TCREUR_Public/110527.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

              Friday, May 27, 2011, Vol. 12, No. 104

                            Headlines



C Z E C H   R E P U B L I C

SAZKA AS: Wants Administrator to Halt Lottery Activities


F R A N C E

CGGVERITAS SERVICES: Moody's Assigns '(P)Ba3' Rating to Sr. Notes
REXEL: Fitch Assigns 'BB-(exp)' Rating to Proposed EUR500MM Notes


G E R M A N Y

BELUGA SHIPPING: Oaktree Capital to Take Over Fleet


G R E E C E

DRYSHIPS INC: Reports US$32 Million Net Income in First Quarter
HELLENIC TELECOMS: Fitch Cuts LT Issuer Default Rating to 'BB'
NATIONAL BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B+'


I C E L A N D

LANDSBANKI ISLANDS: Iceland Chain Buyers May Have to Bid More


I R E L A N D

ALLIED IRISH: Agrees to Sell US$1 Billion Portfolio
ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'C'
ANGLO IRISH: Drumm Faces Legal Action From Former Shareholders


I T A L Y

PARMALAT SPA: Investors Want Lactalis to Raise Takeover Bid


K A Z A K H S T A N

BTA BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'


N E T H E R L A N D S

NEPTUNO CLO: Moody's Upgrades Rating on Class D Notes to 'Caa2'
ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating
SENSATA TECHNOLOGIES: Waives Certain Conditions to Tender Offers
SENSATA TECHNOLOGIES: Subsidiary Refinances Existing Indebtedness


R U S S I A

NATIONAL FACTORING: S&P Raises Rating to 'B'; Outlook Stable


S L O V A K   R E P U B L I C

TIPOS: Court Approves Withdrawal of Restructuring Request


S P A I N

FTPYME BANCAJA: S&P Affirms Rating on Class D Notes at 'D'


T U R K E Y

ANADOLU EFES: S&P Raises Long-Term Corp. Credit Rating to 'BB+'


U N I T E D   K I N G D O M

BRIDES OF ASHFORD: Goes Into Administration, Closes Shops
FOCUS (DIY): To Sell Off Stock
GALA CORAL: Fitch Assigns 'BB-(exp)' Rating to GBP350MM Notes
JAGUAR LAND: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes
JJB SPORTS: Turnaround to Take Five Years Despite Cash Injection

JKF GROUP: Goes Into Administration, 60 Jobs at Risk
PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BBsf'
WORKING MEN'S CLUB: Members Vote to Put Club Into Administration


X X X X X X X X

* BOOK REVIEW: Performance Evaluation of Hedge Funds


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C Z E C H   R E P U B L I C
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SAZKA AS: Wants Administrator to Halt Lottery Activities
--------------------------------------------------------
CTK reports that Sazka AS on Wednesday asked insolvency
administrator Josef Cupka for an immediate approval to stop all
its lottery activities until the firm secures money for further
operation.

"After paying out the rest of a large amount of prize money and
some other winnings, Sazka does not have any money.  Sazka is now
completely without disposable sources, its activity is paralyzed
and it will not be able to continue to operate lotteries and other
games in a fair manner," CTK quotes Sazka board chairman and CEO
Ales Husak as saying.

According to CTK, Mr. Husak said the insolvency administrator will
take over all responsibility if he does not comply with the
requirement.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, related that
the Prague City Court declared Sazka insolvent on March 29.

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


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F R A N C E
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CGGVERITAS SERVICES: Moody's Rates New US$600MM Sr. Notes '(P)Ba3'
------------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3 rating
to the US$600 million senior Notes, due 2021, to be issued by
Compagnie Generale de Geophysique-Veritas. Moody's has also
affirmed the Ba3 ratings on the company's 9.5% US$350 million
senior notes due 2016, and the 7.75% US$400 million senior notes
due 2017.

Moody's has also affirmed the Ba2 Corporate Family Rating ("CFR")
and Probability of Default Rating ("PDR"). It has concurrently
upgraded to Baa3 from Ba1 the ratings on the US$140 million senior
secured RCF due 2012 at CGGVeritas Services Inc and the US$200
million senior secured RCF due 2014 at CGGVeritas. The rating
outlook remains negative.

The proceeds of the senior Notes issuance are intended to fully
repay the senior secured term loan B maturing in 2014 and 2016 as
well as the remaining principal amount outstanding under its 7.5%
senior Notes due 2015.

                         Ratings Rationale

The (P)Ba3 rating on the new senior Notes reflects that they will
rank pari passu with the existing senior Notes. The 2021 Notes
will be guaranteed on the same unsecured basis as the existing
notes by operating subsidiaries accounting in aggregate for 45% of
the group's revenue as of FY 2010, 98% of consolidated total
assets and substantially all of the group's operating income
before eliminations.

While the notes benefit from the same unsecured guarantees as the
bank debt, the one notch discount to the CFR reflects their
ranking behind the group's secured obligations, including the RCFs
-- as well as the group's negative ratings outlook.

CGGVeritas' CFR and PDR remain unchanged at Ba2. This reflects (i)
CGGVeritas' high level of fixed costs and exposure to the highly
cyclical seismic industry; and (ii) weakening financial metrics
driven by the current over-capacity in the marine seismic business
and the contraction in demand and pricing in the highly-
commoditized land seismic business. At the same time, ratings are
supported by (i) the group's position as leader in seismic
equipment (through Sercel) and among the three largest players in
marine seismic services worldwide; (ii) its geographic
diversification; and (iii) its strong liquidity position, further
reinforced by the recent extension of its debt maturities,
including this issuance of 2021 Notes.

The upgrade of the senior secured RCFs to Baa3 from Ba1 solely
reflects the change to a capital structure largely consisting of
unsecured bonds, including the EUR360 million convertible note
issued in January 2011 which is also subordinated to the senior
Notes as it does not benefit from any upstream guarantees.

In 2010, CGGVeritas reported Services revenue down 12% and
operating income down 82%, mainly as a result of overcapacity
affecting the marine segment. Sercel revenues and operating income
increased by 17% and 56% respectively and the division has shown
strong margin improvements in recent quarters. Net debt to EBITDA
less multi-client investments (as adjusted by Moody's) rose to
3.8x and FCF was negative. Despite strong results seen in 4Q 2010,
1Q 2011 results showed some weakness including declines in multi-
client revenues and a reduction in the group's backlog to US$1.2
billion.

The negative outlook reflects Moody's expectation that, absent a
rapid and material market recovery, leverage will remain high for
the current rating category in the near term.

There is limited potential for upward pressure on the CFR in the
intermediate term given the current weak operating environment.
Conversely, a downgrade of the CFR could occur if over-capacity in
offshore seismic exerted further downward pressure on CGGVeritas'
margins and delayed any sustainable market recovery, translating
into through-the-cycle leverage materially above 3x.

The Ba3 rating on the Notes incorporates the weak positioning of
the CFR shown by the negative rating outlook. If the outlook were
subsequently to revert to stable, then the Notes and the bank
facilities could be upgraded. Commensurately, a downgrade of the
CFR by one notch may not lead to a downgrade of the Notes.

Ratings assigned:

  Issuer: Compagnie Generale de Geophysique-Veritas

  -- New senior Notes rating assigned to new US$600 million Notes
     at (P)Ba3.

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.

The principal methodology used in rating Compagnie Generale de
Geophysique-Veritas was the Global Oilfield Services Rating
Methodology, published December 2009. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

CGG Veritas ranks among the top four players in the seismic
industry. It is listed on both Euronext Paris and the New York
Stock Exchange, with a market capitalization of approximately
EUR3.7 billion.


REXEL: Fitch Assigns 'BB-(exp)' Rating to Proposed EUR500MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Rexel, SA's (Rexel) proposed EUR500
million senior unsecured notes due 2018 an expected rating of 'BB-
(exp)'. The guarantee structure and covenants of the notes
resemble those of the existing issued notes, aggregating EUR660
million as of March 31, 2011. The transaction will not result in
any incremental debt for the group as the bond issue will repay
existing debt, although when completed, it will help extend the
final debt maturity from 2014 to 2018. The final rating on the
planned notes is contingent upon the receipt of final
documentation and structure conforming to information already
received.

The draft terms of the new notes contain similar limitations on
the incurrence of indebtedness as the existing notes, subject to a
minimum consolidated coverage ratio of 2.25x. However, certain
debt carve-outs are higher, such as overdrafts and additional
allowed indebtedness (together: EUR400 million compared with
EUR265 million previously). This is aimed at giving Rexel extra
flexibility to pursue its growth strategy and be able to fund
higher working capital requirements emanating from future sales
growth. Fitch understands that guarantors will represent 82% of
consolidated EBITDA and approximately 70% of consolidated net
sales and total assets.

On April 11, 2011, Fitch revised the Outlook on Rexel's 'BB-'
Issuer Default Rating (IDR) to Positive from Stable reflecting
positive financial trends and increased rating headroom, despite
the expectation of further, albeit measured, M&A activity and the
resumption of dividend payments from 2011.


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G E R M A N Y
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BELUGA SHIPPING: Oaktree Capital to Take Over Fleet
---------------------------------------------------
Bruce Barnard at The Journal of Commerce reports that U.S. private
equity fund Oaktree Capital launched a new heavy-lift and project
cargo carrier from the remains of Germany's Beluga Shipping, which
collapsed two months ago.

According to JOC, Beluga's insolvency administrator said the new
company, Hansa Heavy Lift, is taking over seven ships and 50
employees from Beluga.  The company will eventually operate 23
vessels compared with the 70 plus ships in the Beluga fleet, JOC
discloses.

Los Angeles-based Oaktree, the only investor willing to finance
resumed operations, injected US$20 million into the new company,
JOC relates.

Beluga Chartering, Beluga's core operating unit, filed for
bankruptcy in mid-March after Oaktree called in police to
investigate alleged financial irregularities by former management
of the Bremen-based shipping line, JOC recounts.

As reported by the Troubled Company Reporter-Europe on April 5,
2011, IFW disclosed that following the discovery of
irregularities, Beluga's main shareholder, Oaktree Capital, which
has a 49.5% stake, filed fraud charges against Beluga CEO Niels
Stolberg, who has a 48% share in the company.

Beluga Group is Bremen, Germany-based shipping company.


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G R E E C E
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DRYSHIPS INC: Reports US$32-Mil. Net Income for 2011 1st Quarter
----------------------------------------------------------------
Dryships Inc. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 20-F, reporting net income
of US$32.00 million on US$207.41 million of revenue for the three
months ended March 31, 2011, compared with net income of US$13.27
million on US$194.16 million of revenue for the same period a year
ago.

The Company's balance sheet at March 31, 2011, showed US$6.99
billion in total assets, US$3.05 billion in total liabilities, and
US$3.94 billion in total equity.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/Wk2BeI

                       About DryShips Inc.

Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of Sept. 10,
2010, DryShips owns a fleet of 40 drybulk carriers (including
newbuildings), comprising 7 Capesize, 31 Panamax and 2 Supramax,
with a combined deadweight tonnage of over 3.6 million tons and
6 offshore oil deep water drilling units, comprising of 2 ultra
deep water semisubmersible drilling rigs and 4 ultra deep water
newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

As reported in the Troubled Company Reporter on Sept. 29, 2010,
the Company said it is currently in negotiations with its lenders
to obtain waivers, waiver extensions or to restructure its debt.
As of June 30, 2010, the Company's theoretical exposure (current
portion of long-term debt less cash and cash equivalents less
restricted cash) amounted to US$761.4 million.

Deloitte, Hadjipavlou Sofianos & Cambanis S.A., noted that the
Company's inability to comply with financial covenants under its
original loan agreements as of Dec. 31, 2009, its negative working
capital position and other matters raise substantial doubt about
its ability to continue as a going concern.


HELLENIC TELECOMS: Fitch Cuts LT Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded Hellenic Telecommunications
Organization S.A.'s (OTE) Long-term foreign currency Issuer
Default Rating (IDR) and OTE PLC's senior unsecured rating to 'BB'
from 'BBB-'. The rating Outlook is Evolving.

The rating action follows the three-notch downgrade of the
Hellenic Republic's sovereign ratings to 'B+/RWN' from
'BB+/Negative'. Fitch previously guided on the level of constraint
a euro zone sovereign rating exerts on domestic corporates. More
specifically, the agency indicated that a sovereign downgrade to
the 'B' category would lead to a maximum corporate IDR for
primarily domestic corporate entities in the 'BB' category.

The downgrade reflects the constraint on OTE's ratings from the
local and foreign currency ratings of its primary jurisdiction of
operation, Greece, rather than the recent further weakening of
OTE's financial performance. The Evolving Outlook similarly
reflects the balance of a number of factors. Importantly, the
current rating level represents a form of 'floor' of the direct
influence of the sovereign rating upon the ratings of domestic
corporates, should the sovereign's ratings deteriorate further.

Key triggers for any change in the rating level and outlook would
be:

   -- Negative

Fitch's current expectations for euro zone sovereigns under stress
assume a degree of orderliness should the situation deteriorate
yet further to the level of a sovereign debt restructuring. A
further downgrade could nonetheless occur should signs emerge of a
disorderly debt restructuring at the sovereign level which
features either (i) direct knock-on effects on service revenues
beyond those identified in Fitch's standalone stress case, or (ii)
indirect effects on the ability more generally of domestic
corporates to maintain efficient treasury functions in relation to
their external creditors.

   -- Positive

Either material developments in the relationship with 30%
shareholder Deutsche Telekom AG (DT, 'BBB+'/Positive) which lead
Fitch to assume greater levels of formal support for OTE or,
separately, a material reversal of the trajectory of recent rating
actions for the sovereign.

   -- Standalone Performance

The group's standalone profile, while weakened, still maintains a
reasonable amount of headroom above the now-constrained IDR level
of 'BB'. Fitch's rating case factors in further operating weakness
following Q111 results so that in FY11 OTE would incur further
headline negative revenues of close to 13% followed by 9% in FY12.
Fitch recognizes that telecom expenditure by both consumers and
enterprises retains some resilience, providing a floor to
deterioration even in the agency's most conservative scenarios.
Furthermore, Fitch has already indicated that OTE could find some
flexibility through capex reductions, and to a lesser extent,
disposal of non-core assets. In considering headroom for the
standalone creditworthiness of OTE, Fitch would estimate that, on
a static basis, ignoring external challenges to liquidity, and
using conservative assumptions of the entity's ability to curtail
capex outlays and maintain dividend payments at a minimum, OTE
would need EBITDA decline by a further 54% for its standalone
profile to decline to below the current constrained level of the
IDR. This would take the entity's financial position to a level of
4.5x FFO adjusted leverage and 4.0x interest cover.

However, this analysis only considers the 'static profile' (i.e.
the long-term sustainability of the capital structure relative to
expected operational cash flows). Additional external challenges
to liquidity, while medium term, still weigh upon the rating
analysis. These are largely driven by the overall financing
environment for Greek-domiciled entities and also fall within the
period during which Fitch anticipates continued stress for the
sovereign and its banking system.

OTE's liquidity is adequate for 2011, with cash balances of
EUR1 billion at end-December 2010, EUR332 million available under
its legacy RCF, EUR150 million committed credit facility from DT
and EUR900 million under its new two-year syndicated RCF, covering
EUR2.1 billion worth of bonds maturing in February and September
2011. In addition, Fitch notes that OTE issued three-year bonds
worth EUR500 million in April 2011, partially covering the 2012
maturity of EUR769 million (including the RCF amounts drawn under
OTE's 2005 syndicated facility on January 26, 2011). However, the
2013 maturity of EUR1.8 billion (assuming that the new EUR900
million is not extended by the lenders) is not covered.
Positively, and supportive of the current 'BB' IDR, two notches
above the sovereign IDR, market pricing on OTE's debt continues to
compare favorably to that of the sovereign. Fitch continues to
believe that OTE will have relatively easier access to funding
sources than its sovereign, albeit at an elevated cost, as events
unfold.

   -- External Shareholder

Potential refinancing support from 30% shareholder DT as a lender
of last resort is also a possibility which Fitch considers in its
analysis, in particular with regard to OTE's liquidity position.
The Greek government has indicated its intention to reduce its
stake in 2011: to this effect, it is likely to exercise its option
to sell 10% of OTE to DT. The agency notes that while the
remaining 10% owned by the state is option-free, DT benefits from
pre-emptive rights if the government seeks to sell down its
residual stake. However, any potential outcome and timing remain
difficult to predict at this stage.

Fitch currently considers that any increased formalization of
support could have a positive impact on OTE's ratings. Depending
on the level and format of any support, it would nonetheless be
unlikely to restore OTE to investment grade against a background
of continued sovereign distress in Greece.


NATIONAL BANK OF GREECE: Fitch Downgrades Long-Term IDR to 'B+'
---------------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
(IDRs) of National Bank of Greece (NBG), Efg Eurobank Ergasias,
Alpha Bank, Piraeus Bank and Agricultural Bank of Greece (ATEbank)
and placed them on Rating Watch Negative (RWN), following the
downgrade of Greece's sovereign rating to 'B+'/RWN from 'BB+'.

The banks' state-guaranteed issues have been also downgraded to
'B+' from 'BB+' and placed on RWN. Fitch has also affirmed the
Long-term IDR of T Bank S.A. at 'B-' and placed it on RWN in line
with the sovereign rating.

The downgrade of the five banks' Long-term IDRs and the RWN on all
six banks are the direct consequence of the sovereign downgrade
and Fitch's reassessment of the potential support available to the
banks. As such, any further downgrade of Greece's sovereign rating
is likely to lead to a further downgrade of the six banks' Long-
term IDRs.

The Long-term IDRs of NBG, Eurobank, Alpha, Piraeus and ATEbank
are on their Support Rating Floors (SRF) based on Fitch's
assessment of available sovereign and/or international support and
equalized with Greece's sovereign rating. It is Fitch's view that
while the Greek government's propensity to support banks remains
unchanged, its ability to do so has been reduced as reflected in
the multiple downgrade of Greece's rating.

As a result, Fitch has downgraded the Support Ratings of NBG,
Eurobank, Alpha, Piraeus and ATEbank to '4' from '3' and revised
the Support Rating Floors (SRF) to 'B+' from 'BB+. The Support
Rating and SRF have been placed on RWN, indicating risk of a
downgrade in the absence of a new fully-funded and credible EU-IMF
assistance program that would affect the potential support
available to the banks.

The Individual ratings of NBG, Eurobank, Alpha and Piraeus are
downgraded to 'D/E' from 'D' as Fitch expects further pressure on
their credit risk profile, funding and liquidity and capital due
to the challenging operating environment in Greece and continued
strong wholesale funding constraints. The 'D/E' Individual Rating
of ATEbank remains on RWN highlighting the above risks, and also
the need to further improve ATEbank's capital in the short-term
and its comparatively weaker position. T Bank's Individual rating
of 'E' highlights the bank's poor financial strength and the need
for support.

As a result of the above rating actions, the banks' senior,
subordinated and hybrid debt issues, have been downgraded and
placed on RWN. Recovery Ratings (RR) have been assigned to banks'
senior and subordinated debt issues. The RR on senior notes is
'RR4' and for subordinated debt 'RR6'.

Greek banks hold significant amounts of Greek government debt (an
estimated EUR63 billion), which, following the sovereign
downgrade, is contributing to a deterioration in their overall
credit risk profiles. At the same time, Greek government bonds and
state-guaranteed bonds are largely used as collateral for ECB
funding, which could suffer additional haircuts to reflect
increased sovereign risks reducing banks' liquidity buffers.
However, an additional EUR30 billion of guarantees for uncovered
bank bonds could provide some relief.

Deposits are likely to decline further in 2011 and wholesale
funding constraints are expected to remain for some time. As a
result, Fitch expects Greek banks to continue to be heavily
reliant on ECB funding (which reached levels of about EUR88bn at
end-March 2011). This may force banks to accelerate the
deleveraging of their balance sheets to support capital and avoid
further funding imbalances.

Despite the above risks, Fitch gives credit to management capacity
at the four largest Greek banks in particular to react against
adverse sovereign events by protecting their solid domestic
franchises and geographic diversification, which are supporting
group profits. Management has also been successful with capital
strengthening initiatives as demonstrated by recent share capital
increases and asset disposals made by some banks.
The rating actions are:

National Bank of Greece S.A.

   -- Long-term IDR downgraded to 'B+' from 'BB+'; Placed on RWN

   -- Short-term IDR affirmed at 'B'

   -- Individual Rating downgraded to 'D/E' from 'D'

   -- Support Rating downgraded to '4' from '3'; Placed on RWN

   -- Support Rating Floor revised to 'B+' from 'BB+'; Placed on
      RWN

   -- Senior notes downgraded to 'B+' from 'BB+'; Placed on RWN;
      RR4 assigned

   -- Hybrid capital downgraded to 'CCC' from 'B'; placed on RWN

   -- State-guaranteed issues downgraded to 'B+' from 'BB+';
      placed on RWN

Efg Eurobank Ergasias S.A.

   -- Long-term IDR downgraded to 'B+' from 'BB+'; Placed on RWN

   -- Short-term IDR affirmed at 'B'

   -- Individual Rating downgraded to 'D/E' from 'D'

   -- Support Rating downgraded to '4' from '3'; Placed on RWN

   -- Support Rating Floor revised to 'B+' from 'BB+'; Placed on
      RWN

   -- Senior notes downgraded to 'B+' from 'BB+'; Placed on RWN;
      RR4 assigned

   -- Market-Linked Senior notes downgraded to 'B+emr' from 'BB+
      emr'; Placed on RWN; RR4 assigned

   -- Subordinated notes downgraded to 'B-' from 'BB'; placed on
      RWN; RR6 assigned

   -- Hybrid capital downgraded to 'CCC' from 'B'; placed on RWN

   -- State-guaranteed issues downgraded to 'B+' from 'BB+';
      placed on RWN

Alpha Bank S.A.

   -- Long-term IDR downgraded to 'B+' from 'BB+'; Placed on RWN

   -- Short-term IDR affirmed at 'B'

   -- Individual Rating downgraded to 'D/E' from 'D'

   -- Support Rating downgraded to '4' from '3'; Placed on RWN

   -- Support Rating Floor revised to 'B+' from 'BB+'; Placed on
      RWN

   -- Senior notes downgraded to 'B+' from 'BB+'; Placed on RWN;
      RR4 assigned

   -- Market-Linked Senior notes downgraded to 'B+ emr' from 'BB+
      emr'; Placed on RWN; RR4 assigned

   -- Subordinated notes downgraded to 'B-' from 'BB'; placed on
      RWN; RR6 assigned

   -- Junior subordinated notes downgraded to 'CCC' from 'B';
      placed on RWN

   -- Hybrid capital downgraded to 'CCC' from 'B'; placed on RWN

   -- State-guaranteed issues downgraded to 'B+' from 'BB+';
      placed on RWN

Piraeus Bank S.A.

   -- Long-term IDR downgraded to 'B+' from 'BB+'; Placed on RWN

   -- Short-term IDR affirmed at 'B'

   -- Individual Rating downgraded to 'D/E' from 'D'

   -- Support Rating downgraded to '4' from '3'; Placed on RWN

   -- Support Rating Floor revised to 'B+' from 'BB+'; Placed on
      RWN

   -- Senior notes downgraded to 'B+' from 'BB+'; Placed on RWN;
      RR4 assigned

   -- State-guaranteed issues downgraded to 'B+' from 'BB+';
      placed on RWN

Agricultural Bank of Greece (ATEbank)

   -- Long-term IDR downgraded to 'B+' from 'BB+'; Placed on RWN

   -- Short-term IDR affirmed at 'B'

   -- Individual Rating 'D/E', maintained on RWN

   -- Support Rating downgraded to '4' from '3'; Placed on RWN

   -- Support Rating Floor revised to 'B+' from 'BB+'; Placed on
      RWN

   -- State-guaranteed issues downgraded to 'B+' from 'BB+';
      placed on RWN

T Bank

   -- Long-term IDR 'B-'; Placed on RWN; RWE removed

   -- Short-term IDR 'B'; RWN maintained

   -- Individual Rating affirmed at 'E'

   -- Support Rating affirmed at '5'

   -- Support Rating Floor affirmed at 'No Floor'

   -- Subordinated notes downgraded to 'C' from 'CCC'; RR6
      withdrawn

   -- Hybrid capital downgraded to 'C' from 'CC'; RR6 withdrawn

In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings. Collectively, these
ratings drive Fitch's Long- and Short-term IDRs.


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LANDSBANKI ISLANDS: Iceland Chain Buyers May Have to Bid More
-------------------------------------------------------------
Perry Gourley at The Scotsman reports that potential bidders for
frozen food retailer Iceland may have to dig deeper after it
emerged as one of the strongest performing chains in latest
industry sales figures released on Tuesday.

The grocery market update from Kantar Worldpanel showed that
Iceland's sales increased by 5.7% in the 12 weeks to May 16,
outperforming the 4.8% jump seen across the grocery sector during
the quarter, The Scotsman discloses.

Morrisons, the UK's fourth-largest supermarket, is understood to
be one of the potential buyers mulling a GBP1.5 billion bid for
the chain, but the strong performance could see the price tag
raised, The Scotsman notes.

Iceland now accounts for 1.9% of the grocery market and a takeover
could help Morrisons' expansion ambitions, The Scotsman states.

Iceland, which has 750 stores in the UK, has been put up for sale
by officials winding up Landsbanki, the failed Icelandic bank that
took control of the chain in 2008, The Scotsman relates.  Earlier
this month, UBS and Bank of America-Merrill Lynch were appointed
to auction Landsbanki's 67% stake, which it inherited following
the collapse of Icelandic investment group Baugur, The Scotsman
recounts.

The Scotsman notes that although Morrisons has been tipped as one
of the trade buyers who will be looking closely at a potential
acquisition, Iceland founder Malcolm Walker also said he wants to
buy the stake earlier this week.  It is understood Mr. Walker
tabled a GBP1 billion bid for Iceland last year, but the approach
was rejected at that time, The Scotsman notes.

Mr. Walker, who along with management owns 26%, has the right to
match any offer for the company, The Scotsman says.

Private equity companies likely to run the rule over the business
include Apax, BC Partners, CDR and Lion, The Scotsman states.

                     About Landsbanki Islands

Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank.  The bank offered online savings
accounts under the "Icesave" brand.  On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.

Landsbanki filed for Chapter 15 protection on Dec. 9, 2008 (Bankr.
S.D. N.Y. Case No.: 08-14921).  Gary S. Lee, Esq., at Morrison &
Foerster LLP, represents the Debtor.  When it filed for protection
from its creditors, it listed assets and debts of more than
US$1 billion each.


=============
I R E L A N D
=============


ALLIED IRISH: Agrees to Sell US$1BB Commercial Mortgage Portfolio
-----------------------------------------------------------------
Simon Carswell at The Irish Times reports that Allied Irish Banks
has agreed to a deal to sell a portfolio of about US$1 billion
(EUR700 million) of US commercial mortgages to the private equity
group Blackstone and US bank Wells Fargo.

The loans are financing landmark properties such as the MetLife
Building on Park Avenue in midtown Manhattan and Grand Del Mar
resort in San Diego, The Irish Times discloses.

The sale was struck at a haircut of 7 to 15% on the face value of
the loans, with the portfolio split equally between Blackstone and
Wells Fargo, The Irish Times says, citing The Wall Street Journal.

Irish banks are selling loans and other assets, mostly overseas,
to deleverage their balance sheets by EUR72 billion to reduce
their reliance on central bank funding and return them to self-
sufficiency, The Irish Times notes.

AIB, which is 93% owned by the State, has to reduce loans by EUR19
billion and Bank of Ireland by EUR30 billion by the end of 2013,
The Irish Times states.

                     About Allied Irish Banks

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

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 20,
2011, Moody's Investors Service downgraded the dated subordinated
debt of Allied Irish Banks (AIB) one further notch to C from Ca,
and downgraded the undated subordinated debt and tier 1
instruments to C(hyb) from Ca(hyb). This follows the announcement
of an offer from AIB to buy back its subordinated and tier 1 debt
for cash at very high discounts to the par value, and the previous
announcement on April 14 that the Irish High Court had made a
Subordinated Liabilities Order (SLO) with regard to AIB.  AIB is
rated Ba2/N-P for bank deposits, Ba3/N-P for senior debt and has a
D- bank financial strength rating (mapping to Ba3 on the long-term
scale).  The outlook on the ratings is negative.


ALLIED IRISH: DBRS Downgrades Subordinated Debt Ratings to 'C'
--------------------------------------------------------------
DBRS Inc. has downgraded the ratings of all subordinated debt
issued by Allied Irish Banks p.l.c. (AIB) to "C" from CCC (high).
Furthermore, DBRS has downgraded AIB's Primary Perpetual Capital
Notes to "C" from CCC.  The downgrade follows the announcement by
AIB that it has commenced an offer to purchase the aforementioned
securities for cash and a solicitation of consents in relation to
the securities.  Moreover, DBRS expects to downgrade the
securities discussed above to "D" at completion of the buyback; as
such, the securities remain Under Review with Negative
Implications, where they were placed on 3 December 2010.

In DBRS's view, the purchase offer, when completed, is tantamount
to a default as defined by DBRS policy.  DBRS views the proposed
purchase offer as coercive as the offer affords bondholders
limited options.  Should the bondholder reject the proposed offer,
at a 75-90% discount on the tendered securities, they risk
receiving substantially less if the proposed consent amendments
are ratified.  Remaining bondholders would then receive 0.001% of
par value, should the consent to allow the "clean-up" of residual
notes be accepted by tendering bondholders.


ANGLO IRISH: Ex-CEO Faces Legal Action From Former Shareholders
---------------------------------------------------------------
Luke Byrne at Irish Independent reports that former Anglo Irish
Bank CEO David Drumm is facing a bill of up to EUR500,000 if a
group of former shareholders successfully sue him.

According to Irish Independent, two solicitors are among those
preparing cases against Mr. Drumm because he signed off on
allegedly fraudulent annual accounts while serving as an Anglo
director.

Jayne Mollard, Brian Doyle, Belinda Ennis, Michael J. Curley and
Anne Marie Kidney, all from Dublin, were named as the five
shareholders in an updated statement of affairs filed at the
District of Massachusetts bankruptcy court, Irish Independent
discloses.  If successful, the cases could open the floodgates for
former shareholders to take legal action against Mr. Drumm for his
part in the collapse of the bank, Irish Independent notes.

An Irish Independent investigation has found the six named people
held a combined total of 20,385 shares in Anglo in February 2007,
Irish Independent relates.

When valued at EUR17 at their peak in 2007, those shares were
worth EUR346,545, Irish Independent cites.  However, the shares
became virtually worthless when the bank was nationalized in
January 2009, Irish Independent notes.

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


=========
I T A L Y
=========


PARMALAT SPA: Investors Want Lactalis to Raise Takeover Bid
-----------------------------------------------------------
Armorel Kenna at Bloomberg News reports that Parmalat SpA
investors are holding out for at least 8% more from Groupe
Lactalis of France in a takeover that would value Italy's biggest
dairy at EUR3.65 billion (US$5.19 billion).

The Laval, France-based company, the country's biggest cheese-
maker, has made the offer conditional on 55% of investors
accepting it, Bloomberg discloses.

Bloomberg relates that Parmalat's board on May 17 said the
Lactalis bid is too low and that it won't recommend it to
shareholders.  Lactalis in March paid a group of activist
investors EUR2.80 a share for a 15% stake in Parmalat, raising its
holding to 29%, Bloomberg states.  On April 26, Lactalis announced
a bid for the rest, Bloomberg recounts.

"We are in favor of the deal, but believe that Lactalis needs to
offer at least 2.80," Bloomberg quotes, Todd Bassion, who helps
manage more than US$1 billion in assets at Delaware Investments in
Boston, as saying.

Lactalis's bid values Parmalat at 16 times net income, which would
be the lowest in the industry for an acquisition exceeding US$500
million, according to data compiled by Bloomberg.  The takeover of
Parmalat, which has the most cash of any dairy company in the
world, would also be the second-cheapest to earnings before
interest, taxes, depreciation and amortization, Bloomberg notes.

                      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.


===================
K A Z A K H S T A N
===================


BTA BANK: Moody's Upgrades Long-Term Deposit Ratings to 'B3'
------------------------------------------------------------
Moody's Investors Service has upgraded the long-term local and
foreign currency deposit ratings of BTA Bank to B3 from Caa3. The
bank's E bank financial strength rating (BFSR), which maps to Caa2
on the long-term rating scale has been confirmed. Concurrently,
the bank's foreign currency senior unsecured and subordinated
notes issued in the course of the restructuring have been assigned
long-term debt ratings of Caa2 and Caa3, respectively. The bank's
BFSR carries a stable outlook. The outlook on the bank's long-term
debt and deposit ratings is developing.

                        Ratings Rationale

This rating action concludes the review of BTA Bank's ratings
initiated by Moody's on September 30, 2010.

The upgrade of the bank's debt ratings was triggered by the
completion of BTA Bank's debt restructuring that facilitated
recapitalization of the bank by over US$11 billion, thus enabling
it to (i) report shareholder's equity of US$2.36 billion (in
accordance with local accounting standards) at year-end 2010, and
(ii) meet the regulatory minimal capital adequacy requirements. At
the same time, BTA Bank continues to operate with an IFRS capital
deficit of US$708 million at year-end 2010, while its income from
the core banking operations currently does not fully cover
operating expenses, thereby constraining the bank's BFSR at E.

Moody's notes that BTA Bank is currently controlled by the
Kazakhstan government through the Sovereign Wealth Fund Samruk-
Kazyna, and the latter has supported the bank (in terms of capital
and liquidity) amid the global financial crisis. Therefore Moody's
assessment incorporates a moderate probability that systemic
support would be extended to the bank's depositors in case of
need. As a result, the bank's long-term B3 deposit ratings
currently benefit from a two-notch uplift from the bank's stand-
alone rating of Caa2.

Moody's, however does not imply any systemic support in the bank's
debt ratings. Consequently BTA Bank's senior unsecured debt rating
is in line with its stand-alone rating of Caa2. The Caa3 debt
rating assigned to the bank's subordinated debt is one notch below
the Caa2 senior unsecured ratings assigned to the bank's senior
unsecured debt, and reflects subordination of claims.

Developing outlook assigned to the bank's debt and deposit ratings
reflects the possibility of both upwards and downwards rating
movements over the next 12 to 18 months. According to Moody's, BTA
Bank's ratings may be upgraded if the bank restores its capital
base and substantially improves operating efficiency. Conversely,
if the bank fails to improve its operating efficiency and capital
position within the next 12 to 18 months and reports recurring
loss for a prolonged period of time, the ratings could be
downgraded.

Moody's has assigned these debt ratings to BTA Bank's notes issued
in the course of the restructuring:

   -- Caa2 senior unsecured foreign currency debt rating:
      US$2,082,371,783 Senior Notes due 2018

   -- Caa2 senior unsecured foreign currency debt rating:
      US$384,848,130 Discount Dollar Notes due 2021

   -- Caa2 senior unsecured foreign currency debt rating:
      EUR437,110,856 Discount Euro Notes due 2021

   -- Caa3 subordinated foreign currency debt rating:
      US$496,631,368 Subordinated Notes due 2025

   -- Caa3 subordinated foreign currency debt rating:
      EUR28,237,359 Subordinated Notes due 2025

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.

Headquartered in Almaty, Kazakhstan, BTA Bank reported total
assets of US$12.85 billion and total capital deficit of US$708
million, in accordance with its audited IFRS financial statements
at year-end 2010.


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


NEPTUNO CLO: Moody's Upgrades Rating on Class D Notes to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four classes
of notes issued by Neptuno CLO II Limited.

Issuer: Neptuno CLO II B.V.

   -- EUR308.5M Class A Senior Secured Floating Rate Notes due
      2023 (currently EUR 297.25m), Upgraded to Aa3 (sf);
      previously on Nov 24, 2009 Downgraded to A1 (sf)

   -- EUR28M Class B Senior Secured Floating Rate Notes due 2023,
      Upgraded to Baa2 (sf); previously on Nov 24, 2009 Downgraded
      to Ba1 (sf)

   -- EUR23M Class C Senior Secured Deferrable Floating Rate Notes
      due 2023, Upgraded to Ba3 (sf); previously on Nov 24, 2009
      Downgraded to B1 (sf)

   -- EUR23M Class D Senior Secured Deferrable Floating Rate Notes
      due 2023 (currently EUR 25.67m), Upgraded to Caa2 (sf);
      previously on Nov 24, 2009 Downgraded to Caa3 (sf)

                        Ratings Rationale

Neptuno CLO II is a managed cash CLO with exposure to European
senior secured loans (78%), high yield bonds (1%), structured
finance securities (4%), mezzanine obligations and second lien
loans (16% in aggregate).

According to Moody's, the rating actions are the result of an
improvement in the credit quality of the underlying portfolio.
This is reflected by the decrease in the weighted average rating
factor (or 'WARF') from 3118 down to 2706 and the reduction in the
proportion of obligors rated Caa1 or worse from 16.49% to 7.33% of
the portfolio between November 2009 and April 2011. The decrease
in reported WARF understates the actual credit quality improvement
because of the technical transition related to rating factors of
European corporate credit estimates, as announced in the press
release published by Moody's on 1 September 2010. Unlike typical
CLO's, the portfolio of Neptuno CLO II contains approximately 10%
of investment grade assets. In addition OC levels have moderately
increased from 117.20% to 123.91% for Class A/B, 109.50% to
115.73% for class C, 102.69% to 107.78% for class D and 97.60% to
101.66% for class E over the same period. This is partially due to
the deleveraging of the class A note, which has been paid down by
3% or EUR 9.54 million since the last rating action in November
2009. Classes C, D and E remain in breach of their OC tests in
March 2011, with classes D and E observing a deferred interest
balance of 11% and 18% of their initial notional amount
respectively.

In May 2010, an amendment to the definition of the Par Value Test
Excess Adjustment Amount was executed to bring the OC calculation
in the transaction in line with other CLO's such as Neptuno CLO
III. This amendment affects the way the overcollateralization test
haircut is applied and partly explains the observed OC
improvement. Details of the amendment is available on Moodys.com.

In its base case, Moody's analyzed the underlying collateral pool
with an adjusted WARF of 3458 (versus a WARF of 4313 in Nov 2009),
a diversity score of 38, a weighted average recovery rate of 55%
and a weighted average spread of 2.73%.

In addition to its base case analysis, Moody's tested the
sensitivity of the transaction to a one year increase in the
weighted average life (WAL), to capture the potential impact of
asset maturity extensions and reinvestment. Furthermore, Moody's
ran cases with a WARF of 3085, a level consistent with a default
probability stress of 15% . In all analysis, the impact on the
notes was less than 2 notches from the base case model outputs.

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

Sources of additional performance uncertainties are:

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

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

3) Weighted average life: The notes' ratings are sensitive to the
   weighted average life assumption of the portfolio, which may be
   extended due to the manager's decision to reinvest into new
   issue loans or other loans with longer maturities and/or
   participate in amend-to-extend offerings. Moody's tested for a
   possible extension of the actual weighted average life in its
   analysis.

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

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

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

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

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


ROMPETROL GROUP: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Netherlands-based The Rompetrol Group
N.V.'s (TRG) Long-term foreign currency Issuer Default Rating
(IDR) of 'B+'. Fitch has simultaneously removed the rating from
Rating Watch Negative (RWN), where it was placed on September 16,
2010. The Outlook on the Long-term IDR is Negative.

The rating action reflects the reduced short-term risk of a rating
downgrade due to the ongoing litigations with the Romanian
government regarding the September 2010 conversion of EUR516
million (US$648 million) bonds of TRG's main subsidiary Rompetrol
Rafinare (RRC).

TRG was placed on RWN due to the expected negative impact of the
decision by Romania's National Agency for Fiscal Administration
(ANAF) to establish a precautionary seizure upon some assets of
RRC. Together with intensified government pressure on TRG, this
created negative pressure on the rating ahead of the planned bond
conversion on September 30, 2010. The government challenged the
company's plan to convert the bond into equity instead of repaying
the unredeemed bonds to the state (ie the sole holder of the
bonds).

The main negative scenario, incorporated in the Negative Outlook,
is a situation where RRC, as a result of the litigation and
discussions with the state, repurchases the 44.7% stake in RRC
obtained by the Romanian state within the bond-to-equity
conversion. This would result in a substantial cash outflow for
TRG and could lead to a rating downgrade if the company raised new
debt for such a potential transaction.

TRG's rating is based on a bottom-up approach in line with Fitch's
parent and subsidiary rating linkage methodology. The rating
reflects the company's standalone credit profile, assessed at
'CCC', and a three-notch uplift for parental support from
Kazakhstan-based oil and gas company KazMunaiGaz National Company
(NC KMG, rated 'BBB-'/Stable/'F3').

NC KMG, which has been the company's sole shareholder since July
2009, has provided substantial financial support to TRG. This has
taken the form of a US$1.1 billion cash injection as a capital
increase, and subordinated shareholder loans (outstanding balance
of US$896 million at end-2010). In February 2011, NC KMG extended
the maturity date of the US$596 million shareholder loans from
2011 to 2014. Fitch assumes that TRG's liquidity will continue to
be supported by NC KMG.

The agency assesses strategic and legal ties between TRG and NC
KMG as strong, whilst operational ties are moderate. Strong legal
ties stem from a cross-default provision in the documentation for
NC KMG's US$7.5 billion global medium term note program, which
also relates to TRG's debt.

TRG's cash flow has been negatively affected by the continued weak
conditions for oil refining in Europe. It reported negative funds
from operations in 2009 and 2010. Its gross debt stood at US$1.3
billion at end-2010, comprising mostly subordinated shareholder
loans (70% of total debt). TRG's credit ratios compare unfavorably
with its refining and marketing peers rated by the agency.


SENSATA TECHNOLOGIES: Waives Certain Conditions to Tender Offers
----------------------------------------------------------------
Sensata Technologies Holding N.V. announced that its wholly owned
subsidiary, Sensata Technologies B.V., has waived the following
conditions to its previously announced cash tender offers and
consent solicitations with respect to all of the Company's
outstanding 8% Senior Notes due 2014 and 9% Senior Subordinated
Notes due 2016: (i) the receipt of the requisite consents
necessary to adopt proposed amendments to each indenture governing
the Notes, and (ii) the execution of the supplemental indentures
giving effect to the Proposed Amendments.

The principal purpose of the consent solicitations and the
Proposed Amendments is (i) to eliminate substantially all of the
restrictive covenants, (ii) to eliminate or modify certain events
of default, and (iii) to eliminate or modify related provisions
contained in the indentures governing the Notes.  In order for the
Proposed Amendments to be effective with respect to an applicable
series of Notes, holders of at least a majority of the outstanding
aggregate principal amount of such series of Notes must consent to
the Proposed Amendments.  Holders who tender Notes are obligated
to consent to the Proposed Amendments and holders may not deliver
consents without tendering the related Notes.

Each holder who validly tenders and does not subsequently validly
withdraw its Notes and delivers and does not subsequently validly
revoke its consent to the Proposed Amendments with respect to such
Notes prior to 5:00 p.m., New York City time, on May 11, 2011,
unless extended, will receive (i) with respect to the Dollar Notes
accepted for purchase by the Company, Total Consideration of
US$1,022.50 per US$1,000 principal amount of such Notes, which
includes US$992.50 as the Tender Offer Consideration and US$30.00
as a Consent Payment, and (ii) with respect to the Euro Notes
accepted for purchase by the Company, Total Consideration of
EUR1,048.75 per EUR1,000 principal amount of such Notes, which
includes EUR1,018.75 as the Tender Offer Consideration and
EUR30.00 as a Consent Payment.  In addition, accrued interest up
to, but not including, the Applicable Payment Date of the Notes
will be paid in cash on all validly tendered and accepted Notes.

Each of the tender offers was scheduled to expire at 11:59 p.m.,
New York City time, on May 25, 2011, unless extended.  Tendered
Notes may be withdrawn and consents may be revoked at any time
prior to 5:00 p.m., New York City time, on May 11, 2011, unless
extended, but not thereafter.  Holders who validly tender their
Notes and deliver their consents after the Consent Date will
receive only the Tender Offer Consideration applicable to such
Notes and will not be entitled to receive a Consent Payment if
such Notes are accepted for purchase pursuant to the tender
offers.

The Company reserves the right, at any time or times following the
Consent Date but prior to the Expiration Date, to accept for
purchase all of the Dollar or the Euro Notes validly tendered
prior to the Early Acceptance Time.  If the Company exercises this
option, it will pay the Total Consideration for the Dollar Notes
or the Euro Notes, as applicable, accepted for purchase at the
Early Acceptance Time on a date promptly following the Early
Acceptance Time.  The Company will also pay on the Early Payment
Date accrued and unpaid interest up to, but not including, the
Early Payment Date on the Notes accepted for purchase at the Early
Acceptance Time.  The Company currently expects that the Early
Payment Date will be May 12, 2011.

Except as amended hereby, the tender offers and consent
solicitations remain subject to all of the terms and subject to
the conditions set forth in the related Offer to Purchase and
Consent Solicitation Statement dated April 28, 2011.

The Company's obligation to accept for purchase and to pay for the
Notes validly tendered and consents validly delivered, pursuant to
the Offer to Purchase, will continue to be subject to, and
conditioned upon, certain conditions, including: (a) the receipt
by the Company of the proceeds from a previously announced
issuance of new senior notes; (b) the effectiveness of a
previously announced new senior secured credit facility; and (c)
the satisfaction of other general conditions set forth in the
Offer to Purchase.

Subject to the remaining terms and conditions of the tender offers
and consent solicitations, the Company will, following the
Expiration Date, accept for purchase all the Dollar Notes or the
Euro Notes validly tendered prior to the Expiration Date.  The
Issuer will pay the applicable Total Consideration or Tender Offer
Consideration, as the case may be, for the Dollar Notes and the
Euro Notes accepted for purchase at the Final Acceptance Time on a
date promptly following the Final Acceptance Time.  The Company
will also pay on the Final Payment Date accrued and unpaid
interest up to, but not including, the Final Payment Date on the
Notes accepted for purchase at the Final Acceptance Time.  The
Company currently expects that the Final Payment Date will be
May 26, 2011.

Any Notes not tendered and purchased pursuant to the tender offers
will remain outstanding, and, to the extent that the requisite
consents are received, the holders thereof will be bound by the
Proposed Amendments contained in the applicable supplemental
indenture even though they have not consented to the Proposed
Amendments.  None of Sensata's or the Company's board of
directors, the dealer managers and solicitation agents or any
other person makes any recommendation as to whether holders of
Notes should tender their Notes or deliver the related consents,
and no one has been authorized to make such a recommendation.

Sensata has engaged Barclays Capital Inc. and Morgan Stanley & Co.
Incorporated to act as dealer managers and solicitation agents for
the tender offers and consent solicitations.  With respect to the
Dollar Notes, Global Bondholder Services Corporation is the
information agent and depositary for the tender offers and consent
solicitations.  With respect to the Euro Notes, Lucid Issuer
Services Limited is the information agent and tender agent for the
tender offers and consent solicitations.  Questions regarding the
tender offers or consent solicitations may be directed to Barclays
Capital Inc. at +1 (800) 438-3242 (U.S. toll-free) or +1 (212)
528-7581 (collect) or Morgan Stanley & Co. Incorporated at +1
(800) 624-1808 (U.S. toll-free) or +1 (212) 761-1057 (collect).
Requests for the Offer Documents with respect to the Dollar Notes
may be directed to Global Bondholder Services Corporation at +1
(866) 952-2200 (U.S. toll-free) or +1 (212) 430-3774 (banks and
brokers only).  Requests for the Offer Documents with respect to
the Euro Notes should be directed to Lucid Issuer Services Limited
at +44 (20) 7704-0880.

                           About Sensata

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- Sensata Technologies B.V. is a global
designer, manufacturer, and marketer of customized and highly-
engineered sensors and control products.  Sensata is a wholly-
owned subsidiary of Sensata Technologies Holding, N.V.  Its
sensors segment accounts for approximately 60% of the company's
2009 revenues, and supplies sensors and transducers to the
commercial, industrial and automotive markets.  Revenue for the
LTM period ended 9/30/10 approximated US$1.5 billion.

The Company's balance sheet at March 31, 2011 showed US$3.39
billion in total assets, US$2.49 billion in total liabilities, and
US$895.09 million in total shareholders' equity.

                          *     *     *

In October 2010, Moody's Investors Service said that Sensata
Technologies' 'B2' Corporate Family Rating and positive outlook
remain unchanged following the announcement of its public holding
company, Sensata Technologies Holding N.V., that it has reached a
definitive agreement to acquire the "Automotive on Board" sensors
business of Honeywell International for US$140 million in cash.

Moody's last rating action on Sensata was Aug. 26, 2010, when
the company's Corporate Family and Probability of Default ratings
were upgraded to B2 from B3 and the ratings outlook was changed to
positive.

As reported by the TCR on March 1, 2011, Standard & Poor's Ratings
Services raised the ratings on sensors and controls manufacturer
Sensata Technologies B.V., including the corporate credit rating,
to 'BB-' from 'B+'.  The outlook is stable.  "The rating actions
reflect further improvements in Sensata's credit measures and the
continuing ownership reduction of its majority owner, private
equity firm Bain Capital, which S&P believes provides further
indication that the company is likely to maintain a less-
aggressive financial policy," said Standard & Poor's credit
analyst Dan Picciotto.  "S&P believes operating trends for 2011
remain favorable and that the company has demonstrated good
profitability through the economic downturn and into the upturn."


SENSATA TECHNOLOGIES: Subsidiary Refinances Existing Indebtedness
-----------------------------------------------------------------
Sensata Technologies Holding N.V. announced the completion of a
series of financing transactions by its wholly-owned subsidiary,
Sensata Technologies B.V., designed to refinance substantially all
of its existing indebtedness.  These transactions included:

   * The issuance and sale of US$700 million in aggregate
     principal amount of 6.5% senior notes due 2019 of the Company
     in a private offering; and

   * The execution of new senior secured credit facilities that
     provide the Company with a US$1,100 million seven year term
     loan facility and a US$250 million five year revolving credit
     facility.

The New Senior Notes were issued at par and the term loans were
issued at 99.5% of par.  The term loan facility bears interest at
variable rates which includes a LIBOR index rate plus 300 basis
points.

The proceeds from the New Credit Facilities and the New Senior
Notes together with cash on hand were or will be promptly used to
(i) repay all of the amounts currently outstanding under the
Company' existing term loans, 8% Senior Notes due 2014 and 9%
Senior Subordinated Notes due 2016, (ii) pay all accrued interest
on such indebtedness and related redemption premiums, and (iii)
pay all fees and expenses in connection with these refinancing
transactions.

Sensata expects to write-off existing deferred financing costs and
recognize as expense certain costs associated with the redemption
of the Notes totaling approximately US$41 million.  In addition,
Sensata will capitalize other transaction costs and fees totaling
approximately US$40 million, which will be amortized to interest
expense over the term of the New Senior Notes and the New Credit
Facilities.

In connection with the previously announced cash tender offers and
consent solicitations with respect to all of the Company's
outstanding Notes, the Company accepted for payment and has
repurchased: (i) US$13,007,000 aggregate principal amount of the
Dollar Notes, which notes had been validly tendered as of 5:00
p.m., New York City time, on May 11, 2011, and (ii) EUR37,578,000
aggregate principal amount of the Euro Notes, which notes had been
validly tendered as of the Consent Date.  Holders of the Dollar
Notes received total consideration of US$1,022.50 per US$1,000
principal amount of such Notes and holders of the Euro Notes
received total consideration of EUR1,048.75 per EUR1,000 principal
amount of such Notes, plus in each case, accrued interest up to,
but not including, May 12, 2011.

Holders who validly tender their Notes after the Consent Date, but
on or prior to 11:59 p.m., New York City time, on May 25, 2011,
unless extended or earlier terminated by the Company, and whose
Notes are accepted for payment, will receive: (i) with respect to
Dollar Notes, the tender offer consideration equal to US$992.50
per US$1,000 principal amount of such Notes, and (ii) with respect
to Euro Notes, the tender offer consideration equal to EUR1,018.75
per EUR1,000 principal amount of such Notes, plus in each case,
accrued interest up to, but not including, the applicable payment
date of the Notes.  Holders of Notes who tender after the Consent
Date will not receive the consent payment.

Subject to the terms and conditions of the tender offers and
consent solicitations, the Company will, following the Expiration
Date, accept for purchase all the Dollar Notes or the Euro Notes
validly tendered after the Consent Date and prior to the
Expiration Date.  The Company will pay the Tender Offer
Consideration for the Dollar Notes and the Euro Notes accepted for
purchase at the Final Acceptance Time on a date promptly following
the Final Acceptance Time.  The Company currently expects that the
Final Payment Date will be May 26, 2011.

Any Notes not tendered and purchased pursuant to the tender offers
will remain outstanding and, to the extent that the requisite
consents are received, the holders thereof will be bound by the
proposed amendments to the indentures governing the Notes
contained in the applicable supplemental indenture even though
they have not consented to the proposed amendments.

The Company has issued redemption notices with respect to any
Notes that remain outstanding after the consummation of the tender
offers in accordance with the terms of the applicable indenture.
The redemption date with respect to any such Notes will be June
13, 2011.

None of Sensata's or the Company's board of directors, the dealer
managers and solicitation agents or any other person makes any
recommendation as to whether holders of Notes should tender their
Notes or deliver the related consents, and no one has been
authorized to make such a recommendation.

Barclays Capital Inc. and Morgan Stanley & Co. Incorporated are
acting as dealer managers and solicitation agents for the tender
offers and consent solicitations.  With respect to the Dollar
Notes, Global Bondholder Services Corporation is the information
agent and depositary for the tender offer and consent
solicitation. With respect to the Euro Notes, Lucid Issuer
Services Limited is the information agent and tender agent for the
tender offer and consent solicitation. Questions regarding the
tender offers or consent solicitations may be directed to Barclays
Capital Inc. at +1 (800) 438-3242 (U.S. toll-free) or +1 (212)
528-7581 (collect) or Morgan Stanley & Co. Incorporated at +1
(800) 624-1808 (U.S. toll-free) or +1 (212) 761-1057 (collect).
Requests for the Offer Documents with respect to the Dollar Notes
may be directed to Global Bondholder Services Corporation at +1
(866) 952-2200 (U.S. toll-free) or +1 (212) 430-3774 (banks and
brokers only).  Requests for the Offer Documents with respect to
the Euro Notes should be directed to Lucid Issuer Services Limited
at +44 (20) 7704-0880.

                           About Sensata

Almelo, Netherlands-based Sensata Technologies B.V. --
http://www.sensata.com/-- Sensata Technologies B.V. is a global
designer, manufacturer, and marketer of customized and highly-
engineered sensors and control products.  Sensata is a wholly-
owned subsidiary of Sensata Technologies Holding, N.V.  Its
sensors segment accounts for approximately 60% of the company's
2009 revenues, and supplies sensors and transducers to the
commercial, industrial and automotive markets.  Revenue for the
LTM period ended 9/30/10 approximated US$1.5 billion.

The Company's balance sheet at March 31, 2011 showed US$3.39
billion in total assets, US$2.49 billion in total liabilities, and
US$895.09 million in total shareholders' equity.

                          *     *     *

In October 2010, Moody's Investors Service said that Sensata
Technologies' 'B2' Corporate Family Rating and positive outlook
remain unchanged following the announcement of its public holding
company, Sensata Technologies Holding N.V., that it has reached a
definitive agreement to acquire the "Automotive on Board" sensors
business of Honeywell International for US$140 million in cash.

Moody's last rating action on Sensata was Aug. 26, 2010, when
the company's Corporate Family and Probability of Default ratings
were upgraded to B2 from B3 and the ratings outlook was changed to
positive.

As reported by the TCR on March 1, 2011, Standard & Poor's Ratings
Services raised the ratings on sensors and controls manufacturer
Sensata Technologies B.V., including the corporate credit rating,
to 'BB-' from 'B+'.  The outlook is stable.  "The rating actions
reflect further improvements in Sensata's credit measures and the
continuing ownership reduction of its majority owner, private
equity firm Bain Capital, which S&P believes provides further
indication that the company is likely to maintain a less-
aggressive financial policy," said Standard & Poor's credit
analyst Dan Picciotto.  "S&P believes operating trends for 2011
remain favorable and that the company has demonstrated good
profitability through the economic downturn and into the upturn."


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


NATIONAL FACTORING: S&P Raises Rating to 'B'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty issuer and Russia national scale credit ratings on
Russia-based National Factoring Company (NFC) to 'B/ruA-' from 'B-
/ruBBB'. The 'C' short-term rating was affirmed. The outlook is
stable.

"The upgrade reflects our view that NFC has demonstrated sustained
positive financial performance. The company showed a continuing
trend of improving asset quality and has increased diversification
of its funding profile. It has also maintained high capitalization
and healthy profitability. We believe that NFC's good market
position and a strategy focused on prudent risk management
bolstered the company's resilience to the very challenging market
conditions in recent years and the inherently risky factoring
business. NFC also demonstrated a good track record of cash
generation, thanks to a high turnover of short-term assets. We
think the company will continue to benefit from the gradually
improving operating environment in Russia," S&P related.

"The ratings reflect our assessment of the company's stand-alone
credit profile and do not include any uplift for potential
extraordinary external support. NFC is affiliated with URALSIB
Financial Corp. (not rated) and is ultimately owned by Russian
businessman Nikolai A. Tsvetkov, URALSIB Financial Corp.'s
president," S&P continued.

NFC increased its factoring advance receivables by 45% in 2010,
and ranks fourth in the Russian factoring market with a market
share of about 8%. S&P expects NFC to maintain its leading
position with planned growth of 75% in 2011.

NFC's asset quality indicators have shown a positive trend; total
problem advances amounted to 8.9% as of Dec. 31, 2010, down from
20% on Dec. 31, 2009. This is partly due to the stabilizing
condition of many clients, NFC's effective collection from
debtors, and write-offs of about 2.7% of the book as of year-end
2010. Overdue advances are 99% covered by provisions. "With NFC's
prudent credit risk management and the gradually stabilizing
operating environment, we do not expect asset quality to
deteriorate further amid the planned business growth," S&P said.

NFC improved its funding diversification through a bond issue of
RUR2 billion on April 2011 with a maturity of 1.5 years. It also
increased the amount of corporate deposits, which came from
related parties within the first quarter of 2011. NFC's funding
and liquidity profile benefits from lines of credit from the
Russian Bank for Development, in line with its program to
support small and midsize enterprise, from an available credit
limit for emergence liquidity from Bank URALSIB (OJSC), and from
the high turnover and short-term nature of NFC's assets.

"The stable outlook reflects our view that NFC is likely to
sustain its market position and strategy focused on continuing to
strengthen its risk management, as well as maintaining good
capitalization and a commitment to improve its liquidity profile,"
S&P added.


=============================
S L O V A K   R E P U B L I C
=============================


TIPOS: Court Approves Withdrawal of Restructuring Request
---------------------------------------------------------
The Slovak Spectator, citing the TASR newswire, reports that the
restructuring application submitted by Tipos has been stopped by
the Bratislava I District Court after the court accepted a
proposal by the company to withdraw the restructuring request.

According to The Slovak Spectator, after receiving the
restructuring proposal two weeks ago, the Constitutional Court
also postponed the execution of a Supreme Court verdict from
November 30, 2010, that required Tipos to pay more than
EUR14 million to one of its creditors, a Cypriot-based company
called Lemikon Limited, for the unauthorized use of trademarks and
know-how.

As reported by the Troubled Company Reporter-Europe on May 20,
2011, TASR, citing information from Tipos spokesman Rastislav
Cepe, said the company's management decided to withdraw the
restructuring proposal it submitted to Bratislava I District Court
earlier this month.  TASR disclosed that the decision came after
the Constitutional Court on May 13 accepted a motion from Tipos in
which the company claimed that its fundamental commercial law
rights had been violated.  "Although Tipos has been found to be in
a state of imminent bankruptcy, based on the recent facts and
circumstances in place after the restructuring report has been
worked out, there's no such threat anymore," TASR quoted Tipos
general manager Milos Ronec as saying.

Tipos is Slovakia's national lottery company.


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


FTPYME BANCAJA: S&P Affirms Rating on Class D Notes at 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit rating on FTPYME Bancaja 6, Fondo
de Titulizacion de Activos' class A3 (G) notes. "At the same time,
we affirmed and removed from CreditWatch negative our rating on
the class A2 notes, and affirmed our ratings on the class B, C,
and D notes," S&P said.

"The rating actions on the class A3 (G) and A2 and notes follow
the application of our updated counterparty criteria, as well as
recent performance trends in the transaction, including rising
delinquencies and cumulative defaults, which now exceed our
expectations," S&P continued.

S&P noted, "We placed the class A2 and A3 (G) notes on CreditWatch
negative for counterparty reasons when our updated criteria became
effective on Jan. 18, 2011 (see "EMEA Structured Finance
CreditWatch Actions in Connection With Revised Counterparty
Criteria," published Jan. 18, 2011). In our review of the
counterparty related transaction documents, we found that some
agreements do not fully comply with our updated counterparty
criteria. We therefore applied adjustments, for the variations, in
line with our criteria."

"Although the Kingdom of Spain guarantees the class A3 (G) notes,
consistent with our view at closing, we do not consider the
guarantee to be in line with our criteria requirement of the
timely payment of interest. However, our cash flow analysis
supports a 'AA+ (sf)' rating, which is consistent with our
updated counterparty criteria. Therefore, we have lowered the
rating and it is no longer on CreditWatch negative for
counterparty and credit reasons," S&P related.

"As the 'AAA (sf)' rating on the class A2 notes is now at a level
that can be supported by our cash flow analysis when applying the
updated counterparty criteria, we have affirmed and removed the
rating from CreditWatch negative for counterparty and credit
reasons," S&P said.

Between December 2008 and September 2009, the class A3 (G) and A2
notes amortized on a pro-rata basis, but since then, have
amortized sequentially. Even if both classes of notes have the
same credit enhancement level of 27.74%, due to the amortization
already experienced, the notes are at 20% and 59.16% of their
original amounts.

As of the last payment date, the reported ratio of cumulative
defaults over the original balance of the class C notes was 4.68%.
This is higher than the class C notes' interest-deferral trigger
level of 3.75%. As a result, the trigger will defer interest on
the notes, unless the balance of the reserve fund is sufficiently
high to cover interest payments in accordance with the
transaction's priority of payments. "While the reserve fund has
paid interest on the class C notes to date, it is likely that
interest will defer within the next year, in our view. We have
therefore affirmed our 'CCC- (sf)' rating on this class as we
believe the notes are vulnerable to nonpayment of interest," S&P
said.

The interest-deferral trigger for the class B notes is set at
5.75%. While the cumulative default rate for the class B notes is
currently below the interest-deferral trigger level, we consider
that the notes remain vulnerable to interest deferral, given the
rising trend in cumulative defaults and the high level of
delinquencies. "We have therefore affirmed our 'CCC (sf)' rating
on this class," S&P stated.

"We have also affirmed our 'D (sf)' rating on the class D notes,
which have deferred interest since July 2009 and are currently in
default," S&P related.

The class A1 notes fully amortized on the December 2008 payment
date and therefore remain unaffected by the rating actions.

FTPYME Bancaja 6 is an SME CLO transaction originated by Caja de
Ahorros de Valencia, Castellon y Alicante (Bancaja). Its portfolio
comprises secured and unsecured loans granted to small and medium-
sized entities, mainly concentrated in the originator's home
market of Valencia. The transaction closed in September 2007.

Rating List

Class              Rating
           To                   From

FTPYME Bancaja 6, Fondo de Titulizacion de Activos
EUR1.028 Billion Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

A3(G)      AA+ (sf)             AAA (sf)/Watch Neg

Rating Affirmed and Removed From CreditWatch Negative

A2         AAA (sf)             AAA (sf)/Watch Neg

Ratings Affirmed

B          CCC (sf)
C          CCC- (sf)
D          D (sf)

Rating Unaffected

A1         NR


===========
T U R K E Y
===========


ANADOLU EFES: S&P Raises Long-Term Corp. Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Turkish beverage group Anadolu Efes Biracilik ve
Malt Sanayii to 'BB+' from 'BB'. The outlook is positive.

The upgrade reflects an improvement in Anadolu Efes' financial
risk profile after more than two years of growing discretionary
cash flow generation. The company generated TRY308 million (US$199
million) of discretionary cash flow after capital expenditures and
dividends in 2010 and TRY472 million in 2009. These numbers were
boosted by sustainable cash flows to the rest of the group from
the international beer operations, while the Turkish beer
operations remained consistently cash generative. "We have
consequently revised our financial risk profile assessment to
'intermediate' from 'significant,'" S&P said.

"We believe that the company will likely continue to generate
substantial positive free cash flow. We also believe that Anadolu
Efes is likely to continue maintaining a ratio of adjusted debt to
EBITDA of about 1.0x. Nevertheless, we acknowledge that the
company's financial policy hinges on the much higher ratio of net
debt to EBITDA of 2.5x, which leaves headroom for opportunistic
acquisitions, subject to compliance with its own strict
acquisition criteria," S&P continued.

Anadolu Efes' financial risk profile continues to be constrained
by its shallow debt maturity profile. Most of Efes' debt matures
within the next three years, with smaller maturities stretching
into the fourth year.

"We view Anadolu Efes' business risk profile as 'fair',
constrained by the emerging markets where the company operates,
exposure to volatility of its agricommodity inputs, and pressures
from rising excise taxes on beer in such key markets as Turkey and
Russia -- as well as regulatory restrictions on the sale and
advertising of beer. Excise taxes were increased by 70% in Turkey
in 2010 and by 200% in Russia, while prices on barley, the
company's key raw material, rose in 2010 because of the unusually
dry, hot summer," S&P said.

"However, we should note that Anadolu Efes' robust business model
and well-established brands help to successfully increase the
company's market share in its key markets and in our view will
continue to help the company demonstrate stable EBITDA and cash
flow generation even in the case of declining or stagnating market
dynamics," S&P pointed out.

The positive outlook reflects the potential for an upgrade within
the next two years.

Positive rating evolution depends on Anadolu Efes' ability and
willingness to mitigate some of the refinancing and market risks
currently weighing on its financial risk profile. "In particular,
we would consider longer debt maturities, stronger external
liquidity provisions, and lower exposure to floating interest
rates as factors that could result in an upgrade," said S&P.

"We anticipate that the group will maintain modest debt leverage
and positive discretionary cash flow generation. We also believe
that Anadolu Efes' operational performance is likely to remain
robust and resilient to external pressures," noted S&P.

Negative rating actions might result if leverage increases and
remains materially more than 2.5x fully adjusted debt to EBITDA
because of performance or acquisitions, regardless of currency
fluctuations.


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


BRIDES OF ASHFORD: Goes Into Administration, Closes Shops
---------------------------------------------------------
James Scott at KentOnline reports that Brides of Ashford has
closed its doors after it went into administration.

"I tried for a year to make that company work. I tried my hardest
because I still don't like to let people down," KentOnline quoted
owner Sharon Keates as saying.  "Brides of Ashford has gone into
administration.  I've spoken to 90% of those customers with
outstanding orders but some of them I can't get hold of", she
added.

The report notes that Mrs. Keates said that when any company goes
into liquidation, all contracts cease.

Mrs. Keates was declared bankrupt in November last year, according
to KentOnline.


FOCUS (DIY): To Sell Off Stock
-------------------------------
Guardian reports that a closing down sale will take place as
administrators look at shutting down Crewe-based retail chain
Focus DIY, which went into administration earlier this month.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, H&V News related that Focus DIY fell into administration.
Ernst & Young, who were appointed as administrator, said that they
are looking for a buyer for the company's stores, which continue
to trade as normal, according to H&V News.

Nikhil Kumar at The Independent relates that 3,000 jobs are set to
be lost after administrators failed to find a buyer for the chain.

Guardian notes that Liverpool discount retail chain B&M Bargains
has acquired 11 stores from joint administrators for an
undisclosed sum, safeguarding more than 200 jobs in the process.
The report relates that B&Q owner Kingfisher bought 31 outlets for
GBP23 million; while builders' merchant Travis Perkins, the owner
of home improvement business Wickes, then bought 13 properties for
GBP8.4 million.

However, The Independent discloses that administrators said it has
not been possible to find a buyer for the Focus DIY group as a
whole."

Guardian discloses that the Joint Administrators have now
announced the appointment of retail consultants Gordon Brothers to
advice on the sale of all stock of the Focus DIY stores, with a
view to closing down the retail chain.

Focus (DIY) was founded by Bill Archer in 1987, with six stores in
the Midlands and the north of England.  The company now has 178
stores in England, Scotland and Wales, and employs more than 3,900
staff.


GALA CORAL: Fitch Assigns 'BB-(exp)' Rating to GBP350MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned Gala Group Finance plc's (GGF) planned
senior secured notes and senior notes' new expected ratings. This
follows Gala Coral Group amending the issuance amount.

The planned senior secured notes to be issued by GGF will now
amount to GBP350 million (previously GBP250 million) and the
senior notes to be issued by Gala Electric Casino plc will now
amount to GBP275 million (previously GBP400 million). The new
senior facility agreement will be increased to GBP925 million
(from GBP900 million).

As a consequence of the amendment and using the same conservative
assumptions under Fitch's Recovery Ratings methodology, Fitch has
assigned these expected ratings:

Gala Group Finance plc

   -- GBP350m 2017 senior secured notes: 'BB-(exp)' and a Recovery
      Rating of 'RR2'

Gala Electric Casino plc

   -- GBP275m senior notes: 'CCC(exp)' and a Recovery Rating of
      'RR6'.

The 'BB-(exp) rating assigned to the senior secured notes is one
notch down from the 'BB(exp)' previously assigned on May 12, 2011.

All terms and conditions remain the same. The final ratings on the
notes are contingent upon receipt of final documents conforming to
information already received by Fitch.


JAGUAR LAND: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes
-----------------------------------------------------------------
Fitch Ratings has assigned UK-based Jaguar Land Rover PLC's senior
unsecured notes issue a final rating of 'BB-'. The notes issue
comprises these tranches:

   -- GBP500m, 8.125% senior notes due 2018

   -- USD410m, 7.75% senior notes due 2018

   -- USD410m, 8.125% senior notes due 2021

The assignment of the final rating is based on the terms and
conditions in the offering memorandum conforming to information
already received.


JJB SPORTS: Turnaround to Take Five Years Despite Cash Injection
----------------------------------------------------------------
Mark Wembridge at The Financial Times reports that JJB Sports has
warned that it would take as long as five years to turn around its
business, in spite of a recent injection of almost GBP100 million.

The retailer was saved from administration in March when it
negotiated a compulsory voluntary agreement with its landlords,
cutting up to 89 unprofitable stores and slashing rents to keep it
afloat, the FT relates.

"The restructuring of JJB will not be easy or quick and will most
likely take three to five years," the FT quotes Chairman Mike
McTighe as saying.  "The retail environment is challenging, will
remain so for some time and we face intense competition."

Pre-tax losses ballooned from GBP68.6 million to GBP181.4 million
for the 52 weeks to January 30, the FT discloses.

JJB Sports plc is a sports retailer supplying branded sports and
leisure clothing, footwear and accessories.  JJB Sports is a high
street sports retailer, with 250 stores in the United Kingdom and
Eire.  It provides a range of products covering United Kingdom
sports.  The Company stocks all its sports brands, supported by
its own-brand and exclusive ranges.  The Company's segment
includes the Company's retail operations, including any retail
stores, which are attached to fitness clubs.  The Company operates
in two geographic segments: the United Kingdom and Eire.  The
Company's subsidiaries include Blane Leisure Limited, Sports
Division (Eireann) Limited, Golf TV Limited, TV Sports Shop
Limited, Original Shoe Company Limited and Qubefootwear Limited.
The Company sold its fitness club operations on March 25, 2009.


JKF GROUP: Goes Into Administration, 60 Jobs at Risk
----------------------------------------------------
Fife Today reports that up to 60 workers at JKF Group are facing
redundancy after it appointed chartered accountants Johnston
Carmichael as administrators.  Fife Today relates that the company
has fallen into financial difficulty.

A former worker said all employees had gone on short-time working
earlier this year and wages were cut by 10 per cent around
February, according to Fife Today.

Fife Today notes that around a dozen administrative staff were
given the news on May 11 that their contracts were effectively
being torn up, with the firm's on-site workforce informed the
following day.  Fife Today notes that the premises had remained
closed since May 13 and management at the group were also said to
be visibly shocked by the announcement.

Established in 1971, the JKF Group changed its name from James
Keiller Fencing in 2003.  Initially focusing on fencing, it
developed to offer other services including construction, ground
work, landscaping, civil engineering and professional services
along with sports facilities and environmental improvements.


PROMINENT CMBS: Fitch Affirms Rating on Class E Notes at 'BBsf'
--------------------------------------------------------------
Fitch Ratings has affirmed and upgraded Prominent CMBS No 1:

   -- EUR28.1m class A1 due 2032 (XS0234097128) affirmed at
      'AAAsf'; Outlook Stable

   -- GBP30m class B due 2032 (XS0234098951) affirmed at 'AAAsf';
      Outlook Stable

   -- GBP76m class C due 2032 (XS0234099256) upgraded to 'AAAsf'
      from 'AAsf'; Outlook Stable

   -- GBP54m class D due 2032 (XS0234154028) upgraded to 'Asf'
      from 'BBBsf'; Outlook Stable

   -- GBP7.5m class E due 2032 (XS0234154887) affirmed at 'BBsf';
      Outlook revised to Positive from Stable

The rating actions reflect the significant paydown that has
occurred since Fitch's last rating action in July 2010. At the
time, 15 loans with a combined loan balance of GBP368 million were
outstanding; this has since reduced to 10 loans with a combined
loan balance of GBP222 million. Redemption proceeds continue to be
allocated sequentially. This, combined with continued turbo
amortization of the class E notes with excess spread, has
significantly reduced the class A1 note balance and improved both
the credit enhancement and the advance rate of all tranches.

The credit quality of the remaining loans has also improved since
the last rating action. The weighted average (WA) loan to value
ratio (LTV) has fallen to 70.8% from 95.5% and the interest
coverage ratio (ICR) has improved to 2.22x from 1.96x.

The GBP21.8 million loan 1200404996 is the only loan currently
reported as being impaired. It was designated as a high-risk loan
in January 2010: based on a November 2010 valuation, its 99.6% LTV
is in breach of its 80% covenant and its 1.27x ICR is also at its
1.27x covenant. Restructuring talks with the borrower are ongoing.
Despite the large size of the loan relative to the junior note
classes, the notes are protected by a fully-funded GBP10 million
reserve fund and over-collateralization of GBP36 million.

Fitch will continue to monitor the performance of the transaction.


WORKING MEN'S CLUB: Members Vote to Put Club Into Administration
----------------------------------------------------------------
Melton Times reports that Working Men's Club faces an uncertain
future after members voted in favour of applying for it to be put
under administration.

The club was in talks with administrators as to the best way
forward, according to Melton Times.

Melton Times notes that a crunch members' meeting to discuss the
club's future was held on May 19, when they were informed about
the club's financial position and the options open to them.
Melton Times relates that one option was to close the club
immediately and sell it but after long deliberations, members
instead voted in favor of a proposal to apply to be put into
administration.

Melton Times discloses that for the time being the club is still
open and running as normal.

The club has been struggling to keep going in recent years and has
been hit by drops in trade and membership (currently at an all-
time low of 515 members) as well as rising overheads, the report
says.  Melton Times relates that it is currently facing moves from
Her Majesty's Revenue and Customs to wind it up over undisclosed
unpaid debts.

Club President Tony South said that one possible future scenario
could be to sell the existing club to a developer, pay off debts
and hopefully have a new smaller club built in the town, Melton
Times adds.

Working Men's Club was founded by the late A.B.Praed in 1886 and
its extended concert hall was opened on October 15, 1970, by the
Right Hon Lord Gretton OBE.


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


* BOOK REVIEW: Performance Evaluation of Hedge Funds
----------------------------------------------------
Edited by Greg N. Gregoriou, Fabrice Rouah, and Komlan Sedzro
Publisher: Beard Books
Hardcover: 203 pages
Listprice: US$59.95
Review by Henry Berry

Hedge funds can be traced back to 1949 when Alfred Winslow Jones
formed the first one to "hedge" his investments in the stock
market by betting that some stocks would go up and others down.
However, it has only been within the past decade that hedge funds
have exploded in growth.  The rise of global markets and the
uncertainties that have arisen from the valuation of different
currencies have given a boost to hedge funds.  In 1998, there
were approximately 3,500 hedge funds, managing capital of about
US$150 billion. By mid-2006, 9,000 hedge funds were managing
US$1.2 trillion in assets.

Despite their growing prominence in the investment community,
hedge funds are only vaguely understood by most people.

Performance Evaluation of Hedge Funds addresses this shortcoming.
The book describes the structure, workings, purpose, and goals of
hedge funds.  While hedge funds are loosely defined as "funds with
no rules," the editors define these funds more usefully as
"privately pooled investments, usually structured as a partnership
between the fund managers and the investors."  The authors then
expand upon this definition by explaining what sorts of
investments hedge funds are, the work of the managers, and the
reasons investors join a hedge fund and what they are looking for
in doing so.

For example, hedge funds are characterized as an "important
avenue for investors opting to diversify their traditional
portfolios and better control risk" -- an apt characterization
considering their tremendous growth over the last decade.  The
qualifications to join a hedge fund generally include a net worth
in excess of $1 million; thus, funds are for high net-worth
individuals and institutional investors such as foundations, life
insurance companies, endowments, and investment banks.  However,
there are many individuals with net worths below $1 million that
take part in hedge funds by pooling funds in financial entities
that are then eligible for a hedge fund.

This book discusses why hedge funds have become "notorious as
speculating vehicles," in part because of highly publicized
incidents, both pro and con.  For example, George Soros made
$1 billion in 1992 by betting against the British pound.
Conversely, the hedge fund Long-Term Capital Management (LTCP)
imploded in 1998, with losses totalling $4.6 billion.
Nonetheless, these are the exceptions rather than the rule, and
the editors offer statistics, studies, and other research showing
that the "volatility of hedge funds is closer to that of bonds
than mutual funds or equities."

After clarifying what hedge funds are and are not, the book
explains how to analyze hedge fund performance and select a
successful hedge fund.  It is here that the book has its greatest
utility, and the text is supplemented with graphs, tables, and
formulas.

The analysis makes one thing clear: for some investors, hedge
funds are an investment worth considering.  Most have a
demonstrable record of investment performance and the risk is low,
contrary to common perception. Investors who have the necessary
capital to invest in a hedge fund or readers who aspire to join
that select club will want to absorb the research, information,
analyses, commentary, and guidance of this unique book.

Greg N. Gregoriou teaches at U. S. and Canadian universities and
does research for large corporations. Fabrice Rouah also teaches
at the university level and does financial research.  Komlan
Sedzro is a professor of finance at the University of Quebec and
an advisor to the Montreal Derivatives Exchange.


                            *********

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 * * *