TCREUR_Public/110414.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

            Thursday, April 14, 2011, Vol. 12, No. 74



KREMIKOVTZI AD: Eltrade Acquires Production Assets

C Z E C H   R E P U B L I C

ECM REAL ESTATE: Ceska Sporitelna's Insolvency Proposal Rejected
STAMP: Declared Bankrupt by Regional Court
SAZKA AS: Court Rejects Appeal Against Insolvency Administrator
SAZKA AS: PPF & KKCG to Give CZK200 Million to Shareholders


CMA CGM: S&P Assigns 'B+' Long-Term Corporate Credit Rating


ELSTER GROUP: S&P Assigns Prelim. 'BB-' Corporate Credit Rating
KION FINANCE: Moody's Corrects Text of April 4, 2011 Release
WESTLB AG: Owners, Managers Explore Restructuring Options


BETONTHERM KFT: Court Orders Liquidation With HUF1.5-Bil. Debt


VEGA CONTAINER/VESSEL: Moody's Tags 'Ba3' Notes Rating as Positive


SIAULIU BANKAS: Moody's Lowers Financial Strength Rating to 'E+'


APERAM SA: Moody's Assigns Definitive 'Ba2' Corp. Family Rating
GEO TRAVEL: S&P Assigns 'B+' Long-Term Corporate Credit Rating


LEOPARD CLO V: Moody's Confirms 'Caa3' Rating on Class E-2 Notes


REDE FERROVIARIA: S&P Affirms 'B+' Corporate Credit Rating
* PORTUGAL: German Policy Group Files Suit to Stop EU Bailout


AYT SA NOSTRA: Fitch Upgrades Rating on Class D Notes to 'BBsf'


FROSTBITE 2 AB: Moody's Assigns 'B1' Corporate Family Rating


* CITY OF LVIV: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating

U N I T E D   K I N G D O M

DW ROBERTS: In Administration; 50 Jobs Affected
ENTERPRISE INNS: Moody's Lowers Corporate Family Rating to 'B2'
GREENSANDS UK: Fitch Assigns 'B' Long-Term Issuer Default Rating
JOHN RICHARDS SHOPFITTERS: Goes Into Voluntary Liquidation
PRESBYTERIAN MUTUAL: Savers to Get GBP232 Million Under New Scheme

TYNDALE FLOORING: In Administration; More Than 160 Jobs Axed
WEST COUNTRY: Comus Leisure Saves Two Clubs From Closure


* Upcoming Meetings, Conferences and Seminars



KREMIKOVTZI AD: Eltrade Acquires Production Assets
Elizabeth Konstantinova at Bloomberg News reports that Bulgaria
sold the production assets of Kremikovtzi AD steel in a fourth
auction after cutting their initial price by 44% to BGN316 million
(US$233.2 million).

According to Bloomberg, Tsvetan Bankov, the factory's receiver, on
Tuesday said the mill was sold to Eltrade Company EOOD.  Bloomberg
relates that Mr. Bankov said Eltrade paid a BGN31 million deposit
before the auction and will pay the balance of the full price by
April 18.  The receiver, as cited by Bloomberg, said the plant's
remaining assets, valued at about BGN300 million, which include
some 300 service apartments, lands and mines, are being sold at
separate auctions.

The mill was placed in receivership in 2008 after failing to pay
investors holding EUR325 million (US$469 million) of bonds,
Bloomerg states.  Attempts to sell it to ArcelorMittal and
Ukrainian billionaire Konstantin Zhevago three years ago failed,
prompting the Sofia City Court to declare it bankrupt, Bloomberg

                        About Kremikovtzi

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

C Z E C H   R E P U B L I C

ECM REAL ESTATE: Ceska Sporitelna's Insolvency Proposal Rejected
According to Bloomberg News' Krystof Chamonikolas, CTK newswire,
citing the insolvency registry Web site, reported that ECM Real
Estate Investments AG's insolvency case, proposed by Ceska
Sporitelna AS, was rejected by a Prague court.

As reported by the Troubled Company Reporter-Europe on April 13,
2011, Bloomberg New said that Ceska Sporitelna, the Czech unit of
Erste Bank AG, filed an insolvency proposal against ECM and a
proposal to reorganize the company in order to satisfy creditors'
claims.  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 disclosed.

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

STAMP: Declared Bankrupt by Regional Court
CTK, citing data from the insolvency register, reports that Stamp
was declared bankrupt by the regional court on Monday.

According to CTK, the firm has 192 creditors to whom it owes debts
totaling CZK40.6 million.  The value of the firm's assets,
including receivables, amounts to CZK38 million.

Stamp is a construction company based in eastern Bohemia.  It
employs 30 people.

SAZKA AS: Court Rejects Appeal Against Insolvency Administrator
CTK, citing data from the insolvency register, reports that the
High Court in Prague has rejected the appeal by Sazka AS against
the appointment of Josef Cupka as its preliminary and insolvency

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said that the
Prague City Court declared Sazka insolvent on March 29 and named
Mr. 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.  Data from the insolvency register
showed that Sazka owed CZK1.37 billion to 26 creditors in overdue
debts as of March 10, CTK noted.

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

SAZKA AS: PPF & KKCG to Give CZK200 Million to Shareholders
CTK reports that in a letter sent to members of the executive
committee of the Czech Sports Association (CSTV), PPF and KKCG
groups said they would give CZK200 million to shareholders of
Sazka AS beginning next year and let them keep 20% of the
company's shares.  CSTV is Sazka's largest shareholder.

Unless gambling laws change, the associations would receive
CZK200 million a year in the next five years from the groups, CTK

According to CTK, PPF and KKCG, which are Sazka's biggest
creditors, offer the company money for operation and further
development on the condition that Sazka management led by CEO Ales
Husak leaves.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said that the
Prague City Court declared Sazka insolvent on March 29 and named
Mr. 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.  Data from the insolvency register
showed that Sazka owed CZK1.37 billion to 26 creditors in overdue
debts as of March 10, CTK noted.

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


CMA CGM: S&P Assigns 'B+' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said it had assigned its 'B+'
long-term corporate credit rating to France-based container ship
operator CMA CGM S.A.  The outlook is stable.

"In addition, we assigned our 'B-' issue rating to CMA CGM's
proposed US$800 million-equivalent senior unsecured bond.  We
understand that the proceeds of these notes will be used to
refinance US$502 million of existing notes maturing in 2012 and
2013, with the remaining cash being used for general corporate
purposes.  The recovery rating on the proposed notes is '6',
reflecting our expectation of negligible (0%-10%) recovery in the
event of a payment default," S&P related.

"The issue and recovery ratings on the proposed bond are based on
preliminary information and are subject to the successful closing
of the notes issue, and our satisfactory review of the final
documentation," S&P continued.

"The ratings are constrained by our view of the company's high
operating risk in the cyclical, capital intensive, and competitive
container shipping industry," Said Standard & Poor's credit
analyst Andrew Stillman.  "Its "aggressive" financial risk profile
and elevated adjusted debt levels of about US$12 billion as of
Dec. 31, 2010, are also constraints."

"However, we consider these risks to be partly mitigated by CMA
CGM's leading global market position, good diversification of its
route network, and ownership of a high-quality fleet, with a lower
average age than that of many of its peers," S&P related.

"We assess CMA CGM's business risk profile as "fair".  In terms of
fleet capacity, CMA CGM is the third-largest container ship
operator worldwide, with a market share of more than 8%.  The
company operates a network of about 155 shipping routes, covering
all major passages and in particular, the more profitable Asian
routes. CMA CGM also has good local presence through agencies
situated in each market, with more than 60 in China, from where we
anticipate much of the growth in container shipping will come over
the next few years," S&P noted.

"The stable outlook reflects our view that, despite our
expectations of softer freight rates in 2011, CMA CGM will
continue to generate adequate operating cash flows to maintain a
credit profile commensurate with the rating.  This should be
supported by expected modest growth in trade volumes and the
company's ability to maintain EBITDA margins of about 10%
following record-high profitability in 2010," according to S&P.

"Given the inherent volatility of the sector in which CMA CGM
operates and associated swings in earnings and cash flow, we
consider a consistently 'adequate' liquidity profile and
sufficient headroom under financial covenants through the industry
cycle to be critical rating factors.  We consider a ratio of
adjusted funds from operations (FFO) to debt of above 15% to be in
line with a 'B+' rating on CMA CGM, and we expect the company to
maintain this level over the near term," S&P related.

"In our view, we could raise the ratings if the company
demonstrates what we consider to be a consistently prudent
financial policy and reduces its currently high debt levels, if
this was also accompanied by a sustained track record of stable
profitability and free cash flow generation, as well as
improvement in credit metrics, including a ratio of adjusted FFO
to debt in excess of 20%," said Mr. Stillman.

"We could lower the ratings because of a material fall in trade
volumes, fleet utilization rates, or freight tariffs, which would
likely weaken the company's cash flow performance, credit metrics,
and liquidity," S&P noted.


ELSTER GROUP: S&P Assigns Prelim. 'BB-' Corporate Credit Rating
Standard & Poor's Ratings Services said it has assigned its
preliminary 'BB-' corporate credit rating to Germany-based Elster
Group SE.  "At the same time, we assigned our preliminary 'BB-'
issue-level rating (the same as the preliminary corporate credit
rating) to Elster Finance B.V.'s proposed EUR250 million senior
unsecured notes due 2018.  The preliminary recovery rating is '3',
indicating our expectation of a meaningful (50%-70%) recovery for
noteholders in a payment default scenario.  The company expects to
use the proceeds from the proposed notes to refinance existing
debt.  The outlook is stable," S&P related.

"The preliminary ratings on Elster reflect its fair business risk
profile and aggressive financial risk profile, as well as its
position as one of the world's largest providers of gas,
electricity, and water meters, and related communications,
networking, and software solutions," said Standard & Poor's
credit analyst Robyn Shapiro.  "The company's products and
services are used to measure gas, electricity, and water
consumption as well as enable energy efficiency and conservation.
Elster holds leading positions across all segments in which it
operates and has the potential to gain market share from smaller
competitors in the market by taking advantage of the move towards
automated meter reading."

The outlook is stable.  "We could lower the ratings if the company
pursues a more-aggressive financial policy, or if market
conditions become unfavorable causing credit measures to
deteriorate," Ms. Shapiro continued, "for instance, if we thought
FFO to adjusted debt would decline to less than 15% and near-term
improvement was unlikely.  We could raise the ratings if we expect
improved operating performance to result in FFO to total adjusted
debt of 20% or more for an extended period, we see further
indications that majority owner CVC is more likely to
substantially reduce its investment in Elster, and the company
demonstrates financial policies commensurate with a significant
financial risk profile."

KION FINANCE: Moody's Corrects Text of April 4, 2011 Release
Moody's Investors Service corrected its rating press release on
KION Finance S.A. issued on April 4, 2011.  The list of new rating
assignments has been corrected.  The revised press release is:

Moody's assigned a (P) B2 rating to the approximately EUR400
million senior secured notes due in 2018 to be issued by KION
Finance S.A.  At the same time, the rating agency assigned a B3
Corporate Family Rating and a Caa1 Probability of Default Rating
to KION Group GmbH.  The outlook for all ratings is stable. This
is a first time rating for KION.

Moody's issues provisional ratings for debt instruments in advance
of the final sale of securities or conclusion of credit
agreements.  Upon a conclusive review of the final documentation,
Moody's will endeavor to assign a definitive rating to the rated
capital instruments.  A definitive rating may differ from a
provisional rating.


   Issuer: Kion Finance S.A.

   -- Senior Secured Regular Bond/Debenture, Assigned (P)B2 (LGD2,

   Issuer: KION Group GmbH

   -- Probability of Default Rating, Assigned Caa1

   -- Corporate Family Rating, Assigned B3

                        Ratings Rationale

Kion Finance currently plans to issue approximately EUR400 million
in senior secured notes.  The company is incorporated in
Luxembourg as a special purpose vehicle created solely for the
purpose to issue the proposed senior secured notes to finance a
term loan facility in the same amount to Linde Material Handling
GmbH, a wholly-owned subsidiary of KION.  The terms of the Notes
Credit Facility will be recorded as facility H under KION's Senior
Facility Agreement.  KION will use the funds raised to pay down
existing first lien debt and to improve its debt maturity
structure.  Moody's understands that the Notes will be subject to
standard high yield incurrence based covenants and Noteholders
will indirectly benefit from the first ranking security including
upstream guarantees from KION's major subsidiaries.  However,
Moody's notes that the holders of the notes will have only
indirect recourse to the borrower of facility H so that in an
enforcement scenario they would have to enforce the security
interests in the Notes Credit Facility, and subsequently enforce
the collateral granted in favor of the Notes Credit Facility.

The B3 Corporate Family Rating rating balances (i) KION's strong
global position in the market for forklift trucks and material
handling equipment, (ii) the balancing effect resulting from well
diversified end markets and (iii) the continued shareholders'
commitment evidenced by granting a EUR100 million PIK loan during
the crisis with (iv) a high debt burden resulting from the LBO in
2006, (v) the cyclicality of the business but with a relatively
stable service business, (vi) a continued cash burn in 2010
partially due to high interest payment and cash outflow for
restructuring and (vii) a low share of revenues generated outside
of Europe but with strong market positions e.g. in China for
trucks in the higher quality segment where the company is no.1 of
international competitors or in Brazil where they are no 2. KION's
liquidity position is considered to be solid, cash and
availability under the revolving credit facility are estimated to
be sufficient to cover expected liquidity needs, headroom under
the financial covenants is sufficient and is currently expected to
remain sufficient.  However, given the company's high leverage
(17.4x Debt/EBITDA in 2010 as adjusted by Moody's and based on
Moody's captive finance methodology), which is expected to improve
during 2011 primarily driven by increasing EBITDA.  The rating is
prospective and is underpinned by the strong business profile and
group's ongoing restructuring plan "KIARA" which now aims to turn
the more short-term effects from actions taken during the crisis
into sustainable improvements.

In its liquidity analysis, Moody's assumed KION's liquidity needs
for 2011 estimated to amount about EUR350 million, to be well
covered by EUR250 million available cash, funds from operations
expected to reach EUR200 million and EUR241 million availability
under the EUR300 million revolving credit facility, which matures
in December 2013. Moody's notes that the bank credit facilities
are subject to financial covenants with currently substantial

Structural Considerations -- Moody's has assigned a Corporate
Family Rating (CFR) of B3 and a probability of default rating
(PDR) of Caa1 to KION.  The PDR is one notch below the CFR,
reflecting the expected recovery rate of 65% assumed by Moody's
typically for an all bank loan capital structure.  This reflects
Moody's view that the senior secured on-lending of the proceeds
from the notes issuance establishes a claims position for the
note-holders that is broadly equivalent to that of existing
lenders under KION's Senior Facility Agreement.  In Moody's loss
given default assessment Moody's has ranked the new Senior Secured
Notes to be issued by Kion Finance as well as the trade payables
in line with the first lien debt.  Albeit the indirect legal
structure used in this case -- issuance of the notes via an SPV,
on-lending the funds raised into the group as a new facility under
the existing Senior Facilities Agreement -- somehow weakens the
position of the Noteholders with regard to active management in a
default scenario, Moody's notes that the Noteholders are pari
passu with the other First Lien Lenders.  The (P) B2-instrument
rating assigned to the notes (LGD2, 24%) reflects the preferred
status against the other financial liabilities.  Given that the
EUR201 million second lien debt still benefits from the security
package it gets a higher rank in the debt waterfall than the
remaining unsecured debt comprising the liabilities under finance
leases, net pension obligations and local debt at subsidiary

The outlook on the ratings is stable.  This mirrors the fact that
the currently running second wave of KION's restructuring program
"KIARA" will limit the company's capacity to materially reduce its
net debt position.  A turnaround of the recent trend of debt
increases, however, could assist in improving the financial
condition of the franchise and therefore would be a precondition
for considering a positive move of the rating.

Upside rating pressure could build if Kion would be able to
sustainably reduce its debt load towards the level seen in 2007,
supporting a reduction of leverage below 7x Debt/EBITDA (all
metrics as adjusted by Moody's).  In addition, a B2 Corporate
Family Rating would require operating margin to improve to high
single digits, interest cover above 1.5x EBIT/interest expense and
free cash flow coverage to reach 2% of debt, all on a sustainable

Likewise, downward pressure would build if the company is unable
to reap the benefits of its restructuring program, if the increase
in net debt continues, if interest cover remains below 1.0x or if
the headroom under the financial covenants becomes a concern to

The principal methodology used in rating KION and Kion Finance was
Moody's Global Heavy Manufacturing Rating Methodology, published
in November 2009.

KION Group GmbH, headquartered in Wiesbaden, is an international
producer of forklift trucks and material handling equipment with
more than 100 years of corporate history.  The group, which has 18
production sites including hydraulics and components globally was
spun-off from Linde AG in 2006, follows a multi-brand strategy,
holds a market-leading position in its business in Europe and
ranks second on a global basis.  During 2010 it generated revenues
of EUR3.5 billion with a workforce of around 20,000 employees.

WESTLB AG: Owners, Managers Explore Restructuring Options
Global Insolvency, citing Dow Jones, reports that WestLB AG's
owners and management are still working on three plans for the

According to Global Insolvency, two people familiar with the
matter told Dow Jones on Tuesday the three options that owners and
management are working on are a complete sale of the bank,
downsizing the bank by 30% and transforming WestLB into a bank
focusing on the Verbund business, which provides central banking
services to the region's savings banks.

More detailed plans for all three proposals will be handed in to
the European competition authority tomorrow, Global Insolvency

Global Insolvency relates that one of the people said Brussels
will be shown the thoroughness of the work on finding a solution
for WestLB.  "At the current point in time, none of the three
options can be ruled out," Global Insolvency quotes the person as

WestLB is owned by the state of North Rhine-Westphalia and the two
savings banks associations in the state, Global Insolvency
discloses.  The European Commission demanded WestLB finds new
majority owners and slim down to become healthy again, Global
Insolvency states.

Last Thursday, the trustee overseeing the sale of WestLB, attorney
Friedrich Merz, received two non-binding bids for the bank that
are more concrete than two initial bids received in February,
Global Insolvency recounts.  Mr. Merz will decide this week how to
continue with the sales process, Global Insolvency states.

                          About WestLB

Headquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- provides financial advisory, lending,
structured finance, project finance, capital markets and private
equity products, asset management, transaction services and real
estate finance to institutions.  In the United States, certain
securities, trading, brokerage and advisory services are provided
by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a
registered broker-dealer and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW
(64.7%) and two regional associations (35.3%).


BETONTHERM KFT: Court Orders Liquidation With HUF1.5-Bil. Debt
The Budapest Business Journal reports that Betontherm Kft has been
put into liquidation by a court order after the company piled up
debts of close to HUF1.5 billion.

According to BBJ, the company had after-tax profit of HUF47
million in 2007 and HUF32 million in 2008, which plunged to HUF6
million in 2009 as a result of the global recession.

The first payment order against Betontherm was issued by the court
at the end of last year, BBJ recounts.

Betontherm Kft was based in Eger, Hungary.


VEGA CONTAINER/VESSEL: Moody's Tags 'Ba3' Notes Rating as Positive
Moody's Investors Service changed the direction of the review of
the Ba3 rating on the currently outstanding US$178.2 million worth
of 5.562% Class A corporate asset-backed secured notes due 2021
issued by Vega ContainerVessel 2006-1 Public Limited Company from
negative to positive.  The notes were issued for the purpose of
financing ships for CMA CGM.

                       Rating Rationale

The rating action was triggered by Moody's assignment of a (P)Ba3
Corporate family rating to CMA CGM, the only charterer of the
fleet of container vessels owned by Vega.

"The rating on the Class A notes issued by Vega reflects not only
CMA CGM's credit quality, but also the additional degree of
protection provided by the collateral underlying the notes (i.e.
vessels owned by Vega) and the associated legal and financial
arrangements," says Marco Vetulli, a Moody's Vice President-Senior
Credit Officer and lead analyst for Vega.

"Moody's decision to place the notes on review for possible
upgrade follows its consideration of the combined effect of (i)
the (P)Ba3 CFR assigned to CMA CGM, which could be considered a
natural floor for the rating of the notes; (ii) the stabilization
over the past few months of the value of the collateral underlying
the notes (i.e. vessels owned by Vega)," concludes Mr. Vetulli

Moody's review will focus on assessing 1) the potential positive
impact on the current rating of the notes deriving both from the
assignment of a Ba3 CFR rating to CMA CGM, 2) the impact of the
strengthening of the value of the collateral of the vessels owned
by Vega and 3) the benefits of the legal structure and collateral
package of Vega.

           Last Rating Action and Principal Methodology

The last rating action on Vega was implemented on Sept. 10, 2009,
when the Rating Agency downgraded the company's rating from Ba1 to
Ba3 and placed it under review for possible downgrade.

In assessing the notes issued by Vega, Moody's has taken into
consideration the characteristics of the collateral pool, the
volatility of vessel prices, the potential claims ranking in
priority to the Class A Notes and the structural enhancement of
the transactions.

Vega ContainerVessel 2006-1 Public Limited Company is an Irish
orphan special purpose vehicle, which has issued debt instruments
for the purpose of financing ships for CMA CGM.


SIAULIU BANKAS: Moody's Lowers Financial Strength Rating to 'E+'
Moody's Investors Service has downgraded the long-term local and
foreign-currency deposit ratings of Siauliu Bankas, AB (SB) to B1
from Ba3 and the bank financial strength rating (BFSR) to E+ from
D-.  The Non Prime short-term rating was affirmed.  The outlook
was changed to stable.  The rating action concludes the review for
possible downgrade of SB's ratings, initiated on December 16,

                        Ratings Rationale

Moody's placed SB's ratings on review for possible downgrade in
December 2010 driven by concerns over SB's recurring losses, the
high level of problem loans, low loan-loss provisioning levels and
depressed core profitability, further noting SB's high level of
related-party lending.

The rating action reflects Moody's view that all these concerns
persist, particularly those related to profitability, reserve
levels and related-party lending.  SB recorded a pre-tax loss of
LTL31.5 million for 2010, representing a slightly smaller loss
than the 2009 figure of LTL41.4 million.  However, profitability
remains significantly reduced compared with 2006-2008, primarily
due to considerable provisioning over the past two years.

With regards to SB's loan book, Moody's considers that whilst
problem loans show signs of stabilization --representing 11% of
gross loans -- provisioning levels remain at the lower end of
those seen within its rating peer group.  Consequently, the need
for further provisions is likely to exert downward pressure on
future earnings.  The levels of related-party loans remain very
high.  Related-party lending increased in recent years from 54% in
2007 to 105% of Tier 1 capital at year-end 2009, although in 2010
it had reduced to 96%.  In Moody's opinion, this level of related-
party exposure may lead to credit concentrations that are more
difficult for SB's board or management to control, because of the
inherent conflict of interest.

Moody's does, however, recognize that SB has made improvements
during 2010 in terms of stabilizing the proportion of problem
loans, increasing provisions and improving liquidity.  The stable
outlook reflects the slowly improving economic conditions in
Lithuania after the severe recession, the recent stabilization of
SB's problem loan levels and the improved provisioning during

SB's deposit rating is equal to the baseline credit assessment
(B1, as mapped from the E+ BFSR), because in Moody's opinion there
is very low probability of systemic support in the event of need.

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

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


APERAM SA: Moody's Assigns Definitive 'Ba2' Corp. Family Rating
Moody's Investors Service has assigned a definitive Ba2 corporate
family rating (CFR) and a definitive Ba2 probability of default
rating (PDR) to Aperam S.A.  Concurrently, Moody's has assigned a
definitive B1/loss-given default (LGD) 6 rating to the company's
US$500 million worth of senior unsecured bonds, sold in two
tranches of US$250 million, with maturities of five and seven
years.  The outlook on all ratings is stable.

Issuer: Aperam S.A.


   -- Probability of Default Rating, Assigned Ba2

   -- Corporate Family Rating, Assigned Ba2

   -- Senior Unsecured Regular Bond/Debenture, Assigned B1

                         Ratings Rationale

"Aperam's Ba2 CFR is driven by: (i) the company's market-leading
positions in Europe and Brazil and an extensive distribution
network in flat stainless steel products; (ii) initially moderate
leverage (a Moody's adjusted debt/EBITDA ratio of slightly above
2.0x as of H1 2010 pro forma), rising to an estimated 3.1x for
full-year 2010 after a sluggish second half (Moody's expects this
ratio to improve in 2011 towards 2.5x); (iii) the group's adequate
liquidity, supported by long-term borrowing base bank financing
and the US$500 million bond just placed; (iv) a strong major
shareholder; (v) prudent growth plans; and (vi) the assumption of
a conservative dividend policy" says Wolfgang Draack, a Moody's
Senior Vice President and lead analyst for Aperam.

However, these positive drivers are partially offset by: (i) the
company's initially high dependency on the profit contribution of
one country/region, Brazil; (ii) the high volatility of input
prices, which can lead to significant margin fluctuations and
limits Moody's ability to forecast future results; (iii)
significant import threats from Chinese stainless steel producers;
(iv) overcapacity, particularly in mature markets, leading to
under-utilization of plants; and (v) risks related to foreign
currency fluctuations given that output prices are denominated in
US dollars, whereas some of the input costs are denominated in the
local currency (either the euro or the Brazilian real).

Aperam has used the proceeds from the bond issue and US$400
million drawn from the borrowing base facility to repay the US$900
million bridge financing provided by its former parent, Arcelor
Mittal (Baa3, stable) and thus created a sustainable capital

Aperam's capital structure has three layers.  The first layer
consists of approximately US$850 million in secured debt and
USD950 million in trade payables, which Moody's ranks in line with
the group's most significant senior debt.  The group's secured
debt consists of: (i) a US$800 million borrowing base facility,
which is secured by inventories and receivables and benefits from
upstream guarantees of operating subsidiaries; and (ii) around
USD50 million worth of secured debt in its Brazilian operating

The second layer includes a US$100 million revolving credit
facility.  This is guaranteed by certain operating subsidiaries
and secured by intercompany loans and share pledges over two
operating companies, the Brazilian Biomass producer (Bionergia)
and the nickel alloys business (Imphy), which Moody's views as
being of secondary quality to tangible asset collateral.  The
second layer also includes: (i) unsecured debt of the Brazilian
and other operating entities amounting to USD110 million; (ii) a
total pension deficit of US$94 million; and (iii) next year's
operating lease commitments of US$13 million.

Layer three consists of the US$500 million bond, which is
unsecured and does not benefit from any upstream guarantees of
operating entities.  Given their structural subordination, as well
as the lack of collateral, the bonds rank at the bottom of the

"The stable outlook reflects Aperam's strong position in the Ba2
rating category as a result of moderate initial leverage and a
solid liquidity position after long-term financing has been
arranged," adds Mr. Draack.

Moody's would consider upgrading the ratings if Aperam were to:
(i) achieve a debt/EBITDA ratio of around 2.5x on a sustainable
basis; and (ii) maintain good short-term liquidity and a balanced
debt maturity profile.

Pressure on the ratings could build if: (i) Aperam's debt/EBITDA
ratio were to move to above 3.5x on a sustainable basis; and/or
(ii) the group's short-term liquidity situation were to become

The principal methodology used in this rating was Global Steel
Industry published in January 2009.

Aperam is one of the world's largest producers of flat stainless
steel, with a total capacity of 2.5 million tons.  Additionally,
the group produces electrical steel, alloys and specialty steels
and distributes its stainless steel products through its own
distribution network comprising 19 steel service centers, ten
transformation facilities and 30 sales offices.  In 2010, the
group generated sales of USD5.6 billion and sold 1.74 million tons
of stainless and electrical steel.

GEO TRAVEL: S&P Assigns 'B+' Long-Term Corporate Credit Rating
Standard & Poor's Ratings Services said it assigned its
preliminary 'B+' long-term corporate credit rating to European
online travel agent Geo Travel Finance SCA (Geo).  The outlook is

"At the same time, we assigned a preliminary issue rating of 'BB-'
and a preliminary recovery rating of '2' to the EUR480 million
senior secured bank facilities to be initially borrowed by LuxGeo
SarL, a subsidiary of Geo.  The recovery rating of '2' indicates
our expectation of substantial recoveries (70%-90%) in the event
of a payment default," S&P related.

"We assigned a preliminary issue rating of 'B-' and preliminary
recovery rating of '6' to the senior unsecured notes to be issued
by Geo.  The recovery rating of '6' indicates our expectation of
negligible (0%-10%) recoveries in the event of a payment default,"
S&P noted.

"The preliminary rating on Geo primarily reflects the new entity's
financial risk profile, which we view as highly leveraged,
particularly in the light of about EUR115 million of subordinated
convertible shareholder bonds included in the proposed capital
structure," said Standard & Poor's credit analyst Melvyn Cooke.
It also reflects the highly competitive online travel agent (OTA)
sector and the continuous pressures on maintaining steady levels
of service fees, which account for about 40% of group revenues.
Lastly, Geo is also exposed to the seasonality and cyclicality of
the travel industry, albeit to a substantially lesser degree than
traditional travel operators.  We also believe integration risks
linked to the transaction to be moderate," S&P stated.

"These weaknesses are partly offset by our view of Geo's fair
business risk profile, supported by its leading position and scale
in the European OTA sector, especially in its core flight sector,
which offers, in our view, moderate barriers to entry.  Our
assessment also takes into account Geo's solid profitability and
flexible operational cost structure.  Also on the positive side,
we believe that Geo should benefit from adequate liquidity and
relatively quick deleveraging potential thanks to sound free cash
flow generation being mostly applied to debt reduction through a
cash flow sweep mechanism," S&P noted.

"Geo's proposed leverage post-Opodo acquisition -- as adjusted by
Standard & Poor's -- is likely to decline to the low 5x level, we
think, including the shareholder convertible bonds, by the end of
fiscal 2012 (ending March 31, 2012), from 6.4x in fiscal 2011 pro
forma for the transaction.  Excluding the subordinated convertible
shareholder bonds, we expect adjusted leverage to fall to about 4x
in fiscal 2012 from slightly over 5x in fiscal 2011.  We
anticipate continuing EBITDA growth and sound free cash flow
generation at Geo in the medium term, which should support quick
deleveraging.  We understand Geo currently expects the transaction
to close around the end of June 2011, at which point we would
expect to finalize the ratings," S&P stated.

"Our view of Geo's fair business risk profile is supported by the
group's leading positions in the European OTA flight sector and
our expectations that the group's sound historical growth should
continue over the next few years, fuelled by favorable medium-to-
long-term fundamentals, such as increased broadband penetration
and share of online bookings in the travel market in Europe.  It
also incorporates our opinion that threats to the group's business
model stemming from direct suppliers and metasearch engines appear
manageable in the medium term and that Geo benefits from solid
EBITDA margins in the low-to-mid 30% area, which compare well with
peers'.  We remain mindful, however, that competition in the OTA
sector is intense and that the industry is subject to economic
cycles and natural or man-originated disasters, although these
have been historically cushioned thanks to the growing size and
business model of online travel agents," S&P related.

"The stable outlook reflects our view that Geo should
significantly reduce its adjusted leverage under the proposed
capital structure over the next few quarters, thanks to sustained
EBITDA growth, sound free cash flow generation, and debt
reduction," said Mr. Cooke.  "In particular, the outlook
incorporates our expectations that Geo should reduce adjusted debt
to EBITDA to about 5x--including the subordinated convertible
shareholder bonds--at the end of fiscal 2012, or about 4x
excluding this instrument.  The stable outlook also reflects our
anticipation that Geo's ratio of adjusted free cash flow to debt--
whether including or excluding the shareholder convertible bonds--
should remain in line with the rating over the next few quarters,
in the 5%-10% range," S&P noted.

"We could lower the rating if Geo's liquidity weakens
significantly, or if revenue and EBITDA growth fall to the low-
single-digits, leading to significant tightening of covenant
headroom and failure to deleverage in line with our expectations.
Similarly, we could lower the ratings if free cash flow were to
fall significantly short of expectations.  We could also downgrade
the preliminary ratings if Geo failed to complete the acquisition
of Opodo because of anti-trust issues; failed to timely refinance
its existing bridge loan; or if significant changes were made to
the currently proposed capital structure, with, in particular,
additional transient equity on top of the existing shareholder
convertible bonds," S&P stated.

"We believe rating upside to be limited over the next 12 months
since the rating already takes into account our expectations of
continued sound revenue and EBITDA growth during the period.
However, we could take a positive rating action if Geo's adjusted
debt to EBITDA--including the subordinated convertible shareholder
bonds--significantly falls below 5x in fiscal 2012, while Geo
maintains sound free cash flow generation," S&P added.


LEOPARD CLO V: Moody's Confirms 'Caa3' Rating on Class E-2 Notes
Moody's Investors Service took these rating actions on notes
issued by Leopard CLO V B.V.

Issuer: Leopard CLO V B.V.

   -- EUR7M Class F Secured Deferrable Floating Rate Notes due
      2023, Upgraded to Caa3 (sf); previously on Dec 23, 2010 Ca
      (sf) Placed Under Review for Possible Upgrade

   -- EUR13M Class E-1 Secured Deferrable Floating Rate Notes due
      2023, Confirmed at Caa3 (sf); previously on Dec 23, 2010
      Caa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due
      2023, Confirmed at Caa3 (sf); previously on Dec 23, 2010
      Caa3 (sf) Placed Under Review for Possible Upgrade

                        Ratings Rationale

Leopard CLO V B.V., issued in May 2007, is a multicurrency
collateralized loan obligation backed by a portfolio of mostly
high yield European loans.  The asset pool comprises approximately
EUR318 million of loans, which are managed by M&G.  This
transaction has 2.3 years remaining until the end of the
reinvestment period.  The portfolio is denominated in EUR, GBP and
US$.  It is composed of 83% senior secured loans.  According to
Moody's, the upgrade rating action taken on the class F notes is a
result primarily of the increase in the overcollateralization
cushion and of the improvement of the portfolio credit quality
since the last rating action.  According to the February 2011
investor report, the class F OC level is 105.5%, versus 102.7% in
September 2009.  In parallel, the Caa bucket has been reduced from
11.2% to 7.8% during the same period while the reported weighted
average rating factor ("WARF") has remained in the 2700 area.

This reported WARF however understates the actual improvement in
the portfolio credit quality because of the technical adjustment
of rating factors effected in September 2010.  Hence effectively,
the WARF of this portfolio has improved by about 7%.  Currently
the CLO is passing all OC tests in the transaction documentation
and none of the notes have partially redeemed so far.  Moody's
highlights however that, compared to market standard, the OC
levels currently reported are inflated by at least 5% across the
different classes of notes, as they include EUR19 million of
undrawn uncommitted amount from the variable funding notes ("VFN")
in the assets in the OC numerator without giving consideration to
the equivalent liability in the OC denominator.  These increased
levels have not previously been taken into account in Moody's
ratings, but were used in its analysis for the rating action.
Moody's found that the model outputs using these increased OC
levels could be up to 3 notches below the levels obtained using
market standard calculation, as the level of protection for the
rated notes is lower when the inflated OC is considered.  However,
the current ratings of the other classes of notes issued under
this transaction were confirmed given that the positive impact of
the improvement in performance metrics reflected in the investor
report offset the negative impact of the adjusted OC levels.

In the base case, Moody's analyzed the underlying collateral pool
with an adjusted weighted average rating factor of 3788, a
diversity score of 37 and a weighted-average recovery rate of 58%.

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 CLO documentation by different transactional
parties due to embedded ambiguities.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
August 2009.

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

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 amount,
weighted average rating factor, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Moody's also notes that around 70% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.

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.

Under this methodology, Moody's used its Binomial Expansion
Technique, whereby the pool is represented by independent
identical assets, the number of which is 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.

Moody's also ran sensitivity analyses on key parameters for the
rated notes.  For instance, modeling the portfolio using the worse
of its current or covenant matrix point parameters had an impact
of no more than 1 notch on the model output across the capital


REDE FERROVIARIA: S&P Affirms 'B+' Corporate Credit Rating
Standard & Poor's Ratings Services said it affirmed its long-term
corporate credit and non-guaranteed issue ratings on Portuguese
state-owned railway infrastructure manager Rede Ferroviaria
Nacional REFER, E.P.E. (REFER) at 'B+'.  The issue rating on the
debt that is guaranteed by the Republic of Portugal is 'BBB-'.

All ratings on REFER, except that on the guaranteed debt, remain
on CreditWatch, where they were originally placed with negative
implications on Dec. 3, 2010.

The ratings affirmation follows the Portuguese government's
decision to provide a loan of EUR260.7 million to REFER, thereby
enabling the rail infrastructure manager to repay a EUR300 million
guaranteed loan due on April 11, 2011.  "Without this support, we
believe that REFER's deteriorating liquidity and funding shortfall
in April 2011 would have led to a default," S&P stated.

"Importantly, we base our view of the likelihood of extraordinary
government support available to REFER--which we consider currently
as 'very high'--on the assumption that the Portuguese government
will continue to provide all necessary support, on a timely basis
and ahead of the point at which REFER needs the funding.
Consequently, we may revise our assessment on the likelihood of
support, depending on the degree to which the government
proactively makes necessary arrangements before REFER's debt
repayment dates," S&P noted.

In accordance with S&P's criteria for government-related entities
(GREs), S&P's view of the "very high" likelihood of government
support is based on its assessment of REFER's:

    * "Very important" role for the Portuguese government, given
      REFER's natural-monopoly position as the manager of
      Portugal's national rail infrastructure.  REFER plays a very
      important role in meeting key social and political
      objectives of the government; and

    * "Very strong" link with the Portuguese government, given
      REFER's 100% state ownership and its strong legal status as
      a public entity, which prevents bankruptcy and
      privatization.  "In our opinion, the government's
      contributions to cover REFER's operating costs and
      investments have been insufficient over recent years,
      although the government has mitigated this, in our view, by
      providing ongoing financial support to REFER in the form of
      explicit and timely guarantees on its debt," S&P related.

"The CreditWatch negative status reflects our likely reassessment
and possible revision of REFER's SACP and our view of the
likelihood of extraordinary and timely support from the Portuguese
government during the coming months.  Specifically, we could lower
the ratings further if REFER and the government do not present a
solution to REFER's ongoing refinancing needs," S&P related.

"The degree to which the Portuguese government proactively makes
necessary arrangements to resolve the significant refinancing risk
may cause us to reconsider the SACP and the likelihood of
government support.  We will continue to monitor the steps being
taken by REFER and the government and will adjust our assessment
as appropriate to reflect those actions.  The resolution of the
CreditWatch listing will follow our assessment of the government's
and REFER's actions taken to cover its refinancing needs, together
with the funding and contingency plans for REFER in light of
ongoing political and capital market developments," S&P noted.

"In our review, we will also examine the mechanisms and timeline
by which this funding would be provided and will gauge execution
risk on these plans.  If we deem at any point that the execution
risk has risen to a level that would no longer be consistent with
a 'very high' likelihood of government support, we could revise
downward our view of the likelihood of support.  This would then
lead to a downgrade of REFER," S&P stated.

"In our view, additional weakening in the financial and economic
conditions in Portugal could further reduce the government's
ability to provide extraordinary support to distressed GREs, and
as a result, we could lower our assessment of the likelihood of
extraordinary government support for REFER," according to S&P.

"Conversely, we could affirm the ratings on REFER if our
assessment of the likelihood of extraordinary government support
were to remain unchanged and if the government were to find a
durable solution to the company's refinancing risks," S&P added.

* PORTUGAL: German Policy Group Files Suit to Stop EU Bailout
Karin Matussek at Bloomberg News, citing the Europolis-Gruppe,
reports that a group of 50 plaintiffs filed a suit at Germany's
top constitutional court seeking to stop the government from
participating in the European aid package for Portugal.


AYT SA NOSTRA: Fitch Upgrades Rating on Class D Notes to 'BBsf'
Fitch Ratings has upgraded three classes of AyT Sa Nostra
Financiacion I, FTA:

   -- EUR27.2m class A notes affirmed at 'AAAsf', Outlook Stable,
      Loss Severity Rating 'LS-2'

   -- EUR11.9m class B notes upgraded to 'AAsf' from 'Asf',
      Outlook Stable, Loss Severity Rating 'LS-3'

   -- EUR6.1m class C notes upgraded to 'BBBsf' from 'BBB-sf',
      Outlook Stable, Loss Severity Rating 'LS-3'

   -- EUR4.5m class D notes upgraded to 'BBsf' from 'B+sf',
      Outlook Stable, Loss Severity Rating 'LS-3'

The rating actions follow a review of the transaction's
performance.  The upgrade was driven by the transaction's good
performance, which shows low levels of delinquencies and defaults
and increased levels of credit enhancement.

The transaction is a securitization of a static pool of consumer
loans originated by Caja de Ahorros y Monte de Piedad de Las
Baleares (Sa Nostra; 'BBB+'/Stable/'F2') to pre-existing customers
of the saving bank who are residents in the Balearic Islands. All
loans were originated via the saving bank's branch network.  The
transaction has been amortizing since closing and has amortized
50.2% of its original note principal balance.  Due to the notes'
sequential amortization, credit enhancement for the class A, B, C
and D notes has increased to 61.06%, 37.16%, 24.91% and 15.87%
from 30.40%, 18.50%, 12.40% and 7.90%, respectively.  Fitch's
Cumulative Gross Default Ratio (Fitch CGDR), considering defaults
divided by the original balance of the receivables, was 0.22% in
March 2011 compared to the agencies' base case assumption of 1.05%
at the same point in seasoning.

The reserve account has remained at EUR7.9 million since closing,
which represents 7.9% of the notes' original principal balance.
No deferral trigger for the class B, C and D notes has occurred
since outset.

Overall, this transaction has performed better than Fitch's base
case expectation set at closing.  All losses have been covered by
excess spread. Available excess spread after coverage of losses
has been on average 4.42%.


FROSTBITE 2 AB: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) and a B2 probability-of-default rating (PDR) to
Frostbite 2 AB, the parent company of the Dometic bank borrowing
group.  Moody's has also assigned a (P) Caa1 rating to the
proposed EUR200 million PIK Notes due 2019 to be issued by
Frostbite 1 AB, the parent of Frostbite 2 AB.  The outlook on the
ratings is stable.

A fund advised by EQT will use the proceeds from the PIK Notes,
together with about SEK5,700 million senior bank debt and SEK4,600
million shareholder funding, to purchase Dometic for about
SEK12 billion.  The Enterprise Value of the transaction is about
9.2x on Moody's adjusted EBITDA.

                       Ratings Rationale

Moody's considers the purpose of the PIK Notes to be essentially
equity substitution.  The (P) Caa1 rating on the Notes -- three
notches below the CFR -- reflects the ringfencing of this
instrument from the Dometic bank borrowing group.  The level of
notching incorporates Moody's expectation that, following a
default of the Dometic group, recoveries on the PIK Notes could be

"Dometic's B1 CFR reflects the high leverage of the bank borrowing
group (excluding the PIK Notes) under the new capital structure,
and its exposure to cyclicality in its OEM divisions, says Tanya
Savkin, Moody's Assistant Vice President and lead analyst for
Dometic.  "However, the assigned rating also incorporates
Dometic's leading position in a niche industry, its strong brand
and wide range of its product portfolio combined with attractive
market dynamics."

Dometic holds leading positions in its key geographies across a
majority of its products with approximately 75% of 2010 revenues
generated from product segments in which Dometic is the market
leader or co-leader.  OEM channel contributed approximately 62% of
its 2010 revenue, with the rest represented by less cyclical and
more profitable aftermarket channel.

Pro-forma gross leverage post closing will be about 5.1x for the
bank borrowing group (about 6.4x including the PIK Notes).
Despite Dometic's high leverage in a relatively cyclical industry,
the stable outlook reflects Moody's expectation that the company
will achieve a significant deleveraging over the medium term
through growth across all of its businesses and in particular in
its aftermarket division, contributing to an eventual reduction in

In Moody's view, Dometic's liquidity profile is reasonable,
supported by the undrawn SEK600 million revolving credit facility,
undrawn SEK300 million CAPEX facility and solid cash flow
generation.  Dometic's B2 PDR reflects the fact that the debt
within the restricted group is solely pari passu bank debt.
Maintenance financial covenants under the senior bank facilities
will be established with a minimum headroom of approximately 25%.
Dometic's exposure to currency transaction risks will be partially
mitigated by its ability to draw on its bank facilities in
currencies that reflect the group's various exposures.

The PIK Notes mature in 2019, beyond the maturity of Dometic's
bank restricted group borrowings.  They are structurally
subordinated to all indebtedness of Dometic's bank restricted
group, and are not guaranteed by, and do not have any creditor
claim on, the bank restricted group.  In Moody's view, a default
on the Notes should not impact Dometic's bank restricted group.
Frostbite 1 may, at its sole option, pay interest on the Notes in
cash or in kind.  Dometic's bank covenants permit distributions to
Frostbite 1 if leverage (excluding the Notes) falls below 2.25x;
and Frostbite 1 can distribute payments to shareholders if
consolidated leverage (including the Notes) falls below 3.75x.

Moody's understands that consolidated financial statements will
only be produced at the bank borrowing group level, by Frostbite 2
AB (so excluding the PIK Notes).  Ratings guidance therefore
excludes the impact of the PIK Notes.  Positive pressure on the
ratings could evolve if Dometic's total leverage falls to 4.0x,
FCF to debt ratio approaches 7% and EBITA to Interest expense
ratio reaches 3.0x.  Conversely, negative pressure could develop
if, inter alia, the group fails to reduce total leverage during

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
endeavor to assign a definitive rating to the term loan.  A
definitive rating may differ from a provisional rating.

The principal methodology used in this rating was Global
Manufacturing methodology published in December 2010 and Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Headquartered in Sweden, Dometic is a leading manufacturer of
leisure products for the caravan, motor home, automotive, truck,
hotel and marine markets in almost 100 countries.  The company
operates 21 production facilities in 8 countries and sells its
products under Dometic, Waeco, Marine Air Systems, Condaria,
Cruisair and Sealand brands.  Europe and the U.S. are the
company's key geographies, accounting for 87% of revenue for the
year ended Dec. 31, 2010.  The company's largest segment is
recreational vehicles (RVs), accounting for 57% of 2010 revenue.
The company reported SEK7,958 million of sales and SEK1,345
million of Adjusted EBITDA in 2010 and employed 6,441 people.


* CITY OF LVIV: S&P Affirms 'CCC+' Long-Term Issuer Credit Rating
Standard & Poor's Ratings Services said it had revised its outlook
on the Ukrainian City of Lviv to stable from negative.  At the
same time, the 'CCC+' long-term issuer credit rating and the
'uaBB' Ukraine national scale rating were affirmed.

"The outlook revision reflects that Lviv's borrowings were lower
than planned in 2010 and will be lower than previously expected
for 2011," said Standard & Poor's credit analyst Boris Kopeykin.

The ratings reflect Lviv's low financial flexibility in Ukraine's
system of interbudgetary relations and ongoing expenditure
pressures, including from Lviv's commitment to upgrade its
infrastructure to host several of the Union of European Football
Associations' championship matches in 2012 (EURO 2012).  "The
city's weak liquidity and what we see as a weak credit culture,
reflected in nonpayment on guarantees, also constrain the ratings,
as do its low wealth levels in an international context," S&P

"The stable outlook reflects our expectation that Lviv will
accumulate moderate debt to finance its preparations for EURO
2012, resulting in direct debt reaching 25%-30% of operating
revenues by 2013, through continued access to commercial debt.  It
also reflects our expectation that, on the back of economic
recovery, the city will enjoy stronger revenue growth than in
2009-2010, the central government will keep supporting the city's
hosting of the football championship, as well as providing access
to liquidity via treasury loans," S&P noted.

"We could lower the ratings if the city's liquidity position were
to deteriorate before the 2012 bond repayments, or if newly
accumulated debt results in larger-than-expected debt service over
the next 12-24 months," said Mr. Kopeykin.

"We could take positive rating actions if we see stronger
financial performance, a stronger, more predictable liquidity
position, and some progress with outstanding payments on
guarantees," S&P added.

U N I T E D   K I N G D O M

DW ROBERTS: In Administration; 50 Jobs Affected
Construction Enquirer reports that DW Roberts Construction has
gone into administration with the loss of 50 jobs.

The company was placed into administration by its directors on
Monday, Construction Enquirer relates.

According to Construction Enquirer, Graham Bushby and Guy Mander,
partners at Baker Tilly Restructuring and Recovery LLP, have been
appointed joint administrators.  They blamed the company's demise
on the downturn in the new build housing market which led to a
shortage of funds at the firm and a struggle to pay suppliers,
Construction Enquirer discloses.

D W Roberts Construction is a Stoke-on-Trent-based groundworks and
civil engineering specialist.

ENTERPRISE INNS: Moody's Lowers Corporate Family Rating to 'B2'
Moody's Investors Service downgraded Enterprise Inns plc Corporate
Family Rating (CFR) to B2 from B1, the Probability of Default
Rating to B3 from B2 and the instrument rating of its GBP275
million senior secured floating-rate notes due 2031 to Ba3 from
Ba2.  The CFR is assigned to the unconsolidated parent company.
The rating outlook is negative.

                        Ratings Rationale

The ratings downgrade reflects the deterioration in Enterprise
Inns' consolidated credit metrics, notably higher leverage and
lower fixed charge coverage.  In Moody's opinion, the distressed
UK pub industry has yet to recover in light of a sluggish economic
recovery and weak consumer spending.  Furthermore, ETI's liquidity
remains fragile for the rating agency as the company must amortize
GBP251 million of bank debt by 31 December 2012 but does not
generate sufficient free cash flow to meet the repayment schedule
and continues to rely on the net proceeds of its ongoing asset
sales program.  While Moody's believes that the company will be
able to meet this target in view of its successful track record of
asset sales over the past two years, Moody's nevertheless caution
that the timely reduction of bank debt carries considerable
execution risk.

The company's B2 CFR is supported by ETI's active management of a
predominantly good-quality portfolio of freehold public houses.
Around half of its gross profits is generated from rental income,
the other half from the wholesale profits earned by supplying beer
and other drinks to its tenants under tied leasing arrangements
and income from amusement and other machines.  The large pub
estate provides geographic diversification to revenues that are
underpinned by substantive leases for 89% of the estate by number.
While the majority of its pubs perform well under the
circumstances, a minority of pubs face considerable difficulties.
The cost to support these pubs, the cost of closed pubs and the
impact of disposals resulted in a reduction of reported
consolidated EBITDA (before exceptional items) of 12% during FY
2008/09 followed by a further 10% fall in FY 2009/10.

Enterprise Inns' CFR is assigned to the company's unconsolidated
parent company, but our ratings take into account the financial
stature of the consolidated entity because this is a homogenous
business that is operated without regard to which corporate entity
the assets belong.

Our outlook on the rating remains negative because, although the
rate of decline shows some signs of slowing, industry conditions
are challenging and Moody's expects EBITDA to remain depressed,
putting pressure on the company's ability to deliver improved

Given the rating action, there is little upward pressure at
present, but upward pressure on the ratings or outlook could occur
if (i) revenues and profitability show signs of recovery; (ii)
consolidated net debt to EBITDA falls below 8.0x on a sustainable
basis and fixed charge cover rises to at least 2.0x; (iii) with no
liquidity concerns, including ample headroom under the company's
various financial covenants.

Downward pressure on the ratings could arise from (i) a continuing
deterioration of like-for-like sales and/or profitability; (ii) a
slowdown in the pace of asset sales, indicating that it might not
reach its debt repayment targets; (iii) a weakening of the
liquidity profile, including concerns over headroom tightening
under any of the company's various financial covenants; or (iv) a
consolidated net debt to EBITDA, as adjusted by Moody's, trending
above 8.5x and fixed charge cover not showing prospects for
improvement above 1.8x.

Moody's last rating action was implemented on May 14, 2010, when
Moody's confirmed Enterprise Inns' CFR at B1 with a negative

The principal methodology used in rating Enterprise Inns was the
Global Rating Methodology for REITs and Other Commercial Property
Firms, published in July 2010.

Headquartered in Solihull, Enterprise Inns plc is the second-
largest pub operator in the UK.  Enterprise Inns and its wholly-
owned subsidiary Unique Pub Company have a large estate of around
6,800 tenanted pubs in England and Wales with a value of GBP5
billion at the financial year ending Sept. 30, 2010.

GREENSANDS UK: Fitch Assigns 'B' Long-Term Issuer Default Rating
Fitch Ratings has assigned Greensands (UK) Limited (Greensands) a
Long-term Issuer Default Rating (IDR) of 'B' with Stable Outlook
and a senior secured debt class rating of 'B+(exp)'.  Fitch has
also assigned an expected rating of 'B+(exp)'/RR3 to Southern
Water (Greensands) Financing Plc's (SWF) proposed GBP250 million
secured bonds to be issued under its new GBP1 billion guaranteed
secured medium-term-note program.  SWF's bonds will be
unconditionally and irrevocably guaranteed by Greensands as well
as its parent, Greensands Holdings Limited, and its two
subsidiaries, Greensands Junior Finance Limited and Greensands
Senior Finance Limited.

The final senior secured ratings are contingent on the receipt of
documents conforming to the information already received by Fitch.

SWF is the financing vehicle for Greensands, an intermediate
holding company that indirectly owns Southern Water Services
Limited (Southern Water, senior secured debt rated
'A'/Negative/'BBB+').  Southern Water is a water and waste water
utility regulated by the Water Services Regulation Authority
(Ofwat).  SWF intends to raise bonds and bank debt on behalf of
Greensands to facilitate retirement of existing acquisition
related debt that was assumed by Greensands Senior Finance Limited
(GBP216 million due 2012) and Greensands Junior Finance Limited
(GBP226 million due 2014).  Greensands relies on cash flow (mainly
dividend receipts) from Southern Water for its funding needs.  The
Negative Outlook on Southern Water reflects high gearing for the
rating level and challenges included in its regulatory contract
for the period ending March 2015.

Greensands' ratings take into consideration relatively high
consolidated leverage and the moderate operating profile of
Southern Water from whom dividends are upstreamed.  The structural
and contractual subordination of Greensands' debt to Southern
Water's secured debt, and the restrictions placed on distributions
by the latter's secured financing structure also affect ratings.
The holding company debt at Greensands represents more than 10% of
Southern Water's regulated asset value (RAV) while the same
equivalent ratio for Anglian Water (Osprey) Financing Plc (AWOF)
(secured debt rating 'BB+') was around 8% and Thames Water
(Kemble) Finance Plc (TWKF) (secured debt rating 'BB'(exp)) was
around 9%.

Fitch forecasts that the dividend cover (dividend received
relative to Greensands' interest expense) will be tight, averaging
1.7x between FY12 and FY15, as reflected in the ratings.  The
equivalent dividend cover for AWOF and TWKF is around 3x and 2x
respectively.  Ratings also take into account the working capital
requirements at Southern Water stemming from the next five years'
revenue under-recovery and changes in the billing terms, for a
significant proportion of customers, from pay annually or semi-
annually in advance to pay semi-annually or monthly in arrears
with the continued implementation of its universal metering
program.  Furthermore, given Southern Water's dividend lock-up
provision at 85% debt/RAV (compared with a YE10 actual level at
around 83%), dividend capacity is sensitive to Retail Price Index
(RPI) uplifts (which indexes RAV relative to notional debt) in the
near future and Construction Output Price Index (COPI) potentially
downward revisions at YE15, as well as operational performance
effects on cash flow.

The default provisions restrict Greensands' consolidated leverage
(net debt/RAV ratio) to 95% and the consolidated adjusted interest
coverage ratio (EBITDA/interest) to 2x.  In addition, dividend
lock-ups will apply if the net debt/RAV ratio exceeds 93% for
Greensands or 84% for Southern Water or if Greensands and SWF fail
to maintain at least 12 months' interest costs through combined
cash and undrawn committed bank facilities.

Greensands will provide security over all of its assets, including
an ownership interest in the direct holding company of Southern
Water.  Creditors to Southern Water's secured financing already
have a pledge over assets and the shares of entities closer to
Southern Water.  The covenants are more restrictive under
Greensands' bank facility agreement and should provide stronger
protection to the bondholders until the bank facility is repaid or
refinanced with less restrictive terms.

Fitch expects Greensands to maintain pension-adjusted consolidated
debt/RAV of around 93% (i.e., in terms of covenant calculations
rather close to lock-up levels) and an average dividend coverage
ratio of 1.8x through to FY15.  Fitch calculated the consolidated
post-maintenance interest coverage ratio as averaging 1.15x. Even
though Southern Water's management plans to reduce consolidated
debt/RAV to 90% or below, Fitch believes that achieving this
depends heavily on the development of RPI and efficiencies to be
accomplished by the business.  The senior secured 'B+(exp)'
ratings have a 'RR3' recovery rating, which reflects the solid
recovery prospects under Fitch's default scenario that assumes
significantly stressed asset values and are consistent with
securities historically recovering 51%-70% of current principal
and related interest.

JOHN RICHARDS SHOPFITTERS: Goes Into Voluntary Liquidation
BBC News reports that John Richards Shopfitters, the manufacturing
arm of John Richards Group, has gone into voluntary liquidation
with more than GBP1 million in debt.

A meeting held by liquidators in Exeter heard 260 creditors were
owed a total of GBP1.1 million in sums up to GBP100,000, BBC News

BBC News relates that ten people lost their jobs when the firm
collapsed, which directors blamed partly on the economic slowdown.

According to the report, Ian Walker, joint liquidator of the
company, said most of the firm's debts had been incurred in the
last three to six months.

"It's a combination of delays in contracts and very poor trading,"
BBC News quotes Director Peter Richards as saying.  "That very
rapidly pushed us from a relatively controllable loss to one that
ran out of control."

Eighteen of the 28 people employed by John Richards Shopfitters
have transferred to the John Richards Group, BBC News adds.

John Richards Shopfitters is a Cornwall shop fitting company.

PRESBYTERIAN MUTUAL: Savers to Get GBP232 Million Under New Scheme
Francess McDonnell at The Irish Times reports that stricken savers
and investors in Presbyterian Mutual Society could get more than
GBP232 million of their money back by July in a scheme that has
been proposed by the administrator.

Smaller savers will receive at least 97% on their shareholding
but, according to the administrator Arthur Boyd, "there are
insufficient sums" to pay everyone what they are owed by the
society, The Irish Times relates.

Since the collapse of the Presbyterian Mutual Society in
November 2008, says The Irish Times, some larger investors who had
significant funds in the society have received 12% of their money
back.  This is because those investors held loan capital in the
society and were classed as creditors.

However, because of the way UK insolvency law operates, The Irish
Times notes, smaller savers who had less than GBP20,000 invested
have not yet received any of their money.

Under the terms of the administrator's proposed new scheme of
arrangement, these small savers would for the first time in nearly
three years get access to their cash.  According to the report,
the proposed scheme would enable these savers and investors to
take advantage of a rescue package put together by the UK treasury
and Northern Ireland executive, totalling GBP225 million.

The Irish Times relates that the Presbyterian Church in Ireland
also intends to provide financial assistance of GBP1 million and
there is a further GBP6 million, which is also available to the
administrator in accrued income from the society's current

As reported in the Troubled Company Reporter-Europe on April 4,
2011, Belfast Telegraph said a High Court judge has given
permission for members of Presbyterian Mutual Society to be
allowed to vote on the rescue package.  Belfast Telegraph related
that Mr. Justice Deeny granted an administrator's application for
the proposed scheme to be put to investors in a postal ballot.

For the scheme to go ahead, The Irish Times notes, it must be
approved by a majority of Presbyterian Mutual members and more
than 75% in value of both creditors and members.

According to The Irish Times, Mr. Boyd warns that if the plan is
rejected, the offer of financial support from government sources
and the Presbyterian Church will "be withdrawn."  He is advocating
that it should be accepted because it "produces a better and
quicker return to creditors and members then they could otherwise

Mr. Boyd said the only alternative is liquidation of assets, The
Irish Times adds.

                     About Presbyterian Mutual Society

Presbyterian Mutual Society is based in Belfast, Northern Ireland.

As reported by the Troubled Company Reporter-Europe, the Financial
Times said the society had assets of around EUR300 million when it
was forced into administration in 2008 after suffering a run of
withdrawals at the onset of the global financial crisis.

TYNDALE FLOORING: In Administration; More Than 160 Jobs Axed
The Press Association reports that more than 160 people have been
made redundant after Tyndale Flooring went into administration.

The group, comprising of Tyndale Flooring Group, Becket House
Holdings, Tyndale Flooring and Floor It, is now in the hands of
administrator KPMG, along with Kirkcaldy-based E Bryson Flooring
where 11 people will lose their job, The Press Association
discloses.  Three consultants and 148 staff at the other firms
have also been made redundant, The Press Association notes.

Will Wright and Allan Graham of KPMG have been appointed joint
administrators to the five companies, The Press Association

"Despite exhaustive efforts by the directors in recent days to
secure a solvent disposal of the business, unfortunately a deal
could not be concluded and there was no option but to request our
appointment," The Press Association quotes Mr. Wright as saying.
"Given the nature of the business, we have regrettably had to
cease trading while we consider the disposal options."

Tyndale Flooring Group, Becket House Holdings, Tyndale Flooring
and Floor It are all based in Beckton, East London.

WEST COUNTRY: Comus Leisure Saves Two Clubs From Closure
Wiltshire Times reports that popular Westbury night spot Club Ice
has been saved from closure after owner West Country Leisure Ltd
went into liquidation.

According to Wiltshire Times, the company, which also owns Players
Club, had debts of more than GBP1 million, with assets worth about
GBP5,500, and was wound up at Bath county court on March 8.

However, since then the two clubs have been taken over by Comus
Leisure Ltd, safeguarding jobs.

The club, based on the White Horse Industrial Estate, is currently
closed for essential maintenance for two weeks, and will re-open
on April 23, ready for a planned 20th anniversary celebration,
Wiltshire Times notes.


* Upcoming Meetings, Conferences and Seminars

April 27-29, 2011
    TMA Spring Conference
       JW Marriott, Chicago, IL

May 5, 2011
    Nuts and Bolts - New York City
       Association of the Bar of the City of New York,
       New York, N.Y.
          Contact: 1-703-739-0800;

May 6, 2011
    New York City Bankruptcy Conference
       Hilton New York, New York, N.Y.
          Contact: 1-703-739-0800;

June 6, 2011
    Canadian-American Cross-Border Insolvency Symposium
       Fairmont Royal York, Toronto, Ont.
          Contact: 1-703-739-0800;

June 9-12, 2011
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.

July 21-24, 2011
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800;

July 27-30, 2011
    Southeast Bankruptcy Workshop
       The Sanctuary at Kiawah Island, Kiawah Island, S.C.
          Contact: 1-703-739-0800;

Aug. 4-6, 2011
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800;

Oct. 14, 2011
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800;

Oct. __, 2011
    International Insolvency Symposium
       Dublin, Ireland
          Contact: 1-703-739-0800;

Oct. 25-27, 2011
    Hilton San Diego Bayfront, San Diego, CA

Dec. 1-3, 2011
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800;

April 3-5, 2012
    TMA Spring Conference
       Grand Hyatt Atlanta, Atlanta, Ga.

Apr. 19-22, 2012
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800;

July 14-17, 2012
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800;

Aug. 2-4, 2012
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800;

November 1-3, 2012
    TMA Annual Convention
       Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800;

April 10-12, 2013
    TMA Spring Conference
       JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
    TMA Annual Convention
       Marriott Wardman Park, Washington, D.C.


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,
contact Christopher Beard at 240/629-3300.

                 * * * End of Transmission * * *