TCREUR_Public/110421.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, April 21, 2011, Vol. 12, No. 79

                            Headlines


B E L G I U M

ONTEX IV SA: Moody's Assigns 'Ba3' Rating to Senior Secured Notes


E S T O N I A

LUTERMA AS: Declared Bankrupt by Harju County Court


G E R M A N Y

AAREAL CAPITAL: Fitch Lifts Rating on Hybrid Securities to 'BB-'
TALISMAN-6 FINANCE: Moody's Cuts Rating on Class A Notes to 'Ba2'


I R E L A N D

QUINN GROUP: Sean Quinn Blames Woes on Over-Reliance of Banks
* IRELAND: To Publish Revised Bankruptcy Laws in First Qtr. 2012


I T A L Y

PARMALAT SPA: Milan Court Acquits Four Banks


K A Z A K H S T A N

BANK CENTERCREDIT: Moody's Cuts LT Foreign-Currency Deposit Rating


N E T H E R L A N D S

IFCO SYSTEMS: Moody's Upgrades Corporate Family Rating to 'Ba1'


S W E D E N

SAAB AUTOMOBILE: Has Deal With Financiers on Liquidity Crisis


U N I T E D   K I N G D O M

CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Insurer Rating
DEEJAK CONSTRUCTION: Goes Into Administration
FISH HOUSE: Put Up for Sale Following Administration
ITV PLC: S&P Upgrades Long-Term Corporate Credit Rating to 'BB'
LANDSBANKI GUERNSEY: Liquidators Appeal Ruling on Depositor Status

MONTPELLIER MARKETING: Bad Debt Prompts Administration
VEDANTA RESOURCES: Moody's Keeps Review on 'Ba2' Rating
* UK: Companies in Financial Distress Up 15%, Begbies Traynor Says


U Z B E K I S T A N

ALOKABANK JOINT-STOCK: Moody's Affirms 'E+' BFSR; Outlook Stable
QISHLOQ QURILISH: Moody's Affirms 'E+' BFSR; Stable Outlook


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars




                            *********


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B E L G I U M
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ONTEX IV SA: Moody's Assigns 'Ba3' Rating to Senior Secured Notes
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Moody's Investors Service has assigned a definitive Ba3 rating to
the EUR600 million senior secured notes maturing in 2018 (split
into a EUR320 million fixed rate tranche and a EUR280 million
floating rate tranche) and a B3 rating to the EUR235 million
senior unsecured notes due 2019.

                        Ratings Rationale

Moody's definitive ratings on these debt obligations confirm the
provisional ratings assigned on March 21, 2011.  The terms and
conditions of Ontex' new financing package are in line with what
Moody's expected in its last rating action.  Moody's notes however
that the company decided to up-size the senior secured notes by
EUR30 million compared to the initial amount at the time of the
bond launch, leading to minor changes in the assigned LGD ranges
and point estimates of the rated instruments.

The notes proceeds have been used to redeem obligations under the
EUR600 million existing credit facility, to repay a vendor loan
note of EUR163 million (incl. accrued interest) with the remainder
used to cover transaction related fees and expenses and to bolster
the group's cash position.

The B1 Corporate Family Rating of Ontex reflects (i)the company's
strong market position in the production of private-label hygienic
disposables; (ii) its solid relationships with major European
retailers; (iii) stable market fundamentals in the discretionary
personal care industry; and (iv) an improved cost base on the back
of successful restructuring and efficiency enhancement initiatives
over recent years.

The B1 CFR also reflects Ontex's highly leveraged capital
structure with initial leverage pro forma the recapitalization in
excess of 5.5x Debt/EBITDA (as adjusted by Moody's), which Moody's
assumes to improve over 2011 only gradually.  More fundamentally,
the CFR also considers (i) Ontex's limited size and its narrow
product focus; (ii) the price-competitive nature of the industry.
In addition, input price management is a major challenge as only a
minor proportion of Ontex's contracts contain automatic pass-
through mechanisms, leaving the company exposed to individual
negotiations with its customers.

The rating would likely encounter upward pressure if the company
were to manage to improve and sustain leverage, in terms of
debt/EBITDA, below 4.5x on the back of (i) further profitability
improvements, such as EBITA margins approaching the mid-double
digits on a sustainable basis; and (ii) continued positive free
cash flow generation, to be applied to the reduction of net debt.

The rating could come under negative pressure if: (i) Ontex's
leverage, in terms of debt/EBITDA, were to remain materially above
5.5x; (ii) its free cash flow were to enter negative territory; or
(iii) the company's profitability were to decline, reflected by
EBITA margins falling into single digits.

Adjustments:

   Issuer: Ontex IV S.A.

   -- Senior Secured Regular Bond/Debenture, Downgraded to LGD3,
      39% from LGD3, 38%

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to LGD6,
      90% from LGD5, 89%

Assignments:

   Issuer: Ontex IV S.A.

   -- Senior Secured Regular Bond/Debenture, Assigned a range of
      39 - LGD3 to Ba3

   -- Senior Secured Regular Bond/Debenture, Assigned a range of
      39 - LGD3 to Ba3

   -- Senior Unsecured Regular Bond/Debenture, Assigned a range of
      90 - LGD 6 to B3

The principal methodology used in rating Ontex IV S.A. was the
Global Packaged Goods Industry Methodology, published July 2009.
Other methodologies used include Loss Given Default for
Speculative Grade Issuers in the US, Canada, and EMEA, published
June 2009.

Ontex, based in Zele, Belgium, is the market-leading manufacturer
of private-label hygienic disposables in Europe, with products
including baby diapers, adult incontinence products and femcare.
With 12 production facilities in eight countries, the company
generated revenues of approximately EUR1.2 billion in 2010.
Following the secondary buyout from Candover, Ontex's majority
shareholders are a consortium of funds controlled by Goldman Sachs
and TPG.


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E S T O N I A
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LUTERMA AS: Declared Bankrupt by Harju County Court
---------------------------------------------------
Toomas Hobemagi at Baltic Business News, citing Aripaev, reports
that Luterma, the holding company of businessman Oliver Kruuda that
only a year ago owned Kalev confectionery industry and Estonia's
largest dairy Tere, was declared bankrupt by Harju county court on
Tuesday.

The company was sold Norway's Orkla last year for EUR33 million,
BBN recounts.

According to BBN, there is also a big question mark above Tere
since its shares have been moved into a bank account of Nordea
Pank.  Mr. Kruuda himself claims it was a move to protect the
company from creditors, BBN states.

The court found that Luterma owed EUR37.5 million and although its
books show that it has EUR53 million in assets, most of it is
dubious such as EUR40 million that it is claiming from Alta Food,
BBN discloses.

Luterma's bankruptcy application was filed by Swedbank and Tartu
Vesi, BBN relates.

Headquartered in Harjumma, Estonia, AS Luterma, together with its
subsidiaries, engages in the manufacture and sale of foodstuffs;
real estate development; and media, publishing, and printing
businesses.  Its products include chocolate bars and candies,
pastries, biscuits, skimmed milk, milk powder, cream, flour mixes,
chewing candy and toffee, and butter, as well as milk chocolate
with hazelnuts and almonds.


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G E R M A N Y
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AAREAL CAPITAL: Fitch Lifts Rating on Hybrid Securities to 'BB-'


----------------------------------------------------------------
Fitch Ratings has affirmed Aareal Bank AG's (Aareal) Long-term
Issuer Default Rating (IDR) at 'A-', with Stable Outlook, and
Short-Term IDR at 'F1'.  The agency has also affirmed Aareal's
Support Rating at '1' and its Support Rating Floor at 'A-'.  Its
guaranteed notes and subordinated debt have been affirmed at 'AAA'
and 'BBB+', respectively.

At the same time, Fitch has upgraded Aareal's Individual Rating to
'C' from 'C/D'.  In line with the upgrade of the Individual
Rating, Aareal's hybrid securities, issued by Aareal Capital
Funding GmbH and Aareal Capital Funding LLC (Delaware), have been
upgraded to 'BB-' from 'B+' and 'BB' from 'BB-', respectively.
These ratings are notched from Aareal's notional unsupported IDR.

"Aareal has proved resilient during the difficult market
conditions it has faced in the past three years.  It has remained
profitable and strong management has kept asset quality
deterioration under control," says Michael Dawson-Kropf, Senior
Director in Fitch's Financial Institutions team."  Aareal's
ability to generate unsecured and long-term funding without an
affiliation to a larger banking group reflects its franchise with
institutional investors and is underpinned by the bank's intention
to repay the EUR2 billion SoFFin-guaranteed bond maturing in June
2013, which has been retained on the bank's own books."

The upgrade of the Individual Rating is also supported by Aareal's
announcement that it plans to increase its share capital via a
fully underwritten rights issue against cash contribution by
EUR269 million.  This will be used to strengthen its capital base,
repay EUR75 million of the currently EUR375 million silent
participation from the German Financial Markets Stabilisation Fund
(SoFFin), subject to approval by BaFin and a corresponding
agreement with SoFFin, and partly finance future growth.  Fitch
considers that the capital increase reflects Aareal's ability to
strengthen its financial position despite the volatile environment
and still challenging prospects for a specialized commercial real
estate lender with a predominantly capital market or institutional
funding base.

In Fitch's view, incremental growth will have a positive impact on
earnings.  Profits will also benefit from lower expected risk
provisioning due to a further stabilization in Aareal's core real
estate markets.  Fitch considers the bank's capitalization to be
adequate despite the partial redemption of SoFFin's silent
participation, planned loan growth and in light of prospective
higher capital demands from the implementation of the Basel III
capital guidelines.  This primarily reflects the agency's
expectation that Aareal will maintain its conservative
underwriting criteria in conjunction with its increased targets
for new business.

Aareal's IDRs are based on Fitch's view that government support
remains high for larger Pfandbrief issuers.  However, there is
political will in Germany, as evidenced by the recent
implementation of the Restructuring Act, to reduce the implicit
state support of banks in the country.  This represents a
potential threat for the bank's IDRs, senior and subordinated
(lower Tier 2) debt ratings.  In addition, the affirmation of
Aareal's IDR reflects the support measures still in place at the
bank, including the SoFFin capital investment of EUR300m remaining
after the repayment planned from the capital raising.


TALISMAN-6 FINANCE: Moody's Cuts Rating on Class A Notes to 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the Class A Notes of
Talisman-6 Finance p.l.c. (amounts reflect initial oustandings):

   -- EUR825M Class A Notes, downgraded to Ba2 (sf); previously on
      Nov 30, 2009 Downgraded to Baa1 (sf)

Moody's does not rate the Class X, B, C, D, E and F Notes issued
by Talisman-6 Finance p.l.c.  The current review action takes
Moody's updated central scenarios into account, as described in
Moody's Special Report "EMEA CMBS: 2011 Central Scenarios".

                         Ratings Rationale

The key parameters in Moody's analysis are the default probability
of the securitized loans (both during the term and at maturity) as
well as Moody's value assessment for the properties securing these
loans.  Moody's derives from these parameters a loss expectation
for the securitized pool.  Based on Moody's revised assessment,
the loss expectation for the pool has increased significantly
since the last review in November 2009.  This is mainly driven by
Moody's higher expected default rates at the loans' maturity dates
with 87% of the loan pool maturing between now and January 2012.

This transaction has a number of weaknesses which have contributed
to the downgrade.  As mentioned, a large number of loans mature in
the near term and this is coupled with a high loan-to-value (LTV)
ratio on many of the loans.  Therefore most of the loans are
expected default on their maturity date.  The largest loan in pool
(38% of the pool balance), which will mature in July 2011, will be
very difficult to refinance or work-out due to the large loan size
(whole loan of EUR426 million), the large underlying portfolio
involved (161 properties) and the fact that Moody's expects no
sponsor support for the loan since the sponsor is insolvent.
Also, most of the loans are secured by property portfolios with
major lease rollover exposures within the next four years which
could place pressure on cash flows, values and sale or refinancing
prospects.  The Class A credit enhancement has not increased
meaningfully since closing and coupled with the decrease in
values, results in a high note-to-value on the Class A.

The transaction payment waterfall has already switched over to
fully sequential which will benefit the Class A Notes as loans
repay or recovery proceeds are realized.  The sequential payment
allocation will mitigate rating sensitivity on the Class A Notes
as increased credit enhancement from loans that repay will offset
the expected decrease in credit enhancement from losses that
Moody's expects to be allocated to the Class F and E Notes within
the next two years.

Moody's analysis reflects a forward-looking view of the likely
range of collateral performance over the medium term.  From time
to time, Moody's may, if warranted, change these expectations.
Performance that falls outside an acceptable range of the key
parameters may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated during current
review.  Even so, deviation from the expected range will not
necessarily result in a rating action.  There may be mitigating or
offsetting factors to an improvement or decline in collateral
performance, such as increased subordination levels due to
amortization and loan re- prepayments or a decline in
subordination due to realized losses.

Primary sources of assumption uncertainty are the current stressed
macro-economic environment and continued weakness in the
occupational and lending markets.  Moody's anticipates (i) delayed
recovery in the lending market persisting through 2012, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) values will
overall stabilize but with a strong differentiation between prime
and secondary properties, and (iii) occupational markets will
remain under pressure in the short term and will only slowly
recover in the medium term in line with the anticipated economic
recovery.  Overall, Moody's central global scenario remains
'hooked-shaped' for 2011; Moody's expects sluggish recovery in
most of the world's largest economies, returning to trend growth
rate with elevated fiscal deficits and persistent unemployment
levels.

                    Moody's Portfolio Analysis

Talisman-6 Finance p.l.c. closed in April 2007 and represents the
securitisation of initially nine commercial mortgage loans
originated by ABN AMRO Bank N.V.  The loans are secured by first-
ranking mortgages over initially 276 commercial properties located
in Germany.  Since closing, with the exception of four small
property disposal under the Orange Loan, there have been no
changes in the portfolio composition.  The remaining 272
properties in the pool are predominantly retail (49.6%, mainly
retail boxes with some high street retail) and mixed-use (27%,
predominantly multi-family).

The Cherry and Kiwi Loans (together 6.8% of the pool) are in
payment arrears and both are in special servicing. Furthermore,
the Cherry Loan was accelerated and insolvency proceeding opened
in January 2010.  The Mango Loan (8.4% of the pool) is in default
due to an LTV covenant breach.  For all three of these loans, the
sale of the underlying properties is the stated work-out strategy
of the servicer/special servicer.

As a result of the continued payment default under the Cherry Loan
there has been a liquidity draw every quarter since the Aril 2008
IPD.  The liquidity draw on the January 2011 IPD amounted to EUR
2.42 million.  Following the default of the Cherry Loan, there has
also been an appraisal reduction adjustment to the liquidity
facility after the properties securing the Cherry loan were re-
valued.  The Class F Notes (not rated by Moody's), which are
subject to an available funds cap mechanism, have not received
interest payment or have only received partial interest payment
since the January 2009 IPD.

Based on Moody's property value assessment, the weighted average
securitized LTV is 116% and the overall weighted average whole
loan leverage is 124%.  Compared to this, the underwriter weighted
average securitized LTV is 87.1% and the whole loan LTV is 92.2%.
Four of the five loans where the properties have been re-valued
during 2010 have an underwriter LTV in excess of 100%.

The largest loan in the portfolio, the Orange Loan (38% of the
pool and EUR 426 million whole loan balance) matures in July 2011.
It is secured by 161 properties which are mainly retail boxes,
grocery stores and some high street shops.  The vacancy rate has
increased further since Moody's last review.  The current vacancy
rate is 21.4% compared to 15.6% in November 2009 and 7% at
closing. Consequently property portfolio cash flows have
deteriorated since closing as well.  Furthermore 13% of the leases
(by rental income) will expire by the end of 2011 with another 37%
of the leases expiring during 2012 and 2013.  The portfolio hasn't
been re-valued since closing.  Moody's whole loan LTV for this
loan at maturity is 135%.  In Moody's opinion this loan will
default at its maturity date driven by its high leverage and large
size.

The Peach Loan (14.0% of the portfolio) also matures in July 2011.
It is secured by 25 mainly retail box properties.  The weighted
average lease term to expiry is 5.8 years and vacancy levels and
cash flows have been relatively stable since closing.  Moody's
whole loan LTV at maturity is 105%.  Moody's also expects this
loan to default at its maturity date however Moody's expects some
sponsor support with respect to this loan and that there is high
chance that this loan could be worked with no or minimal loss.

Portfolio Loss Exposure: Moody's expects a high amount of losses
on the securitized portfolio, stemming mainly from the performance
and the refinancing profile of the securitized portfolio.  Given
the default risk profile and the anticipated work-out strategy for
defaulted and potentially defaulting loans, these expected losses
are likely to crystallize mainly towards the end of the
transaction term.  The legal final maturity of the Notes is only
in October 2016 and the tail period after the longest dated loan
(taking into account extension options) is almost three years
therefore the special servicer will have time to work-out current
and future defaulting loans in this transaction.  However, in the
case of the Cherry Loan which has already been accelerated and the
Kiwi Loan, Moody's expects a faster work-out and expects losses to
be allocated to the Class F and E Notes within the next two years.

                       Rating Methodology

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

Moody's Investors Service received and took into account one or
more third party due diligence reports on the underlying assets or
financial instruments in this transaction and the due diligence
reports had a neutral impact on the rating.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions.  Moody's prior review is summarized in a Press
Release dated Nov. 30, 2009.  The last Performance Overview for
this transaction was published on March 24, 2011.


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QUINN GROUP: Sean Quinn Blames Woes on Over-Reliance of Banks
-------------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Sean Quinn has
blamed over-reliance on the banks and their economic predictions
for Quinn Group's problems.

The Irish Times relates that Mr. Quinn on Tuesday issued his first
statement since he lost control of his manufacturing and insurance
business, Quinn Group, to a receiver last week.  Anglo Irish Bank
has since appointed Kieran Wallace of KPMG as share receiver to
Quinn Group ROI Ltd. last Thursday, The Irish Times recounts. The
group owes EUR2.88 billion to the bank, The Irish Times discloses.

According to The Irish Times, Mr. Quinn said "our mistake was to
place an overreliance on the Irish banking system and the many
predictions for continued sustained growth in the Irish economy
from some of the country's leading financial services experts".

The debt to Anglo relates mainly to the fact that he bought its
shares in 2008, shortly before the financial crisis and the bank's
subsequent collapse, The Irish Times notes.

Under a five-year plan hammered out between Anglo and a range of
other creditors, mainly bondholders, who are owed EUR1.28 billion,
the bank will get a majority stake in the group's manufacturing
operations, while other creditors will get a 25% share, The Irish
Times says.

Quinn Group ROI controls its cement, building materials, glass and
other manufacturing businesses in Ireland and Britain through its
ownership of Quinn Group, an operating entity registered in
Northern Ireland.


* IRELAND: To Publish Revised Bankruptcy Laws in First Qtr. 2012
----------------------------------------------------------------
Joe Brennan at Bloomberg News reports that Irish Prime Minister
Enda Kenny told the Dublin parliament on Tuesday that Ireland's
government will publish revised bankruptcy laws in the first
quarter of 2012.

According to Bloomberg, Mr. Kenny's coalition government promised
when it was formed last month to fast-track changes in laws
requiring bankrupted individuals to wait 12 years before they are
discharged from their debts.


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I T A L Y
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PARMALAT SPA: Milan Court Acquits Four Banks
--------------------------------------------
BBC News reports that four banks have been acquitted by a court in
Milan, Italy, over accusations they did not take adequate steps to
prevent Parmalat from committing fraud.

Prosecutors had wanted to seize a total of EUR120 million --
GBP105 million; US$171 million -- from Morgan Stanley, Deutsche
Bank, Citigroup and Bank of America.  They were accused of helping
to mislead investors.  The banks had denied the criminal charges,
claiming that they had also been victims of the Parmalat fraud.

Parmalat collapsed in 2003 with EUR14 billion of debts.  Its
founder and former chief executive, Calisto Tanzi, was sentenced
to 18 years in jail in December, for criminal association and
fraudulent bankruptcy.

"The Milan court's judgment confirms unequivocally that Citi and
its employees did not have any involvement in the execution of the
most significant fraudulent bankruptcy in Italy," Citigroup said
in response to the final ruling in the two-year court case,
according to BBC.

                        About Parmalat S.p.A.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that can
be stored at room temperature for months.  It also has about 40
brand product lines, which include yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.  Dr.
Enrico Bondi was appointed Extraordinary Commissioner in each of
the cases.  The Parma Court declared the units insolvent.

On June 22, 2004, Dr. Bondi, on behalf of the Italian entities,
sought protection from U.S. creditors by filing a petition under
Sec. 304 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
04-14268).

Parmalat's U.S. operations filed for Chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary Holtzer,
Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP,
represented the U.S. Debtors.  When the U.S. Debtors filed for
bankruptcy protection, they reported more than US$200 million in
assets and debts.  The U.S. Debtors emerged from bankruptcy on
April 13, 2005.

Three special-purpose vehicles established by Parmalat S.p.A. --
Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food
Holdings Ltd. -- commenced separate winding up proceedings before
the Grand Court of the Cayman Islands.  Gordon I. MacRae and James
Cleaver of Kroll (Cayman) Ltd. were appointed liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed a Sec. 304
petition (Bankr. S.D.N.Y. Case No. 04-10362).  Gregory M. Petrick,
Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey,
Esq., at Janvey, Gordon, Herlands Randolph, represented the
Finance Companies in the Sec. 304 case.

The Honorable Robert D. Drain presided over the Parmalat Debtors'
U.S. cases and Sec. 304 cases.  In 2007, Parmalat obtained a
permanent injunction in the Sec. 304 cases.


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K A Z A K H S T A N
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BANK CENTERCREDIT: Moody's Cuts LT Foreign-Currency Deposit Rating
------------------------------------------------------------------
Moody's Investors Service has downgraded the long-term foreign-
currency deposit rating of Bank CenterCredit (BCC) to B1 from Ba3.
BCC's global long-term local and foreign-currency senior unsecured
debt ratings were also downgraded to B2 from Ba3 and B1,
respectively, and its junior subordinated foreign-currency debt
rating to Caa1(Hyb) from B3(Hyb).  Concurrently, Moody's assigned
B1/Not Prime local-currency deposit ratings to the bank.  The
rating actions follow Moody's assessment of BCC's audited
financial statements for 2010, prepared under IFRS.

At the same time, BCC's Not Prime short-term foreign-currency
deposit ratings and its E+ stand-alone bank financial strength
rating (BFSR) were affirmed, but the BFSR was remapped to B2 on
the long-term scale from B1.  The outlook on the BFSR ratings is
stable, while the deposit and debt ratings carry a negative
outlook.

                        Ratings Rationale

The downgrade of BCC's debt and deposit ratings reflects weakening
of the bank's stand-alone financial rating (BFSR) within the E+
category, now mapping to a long-term rating scale of B2.  "The
deterioration of the bank's financial profile stems primarily from
the considerable weakening of the bank's capital position over the
recent period due to ongoing impairment in the loan book," says
Semyon Isakov, a Moody's Assistant Vice-President and lead analyst
for the bank.  "In addition, a material deterioration of BCC's net
interest margin in 2010 led to negative operating efficiency in
the most recent financial quarter, which prevented it from
absorbing mounting credit losses and created additional negative
pressure on the bank's capital adequacy," adds Mr. Isakov.

At end-February 2011, BCC's level of overdue loans increased to
20.2% of its gross loan book while the level of loan loss reserves
was 14.9% in accordance with regulatory data.  In addition,
Moody's notes that KZT64.6 billion (US$438 million) or 8.1% of the
gross loan book was restructured, otherwise these loans would be
past due or impaired in accordance with the bank's IFRS as at
YE2010.

In 2010, BCC's net interest margin shrank considerably to 1.2%
(2009: 3.5%, 2008: 4.7%), reflecting the high level of non-
performing loans, declining yields in the sector and the negative
result from excessive liquidity as the customer deposit base grew
rapidly compared to the loan book.  In the second half of 2010,
weak net interest margin negatively impacted BCC's overall
operating performance, resulting in losses at the pre-provision
level.

Given the above-mentioned concerns, Moody's considers the 7.6%
equity-to-assets ratio -- as reported under the local regulatory
standards -- to be weak against the background of ongoing negative
pressure stemming from the bank's currently negative operating
performance and high level of problem loans in the loan book that
could potentially lead to a further notable deterioration in the
bank's capital profile.

BCC is currently planning to address the above-mentioned issues
by: (i) targeting 10% growth of the loan book in 2011; (ii)
decreasing the level of expensive customer funding; (iii)
investing its low-yield liquid assets in assets with higher
returns and (iv) is anticipating recovery in already created loan
loss reserves.  However, Moody's said that it has yet to see the
positive effect from these measures given the challenges faced by
Kazakh banks, i.e. subdued demand for new loans, low interest
rates due to strong competition and excessive liquidity in the
sector, and lack of clear evidence of recovery in the value of
underlying assets.

Notwithstanding the above-mentioned concerns, Moody's notes that
BCC's stand-alone financial profile is underpinned by a healthy
liquidity profile due to the high cushion of liquid assets(cash
and government bonds) that amounted to KZT462 billion(US$3.1
billion) or 37.7% of the bank's IFRS total assets at YE2010.

The negative outlook on BCC's debt and deposit ratings reflects
ongoing pressure on the bank's stand-alone financial profile that
could, in the short to medium term, warrant a downwards adjustment
in BCC's mapping of the E+ BFSR to the long-term rating scale by
one notch if the bank's capital position continued to deteriorate.

The assigned B1/Not Prime local-currency deposit ratings are at
the same level with BCC's foreign-currency deposit ratings and are
based on the bank's E+ BFSR( now mapping to a long-term rating
scale of B2) and low probability of systemic support.

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007, and Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated debt published in November 2009.

Headquartered in Almaty, Kazakhstan, BCC reported -- under IFRS --
total assets of KZT1.224 trillion (US$8.3 billion) and
shareholders' equity of KZT84.7 billion (US$ 575 million).  Net
loss for 2010 was KZT31 billion (US$208 million).


=====================
N E T H E R L A N D S
=====================


IFCO SYSTEMS: Moody's Upgrades Corporate Family Rating to 'Ba1'
---------------------------------------------------------------
Moody's Investors Service upgraded IFCO Systems N.V. (IFCO)
Corporate Family Rating (CFR) to Ba1 from Ba3 and Probability of
Default Rating (PDR) to Ba1 from Ba3.  Concurrently, Moody's
upgraded to Ba1 from Ba3 the rating on IFCO's EUR200 million
senior secured notes due 2016.  The outlook on all ratings is
stable.

                        Ratings Rationale

The ratings upgrade follows the announcement of the successful
acquisition of the majority of shares in IFCO by Brambles Limited
("Brambles", Baa1/stable), the global leader in pallet and
container pooling supply chain solutions through its CHEP
division.  The ratings and outlook of Brambles were unaffected by
the announcement.

"IFCO's ratings upgrade reflects its new ownership as well as
improved standalone credit metrics, demonstrated by strong
performance in 2010, leading to the two notch upgrade and stable
outlook," says Tanya Savkin, Moody's lead analyst for IFCO.
"Although Brambles has not yet unveiled detailed plans with
regards to IFCO's integration, Moody's expects IFCO should derive
some benefit from the stronger credit profile of Brambles as well
as potential synergies from combined businesses, particularly
considering the industrial rationale underpinning the
acquisition."

The rating reflects current assumption that most of IFCO's EUR200
million senior secured notes due 2016 will remain outstanding, and
will not be guaranteed by Brambles

Bramble's ownership is likely to provide IFCO with access to the
customer base of CHEP and at the same time will provide Brambles
with strategic position in Returnable Plastic Containers (RPC)
market.  Moody's expects that IFCO will be responsible for all RPC
business of the new group, including that of CHEP.  The
transaction will also potentially provide IFCO with larger access
to capital and worldwide infrastructure to accelerate its
expansion.

IFCO reported revenue of US$785 million and EBITDA of USD150
million for the year ended December 2010, an increase of 6.7% and
16.0% respectively over previous year leading to growth in EBITDA
margin to 19.1% in 2010 from 17.5% in 2009.  The growth in sales
continues to be driven by RPC business with new and existing
customers across all of IFCO's key regions.  Growth in Pallet
Management Service (PMS) sector remained largely flat due to
continued difficult economic environment in the US pallet market.
Positively, EBITDA margin of PMS segment has increased to 7.6% in
2010 from 6.8% in 2009, mainly due to the effects of lower
material cost.

Liquidity remains satisfactory, with US$59 million cash on balance
sheet and USD65 million revolving facility available, however
Moody's notes that free cash flow was negative in 2010 due to
increased investments required in RPCs to support the growth.  The
rating also continues to reflect the company's relatively small
size.  It is also Moody's expectation that the company will
address the maturity of its revolving facility due May 2012 in a
timely fashion.

Moody's would consider a rating upgrade if IFCO's adjusted
Debt/EBITDA ratio to fall below 2.25x and EBIT/Interest cover
ratio to rise above 3.0x on a sustainable basis.  Positive
pressure may also result from further evidence of operational
integration into Brambles beneficial to IFCO and/or financial
support from Brambles.

Moody's would consider a rating downgrade if IFCO's adjusted
Debt/EBITDA ratio rises above 3.0x and EBIT/Interest cover ratio
falls below 2.0x.

The principal methodology used in rating IFCO Systems N.V. was the
Global Packaging 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.

Headquartered in the Netherlands, IFCO Systems N.V. is a leading
logistics services provider operating in Europe and in the
Americas.


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


SAAB AUTOMOBILE: Has Deal With Financiers on Liquidity Crisis
-------------------------------------------------------------
Global Insolvency, citing Dow Jones Daily Bankruptcy Review,
reports that the Swedish National Debt Office on Monday said that
Saab Automobile has reached an agreement in principle with
financiers regarding a solution to the company's liquidity crisis.

"The information that Saab has presented to us looks good and they
will now have to present us a contract that is signed," Global
Insolvency quotes Unni Jerndal, a spokeswoman for Sweden's NDO, as
saying.  She said all conditions set by the Swedish government to
reach an agreement have been met, and Saab is now working on the
last details to secure the deal, Global Insolvency notes.

Saab, Global Insolvency says, urgently needs fresh funds to pay
its suppliers and resume production.  Production came to a halt in
recent weeks because of parts shortages after some suppliers
stopped deliveries, Global Insolvency recounts.

Global Insolvency relates that on Friday, the Swedish government
granted the car maker approval to sell its property and set
several conditions for the NDO to allow Saab to release its
collateral.  The conditions were mainly related to the expected
price and the potential buyer, Global Insolvency states.
According to Global Insolvency, the company is currently unable to
secure external financing, since large parts of its assets are
tied up as collateral for a EUR400 million (US$572.2 million) loan
granted by the European Investment Bank.

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 stock.


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


CONGREGATIONAL & GENERAL: S&P Affirms 'BB+' Insurer Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
U.K.-based non-life insurer Congregational & General Insurance PLC
to stable from positive.  "At the same time, we affirmed the 'BB+'
counterparty credit and insurer financial strength ratings on the
company," S&P related.

"The outlook revision reflects our view of Congregational &
General's revision of its long-term strategy.  From 2012, the
company plans to accelerate its growth through an MGA route and
retain only a very small underwriting portfolio.  Although this
strategy may prove to be profitable, its success is unproven and
the execution risk, in our opinion, is high," S&P noted.

"Furthermore, we believe that this strategy is likely to have a
negative impact on the insurer's already-marginal and
prospectively weakening competitive position and will increase its
dependence on third-party capital to help it implement its
strategy.  We view these issues and potential risks as negative
rating factors in the longer term as they may constrain
Congregational & General's strategic direction and cause
uncertainty among clients and brokers about the viability of its
business," S&P continued.

"In our opinion, the ratings continue to be underpinned by good
capital adequacy.  That said, the insurer is very small in
absolute terms and its competitive position and operating
performance are marginal," according to S&P.

The stable outlook reflects Standard & Poor's expectation that
these strategic changes will have no negative impact on
Congregational & General's policyholders.  "We expect that during
the company's strategic realignment, capital adequacy will remain
at a good level and that the company will maintain its low
financial risk tolerance," S&P added.

The ratings could come under downward pressure if its financial
risk tolerance were to increase or if its capital or operating
performance were to reduce.


DEEJAK CONSTRUCTION: Goes Into Administration
---------------------------------------------
The Construction Index reports that Deejak went into
administration on Tuesday, resulting in the loss of 18 jobs.

Group companies Deejak Construction, Deejak Builders (Rushden) and
Rushden Builders Merchant (RBM) are being wound up by insolvency
specialists from Begbies Traynor, according to The Construction
Index.

The Construction Index relates that administrators were called in
on Friday and have already decided that it cannot be sold as a
going concern.

Just half a dozen employees have been kept on to help with
finalization of accounts. Administrators are also looking to
novate a handful of ongoing contracts, The Construction Index
discloses.

The Construction Index notes that joint administrator John Kelly
said that Deejak had failed because of "a combination of lack of
work and difficulty getting paid", adding: "It's a common problem
with in the construction industry."

Deejak is a Northamptonshire-based building company.


FISH HOUSE: Put Up for Sale Following Administration
----------------------------------------------------
Lorraine Helle at Big Hospitality reports that The Fish House
Hotel & Restaurant has been put up for sale after falling into
administration.

Big Hospitality relates that property agents Christie + Co, who
have been appointed to handle the sale on behalf of the
administrators, FRP Advisory, said they are looking for offers on
the GBP3 million freehold and will kick off their marketing
campaign next month.

According to Big Hospitality, the group said it is looking to sell
the site as a going concern, which will include the 100-cover
restaurant, a fish bar, an 'al fresco' dining area, and 15
bedrooms.

The Fish House Hotel & Restaurant is situated in Chilgrove, West
Sussex.


ITV PLC: S&P Upgrades Long-Term Corporate Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services said it raised to 'BB' from
'B+' its long-term corporate rating and senior unsecured debt
ratings on U.K. broadcaster ITV PLC.  "At the same time, we
affirmed our 'B' short-term corporate credit rating on ITV.  We
removed all ratings from CreditWatch, where they had been placed
with positive implications on Jan. 27, 2011," S&P stated.

"The '4' recovery rating on all of ITV's senior unsecured debt is
unchanged, indicating our expectation of average (30%-50%)
recovery for unsecured creditors in the event of a payment
default," according to S&P.

S&P noted, "The rating actions reflect ITV's 2010 results, which
were significantly better than we anticipated on the back of a
strong recovery in the U.K. advertising market in the second half
of the year.  As a result, Standard and Poor's-adjusted leverage
dropped to 3.7x in 2010 on a gross debt basis, from 7.3x the
previous year.  Moreover, we believe that ITV will likely build up
additional headroom at the current rating in 2011, given our base-
case assumption of further growth in revenues and EBITDA."

"As a result, we anticipate that leverage--adjusted for operating
leases, pension obligations, and GBP250 million of what we
consider to be excess cash--will decline toward 3x by the end of
2011," S&P related.

"The current ratings are supported by our view of ITV's moderate
financial policy over the medium term.  We anticipate that the
group's resumption of dividend payments will initially be limited,
but will gradually increase over time without jeopardizing the
group's financial flexibility.  In addition, we factor only bolt-
on acquisitions into our base-case scenario and we anticipate
that sizable acquisitions would be funded with a mix of debt and
equity," S&P stated.

"In our view, ITV's credit metrics will likely remain commensurate
with the current ratings, based on low single-digit growth in the
group's revenues and EBITDA and a moderate financial policy on
acquisitions and shareholder remuneration.  We view a ratio of
adjusted debt to EBITDA of about 3x and an adjusted ratio of free
operating cash flow to debt in excess of 5% as adequate for the
current rating," according to S&P.

S&P could raise the rating if a stronger growth in the advertising
market than we anticipate leads to growth in revenues and EBITDA,
leading to an adjusted debt-to-EBITDA ratio of less than 2.5x
(equivalent to a reported 1.5x), alongside a commitment from
management to keep financial metrics at that level.  This would
require EBITDA to rise by more than 10% in 2011.  "However,
this is outside our base-case scenario," S&P noted.

"We could lower the rating if ITV's adjusted debt to EBITDA were
to rise above 3x (equivalent to a reported 2x) on a sustainable
basis.  We could see this happening as a result of unexpected
operating setbacks or large shareholder remuneration or
acquisitions," S&P added.


LANDSBANKI GUERNSEY: Liquidators Appeal Ruling on Depositor Status
------------------------------------------------------------------
International Adviser reports that the liquidators of Landsbanki
Guernsey have appealed against an Icelandic court decision that
would mean savers in the bank were likely to get none of their
money back.

According to International Adviser, a statement released by
Deloitte -- one of the Landsbanki Guernsey joint liquidators --
said it was challenging the ruling of the District Court of
Reykjavik that gave preferential status to what are termed British
and Dutch wholesale depositors.  These are local authorities,
universities and other institutions, International Adviser states.

These wholesale depositors were given preferential status in 2009
following a meeting of a body known as the LIHF Resolution
Committee, International Adviser recounts.  Deloitte's statement
said preferential status was established under an Icelandic
Emergency Law passed in October 2008, days before Landsbanki went
into administration, International Adviser notes.

Landsbanki Guernsey depositors, however, are classed as
"intercompany depositors" and as such are given no special
treatment, International Adviser discloses.

International Adviser says the challenge is being made to the
Icelandic Supreme Court.  There is no timetable for when the
appeal will be held, according to International Adviser.

As reported by the Troubled Company Reporter-Europe on Dec. 10,
2010, BBC News said Landsbanki Guernsey went into liquidation
after being placed into administration in 2008, due to the
collapse of its parent company.  Guernsey's Royal Court agreed the
former administrators be appointed as liquidators on Dec. 7,
2010, BBC News disclosed.  The Guernsey Financial Services
Commission said Landsbanki Guernsey had to surrender its banking
license because it had insufficient capital to be licensed, BBC
noted.

                  About Landsbanki Guernsey Ltd.

Landsbanki Guernsey Ltd. was subsidiary of Iceland-based
financial institution Landsbanki Islands hf.


MONTPELLIER MARKETING: Bad Debt Prompts Administration
------------------------------------------------------
Montpellier Marketing Communications Group Ltd. has gone into
administration, thisisgloucestershire.co.uk reports.

thisisgloucestershire.co.uk relates that Neil Hickling and Anthony
Spicer of Smith and Williamson have been appointed as joint
administrators.

According to thisisgloucestershire.co.uk, Guy Woodcock, Chief
Executive of MMCG Ltd Ltd., said the company had gone into
administration because of a "bad debt" and he said he was now
working hard to minimize the impact on creditors.

A new company has been set up -- Montpellier Public Relations Ltd.
-- which has taken over the former company's assets, goodwill and
client base, thisisgloucestershire.co.uk discloses.

All eight members of the old company have been kept on and the new
firm is based at the existing headquarters in Montpellier,
Cheltenham, thisisgloucestershire.co.uk notes.

"Everything remains the same and we have a viable business going
forward which will enable us to continue to provide services and
to retain livelihoods at the company," thisisgloucestershire.co.uk
quotes Neil Hickling, director at Smith & Williamson, the
accountancy and financial services group, as saying.  "There has
effectively been a management buy-out of this business from the
administrators at Smith & Williamson's restructuring and recovery
division.  The current management team at Montpellier is re-
organizing its business and the good news is that there have been
no redundancies."

Montpellier Marketing Communications Group Ltd. is a
Gloucestershire-based public relations and marketing firm.


VEDANTA RESOURCES: Moody's Keeps Review on 'Ba2' Rating
-------------------------------------------------------
Moody's Investors Service has continued to place on review for
possible downgrade the Ba1 corporate family rating and Ba2 senior
unsecured rating of Vedanta Resources plc.

The rating view was initiated on Aug. 17, 2010, after Vedanta had
announced the proposed acquisition of a controlling stake (of up
to 60%) in Cairn India Ltd. (CIL) for US$9.6 billion or less.  On
21st December 2010, Moody's announced the continuation of its
review of Vedanta.

On April 7, 2011, the seller, Cairn Energy Plc and Vedanta agreed
to extend the completion date deadline from April 15 to May 20,
2011.  This was as a result of further delays in the regulatory
approval process.  The Government of India's (GoI) final decision
is still awaited and the outcome is in the hands of a special
ministerial panel.  Moody's notes that Vedanta reports its results
for the year to March 31, 2011, on May 5, while Cairn Energy will
issue an interim management statement, and usually holds its AGM
for shareholders, in late May.

As described in Moody's December note, the $6 billion of debt
financing to be guaranteed by Vedanta Resources Plc for the
transaction is in place, Additionally, Sesa Goa's open offer for
CIL shares is now underway following clearance from the Securities
and Exchange Board of India (SEBI).  Vedanta is using its listed
subsidiary, Sesa Goa Ltd. (55.7%-owned), as a funding vehicle to
acquire a 20% stake in Cairn India, by drawing on its cash on hand
and raising short-term funds.

Nevertheless, Moody's would not be surprised if the acquisition of
a majority interest in CIL failed to occur. The royalty issue
between CIL and ONGC (74%-owned by GoI) had been a point of
contention for some time prior to Vedanta's approach to CIL.  In
essence, ONGC pays the royalty on all the fields' outputs whereas
its production share is only 30%.  While there is a contract in
place to underpin the arrangement, a change in control of CIL
represents an opportunity for such contracts to be closely
scrutinized.  However, Vedanta's track record of negotiation
suggests that it is unlikely to budge from its position and will
walk away if it perceives a material change in value.

The operational performance of both Vedanta and CIL has been
buoyed by the continuation of strong commodity prices into Q1
2011. Crude oil was trading around $75/barrel in August 2010 and
is now some $110/barrel.  Moody's estimates the current EBITDA run
rate for Vedanta to be around $900 million per quarter and that
for CIL over $500 million per quarter.

However, the CIL deal sees the complex structure of Vedanta
persist, with the CIL ownership interests to be split between Sesa
Goa (holding up to 20%) and an offshore SPV holding between 31-
40%. Substantial minority shareholders in both listed and un-
listed subsidiaries continue to populate the Vedanta Group
structure, from the UK Plc to the Indian operating companies, and
in order to protect ownership levels, debt is invariably the first
choice for new funds.

Vedanta's strategy remains opportunistic and difficult to predict,
but its track record in the execution of acquisitions and organic
growth has been good.  Its recent purchase of a small, part-built
steelworks in Karnataka, India, for $50 million is partly in
response to the growing pressures on the export of iron ore but
Moody's expects Vedanta's investment in steel to grow over time.

The acquisition of CIL represents a challenge for Vedanta as the
risk and time profiles of the oil and gas, exploration and
production sector are different from those of its hard minerals
business.  However, the execution risk is somewhat mitigated by
the retention of existing management and the onshore location of
the producing wells.  Nevertheless, CIL is a larger company by
market capitalization ($ 14.7 billion) than Vedanta ($ 10.1
billion) and the relative size of the transaction elevates the
risks for Vedanta.

Moody's notes the proposed addition of debt at the Parent company
level to fund the CIL purchase and the implications this has for
subordination within the Group.  The balance between priority debt
at operating subsidiaries and the Parent may well be better after
the transaction, but this serves to highlight the thinly
capitalized Parent.  Furthermore, the Parent's sources of cash are
unpredictable.  The senior unsecured rating of Vedanta Resources
Plc is currently set at one notch below the corporate family
rating (CFR) and this is not expected to change.

The review will conclude once the outcome of the CIL acquisition
is known.  Moody's expectations are for Vedanta's CFR to be
lowered by one notch if Vedanta succeeds, based on the existing
terms, and for the CFR to remain at its current level if the deal
falls through.  However, in both circumstances Vedanta's credit
profile at these rating levels would be challenged.

The principal methodology used in rating Vedanta is Rating
Methodology on Global Mining Industry published in May 2009, and
available on www.moodys.com in the Rating Methodologies sub-
directory under the Research & Ratings tab.  Other methodologies
and factors that may have been considered in the process of rating
this issuer can also be found in the Rating Methodologies sub-
directory on Moody's website.

Headquartered in London, UK, Vedanta Resources plc is a metals and
mining company focusing on integrated zinc, aluminum, copper, iron
ore mining and commercial power generation. Its operations are
predominantly located in India.  It is listed on the London Stock
Exchange and is 59.67% owned by Volcan Investments Ltd.


* UK: Companies in Financial Distress Up 15%, Begbies Traynor Says
------------------------------------------------------------------
Red Flag Alert, which monitors a series of indicators of company
distress, shows a 15% increase to 186,554 companies which
experienced "significant" or "critical" financial distress in Q1
2011 compared to 161,601 companies in Q1 2010.

The total number of businesses facing "critical" problems in Q1
2011 compared with Q1 2010 has increased by 11%.  In particular it
is the sectors which rely almost solely on consumer discretionary
spending which are beginning to show the affects of anticipated
job losses.

Compared with Q1 2010 the level of combined distress (Significant
and Critical) in the Bar & Restaurant sector was up by 68%.
Businesses in the Leisure & Culture sector were faced with a 60%
rise from Q1 2010.  Figures for the Sports & Recreation sector
show a 23% rise from Q1 2010.

January 2011 marked the beginning of widespread 90-day
consultations on job cuts resulting from October's Comprehensive
Spending Review. A significant number of public sector staff will
have received formal notification of impending redundancies which
will have had an impact on discretionary consumer spending.

Ric Traynor, Executive Chairman of Begbies Traynor Group, said:
"The figures for Q1 2011 show the number of UK companies facing
'critical' problems has risen year on year with significant
increases across the leisure sector in particular.

"Compared with our figures for food retail which show little
change, it seems likely that a fall in consumer confidence and
spending power driven by anticipated job losses lies at the core
of the leisure sector's troubles.

"Another marked increase was evident in the professional services
sector where the number of firms showing signs of distress was up
by 61% compared with Q1 2010."

Mr. Traynor commented: "Over 15,000 firms in the professional
services sector are showing signs of significant or critical
problems -- partly driven by a stale property and corporate deals
market -- often the drivers for an active professional services
community.  Compared with the Q1 2010 figure of 9,620 it seems
that firms which operate with a high fixed cost base are finding
the current market conditions increasingly difficult as their
revenues fail to recover and the scope for further cost reductions
becomes more limited."

Mr. Traynor added: "High levels of legal actions taken against
debtors indicate that creditors are attempting to maximize cash
collection right across their customer base.  The hike in oil
prices and January's VAT increase has made cash flow and credit
control essential priorities for most businesses with some seeking
payments through the courts."


===================
U Z B E K I S T A N
===================


ALOKABANK JOINT-STOCK: Moody's Affirms 'E+' BFSR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the stand-alone E+ bank
financial strength rating of Alokabank (Uzbekistan) mapping to B3
on the long-term rating scale.  Alokabank's B1 and B2 long-term
global scale local and foreign currency deposit ratings, as well
as the bank's Not Prime short-term ratings were also affirmed.
The outlook on all of Alokabank's long-term ratings is stable.

Moody's assessment is primarily based on Alokabank's audited
financial statements for 2010 prepared under IFRS.

                      Ratings Rationale

According to Moody's, Alokabank's ratings are constrained by the
weaknesses in the bank's risk management and corporate governance
practices.  In particular, the bank has been historically involved
in related-party business which accounted for 24% of the bank's
gross loan book and 47% of its customer deposit base at YE2010.
Alokabank's credit concentration levels also remain high with the
20 largest exposures comprising 53% of the bank's total gross loan
book and 141% of its Tier 1 capital as at YE2010, although Moody's
observes some improvement from 70% and 215% levels, respectively,
a year earlier.

Despite Alokabank's high regulatory capital levels, the bank's
economic capitalization is weak due to the (1) accumulated
investments in non-core insolvent manufacturing companies (in
accordance with the Uzbek government's program, whereby local
banks are encouraged to invest in the reorganizing and re-
equipping of weak corporates' production sites before these
entities are sold to third-party investors) amounting to 30% of
the bank's Tier 1 capital at YE2010; and (2) the bank's
investments in fixed assets totaling 60% of its Tier 1 capital at
the same reporting date.

On a positive note, Alokabank's ratings are supported by the
sustainable and robust quality of its loan book, with no overdue
or restructured loans as at YE2010.  The bank's individually
impaired loans as reported under YE2010 IFRS accounted for 2.26%
of the gross loan portfolio and were fully covered by loan loss
reserves of 3%.  Moody's observes that this good performance of
the loan book, as well as Alokabank's active involvement in
settlement and money transfer transactions for its corporate and
retail clients support the bank's recurring and healthy income
streams, which mainly consist of interest income and fees and
commissions (43% and 39% of total operating income, respectively,
in 2010).

Moody's also notes that Alokabank's industry concentration levels
have somewhat improved over the recent years, with the bank's
largest industry exposure (to the telecommunication sector) now
accounting for 18% of the total loan book compared to 25% at
YE2009; nevertheless, the rating agency would like to see more
sustainable trends proving the bank's diversification to other
segments of economy.

Moody's also views favorably Alokabank shareholders' continuous
capital support to the bank.  During 2010, a UZS15 billion
(USD9.15 million) capital injection was completed which accounted
for 35% of the bank's pre-injection total shareholders' equity,
and further capital injections are expected to be fulfilled by the
shareholders over the coming two years.

Alokabank's local currency deposit rating derives from the bank's
long-term scale of B3 and also incorporates a two-notch uplift to
B1, reflecting (i) the high probability of systemic support
expected to be rendered to the bank, in case of distress, in
accordance with the bank's special mandate for rendering services
to the state telecommunication industry and (ii) the cumulative
direct and indirect state ownership in the bank's capital --
accounting for more than 80%.  Alokabank's long-term foreign
currency deposit rating is at B2.

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

Headquartered in Tashkent, Uzbekistan, Alokabank reported total
assets of US$206 million and net income of US$3.9 million as per
the audited IFRS statements as of Dec. 31, 2010.


QISHLOQ QURILISH: Moody's Affirms 'E+' BFSR; Stable Outlook
-----------------------------------------------------------
Moody's Investors Service has affirmed the standalone E+ bank
financial strength rating, B1/Not Prime long-term and short-term
global local currency (GLC) deposit ratings of Qishloq Qurilish
Bank (QQB).  The bank's B2/Not Prime long-term and short-term
foreign currency deposit ratings were also affirmed.  The outlook
on the long-term global scale ratings is stable.

                        Ratings Rationale

According to Moody's, QQB's standalone E+ BFSR, which maps to a
long-term scale of B3, remains constrained by (i) its narrow
franchise, (ii) relatively high single-sector and single-product
concentrations in the loan portfolio; and (iii) risks associated
with rapid growth and the unseasoned nature of the loan book.  The
ratings also reflect QQB's sound financial indicators, including
liquidity and capitalization.

In 2010, QQB remained focused on implementing a state program for
developing rural construction and mortgage lending; the latter
contributed over 60% to the bank's loan book and over 40% to total
assets as at YE2010.  QQB's near-90% assets growth in 2010 was
mostly financed by long-term deposits from state funds and timely
capital injections, which helped the bank to protect the maturity
match between assets and liabilities, and to maintain healthy
capital adequacy of over 40%.  Moody's views positively the
expansion of the bank's franchise; however, the rating agency
notes the risks related to relatively high product and sector
concentrations as well as uncertainty over the bank's strategy
after 2015 when the government program expires.

At the same time, QQB's GLC deposit rating of B1 received a two-
notch uplift from the bank's long-term scale based on Moody's
assumption of high probability of extraordinary support from the
government in case of distress. In 2009-2010 Moody's saw the
evidence of the government commitment to develop the bank by
injecting new capital.  Given that the state owns over 75% of QQB,
the bank is likely to benefit from access to capital and liquidity
going forward, as it serves socially and economically important
sectors.

       Previous Rating Actions and Principal Methodologies

Moody's last rating action on Qishloq Qurilish Bank was on 17
December 2009 -- when Moody's upgraded the bank's GLC deposit
rating to B1 from B2 and global foreign currency rating to B2 from
B3 along with a stable outlook.

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

Domiciled in Tashkent, Uzbekistan, QQB reported -- as at
Dec. 31, 2010 -- total assets of US$430 million, shareholders'
equity of US$106 million and net income of US$4.2 million,
according to unaudited local GAAP.


===============
X X X X X X X X
===============


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       JW Marriott, Chicago, IL
          Contact: http://www.turnaround.org/

May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Nuts and Bolts - New York City
       Association of the Bar of the City of New York,
       New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    New York City Bankruptcy Conference
       Hilton New York, New York, N.Y.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Canadian-American Cross-Border Insolvency Symposium
       Fairmont Royal York, Toronto, Ont.
          Contact: 1-703-739-0800; http://www.abiworld.org/

June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Central States Bankruptcy Workshop
       Grand Traverse Resort and Spa, Traverse City, Mich.
             Contact: http://www.abiworld.org/

July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Northeast Bankruptcy Conference
       Hyatt Regency Newport, Newport, R.I.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Sanctuary at Kiawah Island, Kiawah Island, S.C.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hotel Hershey, Hershey, Pa.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
    NCBJ/ABI Educational Program
       Tampa Convention Center, Tampa, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
    International Insolvency Symposium
       Dublin, Ireland
          Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
    Hilton San Diego Bayfront, San Diego, CA
       Contact: http://www.turnaround.org/

Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
    23rd Annual Winter Leadership Conference
       La Quinta Resort & Spa, La Quinta, Calif.
          Contact: 1-703-739-0800; http://www.abiworld.org/

April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       Grand Hyatt Atlanta, Atlanta, Ga.
          Contact: http://www.turnaround.org/

Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Annual Spring Meeting
       Gaylord National Resort & Convention Center,
       National Harbor, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Southeast Bankruptcy Workshop
       The Ritz-Carlton Amelia Island, Amelia Island, Fla.
          Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Mid-Atlantic Bankruptcy Workshop
       Hyatt Regency Chesapeake Bay, Cambridge, Md.
          Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Westin Copley Place, Boston, Mass.
          Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
    Winter Leadership Conference
       JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
          Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Spring Conference
       JW Marriott Chicago, Chicago, Ill.
          Contact: http://www.turnaround.org/

October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
    TMA Annual Convention
       Marriott Wardman Park, Washington, D.C.
          Contact: http://www.turnaround.org/


                            *********

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
conferences@bankrupt.com

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


                            *********


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,
Editors.

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 * * *