TCREUR_Public/110328.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 28, 2011, Vol. 12, No. 61



ISS A/S: S&P Removes 'BB-' Rating From CreditWatch Positive


WINDERMERE XII: Fitch Affirms 'CCsf' Ratings on Various Notes


MUSKETEER GMBH: Moody's Assigns 'B2' Corporate Family Rating
VOLVO AUTO: Moody's Cuts Bank Financial Strength Rating to 'D+'


ANGLO IRISH: CARB Postpones Ex-Chair's Disciplinary Tribunal
DONATEX LTD: Bernard McNamara Regrets Resignation as Director
RMF EURO: Moody's Confirms 'B1 (sf) Rating on Class IV Notes
TBS INTERNATIONAL: Files Registration Statement on Form S-1


CAPITAL MORTGAGE: S&P Cuts Rating on Class C Notes to 'CCC (sf)'


APERAM SA: S&P Assigns 'BB' Rating to US$500 Mil. Senior Notes


METINVEST BV: Moody's Corrects Press Release; Assigns 'B2' Rating


AEROFLOT OJSC: Fitch Affirms Issuer Default Rating at 'BB+'
CTC MEDIA: S&P Changes Outlook to Positive; Affirms 'BB-/B' Rating
LSR GROUP: Fitch Upgrades Long-Term Issuer Default Rating to 'B'


EMPRESA DE ELECTRICIDADE: Moody's Downgrades Rating to 'Ba1'
FONCAIXA EMPRESAS: Moody's Assigns '(P)B2' Rating to Serie B Notes
TDA 24: S&P Cuts Rating on Class C Notes to 'CCC (sf) Notes


* SWITZERLAND: Law to Include Orderly Liquidation of Banks


FERREXPO PLC: Fitch Assigns 'B' Senior Unsecured Rating

U N I T E D   K I N G D O M

ASSETCO PLC: Ousts CEO John Shannon Following Court Injunction
COMPLETE WORLD: Bought Out of Administration by TMG
DECO 8: S&P Puts 'B' Rating on Class F Notes on Watch Negative
FERREXPO FINANCE: S&P Assigns 'B+' Rating to US$500-Mil. Notes
KEYDATA INVESTMENT: N&P to Pay GBP57 Million to Investors

MAYPOLE GROUP: Bought Out of Administration by Marco Pierre White
ODDBINS: Creditors Expected to Back CVA; HMRC Largest Creditor
PUNCH TAVERNS: Key Bondholders Balk at Pub Unit Spin-Off Plan
PUNCH TAVERNS: Strategic Review Won't Affect Fitch's Rating
SOUTHERN CROSS: Taps Tim Bolot to Oversee Financial Restructuring


* BOND PRICING: For the Week March 21 to March 25, 2011



ISS A/S: S&P Removes 'BB-' Rating From CreditWatch Positive
Standard & Poor's Ratings Services said that it removed its 'BB-'
long-term corporate credit ratings on Denmark-based facilities
services provider ISS A/S and related entities from CreditWatch,
where they were placed with positive implications on Feb. 18,
2011.  The outlook is stable.

At the same time, S&P removed from CreditWatch positive the 'B'
issue ratings on ISS' EUR581.5 million subordinated facility
(including the add-on notes) due 2016, on ISS Global A/S' EUR110.4
million issuance under the EUR2 billion unsecured euro medium-term
notes program due 2014, and on ISS Financing PLC's EUR525 million
secured notes due 2014.

"The removal of the ratings from CreditWatch follows ISS'
postponement of its planned IPO due to currently volatile market
conditions," said Standard & Poor's credit analyst Andrew
Stillman.  "S&P understand that ISS would likely have used the
additional capital raised through the IPO to delever its highly
leveraged financial profile.  As the timing of a future potential
IPO is uncertain at this stage, S&P does not factor the effect of
a potential IPO into the current ratings and outlook."

The ratings on ISS reflect S&P's view of the group's highly
leveraged financial risk profile and weak credit measures.  ISS'
Standard & Poor's-adjusted debt to EBITDA stood at 7x for the year
ended Dec. 31, 2010, while adjusted debt to total capital was
above 90% for the same period.  In addition, low operating margins
in the sector expose ISS to input cost inflation, which requires
ongoing efforts to control overheads.

The above weaknesses are partially mitigated by ISS' strong
business risk profile, underpinned by a solid business position in
an attractive -- albeit fragmented and competitive -- industry and
a good track record in integrating acquisitions.  With 2010 year-
end sales of Danish krone 74 billion, ISS benefits from a strong
business position, particularly in Northern Europe, where it is a
leader in most of its markets.

In S&P's view, ISS' operating performance will remain steady in
the near term, thanks to the flexibility of its cost base.  Based
on current information, S&P anticipate that credit measures will
improve gradually in the near to medium term, supported by
continued organic growth in the mid-single digits, as well as by
an absence of debt-funded acquisitions.  This should allow
adjusted debt to EBITDA to decline toward 6x-7x, and EBITDA
interest coverage to increase to more than 2x over the medium

Downside rating risk could arise should ISS face difficulties in
refinancing its maturing debt and credit facilities at least 12
months ahead of their due dates.  Downside risk could also arise
from a significant decline in organic growth rates toward zero or
negative growth, or an inability to adjust prices to wage
inflation.  Both these factors could lead to a reduction in credit
measures over a longer period than S&P would deem acceptable,
although the two factors are not likely to occur simultaneously.

Upside rating potential is constrained by its assessment of the
group's highly leveraged financial risk profile.  However, S&P
would revisit this assessment should ISS restart the postponed IPO
and deleveraging process.


WINDERMERE XII: Fitch Affirms 'CCsf' Ratings on Various Notes
Fitch Ratings has downgraded Windermere XII FCC's class A notes,
whilst affirming all other note classes:

  -- EUR776m class A due July 2017: downgraded to 'BBsf' from
     'BBB-sf'; Outlook Negative

  -- EUR317.4m class B due July 2017: affirmed at 'Bsf'; Outlook

  -- EUR126.6m class C due July 2017: affirmed at 'CCCsf';
     Recovery Rating of 'RR5'

  -- EUR39.2m class D due July 2017: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'

  -- EUR80.8m class E due July 2017: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'

  -- EUR81.3m class F due July 2017: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'

  -- EUR38.7m class G due July 2017: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'

  -- EUR59m class H due July 2017: affirmed at 'CCsf'; Recovery
     Rating of 'RR6'

The downgrade reflects the significant uncertainty regarding the
future performance of the transaction, which was re-introduced by
this month's rulings by the Cour de Cassation, France's highest
court.  The rulings have prompted Fitch to cap the notes' ratings
at 'BBsf'.  However, the affirmation of the lower classes of notes
indicates the improved performance of the asset over the past 12

In March 2011, the Cour de Cassation overturned the rulings that
had been issued by the Paris Court of Appeal in February 2010.
The case, which involved issues related to the opening of
'procedures de sauvegarde' with respect to HOLD (the borrower in
the transaction) as well as Dame (its parent), has now been
referred to the Court of Appeal of Versailles.  A decision by this
court is expected in the autumn.

Although the non-renewal of key leases in 2010 has left the Coeur
Defense property considerably vacant, new lease signings and
restructurings over the past year have slightly improved the
vacancy rate to 41%.  Whilst the positive effect of these leases
is not reflected in the current reported income, due to
significant tenant incentives that were granted, the lease expiry
profile of the asset looks considerably healthier than it did a
year ago.

The current reported securitized loan to value ratio is 120%,
based on a March 2011 valuation, which remains in breach of the
80% LTV covenant.  The severity of the value decline since closing
(36%) highlights the income deterioration that the asset has
experienced.  Despite recent lease signings, further improvements
will be necessary before the current interest coverage ratio
covenant breach is remedied.

Fitch will continue to monitor events, most importantly the
outcome of the decision by the Court of Appeal of Versailles.


MUSKETEER GMBH: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a B2 corporate family
rating and probability-of-default rating to Musketeer GmbH, the
parent of Kabel BW Erste Beteiligungs GmbH.  At the same time,
Moody's has assigned provisional ratings to these debt instruments
of the different group entities:

  -- EUR1.57 billion (in a combination of euro and U.S. dollars)
     worth of senior secured notes due 2019 and senior secured
     floating rate notes due 2018 to be issued by Kabel BW Erste
     Beteiligungs GbmH and Kabel Baden-Wuttemberg GmbH & Co.  KG:

  -- EUR680 million of senior notes due 2021 to be issued by
     Musketeer GmbH: (P)Caa1

The outlook for all the ratings is stable.  This is the first time
that Moody's has assigned ratings to Musketeer.  Moody's notes
that following completion of the planned post debt-issuance re-
organization process, Kabel BW Holdings will assume all the debt
obligations of Kabel BW Erste Beteiligungs GbmH and Kabel Baden-
Wuttemberg GmbH & Co.  KG to become the sole issuer of the senior
secured notes as well as the RCF.

                        Ratings Rationale

"The B2 CFR reflects the weak post deal credit metrics for
Musketeer, mitigated by the strength of KBW's business risk
profile," says Gunjan Dixit, Moody's lead analyst for Musketeer.

The acquisition of KBW by Liberty Global was announced on
March 21, 2010 and values the company at EUR3.16 billion,
excluding transaction costs (8.1x 2011 EBITDA including synergies
-- as estimated by LGI).  The deal is subject to regulatory
approval and is expected to close in the second half of 2011.

EQT Funds IV and V, the current owners of KBW will be re-
capitalizing the company with EUR2.25 billion of new debt.  This
will fund financing fees of EUR60 million, refinance KBW's
existing debt (EUR 1.18 billion) and repay most of a shareholder
loan from EQT (EUR 1.0 billion).  Post this repayment, a residual
amount of EUR100 million will remain outstanding under this loan,
which Moody's has treated as debt within its credit metrics for
Musketeer.  Musketeer's capital structure is complemented by
common equity.  Moody's notes that Musketeer will have cash and
cash equivalents of EUR105 million post closing of the

The new capital structure is expected to be assumed by LGI upon
completion of the transaction.  Once the regulatory approval is
obtained, LGI will pay EUR910 million as final acquisition
consideration to EQT and thereafter gain complete control of KBW.
Once the transaction is consummated by LGI, UPC Germany HoldCo 1
GmbH (a subsidiary of LGI), would assume the obligations of
Musketeer GmbH as the issuer of senior notes and would become the
ultimate holding company for KBW.  At that stage, Moody's would
expect to move its CFR to UPC Germany HoldCo 1.

Should the LGI acquisition not be consummated, Aldermanbury
Investments Limited, a subsidiary of JP Morgan Chase & Co.  (the
'Backstop Purchaser') has agreed to assume rights and obligations
of the purchaser under the sale and purchase agreement subject to
the terms defined in the indenture.  In such a situation, the
Backstop purchaser expects to sell or otherwise transfer Musketeer
('Backstop Transfer') to any other purchaser subject to certain
conditions.  In addition, if the Acquisition Agreement is
terminated after the receipt of the Regulatory Failure Notice
prior to the consummation of the Backstop Acquisition, EQT will be
permitted to, subject to certain conditions, sell or transfer (the
"EQT Transfer") Musketeer to any other purchaser.  Moody's notes
that no change of control would be triggered under the indenture
for the newly issued bonds upon the consummation of the
acquisition by LGI, or the Backstop Acquisition, the Backstop
Transfer or the EQT Transfer, provided that in connection with the
Backstop Transfer and the EQT Transfer, if the consolidated net
leverage (as defined in the indenture) of the Senior Notes Issuer
and its restricted subsidiaries is 6.25 to 1.00 or less at the
time of such transaction giving pro forma effect thereto.

Moody's ratings reflect (i) the modest scale of KBW's revenues
relative to rated peers; (ii) high pro-forma leverage of the
company based on 2010 year-end EBITDA; and (iii) de-leveraging in
the near term remaining largely a function of EBITDA growth, in
the absence of amortizing debt.  Positively, the ratings take into
account (i) KBW's good market position as a provider of cable
television, broadband and telephony services in the Baden-
Wrttemberg region; (ii) the company's continued robust operating
performance; (iii) the competitive advantage offered by its
advanced network offering good potential for further growth; (iv)
its solid EBITDA margins translating into positive free cash flow

The Baden-Wuerttemberg region offers a good and growing market to
KBW with approximately 5 million households.  The company already
has a sizeable network in the region which has been fully upgraded
to DOCSIS 3.0 standard.  In this regard, Moody's notes that KBW is
currently ahead of its German peers in terms of network upgrade.
In Moody's opinion, KBW remains well positioned to benefit from
increased demand over the short to medium term for its "bundled"
products, with the introduction of "next-generation" digital TV
and faster-speed broadband services being facilitated by DOCSIS
3.0 technology.

Over the past five years, KBW's reported revenues have grown at a
CAGR of approximately 18%.  During 2010, revenues of the company
increased by 14% driven by the largely resilient and recurring
nature of its revenues from its Basic Cable Services (BCS) segment
(including carriage fees) which accounts for approximately 53% of
total revenues as well as the good growth in the revenues from
Internet & Telephony services (37% of total revenues).  KBW
increased its EBITDA margin to 56% in 2010 after 52.7% in 2009.
Given that Moody's expects KBW's EBITDA to grow consistently in
2011 and beyond, Moody's ratings currently are based on the
expectation that Musketeer's leverage will improve to
approximately 6.3x Gross Debt/EBITDA (as adjusted by Moody's) by
the end of 2011.

While Moody's believes that Internet & Telephony followed by BCS
revenues should continue to be the key growth driver for the
company over the medium term, building presence in the Pay TV,
Mobile and B2B services overtime, may still prove relatively
challenging to KBW given (i) the wealth of quality content already
available on Free to Air (FTA) broadcasting in Germany thereby to
some extent undermining the take-up of Pay TV in the country; (ii)
competitive pressures in the mobile services segment; and (iii)
the lack of track record of KBW in providing B2B services.

Reduction in leverage on a Gross Debt to EBITDA (as adjusted by
Moody's) of well below 6.0x; track-record of positive free cash
flow generation and conservative financial strategy could lead to
upward rating pressure.  On the contrary, downward rating pressure
could develop with an increase in leverage above 7.0x Gross Debt
to EBITDA (as adjusted by Moody's) and/or material negative free
cash flow on a sustained basis.

The (P)B1 rating of the senior secured bonds is one notch higher
than the CFR cushioned by the presence of senior unsecured notes
in the capital structure.  The Super-Senior RCF ranks ahead of the
Senior Secured Notes in the debt waterfall reflecting its priority
of payment from enforcement proceeds.  The (P)Caa1 rating of the
senior unsecured notes is a result of Musketeer's high leverage
and their contractually and structurally subordinated position
relative to the company's RCF and senior secured bonds.  Moody's
notes that the debt incurrence test for the senior notes has been
set at 5.0x consolidated leverage ratio and 4.0x senior secured
leverage ratio.  The RCF is constricted by a leverage based
maintenance covenant and Moody's would expect Musketeer to
maintain adequate headroom under the covenant at all times.

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

Musketeer GmbH, is the ultimate holding company for KBW, which is
the third largest cable operator in the Germany with revenues
(including other operating income) of EUR563.4 million in 2010.

VOLVO AUTO: Moody's Cuts Bank Financial Strength Rating to 'D+'
Moody's Investors Service has downgraded the long-term deposit
ratings of Volvo Auto Bank Deutschland GmbH by one notch to Baa3
from Baa2 and its bank financial strength rating to D+ from C-.
The bank's short-term rating is also downgraded to P-3 from P-2.
The outlook on all ratings is negative.

The downgrades are driven primarily by concerns regarding the
bank's future business strategy, its strategic ownership interest
and related risk profile following the sale of Volvo Car
Corporation to Chinese Zhejiang Geely Holding Group.

The rating action concludes the review for downgrade initiated on
29 January 2009 and which was further extended on 13 August 2010.

                        Ratings Rationale

                  Bank Financial Strength Rating

VAB's BFSR of D+, which translates into a baseline credit
assessment of Baa3, reflects (i) the decline in franchise value
given the low market shares of Volvo cars in Germany (slightly
below 1% currently from 2% historically) and Switzerland (Volvo
CH: 2,5%, Ford CH: 5,9%); (ii) the existing risk concentrations of
the dealer franchise; (iii) the modest recovery of the bank's
financial profile compared with its European peers in 2010; and
(iv) a funding profile that depends on the continued membership in
the deposit insurance scheme.

Following the sale of the industrial assets of Volvo Car
Corporation (unrated) by its owner Ford Motor Group (Ford, rated
Ba2/positive) to Chinese Zhejiang Geely Holding Group (unrated),
Moody's is concerned about VAB's strategic positioning within the
Ford group, its strategic and operating independence and potential
future support from its owner Ford.  In Moody's view, Ford's
strategic interest in VAB was better aligned before the sale of
Ford's Volvo cars division and as a result, believes that these
uncertainties are better reflected in a downgrade in VAB's BFSR to
D+.  The rating agency will continue to monitor VAB's relationship
with its owner and the impact on its franchise value and risk

Moody's positively notes that as per VAB's preliminary unaudited
results, its financial performance stabilized during 2010.  VAB's
pre-tax profit increased to EUR32 million (2009: EUR20 million),
reflecting VAB's further expansion into leasing activities and a
recovery in the bank's profitability metrics.  Moody's remains
comfortable with VAB's sound asset and liability management and
strategic liquidity reserve of unconstrained cash in excess of
EUR100 million.  Simultaneously, the rating agency points to VAB's
funding reliance on the German private placement market and the
benefits from the bank's membership in the German deposit
insurance fund.  In Moody's view, VAB's membership in the deposit
insurance fund is key to supporting the bank's future ability to
access long-term market funds and Moody's also believes that
continuing commitment of VAB's parent to this membership is
essential for VAB's liquidity and funding needs.

                    Long-Term Deposit Ratings

The downgrade of the long-term deposit ratings is directly linked
to the downgrade of the bank's BFSR, given its lack of meaningful
external support.  Moody's considers the probability of ongoing
support from its ultimate parent, Ford, as remote given the
disposal of Volvo Cars to privately owned Chinese Geely in 2010
and the limited strategic fit of VAB with Ford going forward.

                    Short-Term Deposit Ratings

VAB's short-term ratings were downgraded to P-3 from P-2 in line
with Moody's guidelines for short-term ratings and given the
downgrade of the long-term ratings to Baa3.  Moody's believes that
the bank's liquidity remains supported by its matched funding
profile, which would allow a balanced asset run-off relative to
its liability structure.  Moreover, VAB maintains a strategic
liquidity reserve and an asset portfolio eligible for ECB repo

                        Negative Outlook

The negative outlook on the BFSR and Baa3 long-term deposit
ratings reflects the uncertainty regarding VAB's future strategic
positioning within the Ford group and its operational independence
from its current owner, Ford.

Negative pressure on the ratings of VAB could emerge, if the poor
sales of Volvo cars in Germany is sustained or even intensifies,
or if VAB's financial situation deteriorates.  Alternatively, any
actions that might weaken VAB's relative strategic and operational
independence from its owner could have negative rating
implications for both the BFSR and VAB's deposit ratings.

An upgrade of VAB's BFSR and long-term ratings is currently not
envisaged.  Positive rating pressure could result over time from a
diversification of revenue and income streams supported by ongoing
sound financial performance.

            Previous Rating Actions and Methodologies

The last rating action on Volvo Auto Bank Deutschland GmbH was
implemented on Jan. 29, 2009, when Moody's downgraded its long-
term ratings to Baa2 from A3.

Headquartered in Cologne, Volvo Auto Bank Deutschland GmbH had
total assets of EUR2.4 billion and reported shareholders' equity
(including minority interests) of EUR157 million as of the end of
2010 (according to unaudited results).


ANGLO IRISH: CARB Postpones Ex-Chair's Disciplinary Tribunal
RTE News reports that the Chartered Accountants Regulatory Board
has postponed a public disciplinary tribunal into former Anglo
Irish Bank Chairman Sean FitzPatrick at the request of the
Director of Public Prosecutions.

According to RTE, DPP was concerned any proceedings by the
accountancy watchdog could prejudice possible future criminal
proceedings, against any parties, arising from investigations by
An Garda Siochana and the Office of the Director of Corporate

Mr. FitzPatrick is an accountant and was the subject of an
investigation by CARB, RTE discloses.  It was one of a number of
inquiries initiated into Mr. FitzPatrick following the near
collapse of Anglo Irish Bank, RTE states.

In December, CARB said it had established a prime facie case
against a number of men including Mr. FitzPatrick, the bank's
former chief executive David Drumm as well as former finance chief
Willie McAteer and the former finance director of Irish Life and
Permanent Peter Fitzpatrick, RTE recounts.

The CARB found he had a case to answer in relation to borrowings
from Anglo Irish Bank that were kept secret from shareholders, RTE
relates.  It also found he had a case to answer in relation to
back-to-back deposits of almost EUR7.5 billion from Irish Life &
Permanent which improved Anglo's year end accounts, RTE notes.

The tribunal was supposed to begin on April 4, according to RTE.
In a statement the CARB said these have now been adjourned until
October following contact from the DPP, RTE discloses.

The CARB is now considering postponing disciplinary tribunals in
relation to Mr. Drumm, Mr. McAteer and Peter Fitzpatrick.

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

                        *     *     *

As reported by the Troubled Company Reporter-Europe on March 8,
2011, Moody's Investors Service downgraded the bank deposit
ratings of Anglo Irish Bank Corporation Limited and Irish
Nationwide Building Society to Caa1/Not-Prime, from Baa3/P-3 (on
review for possible downgrade), the same level as the unguaranteed
senior unsecured debt ratings of the two institutions.  The Caa1
long-term bank deposit ratings remain on review for possible
downgrade, in line with the review on the unguaranteed senior
unsecured debt ratings.  S&P said there is no rating impact on the
stand-alone bank financial strength ratings, on the senior
unsecured and subordinated debt ratings, and on the government-
guaranteed debt ratings.

DONATEX LTD: Bernard McNamara Regrets Resignation as Director
Mary Carolan at The Irish Times reports that Bernard McNamara has
told the Commercial Court that he "inadvertently" resigned from
his company Donatex Ltd. last January in the course of resigning
as a director from some 60 other firms after receivers were
appointed to those companies by the National Asset Management
Agency (Nama).

The Irish Times relates that in an affidavit on March 21,
Mr. McNamara said his resignation from Donatex -- which is suing
the Dublin Docklands Development Authority (DDDA) in connection
with the EUR412 million deal to buy the Irish Glass Bottle site in
Ringsend -- was a "cause of great embarrassment" to him and he
wished to apologize to the court over it.

According to The Irish Times, his counsel said steps had been
taken by Mr. McNamara to address the legal difficulties resulting
from Donatex having had no directors for some months now.  Under
the Companies Act, a company is legally required to have two
directors, The Irish Times notes.

Arising from what Brian Murray SC, for the DDDA, described as
"oddities" concerning those steps, and issues raised by the judge
himself, pre-trial applications in the proceedings by Donatex and
Mr. McNamara against the DDDA were adjourned for another week by
Mr. Justice Frank Clarke to allow certain matters be addressed,
The Irish Times discloses.

The judge said two issues raised by Mr. Murray should be clarified
by Mr. McNamara's side, according to The Irish Times.  These
related to who had the power to appoint directors to Donatex,
whether it was Mr. McNamara himself or a company of his, McNamara
Securities, The Irish Times discloses.  The judge, as cited by The
Irish Times, said that if that power lay with McNamara Securities
and it had no directors, there could be a further layer of

The judge agreed with Mr. Murray that it was clearly wrong for Mr.
McNamara to have said in his affidavit three directors had been
appointed to Donatex after "a duly convened meeting of the board
of directors" on March 19, The Irish Times discloses.  The court
noted that there could not have been a meeting of the "board of
directors" in circumstances where Donatex had no directors, The
Irish Times recounts.

The Irish Times relates that the judge said Mr. McNamara should
file an affidavit dealing with those matters and he would consider
the situation again today.

In his affidavit on March 21, Mr., McNamara said three directors
and a company secretary have now been appointed to Donatex and he
expressed his regret at what had happened, The Irish Times

Donatex Ltd. is the vehicle used by Mr. McNamara in relation to
the former Irish Glass Bottle site in Ringsend, Dublin.

RMF EURO: Moody's Confirms 'B1 (sf) Rating on Class IV Notes
Moody's Investors Service has upgraded the ratings of two classes
and confirmed the rating of two classes of notes issued by RMF
Euro CDO III plc.

Issuer: RMF Euro CDO III Plc.

  -- EUR252M Class I Senior Secured Floating Rate Notes, due 2021
     (current balance of EUR240,661,286), upgraded to Aa1(sf);
     previously on Dec 23, 2010 Placed Under Review for Possible

  -- EUR20.1M Class II Senior Secured Floating Rate Notes, due
     2021, upgraded to A2 (sf), previously on Dec 23, 2010 Placed
     Under Review for Possible Upgrade;

  -- EUR14.7M Class III Deferrable Mezzanine Floating Rate Notes,
     due 2021, Confirmed at Baa3 (sf), previously on Dec 23, 2010
     Placed Under Review for Possible Upgrade;

  -- EUR23.3M Class IV Deferrable Mezzanine Floating Rate Notes,
     due 2021, Confirmed at B1 (sf), previously on Dec 23, 2010
     Placed Under Review for Possible Upgrade;

                        Ratings Rationale

RMF Euro CDO III is a managed cash CLO with exposure to senior
secured loans (82%), mezzanine loans (3%), second lien loans (9%)
and high yield bonds (6%).  End of reinvestment period and
amortization for the transaction will start on the 11th August

According to Moody's, the rating actions are the result of an
improvement in the credit quality of the underlying portfolio.
This is reflected by the decrease in the weighted average rating
factor from 2973 down to 2891 and the reduction in the proportion
of obligors rated Caa1 or worse from 18.44% to 11.68% of the
portfolio between October 2009 and February 2011.  In addition OC
levels have moderately improved from 118.86% to 125.58% for Class
I/II, 112.69% to 118.88% for class III, 104.13% to 109.61% for
class IV and 100.53% to 105.89% for class V over the same period.
This partially due to the reduction of the proportion of obligors
rated Caa1 in the portfolio and to rising market prices of assets
carried at market value in OC computations.

In its base case, Moody's analyzed the underlying collateral pool
with an adjusted WARF of 3799, a diversity score of 41, a weighted
average recovery rate of 57% and a weighted average spread of

In order to assess the sensitivity of the notes to changes in
credit quality of the portfolio and par, Moody's ran sensitivity
analyses on key parameters.  For example, Moody's ran cases with a
+/- 400 WARF change in the base case.  In all cases, the impact on
the notes was less than 2 notches from the base case model

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance.  CDO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are described

1. Deleveraging: The main source of uncertainty in this
   transaction is whether deleveraging from unscheduled principal
   proceeds will continue and at what pace.  Deleveraging may
   accelerate due to high prepayment levels in the loan market
   and/or collateral sales by the manager, which may have
   significant impact on the notes' ratings.

2. Recovery of defaulted assets: Market value fluctuations in
   defaulted assets reported by the trustee and those assumed to
   be defaulted by Moody's may create volatility in the deal's
   overcollateralization levels. Further, the timing of recoveries
   and the manager's decision to work out versus sell defaulted
   assets create additional uncertainties.  Moody's analyzed
   defaulted recoveries assuming the lower of the market price and
   the recovery rate in order to account for potential volatility
   in market prices.

Under this principal methodology, Moody's used its Binomial
Expansion Technique, whereby the pool is represented by
independent identical assets, the number of which being determined
by the diversity score of the portfolio.  The default and recovery
properties of the collateral pool are incorporated in a cash flow
model where the default probabilities are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.  The default probability range is derived from the
credit quality of the collateral pool, and Moody's expectation of
the remaining life of the collateral pool.  The average recovery
rate to be realized on future defaults is based primarily on the
seniority and jurisdiction of the assets in the collateral pool.

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

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

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.

TBS INTERNATIONAL: Files Registration Statement on Form S-1
TBS International plc on Feb. 14, 2011, filed a registration
statement on Form S-1 with respect to a proposed offering of non-
transferable subscription rights to all holders of its ordinary
shares as of Feb. 7, 2011.  The subscription rights, when issued,
would be exercisable for the purchase of Series A Preference
Shares of the Company.  The Company expects to issue the
subscription rights promptly after the effectiveness of the
registration statement.

                   About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects, operations,
port services and strategic planning.  The TBS shipping network
operates liner, parcel and dry bulk services, supported by a fleet
of multipurpose tweendeckers and handysize/handymax bulk carriers,
including specialized heavy-lift vessels and newbuild tonnage.
TBS has developed its franchise around key trade routes between
Latin America and China, Japan and South Korea, as well as select
ports in North America, Africa, the Caribbean and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on March 19, 2010,
PricewaterhouseCoopers LLP, in New York, expressed substantial
doubt about TBS's ability to continue as a going concern,
following the Company's 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."

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  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 balance, and modifying other terms of the Credit

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


CAPITAL MORTGAGE: S&P Cuts Rating on Class C Notes to 'CCC (sf)'
Standard & Poor's Ratings Services lowered its credit rating on
Capital Mortgage S.r.l.'s series 2007-1 class C notes.  At the
same time, S&P placed on CreditWatch negative its rating on the
class B notes.  The ratings on the class A1 and A2 notes are

The rating actions follow S&P's review of this transaction in
light of the recent performance of the underlying asset pool.
After the steep increase in defaults recorded up to March 2010,
the transaction has experienced a further increase in defaults
during the past year, although with a slower trend.  S&P had
previously lowered its rating on the class C notes to 'BB (sf)'
from 'BBB- (sf)' on May 20, 2009, and then to 'B (sf)' from 'BB
(sf)' on Feb. 10, 2010.

The cash reserve, with a target amount equal to EUR37.2 million,
has been fully depleted since the April 2010 interest payment
date.  The drawings on the cash reserve were all made to cover
defaulted loans.  Capital Mortgages features a structural
mechanism that traps excess spread to cover 100% of the balance of
defaulted mortgages.  According to the transaction documentation,
mortgage loans are considered in default if they are in arrears
for 180 days or more.

Due to the lack of available excess spread at the last IPD in
January 2011, the amount of the unpaid principal deficiency ledger
that the transaction recorded was about EUR8.3 million.

The current cumulative default ratio, at the last IPD in January
2011, is 6.20%, up from 5.88% recorded on the previous IPD in
November 2010, and from 4.87% recorded one year ago on the
February 2010 IPD.  At the same time, the current 90+ day
delinquency level has slightly decreased to 0.88%, from 0.94%
recorded on the November IPD.

When the cumulative default rates in Capital Mortgage's series
2007-1 reach a certain percentage, interest payments on the class
B and C notes may be deferred, as principal collections can no
longer be used for interest shortfalls.  These triggers are set at
7% and 15% for the class C and B notes, respectively.  S&P's
ratings analysis takes into consideration the likelihood that
interest on the class B and C notes will be deferred as a result
of this structural feature.

Regarding the class C notes, S&P believes the risk that the
interest-deferral trigger would be breached in the short term
(less than one year) has substantially increased.  S&P has
therefore lowered its rating on these notes.

S&P has placed the class B notes on CreditWatch negative following
the increase in the default rate, the performance deterioration of
the portfolio, and the reduction in credit enhancement available
to this class.

Capital Mortgage is backed by a pool of prime performing mortgages
secured over residential properties in Italy and originated by
Banca di Roma (now part of UniCredit SpA).

                          Ratings List

                    Capital Mortgages S.r.l.
      EUR2,479.35 Million Mortgage-Backed Floating-Rate Notes

                         Rating Lowered

              Class    To                    From
              -----    --                    ----
              C        CCC (sf)              B (sf)

              Rating Placed on CreditWatch Negative

              Class    To                    From
              -----    --                    ----
              B        AA (sf)/Watch Neg     AA (sf)

                       Ratings Unaffected

                        Class    Rating
                        -----    ------
                        A1       AAA (sf)
                        A2       AAA (sf)


APERAM SA: S&P Assigns 'BB' Rating to US$500 Mil. Senior Notes
Standard & Poor's Ratings Services said that it assigned a
preliminary issue rating of 'BB' to the US$500 million senior
notes to be issued by stainless and specialty steel producer
Aperam S.A. (BB/Stable/--).  At the same time, S&P assigned a
preliminary recovery rating of '4' to the notes, indicating S&P's
expectation of average (30%-50%) recovery in the event of a
payment default.

Recovery prospects are supported by Aperam's substantial asset
base and the borrowing-base features of its prior-ranking debt,
which, in S&P's view, offsets the material subordination of the
notes to the group's other debt facilities.  S&P believes that, in
an event of default, Aperam would be reorganized as a going
concern, although S&P see a risk of material variation in its
valuation due to the underlying volatility of asset values.  This
could have a materially negative bearing on the ultimate
recoveries on the notes.

Aperam is issuing the notes to repay loans to its former parent,
ArcelorMittal (BBB-/Stable/A-3), from which Aperam was recently

                        Recovery Analysis

The notes are unsecured and unguaranteed obligations of Aperam.
S&P therefore consider the notes to be structurally and
contractually subordinated to Aperam's other facilities borrowed
at the operating company level, or otherwise secured over Aperam's

In order to determine recoveries, S&P simulates a default
scenario.  In its view, the key risks facing Aperam relate to the
cyclicality and volatility of the stainless steel industry,
including a particular exposure to volatile nickel prices.  S&P's
default scenario therefore envisages a combination of: ongoing
overcapacity in the industry, leading to a decline in production
and profitability on the back of lower utilization rates and a
high fixed-cost structure; increases in nickel prices that cannot
be fully passed on to customers due to intense competition; and
increasing interest rates on variable-rate debt.

Under this scenario, S&P envisages a default in 2014 caused by an
inability to refinance maturing debt facilities.  By the time of
default, EBITDA declines to US$252 million under S&P's scenario.

S&P believes that Aperam would be reorganized in an event of
default, due to its fair business risk profile, market position as
one of the leading producers in the global stainless steel
industry, and its diversified production base and profitable
operations in Brazil.  For the purposes of S&P's stressed
valuation, S&P also assume an average-cycle EBITDA of about $450

On a going-concern basis, S&P's stressed enterprise value for
Aperam is about US$1.5 billion.  From this, S&P deduct prior-
ranking claims totaling US$0.3 billion, including enforcement
costs and 50% of the group's pensions deficit.  This leaves a net
enterprise value of US$1.2 billion for senior secured creditors.
Deducting two revolving facilities totaling US$945 million
(assuming full drawings and prepetition interest) then leaves
about US$0.3 billion available for the noteholders.

Assuming US$520 million outstanding under the notes, S&P see
sufficient value for average (30%-50%) recovery for noteholders in
an event of default.  Although recovery prospects are nominally
higher than the range indicated, S&P has assigned a recovery
rating of '4' to reflect the material subordination and volatile
asset values.  In S&P's view, such factors could make the actual
recovery prospects for the notes relatively unpredictable.

                          Ratings List

                           New Ratings

                           Aperam S.A.

          Senior Unsecured Debt             BB(prelim)
          Recovery Rating                   4(prelim)


METINVEST BV: Moody's Corrects Press Release; Assigns 'B2' Rating
Moody's Investors Service has corrected its rating release on

In the headline replace "assigns definitive B2 rating to Metinvest
B.V.'s MTN Program" with "assigns B2 rating to Metinvest B.V.'s
first take-down under MTN Program"; remove reference to the Loan
Participation Notes in the first paragraph.

Moody's Investors Service has assigned a definitive B2 senior
unsecured rating and LGD-4 to a first take-down of US$750 million
under the Medium Term Notes Program totaling US$1 billion for the
Issuance of 8.75% Notes maturing in 2018 issued by Metinvest B.V.
The final terms of the Notes are in line with the drafts reviewed
for the provisional (P)B2 instrument rating assignment.

                        Ratings Rationale

Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on Jan. 21, 2011.  Moody's rating
rationale was set out in a press release issued on that date.

Moody's previous rating action on Metinvest was implemented on
Jan. 21, 2011, when the rating agency upgraded Metinvest's senior
unsecured rating to B2, assigned a (P)B2 rating to the proposed
MTN program and the envisaged bond and affirmed the corporate
family rating at B2 and the national scale rating at A2.

The rating incorporates Metinvest's ability to generate positive
cash flows, even in times of a severe downturn as observed in
2009, its good business profile with vertical integration, its
large iron ore reserves as one of the largest producers of iron
ore in the world and the geographically advantageous location of
some of its major assets.  On the negative side the rating takes
into account (i) Metinvest's dependence on highly volatile spot
markets for semi-finished steel products, which can lead to
significant swings in operating performance through the cycle of
evolving and unpredictable business, (ii) the fiscal and legal
environment of Ukraine, (iii) Metinvest's continued weak short
term liquidity position (iv) the company's dependence on exports
and therefore its exposure to protectionist barriers in some of
its export markets, (v) Metinvest's ambitions to seek further
external growth and (vi) possible shareholder friendly actions,
such as increasing dividend payouts, given the high degree of
shareholder concentration.  Despite Metinvest's high degree of
exports it still remains subject to trade barriers and other
government interference given that most of the company's
production facilities are located within the Ukraine.

Metinvest B.V. is a major asset of Ukrainian investment holding
company System Capital Management.  SCM has a 75% share in
Metinvest, the other shareholder is SMART group.  Metinvest's
major operations are located in the Ukraine and consist of steel
production facilities, iron ore and coal mines.  It is the largest
fully vertically integrated mining and steel business in Ukraine.
In the nine months ended Sept. 30, 2010 Metinvest -- inter alia-
produced 25.3 million tonnes of iron ore products, and 8.1 million
tones of semi-finished and finished steel products and generated
turnover of US$6.8 billion.


AEROFLOT OJSC: Fitch Affirms Issuer Default Rating at 'BB+'
Fitch Ratings has affirmed OJSC Aeroflot - 'Russian Airlines'
Long-term foreign currency Issuer Default Rating at 'BB+', with a
Stable Outlook.

According to Fitch's Parent and Subsidiary Rating Linkage
Criteria, Aeroflot's IDR continues to benefit from a one-notch
uplift due to parental support, as strategic and operational ties
between the group and its parent, the Russian Federation
('BBB'/Positive/'F3') which owns a 51% stake, remain relatively
strong, in the agency's opinion.

Aeroflot's standalone credit profile is commensurate with a 'BB'
rating reflecting the group's leading position as Russia's
national flag carrier and the largest airline in the country.  It
has experienced steady growth over the past six years with a
compounded growth rate of 12% on passenger turnover, driven by
organic expansion as well as acquisitions.  Passenger load factor
has also improved significantly in the same period by nine
percentage points to 77%, which is at par with that of British
Airways.  The group is well positioned to further benefit from the
government's plan to develop the airline sector to facilitate
domestic economic growth.

Compared with its European airline peers, Aeroflot's performance
has demonstrated a degree of resilience during the recent
downturn, with double-digit EBITDA margins and positive net income
over the past three years.  The global airline market began to
recover in late 2009.  In FY2010, Aeroflot achieved better-than-
expected operating results in all regions.  However, passenger
yield remained low as the group was unable to rapidly increase
fares due to the fragile global economic recovery, combined with
fierce competition for additional traffic volume in the market.
Nevertheless, as positive trends were already occurring in both
business and economy routes to North America, Fitch anticipates
that yield bottomed out in 2010, and the average yield is expected
to gradually recover as business and consumer confidence continues
to return in 2011.

The Stable Outlook reflects Fitch's expectations of a progressive
reduction in Aeroflot's total adjusted leverage to below 4x in the
medium term.  This will be supported by a de-consolidation of the
debt at OJSC Terminal -- a 52.82%-owned subsidiary of Aeroflot
(currently constituting two-thirds of the group's financial
borrowings, excluding finance leases) in 2012 as the group expects
to transfer a part of the control of this project back to the
state.  The group is expected to have deleveraged to below 5x
(measured as total lease adjusted debt to EBITDAR) at YE10, one
year earlier than previously anticipated, from a high of 5.7x at
YE09, primarily driven by strong EBITDAR growth to pre-crisis

The agency also expects 2010 free cash flow to be positive, and
largely remain so for the forecast period as the company plans to
spend minimal sums on expansionary capex and dividend payouts.
Additionally, Fitch expects EBITDA margins to stay above 11% in
the medium term, since Aeroflot has room for further cost
reductions and efficiency improvements, compared with most of its
peers, although fuel costs are expected to increase in the near
term due to the sharp rise in fuel prices in 2011.

Following the trend of consolidation in the global airline market,
and encouraged by the government of the Russian Federation,
Aeroflot has taken the leadership in domestic market consolidation
by proposing to merge with six regional airlines of
Rostechnologii.  The deal, which is expected to be completed by
end-2011, is likely to be achieved through share-swaps with no
impact on Aeroflot's cash flow profile.  Upon completion, Fitch
expects that Aeroflot's overall market share, in terms of
passenger turnover, will increase by 10% to around 37%, further
strengthening its dominant position in Russia's airline sector.
However, given its limited experience of integrating assets on
such a large scale, execution risks for the expected synergies
remain high.  Aeroflot's rating is likely to come under pressure
if the company is to consolidate all of Rostechnologii's current
debt, which is currently not expected by the agency.

Although Fitch acknowledges the positive aspects of Aeroflot's
relatively strong ties with the state, there is also a risk that
the state's influence on the company's development may result in
more aggressive consolidation plans and/or acquisition of non-core
or financially weaker assets at the expense of its credit profile.
Fitch views this as an event risk.

Aeroflot is the largest airline in Russia and the CIS region.  80%
of its US$3,160 million total revenue in the first three quarters
of 2010 came from the scheduled air passenger segment, of which
59% was generated by international traffic and 41% by domestic

The rating actions are:

  -- Foreign currency Long-term IDR affirmed at 'BB+'; Stable

  -- Foreign currency Short-term IDR affirmed at 'B'

  -- Foreign currency senior unsecured rating affirmed at 'BB+'

  -- Local currency Long-term IDR affirmed at 'BB+'; Stable

  -- Local currency Short-term IDR affirmed at 'B'

  -- Local currency senior unsecured rating affirmed at 'BB+'

  -- National Long-term rating affirmed at 'AA(rus)'; Stable

  -- National Short-term rating affirmed at 'F1+(rus)'

  -- National senior unsecured rating affirmed at 'AA(rus)'

CTC MEDIA: S&P Changes Outlook to Positive; Affirms 'BB-/B' Rating
Standard & Poor's Ratings Services said that it revised its
outlook on U.S.-registered Russian broadcaster CTC Media Inc. to
positive from stable.  At the same time, S&P affirmed the 'BB-/B'
long-term and short-term corporate credit ratings and the 'ruAA-'
Russia national scale rating on CTC Media.

"The outlook revision reflects S&P's view that CTC Media has the
potential to strengthen its business position on the Russian media
market over the next 12 months, which might lead to an upgrade,"
said Standard & Poor's credit analyst Alexander Griaznov.

The Russian media market is growing at a pace exceeding S&P's
expectations, which allowed CTC Media to report revenue growth of
19% for the fiscal year 2010.  The company has already presold
more than 70% of inventory for 2011, giving us good visibility on
its near-term earnings, which S&P expects to increase further by
about 15%-20% organically in 2011.

The rating on CTC Media reflects S&P's view of its exposure to the
cyclical advertising market in one country, its modest market
position, and limited revenue diversification.  The uncertainties
related to Russia's complex regulatory environment, and
restrictions on ownership of media companies also constrain the
ratings.  S&P considers these risks to be somewhat moderated by
the company's strong operating performance and sound capital
structure.  Resilient profitability, a strong cash-generative
profile, and solid corporate governance practices also support the

"The positive outlook reflects S&P's view that an upgrade is
possible in the next 12 to 18 months if CTC Media increases its
scale and diversity of operations, improves its share on the
Russian media market and preserves its strong profitability,"
added Mr. Griaznov.

LSR GROUP: Fitch Upgrades Long-Term Issuer Default Rating to 'B'
Fitch Ratings has upgraded OJSC LSR Group's Long-term foreign
currency Issuer Default Rating to 'B' from 'B-'.  The Outlook is
Stable.  Fitch has also assigned LSR a senior unsecured rating of
'B' and its prospective RUR2.0 billion bonds an expected 'B(exp)'

The upgrade reflects improvements in LSR's capital structure and
liquidity position.  Fitch views positively LSR's successful
refinancing of short-term loans in 2010.  As a result, the
company's debt maturity profile at end-FY10 was comfortable, with
13% short-term debt and more than 50% of debt due in 2015 and

Fitch notes LSR's position as the largest real estate developer in
St Petersburg.  It also operates in Moscow and Yekaterinburg.  At
end-FY09, the company had a substantial portfolio of projects with
total net sellable area of 8.3 million sq. m. and an estimated
market value of US$3.6 billion.  The outlook for real estate
development in Russia is improving, as confirmed by the increase
in demand for mortgage loans.  According to the Bank of Russia
more than RUR379.4 billion of new mortgage loans were issued in
2010, which is 2.5 times higher than 2009.

LSR is one of the largest producers of building materials and
aggregates.  It will likely benefit from the intensification of
infrastructure construction in Russia in the run-up to it hosting
the Football World Cup in 2018.  Anticipated projects include the
construction of a high-speed railway and highway between St
Petersburg and Moscow.  Fitch also notes that the commissioning of
LSR's cement plant, expected in H111, could positively contribute
to operating performance in 2011 given the guaranteed internal
sourcing and likely sales to third parties.

The agency expects LSR's revenues to grow by 2%-4% in 2010 and 6%-
8% in 2011.  The agency expects LSR to achieve EBITDAR margin of
17%-19% in 2010 and 20%-22% in 2011.  Fitch estimates 2010 gross
leverage (gross debt/EBITDAR) at 3.3x-3.5x, and net leverage (net
debt/EBITDAR) at 3.2x-3.4x.  These figures are projected by the
agency to rise to 3.6x-3.8x, and 3.3x-3.5x respectively in 2011.

The Stable Outlook reflects Fitch's expectations that LSR will be
able to maintain its comfortable liquidity position.


EMPRESA DE ELECTRICIDADE: Moody's Downgrades Rating to 'Ba1'
Moody's has downgraded the rating of Empresa de Electricidade da
Madeira SA to Ba1 from Baa1.  The rating action concludes the
review initiated on Dec. 22, 2010.  The rating remains under
review for possible further downgrade.

Rating Rationale

The rating action follows Moody's earlier downgrade of (i) the
government of the Republic of Portugal to A3, with negative
outlook, from A1 (on review for downgrade); and (ii) the
Autonomous Region of Madeira to Baa2, with negative outlook, from
A2 (on review for downgrade).

Moody's downgrade of the RoP's rating was driven by (i) subdued
growth prospects; (ii) implementation risks for the ambitious
fiscal consolidation targets; (iii) the government's balance sheet
may need to expand further in the event it has to provide
financial support to the banking sector and certain government-
related institutions which are currently unable to access the
capital markets; and (iv) challenging market conditions that have
led to increases in the government's financing costs.

Moody's downgrade of the RAM's rating reflected (i) the
substantial increase in the region's direct and indirect debt
levels; (ii) the decrease in tax revenue; and (iii) the rigidity
in the region's operating expenditure imposed by the large share
of healthcare and personnel costs.

More particularly, the downgrade of EEM's rating to Ba1 from Baa1
reflects (i) Moody's downgrade of EEM's stand-alone credit profile
by two notches to 12 (equivalent to the Ba2 rating category); and
(ii) Moody's decision to decrease the uplift previously
incorporated in EEM's rating to one notch, reflecting the
possibility of extraordinary support from the RAM.  The latter is
driven by a reduced likelihood of support in the context of the
weaker region's rating.

EEM's Ba1 rating reflects the company's position as the dominant
vertically integrated utility in the RAM, characterized by a low
business risk profile and the fully regulated nature of its
activities, in the context of a relatively well established and
transparent regulatory framework.  The rating also reflects the
relatively small size of the company.  From a financial
perspective, EEM's rating factors in the company's leveraged
profile and weak credit metrics resulting from the build up of
outstanding receivables from various municipalities and regional
public entities in the RAM.  In Moody's view, the recent
downgrades of the RAM's and RoP's ratings will likely put
additional strain on municipalities and public entities in the
region, thus potentially reducing the likelihood of a reduction of
these overdue receivable positions.  In addition, Moody's notes
that the company's sizeable EUR260 million 2010-15 investment
program will continue to weigh on its financial profile over the
medium term, thus limiting financial flexibility.

EEM's rating remains under review for possible further downgrade
and no upward pressure is expected at this point.  Moody's review
will focus on the evolution of the risk associated with the rating
trigger included in the company's EUR220 million syndicated loan,
which would require mandatory repayment in case EEM's rating falls
below the Baa2 level and the company fails to obtain a guarantee
from the RAM for this debt portion.

EEM's Ba1 rating could be confirmed following the resolution of
the rating trigger discussed above, either through the obtainment
of a debt guarantee from the RAM (which however will not be
reflected in EEM's issuer rating) or alternative arrangements,
associated with a comfortable liquidity position, evidence of a
limited impact of potentially increasing borrowing costs and
continued regulatory stability.

EEM's rating could come under further downward pressure if the
company fails to obtain a debt guarantee from the RAM, which would
trigger the repayment or renegotiation of its EUR220 million
syndicated loan as discussed above, associated with a severe
liquidity stress and/or increasing borrowing costs.

EEM is the dominant vertically integrated utility in Madeira.  As
of December 2009, the company reported revenues of EUR152 million
and operating income of EUR11 million.

FONCAIXA EMPRESAS: Moody's Assigns '(P)B2' Rating to Serie B Notes
Moody's Investors Service has assigned these provisional ratings
to the debt to be issued by FONCAIXA EMPRESAS 3, Fondo de
Titulizacion de Activos:

  -- EUR300M Serie A1 Note, Assigned (P)Aaa (sf)
  -- EUR820M Serie A2 Note, Assigned (P)Aaa (sf)
  -- EUR280M Serie B Note, Assigned (P)B2 (sf)

                        Ratings Rationale

FONCAIXA EMPRESAS 3, FTA is a securitization of draw-down under
lines of credit and loans granted to micro, small- and medium-
sized enterprises and corporate entities by "la Caixa" (Aa2 Rating
under review for possible downgrade/P-1).  "la Caixa" is acting as
Servicer of the loans while GestiCaixa S.G.F.T., S.A. is the
Management Company ("Gestora").

The provisional pool of underlying assets was, as of January 2011,
composed of a portfolio of 13,630 contracts (25% of the total
amount being draw-downs from lines of credit) granted to obligors
located in Spain.  The assets were originated between 1997 and
2011, with a weighted average seasoning of 1.9 years and a
weighted average remaining term of 10.5 years.  Around 54% of the
portfolio is secured by mortgage guarantees over different types
of properties.  Geographically, the pool is located mostly in
Madrid (25.9%) and Catalonia (22.6%).  At closing, certain loans
may be in arrears for up to 30 days, and these are capped at a
maximum of 10% of the total pool notional.

According to Moody's, this deal benefits from several credit
strengths: (i) there is a swap hedging interest rate risks and
guaranteeing 75bps excess spread; (ii) well diversified pool
allover Spain; and (iii) an up-front funded reserve fund of
EUR147,700,000 representing 10.55% of the notes.

Moody's notes that the transaction features a number of credit
weaknesses, including: (a) according to Moody's industry
classification there is 33% exposure to the Construction and
Building sector; (b) high concentration with the top 10 single
debtors representing around 15% of the portfolio; (c) 25% of the
total portfolio are draw-downs under lines of credit, which are
flexible products that creates uncertainty in the LtV.

These characteristics were reflected in Moody's analysis and
ratings, where several simulations tested the available 30.55%
total credit enhancement (i.e.  notes subordination and reserve
fund) for Series A notes 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 of 14.31%, and a stochastic
mean recovery rate of 57%.

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.

As mentioned in the methodology papers, Moody's used a combination
of its CDOROM model (to generate the default distribution) and
ABSROM cash-flow model to determine the potential loss incurred by
the notes under each loss scenario.  In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).

Moody's also ran sensitivities around key parameters for the rated
notes.  For instance, if the assumed default probability of 14.31%
used in determining the initial rating was changed to 21.53% and
the recovery rate of 57% was changed to 37%, the model-indicated
rating for Series A2 and Series B of (P)Aaa(sf) and (P)B2(sf)
would have changed to (P)A3(sf) and (P)Caa2(sf).  Series A1
(P)Aaa(sf) rating would have remain unchanged.

TDA 24: S&P Cuts Rating on Class C Notes to 'CCC (sf) Notes
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on TDA 24, Fondo de
Titulizacion de Activos' class B and C notes due to credit
deterioration.  Following S&P's credit analysis of TDA 24's
performance, its ratings on the class A1 and A2 notes are
unchanged.  They are therefore no longer on CreditWatch negative
for credit reasons, but they remain on CreditWatch negative for
counterparty reasons.

On Oct. 11, 2010, S&P placed on CreditWatch negative its ratings
on TDA 24's class B and C notes due to deteriorating credit
performance.  At the same time, S&P affirmed its ratings on the
class A1 and A2 notes and lowered its rating on the class D notes.

Then, on Jan. 14, 2011, S&P lowered its rating on the class D
notes to 'D (sf)' due to a missed interest payment on the December
2010 interest payment date.

Based on the most recent transaction information S&P has received
after the December 2010 payment date, its analysis has indicated
continuing deterioration in the performance of the underlying
collateral.  The cumulative level of defaulted loans in December
represented 3.73% of the original portfolio balance securitized at
closing, compared with 2.45% a year earlier.

The credit deterioration of TDA 24's collateral pool resulted in
the issuer fully depleting the reserve fund on the September 2009
interest payment date.

As a result of this credit deterioration, and after applying S&P's
cash flow stresses to the outstanding capital structure, S&P has
lowered its ratings on the class B and C notes and subsequently
removed them from CreditWatch negative.

Following its credit analysis, S&P also notes that its ratings on
the class A1 and A2 notes are unchanged.  They are therefore no
longer on CreditWatch negative for credit reasons, but they remain
on CreditWatch negative for counterparty reasons.

Specifically, some of the existing transaction documents may no
longer adequately mitigate counterparty risk in line with S&P's
updated counterparty criteria.  Therefore, on Jan. 18, 2011, S&P
updated the CreditWatch negative status of its ratings on the
class A1 and A2 notes for additional counterparty reasons when
S&P's updated counterparty criteria became effective.  S&P will
review this documentation and intend to resolve the CreditWatch
placements before the criteria's transition date of July 18, 2011.

TDA 24 is a residential mortgage-backed securities transaction
that closed in December 2005.  It securitizes a portfolio of
residential mortgage loans secured over properties in Spain.  Caja
de Ahorros de Castilla La Mancha, Credifimo, and Bankpyme
originated and service the loans.

                          Ratings List

            TDA 24, Fondo de Titulizacion de Activos
      EUR490.156 Million Mortgage-Backed Floating-Rate Notes

      Ratings Lowered and Removed From CreditWatch Negative

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

            Ratings Remaining on CreditWatch Negative

                  Class      Rating
                  -----      ------
                  A1         AAA (sf)/Watch Neg
                  A2         AAA (sf)/Watch Neg

                        Rating Unchanged

                        Class      Rating
                        -----      ------
                        D          D (sf)


* SWITZERLAND: Law to Include Orderly Liquidation of Banks
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Switzerland's banking regulator on March 22 said
regulation aimed at limiting the threat that UBS AG and Credit
Suisse Group pose to Switzerland's economy should they collapse
needs to include measures for the orderly liquidation of part of a
troubled bank's operations in a crisis.

According to Global Insolvency, the move could have implications
for UBS's and Credit Suisse's structure because it represents more
measures after the so-called too-big-to-fail draft law, which the
government expect to be submit to parliament before April 24.

Global Insolvency says the Swiss government is seeking to push
through new legislation at a rapid pace, arguing no Swiss bank
should be too large to be abandoned or too big to fail.  The
measures -- which will require UBS and Credit Suisse to retain
more and better-quality capital and shed risky assets -- follows
the 2008 rescue of Zurich-based UBS following what ultimately
totaled more than US$50 billion in write-downs on illiquid
mortgage securities, Global Insolvency discloses.  The proposed
measures seek higher capital cushions from the two Swiss giants
than the international standards hammered out in September known
as the Basel III banking reforms, Global Insolvency notes.


FERREXPO PLC: Fitch Assigns 'B' Senior Unsecured Rating
Fitch Ratings has assigned UK-incorporated Ukrainian iron ore
pellets producer Ferrexpo Plc a senior unsecured rating of 'B' and
its prospective US$500 million five-year unsecured notes an
expected 'B(exp)' rating.  Fitch has simultaneously affirmed
Ferrexpo's Long-term foreign currency Issuer Default Rating at 'B'
and Short-term IDR at 'B'.  The Outlook on the IDR is Stable.  The
Long-term IDR is not constrained by Ukraine's sovereign rating

The notes will be issued by Ferrexpo Finance plc (a special
purpose vehicle incorporated in England and Wales).  They will be
guaranteed by Ferrexpo Plc and Ferrexpo AG and issued with the
benefit of a surety agreement from Ferrexpo Poltava GOK
Corporation.  The final rating is contingent upon the receipt of
final documentation conforming to information already received by
the agency.

The bond will be used to fund various capex projects which are
part of Ferrexpo's long-term strategy to almost double the
production of pellets by 2015 and improve the quality of the
products.  The first stage of the plan, estimated at US$647
million, has been approved by the company's board of directors.
In the agency's view, the new bond will improve the company's
liquidity by supporting the expected 2011-2012 cash flows from
operations totaling US$700 million-US$750 million.

The bond documentation includes a pledge to only procure
additional indebtedness if the ratio of consolidated gross debt to
last-12-months EBITDA remains below 2.5x.  In addition, dividend
distributions cannot exceed 50% of the consolidated net income.

Ferrexpo's recently announced FY10 results confirmed at a
consolidated level net debt/EBITDA of 0.2x (gross debt/EBITDA of
0.7x).  Fitch expects net leverage to increase to 1.3x by 2013,
before the new production capacity starts generating cash flows.

Stable Outlook reflects Fitch's expectations that the company will
continue to maintain conservative financial policy with gross
debt/EBITDAR below 2.5x on a sustainable basis.

U N I T E D   K I N G D O M

ASSETCO PLC: Ousts CEO John Shannon Following Court Injunction
Neil Maidment at Reuters reports that AssetCo Plc said on Thursday
it had ousted its largest shareholder John Shannon as chief

According to Reuters, a statement from the company said Mr.
Shannon, who in 2005 led a management buy-out of what was then
AssetCo Group Ltd., resigned with immediate effect "at the request
of the board."

Reuters relates that his departure follows a court injunction,
which forced Mr. Shannon to support a proposal for the company to
raise up to GBP16 million (US$26 million) from institutional
investors through a discounted share sale after he had initially
opposed it.

The plan was approved by shareholders on Tuesday and the admission
of new shares took place on Wednesday, Reuters.

As reported by the Troubled Company Reporter-Europe on Feb. 16,
2011, AssetCo said it needed GBP4 million (US$6.4 million) to
settle debts as talks with bankers, including Lloyds Banking
Group, had taken longer than expected to conclude.  The company
also said it expected lenders to waive "technical breaches" of
banking covenants, according to the FT.  AssetCo had hoped to
raise cash to meet its short-term debt requirements by refinancing
a GBP51 million facility, secured against GBP62 million worth of
assets, the FT disclosed.

Assetco PLC -- is a United Kingdom-
based holding company.  The Company is engaged in the provision of
management services to the emergency services market.  It is also
engaged in automotive engineering, the provision of asset
management services and the supply of specialist equipment to the
emergency services market.  The Company operates in one segment,
the Fire and Rescue Services.  The Fire and Rescue Services
segment provides management services to the fire and rescue
market.  Its subsidiaries include AssetCo Emergency Limited,
AssetCo Managed Services (ROI) Limited, AssetCo Bermuda Limited,
AssetCo Resource Limited, Simentra Limited, Supply 999 Limited,
AssetCo Municipal Limited and AssetCo Managed Services Limited.
In January 2010, the vehicle assembly business of UV Modular
Limited (UVM) was discontinued.  In September 2009, the Company
disposed its subsidiary, Auto Electrical Services (Manchester)

COMPLETE WORLD: Bought Out of Administration by TMG
Breaking Travel News reports that Travel Management Group has
rescued the corporate travel division of Complete World Travel
after the company went into administration.

TMG, based in Leamington Spa, has acquired the corporate travel
arm of Complete World Travel, Breaking Travel News relates.
According to Breaking Travel News, the deal will enable TMG to
further develop the UK corporate travel side of its global

Complete World Travel is based in Stratford-upon-Avon.

DECO 8: S&P Puts 'B' Rating on Class F Notes on Watch Negative
Standard & Poor's Ratings Services placed its credit rating on
DECO 8 - UK Conduit 2 PLC's class F notes on CreditWatch negative
following note interest shortfalls.  The ratings on all other
classes of notes are unaffected.

S&P has taken the rating action in the context of the interest
shortfalls experienced by the class F notes on the January 2011
interest payment date.  These shortfalls resulted from
extraordinary fees and expenses, including liquidity facility
repayments and fees, special servicing fees, and expenses
associated with loans in special servicing.  Excess spread does
not fund these extraordinary fees and expenses; it goes instead to
the class X certificates.

S&P understand that the servicer and special servicer have
discretion on the extent the issuer can draw on the liquidity
facility, depending on their view of recoverability among other
things.  The issuer did not make sufficient drawings on the
January IPD to meet the interest payments.  However, S&P has
learned that the servicer (Deutsche Bank AG) is now considering
whether to draw on the liquidity facility on the next IPD to meet
the January IPD unpaid amounts.  If the interest shortfalls are
not rectified on the next IPD or if further interest shortfalls
accumulate, S&P is likely to lower S&P's rating on the class F
notes to 'D (sf)'.

The class E notes also suffered an interest shortfall on the
latest IPD.  However, the shortfall was minor and is likely to be
recovered on later IPDs, in S&P's view, because interest
shortfalls arising from extraordinary costs and expenses in the
future will likely be contained within class G and class F.

The DECO 8 - UK Conduit 2 transaction encompasses 14 remaining
loans.  A portfolio of what S&P considers secondary-quality
properties--predominantly in the industrial, warehouse, and retail
sectors--backs the loans.  The two largest loans account for
roughly 75% of the pool balance.

Of these, the largest loan is the industrial-property-backed Lea
Valley Ltd. Loan, which represents 39.4% of the securitized pool
balance and is a senior-ranking portion of a larger facility.  The
reported securitized-loan interest-coverage ratio and loan-to-
value (LTV) ratio are 1.46x and 77.49%, respectively.  A portfolio
of office properties secures the Mapeley II loan, which represents
35.5% of the pool.  The reported securitized-loan ICR and LTV
ratio for this loan are 1.71x and 81.3%, respectively.

On Jan. 18, 2011, S&P placed its rating on the class A1 notes on
CreditWatch negative to reflect its new counterparty criteria.
This CreditWatch placement remains unaffected by the rating

                          Ratings List

                    DECO 8 - UK Conduit 2 PLC
GBP630.131 Million Commercial Mortgage-Backed Floating-Rate Notes
              Rating Placed on CreditWatch Negative

             Class      To                    From
             -----      --                    ----
             F          B (sf)/Watch Neg      B (sf)

                       Ratings Unaffected

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

FERREXPO FINANCE: S&P Assigns 'B+' Rating to US$500-Mil. Notes
Standard & Poor's Ratings Services said it has assigned its 'B+'
issue rating to the proposed US$500 million unsecured guaranteed
notes to be issued by Ferrexpo Finance PLC, a wholly owned
subsidiary of Ukrainian mining company Ferrexpo PLC (B+/Stable/B).
The issue rating is in line with the corporate credit rating on
Ferrexpo.  S&P has assigned a recovery rating of '3' to the notes,
indicating its expectation of meaningful (50%-70%) recovery in the
event of a payment default.  The ratings are limited by S&P's view
of the unfavorable Ukrainian insolvency regime and the unsecured
nature of the proposed notes.

The issue and recovery ratings are subject to S&P's satisfactory
review of the final documentation.

Ferrexpo has a relatively simple capital structure, with the
proposed notes being the main debt facilities.  The company also
maintains a range of committed and uncommitted facilities both
inside and outside Ukraine.

S&P expects the guaranteed notes to be unsecured obligations of
the issuer, but to benefit from guarantees from Ferrexpo PLC and
Ferrexpo AG and a surety from Ferrexpo Poltava Mine.  Sureties
differ from guarantees in that they are conditional, i.e. if the
underlying obligation subject to the surety is declared invalid,
the surety may be terminated.  In Ferrexpo's case, S&P also
understand that claims under the surety may be subject to foreign
payment controls.

S&P expects the notes to have relatively typical documentation for
issuance of this kind, including an incurrence covenant limiting,
among other things, the raising of additional indebtedness.  The
incurrence test is maximum debt of 2.5x EBITDA.  The documentation
also includes a negative pledge and restrictions on dividend
payments, mergers, acquisitions, and asset disposals, although
this is subject to a number of carve-outs.

In order to determine recoveries, Standard & Poor's simulated a
default scenario.  Under its hypothetical scenario, S&P envisage,
among other things: material capital expenditure to develop and
expand the company's mining assets; falling iron ore prices and
volumes leading to weak profitability and negative free cash
flows; and rising interest rates on variable rate debt.

This scenario leads to a default in 2014, with EBITDA declining to
about US$280 million.

Recovery prospects for the proposed notes are supported by S&P's
expectation that, in a default, Ferrexpo would be reorganized
rather than liquidated, given the long reserve life of the mines,
proximity to end markets and the mines' mid-cost position.

At the hypothetical point of default, S&P value Ferrexpo at about
$1,120 million, using mainly a market multiple approach.

After deducting priority liabilities of about US$420 million,
comprising enforcement costs, 50% of the company's pension
liabilities, and drawings on various working capital facilities,
finance leases and other uncommitted lines, S&P arrive at a net
enterprise value of about US$700 million.

Assuming an outstanding balance on the notes of US$525 million,
including six months' pre-petition interest, there is sufficient
value for near-full recovery.  However, given the uncertainties
relating to the insolvency regime which could affect priorities as
well as timeliness of recovery and the unsecured nature of the
notes, S&P has assigned a recovery rating of '3' indicating its
expectation of 50%-70% recovery in the event of a payment default.

KEYDATA INVESTMENT: N&P to Pay GBP57 Million to Investors
Natalie Holt at Money Marketing reports that Norwich &
Peterborough Building Society has set aside GBP57 million to pay
customers who invested in Keydata products through the society.

N&P, Money Marketing says, is writing to Keydata investors
inviting applications for ex gratia payments, transferring the
rights to the investment to N&P.

It follows protracted talks over the level of payments to be made
with the FSA and the Financial Services Compensation Scheme, Money
Marketing relates.

Some 3,200 N&P customers bought Keydata plans between 2005 and
2009, Money Marketing discloses.  Keydata was placed into
administration in 2009, Money Marketing recounts.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the
Financial Services Authority on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes and
administers structured investment products.  Keydata operates from
three locations, being London, Glasgow and Reading and administers
its own products as well as portfolios for third parties.

MAYPOLE GROUP: Bought Out of Administration by Marco Pierre White
Lorraine Heller at Big Hospitality reports that Marco Pierre White
has acquired the Maypole Group out of administration.

Maypole group fell into administration in October 2010 after
Clydesdale Bank demanded immediate repayment of its loans, Big
Hospitality recounts.

Marco Pierre White was one of 20 parties interested in Maypole,
Big Hospitality says, citing Baker Tilly Restructuring and
Recovery, which handled the administration process.

Maypole Group was founded in November 2003 with the intention of
being an acquisition vehicle for UK countryside hotels with
restaurants or pubs attached, Big Hospitality says.  However, the
indebted group faced tough trading and struggled to meet loan
payments, Big Hospitality relates.

The group, which currently employs around 200 people, has
continued trading as normal throughout the acquisition process,
Big Hospitality notes.  It is thought that the Maypole sites may
operate as part of Pierre White's joint venture with independent
pub company Powder Train, Big Hospitality states.

Maypole runs the Lifeboat Inn, Wayford Bridge Inn, the Bridge Inn
and the Old Coach House in Norfolk, the Pear Tree Inn in
Wiltshire, and Angel Hotel in Suffolk.

ODDBINS: Creditors Expected to Back CVA; HMRC Largest Creditor
Adam Lechmere at reports that as the scale of
Oddbins' debts becomes clear, the company can still count on a
fund of goodwill from its creditors. notes that while Oddbins' debts are considerable,
with many hundreds of creditors owed sums totaling over
GBP20 million, one insolvency expert said they are not unusual for
a company of this size.  By far the largest creditor is HM Revenue
and Customs, which is owed over GBP8 million,
discloses.  A major part of this bill will be the Oddbins' large
liability for excise duty each year, says.

Keith Steven of insolvency practitioners KSA told he
was not "overly surprised" by the scale of the debts, and that he
though HMRC would "probably" support the Company Voluntary
Arrangement (CVA).

Creditors will vote on March 31 on whether to approve the CVA,
that will see them being paid around 0.20 in the pound, states.  According to, should Oddbins go
into administration, those owed money would see much less than

Creditors spoken to by are broadly sympathetic, relates.

"We will support Oddbins in their CVA," quotes
Patrick McGrath of Hatch Mansfield, one of Oddbins' biggest
creditors, as saying. "I very much hope they will succeed."

Mike Awin of ABS Wine Agencies, owed over GBP16,000, also gave
Oddbins his unequivocal support, while another creditor assured
Oddbins of his support but made clear he did not see the business
as viable in its present form, recounts.

As reported by the Troubled Company Reporter-Europe on March 21,
2011, The Telegraph said that creditors to Oddbins, including
major champagne houses Pol Roger and Laurent Perrier, would be
paid just 21p in the pound on their debts under plans to rescue
the company.  Oddbins outlined plans for a CVA that would also see
landlords of 89 retained shops offered rental payments 30% lower,
The Telegraph disclosed.  Landlords of the 39 shops that Oddbins
is closing would be handed five months worth of rent, while
creditors would be paid back over 46 months, according to The
Telegraph.  Deloitte, which is handling the restructuring,
estimated that creditors would receive 13.6p in the pound if
Oddbins were put into administration, The Telegraph related.

Oddbins sells wine, spirits and other related products.  The Head
Office is in Wimbledon, London and the company has over 227
branches spread across the UK, Ireland and France.

PUNCH TAVERNS: Key Bondholders Balk at Pub Unit Spin-Off Plan
Rose Jacobs, Anousha Sakoui and Adam Jones at The Financial Times
report that key holders of bonds in Punch Taverns have reacted
angrily to plans by the company to spin off its managed pubs arm
into a separately listed business by the end of the summer.

The FT relates that Ian Dyson, company chief executive, on Tuesday
unveiled a long-awaited strategic plan which will see Punch
divided into two.  The financially stronger demerged business,
known as Spirit, would have a core of 900 pubs directly operated
by Punch, including the Chef & Brewer chain.  The FT says this
would leave Punch with about 5,200 leased and tenanted pubs and
owing more than GBP2 billion of debt.  This tenanted business had
been at the center of speculation that the company would default
on its borrowings, the FT notes.  According to the FT, it aims to
reduce the tenanted estate to about 3,000 over three to five years
through disposals, reducing debt levels.

If the company had withdrawn support from two securitizations,
Punch A and Punch B, which hold the bulk of the tenanted estate, a
default would have followed, the FT states.  That would have
effectively handed back the keys of more than 5,000 pubs to
bondholders, according to the FT.  Bondholders will be forced to
wait until the demerger is completed late this summer to begin
discussions with the company about possible changes to debt
arrangements, the FT discloses.  Mr. Dyson's plan to turn round
the tenanted arm could require changes to covenants, the FT notes.

Mr. Dyson, as cited by the FT, said he had considered the default
option but deemed to it too disruptive.  Still, he argued,
synergies between the group were limited and a split was necessary
to realize the growth potential of the managed arm, which has
outperformed the bigger tenanted estate in recent years, moving
more swiftly and surely into the UK's growing dining-out market,
the FT relates.

Punch, the FT says, will divide approximately GBP240 million of
cash between the two new companies, giving Spirit the opportunity
to invest it in expansion and possibly begin dividend payments,
and the tenanted company the ability to continue using cash
"cures" to avoid breaching covenants.

Punch Taverns plc is a United Kingdom-based pub company.  The
Company is engaged in the operation of public houses under either
the leased model or as directly managed by the Company.  The
Company operates in two business segments: punch partnerships, a
leased estate and punch pub company, a managed estate. Punch
Partnerships is the Company's leased division, comprising 5,967
pubs nationwide.  Punch Pub Company is its managed division,
comprising 803 pubs nationwide.  The leased model involves the
granting of leases to tenants who operate the pub as their own
business, paying rent to the Company, purchasing beer and other
drinks from it and entering into profit sharing arrangements for
income from leisure machines.  Pubs that are directly managed
involve the employment of a manager to operate each managed pub
and the Company receives all revenues generated by the pub and is
responsible for costs.  On Feb. 10, 2010, the Company disposed of
Safe Jumper Limited.

PUNCH TAVERNS: Strategic Review Won't Affect Fitch's Rating
Fitch Ratings said that Punch Taverns plc's announcement of the
conclusions from its strategic review has no immediate impact on
the ratings of the associated pub securitizations.

Punch's announcement highlighted its intent to demerge its managed
estate from the wider business, spinning it off into a newly
created listed company.  This will enable Punch to better focus on
implementing the specific strategies necessary for its managed and
tenanted business lines, with limited synergies between the two.
Punch will continue to invest in managed food-led pubs where there
is better potential to strengthen performance.

The leased estate (currently 5,250 pubs) is expected to be
downsized to about 3,000 pubs (core estate) generating ca.  75% of
the leased estate's EBITDA with the remainder (turnaround estate)
being earmarked for disposal over the next few years.  Originally,
only ca. 1,300 pubs were categorized as 'non-core' indicating that
Punch only intends to retain the better-performing portion of the
portfolio (average EBITDA per pub and year of GBP80k in the new
core portfolio compared to an average EBITDA per pub of less than
GBP50k in the total leased portfolio) where it sees long-term
value potential.  While Fitch views this strategy as a logical
approach, the agency is also aware of the increased execution
risks associated with the disposal of those poorer performing pubs
concentrated in less affluent locations.

Although this corporate reorganization is significant, by itself,
it should not have a major impact on the securitizations' credit
profile, given the ringfenced nature of the three transactions.
The credit profile remains primarily driven by the underlying
portfolios' operational performance.  Specifically, Fitch notes

Punch A and Punch B:

The stated commitment to keep providing cash support to Punch
Taverns Finance Plc (Punch A) and Punch Taverns Finance B Ltd
(Punch B), will give some time to embark on discussions with
bondholders about potential options for a debt restructuring in an
orderly manner.  Fitch will maintain the ratings on Rating Watch
Negative until it has more clarity about the ways in which the
transactions may be restructured (e.g. disposal restrictions,
etc.) bearing in mind existing challenges such as falling EBITDA
per pub, rising leverage, growing debt service due to an uneven
amortization profile, and successful implementation of the
disposal program if executed.

Spirit Issuer Plc:

Punch's commitment to continue to invest into its managed estate
in conjunction with focusing purely on its managed, mainly food-
led pubs should bode well for the performance of Spirit.  The
Outlook remains Negative on the ratings, primarily because of the
operational uncertainties surrounding the creation of the new
Spirit parent (still not set up), execution risk in respect to
conversions from leased to managed pubs (for 100-150 pubs) and the
sale of the remaining 400-450 leased pubs.  However, these
concerns can be overcome if performance continues to improve.

Overall, Fitch continues to view the health of the pub sector as
uncertain, with the tenanted model under continued pressure due to
its less flexible business model and mainly wet-led offering.  The
agency expects consumers' discretionary spending to remain curbed
in 2011; notably due to the public funding cuts potentially
resulting in more job losses.  In addition, the UK pub industry
continues to suffer from competition from the off-trade, increased
alcohol duties (combined with inflation and VAT increases), and
change in consumer behavior.

The current ratings for the transactions are:

Punch A:

  -- Class A1(R) fixed-rate notes due 2022: 'A+', RWN
  -- Class A2(R) fixed-rate notes due 2020: 'A+', RWN
  -- Class M1 fixed-rate notes due 2026: 'BBB-', RWN
  -- Class M2(N) floating-rate notes due 2029: 'BBB-', RWN
  -- Class B1 fixed-rate notes due 2026: 'BB-', RWN
  -- Class B2 fixed-rate notes due 2029: 'BB-', RWN
  -- Class B3 floating-rate notes due 2031: 'BB-', RWN
  -- Class C(R) fixed-rate notes due 2033: 'B+', RWN
  -- Class D1 floating-rate notes 2032: 'B', RWN

Punch B:

  -- Class A3 fixed-rate notes due 2022: ' BBB', RWN
  -- Class A6 fixed-rate notes due 2024: ' BBB', RWN
  -- Class A7 fixed-rate notes due 2033: 'BBB', RWN
  -- Class A8 floating-rate notes due 2033: 'BBB', RWN
  -- Class B1 fixed-rate notes due 2025: 'BB', RWN
  -- Class B2 fixed-rate notes due 2028: 'BB', RWN
  -- Class C1 floating-rate notes due 2035: 'BB-', RWN


  -- Class A1 notes due 2028: 'BB', Outlook Negative
  -- Class A2 notes due 2031: 'BB', Outlook Negative
  -- Class A3 notes due 2021: 'BB', Outlook Negative
  -- Class A4 notes due 2027: 'BB', Outlook Negative
  -- Class A5 notes due 2034: 'BB', Outlook Negative

SOUTHERN CROSS: Taps Tim Bolot to Oversee Financial Restructuring
Rose Jacobs at The Financial Times reports that Southern Cross has
unveiled a slew of senior appointments -- including a dedicated
director of financial restructuring -- as it tries to shake off
fiscal woes.

According to the FT, Tim Bolot, a veteran of Accenture and US
turnaround group Alvarez & Marsal, will oversee the company's
restructuring as it tries to balance the high rent it pays for its
homes with the diminishing revenue it gets from local authorities.

The FT says negotiations with the group's landlords continue as
the company tries to get out of the onerous rental contracts that
drain the money it needs to invest in upgrading homes.  The FT
relates that Chief executive Jamie Buchan has said he hopes to
resolve those negotiations by July, and has brought in KPMG as

In addition to Mr. Bolot's appointment, Frank McCormack, who spent
more than 20 years working in legal roles for infrastructure group
Balfour Beatty, joins the board as general counsel; Andrew
Sellers, who qualified as an accountant with Ernst & Young, will
be the group financial controller; and Amy Kroviak, previously
with Luther Pendragon, joins as director of communications, the FT

                       Covenant Breach

As reported by the Troubled Company Reporter-Europe on March 17,
2011, The Financial Times said that Southern Cross said
it was seeking to renegotiate the rent paid to its landlords and
admitted cuts by local authorities in the amounts paid for elderly
care would force a breach in its banking covenants.  The company
also appointed KPMG to advise on restructuring options after
suffering a further decline in its trading outlook since its last
trading update just five weeks ago, the FT disclosed.  The FT
related that the company, led by chief executive Jamie Buchan,
said KPMG would "advise it both in pursuing the necessary dialogue
with lenders and in accelerating negotiations with landlords."  In
its statement Southern Cross also confirmed that it was no longer
in takeover talks, after judging that several preliminary
approaches in the past few months had no prospect of resulting in
a meaningful offer, the FT noted.

Southern Cross Healthcare provides residential and nursing care to
more than 31,000 residents cared for by 45,000 staff in 750
locations.  Its also operates homes that specialize in treating
people with dementia, mental health problems and learning


* BOND PRICING: For the Week March 21 to March 25, 2011

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

BA CREDITANSTALT         5.470    8/28/2013      EUR    52.13
IMMOFINANZ               4.250     3/8/2018      EUR     4.23
OESTER VOLKSBK           4.170    7/29/2015      EUR    57.38
RAIFF ZENTRALBK          4.500    9/28/2035      EUR    76.91

PETROL AD-SOFIA          8.375   10/26/2011      EUR    70.30

DANMARK SKIBSKRD         2.000   11/15/2024      DKK    74.41
KOMMUNEKREDIT            0.500   12/14/2020      ZAR    41.42
KOMMUNEKREDIT            0.500     2/3/2016      TRY    68.50

MUNI FINANCE PLC         0.500    9/24/2020      CAD    69.10
MUNI FINANCE PLC         0.250    6/28/2040      CAD    22.82
MUNI FINANCE PLC         0.500    3/17/2025      CAD    55.15
MUNI FINANCE PLC         0.500   11/25/2020      ZAR    39.65
MUNI FINANCE PLC         1.000   10/30/2017      AUD    73.35
MUNI FINANCE PLC         0.500    3/28/2018      BRL    58.48
MUNI FINANCE PLC         1.000    2/27/2018      AUD    71.93
MUNI FINANCE PLC         0.500     2/9/2016      ZAR    65.73
MUNI FINANCE PLC         1.000    6/30/2017      ZAR    58.72
MUNI FINANCE PLC         1.000   11/21/2016      NZD    74.42

AIR FRANCE-KLM           4.970     4/1/2015      EUR    15.33
ALCATEL-LUCENT           5.000     1/1/2015      EUR     4.49
ALTRAN TECHNOLOG         6.720     1/1/2015      EUR     5.53
ATOS ORIGIN SA           2.500     1/1/2016      EUR    56.34
BNP PARIBAS             10.050    7/24/2012      USD    59.62
CALYON                   6.000    6/18/2047      EUR    27.46
CAP GEMINI SOGET         1.000     1/1/2012      EUR    46.15
CAP GEMINI SOGET         3.500     1/1/2014      EUR    46.25
CGG VERITAS              1.750     1/1/2016      EUR    32.23
CIE FIN FONCIER          3.250   12/30/2044      EUR    70.74
CLUB MEDITERRANE         5.000     6/8/2012      EUR    16.01
CLUB MEDITERRANE         6.110    11/1/2015      EUR    18.66
DEXIA MUNI AGNCY         1.000   12/23/2024      EUR    61.89
EURAZEO                  6.250    6/10/2014      EUR    59.03
FAURECIA                 4.500     1/1/2015      EUR    28.32
INGENICO                 2.750     1/1/2017      EUR    42.08
MAUREL ET PROM           7.125    7/31/2014      EUR    17.93
MAUREL ET PROM           7.125    7/31/2015      EUR    16.07
NEXANS SA                4.000     1/1/2016      EUR    70.25
NOVASEP HLDG             9.625   12/15/2016      EUR    64.00
NOVASEP HLDG             9.625   12/15/2016      EUR    63.38
ORPEA                    3.875     1/1/2016      EUR    48.64
PEUGEOT SA               4.450     1/1/2016      EUR    33.12
PUBLICIS GROUPE          3.125    7/30/2014      EUR    40.26
PUBLICIS GROUPE          1.000    1/18/2018      EUR    49.47
RHODIA SA                0.500     1/1/2014      EUR    49.37
SOC AIR FRANCE           2.750     4/1/2020      EUR    21.57
SOITEC                   6.250     9/9/2014      EUR    11.79
TEM                      4.250     1/1/2015      EUR    57.93
THEOLIA                  2.700     1/1/2041      EUR    10.78

ESCADA AG                7.500     4/1/2012      EUR    16.00
EUROHYPO AG              6.490    7/17/2017      EUR     8.00
HSH NORDBANK AG          4.375    2/14/2017      EUR    69.47
IKB DEUT INDUSTR         4.080   12/20/2035      EUR    59.85
IKB DEUT INDUSTR         5.625    3/31/2017      EUR    13.50
L-BANK FOERDERBK         0.500    5/10/2027      CAD    50.04
LB BADEN-WUERTT          2.500    1/30/2034      EUR    65.65
LB BADEN-WUERTT          5.250   10/20/2015      EUR    29.49
Q-CELLS                  6.750   10/21/2015      EUR     4.20
SOLON AG SOLAR           1.375    12/6/2012      EUR    43.68
TAG IMMO AG              6.500   12/10/2015      EUR     7.91
TUI AG                   2.750    3/24/2016      EUR    57.18

ATHENS URBAN TRN         4.301    8/12/2014      EUR    73.99
ATHENS URBAN TRN         4.851    9/19/2016      EUR    65.80
ATHENS URBAN TRN         5.008    7/18/2017      EUR    63.65
HELLENIC RAILWAY         7.350     3/3/2015      JPY    74.35
HELLENIC RAILWAY         4.495     4/2/2013      EUR    76.65
HELLENIC RAILWAY         4.500    12/6/2016      JPY    58.52
HELLENIC REP I/L         2.900    7/25/2025      EUR    50.43
HELLENIC REP I/L         2.300    7/25/2030      EUR    49.12
HELLENIC REPUB           5.000    8/22/2016      JPY    62.93
HELLENIC REPUB           5.800    7/14/2015      JPY    69.84
HELLENIC REPUB           6.140    4/14/2028      EUR    59.69
HELLENIC REPUB           5.000    3/11/2019      EUR    58.65
HELLENIC REPUB           4.590     4/8/2016      EUR    63.88
HELLENIC REPUB           5.200    7/17/2034      EUR    60.97
HELLENIC REPUBLI         6.250    6/19/2020      EUR    66.46
HELLENIC REPUBLI         4.500    5/20/2014      EUR    73.45
HELLENIC REPUBLI         4.500     7/1/2014      EUR    73.43
HELLENIC REPUBLI         3.985    7/25/2014      EUR    71.41
HELLENIC REPUBLI         5.500    8/20/2014      EUR    73.32
HELLENIC REPUBLI         4.113    9/30/2014      EUR    71.38
HELLENIC REPUBLI         3.700    7/20/2015      EUR    66.47
HELLENIC REPUBLI         6.100    8/20/2015      EUR    71.43
HELLENIC REPUBLI         3.702    9/30/2015      EUR    65.97
HELLENIC REPUBLI         3.700   11/10/2015      EUR    64.87
HELLENIC REPUBLI         3.600    7/20/2016      EUR    62.93
HELLENIC REPUBLI         4.020    9/13/2016      EUR    63.06
HELLENIC REPUBLI         4.225     3/1/2017      EUR    62.18
HELLENIC REPUBLI         5.900    4/20/2017      EUR    67.19
HELLENIC REPUBLI         4.300    7/20/2017      EUR    62.95
HELLENIC REPUBLI         4.675    10/9/2017      EUR    62.25
HELLENIC REPUBLI         4.590     4/3/2018      EUR    60.65
HELLENIC REPUBLI         4.600    7/20/2018      EUR    62.77
HELLENIC REPUBLI         5.014    2/27/2019      EUR    60.98
HELLENIC REPUBLI         5.959     3/4/2019      EUR    65.16
HELLENIC REPUBLI         6.000    7/19/2019      EUR    64.84
HELLENIC REPUBLI         5.161    9/17/2019      EUR    61.23
HELLENIC REPUBLI         6.500   10/22/2019      EUR    65.58
HELLENIC REPUBLI         5.900   10/22/2022      EUR    65.67
HELLENIC REPUBLI         4.700    3/20/2024      EUR    60.27
HELLENIC REPUBLI         5.300    3/20/2026      EUR    61.10
HELLENIC REPUBLI         4.500    9/20/2037      EUR    55.33
HELLENIC REPUBLI         4.600    9/20/2040      EUR    55.24
NATIONAL BK GREE         3.875    10/7/2016      EUR    74.40

AIB MORTGAGE BNK         5.000     3/1/2030      EUR    59.95
AIB MORTGAGE BNK         5.580    4/28/2028      EUR    65.82
AIB MORTGAGE BNK         5.000    2/12/2030      EUR    59.96
ALLIED IRISH BKS        12.500    6/25/2019      EUR    23.88
ALLIED IRISH BKS         7.875     7/5/2023      GBP    23.00
ALLIED IRISH BKS        10.750    3/29/2017      EUR    24.03
ALLIED IRISH BKS         5.625   11/12/2014      EUR    73.03
ALLIED IRISH BKS        11.500    3/29/2022      GBP    23.22
ALLIED IRISH BKS        10.750    3/29/2017      USD    25.14
ALLIED IRISH BKS        12.500    6/25/2019      GBP    23.65
BANK OF IRELAND          3.585    4/21/2015      EUR    74.47
BANK OF IRELAND          4.875    1/22/2018      GBP    51.53
BANK OF IRELAND         10.750    6/22/2018      GBP    52.03
BANK OF IRELAND          4.625    2/27/2019      EUR    49.98
BANK OF IRELAND         10.000    2/12/2020      EUR    54.48
BANK OF IRELAND         10.000    2/12/2020      GBP    54.67
BANK OF IRELAND          9.250     9/7/2020      GBP    55.57
BK IRELAND MTGE          5.760     9/7/2029      EUR    70.05
BK IRELAND MTGE          5.450     3/1/2030      EUR    67.32
BK IRELAND MTGE          5.400    11/6/2029      EUR    66.90
BK IRELAND MTGE          5.360   10/12/2029      EUR    66.57
DEPFA ACS BANK           5.125    3/16/2037      USD    64.50
DEPFA ACS BANK           0.500     3/3/2025      CAD    34.23
DEPFA ACS BANK           5.125    3/16/2037      USD    65.29
DEPFA ACS BANK           4.900    8/24/2035      CAD    62.19
EBS BLDG SOCIETY         4.992    3/19/2015      EUR    73.83
IRISH GOVT               4.500   10/18/2018      EUR    71.20
IRISH GOVT               5.400    3/13/2025      EUR    67.79
IRISH GOVT               4.500    4/18/2020      EUR    68.30
IRISH GOVT               4.400    6/18/2019      EUR    69.57
IRISH GOVT               5.000   10/18/2020      EUR    69.89
IRISH LIFE & PER         4.625     5/9/2017      EUR    44.00
IRISH LIFE PERM          4.820    3/22/2015      EUR    74.17
IRISH LIFE PERM          4.250     4/9/2015      EUR    72.79
IRISH NATIONWIDE        13.000    8/12/2016      GBP    19.67

ABRUZZO REGION           4.450     3/1/2037      EUR    72.32
BEATRICE FOODS           1.000   11/19/2026      USD    45.00
CITY OF TURIN            5.270    6/26/2038      EUR    65.32
CITY OF VENICE           4.265    3/26/2026      EUR    71.74
CITY OF VENICE           4.265    3/26/2026      EUR    71.74
CO BRAONE                4.567    6/30/2037      EUR    67.47
CO CASTELMASSA           3.960    3/31/2026      EUR    68.98
COMUNE DI MILANO         4.019    6/29/2035      EUR    67.47
PATRIM TRENTINO          5.274   12/19/2037      EUR    74.27
REGION OF LIGURI         4.795   11/22/2034      EUR    69.53
REGION OF UMBRIA         5.087    6/15/2037      EUR    71.93
SARDINIA REGION          4.383   12/20/2034      EUR    74.07
SARDINIA REGION          4.022   11/28/2035      EUR    70.59
TELECOM ITALIA           5.250    3/17/2055      EUR    73.14

ARCELORMITTAL            7.250     4/1/2014      EUR    31.69
CRC BREEZE               5.290     5/8/2026      EUR    64.98
ESPIRITO SANTO F         6.875   10/21/2019      EUR    69.37
IIB LUXEMBOURG          11.000    2/19/2013      USD    11.00
LIGHTHOUSE INTL          8.000    4/30/2014      EUR    30.66
LIGHTHOUSE INTL          8.000    4/30/2014      EUR    30.75

APP INTL FINANCE        11.750    10/1/2005      USD     0.01
BK NED GEMEENTEN         0.500    3/17/2016      TRY    69.49
BK NED GEMEENTEN         0.500     3/3/2021      NZD    60.52
BK NED GEMEENTEN         0.500    3/29/2021      NZD    60.11
BK NED GEMEENTEN         0.500    2/24/2025      CAD    53.98
BK NED GEMEENTEN         0.500    3/29/2021      USD    71.26
BRIT INSURANCE           6.625    12/9/2030      GBP    64.41
ELEC DE CAR FIN          8.500    4/10/2018      USD    56.23
NATL INVESTER BK        25.983     5/7/2029      EUR    22.10
NED WATERSCHAPBK         0.500    3/11/2025      CAD    54.71
NIB CAPITAL BANK         4.510   12/16/2035      EUR    64.51
SIDETUR FINANCE         10.000    4/20/2016      USD    75.00
TJIWI KIMIA FIN         13.250     8/1/2001      USD     0.01

EKSPORTFINANS            0.500     5/9/2030      CAD    43.22
KOMMUNALBANKEN           0.500   12/18/2015      ZAR    72.49
KOMMUNALBANKEN           0.500    1/27/2016      ZAR    71.96
KOMMUNALBANKEN           0.500    3/24/2016      ZAR    71.01
KOMMUNALBANKEN           0.500     3/1/2016      ZAR    71.43
NORSKE SKOGIND           7.125   10/15/2033      USD    72.50
NORSKE SKOGIND           7.125   10/15/2033      USD    72.50
TRICO SHIPPING          13.875    11/1/2014      USD    73.00

CAIXA GERAL DEPO         4.400    10/8/2019      EUR    73.37
CAIXA GERAL DEPO         5.380    10/1/2038      EUR    68.02
COMBOIOS DE PORT         4.170   10/16/2019      EUR    66.50
METRO DE LISBOA          4.061    12/4/2026      EUR    60.80
METRO DE LISBOA          4.799    12/7/2027      EUR    67.78
PORTUGUESE OT'S          4.100    4/15/2037      EUR    66.72
PORTUGUESE OT'S          3.850    4/15/2021      EUR    73.28
REFER                    4.250   12/13/2021      EUR    59.39
REFER                    4.047   11/16/2026      EUR    65.73
REFER                    4.675   10/16/2024      EUR    66.72

APK ARKADA              17.500    5/23/2012      RUB     0.38
ARIZK                    3.000   12/20/2030      RUB    52.48
ARKTEL-INVEST           12.000     4/9/2012      RUB     0.05
ATOMSTROYEXPORT-         7.750    5/24/2011      RUB    75.00
BALTINVESTBANK           9.000    9/10/2015      RUB    75.00
BANCA INTESA            11.000   11/30/2011      RUB    75.00
BANK OF MOSCOW           6.450    7/29/2011      RUB    75.00
BANK SOYUZ               7.750     5/2/2011      RUB    75.00
BARENTSEV FINANS        20.000     7/4/2011      RUB     1.60
DVTG-FINANS             17.000    8/29/2013      RUB     5.17
EMALIANS-FINANS         10.970     7/8/2011      RUB    75.00
ENERGOSPETSSNAB          8.500    5/30/2016      RUB    75.00
ENERGOSTROY-FINA        12.000    5/20/2011      RUB    75.00
EUROKOMMERZ             16.000    3/15/2011      RUB     0.01
FINANCEBUSINESSG        10.000     7/1/2013      RUB    75.00
FINANCEBUSINESSG        12.500    6/22/2011      RUB    75.00
FORMAT                  17.000    12/6/2012      RUB    75.00
GAZPROMBANK OJSC         6.850   11/15/2012      RUB    75.00
GAZPROMBANK OJSC         6.850   11/22/2012      RUB    75.00
IZHAVTO                 18.000     6/9/2011      RUB    11.31
KARUSEL FINANS          12.000    9/12/2013      RUB    75.00
KPM FINANS              11.750   12/23/2014      RUB    75.00
KVART-FINANS            12.000    10/5/2011      RUB    75.00
LADYA FINANS            13.750    9/13/2012      RUB    75.00
LEASING TECH             8.500   10/24/2014      RUB    75.00
LLC VICTORIA FIN         8.000    2/12/2013      RUB    75.00
M-INDUSTRIYA            12.250    8/16/2011      RUB    18.02
MAGNIT OJSC              8.250     9/9/2013      RUB    75.00
MAGNIT OJSC              8.250     9/9/2013      RUB    75.00
MAGNIT OJSC              8.250     9/9/2013      RUB    75.00
MAIN ROAD OJSC          10.200     6/3/2011      RUB    75.00
MEDVED-FINANS           14.000    8/16/2013      RUB    75.00
MIG-FINANS               0.100     9/6/2011      RUB     1.00
MIRAX                   17.000    9/17/2012      RUB    25.55
MIRAX                   14.990    5/17/2011      RUB    30.01
MOSMART FINANS           0.010    4/12/2012      RUB     1.81
MOSOBLGAZ               12.000    5/17/2011      RUB    72.50
MOSOBLTRUSTINVES        20.000    3/26/2011      RUB     6.99
NATIONAL CAPITAL        12.500    5/20/2011      RUB    75.00
NOK                     12.500    8/26/2014      RUB     0.04
NOK                     10.000    9/22/2011      RUB     7.79
NOMOS-LEASING           12.000     7/8/2011      RUB    75.00
NOVOROSSIYSK            13.000    12/9/2011      RUB    75.00
NOVYE TORGOVYE S        15.000    4/26/2011      RUB    52.00
OBYEDINEONNYE KO        10.750    5/16/2012      RUB    75.00
PEB LEASING             14.000    9/12/2014      RUB    75.00
PROMPEREOSNASTKA         1.000   12/17/2012      RUB     0.01
RC KAZNACHEY LTD        10.500   11/20/2015      RUB    75.00
REGIONENERGO             8.500    5/30/2016      RUB    75.00
SAHO                    10.000    5/21/2012      RUB     0.03
SATURN                   8.500     6/6/2014      RUB     1.00
SEVERNAYA KAZNA          1.000     8/1/2011      RUB    75.00
SEVKABEL-FINANS         10.500    3/27/2012      RUB     3.40
SIBUR                   13.500    3/13/2015      RUB    75.00
SIBUR                    7.300    3/13/2015      RUB    75.00
SIBUR                   10.470    11/1/2012      RUB    75.00
SIBUR                    8.000    3/13/2015      RUB    75.00
SIBUR                    9.250    3/13/2015      RUB    75.00
SISTEMA-HALS             8.500     4/8/2014      RUB    75.00
SISTEMA-HALS             8.500    4/15/2014      RUB    75.00
SOUTHERN STOCK C         9.000    4/29/2014      RUB    75.00
SPETSSTROYFINANC         8.500    5/30/2016      RUB    75.00
SPURT                   11.250    5/31/2012      RUB    75.00
SVOBODNY SOKOL           0.100    5/24/2011      RUB     2.06
TALIO-PRINCEPS          16.000    5/17/2012      RUB    75.00
TATTELECOM               8.250    11/1/2012      RUB    75.00
TECHNONICOL-FINA        13.000    9/19/2013      RUB    75.00
TECHNONICOL-FINA        13.500    9/11/2013      RUB    75.00
TECHNOSILA-INVES         7.000    5/26/2011      RUB     1.00
TENZOR-FINANS           12.000   10/16/2012      RUB    75.00
TERNA-FINANS             1.000    11/4/2011      RUB     0.04
TGK-2                    6.750    8/30/2011      RUB    95.01
TK FINANS               12.600     9/5/2011      RUB    75.00
TRANSCREDITFACTO        12.000    6/11/2012      RUB    75.00
TRANSCREDITFACTO        12.000    11/1/2012      RUB    75.00
TRANSFIN-M              11.000    12/3/2014      RUB    75.00
TRANSFIN-M              11.000    12/3/2014      RUB    75.00
TRANSFIN-M              11.000    12/3/2014      RUB    75.00
TRANSFIN-M              11.000    12/3/2014      RUB    75.00
TRANSGAZSERVICE          7.750   11/26/2014      RUB    75.00
UNIMILK FINANS          14.000     9/6/2011      RUB    75.00
URALELEKTROMED           8.250    2/28/2012      RUB    75.00
URALSVYAZINFORM         10.500   11/17/2011      RUB    75.00
VKM-LEASING FINA         1.000    5/18/2011      RUB     0.02
VTB 24                   6.900    2/20/2014      RUB    99.50
VTB-LEASING FINA         6.850   11/30/2016      RUB    75.00
VTB-LEASING FINA         7.100    11/6/2014      RUB    75.00
ZHILSOTSIPOTEKA-         9.000    7/26/2011      RUB    75.00

AYT CEDULAS CAJA         3.750    6/30/2025      EUR    65.94
AYT CEDULAS CAJA         4.250   10/25/2023      EUR    74.80
AYT CEDULAS CAJA         3.750   12/14/2022      EUR    71.75
AYT CEDULAS CAJA         4.750    5/25/2027      EUR    73.67
AYUNTAM DE MADRD         4.550    6/16/2036      EUR    65.87
BANCAJA                  1.500    5/22/2018      EUR    63.16
BANCO GUIPUZCOAN         1.500    4/18/2022      EUR    52.54
CAJA CASTIL-MAN          1.500    6/23/2021      EUR    58.31
CAJA MADRID              5.755    2/26/2028      EUR    61.61
CAJA MADRID              4.125    3/24/2036      EUR    68.07
CEDULAS TDA 6            3.875    5/23/2025      EUR    67.45
CEDULAS TDA A-5          4.250    3/28/2027      EUR    68.42
CEDULAS TDA A-6          4.250    4/10/2031      EUR    64.87
COMUN AUTO CANAR         3.900   11/30/2035      EUR    54.03
COMUN AUTO CANAR         4.200   10/25/2036      EUR    60.56
COMUNIDAD ARAGON         4.646    7/11/2036      EUR    69.46
COMUNIDAD BALEAR         4.063   11/23/2035      EUR    59.87
COMUNIDAD MADRID         4.300    9/15/2026      EUR    74.19
GEN DE CATALUNYA         4.220    4/26/2035      EUR    75.39
GEN DE CATALUNYA         5.400    5/13/2030      EUR    73.47
GEN DE CATALUNYA         5.219    9/10/2029      EUR    72.17
GEN DE CATALUNYA         4.690   10/28/2034      EUR    72.59
GENERAL DE ALQUI         2.750    8/20/2012      EUR    72.24
IM CEDULAS 5             3.500    6/15/2020      EUR    75.41
INSTITUT CATALA          4.250    6/15/2024      EUR    73.94
JUNTA ANDALUCIA          5.150    5/24/2034      EUR    70.72
JUNTA ANDALUCIA          4.250   10/31/2036      EUR    57.70
JUNTA LA MANCHA          3.875    1/31/2036      EUR    53.57
XUNTA DE GALICIA         4.025   11/28/2035      EUR    60.20

SWEDISH EXP CRED         0.500   12/21/2015      ZAR    66.77
SWEDISH EXP CRED         0.500     3/3/2016      ZAR    65.45
SWEDISH EXP CRED         0.500     3/5/2018      AUD    67.45
SWEDISH EXP CRED         0.500   12/17/2027      USD    51.54
SWEDISH EXP CRED         0.500    1/25/2028      USD    51.41
SWEDISH EXP CRED         8.000   10/21/2011      USD    10.10
SWEDISH EXP CRED         8.000    11/4/2011      USD     7.90
SWEDISH EXP CRED         2.000    12/7/2011      USD     9.65
SWEDISH EXP CRED         2.130    1/10/2012      USD     9.57
SWEDISH EXP CRED         6.500    1/27/2012      USD     9.53
SWEDISH EXP CRED         8.000    1/27/2012      USD     9.75
SWEDISH EXP CRED         7.000     3/9/2012      USD     9.66
SWEDISH EXP CRED         7.000     3/9/2012      USD     9.45
SWEDISH EXP CRED         9.750    3/23/2012      USD    10.14
SWEDISH EXP CRED         0.500    9/29/2015      BRL    62.77
SWEDISH EXP CRED         9.000    8/12/2011      USD    10.02
SWEDISH EXP CRED         9.000    8/28/2011      USD    10.68

UBS AG                   9.250    3/20/2012      USD    13.99
UBS AG                  10.530    1/23/2012      USD    39.05
UBS AG                   9.640   11/14/2011      USD    14.14
UBS AG                  14.000    5/23/2012      USD     9.70
UBS AG                  13.700    5/23/2012      USD    14.05
UBS AG                  10.580    6/29/2011      USD    39.70
UBS AG                  13.300    5/23/2012      USD     4.18
UBS AG JERSEY           10.140   12/30/2011      USD    15.27
UBS AG JERSEY            9.230   12/30/2011      USD    14.16
UBS AG JERSEY           10.280    8/19/2011      USD    35.25
UBS AG JERSEY           10.360    8/19/2011      USD    53.45
UBS AG JERSEY            9.350    9/21/2011      USD    70.88
UBS AG JERSEY            9.450    9/21/2011      USD    51.03
UBS AG JERSEY           11.150    8/31/2011      USD    39.66
UBS AG JERSEY            3.220    7/31/2012      EUR    54.30

BANK NADRA               8.000    6/22/2017      USD    73.01
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          9.000    6/30/2011      USD    43.42
BARCLAYS BK PLC          7.500    9/22/2011      USD    16.94
BARCLAYS BK PLC          8.750    9/22/2011      USD    73.12
BARCLAYS BK PLC          8.800    9/22/2011      USD    16.64
BARCLAYS BK PLC          8.550    1/23/2012      USD    11.32
BARCLAYS BK PLC         10.350    1/23/2012      USD    22.03
BARCLAYS BK PLC          9.250    1/31/2012      USD     9.71
BARCLAYS BK PLC         10.650    1/31/2012      USD    45.65
BARCLAYS BK PLC          8.950    4/20/2012      USD    16.30
BARCLAYS BK PLC         12.950    4/20/2012      USD    23.53
BARCLAYS BK PLC         13.050    4/27/2012      USD    27.08
BARCLAYS BK PLC          9.400    7/31/2012      USD    11.19
BARCLAYS BK PLC         10.950    5/23/2011      USD    64.38
BARCLAYS BK PLC         10.800    7/31/2012      USD    26.99
BARCLAYS BK PLC          9.250    8/31/2012      USD    35.46
BARCLAYS BK PLC          9.500    8/31/2012      USD    29.83
BRADFORD&BIN BLD         2.875   10/16/2031      CHF    73.40
BRADFORD&BIN BLD         4.910     2/1/2047      EUR    65.58
CO-OPERATIVE BNK         5.875    3/28/2033      GBP    68.91
DISCOVERY EDUCAT         1.948    3/31/2037      GBP    68.01
EFG HELLAS PLC           6.010     1/9/2036      EUR    30.25
F&C ASSET MNGMT          6.750   12/20/2026      GBP    75.23
HBOS PLC                 6.000    11/1/2033      USD    68.00
HBOS PLC                 6.000    11/1/2033      USD    67.91
HBOS PLC                 4.500    3/18/2030      EUR    74.17
HEALTHCARE SUPP          2.067    2/19/2043      GBP    70.63
NOMURA BANK INTL         0.800   12/21/2020      EUR    59.91
NORTHERN ROCK            4.574    1/13/2015      GBP    78.07
NORTHERN ROCK            5.750    2/28/2017      GBP    70.89
PUNCH TAVERNS            7.567    4/15/2026      GBP    61.17
PUNCH TAVERNS            8.374    7/15/2029      GBP    61.48
UNIQUE PUB FIN           6.464    3/30/2032      GBP    64.43
WESSEX WATER FIN         1.369    7/31/2057      GBP    31.46


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 * * *