TCREUR_Public/110314.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, March 14, 2011, Vol. 12, No. 51



PFLEIDERER AG: May Reach Financing Deal with Creditors This Week
* GERMANY: Corporate Insolvencies Down 2.1% in 2010


ARIADNE SA: Moody's Cuts Ratings on Secured Notes to 'B1 (sf)'
NEORION HOLDINGS: Shipyards Unit Files for Creditor Protection
* Moody's Downgrades Deposit Ratings on Six Greek Banks
ELECTRO WORLD: Unfavorable Lease Conditions Prompt Closure of Unit


HIPOTOTTA NO. 5: S&P Puts 'CCC-' Rating on CreditWatch Negative


BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes


* Chadbourne & Parke Adds Andrzej Krasuski to Warsaw Office


BANKINTER 4: Moody's Assigns 'B3' Rating on Series C Note
IM BANCO: S&P Lowers Rating on Class C Notes to 'B- (sf)'
* SPAIN: Banks Need Extra EUR17 Billion To Shore Up Finances


* UKRAINE: May Face Bankruptcy Without Gas Discount, PM Says

U N I T E D   K I N G D O M

AN AGENCY CALLED ENGLAND: Enters Into CVA Deal with Creditors
BENNETTS: Goes Into Administration, Hundreds of Jobs at Risk
CAMBRIDGE GOLF: Direct Golf UK Acquires Firm
CORSAIR NO 2: S&P Corrects Rating on US$20-Mil. Floating Notes
EXCALIBUR FUNDING: S&P Cuts Rating on EUR2.89BB Notes to 'D (sf)'

JOHN A: Goes Into Administration, Axes 58 Jobs
SLUMBERDOWN ENTERPRISES: Looks to Relaunch Filled Bedding Brand
TRIUMPH: Goes Into Administration, Cuts 110 Jobs


* BOND PRICING: For the Week March 7 to March 11, 2011



PFLEIDERER AG: May Reach Financing Deal with Creditors This Week
Nicholas Comfort at Bloomberg News reports that Pfleiderer AG said
in a statement on its Web site on Friday that the company may
reach a deal with all its creditors on key points of its financing
by the end of this week.

According to Bloomberg, the statement said that Pfleiderer
returned to a profit in Germany since the beginning of the year
after reducing capacities as well as raising prices and is ahead
of its own expectations.

As reported by the Troubled Company Reporter-Europe on Feb. 15,
2011, Bloomberg News, citing Financial Times, said Pfleiderer was
working with Hans-Joachim Ziems on the restructuring of the
company.  According to Bloomberg, the newspaper, citing
unidentified people close to the company, said that Pfleiderer was
likely to reduce its capital and sell shares while its banks also
made compromises.

Headquartered in Neumarkt, Germany, Pfleiderer AG -- is a producer and supplier of
engineered wood products.  It acts as a partner for wood trade
outlets, interior designers, the building and do-it-yourself
trade, and the furniture industry in more than 80 countries
worldwide.  The Company offers a range of base products, such as
raw chipboard and particleboard, tongue and groove board, medium-
density fiberboard and high- density fiberboard, and surfaced
products, such as melamine-faced chipboard, high-pressure
laminates and post-forming elements, laminate flooring and a range
of films and surfacings.  The Company operates through three
geographical segments: Western Europe, including Germany and
Sweden; Eastern Europe, consisting of Poland and Russia, and North
America, comprised of Canada and the United States.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 27,
2010, Fitch Ratings downgraded Pfleiderer AG's Long-term Issuer
Default Rating to 'CC' from 'B-' and removed it from Rating Watch
Negative.  It also downgraded the Short-term IDR to 'C' from
'B'.  The subordinated hybrid bond was affirmed at 'C' with a
Recovery Rating of 'RR6'.  The rating action followed Pfleiderer
signaling during its analyst conference on November 11, 2010 that
there might be a potential breach of a covenant at the end of

* GERMANY: Corporate Insolvencies Down 2.1% in 2010
Jeff Black at Bloomberg News reports that German corporate
insolvencies declined last year as the economy returned to growth
after its worst recession since World War II.

According to Bloomberg, the Federal Statistics Office in Wiesbaden
said in a faxed statement on Friday that the number of
bankruptcies fell 2.1% to 31,998 from 2009, when failures jumped


ARIADNE SA: Moody's Cuts Ratings on Secured Notes to 'B1 (sf)'
Moody's Investors Service has downgraded to B1 (sf) the ratings of
the notes issued by Ariadne S.A. and Titlos plc.  Ariadne and
Titlos are two asset-backed transactions sponsored by the
government of Greece.  The rating actions followed Moody's
downgrade of Greece government bond ratings to B1 from Ba1 on
March 7, 2011.  The downgrades concluded the review for possible
downgrade of the ratings of the notes in both transactions that
Moody's initiated on Dec. 21, 2010.

                         Rating Rationale


Moody's methodology for rating this transaction is primarily based
on the effective guarantee of the Greek government rather than on
the value of the lottery receivables backing the notes.  Moody's
rating analysis also considered the benefit of a EUR10 million
liquidity reserve, which now accounts for a larger proportion of
the outstanding notes than it did as closing due to amortization.
This reserve, however, is not sufficient to support a higher
rating than that of the Greek government.


Moody's methodology for rating this transaction considers a full
linkage to the rating of Greece.  The ratings of the notes issued
by Titlos are fully linked to the credit quality of the Greek
government and, in addition, are also exposed to that of the
National Bank of Greece in its capacity as swap counterparty, cash
manager, and account bank.

The transaction is the securitization of a swap agreement (the
Hellenic Swap) that relies on payments by the Greek government.
As such, Moody's rating of the notes is fully linked to the rating
of the Greek government.

Titlos has also entered into two swaps with NBG (the NBG swaps) to
match payments coming from the Hellenic Swap with payments
required under the notes.  NBG also acts as account bank and cash
manager.  Moody's downgraded NBG's ratings to Ba3 on March 9,
2011.  Although, the notes in Titlos are fully exposed to the
creditworthiness of NBG (see Moody's press release on June 22,
2011), this is reflected in their rating of B1 (sf).

List of rating actions

Issuer: Ariadne S.A. Secured Notes

  -- Class A Notes, Downgraded to B1 (sf); previously on Dec 21,
     2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Titlos plc

  -- Class A Certificate, Downgraded to B1 (sf); previously on Dec
     21, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

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 these
transactions in the past six months.

Standard & Poor's Ratings Services said that it has lowered its
long-term corporate credit rating on Greek telecommunications
provider Hellenic Telecommunications Organization S.A. to 'BB'
from 'BBB-'.  The long-term rating remains on CreditWatch with
negative implications.  S&P also lowered to 'BB', and left on
CreditWatch negative, the issue ratings on OTE's and OTE PLC's
senior unsecured debt.  At the same time, S&P lowered the short-
term corporate credit rating to 'B' from 'A-3' and removed it from
CreditWatch, where it was placed with negative implications on
Dec. 6, 2010.

"The downgrade follows OTE's weaker-than-expected operating and
financial performance in fourth-quarter 2010 and reflects the
ongoing deterioration of the company's business risk profile and
the increase in its financial leverage to levels no longer
compatible with its previous rating," said Standard & Poor's
credit analyst Leandro de Torres Zabala.

In addition, S&P is now more pessimistic than previously regarding
the 2011 outlook for OTE, as the mix of macroeconomic and
financial pressures affecting Greece is negatively affecting
consumer spending and resulting in high levels of tax and pension
burdens for the company.  These pressures are adding to the
telecom industry's fierce competition, continuing regulatory
constraints, and OTE's fairly inflexible cost structure.

In its base-case forecasts for 2011, S&P anticipate continuing
strong macroeconomic pressures in the Hellenic Republic of Greece
(BB+/Watch Neg/B), with real GDP expected to contract again by
around 3.5%.  S&P expects this will have a direct adverse
influence on OTE's operations and financial profile.  In
particular, S&P believes that OTE's earnings may deteriorate in
2011 at similar rates as in 2010, if not more, and that FOCF will
further deteriorate, due, among other things, to the payment of an
extraordinary pension liability.  This would translate into a
mechanical worsening of the company's debt protection measures to
the high end of the 3.0x-3.5x debt to EBITDA and to the low end of
the 20%-25% adjusted funds from operations to debt (in both cases,
S&P consolidate RomTelecom on a proportional basis).  Given the
ongoing deterioration of the company's business risk profile, S&P
believes that these credit ratios are inconsistent with S&P's
previous ratings on OTE, which explains the downgrade.

"The CreditWatch placement on OTE's long-term rating mirrors that
on the Greek sovereign rating and indicates possible further
downside if OTE's operating performance further deteriorates or if
the company does not address its 2012 debt maturities during the
next two quarters," said Mr. de Torres.

S&P aim to review the CreditWatch placement on OTE after
resolution of the CreditWatch placement on the Hellenic Republic.
In particular, given OTE's high exposure to Greece and its
material cash flow generation, S&P believes the company is exposed
to the macroeconomic deterioration of the country and to the risk
of further tax and pension levies.  Therefore, depending on S&P's
medium-term macroeconomic and fiscal expectations for Greece, S&P
might further review its operational and financial expectations
for OTE for the period 2011-2012.  At this stage, S&P cannot rule
out further downside to the company's long-term corporate credit
rating.  S&P believes that OTE's management of its liquidity over
the next two quarters, notably to cover its 2012 debt maturities,
will also be an important factor in its CreditWatch resolution.

NEORION HOLDINGS: Shipyards Unit Files for Creditor Protection
Paul Tugwell at Bloomberg News, citing an Athens bourse filing on
Thursday, reports that Neorion Holdings SA's shipyards unit filed
for protection from its creditors after it faced liquidity

According to Bloomberg, the filing said that the unit will start
talks with the Greek state and other creditors on a "specific
business plan and loan restructuring proposal."

Neorion Holding SA -- is a
Greece-based holding company primarily engaged in the shipbuilding
sector.  Its activities include shipbuilding and repairing works,
buying, selling and the development of real estate, and the
provision of management services to third parties and to its
subsidiaries, in the area of shipbuilding.  Neorion Holdings SA
has two subsidiaries, Shipbuilding and Industrial Enterprises of
Syros and Elefsis Shipbuilding and Industrial Enterprises S.A.
The shipyards that operate through its subsidiaries, supply fresh
and sea water, electricity and compressed air, slop reception and
tank cleaning services, maneuvering services, and a range of spare
parts and materials. It also controls 100% of the Center for
Vocational Training Ltd.

* Moody's Downgrades Deposit Ratings on Six Greek Banks
Moody's Investors Service has downgraded the deposit and debt
ratings of these six Greek banks: National Bank of Greece SA, to
Ba3 from Ba1; EFG Eurobank Ergasias SA, to Ba3 from Ba1; Alpha
Bank AE, to Ba3 from Ba1; Piraeus Bank SA, to Ba3 from Ba1;
Agricultural Bank of Greece, to B1 from Ba2; and Attica Bank SA,
to B1 from Ba2.  The outlook on all these ratings is negative.

These rating actions follow Moody's downgrade of Greece's
sovereign rating to B1 from Ba1 and Moody's reassessment of some
of the banks' standalone credit strength, reflected in their bank
financial strength ratings.

The rating actions conclude the review for possible downgrade,
which Moody's initiated on Dec. 17, 2010.

                        Ratings Rationale

The key drivers for the rating actions are:

(1) Moody's decision on March 7 to downgrade Greece's government
    bond ratings to B1 from Ba1.  Under Moody's methodology, a
    government's credit strength serves as a key input in
    assessing the capacity of a country to support its banking
    system which, in turn, can provide rating uplift to a bank's
    deposit and debt ratings.

(2) Moody's re-assessment of some banks' intrinsic financial
    strength (standalone BFSRs), due to persistent pressure on
    liquidity and asset quality, and the banks' material exposure
    to Greek government securities.  Although Moody's central
    scenario is that holders of Greek government debt will not
    bear losses, the rating agency believes that the likelihood of
    a sovereign default or distressed exchange has risen, as
    denoted by the new B1 government rating.

                     Deposit and Debt Ratings

The downgrade of the Greek government's debt rating has prompted
Moody's to lower Greece's systemic support indicator, which is the
measure Moody's uses to determine bank rating uplift due to
systemic support considerations.  By lowering Greece's SSI to Ba3
from Baa3, the uplift imbedded in the deposit and debt ratings of
the banks was reduced.

The SSI denotes the country's capacity to provide support to its
banking system beyond that indicated by its own rating level, as
it incorporates a range of tools at its disposal (financial and
non-financial), which for Greece includes elements of support now
available through European Commission/ECB/IMF programs.

These programs include, but are not limited to (i) the EUR10
billion Hellenic Financial Stability Fund, which is available as a
capital backstop; (ii) the ECB's decision to suspend the
application of the minimum credit-rating threshold in its
collateral eligibility requirements for marketable debt
instruments issued or guaranteed by the Greek State; and (iii) the
Greek government's guarantee scheme (approved by the European
Commission).  Under that scheme, the banks can issue debt that is
eligible collateral for ECB's refinancing operations.  The
availability of these tools allows some systemically important
Greek banks to be rated one notch higher than the government bond

        Standalone Bank Financial Strength Ratings

The downgrade of the BFSRs was prompted by the increased credit
and liquidity risk emanating from the banks' material exposure to
Greek government securities.  The downgrade of the Greek
government bond rating to B1 reflects a rising probability of
government-debt bondholders experiencing losses.  In addition, the
rating actions reflect the banks' limited funding options and
their dependence on ECB funding, which accounts for at least 20%
of their balance sheet.  Moody's believes that this dependency
could increase during 2011 and that a possible government debt
default -- or distressed exchange -- could not only pressure the
banks' capital structures with material government securities
holdings, but might also indirectly weaken their already weak
funding positions.  This would make them even more dependent on
ECB funding.  To capture these increasing risks, Alpha's BFSR was
downgraded by one notch, compared with the two-notch downgrade of
NBG and Eurobank.  The smaller adjustment in the case of Alpha
reflects the bank's relatively low exposure to Greek government
bonds -- at approximately 80% of its Tier 1, compared with 150%
plus for NBG and Eurobank.

Moody's notes that the BFSRs of Piraeus, ATE and Attica Bank were
affirmed at E+ with stable outlooks, as the low levels of these
ratings already capture Moody's concerns outlined above.

                        Negative Outlook

The negative outlook on the banks' deposit and debt ratings
reflects (i) the negative outlook on the government bond ratings;
and (ii) Greece's sustained challenging operating conditions and
difficult macroeconomic environment.  In particular, these two
latter factors continue to exert pressure on banks' financial
fundamentals -- including asset quality and funding metrics -- and
their earnings generating capabilities.

                    Foreign-Owned Subsidiaries

Moody's has also affirmed the ratings of Emporiki Bank of Greece
SA (Baa3/Prime-3/E+) and General Bank of Greece SA (Baa3/Prime-
3/E+), with all ratings carrying a stable outlook.  Both banks
continue to receive significant uplift from Moody's assessment of
a very high probability of support from their French parents
(Credit Agricole SA (Aa1/C+) and Societe Generale (Aa2/C+),
respectively).  Moody's notes that the BCAs of Emporiki Bank and
General Bank remain under negative pressure and could be lowered,
within the E+ BFSR category.

The specific rating changes implemented are:

National Bank of Greece SA, NBG Finance plc, and National Bank of
Greece Funding Limited:

  -- BFSR downgraded to D- from D+, mapping into a BCA of Ba3

  -- Long-term deposit ratings and senior unsecured debt ratings
     downgraded to Ba3 from Ba1

  -- Subordinated debt ratings downgraded to B1 from Ba2

  -- Backed (government-guaranteed) senior unsecured ratings
     downgraded to Ba3 from Ba1

  -- Preferred stock (Hybrid Tier 1) downgraded to B3 (hyb) from
     B1 (hyb)

  -- All the above ratings carry a negative outlook

EFG Eurobank Ergasias SA, EFG Hellas plc, EFG Hellas (Cayman
Islands) Limited, and EFG Hellas Funding Limited:

  -- BFSR downgraded to E+ from D, mapping into a BCA of B1

  -- Long-term deposit ratings and senior unsecured debt ratings
     downgraded to Ba3 from Ba1

  -- Subordinated debt ratings downgraded to B1 from Ba2

  -- Backed (government-guaranteed) senior unsecured MTN
     downgraded to Ba3 from Ba1

  -- Preferred stock (Hybrid Tier 1) downgraded to Caa1 (hyb) from
     B2 (hyb)

  -- Deposit, debt and preferred stock ratings carry a negative
     outlook; BFSR carries a stable outlook

Alpha Bank AE, Alpha Credit Group plc and Alpha Group Jersey

  -- BFSR downgraded to D- from D, mapping into a BCA of Ba3

  -- Long-term deposit and senior unsecured debt ratings
     downgraded to Ba3 from Ba1

  -- Backed (government-guaranteed) senior unsecured ratings
     downgraded to Ba3 from Ba1

  -- Subordinated debt ratings downgraded to B1 from Ba2

  -- Preferred stock (Hybrid Tier 1) downgraded to B3 (hyb) from
     B2 (hyb)

  -- All the above ratings carry a negative outlook

Piraeus Bank SA, Piraeus Group Finance plc, and Piraeus Group
Capital Limited:

  -- BFSR affirmed at E+, mapping into a BCA of B1

  -- Long-term deposit and senior unsecured debt ratings
     downgraded to Ba3 from Ba1

  -- Backed (government-guaranteed) senior unsecured ratings
     downgraded to Ba3 from Ba1

  -- Subordinated debt ratings downgraded to B1 from Ba2

  -- Preferred stock (Hybrid Tier 1) affirmed at Caa1 (hyb)

  -- Deposit, debt and preferred stock ratings carry a negative
     outlook; BFSR carries a stable outlook

Agricultural Bank of Greece SA and ABG Finance International plc:

  -- BFSR affirmed at E+, mapping into a BCA of B2

  -- Long-term deposit and senior unsecured debt ratings
     downgraded to B1 from Ba2

  -- Subordinated debt ratings downgraded to B2 from Ba3

  -- Deposit and debt ratings carry a negative outlook; BFSR
     carries a stable outlook

Attica Bank SA and Attica Funds plc:

  -- BFSR affirmed at E+, mapping into a BCA of B1

  -- Long-term deposit ratings downgraded to B1 from Ba2

  -- Subordinated debt ratings downgraded to B2 from Ba3

  -- Deposit and debt ratings carry a negative outlook; BFSR
     carries a stable outlook

Emporiki Bank of Greece SA and Emporiki Group Finance plc:

  -- BFSR affirmed at E+, mapping into a BCA of B1
  -- Deposit and senior debt ratings affirmed at Baa3/Prime-3
  -- Subordinated debt ratings affirmed at Ba1
  -- All ratings carry a stable outlook

General Bank of Greece SA:

  -- BFSR affirmed at E+, mapping into a BCA of B1
  -- Deposit ratings affirmed at Baa3/Prime-3
  -- All ratings carry a stable outlook

The previous rating actions on NBG, Eurobank, Alpha, Piraeus, ATE,
and Attica Bank were implemented on Dec. 17, 2010, when the
ratings were placed on review for possible downgrade.  The
previous rating actions on Emporiki Bank of Greece SA and General
Bank of Greece SA were implemented on June 15, 2010, when their
deposit and debt ratings were downgraded.

All banks affected by the review are headquartered in Athens,

  -- National Bank of Greece SA reported total assets of EUR123.5
     billion as of September 2010

  -- EFG Eurobank Ergasias SA reported total assets of EUR87.2
     billion as of December 2010

  -- Alpha Bank SA reported total assets of EUR67.7 billion as of
     September 2010

  -- Piraeus Bank SA reported total assets of EUR57.6 billion as
     of September 2010

  -- Agricultural Bank of Greece SA reported total assets of
     EUR31.9 billion as of September 2010

  -- Emporiki Bank of Greece SA reported total assets of EUR26.8
     billion as of December 2010

  -- Attica Bank SA reported total assets of EUR4.8 billion as of
     September 2010

  -- General Bank of Greece SA reported total assets of EUR4.6
     billion as of September 2010

ELECTRO WORLD: Unfavorable Lease Conditions Prompt Closure of Unit
MTI-Econews reports that Electro World's Campona unit faced
closure on March 10 as part of the restructuring of the group.
The restructuring is expected to be completed by the end of March,
MTI notes.

Csaba Polgar, chairman of Electro World's board of directors, told
MTI on Thursday that the group opted to close the unit due to due
to unfavorable lease conditions.

Mr. Polgar confirmed to MTI the press report which said the
company had applied for bankruptcy protection in February.

Electro World is an electronics store chain based in Hungary.


HIPOTOTTA NO. 5: S&P Puts 'CCC-' Rating on CreditWatch Negative
Standard & Poor's Ratings Services placed on CreditWatch negative
its ratings in six of Banco Santander Totta S.A.'s Portuguese
residential mortgage-backed securities transactions: HipoTotta No.
1 PLC, HipoTotta No. 4 PLC, HipoTotta No. 5 PLC, HipoTotta No. 7
Ltd., and TAGUS - Sociedade de Titularizacao de Creditos, S.A.'s
HipoTotta No. 11 and HipoTotta No. 12.

The CreditWatch placements arise from S&P's analysis of the
HipoTotta transactions that S&P surveil and the result that some
of these may have liens outside of a pool that rank in a higher or
lower priority to those in that pool.  This, in S&P's opinion,
could mean that the reported loan-to-value ratios for the relevant
loans have been understated in the data provided to us.  S&P
understands that Banco Santander Totta doesn't calculate these
ratios on an aggregate basis for all liens secured by the same

S&P further understand, that the representations and warranties
for these transactions state that assets are either first or first
and consecutive ranking mortgage liens, i.e., in case of a second
lien being securitized the first lien must also be securitized in
the same pool.

S&P understands that Banco Santander Totta, the originator, is
currently considering repurchasing any lower ranking liens.  For
example, in case of a second lien being securitized in one pool
but not the first, Banco Santander Totta will repurchase the
second lien, or in case of the third lien being securitized in one
pool but not the first and second, it will repurchase the third
lien.  In addition, Banco Santander Totta is currently assessing
ways of how to report aggregate lien and LTV data.

S&P has thus placed or kept on CreditWatch negative its ratings on
the affected notes in the HipoTotta transactions.  S&P has updated
the CreditWatch status of those ratings that S&P has kept on
CreditWatch negative because they are already on CreditWatch for
other reasons.  On Dec. 7, 2010, S&P placed the class A and B
notes in HipoTotta No. 1 and No. 5 and the class A notes in
HipoTotta No. 4, No. 7, and No. 11 on CreditWatch due to the
country risk associated with the CreditWatch placement for the
Republic of Portugal.  Then, on Jan. 18, 2011, S&P updated the
CreditWatch status of the ratings on these notes when its updated
counterparty criteria became effective.

S&P will look to resolve the CreditWatch placements for data
discrepancy reasons following further discussions with the
originator and clarification on the data issues mentioned above.

These six HipoTotta transactions are Portuguese RMBS transaction
securitizing loans originated by Banco Santander Totta.  HipoTotta
Nos.  1, 4, 5, 7, 11, and 12 closed in July 2003, September 2005,
March 2007, March 2008, July 2010, and February 2011,

                          Ratings List

                       HipoTotta No. 1 PLC
         EUR1.1 Billion Mortgage-Backed Floating-Rate Notes

                Ratings Remaining on CreditWatch

                  Class      Rating
                  -----      ------
                  A          AAA (sf)/Watch Neg
                  B          AA (sf)/Watch Neg

                    Rating Placed CreditWatch

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

                       HipoTotta No. 4 PLC
         EUR2.5 Billion Mortgage-Backed Floating-Rate Notes

                Rating Remaining on CreditWatch

                  Class      Rating
                  -----      ------
                  A          AAA (sf)/Watch Neg

                       HipoTotta No. 5 PLC
         EUR2.0 Billion Mortgage-Backed Floating-Rate Notes

                Ratings Remaining on CreditWatch

                  Class      Rating
                  -----      ------
                  A2         AAA (sf)/Watch Neg
                  B          AA (sf)/Watch Neg

                    Ratings Placed CreditWatch

       Class     To                              From
       -----     --                              ----
       C         A (sf)/Watch Neg                A (sf)
       D         BBB (sf)/Watch Neg              BBB (sf)
       E         BB (sf)/Watch Neg               BB (sf)
       F         CCC- (sf)/Watch Neg             CCC- (sf)

                      HipoTotta No. 7 Ltd.
         EUR2.0 Billion Mortgage-Backed Floating-Rate Notes

                 Rating Remaining on CreditWatch

                  Class      Rating
                  -----      ------
                  A2          AAA (sf)/Watch Neg

                   Ratings Placed CreditWatch

       Class     To                              From
       -----     --                              ----
       B         A (sf)/Watch Neg                A (sf)
       C         BBB (sf)/Watch Neg              BBB (sf)
       D         BB (sf)/Watch Neg               BB (sf)
       E         B (sf)/Watch Neg                B (sf)
       F         CCC- (sf)/Watch Neg             CCC- (sf)

       TAGUS - Sociedade de Titularizacao de Creditos, S.A.
         EUR2.0 Billion Mortgage-Backed Floating-Rate Notes
                       (HipoTotta No. 11)

                 Rating Remaining on CreditWatch

                  Class      Rating
                  -----      ------
                  A          AAA (sf)/Watch Neg

                    Rating Placed CreditWatch

       Class     To                              From
       -----     --                              ----
       B         BBB+ (sf)/Watch Neg             BBB+ (sf)

       TAGUS - Sociedade de Titularizacao de Creditos, S.A.
         EUR1.3 Billion Mortgage-Backed Floating-Rate Notes
                       (HipoTotta No. 12)

                 Rating Remaining On CreditWatch

                  Class      Rating
                  -----      ------
                  A          AAA (sf)/Watch Neg


BRIT INSURANCE: Fitch Affirms 'BB+' Rating on Subordinated Notes
Fitch Ratings has affirmed Brit Insurance Limited's Insurer
Financial Strength rating at 'A' with a Stable Outlook.  The
agency has also affirmed Brit Insurance Holdings N.V.'s Long-term
Issuer Default Rating at 'BBB+' with a Stable Outlook and its
subordinated notes at 'BB+'.

The rating action follows both the publication of FYE2010 results
for Brit Insurance Group on Feb. 25, 2011, and the subsequent
announcement made on March 9 by Achilles Netherlands Holdings B.V.
confirming that its recommended cash offer to purchase Brit
Insurance has been declared wholly unconditional.  Achilles is
majority-owned by funds managed by the private equity firms,
Apollo Management VII, L.P. and funds advised by CVC Capital
Partners Limited.

The rating affirmations and Stable Outlook reflect Brit
Insurance's solid financial profile, which is supported by both a
strong level of risk-adjusted capitalization and reported FY2010
earnings that exceeded Fitch's forecast.  The affirmation also
reflects the agency's expectation that post-acquisition, the
financial profile will remain within the insurer's existing target
range of mid to high 'A'.  This expectation is based on meetings
with representatives from both Apollo and CVC.

Fitch will closely monitor Brit Insurance's post-acquisition
profile, specifically that consolidated group adjusted leverage is
maintained below 30% and that Fitch risk-adjusted capitalization
remains at a level at least commensurate with the current ratings.
Fitch notes that the acquisition of Brit Insurance will not result
in an increased level of regulatory capital being required post-
acquisition, as a result of the change in ownership.  The agency
understands that the level of risk assumed within the investment
portfolio will be raised modestly in an effort to increase returns
and Fitch will also monitor this closely.

Fitch anticipates that Brit Insurance's existing management team
will retain the day-to-day running of the business, with
underwriting discipline being maintained and future premium growth
being reflective of market conditions.  The agency will also
monitor the effects of the transaction on Brit Insurance's ability
to retain both strong insurance business and talented staff.

Failure to maintain consolidated group leverage and capitalization
at levels at least commensurate with the current ratings would
potentially result in a downgrade.  The transition from a public
to private company resulting in a significant loss of business or
detrimental change in business strategy would also be viewed
negatively.  A marked and sustained improvement in earnings
coupled with capitalization in excess of the current rating level
could result in an upgrade.


* Chadbourne & Parke Adds Andrzej Krasuski to Warsaw Office
The international law firm Chadbourne & Parke LLP disclosed that
Andrzej Krasuski has joined the firm as an international partner
in the Warsaw office.

Mr. Krasuski, formerly a partner in the CMS Cameron McKenna Warsaw
office, will lead Chadbourne's Warsaw office communications, media
and technology practice.

Mr. Krasuski will bring more than a decade of experience
counseling clients in connection with many of the most significant
telecommunications and media developments in Poland, including the
introduction of Wide Area Networks, satellite communications,
BlackBerry and Wi-Fi technology, and new interactive television
services.  In the progressively more critical field of personal
data protection, he has advised clients on compliance audits,
regulatory proceedings and international data transfers.

"Andrzej's impressive experience and intimate knowledge of the
Polish communications and media industries make him an excellent
fit for our Warsaw office," said Chadbourne Managing Partner
Andrew A. Giaccia.  "Our clients in Poland and around the world
will benefit greatly from his counsel in the increasingly
important areas of data protection and communications."

"Chadbourne is happy to welcome Andrzej to our team and we look
forward to continuing to strengthen our Polish communications,
media and technology practice under his guidance," said Warsaw
office Managing Partner Wlodzimierz Radzikowski.  "We are proud to
have an attorney with his expertise and background join the firm
as we expand our range of services relating to personal data

Mr. Krasuski graduated from the University of Warsaw, Faculty of
Law and Administration and holds a PhD in law from Instytut Nauk
Prawnych PAN (Institute of Legal Sciences of the Polish Academy of

                 About Chadbourne & Parke LLP

Chadbourne & Parke LLP -- is an
international law firm headquartered in New York City, provides a
full range of legal services, including mergers and acquisitions,
securities, project finance, private funds, corporate finance,
venture capital and emerging companies, energy/renewable energy,
communications and technology, commercial and products liability
litigation, arbitration/IDR, securities litigation and regulatory
enforcement, special investigations and litigation, intellectual
property, antitrust, domestic and international tax, insurance and
reinsurance, environmental, real estate, bankruptcy and financial
restructuring, executive compensation and employee benefits,
employment law and ERISA, trusts and estates and government
contract matters.  Major geographical areas of concentration
include Russia, Central and Eastern Europe, the Middle East and
Latin America.  The Firm has offices in New York, Washington, DC,
Los Angeles, Mexico City, Sao Paulo, London, Moscow, Warsaw, Kyiv,
Almaty, Dubai and Beijing.


BANKINTER 4: Moody's Assigns 'B3' Rating on Series C Note
Moody's Investors Service has assigned definitive ratings to Notes
issued by Bankinter 4 FTPYME, Fondo de Titulizacion de Activos:

  -- EUR160M Series A1 Note, Definitive Rating Assigned Aaa (sf)
     (currently EUR31.16M outstanding)

  -- EUR174.4M Series A2(G) Note, Definitive Rating Assigned Aa1
     (sf) and Remains On Review for Possible Downgrade

  -- EUR19.6M Series A3 Note, Definitive Rating Assigned Aa3 (sf)

  -- EUR30M Series B Note, Definitive Rating Assigned B1 (sf)

  -- EUR16M Series C Note, Definitive Rating Assigned B3 (sf)

                        Ratings Rationale

Bankinter FTPYME 4 is a securitization of loans granted to small-
and medium-sized enterprises by Bankinter (A1/P-1, Rating under
review for possible downgrade).  Bankinter is acting as Servicer
of the loans while Europea de Titulizacion S.G.F.T., S.A. is the
Management Company ("Gestora").

The transaction closed in September 2008 and was initially not
rated by Moody's.  The initial notes balance issued at closing
(shown above next to the assigned rating) amounted to EUR400
million.  The outstanding notes balance as of the last payment
date in January 2011 amounts to EUR271.16 million.

Moody's rating analysis of the notes is based on the transaction
structure after the last payment date in January 2011.  The next
payment date will take place in April 2011.

The pool of underlying assets was, as of December 2010, composed
of a portfolio of 1,207 non-written off contracts (originated
between 1997 and 2008) granted to obligors located in Spain., The
portfolio has a weighted average seasoning of 3.8 years and a
weighted average remaining term of 12.3 years.  Around 88.24% of
the outstanding of the portfolio is secured by first-lien mortgage
guarantees over different types of properties (mainly residential
and commercial).  Geographically, the pool is located mostly in
Madrid (30.18%), Andalucia (14.4%), Catalonia (12.2%) and Valencia

According to Moody's, this deal benefits from several credit
strengths. (i) 88.24% of the portfolio is secured over first-lien
real estate properties; (ii) there is a swap hedging interest rate
risks; (iii) Series A2(G) benefits from the guarantee of the
Kingdom of Spain for interest and principal payments.  The
expected loss associated with Series A2(G) notes is consistent
with a Aa3 (sf) rating regardless of the Spanish Treasury

Moody's notes that the transaction features a number of credit
weaknesses, including: (a) According to Moody's industry
classification there is 37% exposure to the Construction and
Building sector; (b) 5.51% of the pool is more than 30 days in

These characteristics were reflected in Moody's analysis and
ratings, where several simulations tested the available 30.50%
total credit enhancement and reserve fund (as of January 2011) to
cover potential shortfalls in interest or principal envisioned in
the transaction structure.

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

The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate between a range of 22.2%-23.5%
and a stochastic mean recovery rate of 61%.

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

The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector.  V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating.  For more
information, the V-Score has been assigned accordingly to the
report" V Scores and Parameter Sensitivities in the EMEA Small-to-
Medium Enterprise ABS Sector " published in June 2009.

Moody's also ran sensitivities around key parameters for the rated
notes.  For instance, if the assumed default probability range of
22.2%-23.5% used in determining the initial rating was changed to
31.9%-34.0% and the recovery rate of 61% was changed to 41%, the
model-indicated rating for the Series A1 would have remained Aaa
(sf), while Series A2(G), Series A3, Series B and Series C ratings
of Aa3 (sf), Aa3 (sf), B1 (sf) and B3 (sf) would have changed to
Ba3 (sf), Ba3 (sf), Caa3 (sf) and C (sf).  The sensitivity
analysis for Series A2(G) does not take into consideration the
benefit from the Spanish government guarantee.

IM BANCO: S&P Lowers Rating on Class C Notes to 'B- (sf)'
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on IM BANCO POPULAR FTPYME
1, Fondo de Titulizacion de Activos' class C notes.  At the same
time, S&P has affirmed its rating on the class B notes.  S&P has
also kept on CreditWatch negative its rating on the class A(G)
notes, which S&P placed on CreditWatch on Jan. 18, 2011 when its
updated counterparty criteria became effective.

S&P's credit analysis, based on the most recent transaction
information S&P has received from the trustee after the January
2011 payment date, showed a continuing erosion of the credit
enhancement level for the class C notes.  The class A(G) and B
notes, however, benefit from a strong level of support that has
more than tripled due to amortization since closing in December

For the class C notes, credit enhancement is provided mainly by a
reserve fund and to a lesser extent by excess spread.  Given the
recent performance of the pool, it is the current level of the
reserve fund that is putting the greater pressure on the rating on
the class C notes.  The fund currently stands at 9.63% of its
required level and represents 0.38% of the outstanding balance of
the notes, compared with 0.85% at closing.

The reserve fund has been below its required level since January
2008, largely as a result of rising defaults in the transaction's
underlying pool.  In January 2011, defaulted loans (defined as
loans in arrears for more than 12 months) stood at 6.47% of the
outstanding asset balance, up from 4.60% in January 2010.

S&P take some comfort from the fact that in this transaction, swap
payments to IM BANCO POPULAR FTPYME 1 are based on the outstanding
balance of the notes rather than on the performing balance of the
pool.  Despite this, in S&P's opinion, the likelihood that class C
noteholders may experience payment defaults has now risen to
levels that are no longer consistent with a rating at the 'BB'
level.  S&P has therefore lowered its rating on the class C notes
to 'B- (sf)'.

While the credit enhancement available to the class C notes has
fallen since closing, it has risen for the class A(G) and B notes.
This increase is the result of amortization of the transaction
using principal repayments received on loans in the pool.  The
class A notes, which had an original balance of EUR1.455 billion,
have now been fully repaid, and the outstanding class A(G) note
balance has fallen to EUR211.515 million from EUR418.800 million.
According to S&P's calculations, in January 2011 the credit
enhancement available to the class A(G) and B notes has risen to
27.62% and 15.73%, respectively, up from 7.15% and 4.40% at

Given the increased level of credit enhancement, S&P considers it
appropriate to maintain its 'A (sf)' rating on the class B notes
and S&P's 'AAA (sf)' rating on the class A(G) notes, despite the
rising level of defaults in the transaction.  However, class A(G)
notes remain on CreditWatch negative due to the exposure to
counterparties according to S&P's current counterparty criteria,
effective since Jan. 18, 2011 (see "Counterparty And Supporting
Obligations Methodology And Assumptions," published on Dec. 6,

The portfolio that Banco Popular Espanol, S.A. (A-/Negative/A-2)
originated comprises mostly secured loans granted to small and
midsize enterprises in Madrid, Catalonia, and Valencia.  The
current portfolio has a seasoning of 96 months and a concentration
in the real estate sector of 6.70% (a low percentage compared with
more recent Spanish SMEs transactions).

                          Ratings List

   IM BANCO POPULAR FTPYME 1, Fondo de Titulizacion de Activos
                 EUR2 Billion Floating-Rate Notes

      Rating Lowered and Removed From CreditWatch Negative

        Class    To                     From
        -----    --                     ----
        C        B- (sf)                BB (sf)/Watch Neg

            Rating Remaining on CreditWatch Negative

        Class    To                     From
        -----    --                     ----
        A(G)     AAA (sf)/Watch Neg     AAA (sf)/Watch Neg

* SPAIN: Banks Need Extra EUR17 Billion To Shore Up Finances
Phillip Inman at The Guardian reports that Spain's banks have been
told to find an extra EUR17 billion (GBP14.5 billion) to shore up
their finances and prevent a collapse in confidence after ratings
agency Moody's shocked the markets with a downgrade of the
country's debt.

According to The Guardian, the Spanish units of Deutsche Bank and
Barclays were among several banks to fail tests set by the Banco
de Espana, Spain's central bank, with Barclays the worst hit by a
demand to inject EUR552 million to reach a core capital ratio of

The Guardian relates that the central bank said that both banks
were committed to taking measures to cover their capital needs,
but the markets took fright, concerned that Spain had
underestimated the extent of bank debts, especially among the
country's beleaguered cajas or regional savings banks.

Moody's, which downgraded Spain to its third highest rating of
Aa2, highlighted the cost of rescuing its banking sector as a
particular concern, The Guardian notes.  According to The
Guardian, the ratings agency said the cost would be more than
double the Banco de Espana estimate and would rise to more than
EUR100 billion under a rigorous stress test.

Moody's, as cited by The Guardian, said that the government's
recently announced acceleration of efforts to restructure the
cajas was likely to strengthen the country's banking industry, but
there remained "a meaningful risk" that the eventual cost of
recapitalization would be higher.  Moody's now believes the rescue
package will cost between EUR40 billion and EUR50 billion -- more
than twice its own earlier estimate of EUR17 billion, The Guardian


* UKRAINE: May Face Bankruptcy Without Gas Discount, PM Says
News Online, citing RBC Ukraine, reports that Ukrainian Prime
Minister Nikolay Azarov said at a news conference on March 11 that
the country would be bankrupt without Russia's gas price discount
of $100 per 1,000 cubic meters.

According to News Online, the prime minister said that Ukraine
continues talks with Russia over amending the terms of gas

Mr. reiterated that Ukraine was given the gas price discount in
exchange for extending the lease of its Black Sea naval base for
Russia's fleet, News Online notes.

News Online says the price of Russian gas for Ukraine could amount
to around $300 per 1,000 cubic meters as of late 2011.

U N I T E D   K I N G D O M

AN AGENCY CALLED ENGLAND: Enters Into CVA Deal with Creditors
The Drum reports that An Agency Called England has entered into a
Company Voluntary Arrangement with its creditors in order to avoid
being wound-up by a former landlord.

According to The Drum, Tony Stanton, managing director said the
CVA will now allow them to draw a line under a difficult period
for the business and focus on developing England from its
profitable Leeds core.

The Voluntary Arrangement device is often used by insolvent
companies as an alternative to liquidation, The Drum notes.

Mr. Stanton told The Drum, "The irony was that England was not
insolvent as far as its trade creditors were concerned.  The
problem was we had claims from one former landlord and a current
landlord which we were disputing."

"One went for a Winding Up Order which was ridiculous.  However,
in order to resolve it we looked at the Voluntary Arrangement but
when we went down that route we had to put our entire creditors
book into the process."

"We are now able to put this behind us.  England is still here
alive and kicking.  We could have simply walked away, but choose
to stay and fight for this business."

Mr. Stanton recently downgraded his South East operations, and put
a planned expansion into the Midlands on hold as the company
retrenched to focus on its core Leeds operations, The Drum
discloses.  The process has seen its headcount drop from around 60
to 20 over the last two years, The Drum relates.

An Agency Called England is a Leeds-based marketing agency.

BENNETTS: Goes Into Administration, Hundreds of Jobs at Risk
Norwich Evening News24 reports that Bennetts has gone into
administration, putting hundreds of jobs at risk.  The report
relates that Bennetts, which employs about 300 staff in 14 stores,
has called in administrators PKF.

Staffs were told that the administrators had been called in and
that their jobs were on the line, according to Norwich Evening

Headquartered in Norfolk Bennetts is an independent electrical
retailer.  The electrical company has its head office in Bowthorpe
and has 14 stores across the country, including outlets in
Norwich, Costessey, Great Yarmouth, Holt, Cromer, King's Lynn,
Diss and Dereham.

CAMBRIDGE GOLF: Direct Golf UK Acquires Firm
CambridgeFirst reports that multi-channel golf retailer Direct
Golf UK has bought Cambridge Golf & Conference Centre, which went
into administration earlier this month.

The move secures the future of the site -- just off the A14 at
Hemingford Abbots -- and its amenities, according CambridgeFirst.

"The opportunity to acquire Cambridge Golf & Conference Centre was
too good to miss," CambridgeFirst quotes Direct Golf UK managing
director Neil Bell, as saying.  "With first-class conference and
meeting facilities, as well as the superb golf offering, I am
confident the site will become a flagship complex for Direct Golf
UK.  All 25 staff are delighted that Direct Golf UK has stepped in
and secured the future of the complex," he added.

Cambridge Golf & Conference Centre features a nine-hole golf
course, a 38-bay driving range and an all-weather short game area,
as well as purpose-built conference facilities for up to 200

CORSAIR NO 2: S&P Corrects Rating on US$20-Mil. Floating Notes
Standard & Poor's Ratings Services corrected its rating on the
Corsair (Jersey) No. 2 Ltd. series 76 US$20 million floating-rate
secured portfolio credit-linked notes by lowering the rating to 'D
(sf)' from 'CCC- (sf)'.

In March 2011, Standard & Poor's received credit event notices
that had been issued several years ago, and confirmed with the
calculation agent that the noteholders of the transaction did not
receive payment of the full interest amount on a past interest
payment date.  As a result, Standard & Poor's corrected the rating
on this transaction.

                         Rating Lowered

                   Corsair (Jersey) No. 2 Ltd.
  Series 76 floating rate secured portfolio credit-linked notes

                To         From            Amount
                --         ----            ------
                D (sf)     CCC- (sf)       US$20 mil.

EXCALIBUR FUNDING: S&P Cuts Rating on EUR2.89BB Notes to 'D (sf)'
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'B-
(sf)' its credit rating on Excalibur Funding No. 1 PLC's EUR2.89
billion floating-rate class A notes.

In January 2011, Excalibur issued a notice indicating that the
value of the assets backing its notes had fallen below the class A
note's balance.  According to the transaction documents, this
triggered an event of default under the notes.

Subsequently, on Feb. 14, U.S. Bank Trustees Ltd., the
transaction's trustee, issued a notice stating that both the class
A and unrated class B notes are immediately due and payable.  The
class A noteholders have directed the trustee to enforce on the

As the notes were deemed immediately due and payable and Excalibur
has yet to repay the class A noteholders, S&P has lowered the
rating on the class A notes to 'D (sf)'.  Furthermore, S&P
continue to believe that it is unlikely that the notes will be
repaid in full.

Excalibur is a commercial real estate collateralized debt
obligation that securitized a portfolio of pan-European commercial
real estate assets.

JOHN A: Goes Into Administration, Axes 58 Jobs
BBC News reports that John A Jack Contracts has gone into
receivership and made 58 of its 61 staff redundant.

Receivers RSM Tenon said competitive pressures in the construction
industry, prolonged bad weather and the recession had led to the
collapse, according to BBC News.  The report relates that joint
receivers, Iain Fraser and Tom MacLennan, have urged businesses
interested in the company to come forward as soon as possible.

BBC News notes that three employees have been kept on to help in
the winding down process.

RSM Tenon said it would work with all appropriate agencies to help
those staff affected by the receivership, the report adds.

Headquartered in Nairn, John A Jack Contracts is a civil
engineering firm.  It was also involved in plant hire and
construction.  Its customers have included Highland Council, NHS
Highland and property developers Golden Square.

SLUMBERDOWN ENTERPRISES: Looks to Relaunch Filled Bedding Brand
The Drum report that Slumberdown Enterprises Limited is looking to
relaunch its traditional filled bedding brand into the marketplace
after going into administration last year.  The report relates
that the company went into administration in July 2010, reportedly
after MD Noel McEvoy secured employment with John Cotton.

The brand has since been brought into West Yorkshire bedding
company John Cotton, and the company has appointed fuse8 to steer
an integrated campaign, which is to include experiential, TV,
outdoor and press marketing, while brand8pr will handle PR,
according to The Drum.

The Drum notes that Phil Atherton, sales and marketing director at
John Cotton, said Slumberdown was brought into John Cotton because
of its history and long-standing tradition.  "Combining
Slumberdown Enterprises's past with John Cotton's innovative
product development process really excites us and this re-launch
celebrates both aspects of the partnership," he added.

Slumberdown Enterprises Limited and Reffond (UK) Limited were
manufacturers and distributors of bedding products under several
popular brand names.

TRIUMPH: Goes Into Administration, Cuts 110 Jobs
WalesOnline reports that Triumph has gone into administration and
made 110 jobs redundant in the process.  The report relates that
workers were called into an impromptu meeting and made redundant
on the spot.

In a letter given to workers at the meeting, administrators for
FRP Advisory confirmed the company was going into administration,
according to WalesOnline.  The report notes that workers, who will
be paid their outdated wages and may be entitled to redundancy,
were encouraged to immediately head to the job centre to register
as unemployed.

FRP is now attempting to protect the remaining 186 staff at its
Abercanaid and Tredegar sites, WalesOnline says.

WalesOnline discloses that Nigel Hamilton-Smith, a joint
administrator for Triumph, said the recession had eaten into
private and public sector contracts to the point where the 110
redundancies had become unavoidable.

"We will continue with the day to day operation of the business
and work towards how we can sustain it in the coming months.  We
will be working to secure a long term future for the company, we
hope," WalesOnline quotes Mr. Hamilton-Smith as saying.

Triumph is a family-run business.  For more than 60 years, Triumph
has made corporate furniture out of its base in Abercanaid,
Merthyr for the public and private sector.


* BOND PRICING: For the Week March 7 to March 11, 2011

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

BA CREDITANSTALT       5.470   8/28/2013      EUR    60.25
IMMOFINANZ             4.250    3/8/2018      EUR     4.15
OESTER VOLKSBK         4.170   7/29/2015      EUR    62.75
OESTER VOLKSBK         4.810   7/29/2025      EUR    59.88
RAIFF ZENTRALBK        4.500   9/28/2035      EUR    78.53

KOMMUNEKREDIT          0.500    2/3/2016      TRY    71.07

MUNI FINANCE PLC       0.500   9/24/2020      CAD    70.31
MUNI FINANCE PLC       0.500   3/17/2025      CAD    55.20
MUNI FINANCE PLC       1.000   2/27/2018      AUD    65.98
MUNI FINANCE PLC       1.000   6/30/2017      ZAR    58.32
MUNI FINANCE PLC       0.250   6/28/2040      CAD    22.81
MUNI FINANCE PLC       0.500    2/9/2016      ZAR    64.82

AIR FRANCE-KLM         4.970    4/1/2015      EUR    15.65
ALCATEL-LUCENT         5.000    1/1/2015      EUR     4.51
ALTRAN TECHNOLOG       6.720    1/1/2015      EUR     5.30
ATOS ORIGIN SA         2.500    1/1/2016      EUR    55.33
BNP PARIBAS           10.050   7/24/2012      USD    59.62
CALYON                 6.000   6/18/2047      EUR    26.01
CAP GEMINI SOGET       1.000    1/1/2012      EUR    45.33
CAP GEMINI SOGET       3.500    1/1/2014      EUR    44.98
CGG VERITAS            1.750    1/1/2016      EUR    30.92
CLUB MEDITERRANE       6.110   11/1/2015      EUR    19.52
CLUB MEDITERRANE       5.000    6/8/2012      EUR    17.53
EURAZEO                6.250   6/10/2014      EUR    58.20
FAURECIA               4.500    1/1/2015      EUR    29.15
INGENICO               2.750    1/1/2017      EUR    39.58
MAUREL ET PROM         7.125   7/31/2014      EUR    18.03
MAUREL ET PROM         7.125   7/31/2015      EUR    16.42
NEXANS SA              4.000    1/1/2016      EUR    68.97
ORPEA                  3.875    1/1/2016      EUR    48.47
PEUGEOT SA             4.450    1/1/2016      EUR    33.33
PUBLICIS GROUPE        1.000   1/18/2018      EUR    49.39
PUBLICIS GROUPE        3.125   7/30/2014      EUR    40.73
RHODIA SA              0.500    1/1/2014      EUR    49.13
SOC AIR FRANCE         2.750    4/1/2020      EUR    21.73
SOITEC                 6.250    9/9/2014      EUR    11.32
TEM                    4.250    1/1/2015      EUR    57.92
THEOLIA                2.700    1/1/2041      EUR    10.81

ESCADA AG              7.500    4/1/2012      EUR    21.01
EUROHYPO AG            6.490   7/17/2017      EUR     8.25
HSH NORDBANK AG        4.375   2/14/2017      EUR    66.33
IKB DEUT INDUSTR       5.625   3/31/2017      EUR    12.50
L-BANK FOERDERBK       0.500   5/10/2027      CAD    49.40
LB BADEN-WUERTT        2.500   1/30/2034      EUR    68.20
SOLON AG SOLAR         1.375   12/6/2012      EUR    38.57

ATHENS URBAN TRN       5.008   7/18/2017      EUR    61.86
ATHENS URBAN TRN       4.301   8/12/2014      EUR    71.41
ATHENS URBAN TRN       4.851   9/19/2016      EUR    69.80
HELLENIC RAILWAY       7.350    3/3/2015      JPY    74.01
HELLENIC RAILWAY       4.500   12/6/2016      JPY    58.13
HELLENIC REP I/L       2.300   7/25/2030      EUR    48.81
HELLENIC REP I/L       2.900   7/25/2025      EUR    50.41
HELLENIC REPUB         5.800   7/14/2015      JPY    69.17
HELLENIC REPUB         6.140   4/14/2028      EUR    64.09
HELLENIC REPUB         5.000   3/11/2019      EUR    60.86
HELLENIC REPUB         4.590    4/8/2016      EUR    65.08
HELLENIC REPUB         5.200   7/17/2034      EUR    67.53
HELLENIC REPUB         5.000   8/22/2016      JPY    65.44
HELLENIC REPUBLI       5.014   2/27/2019      EUR    59.11
HELLENIC REPUBLI       4.600   7/20/2018      EUR    60.70
HELLENIC REPUBLI       4.590    4/3/2018      EUR    58.99
HELLENIC REPUBLI       4.675   10/9/2017      EUR    60.58
HELLENIC REPUBLI       5.900   4/20/2017      EUR    64.79
HELLENIC REPUBLI       4.225    3/1/2017      EUR    60.53
HELLENIC REPUBLI       3.702   9/30/2015      EUR    64.75
HELLENIC REPUBLI       4.020   9/13/2016      EUR    61.42
HELLENIC REPUBLI       4.500    7/1/2014      EUR    71.88
HELLENIC REPUBLI       4.300   7/20/2017      EUR    60.53
HELLENIC REPUBLI       6.100   8/20/2015      EUR    69.06
HELLENIC REPUBLI       6.000   7/19/2019      EUR    64.24
HELLENIC REPUBLI       3.700   7/20/2015      EUR    63.68
HELLENIC REPUBLI       4.113   9/30/2014      EUR    70.77
HELLENIC REPUBLI       4.500   5/20/2014      EUR    69.74
HELLENIC REPUBLI       3.600   7/20/2016      EUR    60.26
HELLENIC REPUBLI       3.985   7/25/2014      EUR    70.87
HELLENIC REPUBLI       5.959    3/4/2019      EUR    63.25
HELLENIC REPUBLI       6.250   6/19/2020      EUR    65.65
HELLENIC REPUBLI       4.700   3/20/2024      EUR    59.13
HELLENIC REPUBLI       5.300   3/20/2026      EUR    60.13
HELLENIC REPUBLI       4.500   9/20/2037      EUR    55.24
HELLENIC REPUBLI       4.600   9/20/2040      EUR    55.23
HELLENIC REPUBLI       5.500   8/20/2014      EUR    69.97
NATIONAL BK GREE       3.875   10/7/2016      EUR    73.01
AIB MORTGAGE BNK       5.580   4/28/2028      EUR    65.79
AIB MORTGAGE BNK       5.000   2/12/2030      EUR    59.86
AIB MORTGAGE BNK       5.000    3/1/2030      EUR    59.85
ALLIED IRISH BKS      12.500   6/25/2019      EUR    29.02
ALLIED IRISH BKS      12.500   6/25/2019      GBP    29.02
ALLIED IRISH BKS      11.500   3/29/2022      GBP    28.14
ALLIED IRISH BKS      10.750   3/29/2017      USD    28.30
ALLIED IRISH BKS      10.750   3/29/2017      EUR    28.68
ALLIED IRISH BKS       5.250   3/10/2025      GBP    22.37
BANK OF IRELAND       10.000   2/12/2020      EUR    65.07
BANK OF IRELAND        4.625   2/27/2019      EUR    53.02
BANK OF IRELAND       10.000   2/12/2020      GBP    65.26
BANK OF IRELAND        9.250    9/7/2020      GBP    60.44
BANK OF IRELAND        4.875   1/22/2018      GBP    52.00
BK IRELAND MTGE        5.450    3/1/2030      EUR    68.96
BK IRELAND MTGE        5.400   11/6/2029      EUR    68.60
BK IRELAND MTGE        5.760    9/7/2029      EUR    71.72
DEPFA ACS BANK         5.125   3/16/2037      USD    63.03
DEPFA ACS BANK         0.500    3/3/2025      CAD    33.82
DEPFA ACS BANK         5.125   3/16/2037      USD    63.44
DEPFA BANK PLC         3.150    4/3/2018      EUR    73.70
IRISH GOVT             5.400   3/13/2025      EUR    70.15
IRISH GOVT             4.500   4/18/2020      EUR    70.75
IRISH GOVT             4.400   6/18/2019      EUR    72.61
IRISH LIFE & PER       4.625    5/9/2017      EUR    45.00
IRISH NATIONWIDE      13.000   8/12/2016      GBP    19.00
IRISH NATIONWIDE       6.250   6/26/2012      GBP    50.25

ABRUZZO REGION         4.450    3/1/2037      EUR    72.71
CITY OF TURIN          5.270   6/26/2038      EUR    65.93
CITY OF VENICE         4.265   3/26/2026      EUR    72.29
CITY OF VENICE         4.265   3/26/2026      EUR    72.29
CO BRAONE              4.567   6/30/2037      EUR    69.04
CO CASTELMASSA         3.960   3/31/2026      EUR    69.40
COMUNE DI MILANO       4.019   6/29/2035      EUR    68.15
REGION OF UMBRIA       5.087   6/15/2037      EUR    73.25
TELECOM ITALIA         5.250   3/17/2055      EUR    73.93
UNICREDITO ITALI       5.832   2/15/2035      EUR    75.21

ARCELORMITTAL          7.250    4/1/2014      EUR    31.06
CRC BREEZE             5.290    5/8/2026      EUR    65.75
LIGHTHOUSE INTL        8.000   4/30/2014      EUR    35.50
LIGHTHOUSE INTL        8.000   4/30/2014      EUR    36.18

APP INTL FINANCE      11.750   10/1/2005      USD     0.01
BK NED GEMEENTEN       0.500   2/24/2025      CAD    53.40
BK NED GEMEENTEN       0.500   3/17/2016      TRY    71.15
BK NED GEMEENTEN       0.500    3/3/2021      NZD    60.14
BK NED GEMEENTEN       0.500   3/29/2021      USD    72.95
BK NED GEMEENTEN       0.500   3/29/2021      NZD    59.83
BRIT INSURANCE         6.625   12/9/2030      GBP    65.55
ELEC DE CAR FIN        8.500   4/10/2018      USD    55.15
LEASEPLAN CORP         4.500   11/8/2016      EUR    72.13
NATL INVESTER BK      25.983    5/7/2029      EUR    21.90
NED WATERSCHAPBK       0.500   3/11/2025      CAD    54.00
SIDETUR FINANCE       10.000   4/20/2016      USD    73.50
TJIWI KIMIA FIN       13.250    8/1/2001      USD     0.01

EKSPORTFINANS          0.500    5/9/2030      CAD    40.90
KOMMUNALBANKEN         0.500   1/27/2016      ZAR    71.80
KOMMUNALBANKEN         0.500   3/24/2016      ZAR    70.99
KOMMUNALBANKEN         0.500    3/1/2016      ZAR    70.91

CAIXA GERAL DEPO       5.380   10/1/2038      EUR    68.95
METRO DE LISBOA        4.061   12/4/2026      EUR    60.89
METRO DE LISBOA        4.799   12/7/2027      EUR    66.05
PORTUGUESE OT'S        3.850   4/15/2021      EUR    74.80
PORTUGUESE OT'S        4.100   4/15/2037      EUR    66.69

APK ARKADA            17.500   5/23/2012      RUB     0.38
ARKTEL-INVEST         12.000    4/9/2012      RUB     0.05
ATOMSTROYEXPORT-       7.750   5/24/2011      RUB    75.00
BANK SOYUZ             7.750    5/2/2011      RUB    75.00
BANK ST PETERS         7.500   9/23/2013      RUB   100.10
BARENTSEV FINANS      20.000    7/4/2011      RUB     1.60
DVTG-FINANS           17.000   8/29/2013      RUB     4.00
ENERGOSPETSSNAB        8.500   5/30/2016      RUB    75.00
ENERGOSTROY-FINA      12.000   5/20/2011      RUB   100.01
EUROKOMMERZ           16.000   3/15/2011      RUB     0.01
FORMAT                17.000   12/6/2012      RUB    75.00
IZHAVTO               18.000    6/9/2011      RUB    11.31
KARUSEL FINANS        12.000   9/12/2013      RUB    75.00
KVART-FINANS          12.000   10/5/2011      RUB    75.00
LADYA FINANS          13.750   9/13/2012      RUB    75.00
LLC VICTORIA FIN       8.000   2/12/2013      RUB    75.00
M-INDUSTRIYA          12.250   8/16/2011      RUB    29.06
MAIN ROAD OJSC        10.200    6/3/2011      RUB   100.02
MEDVED-FINANS         14.000   8/16/2013      RUB    75.00
MIG-FINANS             0.100    9/6/2011      RUB     1.00
MINPLITA-FINANS       20.000   4/22/2011      RUB   100.00
MIRAX                 14.990   5/17/2011      RUB    50.00
MIRAX                 17.000   9/17/2012      RUB    50.00
MOSMART FINANS         0.010   4/12/2012      RUB    50.00
MOSOBLGAZ             12.000   5/17/2011      RUB    72.50
MOSOBLTRUSTINVES      20.000   3/26/2011      RUB     6.99
NATIONAL CAPITAL      12.500   5/20/2011      RUB    75.00
NOK                   10.000   9/22/2011      RUB    53.00
NOK                   12.500   8/26/2014      RUB     0.02
NORTH-WEST TELEC       8.100   12/8/2011      RUB   100.70
NOVOROSSIYSK          13.000   12/9/2011      RUB    75.00
NOVYE TORGOVYE S      15.000   4/26/2011      RUB    70.01
OBYEDINEONNYE KO      10.750   5/16/2012      RUB    75.00
PEB LEASING           14.000   9/12/2014      RUB   100.00
POLYPLAST             19.000   6/21/2011      RUB   100.10
SAHO                  10.000   5/21/2012      RUB     4.50
SEVKABEL-FINANS       10.500   3/27/2012      RUB     3.40
SIBIRTELECOM           9.500    8/8/2013      RUB    75.01
SISTEMA-HALS           8.500   4/15/2014      RUB    75.00
SISTEMA-HALS           8.500    4/8/2014      RUB    75.00
SOUTHERN STOCK C       9.000   4/29/2014      RUB    75.00
SVOBODNY SOKOL         0.100   5/24/2011      RUB     1.31
TALIO-PRINCEPS        16.000   5/17/2012      RUB    75.00
TECHNOSILA-INVES       7.000   5/26/2011      RUB     3.00
TERNA-FINANS           1.000   11/4/2011      RUB     4.99
TK FINANS             12.600    9/5/2011      RUB    75.00
TRANSCREDITFACTO      12.000   6/11/2012      RUB    75.00
TRANSFIN-M             9.750   8/13/2013      RUB    75.00
VKM-LEASING FINA       1.000   5/18/2011      RUB    80.00
VOSTOCHNY EXPRES       7.500    3/7/2013      RUB    80.00
ZAO EUROPLAN          10.000   8/11/2011      RUB    75.00
ZHILSOTSIPOTEKA-       9.000   7/26/2011      RUB    75.00

AYT CEDULAS CAJA       3.750   6/30/2025      EUR    65.34
AYT CEDULAS CAJA       4.750   5/25/2027      EUR    73.27
AYUNTAM DE MADRD       4.550   6/16/2036      EUR    70.01
BANCAJA                1.500   5/22/2018      EUR    62.80
BANCO GUIPUZCOAN       1.500   4/18/2022      EUR    52.53
CAJA CASTIL-MAN        1.500   6/23/2021      EUR    60.68
CAJA MADRID            4.125   3/24/2036      EUR    68.18
CAJA MADRID            5.755   2/26/2028      EUR    63.87
CEDULAS TDA 6          3.875   5/23/2025      EUR    66.43
CEDULAS TDA A-5        4.250   3/28/2027      EUR    68.05
CEDULAS TDA A-6        4.250   4/10/2031      EUR    64.07
COMUNIDAD ARAGON       4.646   7/11/2036      EUR    71.81
COMUNIDAD MADRID       4.300   9/15/2026      EUR    74.73
GEN DE CATALUNYA       5.400   5/13/2030      EUR    74.33
GEN DE CATALUNYA       4.220   4/26/2035      EUR    67.14
GEN DE CATALUNYA       5.219   9/10/2029      EUR    72.82
GENERAL DE ALQUI       2.750   8/20/2012      EUR    72.36
IM CEDULAS 5           3.500   6/15/2020      EUR    74.41
INSTITUT CATALA        4.250   6/15/2024      EUR    74.19
JUNTA ANDALUCIA        5.150   5/24/2034      EUR    72.71
JUNTA LA MANCHA        3.875   1/31/2036      EUR    54.41

SWEDISH EXP CRED       9.000   8/12/2011      USD    10.27
SWEDISH EXP CRED       2.130   1/10/2012      USD     9.57
SWEDISH EXP CRED       0.500   1/25/2028      USD    51.19
SWEDISH EXP CRED       0.500    3/5/2018      AUD    67.31
SWEDISH EXP CRED       8.000   1/27/2012      USD    10.10
SWEDISH EXP CRED       0.500   9/29/2015      BRL    63.84
SWEDISH EXP CRED       0.500    3/3/2016      ZAR    64.46
SWEDISH EXP CRED       9.000   8/28/2011      USD    10.88
SWEDISH EXP CRED       8.000   11/4/2011      USD     8.92
SWEDISH EXP CRED       2.000   12/7/2011      USD     9.65

UBS AG                13.300   5/23/2012      USD     4.19
UBS AG                10.530   1/23/2012      USD    39.48
UBS AG                10.580   6/29/2011      USD    39.67
UBS AG                13.700   5/23/2012      USD    14.05
UBS AG                14.000   5/23/2012      USD     9.70
UBS AG JERSEY         11.150   8/31/2011      USD    39.66
UBS AG JERSEY          9.350   9/21/2011      USD    70.88
UBS AG JERSEY          3.220   7/31/2012      EUR    50.99
UBS AG JERSEY          9.450   9/21/2011      USD    51.03
UBS AG JERSEY         10.990   3/31/2011      USD    30.98
UBS AG JERSEY         10.500   6/16/2011      USD    73.14
UBS AG JERSEY         13.000   6/16/2011      USD    50.13
UBS AG JERSEY         10.280   8/19/2011      USD    35.71
UBS AG JERSEY         10.360   8/19/2011      USD    53.45

BANK NADRA             8.000   6/22/2017      USD    70.00
BANK OF SCOTLAND       5.772    2/7/2035      EUR    73.29
BARCLAYS BK PLC        9.400   7/31/2012      USD    11.23
BARCLAYS BK PLC        8.550   1/23/2012      USD    11.32
BARCLAYS BK PLC        8.800   9/22/2011      USD    16.64
BARCLAYS BK PLC       13.050   4/27/2012      USD    27.08
BARCLAYS BK PLC        8.750   9/22/2011      USD    73.50
BARCLAYS BK PLC        7.500   9/22/2011      USD    17.15
BARCLAYS BK PLC        9.000   6/30/2011      USD    43.42
BARCLAYS BK PLC        9.250   1/31/2012      USD     9.71
BARCLAYS BK PLC        9.500   8/31/2012      USD    29.95
BARCLAYS BK PLC        9.250   8/31/2012      USD    35.46
BARCLAYS BK PLC       10.800   7/31/2012      USD    27.32
BARCLAYS BK PLC       13.000   5/23/2011      USD    23.99
BARCLAYS BK PLC       10.510   5/31/2011      USD    13.01
BARCLAYS BK PLC       10.650   1/31/2012      USD    45.71
BARCLAYS BK PLC       10.950   5/23/2011      USD    65.04
BARCLAYS BK PLC       12.950   4/20/2012      USD    23.53
BARCLAYS BK PLC        8.950   4/20/2012      USD    16.30
BARCLAYS BK PLC       10.350   1/23/2012      USD    22.03
BRADFORD&BIN BLD       4.910    2/1/2047      EUR    65.24
CO-OPERATIVE BNK       5.875   3/28/2033      GBP    69.60
DISCOVERY EDUCAT       1.948   3/31/2037      GBP    67.96
EFG HELLAS PLC         6.010    1/9/2036      EUR    22.75
EFG HELLAS PLC         5.400   11/2/2047      EUR    57.38
HBOS PLC               6.000   11/1/2033      USD    67.31
HBOS PLC               6.000   11/1/2033      USD    67.58
HBOS PLC               4.500   3/18/2030      EUR    74.22
HEALTHCARE SUPP        2.067   2/19/2043      GBP    70.78
NORTHERN ROCK          5.750   2/28/2017      GBP    70.21
PRINCIPALITY BLD       5.375    7/8/2016      GBP    76.51
PUNCH TAVERNS          7.567   4/15/2026      GBP    60.28
PUNCH TAVERNS          8.374   7/15/2029      GBP    60.58
PUNCH TAVERNS          6.468   4/15/2033      GBP    46.79
UNIQUE PUB FIN         6.464   3/30/2032      GBP    64.53
WESSEX WATER FIN       1.369   7/31/2057      GBP    31.87


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

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

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

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


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

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

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

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

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

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