
RISANAMENTO-RTS       RNAA IM      -51818228.1    3959683341
SNIA BPD              SN GR       -141933883.9   150445252.4
SNIA BPD-ADR          SBPDY US    -141933883.9   150445252.4
SNIA SPA              SN IM       -141933883.9   150445252.4
SNIA SPA              SIAI PZ     -141933883.9   150445252.4
SNIA SPA              SBPDF US    -141933883.9   150445252.4
SNIA SPA              SN EU       -141933883.9   150445252.4
SNIA SPA              SN TQ       -141933883.9   150445252.4
SNIA SPA              SSMLF US    -141933883.9   150445252.4
SNIA SPA              SNIXF US    -141933883.9   150445252.4
SNIA SPA              SNIA GR     -141933883.9   150445252.4
SNIA SPA              SNIB GR     -141933883.9   150445252.4
SNIA SPA              SIAI IX     -141933883.9   150445252.4
SNIA SPA              SN EO       -141933883.9   150445252.4
SNIA SPA - RTS        SNAAW IM    -141933883.9   150445252.4
SNIA SPA- RTS         SNAXW IM    -141933883.9   150445252.4
SNIA SPA-2003 SH      SN03 IM     -141933883.9   150445252.4
SNIA SPA-CONV SA      SPBDF US    -141933883.9   150445252.4
SNIA SPA-DRC          SNR00 IM    -141933883.9   150445252.4
SNIA SPA-NEW          SN00 IM     -141933883.9   150445252.4
SNIA SPA-NON CON      SPBNF US    -141933883.9   150445252.4
SNIA SPA-RCV          SNR IM      -141933883.9   150445252.4
SNIA SPA-RCV          SNIVF US    -141933883.9   150445252.4
SNIA SPA-RIGHTS       SNAW IM     -141933883.9   150445252.4
SNIA SPA-RNC          SNRNC IM    -141933883.9   150445252.4
SNIA SPA-RNC          SNIWF US    -141933883.9   150445252.4
SNIA SPA-RTS          SNAA IM     -141933883.9   150445252.4
SNIA SPA-RTS          SNSO IM     -141933883.9   150445252.4
SOCOTHERM SPA         SCTM IX     -161739278.5   398222827.1
SOCOTHERM SPA         SCT EO      -161739278.5   398222827.1
SOCOTHERM SPA         SCT EU      -161739278.5   398222827.1
SOCOTHERM SPA         SCTI PZ     -161739278.5   398222827.1
SOCOTHERM SPA         SCT TQ      -161739278.5   398222827.1
SOCOTHERM SPA         SCT IM      -161739278.5   398222827.1
SOCOTHERM SPA         SOCEF US    -161739278.5   398222827.1
TECNODIFF ITALIA      TDI NM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDI IM      -89894162.82   152045757.5
TECNODIFF ITALIA      TDIFF US    -89894162.82   152045757.5
TECNODIFF ITALIA      TEF GR      -89894162.82   152045757.5
TECNODIFF-RTS         TDIAOW NM   -89894162.82   152045757.5
TECNODIFFUSIONE       TDIAAW IM   -89894162.82   152045757.5
TISCALI - RTS         TIQA GR     -98435968.67   498535068.5
TISCALI - RTS         TISAAW IM   -98435968.67   498535068.5
TISCALI SPA           TIS PZ      -98435968.67   498535068.5
TISCALI SPA           TISGBX EO   -98435968.67   498535068.5
TISCALI SPA           TISM IX     -98435968.67   498535068.5
TISCALI SPA           TIS IM      -98435968.67   498535068.5
TISCALI SPA           TISN FP     -98435968.67   498535068.5
TISCALI SPA           TIS EO      -98435968.67   498535068.5
TISCALI SPA           TSCXF US    -98435968.67   498535068.5
TISCALI SPA           TISGBP EO   -98435968.67   498535068.5
TISCALI SPA           TIS IX      -98435968.67   498535068.5
TISCALI SPA           TIQG IX     -98435968.67   498535068.5
TISCALI SPA           TIS NA      -98435968.67   498535068.5
TISCALI SPA           TIS QM      -98435968.67   498535068.5
TISCALI SPA           TIS FP      -98435968.67   498535068.5
TISCALI SPA           TIQ1 GR     -98435968.67   498535068.5
TISCALI SPA           TISN NA     -98435968.67   498535068.5
TISCALI SPA           TIS NQ      -98435968.67   498535068.5
TISCALI SPA           TIS NR      -98435968.67   498535068.5
TISCALI SPA           TISN IM     -98435968.67   498535068.5
TISCALI SPA           TISN VX     -98435968.67   498535068.5
TISCALI SPA           TISN IX     -98435968.67   498535068.5
TISCALI SPA           TIQ GR      -98435968.67   498535068.5
TISCALI SPA           TIS VX      -98435968.67   498535068.5
TISCALI SPA           TISGBX EU   -98435968.67   498535068.5
TISCALI SPA           TIS TQ      -98435968.67   498535068.5
TISCALI SPA           TIS EU      -98435968.67   498535068.5
TISCALI SPA           TIS EB      -98435968.67   498535068.5
TISCALI SPA- RTS      TISAXA IM   -98435968.67   498535068.5
TISCALI SPA- RTS      3391621Q GR -98435968.67   498535068.5

LUXEMBOURG
----------
CARRIER1 INT-AD+      CONE ES        -94729000     472360992
CARRIER1 INT-ADR      CONEE US       -94729000     472360992
CARRIER1 INT-ADR      CONEQ US       -94729000     472360992
CARRIER1 INT-ADR      CONE US        -94729000     472360992
CARRIER1 INTL         CJN GR         -94729000     472360992
CARRIER1 INTL         CJN NM         -94729000     472360992
CARRIER1 INTL         CJNA GR        -94729000     472360992
CARRIER1 INTL SA      1253Z SW       -94729000     472360992
CARRIER1 INTL SA      CONEF US       -94729000     472360992
INTELSAT              ILMA GR       -488887008   17331793920
INTELSAT SA           2237Z US      -488887008   17331793920

NETHERLANDS
-----------
BAAN CO NV-ASSEN      BAANA NA    -7854741.409   609871188.9
BAAN COMPANY NV       BAAN NA     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EO     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN PZ     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN GR     -7854741.409   609871188.9
BAAN COMPANY NV       BAAVF US    -7854741.409   609871188.9
BAAN COMPANY NV       BNCG IX     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN EU     -7854741.409   609871188.9
BAAN COMPANY NV       BAAN IX     -7854741.409   609871188.9
BAAN COMPANY-NY       BAANF US    -7854741.409   609871188.9
CEVA GROUP PLC        976811Z NA  -310987042.7    5613530996
LIBERTY GL EU-A       UPC NA       -5505478850    5112616630
SPYKER CARS NV        SPYKF US    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EO    -154336469.5    1337361332
SPYKER CARS NV        SPYKR BQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR NA    -154336469.5    1337361332
SPYKER CARS NV        L9I GR      -154336469.5    1337361332
SPYKER CARS NV        SPYK IX     -154336469.5    1337361332
SPYKER CARS NV        SPYKR TQ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR PZ    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EB    -154336469.5    1337361332
SPYKER CARS NV        SPYKR EU    -154336469.5    1337361332
UNITED PAN -ADR       UPEA GR      -5505478850    5112616630
UNITED PAN-A ADR      UPCOY US     -5505478850    5112616630
UNITED PAN-EUR-A      UPC LI       -5505478850    5112616630
UNITED PAN-EUR-A      UPC LN       -5505478850    5112616630
UNITED PAN-EUROP      UPCEF US     -5505478850    5112616630
UNITED PAN-EUROP      UPCOF US     -5505478850    5112616630
UNITED PAN-EUROP      UPE1 GR      -5505478850    5112616630
UNITED PAN-EUROP      UPC VX       -5505478850    5112616630
UNITED PAN-EUROP      UPE GR       -5505478850    5112616630
ZESKO HOLDING BV      2938133Z NA -958614022.1    8358218597

POLAND
------
DRKENDY               DRK PW      -91135239.68   521942177.4
INTEROIL EXPLORA      IOX PZ         -46843000     189680992
INTEROIL EXPLORA      IOX BY         -46843000     189680992
INTEROIL EXPLORA      IROIF US       -46843000     189680992
INTEROIL EXPLORA      IOX IX         -46843000     189680992
INTEROIL EXPLORA      IOXUSD EO      -46843000     189680992
INTEROIL EXPLORA      IOX EU         -46843000     189680992
INTEROIL EXPLORA      IOX EO         -46843000     189680992
INTEROIL EXPLORA      IOXEUR EO      -46843000     189680992
INTEROIL EXPLORA      IOXUSD EU      -46843000     189680992
INTEROIL EXPLORA      IOX NO         -46843000     189680992
INTEROIL EXPLORA      INOX NO        -46843000     189680992
INTEROIL EXPLORA      IOXEUR EU      -46843000     189680992
PETRO GEO-SERV        PGS VX      -18066142.21   399710323.6
PETRO GEO-SERV        PGS GR      -18066142.21   399710323.6
PETRO GEO-SERV        265143Q NO  -18066142.21   399710323.6
PETRO GEO-SERV-N      PGSN NO     -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGSA GR     -18066142.21   399710323.6
PETRO GEO-SV-ADR      PGOGY US    -18066142.21   399710323.6
PETROJACK AS          JACK NO        -54932000     191586000
PETROJACK AS          P3J GR         -54932000     191586000
PETROJACK AS          POJKF US       -54932000     191586000
PETROJACK AS          JACKEUR EU     -54932000     191586000
PETROJACK AS          JACO IX        -54932000     191586000
PETROJACK AS          JACK PZ        -54932000     191586000
PETROJACK AS          JACK EU        -54932000     191586000
PETROJACK AS          JACKEUR EO     -54932000     191586000
PETROJACK AS          JACK BY        -54932000     191586000
PETROJACK AS          JACK EO        -54932000     191586000
RESERVOIR EXPL        RXT NO         -34076000     185510000
RESERVOIR EXPL        RXT BY         -34076000     185510000
RESERVOIR EXPL        RXT EU         -34076000     185510000
RESERVOIR EXPL        RXTEUR EU      -34076000     185510000
RESERVOIR EXPL        RXTB NO        -34076000     185510000
RESERVOIR EXPL        RXTEUR EO      -34076000     185510000
RESERVOIR EXPL        RXAEF US       -34076000     185510000
RESERVOIR EXPL        RXT IX         -34076000     185510000
RESERVOIR EXPL        5RS GR         -34076000     185510000
RESERVOIR EXPL        RXT EO         -34076000     185510000
RESERVOIR EXPL        RXT PZ         -34076000     185510000
RESERVOIR EXPL-A      RXTA NO        -34076000     185510000
RESERVOIR-RTS         RXTS NO        -34076000     185510000
RESERVOIR-RTS         RXTUR NO       -34076000     185510000
KROSNO                KROS IX     -2241614.766   111838141.2
KROSNO                KRS LI      -2241614.766   111838141.2
KROSNO                KRS1EUR EU  -2241614.766   111838141.2
KROSNO                KRS PW      -2241614.766   111838141.2
KROSNO                KRS1EUR EO  -2241614.766   111838141.2
KROSNO SA             KRS PZ      -2241614.766   111838141.2
KROSNO SA             KROSNO PW   -2241614.766   111838141.2
KROSNO SA             KRS1 EU     -2241614.766   111838141.2
KROSNO SA             KRNFF US    -2241614.766   111838141.2
KROSNO SA             KRS1 EO     -2241614.766   111838141.2
KROSNO SA-RTS         KRSP PW     -2241614.766   111838141.2
KROSNO-PDA-ALLT       KRSA PW     -2241614.766   111838141.2
TOORA                 TOR PZ      -288818.3897   147004954.2
TOORA                 2916665Q EU -288818.3897   147004954.2
TOORA                 TOR PW      -288818.3897   147004954.2
TOORA                 2916661Q EO -288818.3897   147004954.2
TOORA-ALLOT CERT      TORA PW     -288818.3897   147004954.2

PORTUGAL
--------
CARRIS FERRO DE       3482366Z PL -854280773.4   252500907.6
COFINA                COFSI IX    -4067307.986   329785890.1
COFINA                COFI PL     -4067307.986   329785890.1
COFINA                CFASF US    -4067307.986   329785890.1
COFINA SGPS SA        CFN1 PZ     -4067307.986   329785890.1
COFINA SGPS SA        CFN PL      -4067307.986   329785890.1
COFINA SGPS SA        CFNX PX     -4067307.986   329785890.1
COFINA SGPS SA        COFI TQ     -4067307.986   329785890.1
COFINA SGPS SA        COFI EU     -4067307.986   329785890.1
COFINA SGPS SA        COFI EB     -4067307.986   329785890.1
COFINA SGPS SA        COFI EO     -4067307.986   329785890.1
CP - COMBOIOS DE      1005Z PL     -2809601115    1890209624
PARQUE EXPO 98 S      3482350Z PL -135582031.5   432824747.2
PORCELANA VISTA       PVAL PL     -61651485.35   126605006.5
REFER-REDE FERRO      1250Z PL     -1611845937    2225160725
SOCIEDADE DE TRA      1253Z PL    -382109074.2   119848180.8
SPORTING-SOC DES      SCPL IX     -52021160.28   159963648.5
SPORTING-SOC DES      SCPX PX     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EU     -52021160.28   159963648.5
SPORTING-SOC DES      SCG GR      -52021160.28   159963648.5
SPORTING-SOC DES      SCP PL      -52021160.28   159963648.5
SPORTING-SOC DES      SCP1 PZ     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF PL     -52021160.28   159963648.5
SPORTING-SOC DES      SCDF EO     -52021160.28   159963648.5
TAP SGPS              TAP PL      -293253615.6    2901200999
VAA VISTA ALEGRE      VAF EU      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PL      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF PZ      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAF EO      -61651485.35   126605006.5
VAA VISTA ALEGRE      VAFX PX     -61651485.35   126605006.5
VAA VISTA AL-RTS      VAA9S PL    -61651485.35   126605006.5
VAA VISTA AL-RTS      VAAS PL     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EU     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PZ     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFKX PX    -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK EO     -61651485.35   126605006.5
VAA VISTA ALTAN       VAFK PL     -61651485.35   126605006.5

ROMANIA
-------
OLTCHIM RM VALCE      OLTEUR EO   -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EU      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT PZ      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT RO      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLT EO      -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTCF US    -89344235.29   511515508.8
OLTCHIM RM VALCE      OLTEUR EU   -89344235.29   511515508.8

RUSSIA
------
AKCIONERNOE-BRD       SOVP$ RU     -85860271.6   137059051.4
ALLIANCE RUSSIAN      ALRT RU     -13189413.03   138268688.3
AMO ZIL               ZILL RM     -76809638.66     360473673
AMO ZIL-CLS           ZILL* RU    -76809638.66     360473673
AMO ZIL-CLS           ZILL RU     -76809638.66     360473673
AMUR SHIP-BRD         AMZS* RU    -137530791.8   945775662.6
AMUR SHIP-BRD         AMZS RU     -137530791.8   945775662.6
BUMMASH OJSC-BRD      BUMM RU     -5137634.738   179599559.3
BUMMASH OJSC-BRD      BUMM* RU    -5137634.738   179599559.3
DAGESTAN ENERGY       DASB RU     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB RM     -31976921.34   172137243.4
DAGESTAN ENERGY       DASB* RU    -31976921.34   172137243.4
EAST-SIBERIA-BRD      VSNK* RU    -17335212.17   224008514.4
EAST-SIBERIA-BRD      VSNK RU     -17335212.17   224008514.4
EAST-SIBERIAN-BD      VSNK$ RU    -17335212.17   224008514.4
FINANCIAL LEASIN      FLKO RM     -80794530.71   373269665.9
FINANCIAL LEASIN      137282Z RU  -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO* RU    -80794530.71   373269665.9
FINANCIAL LE-BRD      FLKO RU     -80794530.71   373269665.9
GAZ-FINANS            GAZF RU     -56134.51262   232319905.4
IZHAVTO OAO           IZAV RU     -19693758.83   474754687.9
KARUSEL FINANS        KAFI RU     -3988742.669   101528630.9
KOMPANIYA GL-BRD      GMST* RU     -22053203.7    1135310362
KOMPANIYA GL-BRD      GMST RU      -22053203.7    1135310362
MIAN-DEVELOPMENT      MAEQY RU    -695445.1747     424399991
M-INDUSTRIYA          SOMI RU     -1091260.252   261721440.8
MZ ARSENAL-$BRD       ARSE RU     -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE$ RU    -14527137.73   208754934.6
MZ ARSENAL-BRD        ARSE* RU    -14527137.73   208754934.6
PARNAS-M              PRSM RU     -138592.4742   127637318.8
PENOPLEX-FINANS       PNPF RU     -754086.9373   140176163.3
PROMTRACTOR-FINA      PTRF RU     -18554700.19   275723244.2
RK-GAZSETSERVIS       RKGS RU     -54665229.61   153223493.4
RUSSIAN TEXT-CLS      ALRT* RU    -13189413.03   138268688.3
RUSSIAN TEXT-CLS      ALRTG RU    -13189413.03   138268688.3
SEVKABEL-FINANS       SVKF RU     -83036.46173   102680373.6
SISTEMA HALS          HALS RM       -343701984    1217284096
SISTEMA HALS-BRD      HALS* RU      -343701984    1217284096
SISTEMA HALS-BRD      HALS RU       -343701984    1217284096
SISTEMA HALS-GDR      HALS LI       -343701984    1217284096
SISTEMA HALS-GDR      HALS TQ       -343701984    1217284096
SISTEMA HALS-GDR      HALS IX       -343701984    1217284096
SISTEMA HALS-GDR      SYR GR        -343701984    1217284096
SISTEMA HALS-MSE      HALSM RU      -343701984    1217284096
SISTEMA HALS-T+0      HALSG RU      -343701984    1217284096
SISTEMA-GDR 144A      86PN LI       -343701984    1217284096
SISTEMA-GDR 144A      SEMAL US      -343701984    1217284096
URGALUGOL-BRD         YRGL* RU    -23085070.94   101919650.9
URGALUGOL-BRD         YRGL RU     -23085070.94   101919650.9
URGALUGOL-BRD-PF      YRGLP RU    -23085070.94   101919650.9
VIMPEL SHIP-BRD       SOVP* RU     -85860271.6   137059051.4
VIMPEL SHIP-BRD       SOVP RU      -85860271.6   137059051.4
VOLGOGRAD KHIM        VHIM RU     -27435278.35   139073353.6
VOLGOGRAD KHIM        VHIM* RU    -27435278.35   139073353.6
WILD ORCHID ZAO       DOAAN RU    -11716088.49   106082784.6
ZAPSIBGASP-Q PFD      ZSGPP$ RU   -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP RU     -1082254.288   127026139.3
ZAPSIBGASPRO-BRD      ZSGP* RU    -1082254.288   127026139.3
ZAPSIBGASPROM-B       ZSGP$ RU    -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP* RU   -1082254.288   127026139.3
ZAPSIBGASPRO-PFD      ZSGPP RU    -1082254.288   127026139.3
ZIL AUTO PLANT        ZILL$ RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RU    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP RM    -76809638.66     360473673
ZIL AUTO PLANT-P      ZILLP* RU   -76809638.66     360473673

SERBIA
------
RAFO SA               RAF RO      -457922636.3   356796459.3
DUVANSKA              DIVR SG     -32792314.86   122255596.4
PINKI AD              PNKI SG     -36537862.34     120707518

SWEDEN
------
ALLOKTON AB           ALOKB SS    -65101427.97   472693765.1
NOBINA                1099Z SS    -13023225.28   483974246.5
PHADIA AB             842347Z SS  -140406774.4    2127579095

SLOVENIA
--------
ISTRABENZ             ITBG PZ     -2656618.996    1087540134
ISTRABENZ             ITBG SV     -2656618.996    1087540134
ISTRABENZ             ITBG EO     -2656618.996    1087540134
ISTRABENZ             ITBG EU     -2656618.996    1087540134

SPAIN
-----
ACTUACIONES ACTI      AGR SM      -231062375.2   529525187.2
AGRUPACIO - RT        AGR/D SM    -231062375.2   529525187.2
AMADEUS IT HOLDI      AMS3 EU     -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A GR     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS IX      -397888596.9    7970850431
AMADEUS IT HOLDI      AI3A TH     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EB     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS3 EO     -397888596.9    7970850431
AMADEUS IT HOLDI      AMS SM      -397888596.9    7970850431
AMADEUS IT HOLDI      AMADF US    -397888596.9    7970850431
AMADEUS IT-ADR        AMADY US    -397888596.9    7970850431
AMCI HABITAT SA       AMC1 EU     -24580874.45   194758143.4
AMCI HABITAT SA       AMC3 EO     -24580874.45   194758143.4
AMCI HABITAT SA       AMC SM      -24580874.45   194758143.4
CAJA DE AHORROS       929362Z SM  -361326816.2   37311046644
FERGO AISA -RTS       AISA/D SM   -231062375.2   529525187.2
FERGO AISA SA         AISA EU     -231062375.2   529525187.2
FERGO AISA SA         AISA EO     -231062375.2   529525187.2
FERGO AISA SA         AISA SM     -231062375.2   529525187.2
FERGO AISA SA         AISA PZ     -231062375.2   529525187.2
INDO INTER-RTS        IDO/D SM     -3523887.56   101210953.5
INDO INTL SA          IDOS PZ      -3523887.56   101210953.5
INDO INTL SA          IDO SM       -3523887.56   101210953.5
INDO INTL SA          IDO EU       -3523887.56   101210953.5
INDO INTL SA          IDO EO       -3523887.56   101210953.5
INDO INTL SA-OLD      IND SM       -3523887.56   101210953.5
MARTINSA FADESA       4PU GR       -1841778505    6778902268
MARTINSA FADESA       MFAD PZ      -1841778505    6778902268
MARTINSA FADESA       MTF1 LI      -1841778505    6778902268
MARTINSA FADESA       MTF EO       -1841778505    6778902268
MARTINSA FADESA       MTF SM       -1841778505    6778902268
MARTINSA FADESA       MTF EU       -1841778505    6778902268
MARTINSA-FADESA       MTF NR       -1841778505    6778902268
REYAL URBIS SA        REY1 EU     -175599903.7    5742241668
REYAL URBIS SA        REY1 EO     -175599903.7    5742241668
REYAL URBIS SA        REY SM      -175599903.7    5742241668
REYAL URBIS SA        REYU PZ     -175599903.7    5742241668

TURKEY
------
BESIKTAS FUTBOL       BJKASM TI   -12825040.91   182756610.7
BESIKTAS FUTBOL       BKTFF US    -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKAS TI    -12825040.91   182756610.7
BESIKTAS FUTBOL       BWX GR      -12825040.91   182756610.7
BESIKTAS FUTBOL       BJKASY TI   -12825040.91   182756610.7
EGS EGE GIYIM VE      EGDIS TI    -7732138.551   147075066.7
EGS EGE GIYIM-RT      EGDISR TI   -7732138.551   147075066.7
IKTISAT FINAN-RT      IKTFNR TI   -46900661.12   108228233.6
IKTISAT FINANSAL      IKTFN TI    -46900661.12   108228233.6
MUDURNU TAVUKC-N      MDRNUN TI   -64930189.62   160408172.1
MUDURNU TAVUKCUL      MDRNU TI    -64930189.62   160408172.1
SIFAS                 SIFAS TI     -15439198.6     130608104
TUTUNBANK             TUT TI       -4024959602    2643810457
YASARBANK             YABNK TI     -4024959602    2643810457

UKRAINE
-------
AZOVZAGALMASH MA      AZGM UZ     -42249434.54   336677635.6
DONETSKOBLENERGO      DOON UZ     -215735271.8   391924242.8
IVANO-FRANKIVSKG      FGAZ UZ     -358461.9249   108886163.6
LUGANSKGAS            LYGZ UZ     -16910611.07   109918477.6
LUGANSKOBLENERGO      LOEN UZ     -28172021.03   200011380.2
NAFTOKHIMIK PRIC      NAFP UZ     -23616113.15   520766522.6
NAFTOKHIMIK-GDR       N3ZA GR     -23616113.15   520766522.6
ODESSA OIL REFIN      ONPZ UZ     -111365037.3   482408362.5
ZALK - PFTS           ZALK UZ     -43917601.26   146530718.8

UNITED KINGDOM
--------------
ADVANCE DISPLAY       ADTP PZ      -3015578835    2590007904
AEA TECHNOLO-FPR      AATF LN     -197788769.2   123048312.7
AEA TECHNOLO-FPR      AATF PZ     -197788769.2   123048312.7
AEA TECHNOLOGY        EAETF US    -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EO      -197788769.2   123048312.7
AEA TECHNOLOGY        AATGBP EO   -197788769.2   123048312.7
AEA TECHNOLOGY        AAT EU      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PO      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT IX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT LN      -197788769.2   123048312.7
AEA TECHNOLOGY        AEY GR      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT VX      -197788769.2   123048312.7
AEA TECHNOLOGY        AAT PZ      -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN PZ     -197788769.2   123048312.7
AEA TECHNOLO-NPR      AATN LN     -197788769.2   123048312.7
AIRTOURS PLC          AIR LN      -379721841.6    1817512774
AIRTOURS PLC          ATORF US    -379721841.6    1817512774
AIRTOURS PLC          AIR VX      -379721841.6    1817512774
ALLDAYS PLC           ALDYF US      -120493900   252232072.9
ALLDAYS PLC           317056Q LN    -120493900   252232072.9
AMER BUS SYS          ARB LN        -497127008     121439000
AMEY PLC              AMY LN      -48862569.33   931527720.5
AMEY PLC              AMY VX      -48862569.33   931527720.5
AMEY PLC              AMEYF US    -48862569.33   931527720.5
AMEY PLC-ASSENT       AMYA LN     -48862569.33   931527720.5
AMEY PLC-NEW          AMYN LN     -48862569.33   931527720.5
ANKER PLC             ANK LN      -21861359.81     115463159
ANKER PLC             DW14 GR     -21861359.81     115463159
ANKER PLC             ANK PO      -21861359.81     115463159
ANKER PLC - ASSD      ANKC LN     -21861359.81     115463159
ANKER PLC - ASSD      ANKB LN     -21861359.81     115463159
ANKER PLC-ASSD        ANKA LN     -21861359.81     115463159
ATKINS (WS) PLC       ATK EU      -128972861.1    1328162171
ATKINS (WS) PLC       ATK EB      -128972861.1    1328162171
ATKINS (WS) PLC       ATK IX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK VX      -128972861.1    1328162171
ATKINS (WS) PLC       ATK LN      -128972861.1    1328162171
ATKINS (WS) PLC       ATKGBP EO   -128972861.1    1328162171
ATKINS (WS) PLC       ATK PZ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK PO      -128972861.1    1328162171
ATKINS (WS) PLC       WATKF US    -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GK      -128972861.1    1328162171
ATKINS (WS) PLC       ATK QM      -128972861.1    1328162171
ATKINS (WS) PLC       ATK BQ      -128972861.1    1328162171
ATKINS (WS) PLC       ATK NR      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EU   -128972861.1    1328162171
ATKINS (WS) PLC       ATK NQ      -128972861.1    1328162171
ATKINS (WS) PLC       WATKY US    -128972861.1    1328162171
ATKINS (WS) PLC       ATK EO      -128972861.1    1328162171
ATKINS (WS) PLC       ATKEUR EO   -128972861.1    1328162171
ATKINS (WS) PLC       6W2 GR      -128972861.1    1328162171
ATKINS (WS) PLC       ATK TQ      -128972861.1    1328162171
BLACK & EDGINGTO      BLE LN      -119704799.7   123295943.6
BNB RECRUITMENT       BQX GR      -10242627.53     103637705
BNB RECRUITMENT       BNB IX      -10242627.53     103637705
BNB RECRUITMENT       BNB PO      -10242627.53     103637705
BNB RECRUITMENT       BNB LN      -10242627.53     103637705
BNB RECRUITMENT       BNBRF US    -10242627.53     103637705
BOOKER PLC            BKERF US     -59832880.4    1298182549
BOOKER PLC            1330Q GR     -59832880.4    1298182549
BOOKER PLC            987188Q LN   -59832880.4    1298182549
BOOKER PLC-ADR        BOK$ LN      -59832880.4    1298182549
BOOKER PLC-ADR        BKRUY US     -59832880.4    1298182549
BRADSTOCK GROUP       BSKGF US    -1855444.443   268563822.5
BRADSTOCK GROUP       BDK LN      -1855444.443   268563822.5
BRIT ENERGY LTD       523362Q LN   -5822867501    4921095750
BRIT ENERGY PLC       555140Q VX   -5822867501    4921095750
BRIT ENERGY PLC       BHEGF US     -5822867501    4921095750
BRIT ENERGY PLC       BEN1 GR      -5822867501    4921095750
BRIT ENERGY PLC       BGYEF US     -5822867501    4921095750
BRIT ENERGY-A         BENA GR      -5822867501    4921095750
BRIT ENERGY-ADR       BHEFF US     -5822867501    4921095750
BRIT NUCLEAR          1046Z LN     -4247644150   40325778907
BRIT TELECOM          BTE GR       -3378667779   43333137474
BRIT TELECOM          9484 JP      -3378667779   43333137474
BRIT TELECOM PLC      BTPLF US     -3378667779   43333137474
BRIT TELECOM PLC      BTPWF US     -3378667779   43333137474
BRIT TELECOM PLC      BT/A VX      -3378667779   43333137474
BRIT TELECOM-ADR      1481Q CN     -3378667779   43333137474
BRIT TELECOM-ADR      BTEA GR      -3378667779   43333137474
BRIT TELECOM-RTS      BTY-R US     -3378667779   43333137474
BRITISH ENER-$US      BGYNYD AR    -5822867501    4921095750
BRITISH ENER-$US      BGYD AR      -5822867501    4921095750
BRITISH ENER-ADR      BGYNY US     -5822867501    4921095750
BRITISH ENER-BLK      BGYB AR      -5822867501    4921095750
BRITISH ENER-BLK      BGYNYB AR    -5822867501    4921095750
BRITISH ENER-C/E      BGYC AR      -5822867501    4921095750
BRITISH ENER-C/E      BGYNYC AR    -5822867501    4921095750
BRITISH ENER-CED      BGYNY AR     -5822867501    4921095750
BRITISH ENER-CED      BGY AR       -5822867501    4921095750
BRITISH ENERGY-A      BGYA PO      -5822867501    4921095750
BRITISH ENERGY-A      BGYGF US     -5822867501    4921095750
BRITISH ENERGY-A      BGYA VX      -5822867501    4921095750
BRITISH ENERGY-A      3012442Q LN  -5822867501    4921095750
BRITISH ENERGY-A      BHEAF US     -5822867501    4921095750
BRITISH TELE-FP       BT/F LN      -3378667779   43333137474
BRITISH TELE-NP       BT/N LN      -3378667779   43333137474
BRITISH TELE-NP       BTPXF US     -3378667779   43333137474
BRITVIC PLC           BVIC NR     -34575750.23    1311266070
BRITVIC PLC           BVIC LN     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EO  -34575750.23    1311266070
BRITVIC PLC           BVICEUR EO  -34575750.23    1311266070
BRITVIC PLC           BVICGBP EO  -34575750.23    1311266070
BRITVIC PLC           BVIC PZ     -34575750.23    1311266070
BRITVIC PLC           BVIC BQ     -34575750.23    1311266070
BRITVIC PLC           BVIC EO     -34575750.23    1311266070
BRITVIC PLC           BVIC TQ     -34575750.23    1311266070
BRITVIC PLC           BVIC QM     -34575750.23    1311266070
BRITVIC PLC           BVIC EB     -34575750.23    1311266070
BRITVIC PLC           BVIC IX     -34575750.23    1311266070
BRITVIC PLC           BVIC NQ     -34575750.23    1311266070
BRITVIC PLC           BVICUSD EU  -34575750.23    1311266070
BRITVIC PLC           B6S GK      -34575750.23    1311266070
BRITVIC PLC           BVICEUR EU  -34575750.23    1311266070
BRITVIC PLC           B6S GR      -34575750.23    1311266070
BRITVIC PLC           BVIC EU     -34575750.23    1311266070
BRITVIC PLC           BVIC VX     -34575750.23    1311266070
BRITVIC PLC           BTVCF US    -34575750.23    1311266070
BRITVIC PLC-ADR       BTVCY US    -34575750.23    1311266070
BT GROUP PLC          BTQ GR       -3378667779   43333137474
BT GROUP PLC          BT/AEUR EO   -3378667779   43333137474
BT GROUP PLC          BT/APEN EU   -3378667779   43333137474
BT GROUP PLC          BT/A PO      -3378667779   43333137474
BT GROUP PLC          BT/A NR      -3378667779   43333137474
BT GROUP PLC          BTQ TH       -3378667779   43333137474
BT GROUP PLC          BTEG IX      -3378667779   43333137474
BT GROUP PLC          BT/APEN EO   -3378667779   43333137474
BT GROUP PLC          BT/A EU      -3378667779   43333137474
BT GROUP PLC          BT/A EO      -3378667779   43333137474
BT GROUP PLC          BT/ VX       -3378667779   43333137474
BT GROUP PLC          BT IX        -3378667779   43333137474
BT GROUP PLC          BT PZ        -3378667779   43333137474
BT GROUP PLC          BT/AUSD EU   -3378667779   43333137474
BT GROUP PLC          BT/A TQ      -3378667779   43333137474
BT GROUP PLC          BTQ GK       -3378667779   43333137474
BT GROUP PLC          BT/A NQ      -3378667779   43333137474
BT GROUP PLC          BT/AGBP EO   -3378667779   43333137474
BT GROUP PLC          BT/A LN      -3378667779   43333137474
BT GROUP PLC          BT/AEUR EU   -3378667779   43333137474
BT GROUP PLC          BT/AUSD EO   -3378667779   43333137474
BT GROUP PLC          BT/A QM      -3378667779   43333137474
BT GROUP PLC          BT/A BQ      -3378667779   43333137474
BT GROUP PLC          BTGOF US     -3378667779   43333137474
BT GROUP PLC          BT/A EB      -3378667779   43333137474
BT GROUP PLC-ADR      BT/$ LN      -3378667779   43333137474
BT GROUP PLC-W/I      BTWI LN      -3378667779   43333137474
BT GROUP-ADR WI       BTY-W US     -3378667779   43333137474
BT GROUP-CED $US      BTYD AR      -3378667779   43333137474
BT GROUP-CED $US      BTD AR       -3378667779   43333137474
BT GROUP-CED BLK      BTYB AR      -3378667779   43333137474
BT GROUP-CED BLK      BTB AR       -3378667779   43333137474
BT GROUP-CED C/E      BTC AR       -3378667779   43333137474
BT GROUP-CED C/E      BTYC AR      -3378667779   43333137474
BT GROUP-CEDEAR       BT AR        -3378667779   43333137474
BT GROUP-CEDEAR       BTY AR       -3378667779   43333137474
BT GROUP-SPON AD      BT MM        -3378667779   43333137474
BT GROUP-SPON AD      BTY US       -3378667779   43333137474
BT GROUP-SPON AD      BT US        -3378667779   43333137474
BT GROUP-SPON AD      BTQA GR      -3378667779   43333137474
BT GROUP-SPON AD      BTYN MM      -3378667779   43333137474
BURNDEN LEISURE       BDL LN      -34303346.66   148833324.3
CARLISLE GROUP        506819Q LN  -11904426.45     203548565
CATTLES PLC           CTT NR      -599615492.2    3880885246
CATTLES PLC           CTT QM      -599615492.2    3880885246
CATTLES PLC           CTT PZ      -599615492.2    3880885246
CATTLES PLC           CTT TQ      -599615492.2    3880885246
CATTLES PLC           CTT PO      -599615492.2    3880885246
CATTLES PLC           CTT IX      -599615492.2    3880885246
CATTLES PLC           CTTSEK EU   -599615492.2    3880885246
CATTLES PLC           CTTGBP EO   -599615492.2    3880885246
CATTLES PLC           CTT EB      -599615492.2    3880885246
CATTLES PLC           CTT EU      -599615492.2    3880885246
CATTLES PLC           CTTEUR EU   -599615492.2    3880885246
CATTLES PLC           CTTSEK EO   -599615492.2    3880885246
CATTLES PLC           CTT NQ      -599615492.2    3880885246
CATTLES PLC           CTT LN      -599615492.2    3880885246
CATTLES PLC           CTTUSD EO   -599615492.2    3880885246
CATTLES PLC           CZS GR      -599615492.2    3880885246
CATTLES PLC           CTTUSD EU   -599615492.2    3880885246
CATTLES PLC           CTT EO      -599615492.2    3880885246
CATTLES PLC           CTTEUR EO   -599615492.2    3880885246
CATTLES PLC           CTT BQ      -599615492.2    3880885246
CATTLES PLC           CHOXF US    -599615492.2    3880885246
CATTLES PLC           CTT VX      -599615492.2    3880885246
CATTLES PLC-ADR       CHOXY US    -599615492.2    3880885246
CATTLES PLC-FPR       CTTF LN     -599615492.2    3880885246
CATTLES PLC-FPR       CTTF PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       2843726Q EO -599615492.2    3880885246
CATTLES PLC-NPR       CTTN IX     -599615492.2    3880885246
CATTLES PLC-NPR       2843730Q EU -599615492.2    3880885246
CATTLES PLC-NPR       CCTN PZ     -599615492.2    3880885246
CATTLES PLC-NPR       CTTN LN     -599615492.2    3880885246
CATTLES PLC-NPR       2843734Q EO -599615492.2    3880885246
CATTLES PLC-RFD       CTTR LN     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR PZ     -599615492.2    3880885246
CATTLES PLC-RFD       CTTR IX     -599615492.2    3880885246
CHRYSALIS GROUP       CHS EU      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PZ      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EU   -7404166.369   111800785.4
CHRYSALIS GROUP       5CY GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSGBP EO   -7404166.369   111800785.4
CHRYSALIS GROUP       HR4 GR      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EO   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS EO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS LN      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS IX      -7404166.369   111800785.4
CHRYSALIS GROUP       CLYSF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CYGUF US    -7404166.369   111800785.4
CHRYSALIS GROUP       CHSEUR EU   -7404166.369   111800785.4
CHRYSALIS GROUP       CHS VX      -7404166.369   111800785.4
CHRYSALIS GROUP       CHS PO      -7404166.369   111800785.4
CHRYSALIS GROUP       CHSUSD EO   -7404166.369   111800785.4
CLIPPER WINDPOWE      CWP PG        -168322000     436419008
CLIPPER WINDPOWE      CWP EO        -168322000     436419008
CLIPPER WINDPOWE      CWP IX        -168322000     436419008
CLIPPER WINDPOWE      CWP PZ        -168322000     436419008
CLIPPER WINDPOWE      CWPA LN       -168322000     436419008
CLIPPER WINDPOWE      CWP EU        -168322000     436419008
CLIPPER WINDPOWE      CRPWF US      -168322000     436419008
CLIPPER WINDPOWE      CWP LN        -168322000     436419008
CLIPPER WINDPOWE      C2W GR        -168322000     436419008
CLIPPER WINDPOWE      3470635Q LN   -168322000     436419008
COMPASS GROU-OLD      1259Q LN    -668101173.9    2972459078
COMPASS GROUP         QOP GR      -668101173.9    2972459078
COMPASS GRP-ADR       CMSGY US    -668101173.9    2972459078
COMPASS GRP-ADR       CMSJY US    -668101173.9    2972459078
CPP GROUP - ADR       CPGPY US    -69442858.18   225437367.4
CPP GROUP PLC         CPP EO      -69442858.18   225437367.4
CPP GROUP PLC         CPP TQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP EB      -69442858.18   225437367.4
CPP GROUP PLC         CPP PZ      -69442858.18   225437367.4
CPP GROUP PLC         CPP EU      -69442858.18   225437367.4
CPP GROUP PLC         CPP LN      -69442858.18   225437367.4
CPP GROUP PLC         4CV GK      -69442858.18   225437367.4
CPP GROUP PLC         CPP IX      -69442858.18   225437367.4
CPP GROUP PLC         CPP NR      -69442858.18   225437367.4
CPP GROUP PLC         4CV GR      -69442858.18   225437367.4
CPP GROUP PLC         CPP BQ      -69442858.18   225437367.4
CPP GROUP PLC         CPP QM      -69442858.18   225437367.4
DANKA BUS SYSTEM      DANKF US      -497127008     121439000
DANKA BUS SYSTEM      DNK VX        -497127008     121439000
DANKA BUS SYSTEM      DNK IX        -497127008     121439000
DANKA BUS SYSTEM      3205287Q EU   -497127008     121439000
DANKA BUS SYSTEM      3205291Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PZ        -497127008     121439000
DANKA BUS SYSTEM      DNK LN        -497127008     121439000
DANKA BUS SYSTEM      3205283Q EO   -497127008     121439000
DANKA BUS SYSTEM      DNK PO        -497127008     121439000
DANKA BUS-$US CE      DANKD AR      -497127008     121439000
DANKA BUS-ADR         DANKY US      -497127008     121439000
DANKA BUS-ADR         DB6 GR        -497127008     121439000
DANKA BUS-ADR         DANKE US      -497127008     121439000
DANKA BUS-ADR         AP39 LI       -497127008     121439000
DANKA BUS-BLK CE      DANKB AR      -497127008     121439000
DANKA BUS-C/E CE      DANKC AR      -497127008     121439000
DANKA BUS-CEDEAR      DANK AR       -497127008     121439000
DONCASTERS PLC        2248Z LN    -317308195.4    1941958348
DONCASTERS-ADR        295664Q US  -317308195.4    1941958348
EASYNET GROUP         EZNGF US    -60380609.34   334049332.2
EASYNET GROUP         ESY PO      -60380609.34   334049332.2
EASYNET GROUP         EAY GR      -60380609.34   334049332.2
EASYNET GROUP         ESY LN      -60380609.34   334049332.2
EASYNET GROUP         ESY VX      -60380609.34   334049332.2
EASYNET GROUP-CV      91009Z LN   -60380609.34   334049332.2
EMI GROUP -ASSD       EMIA LN      -2265916257    2950021937
EMI GROUP LTD         EMI LN       -2265916257    2950021937
EMI GROUP PLC         EMI IX       -2265916257    2950021937
EMI GROUP PLC         EMI VX       -2265916257    2950021937
EMI GROUP PLC         EMIPF US     -2265916257    2950021937
EMI GROUP PLC         3020138Q GR  -2265916257    2950021937
EMI GROUP PLC         EMI PO       -2265916257    2950021937
EMI GROUP PLC-B       1019425Q LN  -2265916257    2950021937
EMI GROUP-ADR         38IS LN      -2265916257    2950021937
EMI GROUP-ADR         EMI$ LN      -2265916257    2950021937
EMI GROUP-ADR         EMIPY US     -2265916257    2950021937
EUROPEAN HOME         FPAKF US    -14328735.16   110864081.4
EUROPEAN HOME         EHR PZ      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EU   -14328735.16   110864081.4
EUROPEAN HOME         EHR EU      -14328735.16   110864081.4
EUROPEAN HOME         EHR LN      -14328735.16   110864081.4
EUROPEAN HOME         EHR VX      -14328735.16   110864081.4
EUROPEAN HOME         KLZ VX      -14328735.16   110864081.4
EUROPEAN HOME         EHR EO      -14328735.16   110864081.4
EUROPEAN HOME         EHREUR EO   -14328735.16   110864081.4
EUROPEAN HOME         EHRGBP EO   -14328735.16   110864081.4
EUROPEAN HOME         EHR PO      -14328735.16   110864081.4
EUROPEAN HOME         KLZ PO      -14328735.16   110864081.4
FAREPAK PLC           FPK LN      -14328735.16   110864081.4
GALA GROUP LTD        19374Z LN    -1443271177    5876950503
GALIFORM PLC          GFRM LN     -75193921.28   522873560.7
GALIFORM PLC          GFRM NR     -75193921.28   522873560.7
GALIFORM PLC          GFRM PZ     -75193921.28   522873560.7
GALIFORM PLC          MFI IX      -75193921.28   522873560.7
GALIFORM PLC          GFRM EU     -75193921.28   522873560.7
GALIFORM PLC          GFRM BQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EU  -75193921.28   522873560.7
GALIFORM PLC          GFRM IX     -75193921.28   522873560.7
GALIFORM PLC          GFRM EB     -75193921.28   522873560.7
GALIFORM PLC          MFI PO      -75193921.28   522873560.7
GALIFORM PLC          GFRM PO     -75193921.28   522873560.7
GALIFORM PLC          GFRMNOK EO  -75193921.28   522873560.7
GALIFORM PLC          MFI VX      -75193921.28   522873560.7
GALIFORM PLC          GFRM NQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMGBP EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM QM     -75193921.28   522873560.7
GALIFORM PLC          MFIFF US    -75193921.28   522873560.7
GALIFORM PLC          GFRM VX     -75193921.28   522873560.7
GALIFORM PLC          GFRM TQ     -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EU  -75193921.28   522873560.7
GALIFORM PLC          GFRMEUR EO  -75193921.28   522873560.7
GALIFORM PLC          GFRM EO     -75193921.28   522873560.7
GARTLAND WHALLEY      GWB LN      -10986769.42   145352034.5
GLOBAL CROSSING       3629883Z LN -353965056.4   492328850.3
GO-AHEAD GRO-ADR      GHGUY US    -62731807.28    1535334402
GO-AHEAD GROUP        GOG QM      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EU   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EO      -62731807.28    1535334402
GO-AHEAD GROUP        GOG IX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG LN      -62731807.28    1535334402
GO-AHEAD GROUP        GOGEUR EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG EU      -62731807.28    1535334402
GO-AHEAD GROUP        GHGUF US    -62731807.28    1535334402
GO-AHEAD GROUP        G9X GK      -62731807.28    1535334402
GO-AHEAD GROUP        GOG PO      -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOG PZ      -62731807.28    1535334402
GO-AHEAD GROUP        G9X GR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG EB      -62731807.28    1535334402
GO-AHEAD GROUP        GOG NR      -62731807.28    1535334402
GO-AHEAD GROUP        GOG BQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOG VX      -62731807.28    1535334402
GO-AHEAD GROUP        GOG TQ      -62731807.28    1535334402
GO-AHEAD GROUP        GOGGBP EO   -62731807.28    1535334402
GO-AHEAD GROUP        GOGUSD EU   -62731807.28    1535334402
HOWDEN JOINERY G      HWDN LN     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN QM     -75193921.28   522873560.7
HOWDEN JOINERY G      GLFMF US    -75193921.28   522873560.7
HOWDEN JOINERY G      10J GK      -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EB     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNGBP EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN IX     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EO   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EU  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EO     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN EU     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN TQ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN PZ     -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNOK EU   -75193921.28   522873560.7
HOWDEN JOINERY G      HWDNEUR EO  -75193921.28   522873560.7
HOWDEN JOINERY G      HWDN BQ     -75193921.28   522873560.7
IGLO BIRDS EYE        2332487Z LN -340594497.5    3096975127
INEOS GROUP HLDG      6623Z LN    -798534470.8   15936006904
JARVIS PLC            JRVSEUR EU  -64739862.73     130951086
JARVIS PLC            JRVS EO     -64739862.73     130951086
JARVIS PLC            JVR GR      -64739862.73     130951086
JARVIS PLC            JRVS PO     -64739862.73     130951086
JARVIS PLC            JRVS EU     -64739862.73     130951086
JARVIS PLC            JRVS PZ     -64739862.73     130951086
JARVIS PLC            JRVS LN     -64739862.73     130951086
JARVIS PLC            JRVSGBP EO  -64739862.73     130951086
JARVIS PLC            JRVS IX     -64739862.73     130951086
JARVIS PLC            JVSPF US    -64739862.73     130951086
JARVIS PLC            JRVS VX     -64739862.73     130951086
JARVIS PLC            JRVSEUR EO  -64739862.73     130951086
JESSOPS PLC           JSPEUR EO    -42702021.2   112964060.4
JESSOPS PLC           JS4 GR       -42702021.2   112964060.4
JESSOPS PLC           JSPEUR EU    -42702021.2   112964060.4
JESSOPS PLC           JSP PZ       -42702021.2   112964060.4
JESSOPS PLC           JSP EU       -42702021.2   112964060.4
JESSOPS PLC           JSP LN       -42702021.2   112964060.4
JESSOPS PLC           JSP PO       -42702021.2   112964060.4
JESSOPS PLC           JSP VX       -42702021.2   112964060.4
JESSOPS PLC           JSP EO       -42702021.2   112964060.4
JESSOPS PLC           JSPGBP EO    -42702021.2   112964060.4
JESSOPS PLC           JSP IX       -42702021.2   112964060.4
KLEENEZE PLC          KLZ LN      -14328735.16   110864081.4
KOP FOOTBALL HOL      3315203Z LN -214487094.9   590218957.6
KOP FOOTBALL LTD      901297Z LN  -105207451.9   474568063.7
LAMBERT FENCHURC      LMF LN      -1453050.041    1826806853
LEEDS SPORTING        LEDPF US     -73166148.8   143762193.7
LEEDS SPORTING        LES LN       -73166148.8   143762193.7
LEEDS UNITED PLC      LDSUF US     -73166148.8   143762193.7
LEEDS UNITED PLC      LUFC LN      -73166148.8   143762193.7
LEEDS UNITED PLC      889687Q GR   -73166148.8   143762193.7
LONDON TOWN PLC       LOU GR      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EU      -21897636.36   175672299.2
LONDON TOWN PLC       LTWR LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW LN      -21897636.36   175672299.2
LONDON TOWN PLC       LTW EO      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PZ      -21897636.36   175672299.2
LONDON TOWN PLC       LTWX LN     -21897636.36   175672299.2
LONDON TOWN PLC       LTW IX      -21897636.36   175672299.2
LONDON TOWN PLC       LTW PG      -21897636.36   175672299.2
M 2003 PLC            203055Q LN   -2203513803    7204891602
M 2003 PLC            MTWOF US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOE US     -2203513803    7204891602
M 2003 PLC-ADR        MTWOY US     -2203513803    7204891602
MARCONI PLC           MNI BB       -2203513803    7204891602
MARCONI PLC           MRCQF US     -2203513803    7204891602
MARCONI PLC           203083Q VX   -2203513803    7204891602
MARCONI PLC           MONI BB      -2203513803    7204891602
MARCONI PLC           MY2 GR       -2203513803    7204891602
MARCONI PLC           MNI LN       -2203513803    7204891602
MARCONI PLC-ADR       MRCQY US     -2203513803    7204891602
MARCONI PLC-ADR       MONI US      -2203513803    7204891602
MARCONI PLC-ADR       MCONY US     -2203513803    7204891602
MARCONI PLC-ADR       MONIY US     -2203513803    7204891602
MARCONI PLC-ADR       MCBA GR      -2203513803    7204891602
MARCONI PLC-ADR       QUQMON AU    -2203513803    7204891602
MARCONI PLC-ADR       MONIE US     -2203513803    7204891602
MARCONI PLC-ADR       MY2A GR      -2203513803    7204891602
MFI FURNITURE GR      MFI LN      -75193921.28   522873560.7
MYTRAVEL GROUP        3544280Q IX -379721841.6    1817512774
MYTRAVEL GROUP        MT/S VX     -379721841.6    1817512774
MYTRAVEL GROUP        ARO2 GR     -379721841.6    1817512774
MYTRAVEL GROUP        MT/S PO     -379721841.6    1817512774
MYTRAVEL GROUP        MYTPF US    -379721841.6    1817512774
MYTRAVEL GROUP        MT/S LN     -379721841.6    1817512774
MYTRAVEL GROUP P      MYTGF US    -379721841.6    1817512774
MYTRAVEL GROUP P      MT/ VX      -379721841.6    1817512774
MYTRAVEL GROUP P      1018144Q GR -379721841.6    1817512774
MYTRAVEL GROUP-A      MYTVF US    -379721841.6    1817512774
MYTRAVEL GROUP-A      2281919Q GR -379721841.6    1817512774
NEW STAR ASSET        NSAM LN       -397718038   292972732.1
NEW STAR ASSET        3226435Q EO   -397718038   292972732.1
NEW STAR ASSET        NSAM IX       -397718038   292972732.1
NEW STAR ASSET        NWSAF US      -397718038   292972732.1
NEW STAR ASSET        NSAM PZ       -397718038   292972732.1
NEW STAR ASSET        N6S GR        -397718038   292972732.1
NEW STAR ASSET        NSAA LN       -397718038   292972732.1
NEW STAR ASSET        NSAM PO       -397718038   292972732.1
NEW STAR ASSET        3226443Q EO   -397718038   292972732.1
NEW STAR ASSET        3226431Q EU   -397718038   292972732.1
NEW STAR ASSET        NSAM TQ       -397718038   292972732.1
NEW STAR ASSET        3226439Q EU   -397718038   292972732.1
NEW STAR ASSET        3226447Q EO   -397718038   292972732.1
NORTHERN FOODS        NFDS VX     -30711069.58   891077074.3
NORTHERN FOODS        NFDS IX     -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS PO     -30711069.58   891077074.3
NORTHERN FOODS        NTFOF US    -30711069.58   891077074.3
NORTHERN FOODS        NFDS NQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS BQ     -30711069.58   891077074.3
NORTHERN FOODS        NFO GR      -30711069.58   891077074.3
NORTHERN FOODS        NFDSEUR EU  -30711069.58   891077074.3
NORTHERN FOODS        NFDS EU     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EB     -30711069.58   891077074.3
NORTHERN FOODS        NFDS PZ     -30711069.58   891077074.3
NORTHERN FOODS        NFDS LN     -30711069.58   891077074.3
NORTHERN FOODS        NFDS EO     -30711069.58   891077074.3
NORTHERN FOODS        NFDS NR     -30711069.58   891077074.3
NORTHERN FOODS        NFDS TQ     -30711069.58   891077074.3
NORTHERN FOODS        NFDSUSD EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDSGBP EO  -30711069.58   891077074.3
NORTHERN FOODS        NFDS QM     -30711069.58   891077074.3
NORTHERN FOODS        NFO GK      -30711069.58   891077074.3
NORTHERN FOODS P      NFDR LN     -30711069.58   891077074.3
NORTHERN FOO-NEW      NFDN LN     -30711069.58   891077074.3
NORTHERN FOO-RFD      650060Q LN  -30711069.58   891077074.3
OCADO GROUP PLC       OCDO QM     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EB     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EU     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO IX     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO EO     -53016960.71   225261865.5
OCADO GROUP PLC       OCDO LN     -53016960.71   225261865.5
OCADO GROUP PLC       0OC GK      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO BQ     -53016960.71   225261865.5
OCADO GROUP PLC       OCDOEUR EU  -53016960.71   225261865.5
OCADO GROUP PLC       0OC GR      -53016960.71   225261865.5
OCADO GROUP PLC       OCDO PZ     -53016960.71   225261865.5
ORANGE PLC            ORNGF US      -593935051    2902299502
ORANGE PLC            1460Q GR      -593935051    2902299502
ORANGE PLC            951641Q LN    -593935051    2902299502
ORANGE PLC-ADR        ORA$ LN       -593935051    2902299502
ORANGE PLC-ADR        ORNGY US      -593935051    2902299502
ORANGE PLC-ADR        ONG GR        -593935051    2902299502
ORBIS PLC             OBS LN      -4168498.479   127701679.5
ORBIS PLC             OBG PO      -4168498.479   127701679.5
ORBIS PLC             OBS PZ      -4168498.479   127701679.5
ORBIS PLC             OBS IX      -4168498.479   127701679.5
ORBIS PLC             OBS PO      -4168498.479   127701679.5
ORBIS PLC             ORBSF US    -4168498.479   127701679.5
ORBIS PLC             RLP GR      -4168498.479   127701679.5
PATIENTLINE PLC       PTL IX      -54677284.64   124948245.8
PATIENTLINE PLC       PTL LN      -54677284.64   124948245.8
PATIENTLINE PLC       2928903Q EU -54677284.64   124948245.8
PATIENTLINE PLC       PTL PO      -54677284.64   124948245.8
PATIENTLINE PLC       PTL PZ      -54677284.64   124948245.8
PATIENTLINE PLC       2928907Q EO -54677284.64   124948245.8
PATIENTLINE PLC       PTL VX      -54677284.64   124948245.8
PATIENTLINE PLC       2928899Q EO -54677284.64   124948245.8
PROSTRAKAN GROUP      PSK LN      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EU      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK IX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKGBP EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EO   -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK EO      -12569003.96   123595205.6
PROSTRAKAN GROUP      PKNGF US    -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK PZ      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSK VX      -12569003.96   123595205.6
PROSTRAKAN GROUP      PSKEUR EU   -12569003.96   123595205.6
REAL ESTATE OP-O      REO ID      -145048365.8    2933767507
REAL ESTATE OP-O      REO EU      -145048365.8    2933767507
REAL ESTATE OP-O      REO PZ      -145048365.8    2933767507
REAL ESTATE OP-O      REO LN      -145048365.8    2933767507
REAL ESTATE OP-O      REO IX      -145048365.8    2933767507
REAL ESTATE OP-O      REO EO      -145048365.8    2933767507
REAL ESTATE OP-O      REO VX      -145048365.8    2933767507
REAL ESTATE OP-O      REOGBP EO   -145048365.8    2933767507
REAL ESTATE OP-O      REA GR      -145048365.8    2933767507
REGUS LTD             273187Q LN  -46111835.37     367181111
REGUS PLC             REGSF US    -46111835.37     367181111
REGUS PLC             2296Z LN    -46111835.37     367181111
REGUS PLC             RGU GR      -46111835.37     367181111
REGUS PLC             273195Q VX  -46111835.37     367181111
REGUS PLC-ADS         REGSY US    -46111835.37     367181111
REGUS PLC-ADS         REGSV US    -46111835.37     367181111
REGUS PLC-ADS         REGS US     -46111835.37     367181111
REGUS PLC-ADS         RGUA GR     -46111835.37     367181111
RENTOKIL INITIAL      RTO PZ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GR     -93968267.73    2931869901
RENTOKIL INITIAL      RTO PO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO1 GK     -93968267.73    2931869901
RENTOKIL INITIAL      RTOEUR EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTOKF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOGBP EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO BQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EO      -93968267.73    2931869901
RENTOKIL INITIAL      RTO LN      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EB      -93968267.73    2931869901
RENTOKIL INITIAL      RTO VX      -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EU   -93968267.73    2931869901
RENTOKIL INITIAL      RTO TQ      -93968267.73    2931869901
RENTOKIL INITIAL      RKLIF US    -93968267.73    2931869901
RENTOKIL INITIAL      RTOUSD EO   -93968267.73    2931869901
RENTOKIL INITIAL      RTO NQ      -93968267.73    2931869901
RENTOKIL INITIAL      RTOG IX     -93968267.73    2931869901
RENTOKIL INITIAL      RTO IX      -93968267.73    2931869901
RENTOKIL INITIAL      RTO QM      -93968267.73    2931869901
RENTOKIL INITIAL      RTO GR      -93968267.73    2931869901
RENTOKIL INITIAL      RTO EU      -93968267.73    2931869901
RENTOKIL INITIAL      RTO NR      -93968267.73    2931869901
RENTOKIL-SP ADR       RTOKY US    -93968267.73    2931869901
RENTOKIL-SP ADR       AP76 LI     -93968267.73    2931869901
SAATCHI & SA-ADR      SSI$ LN     -119260804.2   705060824.5
SAATCHI & SA-ADR      SSA US      -119260804.2   705060824.5
SAATCHI & SAATCH      SSI LN      -119260804.2   705060824.5
SAATCHI & SAATCH      SSATF US    -119260804.2   705060824.5
SAATCHI & SAATCH      188190Q GR  -119260804.2   705060824.5
SCOTTISH MEDIA        SSMR LN     -61797602.82   173123066.5
SCOTTISH MEDIA        1442Q GR    -61797602.82   173123066.5
SCOTTISH MEDIA        SSM LN      -61797602.82   173123066.5
SCOTTISH TELEV        SCTVF US    -61797602.82   173123066.5
SFI GROUP PLC         SUYFF US    -108067115.8   177647536.1
SFI GROUP PLC         SUF LN      -108067115.8   177647536.1
SKYEPHARMA PLC        SK8A GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EU      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP EO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP TQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EU   -119704799.7   123295943.6
SKYEPHARMA PLC        SK8C GR     -119704799.7   123295943.6
SKYEPHARMA PLC        SKP BQ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP LN      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PZ      -119704799.7   123295943.6
SKYEPHARMA PLC        SKP1 VX     -119704799.7   123295943.6
SKYEPHARMA PLC        SKPEUR EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP VX      -119704799.7   123295943.6
SKYEPHARMA PLC        SKPGBP EO   -119704799.7   123295943.6
SKYEPHARMA PLC        SKP PO      -119704799.7   123295943.6
SKYEPHARMA PLC        SKYEF US    -119704799.7   123295943.6
SKYEPHARMA PLC        SKP IX      -119704799.7   123295943.6
SKYEPHARMA -SUB       2976665Z LN -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8 GR      -119704799.7   123295943.6
SKYEPHARMA-ADR        SK8N GR     -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYPY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYEY US    -119704799.7   123295943.6
SKYEPHARMA-ADR        SKYE US     -119704799.7   123295943.6
SKYEPHARMA-ADR        AP80 LI     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF VX     -119704799.7   123295943.6
SKYEPHAR-RTS F/P      SKPF LN     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN VX     -119704799.7   123295943.6
SKYEPHAR-RTS N/P      SKPN LN     -119704799.7   123295943.6
SMG PLC               SMG LN      -61797602.82   173123066.5
SMG PLC               SMG PO      -61797602.82   173123066.5
SMG PLC-FUL PAID      SMGF LN     -61797602.82   173123066.5
SMG PLC-NIL PAID      SMGN LN     -61797602.82   173123066.5
SMITHS NEWS PLC       NWS PO      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS PZ      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS IX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 TQ     -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPF US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 BQ     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS LN      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1GBP EO  -95712237.17   277933611.8
SMITHS NEWS PLC       SMWPY US    -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EU  -95712237.17   277933611.8
SMITHS NEWS PLC       NWS VX      -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EU     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS1 EO     -95712237.17   277933611.8
SMITHS NEWS PLC       NWS2EUR EO  -95712237.17   277933611.8
STV GROUP PLC         SMG PZ      -61797602.82   173123066.5
STV GROUP PLC         SMG VX      -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EU  -61797602.82   173123066.5
STV GROUP PLC         STVG LN     -61797602.82   173123066.5
STV GROUP PLC         STVGEUR EO  -61797602.82   173123066.5
STV GROUP PLC         STVG EU     -61797602.82   173123066.5
STV GROUP PLC         SMG IX      -61797602.82   173123066.5
STV GROUP PLC         SMGPF US    -61797602.82   173123066.5
STV GROUP PLC         STVGGBP EO  -61797602.82   173123066.5
STV GROUP PLC         STVG VX     -61797602.82   173123066.5
STV GROUP PLC         STVG EO     -61797602.82   173123066.5
TELEWEST COM-ADR      TWSTD US     -3702234581    7581020925
TELEWEST COM-ADR      TWSTY US     -3702234581    7581020925
TELEWEST COM-ADR      TWT$ LN      -3702234581    7581020925
TELEWEST COM-ADR      940767Q GR   -3702234581    7581020925
TELEWEST COMM         TWT VX       -3702234581    7581020925
TELEWEST COMM         715382Q LN   -3702234581    7581020925
TELEWEST COMM         604296Q GR   -3702234581    7581020925
TELEWEST COMM         TWSTF US     -3702234581    7581020925
THORN EMI PLC         THNE FP      -2265916257    2950021937
THORN EMI-ADR         THN$ LN      -2265916257    2950021937
THORN EMI-ADR         TORNY US     -2265916257    2950021937
THORN EMI-CDR         THN NA       -2265916257    2950021937
THORN EMI-REGD        1772Q GR     -2265916257    2950021937
TI AUTOMOTIVE-A       6525Z LN    -298787496.1    1730489867
TOPPS TILES PLC       TPT PO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT VX      -49423537.13   155303750.4
TOPPS TILES PLC       TPTJY US    -49423537.13   155303750.4
TOPPS TILES PLC       TPT EU      -49423537.13   155303750.4
TOPPS TILES PLC       TPT BQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT LN      -49423537.13   155303750.4
TOPPS TILES PLC       TPT IX      -49423537.13   155303750.4
TOPPS TILES PLC       TPT EO      -49423537.13   155303750.4
TOPPS TILES PLC       TPT PZ      -49423537.13   155303750.4
TOPPS TILES PLC       TPT TQ      -49423537.13   155303750.4
TOPPS TILES PLC       TPTGBP EO   -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EU   -49423537.13   155303750.4
TOPPS TILES PLC       TPTJF US    -49423537.13   155303750.4
TOPPS TILES PLC       TPTEUR EO   -49423537.13   155303750.4
TOPPS TILES-NEW       TPTN LN     -49423537.13   155303750.4
UNIGATE PLC           UNGPF US    -21397232.94   474779161.6
UNIGATE PLC           UNGAF US    -21397232.94   474779161.6
UNIGATE PLC           1577Q GR    -21397232.94   474779161.6
UNIGATE PLC           UNIG LN     -21397232.94   474779161.6
UNIGATE PLC-ADR       UNGAY US    -21397232.94   474779161.6
UNIQ PLC              UNIQ LN     -21397232.94   474779161.6
UNIQ PLC              UNIQ VX     -21397232.94   474779161.6
UNIQ PLC              UGE GR      -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EU  -21397232.94   474779161.6
UNIQ PLC              UNIQF US    -21397232.94   474779161.6
UNIQ PLC              UNIQ IX     -21397232.94   474779161.6
UNIQ PLC              UNQPF US    -21397232.94   474779161.6
UNIQ PLC              UNIQGBP EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EU     -21397232.94   474779161.6
UNIQ PLC              UNIQEUR EO  -21397232.94   474779161.6
UNIQ PLC              UNIQ EO     -21397232.94   474779161.6
UNIQ PLC              UNIQ PZ     -21397232.94   474779161.6
UNIQ PLC              UNIQ PO     -21397232.94   474779161.6
UTC GROUP             UGR LN      -11904426.45     203548565
VIRGIN MOB-ASSD       VMOA LN     -392165437.6   166070003.7
VIRGIN MOB-ASSD       VMOC LN     -392165437.6   166070003.7
VIRGIN MOBILE         VMOB VX     -392165437.6   166070003.7
VIRGIN MOBILE         UEM GR      -392165437.6   166070003.7
VIRGIN MOBILE         VMOB LN     -392165437.6   166070003.7
VIRGIN MOBILE         VGMHF US    -392165437.6   166070003.7
VIRGIN MOBILE         VMOB PO     -392165437.6   166070003.7
WARNER ESTATE         WNER PO     -6076459.885   426871306.9
WARNER ESTATE         WNER LN     -6076459.885   426871306.9
WARNER ESTATE         WNERGBP EO  -6076459.885   426871306.9
WARNER ESTATE         WNER EU     -6076459.885   426871306.9
WARNER ESTATE         WNER EO     -6076459.885   426871306.9
WARNER ESTATE         WNER IX     -6076459.885   426871306.9
WARNER ESTATE         WNER VX     -6076459.885   426871306.9
WARNER ESTATE         WNEHF US    -6076459.885   426871306.9
WARNER ESTATE         WNER PZ     -6076459.885   426871306.9
WARNER ESTATE         WRL GR      -6076459.885   426871306.9
WATSON & PHILIP       WTSN LN       -120493900   252232072.9
WINCANTON PL-ADR      WNCNY US    -151911497.1    1420828184
WINCANTON PLC         WIN PZ      -151911497.1    1420828184
WINCANTON PLC         WIN1 TQ     -151911497.1    1420828184
WINCANTON PLC         WIN VX      -151911497.1    1420828184
WINCANTON PLC         WIN1 BQ     -151911497.1    1420828184
WINCANTON PLC         WIN IX      -151911497.1    1420828184
WINCANTON PLC         WIN1 EU     -151911497.1    1420828184
WINCANTON PLC         WIN PO      -151911497.1    1420828184
WINCANTON PLC         WIN1 NQ     -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EO  -151911497.1    1420828184
WINCANTON PLC         WIN1USD EU  -151911497.1    1420828184
WINCANTON PLC         WNCNF US    -151911497.1    1420828184
WINCANTON PLC         WIN1USD EO  -151911497.1    1420828184
WINCANTON PLC         WIN1EUR EU  -151911497.1    1420828184
WINCANTON PLC         WIN1 QM     -151911497.1    1420828184
WINCANTON PLC         WIN1 EO     -151911497.1    1420828184
WINCANTON PLC         WIN1 EB     -151911497.1    1420828184
WINCANTON PLC         WIN1GBP EO  -151911497.1    1420828184
WINCANTON PLC         WIN LN      -151911497.1    1420828184


                            *********

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, Psyche A. Castillon, Frauline S. Abangan and
Peter A. Chapman, Editors.

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

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

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

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



                 * * * End of Transmission * * *