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        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

           Wednesday, February 9, 2011, Vol. 12, No. 28

                            Headlines



B U L G A R I A

KREMIKOVTZI AD: Third Auction Fails; Victory Commerce Quits Bid


C Z E C H   R E P U B L I C

SAZKA AS: Two Investment Groups Offer Lifeline to Sazka


D E N M A R K

AMAGERBANKEN A/S: Nykredit's Exposure Estimated at DKK290 Million
AMAGERBANKEN A/S: Senior Bondholders May Face 41% Write-Offs
AMAGERBANKEN A/S: Remaining Assets May Be Sold to Single Buyer
* DENMARK: FSA-Central Bank Merger Needed, Nils Bernstein Says
* DENMARK: Banks May Face Wave of Consolidation


G E R M A N Y

HORNBACH HOLDING: S&P Gives Positive Outlook; Affirms 'BB' Rating
TITAN EUROPE: S&P Lowers Rating on Class Notes to 'D (sf)'


G R E E C E

* Goldman Sachs Boss Calls For Greece's Debt Restructuring


I R E L A N D

ALLIED IRISH: Banco Santander Bids PLN16.6 Bil. for Zachodni Stake
BAYVIEW HOTEL: Closes Business, 35 Jobs at Risk
EIRCOM GROUP: Price of Debt Plunges Amid Bond Buy-Back Rumors
TBS INTERNATIONAL: Amends Credit Facilities With Lenders


I T A L Y

CASSA DI RISPARMIO: Moody's Assigns '(P)Ba1' Jr. Sub. Debt Rating


L U X E M B O U R G

AVONDALE SECURITIES: S&P Cuts Credit Ratings on Notes to 'BB+'


N E T H E R L A N D S

NIELSEN COMPANY: Moody's Assigns 'Ba3' Corporate Family Rating
SENSATA TECHNOLOGIES: Posts US$131.38 Million Profit in 2010


P O L A N D

BANK OCHRONY: Fitch Affirms Individual Rating at 'D'


R U S S I A

ALFA-BANK: Fitch Rates Senior Unsecured Bonds at 'BB (exp)'


S P A I N

BANCO FINANCIERO: Fitch Assigns 'D' Individual Rating
IM GRUPO BANCO: DBRS Puts CCC Rating on EUR607.50MM Series B Notes


T U R K E Y

VESTEL ELEKTRONIK: Fitch Affirms 'B' Issuer Default Ratings


U K R A I N E

SAVINGS BANK: Moody's Changes Outlook on 'B2' Rating to Stable


U N I T E D   K I N G D O M

AFREN PLC: Fitch Assigns 'B' Senior Rating to US$450-Mil. Notes
BULMERS TRANSPORT: To Go Into Administration, Axes 220 Jobs
DOCKGATE 20 MOTORCYCLES: Millbrook Division Could Reopen This Year
DYMAG: Returns to Business Following Administration
FULHAM ROAD: Moody's Lifts Ratings on Two Classes of Notes to Caa3

INTERNATIONAL POWER: Moody's Lifts Issuer & Debt Ratings From Ba3
INTERNATIONAL POWER: Fitch Maintains 'BB' LT Issuer Default Rating
TAGGART HOLDINGS: Ulster Bank Seeks High Court Support
TAYLOR WIMPEY: Fitch Affirms Issuer Default Ratings at 'B'
YELL GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'

* UK: No. of Recruiter Administrations Falls in 2nd half of 2010
* UK: Midlands Administration Drop 30% in Fourth Qtr of 2010


                            *********


===============
B U L G A R I A
===============


KREMIKOVTZI AD: Third Auction Fails; Victory Commerce Quits Bid
---------------------------------------------------------------
Novinite.com reports that the third auction scheduled for the
assets of Kremikovtzi steel mill has failed like the previous two,
due to the only bidder not presenting a satisfactory document for
having paid the required deposit.

Novinite.com relates that the Victory Commerce company, owned by
Georgi Manchev, has presented a copy of an e-mail, according to
which the Russian Rosbank has transferred the required
EUR20,280,000 for participation in the auction.  However,
Bulgarian Development Bank, which carries out the bankruptcy
procedure, has stated in a press release that it has not received
a deposit from the company, Novinite.com notes.  According to
Novinite.com, Mr. Manchev has said Victory Commerce is quitting
its bid.

As reported by the Troubled Company Reporter-Europe on Feb. 7,
2011, Novinite.com said that Bulgaria regrouped the assets of
Kremikovtzi to cut their price.  The assets were scheduled for
auction for a third time on Feb. 7 after failing to attract any
bidders in two previous auctions, according to Novinite.com.
Novinite.com disclosed Tsvetan Bankov, the factory's receiver,
told Bloomberg agency in Sofia, "This time we're selling the pre-
production and steel production assets and we have taken out part
of the transport infrastructure."  Two prior auctions were held
over the fall, but failed because actually no one turned out to
bid for Kremikovtzi, Novinite.com noted.  Unlike the first closed-
bid auction, the second was with direct bidding, Novinite.com
said.  The starting price was BGN452,414,008, down by 20% over the
initial tag at the first tender, which also failed due to lack of
prospective buyers, Novinite.com disclosed.  For February's bid,
Novinite.com said, the initial price would drop even further (with
31% from the initial one), and would be set at BGN395 million.

As reported by the Troubled Company Reporter-Europe on July 29,
2010, Bloomberg News, citing a report from the receiver, said the
mill's assets total BGN840 million, while debt was estimated at
BGN1.9 billion.  Bloomberg recalled the Sofia City Court declared
Kremikovtzi bankrupt on May 31, 2010.  The Sofia-based plant was
placed in receivership in 2008 after failing to pay suppliers and
investors holding BGN325 million (US$422 million) of bonds,
Bloomberg disclosed.  Creditors rejected a restructuring plan in
October 2009, opting to be repaid under insolvency laws, Bloomberg
recounted.  Bloomberg noted that of the total liabilities, 42% are
owed to state-run power and gas utilities, the state railways and
tax authorities.

                       About Kremikovtzi

Kremikovtzi AD Sofia -- http://www.kremikovtzi.com/-- is a
Bulgaria-based company principally engaged in the steel industry.
Its production capacity includes a complete steel production
cycle, from ore mining to finished products, such as hot rolled
and cold rolled products (coils, slabs, plates, blooms and
billets), different thickness wire rods and tubes.  The Company's
product range also includes coke and chemical products, flat
products, ferro-alloys and metallurgical lime, and other products.
The Company operates through a number of subsidiaries, including
Ferosplaven zavod EOOD, NLA 2000 EOOD, Kremikovtzi Rudodobiv AD,
Metalresource OOD and others.  The Company is 71%-owned by
Finmetals Holding AD.


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


SAZKA AS: Two Investment Groups Offer Lifeline to Sazka
-------------------------------------------------------
Reuters reports that two privately-held investment groups have
offered a lifeline to Czech lottery firm Sazka, which missed a
payment on a bond last month and faces an insolvency claim.

Reuters relates Sazka said on Monday it had agreed to take on
Penta Investments and E-Invest as financial partners who would
take operating control of Sazka and a share of future profits but
no equity in the firm.

"We are ready to invest as much as will be needed to end the
insolvency proceedings against Sazka as soon as possible," Reuters
quoted E-Invest chief Martin Ulcak as saying.  "The strategic
partnership is for 15 years and there is roughly over CZK2 billion
(US$112.7 million) needed now.  We have the capacity to cover
that."

According to Reuters, Penta chief Marek Dospiva said the investors
would provide money to pay off a missed EUR4 million January
payment on the principle of Sazka's 215 million euro bond
CZ025854705= and that the bond would be likely repaid by 2021 as
planned.

"All options are open today. We can negotiate on buying out
the bonds . . . my opinion is that the next 10 years we will be
paying bonds as declared in the bond documentation,"
Mr. Dospiva told reporters, Reuters reports.

Reutes notes that Mr. Dospiva, whose firm owns a majority stake in
betting firm Fortuna, said Fortuna's plans for its own lottery
plan were unaffected and that Penta would look for synergies with
Sazka.

                       Insolvency Proceedings

As reported by the Troubled Company Reporter-Europe on Jan. 26,
2011, CTK said Sazka wants the Municipal Court in Prague to order
hearing of the insolvency proceedings initiated by Czech
businessman Radovan Vitek's firm Moranda against the company.
Sazka demands that the court deal with Moranda's proposal in the
physical presence of both sides' lawyers, CTK disclosed.  If Sazka
did not take this step, the court could decide on the insolvency
proposal on the basis of the presented documents only, CTK noted.
Mr. Vitek asserts that Sazka is in an insolvency situation because
it has excessive debts, with total debts worth more than CZK10
billion, according to CTK.  He claims that Sazka's owner's equity
has a negative value, CTK said.

As reported by the Troubled Company Reporter-Europe, Bloomberg
News, citing CTK, said Mr. Vitek, who owns Sazka debts worth
CZK1.5 billion (US$81.7 million), filed an insolvency proposal
against the company on Jan. 17.

The Troubled Company Reporter-Europe, citing Bloomberg News,
related on Jan. 17 that Sazka Chairman Ales Husak said the
company isn't legally in an insolvency situation and will use all
available means to fight attempts to put it into bankruptcy.
Sazka also doesn't recognize debt claims made by Mr. Vitek and
accused him of trying to start a "hostile takeover attempt,"
Bloomberg quoted Jaromir Cisar, Sazka's lawyer, as saying.

Sazka AS is a provider of lotteries and sport betting games in the
Czech Republic.


=============
D E N M A R K
=============


AMAGERBANKEN A/S: Nykredit's Exposure Estimated at DKK290 Million
-----------------------------------------------------------------
Tasneem Brogger at Bloomberg News, citing Copenhagen-based
newspaper Borsen, reports that Nykredit A/S Chief Executive
Officer Peter Engberg Jensen said the mortgage lender probably
lost DKK290 million (US$53 million) because of its exposure to
Amagerbanken A/S.

Bloomberg relates that Borsen said Nykredit, Denmark's biggest
mortgage lender, owned shares in Amagerbanken worth about
DKK50 million as of Feb. 4.  Borsen, as cited by Bloomberg, said
that the mortgage bank also lent Amagerbanken about DKK140 million
in the form of an equity loan plus a senior loan of DKK100
million.

According to Bloomberg, Mr. Engberg told Borsen that "The shares
and the equity loan are probably worth nothing."

"How much we get back of the senior loan depends on the dividend
rate the winding-down committee arrives at."

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2011, Bloomberg News said Amagerbanken was taken over by the state
after a surge in losses on property loans prevented it from
meeting a deadline to prove it was still solvent.  The
government's bailout fund, Financial Stability, said in an
e-mailed statement on Feb. 6 that it will take over the bank's
clients, branches, assets and commitments of DKK15.2 billion
(US$2.76 billion), Bloomberg disclosed.  It won't take over
remaining commitments of about DKK13.2 billion, which include
about DKK5.6 billion back by the government, Bloomberg noted.  The
Danish bank said in a separate statement that it failed to meet
solvency requirements after a thorough analysis of its loan book
revealed loan-impairment charges of DKK3.14 billion in the fourth
quarter in addition to the DKK729 million of bad debt the bank
wrote down in the first nine months of 2010, according to
Bloomberg.  The bank asked the Copenhagen stock exchange to
suspend trading of its shares and bonds, Bloomberg stated.
Amagerbanken is the first Danish bank to be bailed out after the
country's initial rescue program for its lenders expired Sept. 30
last year, when the government's unlimited guarantee on deposits
expired, Bloomberg noted.  "The final losses, caused by
Amagerbanken, are yet to be determined," Bloomberg quoted Economy
and Business Affairs Minister Brian Mikkelsen as saying in a
statement.  "Losses in Amagerbanken will be borne by the
stockholders and holders of subordinated debt."  Mr. Mikkelsen, as
cited by Bloomberg, said deposits exceeding EUR100,000
(US$136,150) and other unsecured and unsubordinated creditors,
including the individual government guarantee for senior debt,
stand to bear losses.  In a press release, Amagerbank said the
bank on Feb. 6 decided to file a petition in bankruptcy with the
bankruptcy court.  The current board of directors and management
of the bank will resign, as the appointed bankruptcy trustee will
act as management in the company.  In order for the bank to
maintain its banking license after the bankruptcy, the bank has
applied for and obtained an extension of the deadline for meeting
the solvency requirements to March 6, 2011.

Amagerbanken A/S is a regional bank based in Copenhagen, Denmark.
The bank provides a range of banking services to both private and
business customers, specializing in the customized car and home
loans, asset management and pensions.  As of December 31, 2009, it
operated through 25 branches, as well as three wholly owned
subsidiaries: Ejendomsaktieselskabet Matr. 4285,
Ejendomsaktieselskabet Matr. 3825 and Investeringsanpartsselskabet
AMAK 3.


AMAGERBANKEN A/S: Senior Bondholders May Face 41% Write-Offs
------------------------------------------------------------
John Glover at Bloomberg News reports that investors in about
DKK2 billion (US$360 million) of notes face losing almost half
face value after the transfer of DKK15 billion of Amagerbanken
A/S's assets to a state-owned company.

According to Bloomberg, liabilities staying at the bank total
about DKK13 billion and include subordinated and hybrid debt,
about DKK5.6 billion of bonds backed by the government, as well as
senior unsecured bonds.

Denmark is dealing with Amagerbanken under regulations introduced
in October designed to ensure taxpayers don't have to meet the
bill when lenders fail, Bloomberg discloses.  The bank estimates
its assets amount to about 59% of liabilities, meaning that
creditors, including holders of senior unsecured bonds on which a
government guarantee expired Sept. 30 and depositors with more
than the insured maximum in their accounts, will face write-offs
of about 41%, Bloomberg notes.

"The bank hasn't collapsed and gone into bankruptcy like the
Icelandic banks, but has been selectively bailed out with a
transfer of assets and a partial transfer of liabilities,"
Bloomberg quoted Simon Adamson, an analyst at CreditSights Inc. in
London, as saying.  "Normally when this happens, senior debt and
deposits are protected, such is the sensitivity around them, but
this is bank resolution with debt and deposit haircuts, rather
than a simple liquidation."

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2011, Bloomberg News said Amagerbanken was taken over by the state
after a surge in losses on property loans prevented it from
meeting a deadline to prove it was still solvent.  The
government's bailout fund, Financial Stability, said in an
e-mailed statement on Feb. 6 that it will take over the bank's
clients, branches, assets and commitments of DKK15.2 billion
(US$2.76 billion), Bloomberg disclosed.  It won't take over
remaining commitments of about DKK13.2 billion, which include
about DKK5.6 billion back by the government, Bloomberg noted.  The
Danish bank said in a separate statement that it failed to meet
solvency requirements after a thorough analysis of its loan book
revealed loan-impairment charges of DKK3.14 billion in the fourth
quarter in addition to the DKK729 million of bad debt the bank
wrote down in the first nine months of 2010, according to
Bloomberg.  The bank asked the Copenhagen stock exchange to
suspend trading of its shares and bonds, Bloomberg stated.
Amagerbanken is the first Danish bank to be bailed out after the
country's initial rescue program for its lenders expired Sept. 30
last year, when the government's unlimited guarantee on deposits
expired, Bloomberg noted.  "The final losses, caused by
Amagerbanken, are yet to be determined," Bloomberg quoted Economy
and Business Affairs Minister Brian Mikkelsen as saying in a
statement.  "Losses in Amagerbanken will be borne by the
stockholders and holders of subordinated debt."  Mr. Mikkelsen, as
cited by Bloomberg, said deposits exceeding EUR100,000
(US$136,150) and other unsecured and unsubordinated creditors,
including the individual government guarantee for senior debt,
stand to bear losses.  In a press release, Amagerbank said the
bank on Feb. 6 decided to file a petition in bankruptcy with the
bankruptcy court.  The current board of directors and management
of the bank will resign, as the appointed bankruptcy trustee will
act as management in the company.  In order for the bank to
maintain its banking license after the bankruptcy, the bank has
applied for and obtained an extension of the deadline for meeting
the solvency requirements to March 6, 2011.

Amagerbanken A/S is a regional bank based in Copenhagen, Denmark.
The bank provides a range of banking services to both private and
business customers, specializing in the customized car and home
loans, asset management and pensions.  As of December 31, 2009, it
operated through 25 branches, as well as three wholly owned
subsidiaries: Ejendomsaktieselskabet Matr. 4285,
Ejendomsaktieselskabet Matr. 3825 and Investeringsanpartsselskabet
AMAK 3.


AMAGERBANKEN A/S: Remaining Assets May Be Sold to Single Buyer
--------------------------------------------------------------
Frances Schwartzkopff at Bloomberg News reports that Henning Kruse
Petersen, chairman of Financial Stability, Denmark's bailout unit,
will probably sell the remaining assets of Amagerbanken A/S to a
single buyer.

Bloomberg relates that Mr. Petersen said the bank will probably
start the sales process in April after splitting off the toxic
assets.  According to Bloomberg, the Financial Stability chairman
said healthy assets fit for sale will be "small."  Bloomberg notes
that Mr. Petersen said the Financial Stability expects to get bids
from five to seven buyers including regional lenders inside
Denmark or from Sweden.

Asked whether there may be more bank failures in Denmark,
Mr. Petersen, as cited by Bloomberg, said "I have been confident
since early 2009 and I've been disappointed ever since."

Separately, Christian Wienberg and Adam Ewing at Bloomberg News
reports that Sydbank, based in Aabenraa in the southwest of
Denmark, and Spar Nord Bank A/S, the country's fourth-biggest
bank, said on Monday they may bid for Amagerbanken.  Jyske Bank
A/S, Denmark's second-biggest lender, declined to comment,
Bloomberg notes.

In a press release, Sydank said the bank does not have any
exposures with a risk of loss; neither does Sydbank have any
shares in Amagerbanken.  The Danish banking sector must expect a
loss in connection with the payment made by the Guarantee Fund for
Depositors and Investors of secured deposits with Amagerbanken.
According to the most recent calculations, Sydbank's share of the
Guarantee Fund for Depositors and Investors represents 4.59%.

In a press release, Spar Nord Bank said the bank does not have any
exposure (e.g. credit facilities, bonds or shares) to
Amagerbanken.  In relation to the expected losses on the sector-
targeted solution following Amagerbanken's bankruptcy, it can be
announced that Spar Nord Bank's share of Danish Banks' Deposit
Guarantee Fund is 3.1%, said the statement.

In a press release, Jyske Bank said the bank has no credit
exposure in the form of credit facilities, bond holdings with a
risk of loss, or shares in Amagerbanken.  As part of ordinary
trading activities, Amagerbanken had, as at Feb. 4, a net
outstanding amount at Jyske Bank of DKK3.1 million.  The Danish
banking sector must expect a loss in connection with the Guarantee
Fund for Depositors and Investors' coverage of secured deposits at
Amagerbanken.  Jyske Bank's recently calculated share of the
sector's obligations towards the Guarantee Fund for Depositors and
Investors amounts to 6.81%.

Meanwhile, Bloomberg News' Christian Wienberg reports that Danske
Bank A/S, Denmark's biggest lender, isn't interested in buying the
healthy parts of Amagerbanken because the transaction may raise
competition concerns.

"We're generally not looking for acquisitions in Denmark,"
Bloomberg quoted Anders Klinkby Madsen, a spokesman for the
Copenhagen-based bank, as saying by telephone on Monday.

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2011, Bloomberg News said Amagerbanken was taken over by the state
after a surge in losses on property loans prevented it from
meeting a deadline to prove it was still solvent.  The
government's bailout fund, Financial Stability, said in an
e-mailed statement on Feb. 6 that it will take over the bank's
clients, branches, assets and commitments of DKK15.2 billion
(US$2.76 billion), Bloomberg disclosed.  It won't take over
remaining commitments of about DKK13.2 billion, which include
about DKK5.6 billion back by the government, Bloomberg noted.  The
Danish bank said in a separate statement that it failed to meet
solvency requirements after a thorough analysis of its loan book
revealed loan-impairment charges of DKK3.14 billion in the fourth
quarter in addition to the DKK729 million of bad debt the bank
wrote down in the first nine months of 2010, according to
Bloomberg.  The bank asked the Copenhagen stock exchange to
suspend trading of its shares and bonds, Bloomberg stated.
Amagerbanken is the first Danish bank to be bailed out after the
country's initial rescue program for its lenders expired Sept. 30
last year, when the government's unlimited guarantee on deposits
expired, Bloomberg noted.  "The final losses, caused by
Amagerbanken, are yet to be determined," Bloomberg quoted Economy
and Business Affairs Minister Brian Mikkelsen as saying in a
statement.  "Losses in Amagerbanken will be borne by the
stockholders and holders of subordinated debt."  Mr. Mikkelsen, as
cited by Bloomberg, said deposits exceeding EUR100,000
(US$136,150) and other unsecured and unsubordinated creditors,
including the individual government guarantee for senior debt,
stand to bear losses.  In a press release, Amagerbank said the
bank on Feb. 6 decided to file a petition in bankruptcy with the
bankruptcy court.  The current board of directors and management
of the bank will resign, as the appointed bankruptcy trustee will
act as management in the company.  In order for the bank to
maintain its banking license after the bankruptcy, the bank has
applied for and obtained an extension of the deadline for meeting
the solvency requirements to March 6, 2011.

Amagerbanken A/S is a regional bank based in Copenhagen, Denmark.
The bank provides a range of banking services to both private and
business customers, specializing in the customized car and home
loans, asset management and pensions.  As of December 31, 2009, it
operated through 25 branches, as well as three wholly owned
subsidiaries: Ejendomsaktieselskabet Matr. 4285,
Ejendomsaktieselskabet Matr. 3825 and Investeringsanpartsselskabet
AMAK 3.


* DENMARK: FSA-Central Bank Merger Needed, Nils Bernstein Says
--------------------------------------------------------------
Tasneem Brogger at Bloomberg News reports that Nils Bernstein,
Denmark's central bank governor, said in a written response to
questions sent by newspaper Borsen that the failure of
Amagerbanken A/S underlines the need for an investigation into
whether the country's Financial Supervisory Authority should be
merged with its central bank.

According to Bloomberg, Mr. Bernstein told the Copenhagen-based
newspaper that the Ministry of Economy and Business Affairs has
appointed a committee to look into the matter.

Amagerbanken is the eighth local lender to require a state bailout
since 2008, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2011, Bloomberg News said Amagerbanken was taken over by the state
after a surge in losses on property loans prevented it from
meeting a deadline to prove it was still solvent.  The
government's bailout fund, Financial Stability, said in an
e-mailed statement on Feb. 6 that it will take over the bank's
clients, branches, assets and commitments of DKK15.2 billion
(US$2.76 billion), Bloomberg disclosed.  It won't take over
remaining commitments of about DKK13.2 billion, which include
about DKK5.6 billion back by the government, Bloomberg noted.  The
Danish bank said in a separate statement that it failed to meet
solvency requirements after a thorough analysis of its loan book
revealed loan-impairment charges of DKK3.14 billion in the fourth
quarter in addition to the DKK729 million of bad debt the bank
wrote down in the first nine months of 2010, according to
Bloomberg.  The bank asked the Copenhagen stock exchange to
suspend trading of its shares and bonds, Bloomberg stated.
Amagerbanken is the first Danish bank to be bailed out after the
country's initial rescue program for its lenders expired Sept. 30
last year, when the government's unlimited guarantee on deposits
expired, Bloomberg noted.  "The final losses, caused by
Amagerbanken, are yet to be determined," Bloomberg quoted Economy
and Business Affairs Minister Brian Mikkelsen as saying in a
statement.  "Losses in Amagerbanken will be borne by the
stockholders and holders of subordinated debt."  Mr. Mikkelsen, as
cited by Bloomberg, said deposits exceeding EUR100,000
(US$136,150) and other unsecured and unsubordinated creditors,
including the individual government guarantee for senior debt,
stand to bear losses.  In a press release, Amagerbank said the
bank on Feb. 6 decided to file a petition in bankruptcy with the
bankruptcy court.  The current board of directors and management
of the bank will resign, as the appointed bankruptcy trustee will
act as management in the company.  In order for the bank to
maintain its banking license after the bankruptcy, the bank has
applied for and obtained an extension of the deadline for meeting
the solvency requirements to March 6, 2011.

Amagerbanken A/S is a regional bank based in Copenhagen, Denmark.
The bank provides a range of banking services to both private and
business customers, specializing in the customized car and home
loans, asset management and pensions.  As of December 31, 2009, it
operated through 25 branches, as well as three wholly owned
subsidiaries: Ejendomsaktieselskabet Matr. 4285,
Ejendomsaktieselskabet Matr. 3825 and Investeringsanpartsselskabet
AMAK 3.


* DENMARK: Banks May Face Wave of Consolidation
-----------------------------------------------
Christian Wienberg and Adam Ewing at Bloomberg News reports that
Danish banks may face a wave of consolidation after the country's
latest lender insolvency left some bondholders in the lurch,
straining efforts to raise funds just over four months after the
state withdrew its guarantee.

"This is of course what we fear," Bloomberg quoted Karen Froesig,
chief executive officer at Sydbank A/S, the country's third-
largest lender, as saying in an interview on Monday.  "It can't be
ruled out that it will be harder to borrow."

The Feb. 6 failure of Amagerbanken, the country's fifth-biggest
listed lender, marks Denmark's eighth bailout of a local bank
since 2008 and shows the smallest Scandinavian economy may be
faring worse than Sweden and Norway in emerging from the financial
crisis, Bloomberg states.

"International investors are going to be much more reluctant to
lend to smaller Danish banks after the collapse of Amagerbanken,"
Jakob Brink, a Copenhagen-based analyst at Svenska Handelsbanken
AB, as cited by Bloomberg, said.  "This will likely add stress to
others on the brink and could stimulate further consolidation in
the Danish bank sector."

"In the long-term it won't impact the big banks -- they still have
strong names," said Christian Hede, an analyst at Jyske Bank, in a
video clip posted on the lender's Web site, according to
Bloomberg.  "Small and medium-sized Danish banks will have a lot
of problems raising money abroad and therefore this could
accelerate the consolidation wave that we anticipate will occur
this year."

As reported by the Troubled Company Reporter-Europe on Feb. 8,
2011, Bloomberg News said Amagerbanken was been taken over by the
state after a surge in losses on property loans prevented it from
meeting a deadline to prove it was still solvent.  The
government's bailout fund, Financial Stability, said in an
e-mailed statement on Feb. 6 that it will take over the bank's
clients, branches, assets and commitments of DKK15.2 billion
(US$2.76 billion), Bloomberg disclosed.  It won't take over
remaining commitments of about DKK13.2 billion, which include
about DKK5.6 billion back by the government, Bloomberg noted.  The
Danish bank said in a separate statement that it failed to meet
solvency requirements after a thorough analysis of its loan book
revealed loan-impairment charges of DKK3.14 billion in the fourth
quarter in addition to the DKK729 million of bad debt the bank
wrote down in the first nine months of 2010, according to
Bloomberg.  The bank asked the Copenhagen stock exchange to
suspend trading of its shares and bonds, Bloomberg stated.
Amagerbanken is the first Danish bank to be bailed out after the
country's initial rescue program for its lenders expired Sept. 30
last year, when the government's unlimited guarantee on deposits
expired, Bloomberg noted.  "The final losses, caused by
Amagerbanken, are yet to be determined," Bloomberg quoted Economy
and Business Affairs Minister Brian Mikkelsen as saying in a
statement.  "Losses in Amagerbanken will be borne by the
stockholders and holders of subordinated debt."  Mr. Mikkelsen, as
cited by Bloomberg, said deposits exceeding EUR100,000
(US$136,150) and other unsecured and unsubordinated creditors,
including the individual government guarantee for senior debt,
stand to bear losses.  In a press release, Amagerbank said the
bank on Feb. 6 decided to file a petition in bankruptcy with the
bankruptcy court.  The current board of directors and management
of the bank will resign, as the appointed bankruptcy trustee will
act as management in the company.  In order for the bank to
maintain its banking license after the bankruptcy, the bank has
applied for and obtained an extension of the deadline for meeting
the solvency requirements to March 6, 2011.

Amagerbanken A/S is a regional bank based in Copenhagen, Denmark.
The bank provides a range of banking services to both private and
business customers, specializing in the customized car and home
loans, asset management and pensions.  As of December 31, 2009, it
operated through 25 branches, as well as three wholly owned
subsidiaries: Ejendomsaktieselskabet Matr. 4285,
Ejendomsaktieselskabet Matr. 3825 and Investeringsanpartsselskabet
AMAK 3.


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


HORNBACH HOLDING: S&P Gives Positive Outlook; Affirms 'BB' Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on Germany-based home improvement retailer Hornbach
Holding AG and its main operating subsidiary Hornbach-Baumarkt-AG
to positive from stable.  At the same time, the 'BB' long-term
corporate credit and senior unsecured debt ratings on Hornbach and
Baumarkt were affirmed.

"The outlook revision reflects S&P's view of Baumarkt's resilient
trading performance, which has had a positive effect on both
Baumarkt's and Hornbach's debt protection measures," said Standard
& Poor's credit analyst Marketa Horkova.  "Furthermore, S&P
anticipates that in absence of debt-financed capital investments
or shareholder returns, Baumarkt and Hornbach will be able to
sustain their debt protection measures at levels that S&P
considers commensurate with the 'BB+' ratings."

In the nine months to Nov. 30, 2010, Baumarkt's operating
performance benefited from improved economic conditions and
consumer confidence in its domestic market of Germany (about 60%
of Baumarkt's revenues).  Baumarkt also benefited from the start
of a recovery in spending patterns in the other European countries
in which it operates.  In addition to positive same-store sales
growth, favorable exchange rates and improvements in product mix
helped to drive profits.

In the nine months to Nov. 30, 2010, Hornbach and Baumarkt
achieved Standard & Poor's-adjusted ratios of funds from
operations to debt of about 25% and 24%, respectively.  In the
same period, Hornbach and Baumarkt achieved debt to EBITDA of 3.1x
and 3.7x, respectively.  This is a marked improvement on last
year's FFO-to-debt ratios of about 18.3% for Hornbach and 18.7%
for Baumarkt, and debt-to-EBITDA ratios of 4.5x and 4.6x,
respectively.

S&P would consider taking a positive rating action should Hornbach
and Baumarkt demonstrate their ability and express a commitment to
maintain positive free cash flow generation and sustain their debt
protection metrics at levels commensurate with the 'BB+' rating
category--specifically, adjusted FFO to debt of 20%-25% and
adjusted debt to EBITDA of no more than 3.5x-4.0x.  A positive
rating action would also be reflective of Hornbach and Baumarkt's
financial policies, especially with regard to capital investment
financing and shareholder returns from internal cash flows.

S&P could lower the ratings if the group's financial profile were
to weaken due to poor trading or to capital investments not being
fully mitigated by improvements in earnings.  Specifically, S&P
could lower the ratings if adjusted FFO to debt were to decline to
less than 15%, and if debt to EBITDA were to increase to more than
5x.


TITAN EUROPE: S&P Lowers Rating on Class Notes to 'D (sf)'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
rating on Titan Europe 2006-5 PLC's class D notes.

S&P has taken this rating action in the context of persistent
interest shortfalls on this class of notes, as well as its
expectation of an ultimate principal loss.

S&P previously lowered its ratings on the class E and F notes to
'D (sf)' following note interest shortfalls suffered by those
classes.  Also, S&P previously lowered to 'CCC- (sf)' its rating
on the class D notes, commenting that S&P would further lower the
rating to 'D (sf)' if the interest shortfalls persisted.

With regard to the class C notes, S&P continues to believe the
interest shortfalls are likely to be repaid shortly, in view of
the recent partial prepayments of the initial interest shortfall.
Consequently, S&P has not taken rating action on this class.

By contrast, the interest shortfall on the class D notes continues
to accumulate and is now equivalent to 1.34% of the outstanding
class D note balance.  Moreover, S&P believes the issuer will
likely be unable to repay the full amount of principal of this
class of notes, and S&P has therefore lowered its rating to 'D
(sf)' from 'CCC- (sf)'.

The note interest shortfalls result from a nonpayment of interest
under the Quartier 206 loan, and the special servicing fees and
expenses charged in the context of this loan.

The Quartier 206 loan is secured on a retail and office property
in Berlin.  The loan defaulted in April 2010, when the borrower
failed to service the debt following a reduction in rental income.
The cash flow shortfall was compounded by the special servicing
fees, which have been accruing since the loan was transferred to
special servicing.

Although there was excess cash at the note level on the
January 2011 interest payment date, S&P understands that the
issuer was unable to apply this excess cash (the difference
between loan interest received and note interest plus senior
expenses payable) to the shortfall.  The excess cash was paid to
the class X noteholders instead.

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

                            Ratings List

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

                          Rating Lowered

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

                        Ratings Unaffected

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


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


* Goldman Sachs Boss Calls For Greece's Debt Restructuring
----------------------------------------------------------
The Local reports that Goldman Sachs Germany chairman Alexander
Dibelius has called for Greece's debt to be partially forgiven in
order to save the ailing Mediterranean nation from possible
bankruptcy.

"An insolvent Greece must not happen. There must therefore be a
rescheduling or a restructuring of the Greek debt burden.  There
is probably no way around it," Mr. Dibelius told daily Bild,
according to The Local.

The Local says rescheduling or restructuring would mean creating
new loans for Greece on more generous terms than the present
loans, with the aim of restoring Greece's creditworthiness, though
at a cost to European partners, such as Germany, that is financing
the loans.

According to The Local, Mr. Dibelius, who heads the bank in
Germany, Austria, Russia and central and Eastern Europe, said that
even though Greece generated just 2% of Europe's total economic
output, it had become a symbol for the euro-debt crisis and
therefore could not be allowed to fail.


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


ALLIED IRISH: Banco Santander Bids PLN16.6 Bil. for Zachodni Stake
------------------------------------------------------------------
Pawel Kozlowski and Charles Penty at Bloomberg News report that
Banco Santander SA bid PLN16.6 billion (US$5.8 billion) to acquire
100% of Bank Zachodni WBK SA, the Polish lender in which it agreed
to buy a majority stake from Allied Irish Banks Plc last year.

Bloomberg relates that Santander said in a filing to regulators in
Madrid on Monday the Spanish bank offered to pay PLN226.89 a share
for Zachodni.  According to Bloomberg, Santander said that the
bidding process will start Feb. 24 and end March 25.

Allied Irish in September agreed to sell its 70% stake in Poland's
third-largest lender by market value after it was ordered to
bolster a balance sheet depleted by Ireland's economic slump and
real-estate losses, Bloomberg recounts.

The takeover is subject to approval by the Polish financial
regulator, Bloomberg notes.

The Spanish bank is required to bid for 100% of Zachodni to comply
with Polish rules, which stipulate an investor must call a buyout
bid when it declares an intention to exceed a 66% stake in a
publicly traded company, Bloomberg discloses.

As reported by the Troubled Company Reporter-Europe on Jan. 27,
2011, The Irish Times said Allied Irish, which is 92.8%-owned by
the state following the second government bailout of the bank,
still has EUR4.7 billion to raise before the end of February to
bring its capital levels to international standards under the
European Union-International Monetary Fund overcapitalization
plan.

Allied Irish Banks, p.l.c., together with its subsidiaries --
http://www.aibgroup.com/-- conducts retail and commercial banking
business in Ireland.  It also provides corporate lending and
capital markets activities from its head office at Bankcentre and
from Dublin's International Financial Services Centre.  The Group
also has overseas branches in the United States, Germany, France
and Australia, among other locations.  The business of AIB Group
is conducted through four operating divisions: AIB Bank Republic
of Ireland division, Capital Markets division, AIB Bank UK
division, and Central & Eastern Europe division.  In February
2008, the Group acquired the AmCredit mortgage business in the
Baltic states of Latvia, Lithuania and Estonia.  In September
2008, the Group also acquired a 49.99% shareholding in BACB.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Jan. 20,
2011, Standard & Poor's Ratings Services raised its ratings on the
lower Tier 2 subordinated debt issued by Allied Irish Banks PLC
(AIB; BBB/Watch Neg/A-2), which had been subject to the exchange
offer, to 'CCC' from 'D'.  The 'BBB/A-2' counterparty credit
ratings on AIB remain on CreditWatch with negative implications,
where they were placed on Nov. 26, 2010.

"This 'CCC' rating reflects the fact that AIB will need to raise
further equity capital before end-February, that it may require
further capital as a result of the PCAR stress test, and our view
that there is a clear and present risk that these instruments
could be subject to further restructuring-like action in order to
achieve it," said Standard & Poor's credit analyst Nigel
Greenwood.

The ratings on AIB were placed on CreditWatch with negative
implications on Nov. 26, 2010, pending the outcome of a sovereign
rating review.  S&P views the fortunes of the Irish sovereign as
intertwined with those of the banking system, and a downgrade of
the sovereign may impact its ratings on AIB.


BAYVIEW HOTEL: Closes Business, 35 Jobs at Risk
-----------------------------------------------
BreakingNews.ie reports that up to 35 jobs are feared to be under
threat with the sudden closure of the Bayview Hotel.  The report
relates that residents were moved to a neighboring hotel on Feb.2,
while the staff was told the business was closing the next day.

Sinn Fein's Donegal TD Pearse Doherty said the news was "a bolt
out of the blue" for the workers who were unable to access the
hotel this morning, according to BreakingNews.ie.

"I understand that one of the owners of the hotel has asked that
all residents would be transferred to another hotel and that no
future business was to be taken with the hotel being closed with
immediate effect," BreakingNews.ie quoted Deputy Doherty as
saying.  "While it was explained that this was being done for
immediate renovations it is now believed locally that the hotel
will be placed in the hands of receivers," he added.

Bayview Hotel is located in Killybegs.


EIRCOM GROUP: Price of Debt Plunges Amid Bond Buy-Back Rumors
-------------------------------------------------------------
According to Irish Independent's Donal O'Donovan, the price of
Eircom debt suffered its latest plunge in secondary markets last
week, despite reports that a negotiated deal to deleverage the
company could be at hand.

Irish Independent relates that Eircom's bonds fell nearly 30% last
week as investors worried that a deal to tackle the company's
EUR4 billion debt burden remained elusive.  Many investors based
in the UK and on the continent also fear Eircom will suffer if the
economy here deteriorates further, sapping investor appetite,
Irish Independent notes.

The price of Eircom's EUR350 million of senior bonds dropped from
just under 40% of face value to around 31 cent in the euro in just
a week, Irish Independent discloses.

According to Irish Independent, a newspaper report over the
weekend said Eircom's owners could pump EUR300 million into the
business to fund buying back some bonds at a discount.  If
Eircom's owners did buy back bonds at a discount, the money saved
on debt repayments would boost their chance of eventually making a
profit on the deal, Irish Independent states.

A London-based banker, who is focused on the deal, told the Irish
Independent that buying back the bonds would not solve the key
debt covenant that measures the ratio of senior debt to revenue.
He said it was hard to see why owners would invest fresh cash
without the senior lenders agreeing to a more comprehensive deal,
including resetting the debt covenants, according to Irish
Independent.

Irish Independent notes that a spokesman for Eircom said that all
options remained open.

The biggest portion of Eircom's debt is EUR3 billion of bank
loans, Irish Independent notes.  These loans are the most secure
part of the debt structure and are first in line to be repaid even
in the event of a default, Irish Independent states.

Irish Independent says Eircom's owners, STT of Singapore, and an
employee shareholder scheme known as the ESOT, risk losing control
of the company if it fails to meet a test of the covenants, or
conditions, on its bank loans.  The covenants will be tested at
the end of March, July and September, Irish Independent discloses.

As reported by the Troubled Company Reporter-Europe on Dec. 1,
2010, Bloomberg News said Eircom may breach the terms of its loans
as Ireland's austerity measures imposed to combat the collapse of
the banking system force consumers to cut spending.  Bloomberg
disclosed Eircom said in a statement declining revenue combined
with "high" debt levels to push the company close to a covenant
breach.  Eircom, as cited by Bloomberg, said the company's loan
covenants may be violated in the next 12 months if no action is
taken.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


TBS INTERNATIONAL: Amends Credit Facilities With Lenders
--------------------------------------------------------
On January 31, 2011, TBS International plc announced in a filing
with the United States Securities and Exchange Commission that it
had entered into amendments of its credit facilities with all of
its lenders.  The Amendments, which became effective January 28,
2011, are as follows:

     * Second Amended and Restated Credit Agreement, dated as of
       January 27, 2011, by and among Albemarle Maritime Corp.,
       Arden Maritime Corp., Avon Maritime Corp., Birnam Maritime
       Corp., Bristol Maritime Corp., Chester Shipping Corp.,
       Cumberland Navigation Corp., Darby Navigation Corp., Dover
       Maritime Corp., Elrod Shipping Corp., Exeter Shipping
       Corp., Frankfort Maritime Corp., Glenwood Maritime Corp.,
       Hansen Shipping Corp., Hartley Navigation Corp., Henley
       Maritime Corp., Hudson Maritime Corp., Jessup Maritime
       Corp., Montrose Maritime Corp., Oldcastle Shipping Corp.,
       Quentin Navigation Corp., Rector Shipping Corp., Remsen
       Navigation Corp., Sheffield Maritime Corp., Sherman
       Maritime Corp., Sterling Shipping Corp., Stratford Shipping
       Corp., Vedado Maritime Corp., Vernon Maritime Corp. Windsor
       Maritime Corp., TBS International plc, TBS International
       Limited, TBS Shipping Services Inc., Bank of America, N.A.,
       Citibank, N.A., DVB Bank SE, TD Bank, N.A., Keybank
       National Association, Capital One Leverage Finance Corp.,
       Compass Bank (as successor in interest to Guaranty Bank),
       Merrill Lynch Commercial Finance Corp., Webster Bank
       National Association, Comerica Bank and Tristate Capital
       Bank.

     * Amending and Restating Agreement, dated January 27, 2011,
       among Argyle Maritime Corp., Caton Maritime Corp.,
       Dorchester Maritime Corp., Longwoods Maritime Corp.,
       McHenry Maritime Corp., Sunswyck Maritime Corp., The Royal
       Bank of Scotland plc., Citibank, N.A., Landesbank Hessen-
       Th�ringen Girozentrale, Norddeutsche Landesbank
       Girozentrale, Santander UK PLC, and Bank of America, N.A.

     * Fifth Amendatory Agreement, dated as of January 27, 2011,
       among Bedford Maritime Corp., Brighton Maritime Corp., Hari
       Maritime Corp., Prospect Navigation Corp., Hancock
       Navigation Corp., Columbus Maritime Corp., Whitehall Marine
       Transport Corp., TBS International Limited, TBS Holdings
       Limited, TBS International Public Limited Company, DVB
       Group Merchant Bank (Asia) Ltd., DVB Bank SE, The Governor
       and Company of the Bank of Ireland and Natixis.

     * Fourth Amendment to Loan Agreement, dated January 27, 2011,
       by and among Amoros Maritime Corp., Lancaster Maritime
       Corp., Chatham Maritime Corp., Sherwood Shipping Corp., TBS
       International Limited, TBS Holdings Limited, TBS
       International Public Limited Company and AIG Commercial
       Equipment Finance, Inc.

     * Supplemental Agreement No. 2, dated January 27, 2011, among
       Grainger Maritime Corp., TBS International Limited, TBS
       Worldwide Services, Inc., TBS Holdings Limited, TBS
       International Public Limited Company and Joh. Berenberg,
       Gossler & Co. KG.

      * Supplemental Agreement, dated January 27, 2011, among
       Dyker Maritime Corp., TBS International Limited, TBS
       Shipping Services Inc., TBS International plc and
       Commerzbank AG.

     * Supplemental Agreement, dated January 27, 2011, among
       Claremont Shipping Corp., Yorkshire Shipping Corp., TBS
       International Limited, TBS International Public Limited
       Company and Credit Suisse AG.

     * Letter Agreement, dated January 26, 2011, with respect to
       Bareboat Charter Party dated as of January 24, 2007 among
       Adirondack Shipping LLC, as Owner, Fairfax Shipping Corp.,
       as Charterer, and the Guarantors named therein.

     * Letter Agreement, dated January 26, 2011, with respect to
       Bareboat Charter Party dated as of January 24, 2007 among
       Rushmore Shipping LLC, as Owner, Beekman Shipping Corp., as
       Charterer, and the Guarantors named therein.

     * Agreement, dated January 27, 2011, with respect to: (a)
       the Second Amended and Restated Credit Agreement, dated as
       of January 28, 2011, among Albemarle Maritime Corp. and
       each of the other borrowers named therein, TBS
       International plc, TBS International Limited, TBS Shipping
       Services Inc., each of the lenders party thereto, Bank of
       America, N.A., Citibank, N.A., DVB Bank SE, TD Bank, N.A.,
       and Banc of America Securities LLC and (b) certain interest
       rate swap transactions entered into in connection with and
       pursuant to that certain Master Agreement dated as of
       June 28, 2005 among the Borrowers, TBS International
       Limited and Bank of America, N.A.

The Amendments restructure the Company's debt obligations by
revising the principal repayment schedules under the Credit
Facilities, waiving any existing defaults, revising the financial
covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash liquidity, and modifying other terms of the
Credit Facilities.

                    About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- http://www.tbsship.com/-- is a fully-integrated transportation
service company that provides worldwide shipping solutions to a
diverse client base of industrial shippers.

At September 30, 2010, TBS had total assets of US$906.794 million,
total debt, including current portion, of US$328.259 million, and
shareholders' equity of US$513.154 million.  TBS had working
capital deficit of US$297.663 million at September 30, 2010.

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about the Company's ability to continue as a going concern,
following its 2009 results.  The independent auditors noted that
the Company believes it will not be in compliance with the
financial covenants under its credit facilities during 2010, which
under the agreements would make the debt callable.  "This has
created uncertainty regarding the Company's ability to fulfill its
financial commitments as they become due."

TBS International in December 2010 disclosed that its various
lender groups have agreed to extend the current forbearance period
until January 31, 2011.  During such period, the lender groups
will continue to forbear from exercising their rights and remedies
which arise from the Company's failure to make principal payments
when due.  The Company will not make principal payments due on its
financing facilities during the extended forbearance period, but
it will continue to pay interest on those facilities at the
default interest rate.


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


CASSA DI RISPARMIO: Moody's Assigns '(P)Ba1' Jr. Sub. Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Baa1 senior unsecured
debt rating, a provisional (P)Baa2 subordinated (Lower Tier II)
debt rating, a provisional (P)Baa2 Tier III debt rating and a
provisional (P)Ba1 junior subordinated (Upper Tier II) debt rating
to Cassa di Risparmio di Cesena SpA's EMTN programme.  Further, a
Baa1 rating was assigned to the EUR150million senior unsecured
note, issued under the bank's above mentioned EMTN program.  The
outlook on all ratings is negative, in line with the negative
outlook on CR Cesena's Baseline Credit Assessment and bank deposit
rating.

                        Ratings Rationale

The ratings were assigned in the context of CR Cesena's
EUR500 million Euro Medium Term Note Programme, dated December 2,
2010.  Moody's said that the subordinated (Lower Tier II), Tier
III and junior subordinated (Upper Tier II) debt ratings follow
Moody's rating Methodology entitled "Moody's guidelines for Rating
Bank Hybrid Securities and Subordinated Debt" published in
November 2009.  Accordingly the subordinated (Lower Tier II) and
the
Tier III debt rating is positioned one notch below the Baa1 bank
deposit rating of CR Cesena, and the junior subordinated (Upper
Tier II) debt rating is positioned one notch below the Baa3 BCA of
CR Cesena.

A stable outlook on the ratings could develop from better
capitalization and efficiency, lower borrower and industry
concentration and/or credit losses in line with current
expectations.

Downward pressure on the ratings could result from a meaningful
deterioration in the bank's local franchise, or an erosion of its
regulatory capital.

Moody's last rating action on CR Cesena was implemented on
July 1, 2009, when the ratings were downgraded to its current
level at Baa1/P-2/D+.

Cassa di Risparmio di Cesena SpA is headquartered in Cesena,
Italy.  At June 2010 it had total assets of EUR5 billion.


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


AVONDALE SECURITIES: S&P Cuts Credit Ratings on Notes to 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on CreditWatch
negative its credit ratings on Avondale Securities S.A.'s class A-
1 and A-2 notes.

This follows the downgrade and CreditWatch update of the support
sponsor, Bank of Ireland, on Feb. 2, 2011.

In the Avondale transaction, BoI synthetically monetized the
expected "value in force" from its subsidiary, Bank of Ireland
Life.  The primary objective of the transaction is to increase
BoI's Core Tier 1 capital.

The ratings on the class A-1 and A-2 notes are weak-linked to the
rating on BoI due to the support agreement between BoI and
Avondale.  This agreement obligates BoI to meet, under certain
conditions, payments due on the notes and potential tax
liabilities, as well as BoI's servicing of the policies.
Under S&P's criteria applicable to weak-linked structures such as
Avondale's, S&P would generally reflect changes to the rating on
BoI in its rating on Avondale's notes.  As such, the downgrades
and CreditWatch update follow the recent actions on BoI on Feb. 2,
2011.

                           Ratings List

         Ratings Lowered and Kept on CreditWatch Negative

                     Avondale Securities S.A.
       EUR400 Million Floating-Rate Emergence Offset Notes

                        Rating
                        ------
  Class    To                           From
  -----    --                           ----
  A-1      BB+ (sf)/Watch Neg           BBB+ (sf)/Watch Neg
           BB+ (sf)/Watch Neg (SPUR)    BBB+ (sf)/Watch Neg (SPUR)
  A-2      BB+ (sf)/Watch Neg           BBB+ (sf)/Watch Neg


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


NIELSEN COMPANY: Moody's Assigns 'Ba3' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has moved the Corporate Family rating
and Probability of Default rating from The Nielsen Company B.V. to
Nielsen Holdings N.V., assigning a CFR and PDR of Ba3 to the
company.  Moody's has also upgraded Nielsen Company's senior
unsecured bond ratings to B2 (from Caa1) and Nielsen Finance LLC's
(Nielsen Finance) bank facility ratings to Ba2 (from Ba3) and its
unsecured bond ratings to B2 (from Caa1).  The outlook for all
ratings is stable.

                        Ratings Rationale

The upgrade acknowledges the boost to Nielsen's deleveraging
process from the company's successful IPO.  Net proceeds from the
issue of common equity in the IPO of US$1.8 billion (after the
exercise of the underwriters' option to purchase additional
shares) will be used to repay debt.  This rating action concludes
a review initiated on January 11, 2011.

Ratings upgraded include the 11 1/8% Senior Discount Notes due
2016 at Nielsen Company and the 12 1/2% Senior Subordinated
Discount Notes due 2016 at Nielsen Finance.  However, Moody's
expects that these notes will shortly be repaid in full in line
with Nielsen's stated intention.  The B2 CFR and PDR at Nielsen
Company were withdrawn.

Nielsen's Ba3 CFR also continues to reflect Moody's view that the
company enjoys strong international business positions with high
barriers to entry.  It addition, it is based on Moody's
expectation that the company can build on its track record to
deliver continued revenue growth and can thus leverage its cost
base, optimized over the last few years, to produce steady profit
growth.  Finally, Moody's expects that Nielsen will utilize free
cash flow generation to reduce debt further.  However, the ratings
also reflect the company's still substantial leverage, the
competitive and price challenges for Nielsen's "Buy" division as
well as exposure, particularly in the" Watch" division to a fast
moving technological environment.

Downward ratings pressure could result from a deviation from
Moody's assumptions that (i) leverage as measured by the ratio of
Debt (as defined by Moody's)/EBITDA(as adjusted by Moody's;
without counting run-rate cost savings) will not be materially
higher than ~5.0x by the end of 2011; (ii) Nielsen remains on a
deleveraging trajectory beyond 2011; (iii) the company produces
visible free cash flow.

Positive rating pressure is likely to result from steady
operational performance paired with de-leveraging such that Debt
(as defined by Moody's)/EBITDA(as adjusted by Moody's) is moving
towards 4.0x together with sustained meaningful free cash flow
generation.

Moody's regards Nielsen's liquidity as comfortable for its near-
term needs.  Following the use of proceeds from the IPO for debt
reduction and a number of other recent refinancing and extension
steps, the company has modest repayment obligations during 2011
and 2012, which Moody's expects to be repaid from internal
sources.  Nielsen has indicated that as of December 31, 2010, the
company had around US$400 million of cash and cash equivalents.

Nielsen also has access to a US$688 million senior secured
revolving credit facility (largely undrawn at the end of 2010).
Moody's expects the facility, which is used pre-dominantly for
working capital purposes, to be renewed well ahead of its 2012
maturity.  While the facility is subject to financial covenants,
Moody's believes that Nielsen will retain good headroom under the
covenants.  Moody's would expect the company to take refinancing
steps to address its next material repayment obligation (US$ 1.8
billion in senior bank facilities in 2013) well ahead of time.

Moody's Investors Service has withdrawn the CFR and PDR of B2 at
Nielsen Company for its own business reasons.

The last rating action was implemented on 25 0ctober 2010 when
Moody's assigned a definitive Caa1 rating to the issue of senior
notes due 2018 via Nielsen's subsidiaries, Nielsen Finance LLC and
Nielsen Finance Co.  Nielsen's ratings were assigned by evaluating
factors Moody's believe are relevant to the credit profile of the
issuer, such as i) the business risk and competitive position of
the company versus others within its industry, ii) the capital
structure and financial risk of the company, iii) the projected
performance of the company over the near to intermediate term, and
iv) management's track record and tolerance for risk.  These
attributes were compared against other issuers both within and
outside of Nielsen's core industry and Nielsen's ratings are
believed to be comparable to those of other issuers of similar
credit risk.

Active in approximately 100 countries, with headquarters in
Diemen, The Netherlands and New York, USA, Nielsen Holdings N.V.
is a global information and measurement company.


SENSATA TECHNOLOGIES: Posts US$131.38 Million Profit in 2010
------------------------------------------------------------
On February 1, 2011, Sensata Technologies B.V. filed with the
United States Securities and Exchange Commission its annual report
on Form 10-K, disclosing net income of US$131.38 million on
US$1.54 billion of net revenue for the year ended December 31,
2010, compared with a net loss of US$26.99 million on
US$1.13 billion of net revenue during the prior year.

The Company's balance sheet at December 31, 2010, showed
US$3.28 billion in total assets, US$2.38 billion in total
liabilities and US$900.18 million in total shareholders' equity.

A copy of the annual report on Form 10-K is available for free at
http://is.gd/jm9QmZ

                           About Sensata

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- Sensata Technologies B.V. is a global
designer, manufacturer, and marketer of customized and highly-
engineered sensors and control products.  Sensata is a wholly-
owned subsidiary of Sensata Technologies Holding, N.V.  Its
sensors segment accounts for approximately 60% of the company's
2009 revenues, and supplies sensors and transducers to the
commercial, industrial and automotive markets.  Revenue for the
LTM period ended 9/30/10 approximated US$1.5 billion.

In October 2010, Moody's Investors Service said that Sensata
Technologies' 'B2' Corporate Family Rating and positive outlook
remain unchanged following the announcement of its public holding
company, Sensata Technologies Holding N.V., that it has reached a
definitive agreement to acquire the "Automotive on Board" sensors
business of Honeywell International for US$140 million in cash.

Moody's last rating action on Sensata was August 26, 2010, when
the company's Corporate Family and Probability of Default ratings
were upgraded to B2 from B3 and the ratings outlook was changed to
positive.

In August 2010, Standard & Poor's Ratings Services raised its
ratings on sensors and controls manufacturer Sensata Technologies
B.V., including the corporate credit rating, to 'B+' from 'B'.
The outlook is positive.  "The rating action reflects continued
improvements in Sensata's operating performance, which have
resulted in better credit measures," said Standard & Poor's credit
analyst Dan Picciotto.  "The upgrade also reflects the company's
public statements regarding lower targeted net leverage, implying
there may be further improvement in its credit measures.  S&P
believes business trends remain favorable, but are likely to
moderate from the firm's recent high growth levels."


===========
P O L A N D
===========


BANK OCHRONY: Fitch Affirms Individual Rating at 'D'
----------------------------------------------------
Fitch Ratings has affirmed Bank Ochrony Srodowiska's ratings,
including its Long-term Issuer Default Rating at 'BBB' with a
Stable Outlook.

BOS's IDRs are based on the high probability of support from the
Polish authorities.  Fitch's opinion is based on the strong
ability of the Polish sovereign ('A-'/Stable) to provide support,
and the likely high propensity to support based on the quasi-
governmental status of BOS's major shareholders, in particular the
National Fund for the Protection of Environment and Water Resource
Management, which holds a 79% stake.  Fitch also takes into
account the bank's key role in the Polish system of financing
environmental projects and its involvement in redistribution of
resources provided by national environmental protection funds.

However, these factors are somewhat offset by the limited systemic
importance of the bank, which was the 17th-largest credit
institution in the sector by total assets at end-Q310, and the
fact that government control is through the holding of the bank by
quasi-government funds, rather than as a result of direct
ownership.

The Individual Rating reflects the rapid recent expansion of the
loan book, the bank's relatively small size and risks embedded in
the growing proportion of foreign-currency lending.  This is
balanced by acceptable asset quality and capitalization and the
reasonably favorable near-term outlook for the Polish economy.

Fitch highlights that the bank faces significant refinancing risk
in 2011, as it needs to replace about PLN2.4 billion of deposits
(17% of total assets at end-Q310), including PLN1.5 billion in
Q211.  The expected outflow of funds is a result of legislative
changes in Poland, which require selected institutions from the
public sector (including NFOSiGW) to deposit their disposable
funds with the Ministry of Finance.

As a result of this requirement, the bank redefined its funding
strategy in Q410.  BOS issued PLN700 million three-year bonds in
the domestic market in November 2010 and plans to raise up to
EUR500m (almost PLN2bn) eurobonds in late April 2011.  Fitch's
base expectation is that these fundraising efforts, combined with
current liquid assets (about PLN1.7 billion at end-2010, of which
PLN1.3 billion comprises cash and government securities), possible
aggressive deposit acquisition and the potential for government
support through liquidity injections or relaxation of the deposit
transfer requirements, will be sufficient for BOS to avoid
heightened liquidity stress.  However, Fitch believes there is
still a risk of such stress and this would need to be monitored
particularly carefully if for any reason the bank is unable to
place the planned eurobond in April.

BOS is a universal bank with a strong focus on preferential and
commercial financing of pro-ecological project.  In total about
98% of share capital is owned by state-controlled entities, while
the remainder has been listed on the Warsaw Stock Exchange since
1997.

The rating actions are:

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     Stable

  -- Short-term foreign currency IDR: affirmed at 'F3'

  -- Individual Rating: affirmed at 'D'

  -- Support Rating: affirmed at '2'

  -- Support Rating Floor: affirmed at 'BBB'


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


ALFA-BANK: Fitch Rates Senior Unsecured Bonds at 'BB (exp)'
-----------------------------------------------------------
Fitch Ratings has assigned OJSC Alfa-Bank's upcoming five-year
RUB5 billion issue of senior unsecured bonds an expected Long-term
local currency rating of 'BB(exp)' and National Long-term rating
of 'AA-(rus)(exp)'.  The bonds will have a put option after three
years.  The final rating is contingent on the receipt of documents
conforming materially to information already received.

OJSC Alfa-Bank is the largest privately-owned bank in Russia by
assets, although its market shares are modest, reflecting the
fragmented nature of the sector.  The group is ultimately owned by
six individuals, with the largest stakes held by Mikhail Fridman
(36.47%) and German Khan (23.27%).


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


BANCO FINANCIERO: Fitch Assigns 'D' Individual Rating
-----------------------------------------------------
Fitch Ratings has assigned Spain's Banco Financiero y de Ahorros
Group and Banco Financiero y de Ahorros, S.A. Long-term Issuer
Default Ratings of 'A-', Short-term IDRs of 'F2', Support Ratings
of '1' and Support Rating Floors of 'A-'.  BFA Group has been
assigned an Individual Rating of 'D'.  The Outlook on the Long-
term IDR is Stable.

Fitch has also downgraded Banco de Valencia's Long-term IDR to
'BBB-' from 'BBB'.  The Rating Watch Evolving on the Long-term IDR
has been revised to Rating Watch Negative and the Individual
Rating of 'C/D' has been placed on RWN.  The bank's IDR is driven
by its Individual Rating and not by support from BFA.  Banco
Valencia's ratings continue to be under pressure from continuing
deterioration in profitability and asset quality in 2010 in the
context of Spain's weak economic environment.  It also remains
wholesale funding reliant and will find it challenging to reduce
this reliance as competition for customer deposits is intense and
it will have to refinance maturities under difficult market
conditions.  Fitch expects that it will resolve the RWN in the
next three months following another review of the bank.

A full list of all rating actions for the BFA group, its
constituents and Banco Valencia is at the end of this comment.

The ratings assigned to BFA Group are based on the analysis of the
consolidated group.  BFA Group was created on December 2010 in
conjunction with the restructuring of Spain's savings banks, as a
consolidated Group, comprising Caja de Ahorros y Monte de Piedad
de Madrid, Caja de Ahorros de Valencia, Castellon y Alicante,
Caixa d'Estalvis Laietana, Caja Insular de Canarias, Caja de
Ahorros y Monte de Piedad de Avila, Caja de Ahorros y Monte de
Piedad de Segovia, Caja de Ahorros de Rioja and BFA.  BFA is the
group's central body and the parent bank for consolidation
purposes.

Strong principles of cooperation will be in place at the group,
which has been formed under an Institutional Protection Scheme.
Under the SIP contract, mutual cross-support mechanisms are in
place at the group, designed to ensure that liquidity and solvency
remain fungible amongst group entities sharing in such support
schemes.  Given the SIP mechanism, the same IDRs apply to all
members participating in the mutual cross-support scheme.  The
group's Long-term IDR is driven by support and is at the Support
Rating Floor, reflecting Fitch's opinion that there is an
extremely high probability of support, if required, from the
Spanish authorities given the group's systemic importance.

The Individual Ratings, Support Ratings and Support Rating Floors
of the three cajas rated by Fitch, which now form part of BFA
Group have been withdrawn following the reorganization of the
rated entities into the SIP.

BFA Group's Individual Rating reflects integration risks,
concentration in the construction and real estate sectors and
deteriorated asset quality amid muted growth prospects in Spain,
wholesale funding reliance and the need to improve capital.
However, it also takes into account a strong national franchise as
Spain's largest caja group and good efficiency indicators.

BFA Group issued EUR4,465 million in convertible preference shares
(convertible into "cuotas participativas"), subscribed by the Fund
for Orderly bank Restructuring, which qualify as regulatory core
capital.  BFA Group's core capital was 7% at end-2010, but cajas
remain under pressure to increase this ratio to a minimum of 8% by
end-2011, in line with the announcement recently made by the
Spanish government.  Management aims to achieve this through a
share capital increase and the listing of the bank in 2011.

BFA Group's profitability will remain under pressure from low
interest rates, higher funding costs and lower business volumes as
well as restructuring costs.  However, in 2011, there will be some
respite from the charge of early retirement costs and the bringing
forward of impairment reserves in 2010.  In the medium term,
further cost synergies should be achieved through branch
rationalization plans and the implementation of a common IT
platform, which should help the group return FROB funds within
five years.

The group's concentration risk to the Spanish construction and
real estate sectors remains high and it has been active in
foreclosing real estate assets.  Fitch considers that the current
downturn of the property market means it will take time for BFA
Group to reduce risk concentration and sell its stock of
foreclosed assets.  The impaired/total loans ratio had
deteriorated to 6.5% at end-2010 (a high 9.5% including net
foreclosed assets), although the loan loss coverage stood at a
reasonable 61%, helped by the front-loading of expected losses in
2010.

BFA Group's funding profile, which is reliant on the wholesale
markets, is a significant weakness given the cajas' present
difficulties in funding themselves in the markets.  While the
group has significant funding maturities in 2011 and 2012,
management intends to help meet them through increasing its retail
deposit and de-leveraging its balance sheet.  In addition, the
group has EUR15.9 billion liquid assets to discount at the ECB,
which would help meet 2011 and 2012 funding maturities.

BFA Group is Spain's largest caja group and the country's third-
largest financial institution, with about EUR328 billion in assets
at end-2010 and a domestic market share of deposits of about 12%.
The group is largely retail-focused in Madrid, Catalonia and
Levante, although it also has a national franchise.

Fitch has changed Banco Valencia's Support Rating to '3' from '2'
and has assigned a Support Rating Floor of 'BB-'.  This reflects
that although Banco Valencia is a 38.4%-owned subsidiary of BFA,
it does not benefit from the cross-guarantee mechanism of the SIP
and remains a financial investment.  As such, Fitch believes that
there would be a moderate probability of support for Banco
Valencia from the Spanish financial authorities, if needed and not
from BFA.

Fitch has also downgraded hybrid capital instruments issued by
Caja Madrid, Bancaja and Caixa Laietana to 'B-' to reflect the
agency's opinion of increased coupon deferral risk

The rating actions are:

BFA Group:

  -- Long-term IDR: assigned at 'A-'; Outlook Stable
  -- Short-term IDR: assigned at 'F2'
  -- Individual Rating: assigned at 'D'
  -- Support Rating: assigned at '1'
  -- Support Rating Floor: assigned at 'A-'

BFA:

  -- Long-term IDR: assigned at 'A-'; Outlook Stable
  -- Short-term IDR: assigned at 'F2'
  -- Support Rating: assigned at '1'
  -- Support Rating Floor: assigned at 'A-'

Caja Madrid:

  -- Long-term IDR: downgraded to 'A-' from 'A', removed from RWN;
     Outlook Stable

  -- Short-term IDR: downgraded to 'F2' from 'F1', removed from
     RWN

  -- Individual rating: downgraded to 'D' from 'B/C', removed from
     RWN and rating withdrawn

  -- Support Rating: upgraded to '1' from '2', removed from Rating
     Watch Positive and rating withdrawn

  -- Support Rating Floor: upgraded to 'A-' from 'BBB', removed
     from RWP and rating withdrawn

  -- Senior Unsecured Debt: downgraded to 'A-' from 'A', removed
     from RWN

  -- Market linked securities: downgraded to 'A-emr' from 'Aemr',
     removed from RWN

  -- Subordinated debt: downgraded to 'BBB+' from 'A-', removed
     from RWN

  -- Preference shares: downgraded to 'B-' from 'BBB', removed
     from RWN

  -- State-guaranteed notes: affirmed at 'AA+'

Bancaja:

  -- Long-term IDR: upgraded to 'A-' from 'BBB', removed from RWP;
     Outlook Stable

  -- Short-term IDR: upgraded to 'F2' from 'F3', removed from RWP

  -- Individual rating: downgraded to 'D' from 'C/D', removed from
     Rating Watch Evolving and rating withdrawn

  -- Support Rating: upgraded to '1' from '3', removed from RWP
     and rating withdrawn

  -- Support Rating Floor: upgraded to 'A-' from 'BB+', removed
     from RWP and rating withdrawn

  -- Senior Unsecured Debt: upgraded to 'A-' from 'BBB', removed
     from RWP

  -- Subordinated debt: upgraded to 'BBB+' from 'BBB-', removed
     from RWP

  -- Upper tier 2: downgraded to 'B' from 'BB+', removed from RWE

  -- Preference shares: downgraded to 'B-' from 'BB-', removed
     from RWE

  -- State-guaranteed notes: affirmed at 'AA+'

Caixa Laietana:

  -- Long-term IDR: upgraded to 'A-' from 'BBB-', removed from
     RWP; Outlook Stable

  -- Short-term IDR: upgraded to 'F2' from 'F3', removed from RWP

  -- Individual rating: downgraded to 'D' from 'C/D', removed from
     RWE and rating withdrawn

  -- Support Rating: upgraded to '1' from '3', removed from RWP
     and rating withdrawn

  -- Support Rating Floor: upgraded to 'A-' from 'BB+', removed
     from RWP and rating withdrawn

  -- Preference shares: downgraded 'B-' from 'B+', removed from
     RWE

  -- State-guaranteed notes: affirmed at 'AA+'

Caja Avila and Caja Segovia:

  -- State-guaranteed notes: affirmed at 'AA+'

The downgrade of the bank does not have any impact on the rating
of the covered bonds.

Banco Valencia:

  -- Long-term IDR: downgraded to 'BBB-', RWE revised to RWN

  -- Short-term IDR: 'F3', RWE revised to RWN

  -- Individual rating: 'C/D', placed on RWN

  -- Support Rating: changed to '3' from '2', removed from RWE

  -- Support Rating Floor: assigned at 'BB-'

  -- Senior Unsecured Debt: downgraded to 'BBB-' from 'BBB', RWE
     revised to RWN

  -- Subordinated debt: downgraded to 'BB+' from 'BBB-', RWE
     revised to RWN

  -- Preference shares: downgraded to 'B+' from 'BB-', RWE revised
     to RWN


IM GRUPO BANCO: DBRS Puts CCC Rating on EUR607.50MM Series B Notes
------------------------------------------------------------------
DBRS Ratings Limited has assigned the provisional ratings of
AAA (sf) to the EUR500.00 million Series A1 Notes, AAA (sf) to
the EUR1,142.50 million Series A2 Notes and CCC (high) (sf) to
the EUR607.50 million Series B Notes issued by IM GRUPO BANCO
POPULAR EMPRESAS 3, F.T.A.  The transaction is a cash flow
securitization collateralized primarily by a portfolio of bank
loans originated by Banco Popular Espanol, S.A., to Spanish
enterprises, small-and medium-sized enterprises and the self-
employed.  As of December 31, 2010, the transaction had a
portfolio notional amount of EUR1,313.8 million and included
17,365 loans with a weighted average time to maturity of 8.5
years.

The transaction is an existing transaction that had its
Constitution Date on July 3, 2009.

The above ratings are provisional.  Final ratings will be issued
upon receipt of executed versions of the amended governing
transaction documents.  To the extent that the documents and
information provided by IM GRUPO BANCO POPULAR EMPRESAS 3 and/or
its agents to DBRS as of this date differ from the executed
versions of the governing transaction documents, DBRS may assign
lower final ratings to the Notes, or may avoid assigning final
ratings to the Notes altogether.

These ratings are based upon DBRS' review of these analytical
considerations:

A. Transaction structure, the form and sufficiency of available
  credit enhancement.

-- Credit enhancement is in the form of subordination and a
    reserve funded through a subordinated loan.  The current
    credit enhancement levels of 85.48% and 34.70% are sufficient
    to support the AAA (sf) ratings of the Series A1 and Series
    A2 Notes respectively and the current credit enhancement
    level of 7.70% is sufficient to support the CCC (high) (sf)
    rating of the Series B Notes.

-- Funded at the beginning of the transaction through the
    issuance of a subordinated loan granted by Banco Popular,
    the Reserve Fund, initially at 7.70% of the aggregate
    balance of the Series A1, Series A2 and Series B Notes or
    EUR173.25 million, is available to pay shortfalls in the
    senior expenses and interest throughout the life of the
    Notes, and interest and principal at maturity on the Series
    A1, Series A2 and Series B Notes.

-- The Reserve Fund cannot be reduced, except for required
    payments to cover interest and principal shortfalls, unless:

    a. The transaction is at least three years old;

    b. The Reserve Fund is at least 14.40% of the then
       outstanding aggregate balance of the Series A1, Series A2
       and Series B Notes; and,

    c. The Reserve Fund balance is greater than EUR86.625 million
       that is 3.85% of the initial aggregate balance of the
       Series A1, Series A2 and Series B Notes.

-- In addition, the Reserve Fund will not be eligible for
    further pay downs, the above notwithstanding, if:

    a. The balance of the Reserve Fund was not at the minimum
       required level the previous period; or,

    b. The outstanding balance of the non-failed assets which are
       more than 90 days in arrears is greater than 1% of the
       then outstanding balance of the total non-failed assets.

B. The ability of the transaction to withstand stressed cash flow
  assumptions and repay investors according to the terms in which
  they have invested.  For this transaction, the provisional
  ratings of the Series A1 and Series A2 Notes address the timely
  payments of interest, as defined in the transaction documents,
  and the timely payments of principal on each Payment Date
  during the transaction and, in any case, at their Legal Final
  Maturities on May 24, 2051.  The provisional rating of the
  Series B Notes addresses the ultimate payment of interest, as
  defined in the transaction documents, and the ultimate payment
  of principal on each Payment Date during the transaction and,
  in any case, at their Legal Final Maturities on 24 May 2051.
  Interest and principal payments on the notes will be made
  annually, generally on May 24.

C. The transaction parties' financial strength and capabilities to
  perform their respective duties and the quality of origination,
  underwriting and servicing practices.

Soundness of the legal structure and presence of legal opinions
which address the true sale of the assets to the trust and the
non-consolidation of the special purpose vehicle, as well as the
consistency with the DBRS Legal Criteria for European Structured
Finance Transactions.

The applicable public methodologies are Master European Granular
Corporate Securitisations (SME CLOs) and Legal Criteria for
European Structured Finance Transactions.

DBRS determined key inputs used in its analysis based on
historical performance data provided for the originator and
servicer as well as analysis of the current economic environment.
Further information on DBRS' analysis of this transaction will be
available in a rating report on http://www.dbrs.com/ or by
contacting us at info@dbrs.com

The sources of information used for these ratings include parties
involved in the rating, including but not limited to IM GRUPO
BANCO POPULAR EMPRESAS 3, F.T.A. and Intermoney Titulizaci�n
S.G.F.T, S.A.  DBRS considers the information available to it for
the purposes of providing this rating was of satisfactory quality.

For additional information on DBRS European SME CLOs, see European
Disclosure Requirements at http://www.dbrs.com/research/235269


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


VESTEL ELEKTRONIK: Fitch Affirms 'B' Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Vestel Elektronik Sanayi
Ve Ticaret A.S's Long-term foreign and local currency Issuer
Default Ratings at 'B'.  The Outlook on both IDRs is Stable.
Fitch has also affirmed the senior unsecured rating of Vestel
Electronics Finance Ltd.'s guaranteed issue of US$225 million
8.75% 2012 maturity notes at 'B'/'RR4'.

The rating affirmations reflect the fact that Vestel's key credit
metrics remain relatively comfortable for a 'B' range credit (both
on a current and forecast basis), and that although liquidity and
covenant headroom are relatively weak, they have not materially
worsened over the past 12-18 months.  This has been supported by
management's focus on reducing gross debt levels (which fell by
20% during Q1-Q310) and decreasing balance sheet related FX risks
through increased financial hedging.  Assuming that end-market
conditions and prevailing FX rates do not materially worsen, Fitch
expects Vestel's credit profile to remain consistent with its
current ratings.

The ratings continue to be supported by Vestel's low-cost
manufacturing position, its healthy market share in the European
TV and white goods markets, its proximity to the EU (which
provides it with an advantage over Asian competition) and its
strong economies of scale, including having Europe's largest
production facility under a single roof.

However, despite these strengths, Vestel's credit profile remains
relatively weak.  Key weaknesses include the company's exposure to
the mature and highly competitive TV and white goods markets,
where technological change and over-capacity has led to intense
price competition.  Combined with Vestel's large FX exposure
within its P&L (negative when the Turkish lira (TRY) appreciates),
this can lead to significant swings in profitability.

Other factors limiting the ratings include Vestel's historically
weak cash flow (it has generated positive free cash flow only once
in the past five years), and its opaque group structure, which
includes a parent company (Zorlu Group) for which financial
details are limited.  Furthermore, Vestel suffers from a weak
liquidity position, with a liquidity score (sources of
liquidity/uses of liquidity over the next 12 months) of 1x; a
score below 1x represents a significant concern.  Liquidity
suffers from Vestel's reliance on short-term debt, a lack of
committed undrawn credit lines, a degree of FX exposure (with debt
mainly in US dollars but cash flows in a mix of US dollars, euros
and TRY), limited covenant headroom, and a large upcoming maturity
'lump' in the form of a US$225 million bond, maturing in 2012.

The ratings also incorporate Vestel's recent trading performance,
which was mixed during Q1-Q310.  Although revenues have performed
well (up 9% on an LTM basis) as demand for TVs and white goods has
recovered following the 2008-09 downturn, profitability remains
under pressure.  EBITDA margins fell significantly to 7.1% in Q310
(on an LTM basis) from 12.8% in Q409 due to increasing price
competition, rising input costs, the cessation of temporary tax
incentives in Turkey, and a stronger TRY.  Nevertheless, FCF has
been slightly positive, thus allowing debt levels to fall.  Key
credit metrics remain consistent with the current ratings, with
FFO adjusted leverage of about 2.6x as of Q310 (on an LTM basis)
and FFO fixed charge cover of 3.9x.  Fitch adjusts Vestel's credit
metrics to reflect that Vestel does not have full access to the
cash flows in its second-largest subsidiary, Vestel White Goods.
Although Vestel fully consolidates VWG in its accounts, its access
to VWG's cash flows is limited to purely annual dividend payments,
which are also subject to a 27% leakage to minority shareholders.

Fitch believes there is little upside to Vestel's ratings at
present, given that concerns about liquidity, FX exposure and a
lack of transparency at the parent company level are unlikely to
be resolved in the near term.  Nevertheless, a significant
improvement in credit metrics, such as FFO adjusted leverage below
1x, could create positive ratings momentum.

Conversely, the ratings could be downgraded if Vestel's liquidity
position worsens, such as a liquidity score below 1x, evidence of
an impending covenant breach, and/or a lack of meaningful progress
within the next 12-14 months in refinancing its US$225 million
bond.  A ratings downgrade would also be likely if key credit
metrics were to sustainably worsen, such as FFO adjusted leverage
(adjusted for ring-fenced VWG cash flows) to 3x or more, or FFO
interest cover (adjusted for ring-fenced VWG cash flows) to 2x or
less.

Vestel Electronics Finance Ltd.'s senior unsecured rating
continues to be aligned with Vestel's IDR as Vestel fully
guarantees VEFL's debt.  Moreover, Fitch's bespoke recovery
analysis indicates that VEFL's senior unsecured creditors would
recover 30%-50% under a default scenario, equating to an 'RR4'
recovery rating and thus zero notching between the SU rating and
IDR, as per Fitch's methodology.


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


SAVINGS BANK: Moody's Changes Outlook on 'B2' Rating to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the B2 local currency long-
term deposit and debt ratings of Savings Bank of Ukraine to stable
from negative.

                        Ratings Rationale

Moody's says that the change of the outlook on SBU's ratings is
driven by the stabilization of the bank's credit profile, as
reflected by (i) the diminishing credit risk of sovereign and
quasi-sovereign exposures which dominate the bank's balance sheet,
as the outlook on Ukrainian sovereign rating was changed to stable
from negative in October 2010; (ii) the bank's strong capital
adequacy and satisfactory financial performance to date and (iii)
some stabilization of asset quality indicators in H2 2010, largely
driven by improvement in the financial standing of the bank's
largest borrowers.

According to Moody's, SBU's E+ BFSR, which translates into a
Baseline Credit Assessment of B2, is constrained by corporate
governance issues stemming from the bank's ownership by the
government, very high, albeit gradually reducing, single-party
loan concentrations, including to government-related entities, and
weak economic capitalization, as reflected in the high level of
related-party lending.  The BFSR also incorporates the risks
associated with the operating environment in Ukraine.  At the same
time, the rating is supported by the bank's strong market
position, which is underpinned by the largest branch network in
the country, by the bank's very strong deposit-taking franchise
and high regulatory capitalization.

SBU's local currency deposit rating incorporates its B2 BCA and
Moody's assessment of the probability of systemic support from the
Ukrainian government.  Although this support is assessed as very
high -- due to SBU's government ownership and substantial market
share in Ukraine's retail deposit market -- it does not result in
any uplift f rom the bank's BCA because the B2 rating of the
support provider, Ukraine, is at the same level as the bank's BCA.

SBU's E+ BFSR has limited upside potential in the near term, and
its BCA of B2 is likely to be closely linked to the developments
in Ukraine sovereign ratings.  In addition, further reduction in
the bank's borrower concentration, reduction in related-party
exposures and improved earnings generation could have positive
rating implications in the medium term.  The B3 foreign currency
deposit rating is constrained by the country ceiling for Ukraine,
and can be upgraded only if Moody's upgrades the country ceiling.

Moody's cautions that negative pressure could be exerted on SBU's
BFSR and local currency deposit and debt ratings if the bank's
single-name borrower concentrations increase significantly, or if
financial conditions of its largest borrowers were to materially
deteriorate.  A downgrade of Ukraine's sovereign ratings could
also put negative pressure on the bank's ratings.  Furthermore, a
downgrade of Ukraine's country ceiling for foreign currency bank
deposits would result in the downgrade of SBU's foreign currency
deposit rating.

Moody's previous rating action on SBU was implemented on
June 22, 2009, when Moody's downgraded the long-term global local
currency deposit and debt ratings to B2 (negative outlook) from
Ba1, and the national scale rating was downgraded to A2.ua from
Aa1.ua.  On October 12, 2010, Moody's changed the outlook on the
B3 long-term foreign currency deposit ratings of SBU to stable
from negative.

Headquartered in Kiev, Ukraine, SBU reported total assets and
total equity of UAH55.9 billion (US$7.1 billion) and
UAH15.4 billion (US$1.95 billion), respectively, in accordance
with audited IFRS, at September 30, 2010.


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


AFREN PLC: Fitch Assigns 'B' Senior Rating to US$450-Mil. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Africa-based oil producer Afren plc's
US$450 million notes, due 2016, a final foreign currency senior
unsecured rating of 'B' with a recovery rating of 'RR4'.

The final rating is based on the agency's assessment of possible
limitations realizing collateral granted for the benefit of
noteholders.  Fitch's views of recovery upon default are reflected
in the 'RR4' rating.

The net proceeds of the notes will be used to repay some of
Afren's debt with the remaining balance towards capital
expenditures and general working capital.


BULMERS TRANSPORT: To Go Into Administration, Axes 220 Jobs
-----------------------------------------------------------
Jez Davison at Evening Gazette reports that Bulmers Transport has
folded with the loss of around 220 jobs.  The report relates that
the company is believed to have fallen into difficulties after a
GBP140,000 bad debt was compounded by a GBP300,000 bill from the
Inland Revenue.

Reports say the company will go into administration this week and
all staff have been made redundant, according to Evening Gazette.

The report notes that Bulmers Transport's demise follows recent
data which highlights North-east firms' continuing struggle ahead
of tax rises and public sector spending cuts.  Evening Gazette
relates that latest figures from business recovery specialist
Begbies Traynor showed the number of North-east firms suffering
significant problems rose 9% in the last quarter of 2010, from
3,746 to 4,074.

The North-east remains one of the most distressed areas of the
United Kingdom, with 81 more companies facing "critical" financial
problems, the report adds.

Bulmers Transport is a family-run transport firm in the United
Kingdom.


DOCKGATE 20 MOTORCYCLES: Millbrook Division Could Reopen This Year
------------------------------------------------------------------
Daily Echo reports that Dockgate 20 Motorcycles Ltd's Harley
Davidson in Millbrook could reopen late this year.  The report
relates that Dockgate 20 Harley Davidson in Millbrook shut its
doors and effectively ceased trading after Harley Davidson U.K.
decided not to renew its dealer franchise agreements due to expire
at the end of the year.

Business rescue specialists were brought by the directors to try
to save the division's business, according to Daily Echo.

As reported in the Troubled Company Reporter-Europe on
Dec. 20, 2010, Visordown News said that Dockgate 20 Motorcycles
Ltd, the owner of Dockgate 20 and Thames Valley Harley-Davidson,
has gone into administration as of December 15, 2010, with the
loss of 16 jobs.  Administrators David Rubin & Partners LLP have
been appointed to handle the details, according to Visordown News.

Daily Echo notes that Richard Hawes from Deloitte, administrator
from Dockgate 20 Harley Davidson, said that a deal to sell the
business was on the verge of being completed.  "We are currently
in discussion with a number of interested parties and would hope
to be able to complete the sale of the business very shortly,"
Daily Echo quoted Mr. Hawes as saying.

Harley Davidson refused to confirm whether interested parties have
held negotiations about reopening it as a Harley franchise, Daily
Echo notes.  Eighteen jobs are thought to have been lost at the
premises, which opened in 1997, the report adds.

Dockgate 20 Motorcycles Ltd is a London Harley dealer.


DYMAG: Returns to Business Following Administration
---------------------------------------------------
Visordown reports that Dymag is back in business.  The firm went
into administration in 2009.

New owners CSA International, have big plans for the brand,
according to visordown.

"Dymag's strength has always been its racing pedigree and
innovative designs.  We possess the most comprehensive collection
of designs for motorcycles dating back over 4 decades.  Our
mission is to fuse the passion and innovation of this iconic brand
with 21st century production and customer services," the report
quoted Chairman Chris Shelley as saying.

Visordown notes that Production of the classic three-spoke
magnesium alloy wheel and a five-spoke carbon race wheel is
already under way.

Dymag is a British wheel manufacturer.


FULHAM ROAD: Moody's Lifts Ratings on Two Classes of Notes to Caa3
------------------------------------------------------------------
Moody's Investors Service took these rating actions on notes
issued by Fulham Road Finance Limited, a CDO square referencing a
portfolios of corporate and sovereign entities

Issuer: Fulham Road Finance Limited

  -- EUR70M Class A Notes, Upgraded to Caa1 (sf); previously on
     Sep 8, 2009 Downgraded to Caa2 (sf)

  -- EUR95M Class B Notes, Upgraded to Caa2 (sf); previously on
     Sep 8, 2009 Downgraded to Caa3 (sf)

  -- EUR40M Class C Notes, Upgraded to Caa3 (sf); previously on
     Sep 8, 2009 Downgraded to Ca (sf)

  -- EUR20M Class D Notes, Upgraded to Caa3 (sf); previously on
     Sep 8, 2009 Downgraded to Ca (sf)

                        Ratings Rationale

Moody's explained that the rating actions taken on Classes A and B
were driven by the significant amount of subordination protecting
them.  The upgrades also illustrate that the tranches have a
slightly better credit profile than those immediately junior.  The
upgrades of the Classes C and D notes were driven by Moody's
belief that these tranches are likely be repaid in full when they
mature.  Moody's conducted sensitivity analysis including a
scenario of multiple defaults in the reference pool resulting in
tranche writedowns.  Given the shorter time to maturity, losses to
these tranches within the next two years is likely to be remote.
Moody's noted that the ratings of the junior Classes E and F notes
remain unchanged based on their thin subordination levels.  They
are directly exposed to 0.3% of Ca rated reference entities and
also indirectly through the bespoke CDOs.

Moody's also performed sensitivity analysis consisting in modeling
Moody's market implied rating in place of the corporate
fundamental rating to derive the default probability of each
corporate name in the reference portfolio.  Moody's market implied
ratings are derived from observable CDS spread on each corporate
name and mapped to Moody's rating scale.  The gap between a Market
implied rating and a Moody's corporate fundamental rating is an
indicator of the extent of the divergence of credit view between
Moody's and the market on each referenced name in the CSO
portfolio.  This run generated results that were no more than two
notches away from the assigned ratings.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, and
specific documentation features.  All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, may influence the final rating decision.

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

Moody's analysis of corporate CSOs is subject to uncertainties,
the primary sources of which includes complexity, governance and
leverage.  Although the CDOROM model capture many of the dynamics
of the Corporate CSO structure, it remains a simplification of the
complex reality.  Of greatest concern are (a) variations over time
in default rates for instruments with a given rating, (b)
variations in recovery rates for instruments with particular
seniority/security characteristics and (c) uncertainty about the
default and recovery correlations characteristics of the reference
pool.  Similarly on the legal/structural side, the legal analysis
although typically based in part on opinions (and sometimes
interpretations) of legal experts at the time of issuance, is
still subject to potential changes in law, case law and the
interpretations of courts and (in some cases) regulatory
authorities.  Although the impact of these decisions is mitigated
by structural constraints, anticipating the quality of these
decisions necessarily introduces some level of uncertainty in
Moody's assumptions.  Given the tranched nature of Corporate CSO
liabilities, rating transitions in the reference pool may have
leveraged rating implications for the ratings of the Corporate CSO
liabilities, thus leading to a high degree of volatility.  All
else being equal, the volatility is likely to be higher for more
junior or thinner liabilities.  The base case scenario modeled
fits into the central macroeconomic scenario predicted by Moody's
of a sluggish recovery scenario of the corporate universe.  Should
macroeconomics conditions evolves towards a more severe scenario
such as a double dip recession, the CSO rating will likely be
downgraded to an extent depending on the expected severity of the
worsening conditions.

The base case scenario modeled fits into the central macroeconomic
scenario predicted by Moody's of a sluggish recovery scenario of
the corporate universe.  Should macroeconomics conditions evolves
towards a more severe scenario such as a double dip recession, the
CSO rating will likely be downgraded to an extent depending on the
expected severity of the worsening conditions.


INTERNATIONAL POWER: Moody's Lifts Issuer & Debt Ratings From Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the issuer and debt ratings
of International Power plc by three notches to Baa3 from Ba3,
thereby concluding the review that was initiated on August 10,
2010.  The outlook on all ratings is stable.  The rating of the
EUR250 million senior unsecured bonds due to mature in 2017 was
also upgraded by three notches to Baa3 from Ba3.  At the same
time, Moody's has withdrawn IPR's corporate family rating in line
with Moody's policy for credits that transition from speculative
grade to investment grade.

                        Ratings Rationale

The rating upgrades were triggered by the recent completion of GDF
SUEZ's (rated A1) acquisition of International Power plc, which
was effected through the combination of IPR and GDF SUEZ's Energy
International Business Areas (outside Europe) and certain assets
in the UK and Turkey.  Under the terms of the combination GDF SUEZ
has acquired 70% of IPR by combining GDF SUEZ Energy International
with IPR in exchange for newly issued IPR shares.  The transaction
also provides for the payment of a GBP1.4 billion special dividend
to IPR's existing shareholders, which is to be paid on
February 25, 2011.

The key factors supporting Moody's upgrade of IPR's ratings
following the acquisition by GDF SUEZ, include: (i) the improved
consolidated financial metrics; (ii) the strategic fit between GDF
SUEZ Energy International and IPR's businesses, and the Company's
increased size; (iii) a more efficient capital structure, with
access to lower financing cost from the parent; (iv) stronger
contractual position and even higher diversification, and (v)
implicit parental support from GDF SUEZ.

The combination transforms IPR into the world's largest IPP group
by increasing its gross capacity from 34.4 GW to 66.2 GW, and
giving the Company an even wider geographical reach with access to
new markets such as Latin America.  The senior unsecured issuer
rating also reflects IPR's material expansion schedule and its
exposure to high growth markets.  IPR's GBP6.9 billion capex
program consists of 22 GW of committed projects to be completed by
2013, which will expand the Company's gross capacity by 33%.  In
terms of EBITDA contribution, IPR will significantly increase its
high growth markets (Latin America, Middle East and Asia)
exposure.

Moody's says that the senior unsecured issuer rating takes account
of the Company's committed capex plan.  The rating could come
under downward pressure in the event of a very aggressive
expansion over and above the current committed pipeline, which
would undermine the expected improvement in financial metrics
resulting from the combination.  Conversely, Moody's says that the
rating could come under upward pressure in the event of a shift
towards a business with increased cash flow generation potential
and a moderate expansion program.

The stable outlook on IPR's ratings reflects Moody's view that the
improvements in the company's financial profile are likely to be
maintained, with FFO/interest cover in excess of 5x, an FFO/net
debt ratio at 20% or above, and an RCF/net debt ratio in the low
teens at least.

Before the combination, IPR's financing was mainly based on non-
recourse debt at asset level.  Going forward, the Company will
have the same financing policy as the one applied by GDF SUEZ
Energy International, whereby internal financing will be used for
controlled entities and merchant assets, and project financing for
non-merchant/PPA projects.  However, the bulk of the debt will
still be held at asset or subsidiary level.  Moody's estimates
that, upon completion of the merger, a limited amount of the
Company's total debt will be at holding company level.  The rating
agency points out that this proportion would then be likely to
increase, albeit modestly, over time.  Moody's therefore continues
to factor structural subordination into IPR's senior unsecured
rating.

Moody's has also factored into the rating the potential for
parental support from GDF SUEZ in light of its 70% controlling
equity stake, the strategic importance of IPR, which contributes
significantly to GDF SUEZ's EBITDA, and the financial commitment
of GDF SUEZ through loans from the parent.  Moody's further
understands that all major investment plans or additional
indebtedness at IPR are to be approved by GDF SUEZ via its strong
representation on the board of IPR.  In Moody's view, this
additional level of control should add to the stability and
predictability of future cash flows or expansion plans.

IPR is a globally diversified power project holding company with a
portfolio of equity interests in electricity generation and
associated assets.  It has 66.2GW of gross capacity (40.9GW net)
across five continents, with 22% of gross generation capacity in
North America, 20% in Europe, 22% in the Middle East, 16% in Latin
America, 14% in Asia, and 6% in Australia.  IPR is FTSE-100
company that is listed on the London Stock Exchange.


INTERNATIONAL POWER: Fitch Maintains 'BB' LT Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has maintained International Power PLC's Long-term
Issuer Default Rating of 'BB' and senior unsecured bond rating of
'BB', and International Power (Jersey) Finance III Limited's
guaranteed SU bond rating of 'BB' on Rating Watch Positive.

The maintenance of the RWP follows the announcement from IP and
GDF Suez SA that EU commission approval has been granted for the
merger of IP and GDF Suez Energy International.

Fitch placed IP's rating on RWP on August 11, 2010, after the
company announced it would merge with GDF Suez Energy
International.  The agency stated then that it viewed the
combination as positive for IP's standalone business and financial
profile and that the anticipated support from GDF Suez (which
controls 70% of IP) would also potentially be credit-enhancing.
As a result, Fitch may upgrade IP's IDR and SU rating above the
current 'BB' level.

Fitch expects to resolve the RWP once it has completed its
analysis, including an assessment of support from GDF Suez.


TAGGART HOLDINGS: Ulster Bank Seeks High Court Support
------------------------------------------------------
BBC News reports that Ulster Bank has asked the High Court to back
its claim for the recovery of millions of pounds from two brothers
whose house building empire collapsed.  The report relates that
the bank claims Michael and John Taggart personally guaranteed
loans before Taggart Holdings went into administration in 2008.

Ulster Bank is seeking just more than EUR9 million from the pair,
according to BBC News.  The report relates that a judge reserved
his decision on whether or not the case should now proceed to
trial.

As reported in the Troubled Company - Europe on February 8, 2011,
BBC News said that Michael and John Taggart have filed a civil
suit against Ulster Bank at the Belfast High Court.  According to
BBC News, Michael Taggart has estimated that the company had debts
of about GBP300 million when administrators were appointed.
However, the report said the brothers claim they were unfairly
treated and that they have personally lost about GBP120 million.
BBC News noted that Michael Taggart is himself being sued by banks
for millions of pounds he gave in personal guarantees.  In an
interview with the BBC News last year, Michael Taggart said the
banks had moved too quickly against his business and that he could
have reduced his debts if he had more time.

BBC News discloses that in a High Court hearing held Feb. 7, the
dispute centered on whether or not personal loan guarantees by the
brothers were temporary.  The report relates that both sides made
submissions on a loan-to-value of assets agreement which forms a
key part of the case.

BBC News notes that a barrister for the brothers outlined their
shared belief that the guarantee was not long-term and they
"signed them only on the understanding that they were temporary".

Master Bell, who heard the case, gave no date for when he would
deliver his verdict, the report adds.

Taggart Holdings is a construction company in Ireland.


TAYLOR WIMPEY: Fitch Affirms Issuer Default Ratings at 'B'
----------------------------------------------------------
Fitch Ratings has revised the rating Outlook on UK home-builder
Taylor Wimpey plc's Long-term Issuer Default Rating to Positive
from Stable.  Fitch has simultaneously affirmed TW's IDR at 'B'
and upgraded TW's senior unsecured rating to 'B' from 'B-'.  The
Short-term IDR is affirmed at 'B'.  Fitch has also assigned TW's
GBP250 million 10.375% unsecured 2015 bond a final senior
unsecured rating of 'B'.  TW is one of the UK's three major UK
home-builders and also has a strong presence in the US home-
building market.

The affirmation and Positive Outlook reflect the successful
completion of refinancing, which Fitch said in July 2010 would be
a positive rating factor.  "TW's debt restructuring will give the
group greater operational flexibility and committed funding at a
lower overall interest rate," says Jean-Pierre Husband, Director
in Fitch's EMEA Corporate Finance team.

An upgrade of TW's ratings would be possible when the UK housing
market begins to show some tangible national improvement in
volumes and sales prices.  A disposal of TW's North American
operations on satisfactory terms and continuing evidence that TW
is controlling working capital would be further positive elements
for a potential upgrade.

Under the refinancing (totaling GBP1.3 billion and incorporating a
GBP250 million unsecured 2015 bond, a GBP950 million revolving
credit facility and a GBP100 million term loan), all the new
facilities now benefit from a shortfall guarantee from Taylor
Wimpey UK Ltd, the main operational and asset-owning entity of the
TW group (70% of total assets, 65% of group revenue and 70% of
group EBITDA).  The structural subordination of the senior lenders
will consequently be reduced, as any shortfall of recovery by the
guaranteed senior lenders will rank equally as an unsecured
liability of the guarantor.  However, the pension funds benefit
from the Pension Protection Fund standard guarantee, which
increases their recovery.

The debt refinancing means that liquidity risk has abated.  TW's
liquidity position is now strong (with undrawn committed debt
facilities of around GBP380 million) with no debt maturities until
July 2012 (RCF Tranche A facility GBP350 million, which could be
repaid from the disposal of the North American operations).  TW
has received notifications of interest regarding the sale of its
US and Canadian operations and is in the early stages of
evaluating these potential bids.  Fitch has not factored the
disposal of these operations into its forecasts.

As of June 2010, TW's EBITDA margin had improved to 4.6% at
June 2010 from 1.7% at June 2009, reflecting a combination of
reduced overheads, lower build costs due to more standardization
of house types (-15% since 2007) and a changed product mix (from
flats to houses) allowing increased prices and margins.  Fitch's
forecasts show improved financial metrics compared to those
projected in July 2010 (adjusted net debt/EBITDAR leverage
estimated at 2.0x at FY12) and expects TW to maintain a leverage
ratio of around 2.0x on a sustained basis from FY11 and cash flow
from operations (CFO)/ net debt of at least 30% by FY11.

Fitch currently estimates that UK house prices could nationally
fall by a further 2%-5% in 2011.  This will mask some regional
disparities, particularly in central London, where it is expected
that foreign buyers will continue to account for at least half of
purchases, underpinning prices which may rise by up to 5% in 2011.
Demand for mortgages in the UK remains weak (around 47,000
approvals in November 2010, around half that at the peak in 2007).
UK mortgage approvals are unlikely to fall further, but are set to
stabilize at levels well below those prevalent pre-crisis.  The
major UK house-builders are limiting their exposure to weak demand
lower priced flats by changing their product mix towards building
more higher-priced houses, as demand for these is proving more
resilient.


YELL GROUP: S&P Cuts Long-Term Corporate Credit Rating to 'B-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'B' its
long-term corporate credit rating on U.K.-based international
publisher of classified directories Yell Group PLC.  At the same
time, S&P revised the outlook on Yell to negative from stable.

"The downgrade mainly reflects S&P's opinion that Yell continues
to face a difficult operating environment and an excessively
leveraged capital structure, which S&P believes could negatively
affect the group's liquidity position," said Standard & Poor's
credit analyst Carlo Castelli.

S&P has revised downward its projections for Yell's top line and
EBITDA over the next 12 months.  In particular, after a 14% drop
in EBITDA estimated for financial 2011 (ending March 31, 2011),
S&P project a further high-single-digit decline in EBITDA in
financial 2012.  "S&P's previous projection of a more moderate
pace of decline in EBITDA was one of S&P's central assumptions for
the stability of the former 'B' rating on Yell," added
Mr. Castelli.

Moreover, as a result of the declining profitability, Yell's
Standard & Poor's-adjusted leverage ratio is likely to increase
above 6x (beyond S&P's initial forecast of less than 6x).  S&P
also believes that headroom under one specific covenant will
shrink considerably from September 2011, with the risk of a breach
in financial 2012.  In S&P's opinion, the rating on Yell may be
negatively affected by the costs or other credit implications of
avoiding or repairing a covenant breach.

In S&P's opinion, Yell's operating performance will likely remain
under strain as a result of the ongoing difficult economic
environments in its main countries of operation and the ongoing
decline in the profitable traditional print business.  S&P
believes that liquidity may come under renewed pressure over the
next 12-18 months if the group fails to stabilize its operating
performance.  While S&P anticipates that Yell should have
sufficient liquidity sources over the near to medium term to cover
manageable debt amortization requirements, S&P thinks that
covenant headroom could tighten rapidly under S&P's scenario of a
mid- to high-single-digit top-line decline in financial 2012.

There is a risk of a downgrade should the measures needed to
remove covenant pressure, which S&P thinks will become inevitable,
have negative credit implications.  S&P will monitor closely any
risk of debt restructuring, which S&P would view as tantamount to
a default under its criteria; however, S&P is not aware of any
tangible step by Yell in this direction.

S&P could revise the outlook to stable if Yell were able to
stabilize its operating performance, notably EBITDA and free cash
flow generation, in the course of the next 12 months.  S&P could
also revise the outlook to stable if Yell were to succeed in
implementing measures to maintain adequate covenant headroom
without what S&P would consider to be a material impairment of its
cash flow generation capacity.

At this stage, S&P deems the chances of an upgrade in the short
term to be remote.


* UK: No. of Recruiter Administrations Falls in 2nd half of 2010
----------------------------------------------------------------
Christopher Goodfellow at Recruiter reports that a downward trend
in the number of recruitment agencies being placed into the hands
of administrators continued through the second half of 2010.

In the fourth quarter of 2010, 13 recruitment agencies went into
administration, compared to nine in the previous quarter and 18
during the same period in the previous year -- a year-on-year drop
of 28%, according to Recruiter.

However, the report notes that recruiters need to remain vigilant
and consider what they would do if their client base gets into
problems, according to administrators.

David Grier, partner at corporate restructuring and insolvency
firm MCR, told Recruiter: "In our view, recruitment businesses
would be well advised to consider how they would respond to a
'worst case scenario'."


* UK: Midlands Administration Drop 30% in Fourth Qtr of 2010
------------------------------------------------------------
Insider Media, citing research from the Birmingham office of Baker
Tilly Restructuring and Recovery, reports that administrations in
the fourth quarter of 2010 fell by almost 30% in the Midlands
compared to the same period the year before.  The business advisor
said the fall is one of the largest regional decreases across
England.

The report says Midlands corporate insolvency numbers were only
surpassed by London and the South East with a 37 per cent decrease
in administrations.

Insider Media quoted Baker Tilly, restructuring and recovery
partner Guy Mander, as saying that "More than two years on from
the start of the recession, our statistics show that hard times
are still very much in evidence, but the Midlands appears to be
bouncing back far quicker than many other regions."

"Nationally, the figures show that we still have a North/South
divide in terms of how businesses are faring. Given the pending
government spending cuts which are expected to hit the North
harder than the South, this two speed recovery is likely to widen
later in the year," Mr. Mander said, according to Insider Media.

Nationally, the number of administrations fell by an average of
24%, Insider Media adds.


                            *********


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, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *