TCREUR_Public/110413.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

            Wednesday, April 13, 2011, Vol. 12, No. 73

                            Headlines



B E L A R U S

BELARUSBANK: S&P Assigns 'B/B' Counterparty Credit Ratings


C Z E C H   R E P U B L I C

SAZKA AS: Cash Woes Prompt Clients to Cut Back on Placing Bets


E S T O N I A

SILBET PLOKK: Viru Keemia Acquires Bankruptcy Estate


F I N L A N D

ENCORIUM GROUP: Unit Borrows EUR500,000 From Ilari Koskelo


H U N G A R Y

FIRST HUNGARIAN: Court Orders Liquidation Following Loan Default


I R E L A N D

ALLIED IRISH: To Cut More Than 2,000 Jobs; Posts EUR10.4-Bil. Loss
BSQ: Put Into Receivership by Bank of Ireland; Owes EUR40 Million
LOCKO FINANCE: Fitch Puts Expected 'B-' Rating on Upcoming Notes


L A T V I A

NORVIK BANKA: Moody's Downgrades Long-Term Deposit Ratings to 'B2'


L U X E M B O U R G

CHC HELICOPTER: Moody's Puts 'B1' CFR Under Review for Downgrade
ECM REAL ESTATE: Ceska Sporitelna Files Insolvency Proposal


N E T H E R L A N D S

DECO 14: Moody's Puts B1 Rating on Class D Notes on Watch Negative
GTB FINANCE: S&P Assigns 'B+' Rating to US$2-Bil. Term Note
HARLAN NETHERLANDS: Moody's Affirms 'B3' Corporate Family Rating


R U S S I A

CB RENAISSANCE: Fitch Lifts Long-Term Issuer Default Rating to 'B'
MDM Bank: Fitch Assigns 'BB' Rating to RUB5-Bil. Sr. Unsec. Bonds
RENAISSANCE CAPITAL: Fitch Affirms LT Issuer Default Rating at 'B'


S P A I N

CAMPOFRIO FOOD: S&P Places 'BB-' Corp. Credit Rating on Watch Neg.


S W E D E N

DOMETIC HOLDING: S&P Assigns 'B' LT Corporate Credit Rating


S W I T Z E R L A N D

FERREXPO AG: Moody's Assigns B3 Rating to US$500MM Unsecured Notes


U N I T E D   K I N G D O M

AGS SCAFFOLDING: Put Into Administration
ANGLO IRISH: Forced INBS Amalmagation to Result to 300 Job Losses
BEIG MIDCO: Fitch Lifts Long-Term Issuer Default Ratings to 'B+'
R&D CONSTRUCTION: Talks Over Major Contract to Take Place
SELECTA CDO: Moody's Lifts Rating on Class C1 Notes to 'B3 (sf)'

SOUTHERN CROSS: Implements Second Management Shake-Up


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B E L A R U S
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BELARUSBANK: S&P Assigns 'B/B' Counterparty Credit Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term and
'B' short-term counterparty credit ratings to JSC Savings Bank
Belarusbank.  The outlook is negative.

"The ratings reflect our view of high economic imbalances and the
high-risk operating environment in the Republic of Belarus
(foreign currency B/Negative/B; local currency B+/Negative/B),"
S&P stated.

"They also reflect high credit risks at Belarusbank, accentuated
by a high share of lending under special government programs,
weakened profitability, and the bank's rapid growth strategy,"
said Standard & Poor's credit analyst Annette Ess.  "These
negative factors are partly mitigated by Belarusbank's status as a
government-related entity, our view of a 'very high' likelihood of
extraordinary government support for Belarusbank, as well as
Belarusbank's dominant domestic franchise and stable deposit-based
funding."

As of year-end 2010, Belarusbank's assets totaled BYR44.9 trillion
(about US$14.9 billion at BYR3,010 to US$1), according to
preliminary results based on International Financial Reporting
Standards.  Belarusbank is reportedly the largest bank in Belarus,
commanding a 41% market share by assets and a 70% market share in
retail loans on Dec. 31, 2010.

"In accordance with our methodology for government-related
entities, we consider there to be a 'very high' likelihood of
timely and sufficient extraordinary government support for
Belarusbank in the event of financial distress," S&P noted.  This
assessment is based on S&P's view of Belarusbank's:

    * "Very important" role for the local economy as the main bank
      for lending under government programs and its high systemic
      importance; and

    * "Very strong" link with the government, given the state's
      direct 90.5% shareholding in the bank and strong track
      record of supporting it.

"However, the long-term ratings on the bank are based on our
assessment of its stand-alone credit profile, with no uplift for
extraordinary government support, reflecting the moderate
differential between the bank's stand-alone credit profile and the
local currency sovereign credit rating, in accordance with our
criteria," S&P related.

"Our view of Belarusbank's high credit risk is not fully reflected
in the reported asset-quality numbers.  Reported non-performing
loans (90 days overdue) reduced to 1.5% as of Sept. 30, 2010, from
2.4% at year-end 2009, according to local accounting standards.
Asset-quality indicators reflect the rapid growth of Belarusbank's
loan portfolio over the past few years, and the majority of loans
are unseasoned.  Furthermore, state enterprises, which account for
about 60% of the corporate loan portfolio, receive a significant
amount of government subsidies and many of them are loss-making;
state guarantees covered approximately 40% of total loans.  High
single-borrower concentrations heighten the vulnerability of asset
quality to the risky operating environment.  The top 20 exposures
represented 3x Belarusbank's adjusted total equity at the end of
September 2010," according to S&P.

Low and decreasing profitability reflects Belarusbank's lower
interest margin than private-sector banks, owing to increased
funding costs, a sizable portion of low-yielding loans related to
government support programs, as well as high provisioning
expenses.

"Belarusbank's funding profile is stable, in our view, given its
good access to retail, corporate, and government-related customer
deposits, as well as government funding.  At year-end 2010, the
bank's capitalization was low, in our view, as measured by
Standard & Poor's risk-adjusted capital ratio of 5.3% before
adjustments and 4.3% after adjustments for concentration.  This is
despite a BYR1 trillion (about $340 million) government capital
injection in the fourth quarter of 2010.  The bank's ratio of
adjusted total equity to adjusted assets of 9.1% at the end of
2010 compares unfavorably to domestic peers', reflecting higher
loan leverage," S&P stated.

"The outlook on Belarusbank is negative because the outlook on
Belarus is negative, reflecting the country's low external
liquidity, owing to its very high current account deficit, which
in turn presents risks for the predominantly state-controlled
Belarusian economy and puts pressure on the bank's financial and
business profile," said Ms. Ess.

"We could lower the ratings on Belarusbank if we were to lower the
sovereign foreign currency credit ratings or our transfer and
convertibility assessment of Belarus, or if in our view the bank's
stand-alone credit profile has weakened, especially in terms of
asset quality or liquidity," S&P noted.

"We would revise the outlook to stable if the outlook on the
sovereign rating is revised to stable, provided that the bank's
asset quality and funding demonstrate resilience to the difficult
operating environment, despite its rapidly expanding franchise,"
S&P added.


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


SAZKA AS: Cash Woes Prompt Clients to Cut Back on Placing Bets
--------------------------------------------------------------
Krystof Chamonikolas at Bloomberg News, citing Mlada Fronta Dnes,
reports that Sazka AS's clients are cutting back on placing bets
after the Finance Ministry said the company is struggling to pay
overdue winnings.

According to Bloomberg, the Prague-based newspaper said, citing
numbers provided by Sazka, said the company received CZK12 million
(US$707,460) in wagers for its Nedelni Sportka game on April 10,
down from more than CZK50 million for the Sunday game at the end
of last year.

As reported by the Troubled Company Reporter-Europe on March 31,
2011, CTK, citing information made public in the insolvency
register, said the Prague City Court declared Sazka insolvent on
March 29 and named Josef Cupka as insolvency administrator.  CTK
disclosed that the court also decided on calling a meeting of
creditors for May 26.  It has not determined the way how the
insolvency will be solved, CTK noted.  The court has three months
from the decision on insolvency for this, after the meeting of
creditors at the earliest, according to CTK.

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


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E S T O N I A
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SILBET PLOKK: Viru Keemia Acquires Bankruptcy Estate
----------------------------------------------------
Toomas Hobemagi at Baltic Business News, citing Aripaev, reports
that Viru Keemia Group has agreed to acquire the bankruptcy estate
of Silbet Plokk.

According to BBN, the company paid 615,000 for the estate and
plans to produce building blocks from waste created in the
processing of oil shale.

BBN relates that Priit Rohumaa, CEO of Viru Keemia Group, said
that the company hopes to create 200 jobs in production.

Silbet Plokk is an Estonian manufacturer of cinder blocks.


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F I N L A N D
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ENCORIUM GROUP: Unit Borrows EUR500,000 From Ilari Koskelo
----------------------------------------------------------
Effective Feb. 11, 2011, Encorium Oy, Encorium Group, Inc.'s
wholly owned subsidiary, entered into a Line of Credit Promissory
Note with Ilari Koskelo, a current stockholder of the Company, to
replace the Handelsbanken Line.  Encorium Oy borrowed EUR500,000
under the Ilari Line to repay the outstanding amounts on the
Handelsbanken Line.  The unpaid principal under the Ilari Line
accrues and compounds interest monthly at the rate of 10.0% per
annum.  Any principal amount borrowed under the Ilari Line is
payable on demand on the twelve month anniversary of the date such
principal amount was received by Encorium Oy or according to a
separately agreed payment schedule.  The interest on any principal
amount borrowed under the Ilari Line is payable quarterly
beginning on the sixth month anniversary of the date such
principal amount was received by Encorium Oy.  On the occurrence
of any Event of Default, and upon five days' written notice and
cure period, all principal and other amounts owed under Ilari Line
will become immediately due and payable.  In addition, upon a
Change of Control of the Company or Encorium Oy, a change in
control fee equal to twenty percent of the then outstanding
principal amount will be payable.

On Jan. 12, 2011, Svenska Handelsbanken AB notified Encorium Oy
that it would terminate its line of credit with Encorium Oy.  The
Handlesbanken Line was entered into on Feb. 9, 2005, between
Encorium Oy and Svenska Handelsbanken AB and provided for up to
EUR 500,000 of borrowings at a 1.25% interest rate.  On Feb. 15,
2011, Encorium Oy repaid EUR 150,000 under the Handelsbanken Line
and on March 15, 2011, repaid the remaining outstanding principal
balance of EUR 350,000.  The Company replaced the Handelsbanken
Line with the Ilari Line.

Meanwhile, on March 25, 2011, Philip L. Calamia resigned from his
position as Interim Chief Financial Officer of the Company to
pursue other interests.

                        About Encorium Group

Wayne, Pa.-based Encorium Group, Inc. (Nasdaq: ENCO) is a clinical
research organization (CRO) that engages in the design and
management of complex clinical trials for the pharmaceutical,
biotechnology and medical device industries.  The Company was
initially incorporated in August 1998 in Nevada.  In June 2002,
the Company changed its  state of incorporation to Delaware.  In
November 2006, the Company expanded its international operations
with the acquisition of its wholly owned subsidiary, Encorium Oy,
a CRO founded in 1996 in Finland, which offers clinical trial
services to the pharmaceutical and medical device industries.
Since 2006 the Company has conducted substantially all of its
European operations through Encorium Oy and its wholly-owned
subsidiaries located in Denmark, Estonia, Sweden, Lithuania,
Romania, Germany and Poland.

On July 16, 2009, the Company sold substantially all of the assets
relating to the Company's U.S. line of business to Pierrel
Research USA, Inc., the result of which the Company no longer has
any employees or significant operations in the United States.

The Company's balance sheet as of June 30, 2010, showed
US$10.0 million in total assets, US$10.6 million in total
liabilities, and a stockholders' deficit of US$620,000.

As reported in the Troubled Company Reporter on April 23, 2010,
Deloitte and Touche, LLP, in Philadelphia, Pa., expressed
substantial doubt about the Company's ability to continue as a
going concern, following its 2009 results.  The independent
auditors noted of the Company's recurring losses from operations,
current available cash, and anticipated level of capital
requirements.


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H U N G A R Y
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FIRST HUNGARIAN: Court Orders Liquidation Following Loan Default
----------------------------------------------------------------
MTI-Econews, citing business news portal Gazdasag.hu, reports that
the Pest County Court has ordered to put First Hungarian Mushroom
Bourse under liquidation after the farm cooperative failed to make
payments on a loan to build a HUF500 million refrigerated
warehouse.

According to MTI, the company had profit of HUF3.7 million on
revenue of HUF2.3 billion in 2009, but it was hit hard by falling
prices and competition in 2010.

Established in 2003, First Hungarian Mushroom Bourse employs
almost 50 people.


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I R E L A N D
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ALLIED IRISH: To Cut More Than 2,000 Jobs; Posts EUR10.4-Bil. Loss
------------------------------------------------------------------
The Financial Times reports that Allied Irish Banks is to cut more
than 2,000 jobs after it posted a record annual net loss of
EUR10.4 billion (US$15 billion) due to toxic property-based loans.

According to the FT, the loss widened from EUR2.3 billion a year
earlier and is worse than the EUR8.6 billion average estimate of
four analysts surveyed by Bloomberg.

The FT relates that Allied Irish said the job reductions will take
place on a "phased basis over 2011 and 2012".

Allied Irish employs more than 12,000 people and is 93% owned by
Ireland's government, which has provided EUR7 billion in funds to
keep the bank afloat and last month ordered it to inject another
EUR13 billion, the FT notes.

                     About Allied Irish Banks

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


BSQ: Put Into Receivership by Bank of Ireland; Owes EUR40 Million
-----------------------------------------------------------------
Gavin Daly at The Sunday Business Post Online reports that BSQ has
been put into receivership by Bank of Ireland with almost EUR40
million in debts.

The Post.ie relates that the bank has appointed Kieran Wallace of
KPMG as receiver to the company.

BSQ acquired the Sandyford properties in 2008, and Bank of Ireland
took a charge over the properties at the time, the Post.ie points
out.

The firm, the Post.ie says, valued its investment property assets
at EUR37.7 million at the end of 2008, which is described in the
firm's accounts as "the best estimate" of the open market value
that could be reached, given the economic downturn.

According to the Post.ie, the firm owed about EUR38.4 million to
creditors at the end of 2008, but said it had "complied with all
its financial obligations," and agreed renewed loan facilities
with its banks.

BSQ is an investment firm set up to acquire some of the properties
in the retail and residential development.  The company owns part
of the Beacon South Quarter project in Sandyford in south Dublin.


LOCKO FINANCE: Fitch Puts Expected 'B-' Rating on Upcoming Notes
----------------------------------------------------------------
Fitch Ratings has assigned LOCKO Finance p.l.c.'s US$50 million
issue of loan participation notes for the purpose of financing a
subordinated loan an expected Long-term rating of 'B-(exp)' and
Recovery Rating of 'RR6'.  The notes will be issued under a
US$350 million loan participation note program and will mature in
2016.  The notes will be used solely for financing a subordinated
loan to LOCKO-bank (Locko), rated Long-term Issuer Default Rating
(IDR) 'B+', Short-Term IDR 'B', Individual Rating 'D', Support
Rating '5' and National Long-term rating 'A-(rus)'.  The Outlooks
on the IDR and National Long-term ratings are Stable.  The final
ratings are contingent upon receipt of final documentation
conforming materially to information already received.

LOCKO Finance p.l.c., an Ireland-domiciled public limited company,
will only pay noteholders principal and interest received from
Locko.  The issuer will charge certain of its rights and interest
under the loan agreement to Deutsche Trustee Company Limited for
the benefit of noteholders under a trust deed.


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L A T V I A
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NORVIK BANKA: Moody's Downgrades Long-Term Deposit Ratings to 'B2'
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term local and
foreign-currency deposit ratings of Norvik Banka (Latvia) to B2
from B1.  The E+ bank financial strength rating (BFSR) was
affirmed. The outlook on all ratings is stable.  The bank's Not
Prime short-term rating was also affirmed.  The rating action
concludes the review for possible downgrade of the bank's deposit
ratings, initiated on Dec. 10, 2010.

Moody's Investors Service will withdraw all ratings of Norvik
Banka for business reasons following a request from the bank.
Norvik Bank had no outstanding debt rated by Moody's at the time
of the withdrawal.

                        Ratings Rationale

Today's rating action is driven by continued concerns about the
bank's profitability, asset quality and high non-resident deposit
base.  Norvik Banka reported a net loss of LVL1 million during
2010 (2009: net income of LVL4.2 million) following falls in both
net interest income and non-interest income.  With the recovery of
the Latvian economy still only at an embryonic stage with high
unemployment, low domestic loan demand, and competition from the
larger Scandinavian owned banks expected to pick up, Moody's
expects profitability to remain muted in the coming years.

Norvik Banka's exposure to both commercial and residential real
estate, and to the transport and shipping sector remains high and
therefore a credit negative.  Moody's views both these sectors as
high risk with the very real potential for increased write-downs,
provisioning and subsequent negative impact on profitability,
particularly given the weak business environment in Latvia.

These ratings of Norvik Banka will be withdrawn:

   -- Bank financial strength rating (BFSR) of E+ (stable outlook)

   -- Long-term local currency deposit rating of B2 (stable
      outlook)

   -- Short-term local currency deposit rating of Not Prime

   -- Long-term foreign currency deposit rating of B2 (stable
      outlook)

   -- Short-term foreign currency deposit rating of Not Prime

The principal methodologies used in this rating were "Bank
Financial Strength Ratings: Global Methodology", published
February 2007, and "Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology", published in
March 2007.

Headquartered in Riga, Latvia, Norvik Banka reported total
consolidated assets of around LVL590 million (EUR840 million) at
the end of 2010.


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


CHC HELICOPTER: Moody's Puts 'B1' CFR Under Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service placed CHC Helicopter S.A.'s ratings
under review for downgrade.  The ratings placed under review are
the B1 Corporate Family Rating (CFR) and Probability of Default
Rating (PDR), the B1 US$1.1 billion senior secured first lien
notes rating, and the Ba1 super-senior secured revolving credit
facility rating. CHC Helicopter S.A. is a subsidiary of 6922767
Holding S.a.r.l. (collectively CHC).

"The review for downgrade reflects the company's increased costs
and resultant poor operating results, and the need to refinance
aircraft operating leases between now and September 2011. The
refinancing of these leases will likely be on less favorable terms
than enjoyed by CHC today," said Terry Marshall, Moody's Senior
Vice President.  "The review also takes into consideration the
restructuring of the company's business in Australia and Nigeria
and uncertainty as to the ultimate EBITDA contribution from those
businesses, as well as the loss of the anticipated U.K. Search and
Rescue contract.  The net result of these factors may be higher
leverage than can be accommodated by the B1 CFR."

The review will focus on: i) the company's ability to refinance
operating leases on a timely basis, the manner in which the leases
will be refinanced (renewal, new leases or debt issuance), and the
terms and impact on leverage of the lease refinancing, ii) the
company's cost structure, revenue potential, and ability to
generate consistent EBITDA, and iii) additional financing needs as
new aircraft are acquired through 2013.

On Review for Possible Downgrade:

   Issuer: 6922767 Holding S.a.r.l.

   -- Probability of Default Rating, Placed on Review for Possible
      Downgrade, currently B1

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently B1

   Issuer: CHC Helicopter S.A.

   -- Senior Secured Bank Credit Facility, Placed on Review for
      Possible Downgrade, currently Ba1

   -- Senior Secured Regular Bond/Debenture, Placed on Review for
      Possible Downgrade, currently B1

Outlook Actions:

   Issuer: 6922767 Holding S.a.r.l.

   -- Outlook, Changed To Rating Under Review From Stable

   Issuer: CHC Helicopter S.A.

   -- Outlook, Changed To Rating Under Review From Stable

The principal methodologies used in this rating were the Global
Oilfield Services Rating Methodology published in December 2009
and Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Other methodologies and factors that may have been considered in
the process of rating this issuer can also be found on Moody's
Web site.

Please see ratings tab on the issuer/entity page on Moodys.com for
the last rating action and the rating history.

CHC Helicopter S.A. is registered in Luxembourg and headquartered
in Vancouver, British Columbia.  It is a significant provider of
helicopter services to the offshore exploration and production
industry, with operations in over 26 countries.


ECM REAL ESTATE: Ceska Sporitelna Files Insolvency Proposal
-----------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that Ceska Sporitelna
AS, the Czech unit of Erste Bank AG, filed an insolvency proposal
against ECM Real Estate Investments AG and a proposal to
reorganize the company in order to satisfy creditors' claims.

According to Bloomberg, Ceska Sporitelna said in a filing posted
on the Czech insolvency registry Web site that ECM owes the lender
interest payments on bonds worth CZK7.22 million (US$426 million),
which are overdue.

Bloomberg relates that ECM Chairman and Chief Executive Officer
Milan Janku said the company won't comment immediately on the
filing by Ceska Sporitelna.  Mr. Janku, as cited by Bloomberg,
said the board is scheduled to meet on April 13 and plans to issue
a statement after the session.

ECM also owes another CZK16.3 million on bond payments that are
overdue to another five creditors, Bloomberg says, citing
documents filed by Ceska Sporiltelna on Monday at the Municipal
Court in Prague.  The filing noted that the other creditors
include Volksbank CZ AS or Conseq Investment Management AS,
Bloomberg notes.

ECM Real Estate Investments AG is a developer in central Europe.
It built Prague's tallest building.


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N E T H E R L A N D S
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DECO 14: Moody's Puts B1 Rating on Class D Notes on Watch Negative
------------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the following classes of Notes issued by Deco 14 -- Pan
Europe 5 B.V. (amount reflecting initial outstanding):

   -- EUR65M Class A-3 Notes, Aa2 (sf) Placed Under Review for
      Possible Downgrade; previously on May 21, 2009 Downgraded to
      Aa2 (sf)

   -- EUR100M Class B Notes, A1 (sf) Placed Under Review for
      Possible Downgrade; previously on May 21, 2009 Downgraded to
      A1 (sf)

   -- EUR65M Class C Notes, Baa1 (sf) Placed Under Review for
      Possible Downgrade; previously on May 21, 2009 Downgraded to
      Baa1 (sf)

   -- EUR101M Class D Notes, B1 (sf) Placed Under Review for
      Possible Downgrade; previously on May 21, 2009 Downgraded to
      B1 (sf)

Moody's does not rate the Class E, Class F, Class G and the Class
X Notes issued by DECO 14 - Pan Europe 5 B.V.  The review action
takes Moody's updated central scenarios into account, as described
in Moody's Special Report "EMEA CMBS: 2011 Central Scenarios".

                        Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derives from those parameters a loss expectation
for the securitized pool.

The review of the Class A3, B, C and D Notes has been primarily
prompted by Moody's increased loss expectation for the pool driven
by higher expected default rates at the loans' maturity dates.  To
a lesser extent, it has also been prompted by a recent claim that
was filed by the City of Dresden against some subsidiaries of
Gagfah S.A.  Gagfah is the parent company of the borrowers under
the WOBA Loan, which contributes 39% to the current pool balance.
While the information regarding the claim against the sponsor is
limited at this stage, it is likely to involve the borrowers of
the WOBA Loan, increasing the risk of a potential default under
the loan, in Moody's view.

DECO 14 - Pan Europe 5 B.V. closed in March 2007 and represents
the securitization of initially 13 mortgage loans originated by
Deutsche Bank A.G. and Deutsche Bank S.p.A.  Currently 12 loans
remain and the loans are secured by first-ranking legal mortgages
over 3,914 commercial and multi-family properties.  The properties
are located throughout Germany (88% of the current pool by
underwriter market value), Italy (8%) and Bulgaria (4%).  The
properties are predominantly multi-family (75%) followed by office
(14%) and retail (10%) use.  The remaining property types
comprised of mixed-use and hotel.

One loan, (4% of the current pool) matures in 2012 while two loans
(50%) mature in 2013 and seven loans (37%) mature in 2014.  The
remaining two loans mature later, in 2015 and 2016, respectively.
In Moody's opinion, for almost all loans in the pool, the default
risk at maturity has increased since its last review.  This is
driven by the expected slow recovery of values over the coming
years and the scarcity in available funding for highly leveraged
loans.

As per the latest information available on the transaction
(January 2011), there were two loans in special servicing: the
Arcadia Loan contributing 7.6% and the DD Karstadt Hilden Loan
contributing 0.4%.  Both loans are subject to payment defaults and
represent the only loans on the Servicer's watchlist.

In respect of the claims relating to the WOBA Loan, Moody's
understands that the City of Dresden has taken legal action
against certain subsidiaries of Gagfah.  The accusations center
around the sale of the City's former housing association WOBA
Dresden to Gagfah in 2006.  According to both public press
releases as well as press releases from Gagfah, the City accuses
the Gagfah entities to be in breach of certain aspects of the sale
and purchase agreement that WOBA entities entered into at the time
of the privatization.  The sale of the WOBA entities included a
number of obligations leaned towards a social charta that aimed to
protect the tenants and the housing association as such.  Gagfah
has announced in a statement that in its view it is in full
compliance with all key terms of the social charta.

The WOBA Loan has been granted to -- inter alia -- WOBA Dresden
GmbH and some of its subsidiaries, which Moody's expects to be
involved in this claim.  The loan is syndicated and 50% of the
loan (EUR 557.6 million) is securitized in DECO 14 - Pan Europe 5
B.V. Moody's currently assumes that the security position of the
WOBA Loan securing the Notes is still valid.  Hence the
sensitivity of the Notes does not stem from changes to Moody's
recovery assumptions under the loan.

The current subordination levels of 38% for the Class A1 Notes and
27% for the Class A2 Notes provide protection against the
increased expected losses from the portfolio.  Given that the WOBA
Loan contributes 39% to the portfolio balance, the Class A1 and A2
Notes are currently not sensitive to the impact of the legal
claims in relation to the WOBA Loan; therefore they were not
affected by today's review action.  The Class A3, B, C, and D
Notes on the other hand are subordinated in the transaction and
are deemed more likely to be negatively impacted by the increased
expected loss for the portfolio as well as an adverse performance
of the WOBA Loan.

Moody's will conclude its review of the Notes after it has
finalized its analysis on the loans in the portfolio with a focus
on re-assessing the refinancing risk of the loans.  Moody's
analysis will also factor in any additional risks posed to the
noteholders in relation to the WOBA Loan.

                       Rating Methodology

The principal methodologies used in this rating was "Update on
Moody's Real Estate Analysis for CMBS Transaction in EMEA",
published in June 2005.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions.  The last Performance Overview for this transaction
was published on March 21, 2011.


GTB FINANCE: S&P Assigns 'B+' Rating to US$2-Bil. Term Note
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
preliminary long-term rating and its 'B' preliminary short-term
rating to the updated US$2 billion Global Medium Term Note (GMTN)
program of GTB Finance B.V. (not rated).  Debt issued under the
program will be unconditionally and irrevocably guaranteed by
Nigeria-based Guaranty Trust Bank PLC (GTBank; B+/Stable/B).

"At the same time, we assigned a preliminary 'B-' long-term debt
rating to dated subordinated notes issued under the program.  The
rights of such noteholders are subordinated to those of senior
creditors, resulting in a lower rating than that on the senior
unsecured debt," S&P stated.

The ratings on the senior unsecured notes are in line with the
counterparty credit ratings on GTBank, which are constrained by
the high economic and industry risks associated with operating in
the Federal Republic of Nigeria (B+/Stable/B); the bank's
restricted geographic and lending diversification; high exposure
to credit risks, accentuated by concentrations in the loan
portfolio; and strained, albeit improving, asset quality.

The ratings are supported by GTBank's good franchise in top-tier
corporate banking in Nigeria, good financial performance compared
with the sector, satisfactory capitalization, and a satisfactory
funding and liquidity profile.  The ratings on GTBank reflect the
bank's stand-alone credit profile, and do not incorporate any
uplift for potential extraordinary support from the Nigerian
government.

"We intend to assign final ratings to the updated program once we
receive final documentation," S&P noted.


HARLAN NETHERLANDS: Moody's Affirms 'B3' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook of Harlan
Laboratories, Inc. to stable from negative.  Concurrently, Moody's
affirmed the B3 Corporate Family Rating and Probability of Default
Ratings.

Ratings Affirmed:

   Harlan Laboratories:

   -- Corporate Family Rating, B3

   -- Probability of Default Rating, B3

   -- First Lien U.S. Revolving Credit Facility, due 2013, B3,
      LGD-3, 44%

   -- First Lien Term Loan, due 2014, B3, LGD-3, 44%

   Harlan Netherlands B.V.:

   -- First Lien EURO Revolving Credit Facility, due 2013, B3,
      LGD-3, 44%

The rating outlook is stable.

The change in outlook reflects Moody's belief that, while the
early-stage Contract Research Organization ("CRO") operating
environment will remain challenging, it will not materially
deteriorate, supporting relatively stable operations for Harlan
over the next year.  The stable outlook is also driven by Moody's
increased comfort with Harlan's financial reporting and liquidity,
supported by the timely filing of Harlan's 2010 audited
financials, clean audit opinion by PricewaterhouseCoopers, and
improved cushion under the company's net leverage covenant.  The
B3 Corporate Family Rating reflects Harlan's high financial
leverage and Moody's expectation for limited improvement in credit
metrics over the next year.  The rating also reflects Moody's
belief that Harlan will continue to require substantial
investments in operations to support longer-term competitiveness.
The ratings are supported by the company's good cash position,
with roughly US$42 million of cash at Dec. 31, 2010, breakeven to
slightly positive free cash generation, and adequate interest
coverage metrics, aided by very attractive terms on its credit
agreement.  Further, the company has no near-term maturities (the
revolvers expire July 2013).

If Harlan demonstrates sustainable revenue growth and EBITDA
improvement such that adjusted leverage approached 5.0 times and
the company demonstrated sustained positive free cash flow,
Moody's could upgrade the ratings.  Upward rating action would
further be supported by maintenance of a stable management team
and demonstration of continued progress in executing its turn-
around strategy.

Sustained negative free cash flow or material erosion of EBITDA
from current levels could lead to a ratings downgrade. Further,
any problems related to financial reporting or compliance with the
leverage covenant which leads to the need to amend the credit
agreement, resulting in increased interest expense, could lead to
a downgrade.

Please see ratings tab on the issuer/entity page on Moodys.com for
the last rating action and the rating history

The principal methodologies used in this rating were Global
Business & Consumer Service Industry Methodology published in
October 2010, and Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in June
2009.

Harlan, headquartered in Indianapolis, Indiana, is a global
provider of products and services used in discovery and
development research in the pharmaceutical, biotechnology,
agrochemical, industrial chemical, and food industries.  The
company's businesses include research models and services (RMS),
including laboratory diets and bedding, and biomedical products
and pre-clinical contract research services (CRS), including
toxicology, environmental chemistry and pharmanalytics.  Moody's
estimates that for the twelve months ended December 2010, Harlan
generated net sales approximating US$366 million.  Harlan is
privately held with majority ownership by Genstar Capital and
founder, Hal Harlan.


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


CB RENAISSANCE: Fitch Lifts Long-Term Issuer Default Rating to 'B'
------------------------------------------------------------------
Fitch Ratings has upgraded Russia-based CB Renaissance Capital
(OOO)'s (CBRC) Long-term Issuer Default Rating (IDR) to 'B' from
'B-'.  The Outlook is Stable.

The upgrade reflects the bank's improved liquidity position and
manageable refinancing risks following recent diversification of
its funding profile, and a less challenging operating environment,
which is supporting performance.  The ratings also consider the
bank's significant equity cushion, which is available to absorb
loan losses and support lending growth.  Asset quality has notably
improved after the balance sheet clean-up in 2009-2010.

At the same time, the ratings reflect the bank's relatively small
franchise, moderate, albeit improving, profitability and the risks
of rapid growth pursued by the bank in its core retail segment.

CBRC's funding base has diversified following inflows of short-
term retail deposits which formed around 52% of liabilities at
end-2010, although the sustainability of the recently acquired
depositor base is yet to be tested.  This was a significant
development from pre-crisis, end-2007 levels, when wholesale
funding sources represented around 70% of liabilities.
Refinancing risks reduced after the new bond placements and the
bank repaid a significant portion of its wholesale obligations
between end-Q308 and end-H110.  Related-party funding was
negligible at end-2010.

Highly liquid assets (cash and short-term interbank assets)
accounted for 15% of assets or around 27% of total deposits and
short-term funding at end-2010.  The loan book's cash generation
capacity is also significant and can support short-term liquidity
requirements.

New lending resumed in H209, after the sharp adjustment, although
new issuance is only now catching up with the pace of loan
amortization.  The bank's focus is on high-yield (unsecured)
products, which dominated the bank's lending at 83% at end-2010.
The bank is aiming to restore the franchise to the pre-crisis
level, which implies rapid, more than 2x-loan growth by end-2012.

The share of non-performing loans (NPLs; loans past due by more
than 90 days) had reduced to 6.3% at end-2010 from 19% at end-2009
following massive loan write-offs.  CBRC's management data also
suggests better quality of new lending.  The coverage of NPLs by
reserves is currently moderate, at around 58%, although the equity
cushion can absorb large loan losses (at end-2010, the Basel I
Tier I ratio was 29.3%).

Upgrade potential for the bank's ratings is currently limited,
although a track record of better asset quality and further
strengthening of the funding base should be positive for the
bank's profile.

At end-2010, CBRC was the 89th-largest bank in Russia by total
assets, focused on the consumer finance market (operating under
the brand name 'Renaissance Credit').  CBRC is part of the broader
Renaissance Group, which also includes Renaissance Capital
investment banking group (holding company Renaissance Financial
Holdings Limited rated 'B'/Stable), the merchant banking entity
Renaissance Partners and asset manager Renaissance Investment
Management.

The rating actions are as follows:

   -- Long-term foreign and local currency IDRs: upgraded to 'B'
      from 'B-'; Outlook Stable

   -- Short-term IDR: affirmed at 'B'

   -- Individual Rating: upgraded to 'D' from 'D/E'

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor' and withdrawn
      National Long-term Rating: upgraded to 'BBB(rus)' from 'BB-
      (rus)', Outlook Stable Senior unsecured debt: upgraded  to
      'B', from 'B-'; Recovery Rating at 'RR4', National Long-term
      rating upgraded to 'BBB(rus)' from 'BB-(rus)

   -- Senior unsecured upcoming RUB-denominated bonds: Long-term
      local currency rating upgraded to 'B(exp)' from 'B-(exp)',
      Recovery Rating at 'RR4', and National Long-term rating
      upgraded to 'BBB(rus)(exp)' from 'BB-(rus)(exp)'

Fitch has affirmed and withdrawn the Support Rating Floor as the
agency believes that the primary and more likely source of support
would be institutional (from other entities of Renaissance Group)
rather than sovereign (from the Russian authorities).


MDM Bank: Fitch Assigns 'BB' Rating to RUB5-Bil. Sr. Unsec. Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned MDM Bank's (MDM) RUB5 billion Series
BO-02 8.15% three-year senior unsecured bonds a Long-term local
currency rating of 'BB' and National Long-term rating of 'AA-
(rus)'.  The bank's ratings are Long-term Issuer Default Rating
(IDR) 'BB' with Stable Outlook, Short-term IDR 'B', Individual
Rating 'C/D', National Long-term rating 'AA-(rus)' with Stable
Outlook, Support Rating '4', and Support Rating Floor 'B'.

MDM was the 14th largest bank by assets, 11th largest by equity,
and 8th by retail deposits in Russia at end of 2010.  MDM's
business is well-diversified across corporate, SME and retail
lines in central Russia, the Urals, and Siberia.  Sergey Popov and
Igor Kim hold 56.3% and 11% of the bank's ordinary shares,
respectively.


RENAISSANCE CAPITAL: Fitch Affirms LT Issuer Default Rating at 'B'
------------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Financial Holdings
Limited's (RFHL) Long-term Issuer Default Rating (IDR) at 'B' with
a Stable Outlook.  RFHL is the holding company of the Russia-
headquartered investment banking group, known as Renaissance
Capital (Rencap), and ultimately owns substantively all of the
group's subsidiaries.  The agency has simultaneously affirmed the
ratings of RFHL's UK subsidiary, Renaissance UK Holdings Limited
(RUKHL) and Renaissance Capital Holdings Limited (RCHL), which
owns 50% plus half of one share in RFHL.

The agency has also assigned RFHL's upcoming USD-denominated
Eurobond an expected rating of Long-term 'B(exp)' and Recovery
Rating of 'RR4(exp)'.  The final rating is contingent upon the
receipt of final documents conforming to information already
received.  The bond will be issued by Renaissance Securities
Trading Limited.  It will benefit from a guarantee provided by
RFHL.  RFHL's obligations under the guarantee rank equally with
the claims of other senior unsecured creditors.

The affirmation of RFHL and Stable Outlook reflect the company's
persistently weak operating profitability against the backdrop of
the increasingly favorable operating environment.  The ratings
take into account the high exposure to market risk, the still
sizeable related party business and principal investment portfolio
as well as general concerns surrounding the business model and the
funding profile, which is vulnerable to confidence erosion and
liquidity constraints during times of stress.

Fitch notes that RCHL's Long-term 'B-' IDR is one notch lower than
RFHL and RUKHL's ratings, reflecting the fact that RCHL controls
only 50% plus half of one share of RFHL.  The residual stake in
RFHL has been held by ONEXIM Group (Onexim), controlled by
prominent Russian businessman Mikhail Prokhorov, since June 2009.
RCHL is a holding company that now also acts as a fundraising
vehicle for the wider Renaissance group.  In 2009-2010, it raised
significant amounts of short-term debt to help meet repayments and
finance business expansion in other parts of the group.  RCHL does
not always have access to cash flows from RenCap to service this
debt.  However, Fitch understands that a default of RCHL would
pose serious reputational risk for Rencap and Renaissance group,
which is an important consideration given the highly confidence-
sensitive business model.

RFHL reported a small net loss (3% of equity) in 2010.  Profits
were hit by the rising operating expenses associated with
intensive expansion efforts and a setback in the cash equity
business.  Despite three consecutive years of weak profits, Fitch
still views the current pressures on performance as manageable.
The agency believes that an improvement in revenues is likely in
2011 as the company should be able to take advantage of the
increasingly favorable operating environment.

Fitch views positively the efforts Rencap has made to reduce its
lending to related parties.  Some loan repayments were made by the
consumer lending and asset management divisions of the wider
Renaissance group in 2010.  In December 2010, RenCap reduced
intercompany loans by US$133.4 million (12% of equity) through the
purchase of shares in two African banks -- Ecobank Transnational
Inc (rated 'B-'/Stable) and CBZ Holding Limited -- from
Renaissance Partners.  RenCap intends to further reduce
intercompany exposures.  However, related party exposures have
been increasing at RCHL in recent months as the entity is used as
a fundraising vehicle for the group.

Funding and liquidity also remain key considerations as Rencap
continues to significantly rely on capital markets for funding its
market making/proprietary trading activities, while its long-term
funding is largely tied up in illiquid assets.  At end of 2010,
RFHL had about US$574 million of cash, which was primarily
supported by money-market borrowings.

Rencap was founded in 1995 and is now a leading Russia/CIS
investment bank, also with operations in sub-Saharan Africa.  In
addition to the controlling stake which RCHL holds in Rencap, the
broader Renaissance group also includes a Russian consumer finance
bank, CB Renaissance Capital, certain merchant banking assets
under the umbrella of Renaissance Partners and Renaissance
Investment Management.

The rating actions are as follows:

* Renaissance Financial Holdings Limited:

   -- Long-term IDR affirmed at 'B'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'
   -- Support Rating: affirmed at '5' and withdrawn
   -- Support Rating Floor: affirmed at 'No floor' and withdrawn

* Renaissance Capital Holdings Limited:

   -- Long-term IDR affirmed at 'B-'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'
   -- Support Rating: affirmed at '5' and withdrawn
   -- Support Rating Floor: affirmed at 'No floor' and withdrawn

* Renaissance UK Holdings Limited

   -- Long-term IDR affirmed at 'B'; Outlook Stable
   -- Short-term IDR: affirmed at 'B'

Fitch has withdrawn the Support Ratings and Support Rating Floors
on RFHL and RCHL in line with the agency's usual practice of not
maintaining these ratings on non-deposit taking institutions.


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


CAMPOFRIO FOOD: S&P Places 'BB-' Corp. Credit Rating on Watch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services said it placed its 'BB-' long-
term corporate credit rating on Spanish meat processor Campofrio
Food Group S.A. (CFG) on CreditWatch with negative implications.

At the same time, the 'BB-' issue rating on CFG's EUR500 million
unsecured bond was placed on CreditWatch with negative
implications.  "The recovery rating of '4' on this instrument
remains unchanged and reflects our expectation of
average (30%-50%) recovery prospects for debtholders in the event
of a payment default," S&P said.

The CreditWatch placements follow confirmation by U.S.-based pork
producer and processor Smithfield Foods Inc. (Smithfield;
B+/Positive/--) that it is in discussions to acquire full control
of CFG.

"The CreditWatch reflects the likelihood of us equalizing the
rating on CFG with the lower rating on Smithfield on completion of
the acquisition," said Standard & Poor's credit analyst Florence
Devevey.

"We aim to review the CreditWatch placement within three months
and after receipt of more detailed information and a timeline for
the proposed acquisition," S&P related.


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


DOMETIC HOLDING: S&P Assigns 'B' LT Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B'
long-term corporate credit rating to Sweden-based leisure product
maker Dometic Holding AB.  The outlook is stable.

Standard and Poor's also assigned a recovery rating of '6' to
EUR200 million proposed payment in kind (PIK) notes, maturing
2019, which equates to an issue rating of 'CCC+', two notches
below the long-term corporate credit rating.  The notes are to be
issued by Frostbite 1 AB, one of several holding companies
created as part of a recent restructuring.  "This reflects our
expectation of negligible recovery (0%-10%) in an event of payment
default," S&P noted.

"The ratings on Dometic are constrained by our view of the
company's high leverage, which we believe will keep its financial
metrics in a range that we view as 'highly leveraged' over the
next two-three years," said Standard & Poor's credit analyst
Michael Andersson.

The main reason for this is the company's very high debt burden,
even though Dometic has a history of good cash flow generation.
Having undergone significant debt restructuring in 2009, Dometic's
new debt structure consists of committed senior funded debt
facilities including Swedish krona (SEK) 5,700 million term loan
facilities secured by the Dometic group, an unfunded revolving
credit facility of SEK600 million, and a capital spending facility
of SEK300 million.  In addition to the PIK notes, the company has
a SEK966 million non-cash pay shareholder loan and SEK160 million
of rolled-over local debt.  "Accordingly, we expect adjusted funds
from operations (FFO)/debt of about 10% in 2011, despite our
expectations for healthy EBITDA of more than SEK1,300 million,"
S&P noted.

Further constraints on the rating are the cyclicality of Dometic's
end markets, which depend on consumer spending, and heavy
dependency on mature markets.  These factors are reflected in the
company's 'weak' business risk profile.  Dometic has high exposure
to the cyclical recreational vehicle, auto, and marine leisure
industry, which represents some 85% of its revenues.
Consequently, the company's sales and earnings show significant
volatility.  Further constraints include limited geographic end-
market diversity, with the mature European and U.S. markets
representing almost 90% of sales, and potential low-cost
competition.  These factors are partly offset by Dometic's
leading positions in its niche markets and strong relationships
with original equipment manufacturers, which provide high entry
barriers and pricing power.  In addition, Dometic benefits from a
solid share of after-market business which has proven resilient
against swings in demand.  In 2010, the company saw a strong
rebound in sales and earnings.  Sales grew by 17% to SEK7,958
million following a recovery in Dometic's main market. The
underlying EBITDA margin increased from about 11% in 2009 to 17%
in 2010.  "Historically, Dometic's EBITDA margin has proven highly
resilient at about 17%, a factor that we view favorably.  Standard
and Poor's expects sales to grow by 5% in both 2011 and 2012, with
the EBITDA margin improving to 17.5% in 2012 from 16.5% in 2011 on
the back of recovering volumes, the restructuring in 2009, and
continuous cost cutting," S&P stated.

Dometic's financial risk profile is 'highly leveraged'.  "In 2011,
we expect debt/EBITDA of 6.0x, improving to about 5.2x in 2012.
In 2011, we expect the company's FFO/debt to be 10.1%, rising to
11.7% in 2012.  The improving credit metrics are a result of
increasing EBITDA and cash accumulation as well as amortization on
part of the debt, leading to a steady, albeit modest, decline
in gross debt levels, as there are no short- or mid- term
maturities.  In 2011 and 2012, we expect adjusted FFO of about
SEK850 million and SEK950 million, respectively.  Capital spending
needs are limited, with some SEK250 million expected in 2011 and
SEK270 million in 2012," S&P related.

"The stable outlook reflects our view that Dometic will moderately
strengthen its credit metrics through improved margins and cash
flow, and debt amortization," S&P added.


=====================
S W I T Z E R L A N D
=====================


FERREXPO AG: Moody's Assigns B3 Rating to US$500MM Unsecured Notes
------------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Ferrexpo's new
US$500 million 7.875% Senior Unsecured Notes due 04/07/2016.

The new US$500 million 5-years Senior Unsecured Guaranteed Notes
will rank pari passu with all existing senior, unsecured and
unsubordinated indebtedness of the group.  The one-notch
differential to the corporate family rating reflects the presence
of 1) senior secured debt at the main operating subsidiary level
(Ferrexpo Poltava) and 2) a senior secured US$350 million pre-
export finance facility at Ferrexpo Finance Plc level.  Ferrexpo
Poltava, however, also including its available undrawn revolving
credit facilities -- Moody's assumes 75% drawn in its rating
methodology -- has a relatively modest amount of debt, compared to
the overall Group debt level.  Furthermore, it is also important
to specify that the pre-export finance facility's security package
actually consists of assignments to lenders of export sales
contracts, whose sales volumes are relatively modest compared to
the overall sales volumes of the Group.

The considered senior unsecured guaranteed notes will benefit from
a surety agreement from Ferrexpo Poltava GOK Corporation.  The
enforceability of the surety agreement provided carries risks
associated with the developing nature of the Ukrainian Legislation
and the short history of Ukrainian Commercial Law.  The new notes
will be used by Ferrexpo to fund organic developments at mining
deposits adjacent to its existing mining reserves.

While Moody's does not anticipate positive rating pressure at this
stage, a diversification of the group's mining assets both in
terms of metals exposure and geographical location and the
consolidation of the solid financial structure achieved in 2010
over the next quarters could lead to positive rating pressure over
time.

The rating could be downgraded if a sharp deterioration in the
operating cash flow generation of the group and/or a more
aggressive financial policy would lead to a deterioration in CFO -
Dividends/Debt sustainably below 15% and to sustainably negative
FCF/Net debt and/or to a material deterioration in the liquidity
profile of the group.  A material increase in dividend payout or
share buybacks could also lead to negative pressure on the
ratings.

The last rating action on Ferrexpo Plc was on Sept. 28, 2010, when
Moody's assigned a new B2 Corporate Family rating to Ferrexpo Plc
and a stable outlook to the rating.

The principal methodologies used in rating Ferrexpo Plc were
Global Mining Industry published in May 2009, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the U.S.,
Canada and EMEA published in June 2009.

Ferrexpo Plc, headquartered in Switzerland and incorporated in the
UK, is an iron ore pellet producer with all its mining and
processing assets located in Ukraine.  Ferrexpo has the fourth
largest iron ore reserves worldwide behind Vale, Rio Tinto and BHP
Billiton with access to approximately 1.5 billion tonnes of JORC
proved and probable reserves included in approximately 6.9 billion
of resources at an average ore grade of 30% Fe.  Ferrexpo is the
6th largest pellet producer behind Cliffs, Vale, Samarco Metinvest
and LKAB.  In 2010, the group generated sales of US$1.3 billion
and an EBITDA of US$585 million.


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


AGS SCAFFOLDING: Put Into Administration
----------------------------------------
Luke McLeod-Roberts at Building.co.uk reports that AGS Scaffolding
has been put into administration, with expectation that the
business will be bought by a private individual.

According to Building.co.uk, it is understood that the business,
which is exempt from declaring its revenues because of its size,
is being run by administrator Simon Plant at SFG and that it will
come to trade under the name of Tunbridge Wells-based AGS
Scaffolding Southeast.

The administration does not affect AGS hoarding and fencing, which
is a separate business, Building.co.uk notes.

AGS Scaffolding is a scaffolding company based in the United
Kingdom.


ANGLO IRISH: Forced INBS Amalmagation to Result to 300 Job Losses
-----------------------------------------------------------------
Geoff Percival at Irish Examiner reports that as many as 300 jobs
could be lost as a result of the forced amalgamation of Anglo
Irish Bank and the Irish Nationwide Building Society.

Irish Examiner relates that Anglo Irish Bank has formally
submitted its restructuring plans -- including how it can best be
integrated with the INBS -- to the National Treasury Management
Agency (NTMA), following February's order to do so by the High
Court.

According to Irish Examiner, a combination of the wind-down banks
will result in an organization employing around 1,300 staff, with
the merger resulting in approximately 300 job losses -- although
the final figure is unlikely to be known until later this year.

In early February, the High Court directed that an auction of the
deposits and assets of both Anglo and INBS take place immediately
-- with the respective deposit books transferring to AIB and Irish
Life & Permanent (IL&P) before the end of that month, Irish
Examiner recounts.

The High Court direction was the first step in the gradual winding
down of both Anglo and INBS, Irish Examiner says.

Since then, Anglo has reported a EUR17.7 billion loss for 2010 --
the largest annual loss in Irish corporate history -- and INBS has
upped its mortgage rates to meet rising fundraising costs, Irish
Examiner relates.

Irish Examiner notes that while not included in last month's
stress tests, Anglo's further potential capital requirements will
become clear next month.

According to Irish Examiner, Finance Minister Michael Noonan said
that any possible further Government injections will be minimized,
while Anglo chief executive Mike Aynsley said that it is unlikely
that any more taxpayer money will need to be pumped into the
failed institution.

Anglo's restructuring will also see its wealth management division
sold off, with London-based corporate advisers, Hawkpoint,
appointed to handle that sale, Irish Examiner states.

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

                        *     *     *

As reported by the Troubled Company Reporter-Europe on 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.


BEIG MIDCO: Fitch Lifts Long-Term Issuer Default Ratings to 'B+'
----------------------------------------------------------------
Fitch Ratings has upgraded BEIG Midco Limited's (BEIG Midco) Long-
term Issuer Default Ratings (IDR) to 'B+' from 'B' and senior
secured ratings to 'BB' from 'BB-'.  The senior secured Recovery
Rating of 'RR2' is expected to remain unchanged following a
proposal to refinance existing mezzanine debt with a new senior
secured term loan E facility.  The Outlook on the Long-term IDR is
Stable.

The upgrade of the IDR to 'B+' reflects the fundamental
improvements in BEIG Midco's business profile, strong liquidity
and progress on the integration of Findus Italy, as well as
Fitch's expectation of a favorable trading performance amid
difficult consumer sentiment, particularly in the UK.  This is
strengthening the financial metrics to a level commensurate with a
'B+' rating as anticipated by the Positive Outlook assigned in
August 2010.

"The successful integration of Findus Italy remains on track to
realize projected cost savings by the end of 2011," said Matthias
Volkmer, Director in Fitch's European Leveraged Finance Group.
"Fitch anticipates only low single-digit revenue growth given
BEIG's positioning predominantly in mature Western European
markets.  However, Fitch also expects the company to maintain its
already outstanding profit margins, compared with peers, against
rising input cost inflation and tough competition from private
label products."

On April 6, 2011, Bird's Eye Iglo Group (BEIG) launched a debt
amendment request, which aims to refinance the company's expensive
senior and junior mezzanine debt facilities, amounting to
approximately EUR431 million, with a new five-year senior secured
term loan E facility that will rank pari passu to the existing
senior secured term debt.  Despite the resulting increase in cash-
pay debt that is expected to initially add cash interest payments
of about EUR5 million p.a., given recent and future debt
repayments, Fitch expects the Recovery Ratings to remain unchanged
at 'RR2', reflecting superior recoveries in a range of 71% to 90%
if the consent request is successful.

In a difficult trading environment, BEIG's management has placed
emphasis on sales per kilo growth and cost optimization measures
helping to offset the return of commodity inflation.  However,
Fitch believes that price increases and volume growth will likely
be constrained in 2011 as economic growth in BEIG's mature end
markets remains subdued, consumers retain value orientation, and
competition remains intense across all regions.

BEIG Midco is part of BEIG, a UK-based frozen-food manufacturer.
BEIG and its ultimate majority shareholder, the Permira Funds,
completed the acquisition of Unilever's frozen food division
Findus Italy on Oct. 1, 2010.  Fitch does not anticipate any major
M&A activity during 2011, as BEIG and its shareholders remain
focused on realizing projected costs savings.  Management also
remains committed to de-leverage within the parameters of its
financial covenants.  According to Fitch's estimates, which
exclude future synergies from the Findus Italy acquisition, net
debt to EBITDA has improved to approximately 4.8x by the end of
Q111, down from pro forma 5.7x at time of the Findus Italy
acquisition.

Further positive rating action is contingent upon consistent
positive free cash flow margin above 10% along with a conservative
financial policy resulting in lease-adjusted net debt to EBITDAR
permanently declining below 4.0x and FFO interest coverage above
3.5x.

Conversely, evidence of eroding pricing power towards retailers --
given its product portfolio focused around frozen foods -- leading
to declining EBITDA margins and net lease-adjusted debt to EBITDAR
above 5.5x could cause a negative rating action, including a
downgrade or the revision of the Outlook to Negative.


R&D CONSTRUCTION: Talks Over Major Contract to Take Place
---------------------------------------------------------
BBC News reports that talks are due to take place to discuss the
future of a major contract held by R&D Construction, which has
gone into administration.

It was confirmed on Friday that 205 of the 226 staff at R&D
Construction were being made redundant, BBC relates.

It is understood administrators were called in as debts became
unmanageable, despite a GBP70 million deal to build 600 homes for
social landlord DGHP, BBC discloses.  BBC says unions hope a
takeover of the contract could see some workers re-employed.

BBC relates that Paul Bennett, of construction union UCATT, said
that ideally anyone taking up the project would use the expertise
of the staff who had already been involved.

According to BBC, DGHP has described the situation as "extremely
complex" and requiring "a lot of consideration".  It said it would
continue talks with administrators in order to make "an informed
decision about the most appropriate way forward," BBC notes.

R&D Construction is based in Dumfries.  It is the main contractor
for a multi-million-pound new-build program in the Dumfries and
Stranraer areas, led by Dumfries and Galloway Housing Partnership
(DGHP).


SELECTA CDO: Moody's Lifts Rating on Class C1 Notes to 'B3 (sf)'
----------------------------------------------------------------
Moody's Investors Service took rating actions on notes issued by
Selecta CDO, a collateralized debt obligation transaction
referencing a managed portfolio of corporate entities (the
"Corporate Synthetic Obligation" or "CSO").

Issuer: Selecta CDO

   -- EUR6M Series 2005-1 Class A Secured Floating Rate Notes due
      June 30, 2012, Upgraded to Baa2 (sf); previously on March
      10, 2009 Downgraded to Ba1 (sf)

   -- EUR80.25M Series 2005-1 Class B1 Secured Floating Rate Notes
      due June 30, 2012, Upgraded to Ba2 (sf); previously on March
      10, 2009 Downgraded to Ba3 (sf)

   -- US$50M Series 2005-2 Class B2 Secured Floating Rate Notes
      due June 30, 2012, Upgraded to Ba2 (sf); previously on March
      10, 2009 Downgraded to Ba3 (sf)

   -- US$8M Series 2005-2 Class C2 Secured Fixed Rate Notes due
      June 30, 2012, Upgraded to B3 (sf); previously on September
      8, 2009 Downgraded to Caa1 (sf)

   -- EUR9.75M Series 2005-1 Class C1 Secured Floating Rate Notes
      due June 30, 2012, Upgraded to B3 (sf); previously on
      September 8, 2009 Downgraded to Caa1 (sf)

Ratings Rationale

Moody's explained that the rating actions taken today are the
result of the relatively stable credit quality of the reference
portfolio and the shorter time to maturity (June 2012) which
reduces the credit risk exposure of the tranches.  The 10 year
weighted average rating factor of the portfolio, adjusted with
forward looking measures, is 680, equivalent to an average rating
of the current portfolio of Ba1.  The transaction has suffered
only one credit event since the last rating action in Sep 2009.
The Banking, Insurance and Telecommunications sectors are the most
represented, weighting 17.55%, 14.34% and 10.06%, respectively, of
the portfolio notional.  Furthermore 21.19% of the reference
portfolio is exposed to subordinated debt from Banking and
Insurance industry sectors.  For this deal each corporate name has
a 40% fixed recovery rate.

Moody's also performed sensitivity analysis consisting in modeling
Moody's market implied rating in place of the corporate
fundamental rating to derive the default probability of each
corporate name in the reference portfolio.  Moody's market implied
ratings are derived from observable CDS spread on each corporate
name and mapped to Moody's rating scale.  The gap between a Market
implied rating and a Moody's corporate fundamental rating is an
indicator of the extent of the divergence of credit view between
Moody's and the market on each referenced name in the CSO
portfolio.  This run generated a result that was not more than 4
notches lower than the one modeled under the base case run.

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

The principal methodology used in this rating was "Moody's
Approach to Rating Corporate Synthetic Obligations" rating
methodology published in September 2009.

Moody's analysis for this transaction is based on the CDOROMTM.
This model is available on moodys.com under Products and Solutions
-- Analytical models, upon return of a signed free license
agreement.

Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments related to the monitoring of this
transaction in the past 6 months.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Corporate Synthetic
Obligations", key model inputs used by Moody's in its analysis may
be different from the manager/arranger's reported numbers.  In
particular, rating assumptions for all publicly rated corporate
credits in the underlying portfolio have been adjusted for "Review
for Possible Downgrade", "Review for Possible Upgrade", or
"Negative Outlook".

Moody's did not run a separate loss and cash flow analysis other
than the one already done using the CDOROM model.  For a
description of the analysis, refer to the methodology and the
CDOROM user guide on Moody's Web site.

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


SOUTHERN CROSS: Implements Second Management Shake-Up
-----------------------------------------------------
John O'Doherty at The Financial Times reports that Southern Cross
announced another management shake-up on Tuesday, as the company
continued its drive to cut a deal with landlords to ease onerous
lease terms that have seen the company's shares fall in value.

The reshuffle is the second change in the company's top team in
three weeks, the FT notes.

According to the FT, Tuesday's job moves will see Ray Miles, the
chairman of Southern Cross, step down to be replaced by
Christopher Fisher, who is a non-executive director of the group.

The group is seeking concessions in rent from its landlords, with
a deal unlikely to be completed before the end of the summer, the
FT relates.  Once an agreement has been reached, the company is
expected to raise new equity, the FT says.  However, cutting a
deal to reduce rents will be a challenge as many landlords are
struggling, according to the FT.  NHP, which owns about a third of
Southern Cross leases, is in a standstill arrangement with its
bondholders, the FT says.

As part of the management shake-up, Jamie Buchan, the current
chief executive, will hand over the day-to-day running of the
operations to Mark Cash, who will hold the new role of chief
operating officer, the FT discloses.  The appointment will allow
Mr. Buchan to focus on the restructuring of Southern Cross, which
is facing its second crisis in two years, the FT states.

In June 2008, shares in Southern Cross lost more than half of
their value in a day after the company said it would need a waiver
from its banking covenants, as it had been unable to pay back a
loan it had taken out to buy several care homes, the FT recounts.

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
disabilities.


                            *********

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


                            *********


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