TCREUR_Public/110418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, April 18, 2011, Vol. 12, No. 76



IDEAL STANDARD: Moody's Assigns '(P) Caa1' Rating to 2018 Notes
IDEAL STANDARD: Fitch Assigns 'B-' Long-Term Issuer Default Rating


KREMIKOVTZI AD: Fibank Extends EUR59 Million Loan to Eltrade

C Z E C H   R E P U B L I C

PUBLIC TV: Commences Bankruptcy Proceedings; Owes CZK134 Million
SAZKA AS: Creditors Ask for Immediate Redemption of CZK8.3BB Bonds


BALTIC PROPERTY: Owner's Real Estate Empire Bankrupt


ALBA GROUP: Moody's Assigns 'B1' Corporate Family Rating


DANAOS CORPORATION: Incurs US$102.34 Million Net Loss in 2010


EURO ATLANTIS: S&P Raises Rating on Class D Notes Rating to 'BB+'
QUINN INSURANCE: Liberty Mutual Confirmed as Preferred Bidder
TBS INTERNATIONAL: Amended Credit Pact Kept Confidential


GCL HOLDINGS: Moody's Assigns B2/(P)Caa1 Ratings; Stable Outlook
GUALA CLOSURES: S&P Assigns Prelim. 'B' Corporate Credit Rating


ASM INTERNATIONAL: S&P Upgrades Corp. Credit Rating to 'BB-'


CAPE VERDE: Fitch Affirms 'B+' Long-Term Issuer Default Rating


MADRID RMBS: S&P Raises Rating on Class E Notes Rating to 'B'


SAAB AUTOMOBILE: Government Gets Proposal to Fix Liquidity Woes


PRAVEX-BANK: Fitch Assigns Expected 'B+' Rating to Upcoming Bonds

U N I T E D   K I N G D O M

BEIG TOPCO: S&P Assigns 'B+' Rating to GBP375MM Sr. Secured Loan
COVENTRY & RUGBY: S&P Lowers Rating on GBP407.2MM Bonds to 'BB+'
GALA CORAL: Fitch Affirms 'B' Long-Term Issuer Default Rating
IDEAL SHOPFITTERS: In Administration; 70 Jobs Affected
ITV PLC: Moody's Upgrades Corporate Family Rating to 'Ba2'

LADBROKES PLC: Fitch Affirms LT Issuer Default Rating at 'BB+'
PLYMOUTH ARGYLE: MPs Offer Support, Advice to Unpaid Argyle Staff
PROVIDENT INSURANCE: S&P Puts 'BB+' LT Counterparty Credit Rating
UK INVESTMENT: Insolvency Service Places Firm Into Liquidation
WOODHEAD BAKERY: Administrators in Talks with Potential Buyers


* BOND PRICING: For the Week April 11 to April 15, 2011



IDEAL STANDARD: Moody's Assigns '(P) Caa1' Rating to 2018 Notes
Moody's Investors Service has assigned Ideal Standard
International SA a corporate family rating of (P) Caa1, and a
Probability of Default Rating (PDR) of (P) Caa1.  At the same
time, the agency has assigned a (P) Caa1 rating to the EUR250
million senior secured bonds due 2018 to be issued by Ideal
Standard International SA and guaranteed by Ideal Standard Holding
Sarl and its main subsidiaries.  The ratings outlook is stable.

                        Ratings Rationale

"The (P) Caa1 CFR reflects: i) the company's exposure to the home
improvement and residential and commercial construction sector,
which has not recovered from the recent downturn; ii) its reliance
on the successful execution by the management team of a long-term
restructuring initiative to realize projected cash flows, and
transform its current weak financial profile; iii) the company's
plan to over time rationalize and reposition its brands; and iv)
its exposure to the risk of increases in input costs," says Tanya
Savkin, Moody's lead analyst for Ideal Standard.  "More
positively, the rating also reflects: i) Ideal Standard's
significant potential to enhance margins through cost reduction,
particularly through plant closure and staff reductions; ii) its
geographic diversification within Europe; iii) its range of
reasonably strong international brands; and iv) its strong
liquidity position.  The (P)Caa1 instrument rating reflects the
fact that the bond represents almost all of the company's external
debt," Ms. Savkin adds.

The recent recession has had an adverse impact on the home
improvement and residential and commercial construction markets.
The market for bathroom fixtures, fittings and furniture was also
affected, such that Ideal Standard's sales dropped from EUR957
million in 2008 to EUR737 million in 2009, a decline of 23%.
While the decline in these markets appears to have bottomed out, a
robust recovery is not assured.

The company's prospects depend largely on its ability to execute
successfully an ambitious restructuring plan intended to tackle
both the excess manufacturing capacity and the high overhead costs
that left the company vulnerable to the economic downturn.
Moody's believes that the company is likely to achieve its near-
term objectives of closing facilities in France and the UK, but
that the longer-term objective of further rationalizing excess
capacity and reducing overheads may prove more challenging.

Ideal Standard has a number of brands that are less well known and
so offer it little in the way of pricing power or margin
protection.  As a result, it plans to rationalize its portfolio of
more than 20 brands to focus on the six that collectively
represent more than 75% of its revenues.  In response to the
changing dynamics of its marketplace, the company also plans to
quicken the pace of product innovation; in 2010, only 15% of sales
came from products introduced in the last three years, the company
expects about 30% of sales to come from such products in the long
term.  While essential, the rationalization of the product
portfolio will, in Moody's view, stretch the resources of the
company as it undertakes a complex restructuring.

As raw materials accounted for about 41% of cost of sales in 2010,
Ideal Standard is exposed to the risk of increases in the prices
of raw materials, including copper, zinc, brass components,
chromium, clay, and methyl methacrylate (MMA) as well as fuel; in
2010, approximately EUR40m or 7% of cost of sales related to
brass, copper and zinc and EUR8 million, or 1.4%, related to MMA.
Indeed, the prices of these commodities have already increased
dramatically in the last few years.  The company's ability to
hedge itself against such price increases is limited and, given
the difficult operating environment and its efforts to reposition
its brands, Ideal Standard's ability to pass on such price
increases to its customers is not assured.

More positively, Moody's notes that the successful execution of
its restructuring plan should have a very positive impact on Ideal
Standard's credit metrics.  The rating agency expects the company
to achieve its targets for 2011, even if its sales are relatively
flat and its margins suffer from some commodity price increases.
As a result, the rating agency expects the company's gross
leverage (debt/adjusted EBITDA, as measured by the company) to
decline somewhat from the 2010 pro-forma level of c.5x.

Lending additional strength to the ratings is Ideal Standard's
geographic diversification.  Although sales are concentrated in
Europe, they are divided between several major markets, namely the
UK, Italy and Germany, which together represent 57% of 2010
revenues.  Ideal Standard also serves markets in France and Greece
and has established a presence in emerging markets, principally
Eastern Europe and the Middle East.  Collectively, these smaller
markets account for about a quarter of sales.

Although the company is looking to eliminate some of its brands
and reposition the remainder, it nonetheless has several that
enjoy international recognition and so lend stability to its cash
flows and support its ratings.  In response to the changing
dynamics of its marketplace, the company also plans to quicken the
pace of product innovation; in 2010, only 15% of sales came from
products introduced in the last three years.  While success is not
assured, it is important if the company is to maintain revenue
growth in a difficult market environment and protect margins
against rising commodity prices.

At the end of 2010, balance sheet cash stood at EUR75 million.
After repaying the senior bank debt, Ideal Standard will retain an
additional EUR59 million in cash, for a total of EUR134 million.
In addition, the transaction will provide the company with a
committed revolving credit facility of EUR15 million.  This should
be sufficient to fund the company over the near term.

The ratings have been assigned on a provisional basis as they are
conditional on the successful completion of the refinancing
transaction.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction only.  Upon a
conclusive review of the final documentation, Moody's will
endeavour to assign a definitive rating to the notes.  A
definitive rating may differ from a provisional rating.

The stable rating outlook reflects Moody's expectation that the
economic recovery will continue, albeit slowly; that Ideal
Standard may experience cost increases that it will find difficult
to pass on to its customers; and that the company will be largely
successful in implementing the near-term goals of its
restructuring plans.

Upward pressure on the rating could occur if free cash flow (post-
restructuring charges) turns positive.  Conversely, downward
pressure on the rating or outlook could occur if concerns were to
develop about the company's liquidity profile and/ or the
implementation of the restructuring plan.

The principal methodology used in rating Ideal Standard
International Holdings S.a.r.l. and Ideal Standard International
S.A. was the Global Consumer Durables Industry Methodology,
published October 2010.  Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.

Headquartered in Belgium, Ideal Standard is a manufacturer of
bathroom fixtures, fittings and furniture, including ceramic
fixtures (sinks, toilets), brass fittings (taps), acrylic fixtures
(spa and whirlpool tubs) and furniture (towel racks, toilet
seats).  Revenues in 2010 were EUR753 million.

IDEAL STANDARD: Fitch Assigns 'B-' Long-Term Issuer Default Rating
Fitch Ratings has assigned Ideal Standard International SA (Ideal
Standard International) a Long-term Issuer Default Rating (IDR) of
'B-', with a Stable Outlook, and a Short-term IDR of 'B'.  Fitch
has also assigned Ideal Standard International's prospective
EUR250 million senior secured notes an expected rating of
'B+(exp)' and Recovery Rating of 'RR2(exp)'.  The 'B-' IDR is
subject to the prospective senior secured notes issue and could be
revised in case of the issue not being completed.  The final
rating is contingent on the receipt of final documents conforming
to information already received.

Ideal Standard International's Long-term IDR reflects its position
as one of the market leaders in Europe in the bathroom products
sector, with number one or two positions in a number of
geographical markets in the ceramic and fitting segments.  In
addition, Fitch notes that the group owns a comprehensive
portfolio of well-known brands covering a wide spectrum of market
segments from entry-level to luxury products.

The Stable Outlook reflects the current mild market recovery which
should support the operating performance, as well as the success
of the operational restructuring measures undertaken since the
beginning of 2010.

The debt refinancing, together with the novation of part of the
current debt are expected to materially improve the group's
liquidity, providing cash to fund the core of the planned
operational restructuring.  While the company is not expected to
be able to generate positive free cash flow in the medium term,
Fitch considers the liquidity that will be provided through the
refinancing adequate to finance the plan.  A rating upgrade could
result from a significant improvement in profit margins, combined
with the ability to generate positive free cash flow on a
sustainable basis.

The rating also reflects a slightly more positive market outlook
for the next 12-18 months.  Having sharply declined over 2007-
2010, the market has been stabilizing and is expected to slowly
recover in 2011 and 2012.  However, the rating also factors in the
subdued growth prospects, as the company's core geographical
markets in Western Europe are mature, while the group's presence
in emerging markets (namely Russia and Eastern Europe) is limited.
In addition, the agency notes that the market remains highly
fragmented and the level of competition is high.  The agency's
analysis considered a number of possible risks, including the risk
of selling price pressure, potentially combined with raw material
cost inflation.

Fitch recognizes that the planned restructuring measures adopted
by the group, including the elimination of excess capacity, will
support an improvement in profitability in the next three years.
Nevertheless, the rating takes into account the execution risk
entailed in the operational restructuring plan.  While some
measures were successfully implemented in 2010, part of the plan,
in particular the planned closure of the France plant in
2011/2012, remains subject to possible delays, cost overruns or
lower final savings compared to the group's forecast.  This could
put some pressure on the group's credit metrics and its ability to
generate positive cash flows in the near term.

Fitch considers the company's financial flexibility to be limited
in the short term due to the high amount of projected
restructuring costs.  Fitch expects the company to have a high
gross leverage ratio when taking in account EBITDA after
restructuring costs (11.0x in FY10 on a pro-forma basis).  However
the agency expects it to reduce to a more sustainable level
(around 4.0x) from FY13, i.e. once the heavy planned restructuring
costs start to have a positive impact on profitability.

The senior secured bond's expected 'RR2(exp)' rating reflects high
recovery expectations (71%-90%) in the event of default.  The
senior secured notes will rank below only a small amount of super
senior UK pension liabilities and a small amount of super senior
revolving credit facility (EUR15M available).  It will benefit
from guarantees from the majority of the company's operating
subsidiaries.  In addition, the notes will be secured against the
majority of the group's assets.  Some of the UK pension
liabilities rank super senior to all the company's debt, while the
majority is unsecured. Fitch considers that the super-senior
amount is small enough not to affect the recovery of the notes.


KREMIKOVTZI AD: Fibank Extends EUR59 Million Loan to Eltrade
The Sofia Echo reports that Bulgaria's First Investment Bank has
provided a EUR59 million loan to Eltrade Company, the firm which
won the tender for the production assets of insolvent steel mill
Kremikovtzi on April 12, 2011, the bank said.

"First Investment Bank considers this is an ordinary commercial
transaction, which will contribute to the recovery of economic
activity in Sofia," the bank said in a statement on April 13,
according to The Sofia Echo.

According to the Sofia Echo, the lender sees no risk of default as
the company has already entered into preliminary agreements to
sell part of the steel maker's non-operational assets.  Eltrade
declined to comment on its plans about Kremikovtzi, but Fibank
said that part of the production at the plant could be resumed,
The Sofia Echo notes.

As reported in the Troubled Company Reporter-Europe on April 14,
2011, Bloomberg News said 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,
said the mill was sold to Eltrade Company EOOD.  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,
Bloomberg 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

PUBLIC TV: Commences Bankruptcy Proceedings; Owes CZK134 Million
The Prague Post, citing HN, reports that Public TV started
bankruptcy proceedings on April 8.

According to The Prague Post, the company, which owes a total of
CZK134 million, is asking to be declared bankrupt.  Half of the
money owed is for signal transmission, but the channel continues
to broadcast, The Prague Post notes.

Public TV is a small digital station.

SAZKA AS: Creditors Ask for Immediate Redemption of CZK8.3BB Bonds
Lenka Ponikelska at Bloomberg News, citing Hospodarske Noviny,
reports that KKCG, PPF and other creditors of Sazka AS asked for
an immediate redemption of the lottery company's bonds worth
CZK8.3 billion (US$496 million).

According to Bloomberg, the newspaper said that the move is an
effort to convince CSTV to stop backing Sazka's chief executive
officer Ales Husak and a bid from a rival investor Penta
Investments, which wants to enter the company.

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
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.  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.


BALTIC PROPERTY: Owner's Real Estate Empire Bankrupt
Toomas Hobemagi at Baltic Business News, citing Aripaev, reports
that Estonian real estate businessman Kristjan-Thor Vahi who has
left behind a bankrupt real estate empire that now owes EEK100

According to BBN, since the companies have no assets, the
bankruptcy trustee has filed an application to start criminal
proceedings against Mr. Vahi and his business partner Marek
Partel.  Both men deny any wrongdoing, but it seems that the
assets that were moved out of their companies were acquired by
businesses owned by Messrs. Vahi and Partel themselves, BBN notes.

One of such companies that is now bankrupt is OU Baltic Property
Fund that developed real estate in Ukraine, Sofia and Croatia, to
say nothing of prominent real estate developments in Tallinn, BBN


ALBA GROUP: Moody's Assigns 'B1' Corporate Family Rating
Moody's Investors Service has assigned a first-time corporate
family rating (CFR) and probability of default rating (PDR) of B1
to ALBA Group plc & Co. KG.  Concurrently, Moody's has assigned a
provisional (P)B3 senior unsecured rating to the company's
proposed EUR200 million senior notes due in 2018, with a loss
given default assessment of LGD5.  The outlook on all ratings is

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody'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 Notes.  A definitive rating may differ
from a provisional rating.

                        Ratings Rationale

The B1 CFR recognizes ALBA Group's long track record of operations
and well-established position as a leading regional waste and
recycling operator in Germany.  The rating also reflects the
group's diverse operations across the whole value chain of waste
management and recycling activities, which limits its reliance on
any particular market or business line.  At the same time, the
rating reflects the competitive nature of the markets in which
ALBA Group operates, its limited scale and the group's high
financial leverage (initially calculated by Moody's at around 4.6x
on a debt/EBITDA basis, although expected to decrease as required
by bank covenants).  The group's credit quality is further
constrained by the ALBA Group's structurally low margin, in
particular in the case of the low value added steel and metals
trading business, as well as the cyclicality of its key markets.

Moody's expects that ALBA Group's operating cash flows will
continue to be underpinned by long-term contracts with
municipalities and a good track record of co-operation with
industrial customers on a short-term contract basis.  Whilst ALBA
Group benefits from a well-developed infrastructure network and
long-standing relationships with its suppliers and customers,
Moody's believes that the waste and raw materials trading markets
do not have any significant barriers to entry and thus the group
has limited pricing power.  The rating agency notes that these
markets have improved since the onset of the financial crisis,
although the current prospects for the waste market in Germany,
and Europe overall, remain somewhat subdued given the
macroeconomic slowdown.

ALBA Group is currently in the process of a reorganization and
aims to conclude a Domination and Profit and Loss Transfer
Agreement with Interseroh SE, a company currently 75.003% owned by
ALBA Group (with the remainder in free float). Moody's understands
that given that it has more than 75% of the voting rights, ALBA
Group will be able to approve the agreement at the general meeting
scheduled for May 17, 2011, although the completion of the
reorganization may be delayed.  As long as this process is pending
finalization and subject to a number of steps -- including a
possible court decision in the event that the minority
shareholders contest the agreement -- Interseroh and its
subsidiaries will not be a part of the restricted group and the
company will not be required to distribute all its profits to ALBA
Group.  Moody's believes that the probability that the DPLTA may
not be executed is fairly small.  In any case, the rating agency
has considered that the assigned ratings could be maintained in
the event this process is not executed as currently envisaged by

In Moody's view, ALBA Group's current liquidity is sufficient to
support its business operations.  However, the rating agency notes
that the group remains exposed to working capital fluctuations,
particularly associated with its trading activities. The group's
liquidity is supported by a EUR100 million undrawn revolving
credit facility (RCF) maturing in 2013.  Moody's notes that this
amount is available in equal parts to ALBA Group and Interseroh
and that ALBA Group intends to take the necessary corporate
measures to roll in the Interseroh's facility into ALBA Group's
facilities upon completion of the reorganization process.
Amortization of the term loans is limited, although the rating
agency notes that covenant headroom may tighten over time.

The current stable outlook reflects Moody's view that (i) ALBA
Group's capital structure is reasonably resilient to downside
sensitivities; (ii) the group should generate sufficient free cash
flows to support its debt service, and (iii) the group will
maintain an adequate liquidity profile.  Upward pressure on the
rating would require ALBA Group to (i) achieve a solid cash flow
generation on a sustainable basis, so that leverage were to trend
consistently below 3.0x (Moody's adjusted); and (ii) demonstrate a
record of managing working capital needs of the consolidated
group.  Conversely, downward rating pressure could develop if (i)
the group were unable to demonstrate a trajectory of de-leveraging
below 4.5x on a debt/EBITDA basis (Moody's adjusted) in the short
term; and (ii) liquidity concerns were to arise.

The (P)B3 rating assigned to the Notes reflects that they will
rank pari passu with the senior secured facilities (term loans and
RCF) but they will not benefit from the same security package. The
Notes will initially have the benefit of guarantees from parent
companies as well as from certain subsidiaries of ALBA Group,
excluding Interseroh and its subsidiaries.  For the fiscal year
ended (FYE) 31 December 2010, these represented 87% of total
assets (80% of total revenue or 130% of total EBITDA).  Upon
completion of the reorganization, as Interseroh becomes part of
the restricted group, the Notes will also benefit from guarantees
from Interseroh and certain subsidiaries of the company.
Consequently, and based on the 2010 year-end financial
information, the company and the guarantors will represent 87% of
total assets (74% of total revenue or 99% of total EBITDA).
Proceeds of the Notes issuance will be used to refinance a portion
of the existing debt within the ALBA Group.

This is the first time that Moody's has assigned ratings to ALBA

ALBA Group's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside ALBA Group's core industry
and believes ALBA Group's ratings are comparable to those of other
issuers with similar credit risk.  Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

ALBA Group plc & Co. KG, headquartered in Berlin, is a holding
company for a group focused on waste management, recycling and
environmental services.  ALBA Group currently owns a 75.003% share
in the capital stock of Interseroh SE, a Cologne-based recycling
and raw materials trading company, with the remaining 24.997%
being publicly held.  Axel and Eric Schweitzer, the sons of ALBA
Group's founder, each indirectly own 50% of the capital of ALBA
Group.  The group reported consolidated revenues of EUR2.7 billion
for FYE Dec. 31, 2010.


DANAOS CORPORATION: Incurs US$102.34 Million Net Loss in 2010
Danaos Corporation filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F reporting a net loss of
US$102.34 million on US$359.67 million of operating revenue for
the year ended Dec. 31, 2010, compared with net income of
US$36.09 million on US$319.51 million of operating revenue during
the prior year.

The Company's balance sheet at Dec. 31, 2010 showed
US$3.48 billion in total assets, US$3.09 billion in total
liabilities, and US$392.41 million in total stockholders' equity.

As reported in the Troubled Company Reporter on June 22, 2010,
PricewaterhouseCoopers S.A., in Athens, Greece, expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended Dec. 31, 2009.  The Company noted of the
Company's inability to comply with financial covenants under
its current debt agreements as of December 31, 2009, and its
negative working capital deficit.

PricewaterhouseCoopers S.A.'s report regarding the 2010 financial
results did not contain a substantial doubt about the Company's
ability to continue as a going concern.

A full-text copy of the annual report on Form 20-F is available
for free at

                     About Danaos Corporation

Headquartered in Piraeus, Greece, Danaos Corporation (NYSE: DAC)
-- is an international owner of
containerships, chartering its vessels to many of the world's
largest liner companies.  The Company operates through a number of
subsidiaries incorporated in Liberia and Cyprus.  As of May 31,
2010, the Company had a fleet of 45 containerships aggregating
193,629 TEUs, making the Company among the largest containership
charter owners in the world, based on total TEU capacity.


EURO ATLANTIS: S&P Raises Rating on Class D Notes Rating to 'BB+'
Standard & Poor's Ratings Services raised its credit ratings on
Euro Atlantis CLO Ltd.'s class A, B, C, and D notes due to
improved portfolio credit quality and, for classes A to C, an
increase in credit enhancement.

"Since our last rating action in December 2009, we have observed
an improvement in the credit quality of the underlying portfolio,
which comprises loans to primarily speculative-grade corporate
obligors," S&P said.

"Our analysis indicates that the number of loans rated in the
'CCC' category has decreased.  Currently, 9.05% of the portfolio's
performing balance is rated in this category versus 16.26% in
December 2009," S&P noted.

S&P continued, "Overall, this has led to an improvement in our
scenario default rate (SDR) assumptions for each class of notes,
thereby lowering our expectation of portfolio losses at each
rating level."

"At the same time, we have also observed an increase in the credit
enhancement available to the class A to C notes, largely due to
the amortization of the senior class A notes.  We have therefore
raised our ratings on the class A, B, and C notes." S&P said

"For the class D notes, our analysis indicates a fall in SDRs
since we last took rating action, such that the class D breakeven
default rate (BDR) now supports SDRs at the 'BB+' rating level.
We have therefore raised our rating on the class D notes to 'BB+
(sf)' from 'BB- (sf)'," according to S&P.

Euro Atlantis CLO is a static cash flow collateralized loan
obligation transaction that closed in June 2008.  Pramerica
Investment Management acts as servicer to the transaction.

Ratings List

Class              Rating
            To               From

Euro Atlantis CLO Ltd.
EUR241.5 Million Floating-Rate and Subordinated Notes

Ratings Raised

A           AA- (sf)         A (sf)
B           A (sf)           BBB+ (sf)
C           BBB (sf)         BB+ (sf)
D           BB+ (sf)         BB- (sf)

QUINN INSURANCE: Liberty Mutual Confirmed as Preferred Bidder
The Irish Times reports that a joint venture of US insurer Liberty
Mutual and state-owned Anglo Irish Bank has been confirmed as the
preferred bidder for the general insurance business of Quinn
Insurance Ltd (QIL).

The Irish Times notes that while the deal has yet to be finalized
and the contracts of sale have yet to be signed, it is envisaged
that there will no job losses in either the Republic or Northern
Ireland as a result of the sales process.

All 1,570 employees are to transfer to the new commercial entity,
The Irish Times says.  According to The Irish Times, while it is
proposed that Quinn Insurance's offices in Navan and Manchester
would close, the 100 staff in Navan will be offered positions at
Cavan or Blanchardstown.  Approximately 30 staff in Manchester are
to be offered redundancy, The Irish Times discloses.

The Irish Times says if successful, the bid would see Liberty
Mutual, the fifth largest insurer in the US, take complete
responsibility for the operation of the new business.  Joint
administrators Michael McAteer and Paul McCann said Anglo Irish
Bank would have no involvement in the day-to-day operation of the
new company, but would act in a loan recovery capacity, The Irish
Times relates.

According to The Irish Times, the Central Bank said the
announcement does not affect policyholders of QIL, Quinn
Healthcare or Quinn Life Direct.  The administrators, as cited by
The Irish Times, said QIL will continue to offer quotes and
renewals as normal.

The details of the deal are expected to be finalized within the
next four to six weeks, while completion will take a further 12 to
14 weeks, The Irish Times discloses.  The bid is subject to
approval from the relevant authorities, The Irish Times states.

                      About Quinn Insurance

Quinn Insurance is owned by Sean Quinn, Ireland's richest man, and
his family.  The company has more than 20% of the motor and health
insurance market in Ireland.  Employing almost 2,800 people in
Britain and Ireland, it was founded in 1996 and entered the UK
market in 2004.

As reported by the Troubled Company Reporter-Europe, The Irish
Times said the Financial Regulator put Quinn Insurance into
administration in March 2010 after his office discovered
guarantees had been provided by the insurer's subsidiaries as far
back as 2005 on Quinn Group debts of more than EUR1.2 billion.
The regulator said the guarantees reduced the amount the firm had
in reserve to protect policyholders against possible claims,
putting 1.3 million customers at risk, according to The Irish

TBS INTERNATIONAL: Amended Credit Pact Kept Confidential
TBS International plc submitted an application under Rule 24b-2
requesting confidential treatment for information it excluded from
the Exhibits to a Form 8-K filed on Jan. 31, 2011, as amended on
March 23, 2011 and April 8, 2011.  Based on representations by TBS
International plc that this information qualifies as confidential
commercial or financial information under the Freedom of
Information Act, 5 U.S.C. 552(b)(4), the Division of Corporation
Finance has determined not to publicly disclose it.  Accordingly,
excluded information from the Second Amended and Restated Credit
Agreement among Albemarle Maritime Corp., et al., and the Company
will not be released to the public until June 30, 2014.

                    About TBS International plc

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

The Company reported a net loss of US$247.76 million on US$411.83
million of total revenue for the year ended Dec. 31, 2010,
compared with a net loss of US$67.04 million on US$302.51 million
of total revenue during the prior year.

The Company's balance sheet at Dec. 31, 2010, showed US$686.32
million in total assets, US$389.45 million in total liabilities
and US$296.87 million in total stockholders' equity.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under the
agreements would make the debt callable.  According to PwC, this
has created uncertainty regarding the Company's ability to fulfill
its financial commitments as they become due.

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal Bank
of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising the
financial covenants, including covenants related to the Company's
consolidated leverage ratio, consolidated interest coverage ratio
and minimum cash balance, and modifying other terms of the Credit

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

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


GCL HOLDINGS: Moody's Assigns B2/(P)Caa1 Ratings; Stable Outlook
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) and probability of default rating (PDR) to GCL
Holdings, holding company of Guala Closures S.p.A.  Concurrently,
Moody's has assigned a provisional (P)Caa1 (loss-given default
LGD5 -- 84%) rating to the group's proposed issuance of EUR200
million worth of senior unsecured bond.  The outlook on the
ratings is stable.  This is the first time Moody's has assigned
ratings to Guala Closures.

Moody's issues provisional ratings in advance of the final sale of
securities and these ratings reflect Moody'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 notes. A definitive rating may differ
from a provisional rating.

                        Ratings Rationale

"The B2 CFR assigned to Guala reflects its relatively small size
overall in relation to its much larger and consolidated customer
base, as well as its weak credit metrics, which are nevertheless
mitigated by Moody's expectation that the group will gradually de-
leverage and maintain a conservative financial profile," says
Paolo Leschiutta, a Moody's Senior Analyst -- Vice President and
lead analyst for Guala.

"However, more positively, the B2 rating also reflects: (i) the
sound business profile of the group thanks to its market-leading
position in safety closures for the spirits industry; (ii) the
growing potential offered by the increasing penetration of safety
closures in emerging markets; and (iii) the group's relatively
stable operating performances despite its exposure to raw material
prices," adds Mr. Leschiutta.  All in all Moody's sees Guala's
rating as strongly positioned in its rating category and a track
record of sustained profitability and positive free cash flow that
had to lead to a gradual reduction in financial leverage might
result in positive pressure on the rating overtime.

Guala enjoys a market-leading position in the growing segment for
safety closures, which are used to prevent spirits bottles being
refilled in order to avoid the sale of counterfeit products and
also offer evidence of tampering. Safety closures represented
around 55% of group revenues as at fiscal year ended (FYE)
December 2010.  Given the technology involved and the patent
protection on most of Guala's products, Moody's views safety
closures as value-added.

In addition, the rating agency recognizes that Guala enjoys a
degree of recurring revenues, given that (i) the group's safety
closure division benefits from long-term contracts; and (ii)
closures are incorporated into the design of spirits bottles and,
in turn, into the marketing campaigns of the spirits brands.  As
well as this, involving key customers in the launch of new
closures provides for a further degree of customer loyalty.
Furthermore, Guala benefits from long-lasting relationships with
most of its customers and the reliability of its products is well
known.  Along with safety closures, the group also produces
standard closures for spirits and wine screw caps, which Moody's
sees as more commoditized products, although standard closures
provide an entry point for potentially upselling customers to
safety closures.

However, Guala's operating profitability is exposed to a highly
concentrated customer base and to the volatility of raw material
prices, particularly for aluminum and plastic.  Despite Guala's
key trends being somewhat distorted by the numerous acquisitions
it has made in the past, the group's historical operating
performances indicate a degree of resilience to raw material price
increases in recent years and its success in negotiating with key

Moody's would expect Guala's key credit metrics to remain in line
with a mid single-B rating. In particular, as at FYE December
(including the mezzanine debt at holding company level) 2010
Guala's financial leverage, measured as debt/EBITDA (adjusted for
operating leases), stood at 5.2x and EBIT interest coverage at
1.5x.  Although going forward Moody's would expect a gradual
improvement in credit metrics, this is not expected to be
significant.  Improvements are likely to result from a EUR15
million capital injection completed in March 2011 to finance
investment in a new facility in India and other machinery and
equipment, and the expectation that the company will continue to
generate stable operating performances and positive free cash
flow.  The company intends to use the proceeds from the bond issue
to repay the existing mezzanine debt and part of its senior bank
facility, which should also result in modest reduction in interest
payment given the high coupon (including a PIK component) on the
mezzanine debt.  Any significant improvements in credit metrics
might result in upward pressure on the rating.

The ratings are also supported by a satisfactory liquidity
profile, given Guala's modest refinancing needs over the short to
medium term and the availability under a EUR40 million revolving
credit facility.  Moody's notes that the existing revolver,
together with the remaining portion of bank facility, contain
financial covenants that limit the reliability of these lines.
The rating agency understands that, as part of these transaction,
covenants have been reset and currently offer satisfactory

The stable outlook on the ratings reflects Moody's expectation
that Guala will continue to grow while maintaining a conservative
financial policy and will gradually improve its key credit
metrics, benefitting from the growing penetration of safety
closures and wine caps.  Upward pressure on the rating could
result from the company's success in improving operating
profitability leading to a financial leverage well below 5x
together with an EBIT interest cover above 2x.  Conversely, a
rating downgrade could result from deteriorating operating
profitability preventing the company from improving key credit
metrics, that would result in financial leverage increasing
towards 6x or negative free cash flow would result in a rating
downgrade. The rating does not assume any large debt financed

                         Principal Methodology

The principal methodology used in rating GCL Holdings S.C.A. and
Guala Closures was the Global Packing Manufacturers: Metal, Glass,
and Plastic Containers Industry Methodology, published June 2009.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Guala is a one of the world largest producers of closures for the
spirits and wine industries, with market-leading positions in the
safety closures and wine screw-cap segments.  The company
generated revenues of around EUR371 million and EBITDA of EUR81
million (22% margin) in FYE December 2010.  Located in Italy,
Guala generates a significant proportion of its revenues in
Western European markets (41% of 2010 revenues by production

GUALA CLOSURES: S&P Assigns Prelim. 'B' Corporate Credit Rating
Standard & Poor's Ratings Services said it assigned its
preliminary 'B' long-term corporate credit rating to both Italian
bottle closures manufacturer Guala Closures SpA (Guala) and its
indirect parent GCL Holdings S.C.A. (GCL, or the group).  The
outlook is stable.

"In addition, we assigned our preliminary issue rating of 'CCC+'
and our preliminary recovery rating of '6' to the EUR200 million
senior unsecured notes to be issued by GCL.  We understand that
the group will use the proceeds of the notes largely to repay
existing debt," S&P related.

S&P continued, "The preliminary ratings are based on preliminary
information and are subject to the successful notes issuance; the
successful resetting of covenants under existing banking
facilities; and our satisfactory review of the final

"The preliminary ratings reflect our view of GCL's highly
leveraged financial profile, particularly its weak cash flow
measures, which are adversely affected by substantial cash tax
payments," said Standard & Poor's credit analyst Jebby Jacob.

"The ratings also reflect our view of the group's business risk
profile, which we assess as fair.  This takes into consideration
the current niche size of the global safety closures market,
Guala's limited end-market diversity, and its exposure to raw
materials price volatility," added Mr. Jacob.

"These risks are partly mitigated by Guala's leading market share
in the safety closures market, which we believe offers high growth
potential, especially in Asia and Eastern Europe.  Further support
for the ratings comes from Guala's longstanding relationship with
leading spirits and wine producers," S&P stated.

GCL has entered into a general commercial agreement to acquire a
70% stake in leading Polish safety closures manufacturer DGS S.A.
for approximately EUR55 million.  The group will finance the
acquisition with approximately EUR30 million equity and EUR25
million in proceeds from the notes issuance.

"For full-year 2010, we estimate that GCL's debt to EBITDA will
have improved to 5.8x, compared with 6.4x in the prior year, and
funds from operations (FFO) to debt of 7.8%, compared with 7.0% in
prior year.  We anticipate that the group's credit measures will
continue to improve in the next 18 months, benefitting from higher
margins, largely due to increased revenue contributions from the
emerging markets, and partly to the newly acquired Polish
business," S&P noted.

"We believe that GCL will be able to achieve adjusted FFO to debt
of about high single digits over the medium term and maintain
adjusted debt to EBITDA of 5x-6x over the near term.  We also
believe that current equity investors will be conservative,
focusing on improving the capital structure while undertaking
new small bolt-on acquisitions or growth capex," S&P said.

According to S&P, "Upside rating potential would depend on a
sustainable improvement in financial performance above our
guidelines for the current ratings, for example, a sustainable
adjusted FFO-to-debt ratio comfortably exceeding 10% and adjusted
debt to EBITDA of less than 5x."

"Downside risks to the rating would arise primarily from weaker
credit ratios than we anticipate.  This could result from, for
example, weak volume growth or input cost inflation," S&P added.


ASM INTERNATIONAL: S&P Upgrades Corp. Credit Rating to 'BB-'
Standard & Poor's Ratings Services said it had raised its long-
term corporate credit rating on Netherlands-based semiconductor
equipment manufacturer ASM International N.V. (ASMI) to 'BB-' from
'B+'.  The outlook is stable.

"At the same time, we affirmed our issue rating on the group's
outstanding EUR150 million convertible bond, due 2014, at 'BB-'
and lowered the recovery rating on these bonds to '3', indicating
meaningful (50%-70%) recovery in event of a default, from '2',"
S&P related.

"We raised the corporate credit rating primarily because of the
significantly improved profitability and cash flow generation at
ASMI's front-end operations in 2010, thanks to completion of its
restructuring program and solid demand prospects across the
semiconductor industry," said Standard & Poor's credit
analyst Matthias Raab.

The upgrade also reflects the group's better capitalization and
the strong operating performance and solid demand prospects of its
52%-owned Hong Kong subsidiary, ASM Pacific Technology Ltd.
(ASMPT; not rated).

In 2010, group revenues increased by 107% to EUR1.2 billion and
the operating margin before restructuring costs and impairments
improved to 28% from 6% a year earlier.

The rating on ASMI is constrained by the very cyclical and
competitive nature of the industry, substantial technology risks,
and the group's concentrated customer base.  In addition, it
reflects the relatively small scope of its front-end operations
and the only 52% ownership stake in ASMPT.

"These factors are offset by what we see as the group's sound
niche market positions, solid technological product portfolio, and
ASMPT's strong profitability and high market capitalization.  In
addition, we note that ASMI benefits from moderate revenue
diversity thanks to the slightly different activity cycles of
front- and back-end equipment markets," S&P related.

S&P noted, "The stable outlook reflects our expectation that ASMI
will maintain its currently solid capitalization and "adequate"
liquidity profile, which continue to be supported by the very
profitable back-end segment.  In addition, we expect operating
margins at ASMI's front-end segment to improve to about
15% in 2011 as a result of higher revenues and the full
realization of the cost benefits stemming from its restructuring
program, which was completed in 2010."

"Ratings upside appears unlikely at this stage, but could build
with further significant and sustainable profitability
improvements at the group's front-end operations, and maintenance
of a significant net financial cash position," said Mr. Raab.

Moreover, an upgrade would hinge on continued strong margins and
free cash flow generation at ASMPT.  "In addition, although not
expected at this stage, we could view an increase in the ownership
stake in ASMPT and the corresponding reduction of dividend leakage
as positive for the ratings," S&P said.


CAPE VERDE: Fitch Affirms 'B+' Long-Term Issuer Default Rating
Fitch Ratings has affirmed Cape Verde's Long-term foreign currency
Issuer Default Rating (IDR) at 'B+', and local currency IDR at
'BB-', both with Stable Outlooks.  The Country Ceiling is affirmed
at 'BB-', and the Short-term foreign currency IDR at 'B'.

The affirmation of the rating reflects Fitch's view that an
ongoing increase in public investment will benefit the economy
despite short term deterioration in the budget deficit and debt

The government is implementing an ambitious public investment
drive, financed largely by multilateral and bilateral external
borrowing and prioritizing infrastructure investments that will
remove bottlenecks to growth and improve competitiveness.

"Cape Verde's government indebtedness is forecast to surpass 80%
of GDP in 2012," says Arnaud Louis, Associate Director in Fitch's
Sovereign group.  "However, the fiscal deficit is forecast to
narrow significantly from 2012 as the public investment plan is
completed.  Beyond 2012, lower public spending and higher growth,
fostered by the public investment plan, should help reduce the
debt/GDP ratio.  The fiscal tightening should be confirmed in the
2011 budget, which will be presented to the national assembly in
the coming weeks."

Public investment increased by 37% and the government deficit
widened to 10.9% of GDP in 2010 from 6.3 % in 2009.  Government
debt reached 75% of GDP, from 68% in 2009, making Cape Verde one
of the most indebted among 'B'-rated sovereigns.  However, the
pressure on public finances remains largely contained due to a
high proportion of concessional borrowing.  External public debt
accounted for 53% of GDP; 90% of which is on concessional terms.
Interest payments accounted for 5.6% of government revenue in
2010, in line with the peer group median (6.3%).

Fitch believes that the public investment program should have
long-term benefits for the economy and, therefore, does not
currently pose a threat to Cape Verde's sovereign ratings.
However, the increase in government and external debt involves
some risk, putting the onus on sound management of the projects
and a strong payoff in terms of growth.

The timing of the spending boost is also motivated by Cape Verde's
graduation to middle income country status in 2008, which will
lead to the eventual loss of access to fully concessional
multilateral lending and a progressive rise in borrowing costs.

GDP growth increased to 5.6% in 2010 from 4.0% in 2009, sustained
by the public investment plan.  In 2011, foreign direct investment
(FDI) flows could increase as the public investment plan has
opened new business opportunities.  The tourist sector (19% of
GDP) could also benefit as visitors avoid North Africa.  Fitch
estimates that growth could gradually return to pre-crisis levels

The deterioration of economic prospects in Portugal, which is a
major economic and financial partner, poses some downside risk to
growth and financing flows.  However, Cape Verdean domestic banks,
including the first and the third-largest with significant
Portuguese bank ownership, do not rely on funding from the
Portuguese financial sector.  The bulk of banks' external
liabilities consists of deposits from the Cape Verdean diaspora,
which have proved stable in the past.  The monetary authorities
aim at keeping deposits attractive by maintaining a premium
between its policy rate and prevailing EU and US rates.  Fitch
also believes that the public investment plan has raised the
potential to diversify the economy away from Portugal.

A currency peg of the Cape Verdean escudo (CVE) to the euro,
supported by institutional arrangements with Portugal, coexists
with a structural current account deficit, focusing attention on
external financing needs.  In 2010, the current account deficit
reached 11.9% of GDP, compounded by the import component of the
investment plan.  In 2011, as the plan advances, the current
account deficit should decline slightly but remain above 10% of
GDP.  The deficit is mostly financed by project-related external
lending.  In the coming years, as concessional finance
availability declines, the current account deficit is likely to
decline further and the financing mix should shift more towards

Cape Verde maintains good relations with the US and EU and a close
dialogue with the IMF under a Policy Support Instrument (PSI)
arrangement.  A new 15-month PSI was agreed in November 2010.
This increases the likelihood of additional balance of payments
financing being readily available if needed.


MADRID RMBS: S&P Raises Rating on Class E Notes Rating to 'B'
Standard & Poor's Ratings Services raised its ratings on Madrid
RMBS IV Fondo de Titulizacion de Activos' class C, D, and E notes.
"At the same time, we affirmed and removed from CreditWatch
positive our rating on the class B notes.  Furthermore, the
ratings on the class A1 and A2 notes are unchanged following our
credit review, but these notes remain on CreditWatch negative for
counterparty reasons," S&P said.

The rating actions follow a loan-level and cash flow analysis of
the transaction's improved collateral performance.  "Our analysis
indicated an increase in the credit enhancement available to the
subordinated notes, which we believe is commensurate with higher
ratings," S&P noted.

"Collateral performance has improved since our last review.  The
level of defaulted loans in the portfolio has reduced to 5.92% in
January 2011 from 7.06% in January 2010.  The transaction
structure has an interest-deferral trigger system, which is based
on the current level of defaults net of recoveries.  The issuer
defers interest on the notes if loans in default (net of
recoveries) comprise more than 19.15% of the initial balance of
the mortgages for class B, 13.65% for class C, 9.60% for class D,
and 8.19% for class E.  Because the outstanding level of defaults
over the original balance is 5.92%, it is unlikely that the issuer
will defer interest on the class B, C, D, and E notes in the near-
future, in our opinion," S&P explained.

Madrid RMBS IV fully depleted the reserve fund on the May 2009
interest payment date, but restructured the transaction in July
2010 and increased the required reserve fund to EUR145,941,412
from EUR82,560,000.  Since August 2010, it has partially
replenished the fund, which now stands at 79.4% of its current
required level.  "As a consequence, credit enhancement for the
notes has increased since our last review.  Based on this, we have
concluded that the credit enhancement is high enough to raise our
ratings on the class C, D, and E notes," according to S&P.

"Because the collateral performance has stabilized and the cash
reserve has partially replenished, and after applying our cash
flow stresses to the outstanding capital structure, we have raised
our ratings on the class C, D, and E notes, and affirmed and
removed from CreditWatch positive our rating on the class B notes.
For counterparty reasons, we cannot upgrade the class B
notes at present," S&P noted.

"Following our credit analysis, our ratings on MADRID RMBS IV's
class A1 and A2 notes are also unchanged.  They are therefore no
longer on CreditWatch negative for credit reasons, but remain on
CreditWatch negative for counterparty reasons," S&P continued.

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

Madrid RMBS IV, which closed in December 2007, is backed by a
portfolio of residential mortgage loans secured over properties in
Spain.  Caja Madrid originated and services the loans.

Ratings List

Class                   Rating
             To                       From

Madrid RMBS IV Fondo de Titulizacion de Activos
EUR2.4 Billion Mortgage-Backed Floating-Rate Notes

Ratings Raised

C            BBB (sf)                 BB (sf)
D            BB (sf)                  B (sf)
E            B (sf)                   B- (sf)

Rating Affirmed and Removed From CreditWatch Positive

B            A- (sf)                  A- (sf)/Watch Pos

Ratings Unchanged and Remaining on CreditWatch Negative

A1           AA- (sf)/Watch Neg
A2           AA- (sf)/Watch Neg


SAAB AUTOMOBILE: Government Gets Proposal to Fix Liquidity Woes
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that Saab Automobile's attempts to solve its acute
liquidity crisis so that it can pay suppliers and restart
production, which now lie in the hands of the Swedish government.

Global Insolvency relates that Sweden's National Debt Office
Thursday received Saab's proposal to fix its immediate and mid-
term financial issues and forwarded it -- along with a
recommendation -- to the government to make a final decision.

According to Global Insolvency, Debt office governor Bo Lundgren
told reporters Thursday that the debt office didn't object to a
release of some of the collateral that Saab put up to secure state
guarantees to access EUR400 million (US$579.6 million) in European
Investment Bank loans, as long as the guarantees and the EIB loans
are reduced proportionately.  The debt office didn't want to give
any detail on its recommendation, nor did it wish to speculate on
when the government would reach a decision, Global Insolvency

Legal documents, which outline Saab Automobile's assets, in
March 2009 valued the company's buildings and grounds at SEK915
million (US$145 million), Global Insolvency discloses.

Spyker is in talks with Convers Group, a financial institution
controlled by Russian financier and former shareholder Vladimir
Antonov, for a possible sale and lease back of Saab Automobile's
property, according to Global Insolvency.  Mr. Antonov, who was
forced by General Motors Co. to withdraw as a Spyker shareholder
before the U.S. auto maker would sell Saab to Spyker last year,
has applied to the debt office to become an owner of Saab, Global
Insolvency recounts.  He has indicated that he would be willing to
invest EUR50 million in the troubled Swedish company, Global
Insolvency says.  Saab Automobile, urgently needs funds to pay its
suppliers so that it can resume production, which has been
interrupted in the past couple of weeks due to parts shortages as
suppliers that haven't been paid halted deliveries, Global
Insolvency states.

With an annual production of up to 126,000 cars, Saab's current
models include the 9-3 (available as a convertible or sport
sedan), the luxury 9-5 sedan (also available in a sport wagon),
and the seven-passenger 9-7X SUV.  As it prepared to separate from
General Motors, Saab filed for bankruptcy protection in February
2009.  A year later, in February 2010, GM sold Saab to Dutch
sports car maker Spyker Cars for about US$400 million in cash and


PRAVEX-BANK: Fitch Assigns Expected 'B+' Rating to Upcoming Bonds
Fitch Ratings has assigned Pravex-Bank's 12.5% fixed-rate UAH200
million series E and UAH300 million series F two-year senior
unsecured bonds an expected Long-term local currency rating of
'B+(exp)', a Recovery Rating of 'RR4' and an expected National
Long-term rating of 'AAA(ukr)(exp)'.

The final ratings are contingent upon receipt of final
documentation conforming to information already received.
Proceeds from the bonds will be used to increase the loan
portfolio by issuing loans to individuals and legal entities.

Pravex Bank is rated Long-term foreign currency Issuer Default
Rating (IDR) 'B', Long-term local currency IDR 'B+', Short-term
IDR 'B', Individual Rating 'E', Support Rating '4', and National
Long-term rating 'AAA(ukr)'.  The Outlooks on both the Long-term
IDR and National Long-term rating are Stable.

Fitch understands that the bank's obligations under the new issues
will rank at least equally with all its other unsecured and
unsubordinated creditors, except those preferred by relevant
Ukrainian legislation.  Under Ukrainian law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end-2010, retail depositors accounted for a high of 47% of the
bank's non-equity funding, according to the bank's statutory

According to the bonds' terms, the bondholders will have a right
to demand the early buyback by the bank of bonds series E and/or
series F if Intesa Sanpaolo ceases to control over 75% of Pravex-
Bank's voting stock.

The bank is a 100% subsidiary of Intesa Sanpaolo ('AA-'/Stable).
Pravex-Bank's Long-term IDR and Support Rating are driven by the
likelihood of support from its sole shareholder.  At end-2010,
Pravex Bank was the 34th-largest bank by assets in Ukraine and the
26th-largest by equity.

U N I T E D   K I N G D O M

BEIG TOPCO: S&P Assigns 'B+' Rating to GBP375MM Sr. Secured Loan
Standard & Poor's Ratings Services said it assigned its 'B+' issue
rating to the proposed GBP375 million senior secured Term Loan E
to be issued by BEIG Midco Ltd., a subsidiary of European frozen
foods group BEIG Topco Ltd. (BEIG; B+/Stable/--), in line with
the corporate credit rating on BEIG.  "The recovery rating on the
Term Loan E is '3', indicating our expectation of meaningful (50%-
70%) recovery in the event of a payment default," S&P stated.

"At the same time, we placed our 'BB-' issue rating on BEIG's
existing EUR1,317 million senior secured facilities on CreditWatch
with negative implications.  The '2' recovery rating on these
facilities is unchanged, reflecting our expectation of substantial
(70%-90%) recovery in the event of a payment default," S&P noted.


"The issue and recovery ratings on the new Term Loan E and the
CreditWatch placement on the existing senior facilities reflect
our view that the proposed Term Loan E issuance will materially
increase the amount of senior secured debt in BEIG's capital
structure.  We believe that this will reduce the recovery
prospects for this layer of the capital structure, with recovery
expectations falling below 70%," S&P stated.

S&P continued, "The CreditWatch placement on the existing senior
secured facilities also reflects our expectation that, on
successful amendment of the credit agreement and issuance of the
proposed Term Loan E, we would lower the issue rating on the
existing senior tranches to 'B+', in line with the corporate
credit rating on BEIG, and lower the recovery rating on the
tranches to '3', in line with the proposed term loan E."

                         Recovery Analysis

"We value BEIG on a going-concern basis, reflecting our view of
BEIG's leading position in the frozen foods market in Europe, its
strong brand awareness, and its cash generative and resilient
business model," S&P related.

The security package for the senior debt facilities (including the
proposed Term Loan E) includes share pledges as well as asset
security over guarantors' assets (such as bank accounts,
receivables, inventories, and intellectual property).  The
security package includes a share pledge over the BEIG's Italian
business (Findus Italy), along with security on the intercompany
loan from BEIG Midco to Findus Italy, although S&P understands
that Italian assets are not part of the collateral package.

The documentation requires that the BEIG maintains aggregate
EBITDA and gross assets of the guarantors in excess of 80% of the
consolidated EBITDA and gross assets of the group.  "It is our
understanding that the Italian business is specifically excluded
from this clause," S&P noted.

"We believe that a default would most likely result from excessive
leverage and BEIG's inability to refinance its capital structure
as a result of operating underperformance.  Under our simulated
default scenario, we project a default in 2014 at the maturity of
Term Loan B, with EBITDA having declined to about EUR200 million.
At the hypothetical point of default, we value the business at
about EUR1.3 billion.  After deducting EUR118 million of priority
claims (including enforcement costs and 50% of the pensions
deficit), this leaves EUR1.18 billion net enterprise value
available for senior secured creditors," S&P related.

S&P continued, "The estimated net enterprise value is sufficient
for meaningful (50%-70%) recovery of the senior secured
facilities, hence our recovery rating of '3' on this debt.  Our
recoveries assume EUR1.82 billion of outstanding debt under the
facilities, including a fully drawn revolver and six months'
prepetition interest added to the principal balance."


"We aim to resolve the CreditWatch placement on completion of the
proposed Term Loan E.  We would likely lower the issue rating on
the existing senior secured facilities if the amendment is
successful," S&P related.

Ratings List

New Rating

BEIG Midco Ltd.
Senior Secured Debt
  GBP375 mil. 4.625% Tranche E (proposed) B+
  bank ln due 04/30/2016
   Recovery Rating                        3

Ratings Affirmed; CreditWatch/Outlook Action
                                         To                 From
BEIG Midco Ltd.
Senior Secured Debt
  EUR1.13 bil. (including 500 million     BB-/Watch Neg      BB-
  Term Loan D) bank ln due 12/31/2015
  Recovery Rating                         2                  2

  GBP320.6 mil. bank ln due 12/31/2015     BB-/Watch Neg      BB-
  Recovery Rating                          2                  2

COVENTRY & RUGBY: S&P Lowers Rating on GBP407.2MM Bonds to 'BB+'
Standard & Poor's Ratings Services said it lowered its underlying
long-term rating to 'BB+' from 'BBB-' on the GBP407.2 million
senior secured bonds due 2040 issued by U.K.-based special-purpose
vehicle  The Coventry & Rugby Hospital Co. PLC (CRH).  The outlook
is stable.  "The recovery rating on the bonds is unchanged at '2',
reflecting our expectation of substantial (70%-90%) recovery in
the event of a default," S&P related.

The bonds retain an unconditional and irrevocable guarantee
provided by monoline insurer MBIA U.K. Insurance Ltd. (MBIA U.K.;
B/Negative/--) of payment of scheduled interest and principal.
Under Standard & Poor's criteria, a rating on monoline-insured
debt reflects the higher of the rating on the monoline and
Standard & Poor's underlying rating (SPUR).  In this case, the
rating on the bonds reflects the SPUR as it is higher than the
current rating on MBIA U.K.

"The downgrade principally reflects our view that the underlying
nature of CRH's financial profile is weaker than the reported
coverage ratios suggest," said Standard & Poor's credit analyst
Robin Burnett.  "CRH's forecast debt service coverage ratios in
its latest financial model show an average level of 1.19x and a
minimum of 1.16x over the life of the bonds."

"In our opinion, this masks an underlying reliance on interest
income, which is now higher than originally projected," added Mr.
Burnett.  "The same ratios are substantially different--1.02x
(minimum) and 1.08x (average)--when calculated in accordance with
our criteria, which excludes interest income," S&P noted.

The situation is exacerbated by a recent reprofiling of equipment
lifecycle expenditure in the latest update to the financial model.
The updated model contains significant spikes in expenditure every
six to seven years, compared with the much more even distribution
in earlier models.  S&P believes that these spikes may put
increased pressure on the project's liquidity during its years
of peak expenditure.

The project currently benefits from significant levels of
liquidity.  In large part, these levels of liquidity are
attributable to an initiative instigated voluntarily in 2010 to
ring-fence a portion of cash flow in order to build additional
reserves ahead of programmed periodic increases in lifecycle
expenditure.  "We understand that such additional reserves will be
used to help fund the peaks in expenditure," S&P related.

CRH used the bond proceeds to design, build, equip, and maintain
hospital facilities at Walsgrave, near Coventry in central
England, under a 40.2-year concession agreement with University
Hospitals Coventry and Warwickshire National Health Service Trust
(UHCW) and Coventry Teaching Primary Care Trust.  The latter's
obligation has been transferred to the Coventry and Warwickshire
Partnership Trust (CWPT).

"In our view, the project has ongoing stable operations, with
continued strong working relationships between UHCW, CWPT, CRH,
and the subcontractors, and continuing shareholder support for the
policy to ring-fence additional cash," according to S&P.

"We could lower the rating if the relationships between the
project's participants deteriorate materially, as evidenced by a
significant rise in service failure points or the issuance of
warning notices.  Downward pressure could also arise if the
project's financial profile comes under further pressure from an
escalation in costs; reduced income, such as materially lower
interest income than presently forecast; or a material shift in
the policy to ring-fence cash," S&P continued.

S&P further noted, "We could raise the rating if the project's
financial profile improves materially, such as through the
realization of significant reductions in costs or expenditures
that do not have a substantially negative bearing on service
provision or on the condition of the estate."

GALA CORAL: Fitch Affirms 'B' Long-Term Issuer Default Rating
Fitch Ratings has changed Gala Coral Group plc's (Gala Coral)
rating Outlook to Negative from Stable and affirmed its Long-term
Issuer Default Rating (IDR) at 'B'.

"The Outlook revision reflects the reduced headroom within the
current 'B' IDR and Fitch's view that execution risks at Gala
Coral have increased," says Giulio Lombardi, Senior Director in
Fitch's European Retail, Leisure, and Consumer Products team.
"This follows a weaker than anticipated performance during FY10
(to September 2010) and the first part of FY11 and the expectation
that lease-adjusted net debt to operating EBITDAR will remain at
or above 6.0x until FY12 against a previous expectation of gradual
deleveraging towards 5.5x."

Following the debt restructuring in June 2010, the former
mezzanine debtholders who became shareholders of the company have
appointed a new CEO and Chairman.  The two have been given a
mandate to relaunch the company's underperforming internet
offering, enhance the competitiveness of the weak casino
operations, as well as to continue driving the recovery of the
bingo business and maintain the competitive strength of the Coral
betting shops chain.  This includes returning capex to more normal
levels, granting more incentives to management and partially
reshaping the organization, emphasizing the need for focus within
each division and acknowledging the limited scope for synergies
across operations.

However, Fitch notes that the company lost the Managing Director
of its Coral unit last summer and consolidated EBITDA in FY10 fell
by 8.5% despite GBP5 million of benefits from the Football World
Cup.  In addition, EBITDA experienced a further drop in H111.
Fitch believes that profits have suffered due to over-stretched
resources, associated with the need to manage a variety of
businesses in a highly competitive environment.

Mitigating these concerns is the number of projects that the new
CEO has already tested with encouraging results and the possible
upside in terms of additional gross win and EBITDA from their
realization.  Additionally, the hiring process for a new MD at
Coral is at an advanced stage.

Despite the expectation of now higher capex and a downward
revision of EBITDA and consequently free cash flow (FCF)
forecasted over FY11-FY14, Fitch still forecasts mildly positive
FCF of between GBP40 million and GBP60 million over FY11-FY13,
potentially back to over GBP100 million p.a. thereafter.  There is
also scope for some reduction in net leverage, potentially
enabling lease-adjusted net debt (including GBP334 million of
Propco debt)/operating EBITDAR to reach a level close to 5.0x by
FYE14 (FYE10: 6.0x).

Fitch believes that the company is moving towards an
organizational structure that could make a break-up scenario more
achievable and act as a means for the new shareholders to enhance
the return from their investment.

Fitch has therefore also analyzed scenarios whereby either one or
more of the casino, bingo and Italian businesses are sold off
(under the assumption of fairly conservative mid single digit
EBITDA multiple valuations) and has concluded that these outcomes
would be broadly neutral for the current 'B' IDR.  Although those
disposals would carry limited benefits to the company's leverage
and free cash flow generation, the reduction of gross debt and
higher focus of management resources on fewer businesses would
compensate for the smaller size of the company.

Failure to sustainably turn around the bingo and casino units or a
loss of focus on Coral, leading to an impairment of competitive
strength of this core division, could result in a downgrade.  In
terms of financial metrics that could lead to a downgrade, Fitch
would monitor the development of the company's EBITDA, FCF,
leverage and FFO interest cover.  In this respect, a downgrade
would be triggered by a further drop of group EBITDA below the
GBP250 million mark, resulting in FCF falling close to zero; FFO
Interest coverage under 1.5x, net lease-adjusted debt / operating
EBITDAR remaining above 6.0x beyond FYE12.

A stabilization of the Outlook could result from management's
ability to curtail the recent history of declining profit and
EBITDA returning to close to GBP300 million.  Additionally, Fitch
would expect FCF to remain at a level sufficient to enable a
process of moderate de-leveraging.

IDEAL SHOPFITTERS: In Administration; 70 Jobs Affected
Rutland & Stamford Mercury reports that Ideal Shopfitters has gone
into administration with the loss of 70 jobs.

Rutland & Stamford Mercury relates that FRP Advisory were
appointed the administrators for Ideal Shopfitters.

According to Rutland & Stamford Mercury, Nathan Jones, of FRP
Advisory said: "The retail sector has been hit by a drop in trade
following the recession, along with a poor performance during
Christmas and the subsequent increase in VAT.

"All of these factors have led to retailers tightening their
belts, which has directly affected the cashflow of Ideal

"Despite its excellent reputation for high standards and quality
customer service, unfortunately the financial performance of the
company and subsequent loss of orders meant that it did not
represent a viable purchase as a going-concern."

"We are now liaising closely with the management team and local
job centre to process redundancy claims and to advise staff on
their next steps in finding work," Rutland & Stamford Mercury
quotes Mr. Jones as saying.  "We are now focused on selling the
company's goodwill and assets."

Ideal Shopfitters is a shop fitting firm at the Woolfox Depot on
the A1.

ITV PLC: Moody's Upgrades Corporate Family Rating to 'Ba2'
Moody's Investors Service has upgraded ITV Plc's corporate family
rating (CFR), probability-of-default rating (PDR) and senior
unsecured ratings to Ba2 (from Ba3).  The outlook on all ratings
is stable.

                         Ratings Rationale

"Moody's decision to upgrade the CFR to Ba2 with a stable outlook
is based on: (i) ITV's strong operating performance in 2010; (ii)
the significant improvement in its credit metrics; and (iii) the
company's solid liquidity profile," says Gunjan Dixit, Moody's
lead analyst for ITV.

In 2010, ITV outperformed the UK television advertising market by
1% and its net advertising revenues ('NAR') experienced growth of
16% over 2009.  The strong recovery in the advertising market as
well as ITV's continued focus on cost control helped the company
to double its EBITA (before exceptional items) during the year to
GBP408 million.  Supported by its significant cash balance at the
end of December 2010, the company was able to significantly reduce
its net debt, to GBP188 million at the end of 2010 (from GBP612
million as of 31 December 2009).  ITV also reduced its IAS 19
pension deficit, to GBP313 million (from GBP436 million in
December 2009).  This led to an improvement in the company's ratio
for net adjusted debt/ EBITDAR (as calculated by Moody's) to 1.4x
as of 31 December 2010 from 4.7x at the end of 2009.  The Gross
Debt/ EBITDA (as calculated by Moody's) also improved to 3.5x at
the end of 2010.

"While ITV's strong credit metrics alone may merit a higher credit
rating, Moody's Ba2 CFR cautiously takes into account: (i) ITV's
considerable exposure to the cyclical nature of TV advertising
spending; (ii) the company's high operating leverage; (iii) the
significant execution risks associated with the implementation of
its five-year transformational plan; and (iv) its inefficient
balance sheet at the end of 2010," adds Ms Dixit.

ITV expects its NAR to have increased by 12% in Q1 2011 and to
grow by 8% to 12% in April 2011. However, going forward,
comparatives are likely to become increasingly tough and Moody's
notes ITV's cautious outlook for the rest of 2011.  The rating
agency also notes that ITV will declare dividends with its H1 2011
results.  Given the highly cyclical nature of ITV's business and
the company's medium-term strategic objectives, Moody's would
expect the company to adopt a relatively conservative stance
towards dividend payments.  In addition, the rating agency would
expect ITV to dedicate a meaningful portion of its cash balance
towards (i) future investments (including add-on acquisitions),
(ii) debt reduction and (iii) retaining some flexibility on its
balance sheet to cope with any downward swing in TV advertising
revenues as well as for its working capital requirements.

As part of its transformation plan, ITV will invest GBP25 million
in online, content and digital channels in 2011, and the company
expects ITV1's network program expenditure to be around GBP800
million for the year.  ITV further expects its capital expenditure
(capex) to increase to GBP80 million in 2011 while its working
capital movement could turn negative given that the company
reduced its program rights and other inventory to more
"normalized" levels during 2009/10.  This will result in the
relative weakening of ITV's "profit to cash" conversion ratio in
2011, which was abnormally strong in 2010, at 127%.

Moody's positively notes the progress that ITV has made over the
past months towards delivering its strategic plan. However, given
that the implementation of the strategic plan is still in its
initial phase, the rating agency believes that significant
execution risks remain.  Over time, ITV aspires to generate
approximately 50% of its revenues from non-television advertising.
While in the short term the company will remain focused on
internally streamlining its operations, Moody's is of the opinion
that the company may need to make add-on acquisitions over the
medium term to increase its exposure to non-television

Moody's considers ITV's liquidity profile to be solid. As of 30
December 2010, the company had cash and cash equivalents of GBP860
million (including certain restricted and unavailable cash amounts
totalling GBP136 million).  In addition, as of the same date, the
company had access to a GBP125 million receivables facility
(available to September 2015), which currently remains fully
undrawn and is covenant-free.  In 2010, ITV bought back GBP54
million worth of the nominal amount of the 2011 bonds, GBP42
million worth of the 2015 bonds and repaid its GBP50 million loan
due in May 2013.  As a result, the company has no material debt
maturities until 2013.  In Moody's view, ITV's cash on hand and
internally generated cash flows should be sufficient to cover the
company's operational needs over the next 12-18 months, while
giving it reasonable flexibility to make acquisitions.  Given the
inefficient state of ITV's balance sheet, Moody's would view as a
credit positive the company using some of its financial
flexibility in the short term to reduce its debt.

In Moody's view, upward rating pressure could result from: (i) a
relatively stable trend in ITV's NAR development in 2011 and
beyond; (ii) ITV maintaining its family share of viewing (at
least) at the current level (~23.0% in 2010); (iii) ITV1's share
of commercial impacts ('SOCI') broadly stabilizing around the
current levels (~27% in 2010); (iv) ongoing evidence of the
company's successful implementation of its medium-term strategic
plan particularly towards gradually increasing its exposure to
non-advertising revenues; and (v) the company's ratio of Gross
Debt/ EBITDA (as calculated by Moody's) trending towards 3x on a
sustained basis, together with positive free cash flow generation
(as defined by Moody's -- post capex and dividends).

Moody's considers that renewed downward pressure on ITV's ratings
could result from a (i) material deterioration in UK net
advertising spending; (ii) ITV Family of channels (in particular
ITV1) losing significant share of viewing and experiencing a
material decline in its SOCI; (iii) and/or any material
acquisition(s) in support of ITV's strategic objectives, which
would lead to the company's Gross Debt/EBITDA (as calculated by
Moody's) materially weakening to above 4.0x on a sustained basis.

The principal methodology used in rating ITV was Moody's "Global
Broadcast Industry Rating Methodology", published in June 2008.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Headquartered in London, United Kingdom, ITV plc is the leading
commercial free-to-air broadcaster and producer of television
programming.  The company generated a turnover of GBP2.06 billion
in the fiscal year ended Dec. 31, 2010.

LADBROKES PLC: Fitch Affirms LT Issuer Default Rating at 'BB+'
Fitch Ratings has affirmed Ladbrokes plc's (Ladbrokes) Long-term
Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'
and its Short-term IDR at 'B'.  The Outlook on the Long-term IDR
is Negative.

"The affirmation reflects the effectiveness of the initiatives
taken by Ladbrokes over 2009-2010 to address both its competitive
weakness and a capital structure that was at risk of no longer
being compatible with a 'BB+' rating," says Giulio Lombardi,
Senior Director in Fitch's European Retail, Leisure and Consumer
Products team.  "However, the combination of execution risks
associated with relaunching the business and potentially raising
new debt to at least partly fund M&A activity in a consolidating
internet gaming industry, underpins the Negative Outlook."

The remedial actions to cut costs and enhance product offering
followed the emergence of competitive weakness in the company's
internet offering and machines estate in 2009, as well as a
contraction of profits in relation to heavier marketing
investments during a time of weak consumer spending.

Results for 2010 were encouraging.  Even excluding GBP22m gross
win associated with the Football World Cup, operating profit
demonstrated a high-single-digit year on year percentage increase.
This was achieved due to an overall leaner cost structure and
lower acquisition costs for new internet customers.  Fitch expects
positive momentum to continue in 2011-2012 thanks to the
rejuvenation of the gaming machines estate, new store openings, a
more targeted use of the company's loyalty card program and a
relaunch of its e-gaming offer.

In a consolidating internet gaming industry and in order to
increase its chances of success, Ladbrokes may need to accelerate
its growth through M&A activity.  Indeed, management has not ruled
out engaging in acquisitions and joint ventures.  These could be
largely equity-funded.  However, the current Negative Outlook
factors in a potential degree of debt component that could
increase leverage beyond a level compatible with the current 'BB+'

The ratings reflect the expectation that despite higher capex over
2011-2012 and a resumption of normal dividend distributions, small
free cash flow of GBP30 million-GBP50 million should remain

As of end-2010, net debt had fallen to under GBP500 million from
GBP980 million at end-2008.  This was due to a GBP275 million
rights issue in 2009 and a GBP80 million refund from HMRC, low
dividends and capex in 2010.  Fitch views this level of net debt,
which gives a lease-adjusted net debt to operating EBITDAR
(excluding high rollers) of around 3.0x (FYE08 and FY09: 4.1x-
4.2x) as appropriate for the current 'BB+' rating.

The agency has further tightened its guidance for the maintenance
of the current BB+ of Ladbrokes in consideration of its exposure,
compared to other entities at the same rating level, to an
industry that is demonstrating vulnerability to a fast pace of
innovation and more volatile consumer spending than historically.

Targeted turnaround results failing to materialize, leading to
concerns that the company's competitive health is not being
restored and/or lease adjusted leverage consistently above 3.0x,
could lead to a downgrade.  Similarly, debt-funded M&A activity
that compromises credit metrics for a period of over 12-18 months
could lead to a downgrade.

Given the competitive pressures affecting long-term revenue and
profit growth, evidence of tangible results from the new strategy
resulting in improving profitability, especially if combined with
a conservative financial policy with a lease-adjusted leverage
below 3.0x, would lead to a stabilization of the outlook.

PLYMOUTH ARGYLE: MPs Offer Support, Advice to Unpaid Argyle Staff
The Herald reports that Plymouth MPs Alison Seabeck and
Oliver Colvile on April 13, 2011, met Plymouth Argyle staff in a
bid to show their support to them and advise employees on possible
actions.  The report says the meeting came after the Insolvency
Service refused to pay out to the club's current employees until
either a buyer is found or the club collapses.

"It is all about making sure they are taking the right steps,
because we are talking about a very difficult economical
situation.  They all have different circumstances and we would
like to advise them individually to settle all the claims
possible," The Herald quotes Ms. Seabeck as saying.

"I hope the club will be bought but this could be sorted at the
earliest in June and by that time, the situation could be a lot
worse."  The Herald says Home Park workers have been paid only one
month's wages this year and they have also been told to expect
just 15% of their May salaries.

Meanwhile, The Herald reports that local businesses are being
asked to do their bit to help Argyle's unpaid staff.

According to The Herald, the Green Taverners have appealed to
local firms to offer reduced prices on goods, free products or
discounted services to those working at Home Park.

The Herald quotes Mark Russell, of the fundraising group, as
saying that, "We are doing all that we can to raise money for the
staff to have a little money every week - in the region of
GBP100 a week. But they can't afford to live with these sort of

The Herald notes that the Green Taverners have already raised
thousands of pounds and staged their latest FanFest in the Pyramid
Suite at Home Park on Saturday.  The event was attended by manager
Peter Reid, plus players Chris Clark and Luke Summerfield, and
raised more than GBP3,000, according to The Herald.

As reported in the Troubled Company Reporter-Europe on March 8,
2011, the High Court has placed Plymouth Argyle Football Club has
been placed into administration.  Brendan Guilfoyle, Christopher
White and John Russell of The P&A Partnership have been appointed
as administrators.

The TCR-Europe, citing The Guardian, reported on March 3, 2011,
that Plymouth Argyle directors have been warned that the club
needs an injection of around GBP3 million if it is not to be
placed into administration.  Peter Ridsdale, who is acting as an
independent adviser to Argyle's board, has told the directors that
the club does not have the money to meet its liabilities and that
they are "in denial" about the seriousness of its problems, The
Guardian related.

The joint administrators said they have received a number of
offers to acquire the club and are now pursuing a funding facility
linked with an exclusivity agreement, the TCR-Europe reported on
March 16, citing SkySports.

                        About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football League
One, the third division of the English football league system.

PROVIDENT INSURANCE: S&P Puts 'BB+' LT Counterparty Credit Rating
Standard & Poor's Ratings Services said it placed its 'BB+' long-
term counterparty credit and insurer financial strength ratings on
U.K.-based non-life insurer Provident Insurance PLC on CreditWatch
with positive implications.

"The CreditWatch listing reflects our expectation that, following
the official completion of the acquisition, there will no longer
be any constraint on the ratings on Provident Insurance from its
current parent, Ally Financial Inc.," said Standard & Poor's
credit analyst Anvar Gabidullin.  "We could, therefore,
raise the ratings on Provident Insurance by up to two notches to
match its stand-alone credit profile (SACP)," S&P noted.

There is some limited potential for a further uplift above the
SACP depending on the strategic position of Provident Insurance
within its new owner.

"The ratings on Provident Insurance reflect our view of its good
stand-alone credit characteristics.  These include its very
conservative investments and strong capitalization.  These
positive factors are somewhat diminished, however, by continued
industry and underwriting performance pressures.  Provident
Insurance's operating performance has historically been strong,
although we consider that it weakened considerably in 2009.
Nevertheless, it has shown some improvement through 2010 and we
expect it to return to positive profitability in 2011.  This
reflects our view that the company will begin to feel the benefits
of the strong active cycle management actions that it took
in 2009 and 2010 to improve its underwriting performance," S&P

"We will resolve our CreditWatch listing pending approval of the
acquisition by the Financial Services Authority and based on our
assessment of Provident Insurance's position within the acquirer's
group and any changes to its stand-alone financial and business
characteristics after the acquisition," added Mr. Gabidullin.  "We
could raise our ratings on Provident Insurance if the transaction
completes as announced.  Additional support from the acquirer's
group may be incorporated on further review," S&P related

UK INVESTMENT: Insolvency Service Places Firm Into Liquidation
UK Investment Consultancy Limited was ordered into liquidation by
the High Court on March 30, 2011, following an investigation by
The Insolvency Service.

The investigations by Company Investigations of the Insolvency
Service found that UK Investment Consultancy Limited had made
exaggerated and misleading claims regarding the investment
potential of land at Chailey, Lewes, East Sussex.

Another company, Queensgate Consultants Limited, also misled the
public regarding land it had sold but did not own at Wrockwardine
Wood in Telford and in Bromley, Kent.  Between them, the companies
raise around GBP1 million from the public.

Investors were led to believe the plots they were buying had
serious development potential.  The investigation found this claim
was not supported by any credible evidence.

Both companies are linked to land banking companies previously
wound up on grounds of public interest following Insolvency
Service investigations namely Pemberton International Ltd, Eldon
International Ltd, Willow International Ltd and Allied Investment
Management Limited.

Company Investigations Supervisor Chris Mayhew said: "Companies
that employ such tactics should know that The Insolvency Service
can and will investigate and, where appropriate, take action to
put them out of business".

Potential investors should be mindful of the old adage; if it
sounds too good to be true, it usually is".

The petition to wind up UK Investment Consultancy Limited in the
public interest was presented in the High Court on Feb. 24, 2011,
under the provisions of section 124A of the Insolvency Act 1986.
The grounds for winding up the company were the lack of commercial
probity and the serious misrepresentations made to potential
investors about the potential development value of the land and
the likely period (three to five years) in which investors could
expect to receive a return on their investment.  The company did
not oppose the petition and was wound up on March 30, 2011.

WOODHEAD BAKERY: Administrators in Talks with Potential Buyers
Bridlington Free Press reports that administrators for Woodhead
Bakery confirmed on Wednesday that they are in detailed
discussions with potential buyers for the business.

According to Bridlington Free Press, Christopher White of The P&A
Partnership, Sheffield, who is joint administrator with Gareth
Rusling, said: "Negotiations are at an advanced stage with
prospective buyers who we are unable to name at present.  We are
hopeful of securing a sale of the business within the next seven

As reported by the Troubled Company Reporter-Europe on April 1,
BBC News said that 30 of Woodhead Bakery's 310 employees were made
redundant after it went into administration.  The company, as
cited by BBC, said it had been "hit by inflation and the impact of
rising global wheat prices".  It also said "harsh economic
conditions" on the high street had made it difficult to run the
business, BBC disclosed.

Woodhead Bakery is based in Scarborough.  It has been trading for
75 years.


* BOND PRICING: For the Week April 11 to April 15, 2011

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

IMMOFINANZ               4.250    3/8/2018      EUR      4.19
OESTER VOLKSBK           4.900   8/18/2025      EUR     74.25
OESTER VOLKSBK           4.810   7/29/2025      EUR     73.75
RAIFF ZENTRALBK          4.500   9/28/2035      EUR     75.47

KOMMUNEKREDIT            0.500    2/3/2016      TRY     68.14

MUNI FINANCE PLC         0.500   3/17/2025      CAD     54.74
MUNI FINANCE PLC         1.000   6/30/2017      ZAR     63.52
MUNI FINANCE PLC         0.500    2/9/2016      ZAR     70.29
MUNI FINANCE PLC         0.500   4/26/2016      ZAR     70.35
MUNI FINANCE PLC         1.000   2/27/2018      AUD     66.94
MUNI FINANCE PLC         0.500   9/24/2020      CAD     68.99
MUNI FINANCE PLC         0.500   4/27/2018      ZAR     60.50
MUNI FINANCE PLC         0.250   6/28/2040      CAD     23.62

AIR FRANCE-KLM           4.970    4/1/2015      EUR     14.70
ALCATEL-LUCENT           5.000    1/1/2015      EUR      4.73
ALTRAN TECHNOLOG         6.720    1/1/2015      EUR      5.95
ATOS ORIGIN SA           2.500    1/1/2016      EUR     55.43
BNP PARIBAS             10.050   7/24/2012      USD     59.62
CALYON                   6.000   6/18/2047      EUR     28.62
CAP GEMINI SOGET         3.500    1/1/2014      EUR     45.76
CAP GEMINI SOGET         1.000    1/1/2012      EUR     45.70
CGG VERITAS              1.750    1/1/2016      EUR     30.80
CLUB MEDITERRANE         5.000    6/8/2012      EUR     15.84
CLUB MEDITERRANE         6.110   11/1/2015      EUR     18.98
EURAZEO                  6.250   6/10/2014      EUR     59.54
INGENICO                 2.750    1/1/2017      EUR     44.62
MAUREL ET PROM           7.125   7/31/2014      EUR     18.92
MAUREL ET PROM           7.125   7/31/2015      EUR     17.50
NEXANS SA                4.000    1/1/2016      EUR     72.36
ORPEA                    3.875    1/1/2016      EUR     49.12
PEUGEOT SA               4.450    1/1/2016      EUR     32.62
PUBLICIS GROUPE          1.000   1/18/2018      EUR     48.88
PUBLICIS GROUPE          3.125   7/30/2014      EUR     39.36
RHODIA SA                0.500    1/1/2014      EUR     51.49
SOC AIR FRANCE           2.750    4/1/2020      EUR     21.05
SOITEC                   6.250    9/9/2014      EUR     12.21
TEM                      4.250    1/1/2015      EUR     57.54
THEOLIA                  2.700    1/1/2041      EUR     13.19

ESCADA AG                7.500    4/1/2012      EUR     18.00
EUROHYPO AG              6.490   7/17/2017      EUR      7.63
EUROHYPO AG              3.830   9/21/2020      EUR     72.25
HSH NORDBANK AG          4.375   2/14/2017      EUR     74.07
IKB DEUT INDUSTR         5.625   3/31/2017      EUR     14.75
L-BANK FOERDERBK         0.500   5/10/2027      CAD     49.43
LB BADEN-WUERTT          2.500   1/30/2034      EUR     63.45
SOLON AG SOLAR           1.375   12/6/2012      EUR     67.93
TUI AG                   2.750   3/24/2016      EUR     57.14

ATHENS URBAN TRN         5.008   7/18/2017      EUR     59.68
ATHENS URBAN TRN         4.851   9/19/2016      EUR     61.80
ATHENS URBAN TRN         4.301   8/12/2014      EUR     70.30
HELLENIC RAILWAY         5.460   1/30/2014      EUR     71.52
HELLENIC REP I/L         2.900   7/25/2025      EUR     49.20
HELLENIC REP I/L         2.300   7/25/2030      EUR     47.00
HELLENIC REPUB           4.590    4/8/2016      EUR     63.35
HELLENIC REPUB           6.140   4/14/2028      EUR     64.95
HELLENIC REPUB           5.200   7/17/2034      EUR     59.81
HELLENIC REPUB           5.000   3/11/2019      EUR     57.84
HELLENIC REPUBLI         5.014   2/27/2019      EUR     57.79
HELLENIC REPUBLI         4.000   8/20/2013      EUR     74.48
HELLENIC REPUBLI         6.500   1/11/2014      EUR     73.93
HELLENIC REPUBLI         4.500   5/20/2014      EUR     68.23
HELLENIC REPUBLI         4.500    7/1/2014      EUR     69.70
HELLENIC REPUBLI         3.985   7/25/2014      EUR     68.91
HELLENIC REPUBLI         5.500   8/20/2014      EUR     67.98
HELLENIC REPUBLI         4.113   9/30/2014      EUR     68.89
HELLENIC REPUBLI         3.700   7/20/2015      EUR     61.46
HELLENIC REPUBLI         6.100   8/20/2015      EUR     66.77
HELLENIC REPUBLI         3.702   9/30/2015      EUR     63.71
HELLENIC REPUBLI         3.600   7/20/2016      EUR     59.27
HELLENIC REPUBLI         4.020   9/13/2016      EUR     60.54
HELLENIC REPUBLI         4.225    3/1/2017      EUR     59.53
HELLENIC REPUBLI         5.900   4/20/2017      EUR     62.79
HELLENIC REPUBLI         4.300   7/20/2017      EUR     59.09
HELLENIC REPUBLI         4.675   10/9/2017      EUR     59.40
HELLENIC REPUBLI         4.590    4/3/2018      EUR     57.70
HELLENIC REPUBLI         4.600   7/20/2018      EUR     58.82
HELLENIC REPUBLI         5.959    3/4/2019      EUR     61.82
HELLENIC REPUBLI         6.000   7/19/2019      EUR     60.70
HELLENIC REPUBLI         5.161   9/17/2019      EUR     57.87
HELLENIC REPUBLI         6.250   6/19/2020      EUR     62.90
HELLENIC REPUBLI         4.700   3/20/2024      EUR     57.67
HELLENIC REPUBLI         5.300   3/20/2026      EUR     58.45
HELLENIC REPUBLI         4.500   9/20/2037      EUR     53.49
HELLENIC REPUBLI         4.600   9/20/2040      EUR     53.53
NATIONAL BK GREE         3.875   10/7/2016      EUR     72.16

AIB MORTGAGE BNK         5.000   2/12/2030      EUR     62.76
AIB MORTGAGE BNK         5.000    3/1/2030      EUR     62.74
AIB MORTGAGE BNK         5.580   4/28/2028      EUR     69.08
ALLIED IRISH BKS        12.500   6/25/2019      EUR     26.91
ALLIED IRISH BKS        11.500   3/29/2022      GBP     26.25
ALLIED IRISH BKS        12.500   6/25/2019      GBP     27.13
ALLIED IRISH BKS        10.750   3/29/2017      USD     25.90
ALLIED IRISH BKS         7.875    7/5/2023      GBP     22.17
ALLIED IRISH BKS        10.750   3/29/2017      EUR     25.96
BANK OF IRELAND          4.875   1/22/2018      GBP     51.50
BANK OF IRELAND          9.250    9/7/2020      GBP     62.40
BANK OF IRELAND         10.000   2/12/2020      GBP     63.86
BANK OF IRELAND         10.000   2/12/2020      EUR     64.68
BANK OF IRELAND          4.625   2/27/2019      EUR     60.03
BANK OF IRELAND          8.500   9/22/2018      CAD     64.00
BANK OF IRELAND         10.750   6/22/2018      GBP     62.32
BK IRELAND MTGE          5.400   11/6/2029      EUR     70.01
BK IRELAND MTGE          5.760    9/7/2029      EUR     73.29
BK IRELAND MTGE          5.450    3/1/2030      EUR     70.39
DEPFA ACS BANK           5.125   3/16/2037      USD     66.16
DEPFA ACS BANK           0.500    3/3/2025      CAD     33.99
DEPFA ACS BANK           5.125   3/16/2037      USD     65.13
HYPO PUBLIC FIN          5.400   3/26/2024      EUR     19.50
IRISH GOVT               4.500   4/18/2020      EUR     70.43
IRISH GOVT               5.400   3/13/2025      EUR     70.89
IRISH GOVT               4.400   6/18/2019      EUR     71.90
IRISH LIFE & PER         4.625    5/9/2017      EUR     32.03
IRISH LIFE PERM          4.000   3/10/2015      EUR     78.39
IRISH NATIONWIDE         6.250   6/26/2012      GBP     87.75

ABRUZZO REGION           4.450    3/1/2037      EUR     72.71
CITY OF ROME             5.345   1/27/2048      EUR     73.47
CITY OF TURIN            5.270   6/26/2038      EUR     66.17
CITY OF VENICE           4.265   3/26/2026      EUR     69.57
CITY OF VENICE           4.265   3/26/2026      EUR     69.57
CO BRAONE                4.567   6/30/2037      EUR     63.76
CO CASTELMASSA           3.960   3/31/2026      EUR     66.72
COMUNE DI MILANO         4.019   6/29/2035      EUR     61.70
DEXIA CREDIOP            4.500   11/8/2024      EUR     74.23
REGION OF UMBRIA         5.087   6/15/2037      EUR     68.57
TELECOM ITALIA           5.250   3/17/2055      EUR     74.21

ARCELORMITTAL            7.250    4/1/2014      EUR     29.82
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     41.00
LIGHTHOUSE INTL          8.000   4/30/2014      EUR     40.95

APP INTL FINANCE        11.750   10/1/2005      USD      0.01
BK NED GEMEENTEN         0.500    3/3/2021      NZD     58.88
BK NED GEMEENTEN         0.500   2/24/2025      CAD     53.26
BK NED GEMEENTEN         0.500   4/27/2016      TRY     70.59
BK NED GEMEENTEN         0.500   3/29/2021      USD     69.02
BK NED GEMEENTEN         0.500   3/29/2021      NZD     58.60
BK NED GEMEENTEN         0.500   3/17/2016      TRY     68.06
BRIT INSURANCE           6.625   12/9/2030      GBP     65.61
DGS INTL FIN BV         10.000    6/1/2007      USD      0.01
ELEC DE CAR FIN          8.500   4/10/2018      USD     59.50
NATL INVESTER BK        25.983    5/7/2029      EUR     26.58
NED WATERSCHAPBK         0.500   3/11/2025      CAD     54.10
SIDETUR FINANCE         10.000   4/20/2016      USD     73.01
TJIWI KIMIA FIN         13.250    8/1/2001      USD      0.01

EKSPORTFINANS            0.500    5/9/2030      CAD     41.12
KOMMUNALBANKEN           0.500   1/27/2016      ZAR     72.11
KOMMUNALBANKEN           0.500   3/24/2016      ZAR     71.23
KOMMUNALBANKEN           0.500    3/1/2016      ZAR     71.59
TRICO SHIPPING          13.875   11/1/2014      USD     73.00

CAIXA GERAL DEPO         4.400   10/8/2019      EUR     74.69
CAIXA GERAL DEPO         4.250   1/27/2020      EUR     73.18
CAIXA GERAL DEPO         5.380   10/1/2038      EUR     62.20
COMBOIOS DE PORT         5.700    2/5/2030      EUR     73.38
METRO DE LISBOA          4.799   12/7/2027      EUR     59.05
METRO DE LISBOA          4.061   12/4/2026      EUR     59.33
PARPUBLICA               3.567   9/22/2020      EUR     59.49
PORTUGUESE OT'S          4.800   6/15/2020      EUR     73.70
PORTUGUESE OT'S          4.750   6/14/2019      EUR     73.88
PORTUGUESE OT'S          4.450   6/15/2018      EUR     73.17
PORTUGUESE OT'S          3.850   4/15/2021      EUR     67.05
PORTUGUESE OT'S          4.100   4/15/2037      EUR     62.61
REFER                    4.000   3/16/2015      EUR     69.53
REFER                    5.875   2/18/2019      EUR     77.07

APK ARKADA              17.500   5/23/2012      RUB      0.38
ATOMSTROYEXPORT-         7.750   5/24/2011      RUB     75.00
BALTINVESTBANK           9.000   9/10/2015      RUB     75.00
BANK SOYUZ               7.750    5/2/2011      RUB     75.00
BARENTSEV FINANS        20.000    7/4/2011      RUB      1.00
CREDIT EUROPE BK        11.500   6/28/2011      RUB     75.00
DVTG-FINANS             17.000   8/29/2013      RUB     10.00
EMALIANS-FINANS         10.970    7/8/2011      RUB     75.00
ENERGOSPETSSNAB          8.500   5/30/2016      RUB     75.00
ENERGOSTROY-FINA        12.000   5/20/2011      RUB     75.00
FINANCEBUSINESSG        10.000    7/1/2013      RUB     75.00
FINANCEBUSINESSG        12.500   6/22/2011      RUB     75.00
FORMAT                  17.000   12/6/2012      RUB     75.00
GRACE DIAMOND           15.000    6/7/2012      RUB     75.00
INTERGRAD                9.100    7/9/2014      RUB     75.00
IZHAVTO                 18.000    6/9/2011      RUB     11.31
KRAYINVESTBANK           8.500    8/5/2011      RUB     75.00
LADYA FINANS            13.750   9/13/2012      RUB     75.00
LLC VICTORIA FIN         8.000   2/12/2013      RUB     90.00
M-INDUSTRIYA            12.250   8/16/2011      RUB     25.81
MAGNIT OJSC              8.250    9/9/2013      RUB     75.01
MAGNIT OJSC              8.250    9/9/2013      RUB     75.01
MAIN ROAD OJSC          10.200    6/3/2011      RUB     75.00
MEDVED-FINANS           14.000   8/16/2013      RUB     75.00
MIG-FINANS               0.100    9/6/2011      RUB      1.00
MIRAX                   17.000   9/17/2012      RUB     20.06
MIRAX                   14.990   5/17/2011      RUB     16.03
MOSCOW BANK R&D          7.000   3/28/2013      RUB     75.01
MOSMART FINANS           0.010   4/12/2012      RUB      1.00
MOSOBLGAZ               12.000   5/17/2011      RUB     72.50
NATIONAL CAPITAL        13.000   9/25/2012      RUB     75.00
NATIONAL CAPITAL        12.500   5/20/2011      RUB     75.00
NAUKA-SVYAZ             12.500   6/27/2013      RUB     75.00
NOK                     10.000   9/22/2011      RUB     19.02
NOK                     12.500   8/26/2014      RUB      0.02
NOVOROSSIYSK            13.000   12/9/2011      RUB     75.00
NOVYE TORGOVYE S        15.000   4/26/2011      RUB     80.75
OBYEDINEONNYE KO        10.750   5/16/2012      RUB     75.00
PEB LEASING             14.000   9/12/2014      RUB     75.00
RAILTRANSAUTO           11.750   2/10/2016      RUB     75.00
REGIONENERGO             8.500   5/30/2016      RUB     75.00
RFA-INVEST              10.000   11/4/2011      RUB     75.00
RMK PARK PLAZA          10.000    1/8/2013      RUB     75.00
ROSSELKHOZBANK           7.800    2/9/2018      RUB     75.02
SAHO                    10.000   5/21/2012      RUB      5.01
SATURN                   8.500    6/6/2014      RUB      1.00
SEVERNAYA KAZNA          1.000    8/1/2011      RUB     75.00
SEVKABEL-FINANS         10.500   3/27/2012      RUB      3.40
SIBIRSKAYA AGRAR        17.000   9/12/2012      RUB     75.00
SIBUR                   13.500   3/13/2015      RUB     75.00
SIBUR                    9.250   3/13/2015      RUB     75.00
SIBUR                   10.470   11/1/2012      RUB     75.00
SIBUR                    7.300   3/13/2015      RUB     75.00
SIBUR                    8.000   3/13/2015      RUB     75.00
SISTEMA-HALS             8.500    4/8/2014      RUB     75.00
SOUTHERN STOCK C         9.000   4/29/2014      RUB     75.00
SPETSSTROYFINANC         8.500   5/30/2016      RUB     75.00
SPURT                   11.250   5/31/2012      RUB     75.00
SVOBODNY SOKOL           0.100   5/24/2011      RUB      1.00
TALIO-PRINCEPS          16.000   5/17/2012      RUB     75.00
TECHNONICOL-FINA        13.500   9/11/2013      RUB     75.00
TECHNONICOL-FINA        13.000   9/19/2013      RUB     75.00
TECHNONICOL-FINA        13.000   9/25/2013      RUB     75.00
TECHNOSILA-INVES         7.000   5/26/2011      RUB      0.01
TEKHNOPROMPROEKT         8.500   9/28/2016      RUB     75.00
TERNA-FINANS             1.000   11/4/2011      RUB     10.00
TGK-4                    8.000   5/31/2012      RUB     99.00
TRANSCREDITFACTO        12.000   11/1/2012      RUB     75.00
TRANSCREDITFACTO        12.000   6/11/2012      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
TRANSFIN-M              11.000   12/3/2014      RUB     75.00
UNITAIL                 12.000   6/22/2011      RUB     75.00
URALELEKTROMED           8.250   2/28/2012      RUB     75.00
VKM-LEASING FINA         1.000   5/18/2011      RUB      0.03
VTB NAT MTGE AGE        10.500   2/26/2039      RUB     75.00
ZAO EUROPLAN            10.000   8/11/2011      RUB     75.00
ZHILSOTSIPOTEKA-         9.000   7/26/2011      RUB     75.00

AYT CEDULAS CAJA         4.750   5/25/2027      EUR     72.65
AYT CEDULAS CAJA         3.750   6/30/2025      EUR     64.79
AYUNTAM DE MADRD         4.550   6/16/2036      EUR     62.63
BANCAJA                  1.500   5/22/2018      EUR     65.40
CAJA CASTIL-MAN          1.500   6/23/2021      EUR     58.87
CAJA MADRID              5.755   2/26/2028      EUR     68.88
CAJA MADRID              4.000    2/3/2025      EUR     74.43
CAJA MADRID              4.125   3/24/2036      EUR     65.92
CEDULAS TDA 6            3.875   5/23/2025      EUR     66.40
CEDULAS TDA A-5          4.250   3/28/2027      EUR     67.68
CEDULAS TDA A-6          4.250   4/10/2031      EUR     64.20
COMUNIDAD ARAGON         4.646   7/11/2036      EUR     66.78
COMUNIDAD MADRID         4.300   9/15/2026      EUR     67.04
GEN DE CATALUNYA         5.400   5/13/2030      EUR     72.40
GEN DE CATALUNYA         5.219   9/10/2029      EUR     70.94
GEN DE CATALUNYA         4.220   4/26/2035      EUR     63.54
GEN DE CATALUNYA         5.325   10/5/2028      EUR     73.18
GENERAL DE ALQUI         2.750   8/20/2012      EUR     71.35
IM CEDULAS 5             3.500   6/15/2020      EUR     74.79
INSTITUT CATALA          4.250   6/15/2024      EUR     71.87
JUNTA ANDALUCIA          5.150   5/24/2034      EUR     68.35
JUNTA LA MANCHA          3.875   1/31/2036      EUR     52.40

SWEDISH EXP CRED         6.500   1/27/2012      USD      9.53
SWEDISH EXP CRED         9.000   8/12/2011      USD     10.23
SWEDISH EXP CRED         9.000   8/28/2011      USD     10.74
SWEDISH EXP CRED         8.000   11/4/2011      USD      8.28
SWEDISH EXP CRED         2.000   12/7/2011      USD      9.85
SWEDISH EXP CRED         2.130   1/10/2012      USD      9.50
SWEDISH EXP CRED         8.000   1/27/2012      USD     10.07
SWEDISH EXP CRED         7.000    3/9/2012      USD     10.23
SWEDISH EXP CRED         7.000    3/9/2012      USD      9.73
SWEDISH EXP CRED         9.750   3/23/2012      USD     10.13
SWEDISH EXP CRED         0.500    3/3/2016      ZAR     66.32
SWEDISH EXP CRED         0.500    3/5/2018      AUD     66.55
SWEDISH EXP CRED         0.500   1/25/2028      USD     51.44

UBS AG                  13.300   5/23/2012      USD      4.19
UBS AG                  10.530   1/23/2012      USD     39.05
UBS AG                   9.250   3/20/2012      USD     14.49
UBS AG                  10.070   3/23/2012      USD     36.04
UBS AG                  13.700   5/23/2012      USD     14.05
UBS AG                  10.580   6/29/2011      USD     39.60
UBS AG                   8.720   3/20/2012      USD     32.30
UBS AG JERSEY           13.000   6/16/2011      USD     49.96
UBS AG JERSEY           10.500   6/16/2011      USD     71.69
UBS AG JERSEY           11.150   8/31/2011      USD     39.48
UBS AG JERSEY            9.450   9/21/2011      USD     51.03
UBS AG JERSEY            3.220   7/31/2012      EUR     50.61
UBS AG JERSEY           10.360   8/19/2011      USD     53.45
UBS AG JERSEY           10.280   8/19/2011      USD     35.25

BANK NADRA               8.000   6/22/2017      USD     72.80
BARCLAYS BK PLC         13.000   5/23/2011      USD     23.99
BARCLAYS BK PLC         10.950   5/23/2011      USD     64.38
BARCLAYS BK PLC          8.750   9/22/2011      USD     73.22
BARCLAYS BK PLC          2.500   5/24/2017      USD     10.47
BARCLAYS BK PLC          9.500   8/31/2012      USD     29.83
BARCLAYS BK PLC          9.250   8/31/2012      USD     35.46
BARCLAYS BK PLC         10.800   7/31/2012      USD     27.11
BARCLAYS BK PLC          9.400   7/31/2012      USD     11.23
BARCLAYS BK PLC         12.950   4/20/2012      USD     23.59
BARCLAYS BK PLC         10.650   1/31/2012      USD     45.65
BARCLAYS BK PLC          9.250   1/31/2012      USD      9.71
BARCLAYS BK PLC         10.350   1/23/2012      USD     22.03
BARCLAYS BK PLC          8.550   1/23/2012      USD     11.32
BARCLAYS BK PLC          8.800   9/22/2011      USD     16.39
BARCLAYS BK PLC          7.500   9/22/2011      USD     17.05
BARCLAYS BK PLC         10.600   7/21/2011      USD     39.76
BARCLAYS BK PLC          9.000   6/30/2011      USD     43.42
BARCLAYS BK PLC         10.510   5/31/2011      USD     12.92
BRADFORD&BIN BLD         4.910    2/1/2047      EUR     72.43
CO-OPERATIVE BNK         5.875   3/28/2033      GBP     72.17
DISCOVERY EDUCAT         1.948   3/31/2037      GBP     67.91
EFG HELLAS PLC           6.010    1/9/2036      EUR     30.88
EFG HELLAS PLC           5.400   11/2/2047      EUR     36.50
HEALTHCARE SUPP          2.067   2/19/2043      GBP     70.49
MAX PETROLEUM            6.750    9/8/2013      USD     57.46
NORTHERN ROCK            5.750   2/28/2017      GBP     74.88
PUNCH TAVERNS            6.468   4/15/2033      GBP     46.51
UNIQUE PUB FIN           6.464   3/30/2032      GBP     64.39
WESSEX WATER FIN         1.369   7/31/2057      GBP     32.21


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 * * *