TCREUR_Public/110530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, May 30, 2011, Vol. 12, No. 105

                            Headlines



B E L G I U M

KBC BANK: Fitch Affirms Preferred Stock Rating at 'B'


B U L G A R I A

FIRST INVESTMENT BANK: Fitch Affirms Long-Term IDR at 'BB-'
UNITED BULGARIAN: Fitch Downgrades Long-Term IDR to 'B+'


C Z E C H   R E P U B L I C

SAZKA AS: Prague Court Postpones May 26 Creditors' Meeting


F R A N C E

CMA CGM: U$475-Mil. Bond Sale Receipts Released From Escrow
FRENCH OIL: S&P Rates US$600-Mil. Sr. Unsecured Notes at 'BB-'


G R E E C E

DRYSHIPS INC: Announces Increased Backlog for Ocean Rig UDW Inc.
NATIONAL BANK of GREECE: Fitch Downgrades Covered Bonds to 'BB+'
* GREECE: Likely to Default on Debt, Ex-ECB Chief Economist Says


I R E L A N D

BANK OF IRELAND: Close to Completing Debt-for-Equity Swap Offer
CELF LOAN: Moody's Lifts Ratings on Class D Secured Notes to 'Ba2'
GOLDEN DISCS: Loss Prompts Auditors to Raise Going Concern Doubt


K A Z A K H S T A N

STATE ANNUITY CO: Fitch Withdraws 'BB' IFS Rating


M A C E D O N I A

SWEDMILK MACEDONIA: To Be Put Up for Sale at End-May or Early June


P O R T U G A L

FINIBANCO: Fitch Withdraws Ratings Upon Merger Completion
POPULAR PORTUGAL: Fitch Withdraws Individual 'D' Rating


S W E D E N

SAAB AUTOMOBILE: To Restart Production at Trollhattan Plant


U N I T E D   K I N G D O M

ANDREW JONES PIES: Investors Buy Firm, Saves 17 Jobs
BOMBAY BICYCLE CLUB: Saved From Brink of Collapsed
CABLE & WIRELESS: S&P Affirms Corporate Credit Ratings at 'BB/B'
EQUINOX ECLIPSE: S&P Lowers Ratings on Classes E & F Notes to 'D'
FOCUS DIY: Wickes & B&Q Acquires Beverley & Gool Stores

GLOBAL CROSSING: Moody's Affirms 'B3' Corporate Family Rating
KEYDATA INVESTMENT: Founder's Judicial Review Delays FSA Probe


X X X X X X X X

* BOND PRICING: For the Week May 23 to May 27, 2011


                            *********


=============
B E L G I U M
=============


KBC BANK: Fitch Affirms Preferred Stock Rating at 'B'
-----------------------------------------------------
Fitch Ratings has affirmed KBC Bank's, KBC Verzekeringen N.V.'s
(KBC Insurance) and holding company KBC Group's Long-term Issuer
Default Ratings (IDRs) at 'A'. The Outlooks are Stable.

In addition, the agency has also affirmed Dexia's Long-term IDRs
and its three core operating subsidiaries, Dexia Credit Local,
Dexia Bank Belgium and Dexia Banque Internationale a Luxembourg,
at 'A+' with Stable Outlooks.

While Belgium's ('AA+') Outlook was revised to Negative from
Stable, Fitch has decided to maintain a Stable Outlook on KBC
Group's, KBC Bank's and KBC Insurance's Long-term IDRs. KBC
Group's and KBC Bank's IDRs, which are at their Support Rating
floors, reflect potential additional support from the Belgian
state, in case of need. A downgrade of Belgium's Long-term IDR by
only one notch (to 'AA'), would not necessarily lead to a
downgrade of KBC Group's, KBC Bank's and KBC Insurance's Long-term
IDRs. However, any downgrade of Belgium's IDR to below 'AA' would
most likely lead to a downgrade of KBC Group's, KBC Bank's and KBC
Insurance's Long-term IDRs.

While Dexia's, and its three core operating subsidiaries', Long-
Term IDRs are also at their Support Rating floors, the potential
support in case of need would come not only from Belgium, but also
from France ('AAA'/Stable) and Luxembourg ('AAA'/Stable), which
both still have Stable Outlooks on their IDRs. In addition, during
the crisis, France -- directly and through the fully state-owned
Caisse des Depots et Consignations ('AAA'/Stable) -- was the
largest provider of the share capital support to Dexia (EUR2.7
billion out of EUR6 billion).

In assessing the ability of the Belgian authorities to provide
support to the country's banks, Fitch takes into account not only
the sovereign rating, but also a number of other factors,
including the size of the banking system. In particular, the
agency notes that the Belgian authorities would not have to
support the whole banking system given the ownership structure
with some large banks being owned by foreign parents or being co-
owned. In Fitch's view, this would help the Belgian authorities to
make timely support available to the country's systemically
important banks, in case of need, and Fitch might therefore
maintain KBC entity ratings at the 'A' level even if the sovereign
is downgraded to 'AA'.

KBC Group has strong franchises. KBC Bank is one of the three
largest Belgian banks with 20% of deposits and KBC Insurance is
one of the largest insurers with market shares of 13% in life and
13% in non-life. The group is also present in CEE, especially
through its banking activities, which has led to increased
impairment charges. The bank and insurance company are managed in
an integrated manner in terms of business, strategy, risk and
capital.

Dexia is reducing the scope of its historical activity and now
focuses on Belgium, Turkey and Luxembourg for retail banking, and
France and Belgium for public finance. The group is also active in
asset management, insurance and investor services.

The ratings actions are:

KBC Group

   -- Long-term IDR affirmed at 'A', Outlook Stable

   -- Senior debt affirmed at 'A'

   -- Short-term IDR affirmed at 'F1'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A'

KBC Bank

   -- Long-term IDR affirmed at 'A', Outlook Stable

   -- Short-term IDR affirmed at 'F1'

   -- Individual Rating unaffected at 'C/D'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A'

   -- Senior debt affirmed at 'A'

   -- Commercial paper affirmed at 'F1'

   -- Preferred stock affirmed at 'B'

KBC Verzekeringen N.V. (KBC Insurance)

   -- Insurer Financial Strength (IFS) rating affirmed at 'A',
      Outlook Stable

   -- Long-term IDR affirmed at 'A', Outlook Stable

KBC Group Re

   -- IFS rating affirmed at 'A', Outlook Stable

   -- KBC Funding Trust II hybrid affirmed at 'B'

   -- KBC Funding Trust III hybrid affirmed at 'B'

   -- KBC Funding Trust IV hybrid affirmed at 'B'

   -- KBC Financial Products International, Ltd.

   -- Senior debt affirmed at 'A'

   -- Commercial paper affirmed at 'F1'

KBC North America Finance Corp.

   -- Commercial paper affirmed at 'F1'

KBC IFIMA N.V.

   -- Senior debt affirmed at 'A'

   -- Short term debt affirmed at 'F1'

   -- Subordinated debt affirmed at 'A-'

   -- Market linked securities 'Aemr'

Dexia:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Short-term IDR affirmed at 'F1+'

   -- Individual rating unaffected at 'D'

   -- Support rating affirmed at '1',

   -- Support Rating Floor affirmed at 'A+'

Dexia Credit Local:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Senior debt affirmed at 'A+'

   -- Market linked notes affirmed at 'A+emr'

   -- Subordinated debt affirmed at 'A'

   -- Hybrid securities affirmed at 'CCC'

   -- Short-term IDR affirmed at 'F1+'

   -- Commercial paper affirmed at 'F1+'

   -- Individual rating unaffected at 'D'

   -- Support Rating affirmed at '1',

   -- Support Rating Floor affirmed at 'A+'

   -- State guaranteed debt affirmed at 'AA+'

   -- State guaranteed market linked notes affirmed at 'AA+emr'

Dexia Banque Internationale a Luxembourg:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Short-term IDR affirmed at 'F1+'

   -- Senior debt affirmed at 'A+'

   -- Market linked notes affirmed at 'A+emr'

   -- Subordinated debt affirmed at 'A'

   -- Hybrid securities affirmed at 'B'

   -- Individual rating unaffected at 'D'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A+'

   -- State guaranteed debt affirmed at 'AA+'

Dexia Bank Belgium:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Short-term IDR affirmed at 'F1+'

   -- Senior debt affirmed at 'A+'

   -- Upper Tier 2 subordinated debt affirmed at 'A'

   -- Individual Rating unaffected at 'D'

   -- Support Rating affirmed at '1'

   -- Support Rating Floor affirmed at 'A+'

   -- State guaranteed debt affirmed at 'AA+'

Dexia Funding Luxembourg:

   -- Hybrid securities affirmed at 'B'

Dexia Funding Netherlands:

   -- Senior debt affirmed at 'A+'

   -- Market linked notes affirmed at 'A+emr'

   -- Subordinated debt affirmed at 'A'

Dexia Financial Products:

   -- Commercial paper affirmed at 'F1+'

Dexia Delaware LLC:

   -- Commercial paper affirmed at 'F1+'

Dexia Municipal Agency:

   -- Long-term IDR affirmed at 'A+'; Outlook Stable

   -- Support rating affirmed at '1'

   -- Covered bonds rated 'AAA' unaffected


===============
B U L G A R I A
===============


FIRST INVESTMENT BANK: Fitch Affirms Long-Term IDR at 'BB-'
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on three Bulgarian Banks'
Long-term Issuer Default Ratings (IDRs) to Positive from Negative.
This follows similar action taken on the Long-term IDR of Bulgaria
announced earlier. Should the sovereign rating be upgraded, the
ratings of the affected institutions would be likely to follow
suit.

Societe Generale Expressbank AD's and Allianz Bulgaria Holding's
ratings reflect the potential support from highly-rated foreign
shareholders and are driven by the financial strength of their
respective ultimate parents, namely Societe Generale ('A+'/Stable;
99.6% stake in Societe Generale Expressbank AD) and Allianz SE
('AA-'/Stable, 66% stake in Allianz Bulgaria Holding that controls
Allianz Bank Bulgaria AD). The Long-term IDRs of these banks are
constrained by Bulgaria's Country Ceiling of 'BBB+'. The Positive
Outlooks on the ratings reflect the potential for the Bulgarian
sovereign ratings and Country Ceiling to be upgraded.

The IDR and Outlook of Bulgarian Development Bank are aligned with
those of the Bulgarian sovereign, reflecting the fact that the
bank is a state-owned development bank.

The Outlook on First Investment Bank AD has been revised to Stable
from Negative. The bank's Long-term IDR and Support Rating reflect
the modest probability of support from the Bulgarian public
authorities, if needed, given FIBank's systemic importance. FIBank
is the largest domestically-owned bank.

The ratings actions are:

Bulgarian Development Bank AD

   -- Long-term (LT) IDR: affirmed at 'BBB-'; Outlook revised to
      Positive from Negative

   -- Short-term (ST) IDR: affirmed at 'F3'

   -- Support Rating: affirmed at '2'

   -- Support Rating Floor: affirmed at 'BBB-'

   -- Individual Rating: unaffected at 'D'

Societe Generale Expressbank AD, Allianz Bank Bulgaria AD

   -- LT IDR: affirmed at 'BBB+'; Outlook revised to Positive from
      Negative

   -- ST IDR: affirmed at 'F2'

   -- Support Rating: affirmed at '2'

   -- Individual Rating: unaffected at 'D'

First Investment Bank AD

   -- LT IDR: affirmed at 'BB-'; Outlook revised to Stable from
      Negative

   -- ST IDR: affirmed at 'B'

   -- Support Rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB-'

   -- Individual Rating: unaffected at 'D'


UNITED BULGARIAN: Fitch Downgrades Long-Term IDR to 'B+'
--------------------------------------------------------
Fitch Ratings has downgraded the Long-term Issuer Default Ratings
(IDRs) of United Bulgarian Bank (UBB), Eurobank EFG Bulgaria AD
(EFGB) and Banca Romaneasca S.A. (BROM) to 'B+' from 'BB'. The
ratings have also been placed on Rating Watch Negative (RWN).

Simultaneously, Fitch has withdrawn EFGB's ratings. Fitch will no
longer have access to sufficient information to maintain the
ratings due to EFGB's decision to not participate in the rating
process.

EFGB is the Bulgarian subsidiary of EFG Eurobank Ergasias S.A.
(Eurobank; 'B+'/RWN) while UBB and BROM are the subsidiaries of
National Bank of Greece (NBG; 'B+'/RWN) in Bulgaria and Romania,
respectively.

The downgrade of the subsidiaries follows a similar rating action
taken on Eurobank's and NBG's ratings and reflects the weaker
ability of the parent banks to provide support to their
subsidiaries in case of need.

The subsidiaries' IDRs now reflect Fitch's assessment of their
stand-alone strength, which has been undermined in each case by
significant asset quality deterioration in the economic downturns
in their home markets. However, total capital adequacy ratios of
the banks have been maintained above regulatory requirements.

The RWN reflects Fitch's view that the credit profiles of the
parent banks and subsidiaries are likely to be closely linked in
the near future. Fitch believes that any further marked
deterioration at the parent banks would reduce their ability to
support their subsidiaries, in case of need. It could also
negatively affect the subsidiaries' stand-alone credit profiles,
for example by diminishing their access to funding.

The ratings actions are:

UBB

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

   -- Short-term foreign currency IDR: affirmed at 'B';

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

   -- Individual Rating: unaffected; 'D/E'

BROM

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

   -- Short-term foreign currency IDR: affirmed at 'B'

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

   -- Individual Rating: unaffected; 'D'

EFGB

   -- Long-term foreign currency IDR: downgraded to 'B+' from
      'BB'; Placed on RWN; Withdrawn

   -- Short-term foreign currency IDR: affirmed at 'B'; Withdrawn

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

   -- Individual Rating: affirmed at 'D/E'; Withdrawn


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


SAZKA AS: Prague Court Postpones May 26 Creditors' Meeting
----------------------------------------------------------
Lenka Ponikelska at Bloomberg News reports that the Prague
Municipal Court postponed a meeting of Sazka AS's creditors
scheduled for May 26.

According to Bloomberg, the creditors' meeting was rescheduled to
May 27 at 9:00 a.m.

Bloomberg relates that the court's spokeswoman Martina Lhotakova
said the court continued on May 26 to assess the validity of
individual claims from creditors in order to state their voting
rights before the meeting.

Separately, CTK reports that the court reviewed 150 claims, which
exceed CZK300,000 on May 26.

The court has registered a total of 2,075 creditors with claims on
Sazka worth CZK41.1 billion, CTK relates.

The review hearing, attended by Sazka's insolvency administrator
Josef Cupka and Sazka's lawyers, was started by Jaromir Harnach, a
judge of the City Court in Prague, CTK discloses.

Sazka partly dismissed a majority of the claims, CTK notes.  Among
the claims dismissed by Sazka representatives was a CZK5 billion
claim of The Bank of New York Mellon, the security agent of Sazka
bondholders, the report cites.

Sazka representatives gave as a reason for the dismissal the fact
that ownership of the bonds had not been proved, CTK recounts.

The majority owners of the bonds are financial groups PPF and
KKCG, CTK discloses.  The agent's lawyers are convinced that the
dismissal will not influence voting, CTK says.

As reported by the Troubled Company Reporter-Europe, CTK, citing
information made public in the insolvency register, said 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.


===========
F R A N C E
===========


CMA CGM: U$475-Mil. Bond Sale Receipts Released From Escrow
-----------------------------------------------------------
David Whitehouse at Bloomberg News reports that CMA CGM said
receipts from the company's US$475 million sale of 2017 and 2019
notes have been released from escrow.

The company will use the proceeds to refinance notes expiring in
2012 and 2013 and to fund general corporate purposes, Bloomberg
notes.

As reported by the Troubled Company Reporter-Europe on Jan. 28,
2011, Bloomberg News said CMA is reorganizing its debt after
freight prices collapsed in the global economic slump and shippers
were forced to take delivery of new vessels ordered before the
crisis, Bloomberg relates.  It opened talks with lenders to
restructure US$5.2 billion of obligations in September 2009,
Bloomberg disclosed.

France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.


FRENCH OIL: S&P Rates US$600-Mil. Sr. Unsecured Notes at 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' issue rating
and '3' recovery rating to the proposed US$600 million senior
unsecured notes due 2021 to be issued by French oil and gas
seismic company Compagnie Generale de Geophysique -- Veritas
(CGGV; BB-/Negative/--). The issue rating, which is the same S&P's
corporate credit rating on CGGV -- and the '3' recovery rating
together reflect S&P's expectation of meaningful recovery (50%-
70%) for noteholders in the event of a payment default.

"Our 'BB-' issue and '3' recovery ratings on CGGV's existing
senior unsecured notes, and our 'BB' debt and '2' recovery ratings
on CGGV's existing U.S. and French revolving credit facilities
(RCFs) are unchanged," S&P stated.

The '3' recovery rating on the proposed notes is underpinned by
CGGV's significant asset valuation and a guarantee from
subsidiaries representing 57% of consolidated EBITDA in the first
quarter of 2011 and 55% of consolidated assets at the end of the
first quarter of 2011. "The recovery rating is constrained by what
we see as a lack of a tangible asset security and the substantial
amount of unsecured- and secured-debt baskets in the notes
documentation (i.e., clauses that allow CGGV to raise more debt),
as well as by France's insolvency regime, which we view as less
creditor friendly than some other European insolvency regimes,"
S&P noted.

S&P continued, "We understand that CGGV will use the proceeds from
the proposed note issuance to fully repay both the US$507 million
outstanding under the senior secured Term Loan B of its U.S.
subsidiary CGG Veritas Services Holding (U.S.) Inc. and CGGV's
remaining US$70 million 7.5% bonds due 2015. We will withdraw our
ratings on these two debt instruments upon repayment."

"The maintenance of our 'BB' debt rating and '2' recovery rating
on the outstanding US$140 million undrawn U.S. RCF and the US$200
million undrawn French RCF reflect our continued expectation of
'substantial' recovery (70%-90%) for the lenders of these
instruments in the event of a payment default. The two RCFs will
benefit from a first-lien charge over one ship and over the
multiclient library of seismic data for the Gulf of Mexico, with
unstressed values that we estimate at about US$28.4 million and
US$280 million," S&P noted

                         Recovery Analysis

"To calculate recoveries, we simulate a payment default. Our
recovery expectations for all of the group's debt instruments are
underpinned by our valuation of CGGV as a going concern. Recovery
prospects for the senior secured debt are higher than those for
the unsecured debt, due to the asset security. Once the security
value for the RCFs has been exhausted under our hypothetical
default scenario, any uncovered claim from these debt instruments
will rank pari passu with the notes with respect to CGGV's
residual value. CGGV's substantial asset base also underpins our
estimated recovery prospects at default," S&P said.

The notes documentation is relatively standard for an issue of
these characteristics. It includes a suite of covenants, both
financial and non-financial. In particular, it contains
limitations on new debt incurrence -- consolidated interest
coverage must be at least 3.0x -- except on credit facilities, as
long as these facilities do not exceed the greater of EUR125
million or 10% of CGGV's consolidated total assets, among other
exceptions. Furthermore, under the permitted-liens clause included
in the notes documentation, these credit facilities can be
secured.

Ratings List

New Rating

Compagnie Generale de Geophysique - Veritas
Senior Unsecured             BB-
   Recovery Rating            3


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G R E E C E
===========


DRYSHIPS INC: Announces Increased Backlog for Ocean Rig UDW Inc.
----------------------------------------------------------------
DryShips Inc. announced that Ocean Rig UDW Inc., its majority
owned subsidiary, has secured further backlog, as Borders &
Southern plc have declared two optional wells under the existing
drilling contract for the harsh environment drilling rig Leiv
Eiriksson.  The two optional wells have been assigned to Falkland
Oil and Gas (FOGL) and provide an additional contract duration of
approximately 90 days.  The total contract value is now US$126
million.

Mr. George Economou, Chairman and CEO of Ocean Rig UDW Inc.,
commented, "We are pleased to announce the option declaration for
the Leiv Eiriksson with Borders & Southern plc.  The previously
announced rig swap on this contract is a win-win solution for the
customer and the Company as demonstrated by the declaration of the
options.  We continue to work on enhancing the backlog for Ocean
Rig."

                        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".

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.

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 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.


NATIONAL BANK of GREECE: Fitch Downgrades Covered Bonds to 'BB+'
----------------------------------------------------------------
Fitch has downgraded and placed on Rating Watch Negative (RWN)
Alpha Bank's, Eurobank EFG's, National Bank of Greece's (NBG) and
Piraeus Bank's mortgage covered bonds issued in Greece, and placed
Marfin Popular Bank's (Marfin) covered bonds issued out of Cyprus
on RWN:

   -- Alpha Bank's covered bonds: downgraded to 'BBB' from 'A-';
      placed on RWN

   -- Eurobank EFG's covered bonds: downgraded to 'BBB' from 'A-';
      placed on RWN

   -- NBG's covered bonds (Programme I): downgraded to 'BB+' from
      'BBB+'; placed on RWN

   -- NBG's covered bonds (Programme II): downgraded to 'BBB' from
      'A-'; placed on RWN

   -- Piraeus Bank's covered bonds: downgraded to 'BBB' from 'A-';
      placed on RWN

   -- Marfin's covered bonds: maintained at 'BBB+'; placed on RWN

On aggregate, the six programs represent EUR19 billion of rated
debt.

The rating actions follow the downgrade of Greece's sovereign
rating to 'B+/RWN' from 'BB+/Negative Outlook' on May 20, 2011,
and subsequent downgrades of Alpha's, Eurobank EFG's, NBG's and
Piraeus' ratings to 'B+/RWN' on May 23, 2011.

Alpha Bank's, Eurobank EFG's, NBG's Programme II and Piraeus'
covered bonds benefit from a 10-year extendible maturity, at the
end of which a large portion of the cover pool is expected to have
been paid down, leaving only a small portion to be refinanced.
Fitch believes that the long extension period considerably reduces
market risk for these programs, and has therefore maintained a
differential, albeit limited, between the IDR and the covered
bonds rating on a probability of default (PD) basis. The
discontinuity factor (D-Factor) of 45% assigned to the four
programs therefore translates into a 'BB' rating on a PD basis,
two notches above the respective banks' IDR. The covered bonds can
be rated up to 'BBB', after factoring in recoveries from the cover
pool given a default of the bonds. The maximum committed Asset
Percentage (AP) by Alpha Bank, Eurobank EFG, NBG (Programme II)
and Piraeus is currently 87.6%, 84.9%, 83.7% and 89.4%
respectively.

Unlike the four programs, NBG's Programme I features a one-year
extension period in case of an issuer default event, which, in
Fitch's view, would not provide sufficient time for a successful
asset refinancing. The covered bonds' rating on a PD basis is
therefore downgraded to 'B+' at its floor being NBG's IDR, while
NBG's Programme I covered bonds can be rated up to 'BB+' after
factoring in recoveries from the cover pool given a default of the
bonds. The program's D-Factor remains at 100%, while the maximum
committed AP by NBG for its Programme I is currently 63%.

Marfin's covered bonds issued in Cyprus and secured by Greek
mortgage loans are maintained at 'BBB+'. The covered bonds rating
on a PD basis is already at its floor being Marfin's IDR at 'BBB',
however the bonds can only be rated up to 'BBB+' after factoring
in recoveries from the cover pool given a default of the covered
bonds. Similar to NBG, Marfin's D-Factor remains at 100%. The
maximum AP committed by Marfin to its covered bonds program
currently stands at 95%.

The RWN placed on the five Greek and one Cypriot mortgage covered
bond programs is expected to be resolved in the short term,
following Greece's sovereign rating review in light of the
conclusion of the current EU-IMF program review. The RWN also
reflects the increased uncertainty surrounding recent developments
in Greece and the ongoing revision of Fitch's credit and
refinancing spread assumptions at the current rating levels. For
the Greek programs, it further reflects the RWN placed currently
on the Greek banks.


* GREECE: Likely to Default on Debt, Ex-ECB Chief Economist Says
----------------------------------------------------------------
Christian Wienberg at Bloomberg News reports that former European
Central Bank Chief Economist Otmar Issing said Greece will
probably be unable to meet its obligations as the euro region's
most-indebted nation is insolvent.

According to Bloomberg, Mr. Issing said at a press conference
hosted by Nykredit A/S in Copenhagen on Thursday that while it is
"not physically impossible" for Greece to honor its obligations,
repayment is unlikely.

Mr. Issing, as cited by Bloomberg, said that the region's debt
crisis, which has also forced Ireland and Portugal to seek
bailouts, has left the euro in a "critical" condition.

"I'm skeptical about Greece," Bloomberg quotes Mr. Issing, who
joined the ECB a year before the euro's inception in 1999 and
stayed there until 2006, as saying.  "Greece is not just illiquid,
it's insolvent."


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


BANK OF IRELAND: Close to Completing Debt-for-Equity Swap Offer
---------------------------------------------------------------
Bank of Ireland Plc is close to completing an offer that allows
junior bondholders to swap their debt for equity in the lender,
according to two people familiar with the progress of the
negotiations on the plan, Joe Brennan at Bloomberg News reports.

According to Bloomberg, the people said that Ireland's government,
which owns 36% of the lender, may initially permit the bank to
proceed with a voluntary debt-for-equity swap offer rather than
seek a court order to weaken the terms of the bonds.

Bloomberg notes that the people said the bank aims to convince as
many as possible of its junior debt holders, owed EUR2.8 billion
(US$3.96 billion) at the end of December, to take part.

Ireland's government, which has injected EUR46 billion into its
banks in the past two years, is seeking to share the cost of
bailing out the country's lenders, Bloomberg states.  The Irish
central bank in March ordered Bank of Ireland to raise EUR5.2
billion in capital by the end of July, to boost reserves and cover
loan losses, Bloomberg recounts.

The take up of the debt-for-equity swap will determine how much
needs to be raised from a share sale, Bloomberg says.  The
government has promised to provide any capital the bank cannot
raise privately, Bloomberg notes.

Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services.  These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor, trustee,
life assurance and pension and investment fund management, fund
administration and custodial services and financial advisory
services, including mergers and acquisitions and underwriting.
The Company organizes its businesses into Retail Republic of
Ireland, Bank of Ireland Life, Capital Markets, UK Financial
Services and Group Centre.  It has operations throughout Ireland,
the United Kingdom, Europe and the United States.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb. 25,
2011, Standard & Poor's Ratings Services raised its ratings on the
hybrid debt instruments issued by Bank of Ireland (trading name of
the Governor & Company of the Bank of Ireland) and subsidiaries to
'CC' from 'C'.  S&P's 'BB+/B' counterparty credit ratings on BOI
are unaffected, but remain on CreditWatch with negative
implications.


CELF LOAN: Moody's Lifts Ratings on Class D Secured Notes to 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has upgraded its ratings of 8 classes of
notes issued by CELF Loan Partners V Limited.

Issuer: CELF Loan Partners V Limited

   -- EUR123.3M Class A-1 Senior Secured Floating Rate Notes due
      2019, Upgraded to Aaa (sf); previously on Jul 28, 2009
      Downgraded to Aa1 (sf)

   -- GBP70.465M Class A-2 Senior Secured Floating Rate Notes due
      2019, Upgraded to Aaa (sf); previously on Jul 28, 2009
      Downgraded to Aa1 (sf)

   -- US$108.47M Class A-3 Senior Secured Floating Rate Notes due
      2019, Upgraded to Aaa (sf); previously on Jul 28, 2009
      Downgraded to Aa1 (sf)

   -- EUR20.1M Class B-1 Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to A2 (sf); previously on Jul 28,
      2009 Downgraded to Baa3 (sf)

   -- EUR3M Class B-2 Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to A2 (sf); previously on Jul 28,
      2009 Downgraded to Baa3 (sf)

   -- EUR12M Class C Senior Secured Deferrable Floating Rate Notes
      due 2019, Upgraded to Baa3 (sf); previously on Jul 28, 2009
      Downgraded to Ba3 (sf)

   -- EUR6.17M Class D-1 Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to Ba2 (sf); previously on Jul 28,
      2009 Downgraded to B3 (sf)

   -- EUR1.085M Class D-2 Senior Secured Deferrable Floating Rate
      Notes due 2019, Upgraded to Ba2 (sf); previously on Jul 28,
      2009 Downgraded to B3 (sf)

RATINGS RATIONALE:

This transaction is a high yield collateralized loan obligation
with exposure to predominantly European senior secured loans
(87.10%), as well as 9.98% of mezzanine loan. The reinvestment
period expired on July 25, 2009 and reinvestment of any sales
proceeds post reinvestment period is not permitted.

According to Moody's, the upgrade rating actions taken on the
notes is a result primarily of the increased overcollateralization
ratios and improved credit quality of the underlying portfolio
since last rating action. The increase in OC ratios have been
driven by the amortization of the class A notes and the general
appreciation of loan prices. Since the last rating action in
July 2009, the reported class A, class B, class C and class D
ratios have increased by 19.78%, 13.48%, 10.94% and 9.60%
respectively. All OC tests are in compliance. In addition, the
weighted average rating factor has changed from 2943 in July 2009
to 3006 in May 2011. However, this change in reported WARF
understates the actual improvement in credit quality 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 September 1, 2010. These measures were
taken from the recent trustee report dated April 15, 2011.

In its base case, Moody's analyzed the underlying collateral pool
with an adjusted WARF of 3985 (compared to an adjusted WARF of
4171 at last rating action), a diversity score of 36, and a
weighted average recovery rate of 58.77%.

In order to assess the sensitivity of the notes to changes in
credit quality of the portfolio, Moody's ran sensitivity analyses
on key parameters. For example, Moody's ran cases with a +/- 10%
change in the base case WARF and an absolute change of +/- 5% in
the WARR. In all cases, 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, 2) the large
concentration of speculative-grade debt maturing between 2012 and
2014 which may create challenges for issuers to refinance and 3)
the pace of delevering.

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

Other methodologies and factors that may have been considered in
the process of rating these notes can also be found in the Rating
Methodologies sub-directory on Moody's Web site.

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 EMEA
Cash-Flow model.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" and "Annual Sector Review (2009): Global CLOs", key
model inputs used by Moody's in its analysis, such as par,
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.


GOLDEN DISCS: Loss Prompts Auditors to Raise Going Concern Doubt
----------------------------------------------------------------
Thomas Molloy at Irish Independent reports that Golden Discs said
it lost EUR697,972 in the year to June and warned that future
profitability depends on lower rents, further branch closures, and
better sales.

The recession and music piracy have continued to take their toll,
said the Irish-owned chain, which temporarily went into
examinership in 2009, in results recently registered with the
Companies Office in Carlow, Irish Independent discloses.

"Since the financial year end, the company has continued to
experience deteriorating market conditions and is operating in a
very difficult retail environment," Irish Independent quotes
Golden Discs as saying.

According to Irish Independent, auditors John Marks & Co. warned
in the latest results that a material uncertainty exists, which
"may cast significant doubt about the company's ability to
continue as a going concern."

The chain went into examinership with debts approaching EUR12
million in 2009 after a court petition from its largest creditor,
Sony Music Entertainment, Irish Independent relates.  A rescue
deal was eventually agreed, with the company's one-time managing
director, Tony Killoran, returning as an investor, Irish
Independent recounts.

Golden Discs is an Irish music retail group.


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


STATE ANNUITY CO: Fitch Withdraws 'BB' IFS Rating
-------------------------------------------------
Fitch Ratings has withdrawn Kazakhstan-based Life Insurance
Company State Annuity Company JSC's (State Annuity Company) 'BB'
Insurer Financial Strength (IFS) rating with Stable Outlook and
National IFS 'A(kaz)' rating with Stable Outlook.

The ratings are withdrawn as the agency will no longer have
sufficient information to maintain the ratings. Fitch will no
longer have sufficient information to maintain the ratings because
the issuer has chosen to stop participating in the rating process.
Fitch will no longer provide a rating or analytical coverage.


=================
M A C E D O N I A
=================


SWEDMILK MACEDONIA: To Be Put Up for Sale at End-May or Early June
------------------------------------------------------------------
SeeNews reports that the Macedonian Economic Chamber said
Swedmilk Macedonia will be offered for sale in a public auction at
the end of May or early next month.

NLB Tutunska Banka is one of Swedmilk's biggest creditors, SeeNews
discloses.  The company owes the bank EUR9.5 million (US$13.5
million), SeeNews notes.

A Skopje court initiated a bankruptcy procedure against Swedmilk
in June 2009 over an outstanding debt of EUR32 million, SeeNews
relates.  The dairy company was sold in February 2009 to Israeli
investment fund Fenix Energy after experiencing  financial
problems and failing to pay nearly EUR4 million for raw milk
supplies to Macedonian producers.  Fenix Energy failed to restart
the factory and left the country, SeeNews states.

Swedmilk is a Macedonian dairy company.


===============
P O R T U G A L
===============


FINIBANCO: Fitch Withdraws Ratings Upon Merger Completion
---------------------------------------------------------
Fitch Ratings has affirmed Finibanco SA's and Caixa Economica
Montepio Geral's ratings following the completion of the merger
and the transfer of Finibanco's assets and liabilities to Montepio
Geral. At the same time, Finibanco's ratings have been withdrawn
as Finibanco has ceased to exist as a legal entity.

On August 4, 2010 Montepio Geral -- Associacao Mutualista's (MGAM;
Montepio Geral's owner) announced plans of a takeover bid for
Finibanco Holding SGPS (Finibanco's parent). The acquisition was
completed on December 2, 2010. On April 5, 2011, Finibanco's
ratings were aligned with those of Montepio Geral to reflect the
high likelihood that both entities were to merge in the short-
term, which has now been materialized.

The Rating Watch Negative (RWN) on both banks' Individual Rating
of 'C/D' is maintained to reflect risks associated with Portugal's
challenging operating environment and integration risks from the
merger. The RWN would be resolved once there is more clarity about
Portugal's economic and operating environment.

Finibanco accounts for about 15% of the combined entity's total
assets and has a comparatively weaker risk profile and
performance. More positively, the integration of Finibanco into
Montepio Geral would help the group to increase its critical mass
and customer base. It would also help diversify Montepio Geral's
loan book towards SMEs and consumer loans and provide geographical
diversification outside Portugal, notably in Angola, which could
partly help compensate for expected muted growth and weaker
profitability in the domestic market.

At end-2010, Montepio Geral had a market share of loans and
deposits of around 5% in Portugal (around 8% of residential
mortgages; total assets of EUR18.2 billion) and equity of EUR1
billion. At end-September 2010, Finibanco Holding SGPS had total
assets of EUR3.3 billion and equity of EUR236.8 million, with a
market share of loans and deposits in Portugal of around 1%. Both
entities are primarily focused on retail banking within Portugal.
While Montepio Geral is largely focused on residential mortgages
and lending to real estate and construction sectors, Finibanco is
mainly centred on SMEs and consumer lending.

The rating actions are:

Montepio Geral:

   -- Long-term IDR: affirmed at 'BB', Outlook Stable

   -- Short-term IDR: affirmed at 'B'

   -- Individual rating: rated 'C/D', RWN maintained

   -- Support Rating: affirmed at '3'

   -- Support Rating Floor: affirmed at 'BB'

   -- Senior unsecured debt; affirmed at 'BB'

   -- Subordinated debt; affirmed at 'BB-'

Finibanco:

   -- Long-term IDR: affirmed at 'BB' Outlook Stable; Withdrawn

   -- Short-term IDR: affirmed at 'B'; Withdrawn

   -- Individual rating : rated at 'C/D', maintained on RWN;
      Withdrawn

   -- Support Rating: affirmed at '3'; Withdrawn


POPULAR PORTUGAL: Fitch Withdraws Individual 'D' Rating
-------------------------------------------------------
Fitch Ratings has affirmed Banco Popular Portugal's (Popular
Portugal) Long-term Issuer Default Rating (IDR) at 'A' with Stable
Outlook, Short-term IDR at 'F1', and Support Rating at '1'. At the
same time, the agency has affirmed Popular Portugal's Individual
Rating of 'D' and simultaneously withdrawn the rating.

The Long and Short-term IDRs are in line with those of its parent,
Banco Popular Espanol (Popular; 'A'/Stable), reflecting potential
support, strategic importance and integration with Popular. The
Stable Outlook also mirrors that of the parent. The Support Rating
reflects Fitch's belief that there is an extremely high
probability that Popular Portugal would be supported by its parent
if required.

Fitch has withdrawn Popular Portugal's Individual Rating as the
agency considers that Popular Portugal cannot be viewed as an
independent entity given its close integration with Popular.

Any change in Popular Portugal's IDRs could arise from a change in
Popular's ratings. If the parent were to reduce its stake in
Popular Portugal or if the subsidiary became less integrated in
the group, which Fitch believes is unlikely.

Popular Portugal is a niche player in the Portuguese banking
sector and is a wholly-owned subsidiary of Popular, a top tier
bank in Spain. Since 2003, the focus has been on transforming
Popular Portugal from a real estate bank into a SME and retail
bank.


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


SAAB AUTOMOBILE: To Restart Production at Trollhattan Plant
-----------------------------------------------------------
Victoria Thomson at The Scotsman reports that Saab Auotomobile
said it was gearing up to restart its production line in Sweden on
May 27, after being idle for six weeks due to cashflow problems.

The carmaker has been in intense negotiations with suppliers in
recent days, The Scotsman relates.  According to The Scotsman,
Saab spokeswoman Gunilla Gustavs said that agreements had been
reached with a sufficient number to allow for a resumption of
output from its plant in Trollhattan, in south-west Sweden.

Under the terms of an outstanding loan, Spyker has been seeking
solutions to ease its cashflow problems but has had to wait for
approval from authorities in Sweden and the European Investment
Bank, The Scotsman notes.

Chinese car distributor Pangda is waiting for regulatory approval
at home for its rescue of Saab in a deal worth up to EUR110
million (GBP95 million), The Scotsman discloses.

Spyker received an advance payment of EUR30 million from Pangda
and had set a goal to restart production by the end of last week,
in time for a visit by Pangda chief executive Pang Qinghua, The
Scotsman relates.

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


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


ANDREW JONES PIES: Investors Buy Firm, Saves 17 Jobs
----------------------------------------------------
FoodManufacture.co.uk. reports that Andrew Jones Pies has been
bought out of administration on May 4 in a pre-pack deal.

The rescue deal saw the creation of a new company AJ Pies and
Pasties, with all 17 jobs saved, according to
FoodManufacture.co.uk.

The company will trade under the Andrew Jones Pies brand.

The firm got into difficulties after an oven explosion at its
Huddersfield pie factory in April 2009, which killed a baker,
turnaround expert Mike Mattok of Company Doctor told
FoodManufacture.co.uk.

FoodManufacture.co.uk. notes that Mr. Mattok was brought in March
to try and save the firm.  "The legal procedures following the
explosion consumed management time as well as the emotional angst
caused in a close knit company.  There was also a delay in
achieving sales contracts," FoodManufacture.co.uk. quoted Mr.
Mattok as saying.

Mr. Mattok recruited a team of investors to buy out the firm, led
by Tony Risso-Gill, md of organic food company The Little Big Food
Company, backed by Heinz, FoodManufacture.co.uk. relates.  The
administrator was Phil Booth of PR Booth & Co.

"We tried to save the business from going into administration, but
the amount of money required to do that made it impossible.  We
hope to see the company grow in years to come," Mr. Mattok said,
FoodManufacture.co.uk. discloses.

FoodManufacture.co.uk. adds that the investors are now seeking a
new md for the firm, with Andrew Jones retaining a high profile
role as sales and marketing controller.

Andrew Jones Pies is an Asda, Tesco and Morrisons pie supplier.


BOMBAY BICYCLE CLUB: Saved From Brink of Collapsed
--------------------------------------------------
London Evening Standard reports that the Bombay Bicycle Club and
Tiffinbites curry houses have been rescued from the brink of
collapse for the second time in under three years.

V8 Gourmet, which bought the restaurant chains in a pre-pack
administration in January 2009, has failed to turn the business
around, according to London Evening Standard.  Its lender, Indian
bank ICICI, was on the verge of putting the company into
administration when investor Calleon stepped into its place,
taking on the debt to save the business and 190 jobs, the report
notes.

In March, London Evening Standard notes, V8 Gourmet entered
emergency talks with its lenders and investors after Her Majesty
Revenue & Customs petitioned for it to be wound-up.  A source
close to V8 said the taxman's petition is still on the table, as
Pay As You Earn (PAYE) is still owing, London Evening Standard
relates.

The last set of accounts filed at Companies House show V8 made a
pre-tax loss of GBP2.6 million in 2009, with sales of GBP10.4
million, London Evening Standard notes.

Bosses appointed property agent Cedar Dean Gilmarc last December
to find new tenants for the majority of its branches, the report
cites.

The closed outlets, a number of which have already been snapped
up, include the Tiffinbites restaurants in Canary Wharf and the
City and the Kings Road branch of Bombay Bicycle Club.

London Evening Standard notes that pizza chain Wildwood has moved
into the Jubilee Place site, while Medlar, a venture from ex-Chez
Bruce chef Joe Mercer Nairne, has taken over the Chelsea location.
Other sites in Greenwich, St Paul's, and Hampstead are under
offer.  However, Tiffinbites still has concessions in the
foodhalls of Harrods and Selfridges and Bombay has kept several
delivery kitchens in London.

Bollywood actress Shilpa Shetty, who pumped GBP6 million into the
company and held a 33% share of the business, stepped down as a
director at the end of last year, London Evening Standard relates.

Tiffinbites was founded in 2003 by former Marks & Spencer knicker
buyer Jamal Hirani.  He bought the Bombay Bicycle Club from
Clapham House three years ago.  Mr. Hirani left in 2009 when it
was bought by V8 and brothers Arjun and Andy Varma took over the
running of the business.


CABLE & WIRELESS: S&P Affirms Corporate Credit Ratings at 'BB/B'
----------------------------------------------------------------
Standard & Poor's Ratings Services revised to negative from stable
its outlook on U.K.-based telecommunications service provider
Cable & Wireless Communications PLC (C&W).  "In addition, we
affirmed the 'BB' long-term and 'B' short-term corporate
credit ratings on C&W," S&P related.

"At the same time, we affirmed our 'B+' issue rating on the GBP200
million senior unsecured bond issued by Cable & Wireless
International Finance B.V. We also affirmed our issue ratings of
'B+' on the GBP200 million senior unsecured bond issued by C&W,
due 2012, and 'BB' on the $500 million senior secured bond issued
by C&W's subsidiary Sable International Finance Ltd.," S&P stated

"The outlook revision primarily reflects our view that C&W's
negative cash flow after dividends (discretionary cash flow;
negative $56 million in the financial year ended March 31, 2011)
could extend into financial 2012. The outlook revision also
reflects the weakening of C&W's EBITDA margins to 36% in financial
2011, from 37% in 2010; and a rise in adjusted leverage on a
proportionate Standard & Poor's-adjusted basis to 3.0x in
financial 2011, from 2.9x as of Sept. 30, 2010. According to our
calculations, we now believe that C&W's proportionate adjusted
leverage could reach 3.5x in financial 2012," according to S&P.

"We also anticipate that C&W's performance in the Caribbean (which
contributes about 35% to group revenues) could remain challenging
over the next 12 months. Reported EBITDA margins in the Caribbean
fell to 27% on March 31, 2011, from 31% a year earlier. We believe
that C&W's Caribbean margins could decline further in financial
2012 as a result of a cost base that we consider to be less
flexible than in the group's other regions," S&P continued.

"We could lower the ratings if C&W's discretionary cash flow stays
materially negative in 2012, resulting in proportionately adjusted
debt to EBITDA rising to, and potentially exceeding, our initial
threshold of 3.5x over the next year. This could result, for
example, from continued margin pressure in the Caribbean and high
parent and minority dividends," S&P stated.

"We could revise the outlook to stable if we were to see a clear
path for a near-term return to at least break-even discretionary
cash flow generation, and if proportionate leverage were to remain
at less than 3.5x (3.0x on a consolidated basis), alongside our
assessment of adequate liquidity," S&P added.


EQUINOX ECLIPSE: S&P Lowers Ratings on Classes E & F Notes to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its credit ratings on EQUINOX (ECLIPSE 2006-1) PLC's class E
and F notes.

The downgrades of the class E and F notes reflect the principal
losses incurred by these classes, following the sale and repayment
at a loss of the Redleaf loan.

"In May 2010, we lowered our ratings on the class C to F notes to
reflect our view of expected losses associated with the Macallan
and Redleaf loans (see 'Ratings Lowered On Class C to F Notes In
EQUINOX (ECLIPSE 2006-1) U.K. CMBS Transaction; Class A And B
Notes Affirmed,' published May 13, 2010)," S&P stated.

Since then, the portfolio securing the Redleaf loan has been sold
for GBP51.6 million. This resulted in a principal loss of GBP4.1
million on the class E and F notes. The sale of the Redleaf loan
collateral resulted in a writedown of the class F notes' entire
principal balance, and a writedown of about GBP290,000 of the
class E notes' balance.

"We also believe that the Macallan loan is susceptible to
principal losses which could cause the class E notes to incur
additional losses, and the class D notes--currently rated at 'CCC
(sf)'--to experience potential principal shortfalls," S&P said.

"Accordingly, we have lowered to 'D (sf)' from 'CCC- (sf)' our
ratings on the class E and F notes," S&P noted.

At the time of the securitization, 13 loans secured against 136
U.K. properties backed the EQUINOX (ECLIPSE 2006-1) transaction.
Of these 13 loans, three have prepaid. The remaining 10 loans have
an outstanding loan balance of approximately GBP254.3 million. The
notes have an expected maturity date of October 2015 and a legal
final maturity date of January 2018.

Ratings List

Class                         Rating
                    To                   From

EQUINOX (ECLIPSE 2006-1) PLC
GBP401.34 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

E                   D (sf)                CCC- (sf)
F                   D (sf)                CCC- (sf)


FOCUS DIY: Wickes & B&Q Acquires Beverley & Gool Stores
-------------------------------------------------------
thisishullandeastriding.co.uk reports that two closure-threatened
Focus DIY stores in East Riding of Yorkshire, England -- one in
Beverly and the other in Goole -- are being taken over.

Clearance sales have started at all 178 Focus branches in the U.K.
after the Focus DIY chain went into administration, according to
thisishullandeastriding.co.uk.  The two East Yorkshire stores are
among 55 to have been sold.  The Beverley branch is to be a Wickes
and the Goole shop will become a B&Q.

"All we've been told is we'll have to apply for our jobs and we'll
be considered.  We'll just have to wait and see.  We've got
between four and six weeks of trading left with the sale, until
all the stock has gone," thisishullandeastriding.co.uk quoted
Goole Focus sales floor manager Steve Selby as saying.

thisishullandeastriding.co.uk notes that the buyouts come too late
for people who paid up front for Focus goods they expected to be
delivered.

Administrator Ernst&Young says existing customer orders will be
"reviewed on a case-by-case basis," thisishullandeastriding.co.uk
relates.

It has launched a hotline number - 0800 436436 - for inquiries.

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.

                           *     *     *

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.


GLOBAL CROSSING: Moody's Affirms 'B3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service concluded its review on Global Crossing
Limited and Global Crossing UK Limited by confirming all ratings.
On April 11, 2011 GCL announced that it has agreed to be acquired
by Level 3 Communications Inc. in a share exchange transaction.
On May 25, 2011, Level 3 launched a new US$500 million senior
unsecured 8-year note offering. The net proceeds with cash on hand
will be used refinance existing indebtedness of Global Crossing at
closing.

Moody's also notes that Level 3 has indicated that it will seek to
refinance all outstanding GCL debt at closing, and has obtained
aggregate commitments of US$1.75 billion in bridge financing to
augment its cash balances. Therefore, Moody's believes that GCL's
existing debt will be either repaid in full if the acquisition
closes or will remain outstanding as is, if the acquisition does
not close. Thus, the possible rating movement of the debt is
limited to these two outcomes.

Pending normal regulatory and shareholder approvals, the
transaction is expected to close by year-end. Global Crossing's
financial profile is more conservative than Level 3's (4.5x
Debt/EBITDA vs. 7.8x Debt/EBITDA (all quoted metrics incorporate
Moody's standard adjustments)), but its margins are weaker (17%
vs. 27%). Pre-synergies, the transaction is margin-positive on a
consolidated basis (approximately 23%), but negative from a
consolidated leverage perspective (to approximately 6.5x) when
compared to Global Crossing's stand-alone position.

This summarizes the rating actions and Global Crossing's ratings:

Outlook Actions:

   Issuer: Global Crossing Ltd.

   -- Outlook, Changed to Stable from Rating Under Review

   -- Probability of Default Rating, confirmed at B3 from on
      Review Direction Uncertain

   -- Corporate Family Rating, confirmed at B3 from on Review
      Direction Uncertain

   -- Senior Secured Regular Bond/Debenture, confirmed at B2
      (LGD3, 33%) from on Review Direction Uncertain,

   -- Senior Unsecured Regular Bond/Debenture, confirmed at Caa2
      (LGD5, 84%) from on Review Direction Uncertain

   Issuer: Global Crossing UK Telecommunications Ltd.

   -- Outlook, Changed to Stable from Rating Under Review

   -- Probability of Default Rating, confirmed at B3 from on
      Review Direction Uncertain

   -- Corporate Family Rating, confirmed at B3 from on Review
      Direction Uncertain

   Issuer: Global Crossing UK Finance plc

   -- Senior Secured Regular Bond/Debenture, confirmed at B3
      (LGD4, 63%) from on Review Direction Uncertain,

RATINGS RATIONALE

Absent the Level 3 acquisition, Global Crossing's B3 ratings are
influenced primarily by the company's participation in a highly
competitive telecommunications arena, its relatively poor EBITDA
margins, limited free cash generation, and significant debt load.
The business combination implies relatively weak interest coverage
and debt repayment capacity. The rating also accounts for the
company's unique network footprint and solid Internet Protocol
(IP) product offering together with the expectation that demand
for IP-based broadband capacity will continue to grow and cause
the company's cash flow stream to expand.

The principal methodology used in rating Global Crossing Ltd.,
Global Crossing UK Telecommunications Ltd. and Global Crossing UK
Finance plc was the Global Telecommunications Industry
Methodology, published December 2010. Other methodologies used
include Loss Given Default for Speculative Grade Issuers in the
US, Canada, and EMEA, published June 2009.

Headquartered in Hamilton, Bermuda and with administrative offices
in Florham Park, New Jersey, Global Crossing Limited (Global
Crossing) offers Internet Protocol (IP) and legacy
telecommunications services in most major business centers in the
world.

The ratings discussed herein are in the name of Global Crossing
Limited. Global Crossing's wholly-owned subsidiary, Global
Crossing (UK) Finance plc is rated as a discrete but related
entity since its financing arrangements substantially "ring fence"
its cash flow and assets.


KEYDATA INVESTMENT: Founder's Judicial Review Delays FSA Probe
--------------------------------------------------------------
Kirstin Ridley at Reuters reports that a legal challenge to
Britain's financial regulator is delaying disciplinary
investigations into Keydata Investment Services, which collapsed
in 2009 and sparked one of Britain's biggest personal investment
scandals.

The Financial Services Authority on Thursday blamed a judicial
review by Stewart Ford, Keydata's multi-millionaire founder, for
the delay in concluding probes into both Keydata and Mr. Ford that
were launched in 2007 and 2008 respectively, Reuters relates.

According to Reuters, Mr. Ford, who denies wrongdoing and blames
the FSA's actions for losses suffered by thousands of British
pensioners when Keydata failed in 2009, was given court permission
to pursue the review two weeks ago.

The Serious Fraud Office dropped its investigation earlier this
month, having failed to unearth enough evidence to prosecute,
Reuters recounts.  The Insolvency Service, a UK government agency
that investigates insolvent firms, has also decided against
pursuing Ford or other Keydata directors, Reuters notes.

The FSA reiterated on Thursday that its investigation into both
Keydata and Ford were at an "advanced stage", but noted they could
not be concluded until after the judicial review hearing on July
21 and 22, Reuters discloses.

Reuters says Keydata's investments were pitched as low-risk
products offering, in some cases, "an almost guaranteed return" by
the network of Independent Financial Advisers that sold them on --
although the fledgling life settlement market is nebulous and
renowned for conflicts of interests and vast commissions.

"This serious and complex investigation remains a priority for us
. . . We remain committed to pursuing this case," Reuters quotes
the FSA as saying.

As reported by the Troubled Company Reporter-Europe, Dan
Schwarzmann and Mark Batten of PricewaterhouseCoopers LLP were
appointed joint administrators of Keydata on June 8, 2009.  The
appointment was made based on an application to court by the FSA
on insolvency grounds.

Keydata Investment Services Ltd. designs, distributes, and
administers structured investment products.  Keydata operates from
London, Glasgow, and Reading; and administers its own products as
well as portfolios for third parties.


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


* BOND PRICING: For the Week May 23 to May 27, 2011
---------------------------------------------------

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

AUSTRIA
-------
IMMOFINANZ              4.250    3/8/2018       EUR      4.15
OESTER VOLKSBK          4.900   8/18/2025       EUR     61.38
OESTER VOLKSBK          5.270    2/8/2027       EUR     73.21
OESTER VOLKSBK          4.810   7/29/2025       EUR     58.13
OESTER VOLKSBK          4.160   5/20/2025       EUR     71.06
OESTER VOLKSBK          4.750   4/30/2021       EUR     71.25
OESTER VOLKSBK          4.350  11/16/2018       EUR     73.50
RAIFF LB OBEROST        4.620   9/17/2030       EUR     69.43
RAIFF ZENTRALBK         4.500   9/28/2035       EUR     76.77
ECONOCOM GROUP          4.000    6/1/2016       EUR     21.31
BULGARIA
--------
PETROL AD-SOFIA         8.375  10/26/2011       EUR     74.15

CZECH REPUBLIC
--------------
SAZKA                   9.000   7/12/2021       EUR     65.00

DENMARK
-------
KOMMUNEKREDIT           0.500  12/14/2020       ZAR     44.78
KOMMUNEKREDIT           0.500    2/3/2016       TRY     69.98

FINLAND
-------
MUNI FINANCE PLC        1.000   6/30/2017       ZAR     63.47
MUNI FINANCE PLC        1.000  10/30/2017       AUD     72.81
MUNI FINANCE PLC        0.500  11/25/2020       ZAR     47.11
MUNI FINANCE PLC        1.000   2/27/2018       AUD     71.48
MUNI FINANCE PLC        0.500   4/26/2016       ZAR     70.87
MUNI FINANCE PLC        0.500    2/9/2016       ZAR     70.90
MUNI FINANCE PLC        0.500   4/27/2018       ZAR     59.56
MUNI FINANCE PLC        0.500   9/24/2020       CAD     69.91
MUNI FINANCE PLC        0.250   6/28/2040       CAD     22.18
MUNI FINANCE PLC        0.500   3/17/2025       CAD     54.23

FRANCE
------
AIR FRANCE-KLM          4.970    4/1/2015       EUR     14.30
ALCATEL-LUCENT          5.000    1/1/2015       EUR      4.63
ALTRAN TECHNOLOG        6.720    1/1/2015       EUR      6.10
ATOS ORIGIN SA          2.500    1/1/2016       EUR     54.36
BNP PARIBAS             5.400   2/28/2013       EUR    103.11
CAISSE NAT D'AUT        3.900   7/25/2016       EUR    113.80
CALYON                  6.000   6/18/2047       EUR     11.95
CAP GEMINI SOGET        1.000    1/1/2012       EUR     43.82
CAP GEMINI SOGET        3.500    1/1/2014       EUR     43.73
CGG VERITAS             1.750    1/1/2016       EUR     31.90
CIE FIN FONCIER         3.250  12/30/2044       EUR     74.28
CLUB MEDITERRANE        5.000    6/8/2012       EUR     15.50
CLUB MEDITERRANE        6.110   11/1/2015       EUR     19.96
DEXIA MUNI AGNCY        1.000  12/23/2024       EUR     63.05
EURAZEO                 6.250   6/10/2014       EUR     60.40
FAURECIA                4.500    1/1/2015       EUR     31.09
INGENICO                2.750    1/1/2017       EUR     44.26
MAUREL ET PROM          7.125   7/31/2014       EUR     19.93
MAUREL ET PROM          7.125   7/31/2015       EUR     18.99
NEXANS SA               4.000    1/1/2016       EUR     69.67
NOVASEP HLDG            9.750  12/15/2016       USD     59.88
NOVASEP HLDG            9.625  12/15/2016       EUR     59.67
NOVASEP HLDG            9.625  12/15/2016       EUR     59.90
NOVASEP HLDG            9.750  12/15/2016       USD     59.50
ORPEA                   3.875    1/1/2016       EUR     47.67
PEUGEOT SA              4.450    1/1/2016       EUR     33.50
PUBLICIS GROUPE         3.125   7/30/2014       EUR     39.15
PUBLICIS GROUPE         1.000   1/18/2018       EUR     49.28
RHODIA SA               0.500    1/1/2014       EUR     51.76
SOC AIR FRANCE          2.750    4/1/2020       EUR     20.91
SOITEC                  6.250    9/9/2014       EUR     11.22
TEM                     4.250    1/1/2015       EUR     57.26
THEOLIA                 2.700    1/1/2041       EUR     11.18

GERMANY
-------
DEUTSCHE BK LOND        2.250   9/20/2020       EUR     74.09
EUROHYPO AG             6.490   7/17/2017       EUR      7.00
EUROHYPO AG             3.830   9/21/2020       EUR     70.88
IKB DEUT INDUSTR        6.500   3/31/2012       EUR     18.00
IKB DEUT INDUSTR        6.550   3/31/2012       EUR     17.88
IKB DEUT INDUSTR        5.625   3/31/2017       EUR     15.00
L-BANK FOERDERBK        0.500   5/10/2027       CAD     49.20
LB BADEN-WUERTT         2.800   2/23/2037       JPY     63.24
LB BADEN-WUERTT         2.500   1/30/2034       EUR     57.89
LB BADEN-WUERTT         5.250  10/20/2015       EUR     29.03
Q-CELLS                 6.750  10/21/2015       EUR      3.22
QIMONDA FINANCE         6.750   3/22/2013       USD      2.75
SOLON AG SOLAR          1.375   12/6/2012       EUR     35.52
TAG IMMO AG             6.500  12/10/2015       EUR      7.91
TUI AG                  2.750   3/24/2016       EUR     53.80
WESTLB AG               3.350  10/19/2026       EUR     72.46

GREECE
-------
ATHENS URBAN TRN        4.057   3/26/2013       EUR     70.56
ATHENS URBAN TRN        5.008   7/18/2017       EUR     53.47
ATHENS URBAN TRN        4.851   9/19/2016       EUR     54.35
ATHENS URBAN TRN        4.301   8/12/2014       EUR     60.09
HELLENIC REP I/L        2.900   7/25/2025       EUR     40.38
HELLENIC REP I/L        2.300   7/25/2030       EUR     42.62
HELLENIC REPUB          4.625   6/25/2013       USD     75.34
HELLENIC REPUB          5.000   8/22/2016       JPY     49.33
HELLENIC REPUB          4.590    4/8/2016       EUR     60.27
HELLENIC REPUB          5.000   3/11/2019       EUR     54.92
HELLENIC REPUB          6.140   4/14/2028       EUR     60.24
HELLENIC REPUB          2.125    7/5/2013       CHF     73.05
HELLENIC REPUB          5.200   7/17/2034       EUR     59.79
HELLENIC REPUBLI        4.100   8/20/2012       EUR     76.92
HELLENIC REPUBLI        4.506   3/31/2013       EUR     72.22
HELLENIC REPUBLI        4.600   5/20/2013       EUR     70.82
HELLENIC REPUBLI        7.500   5/20/2013       EUR     74.76
HELLENIC REPUBLI        3.900    7/3/2013       EUR     69.62
HELLENIC REPUBLI        4.427   7/31/2013       EUR     67.45
HELLENIC REPUBLI        4.000   8/20/2013       EUR     65.30
HELLENIC REPUBLI        4.520   9/30/2013       EUR     65.91
HELLENIC REPUBLI        6.500   1/11/2014       EUR     64.97
HELLENIC REPUBLI        4.500   5/20/2014       EUR     60.10
HELLENIC REPUBLI        4.500    7/1/2014       EUR     61.01
HELLENIC REPUBLI        3.985   7/25/2014       EUR     56.96
HELLENIC REPUBLI        5.500   8/20/2014       EUR     60.41
HELLENIC REPUBLI        4.113   9/30/2014       EUR     57.29
HELLENIC REPUBLI        3.700   7/20/2015       EUR     56.72
HELLENIC REPUBLI        6.100   8/20/2015       EUR     60.48
HELLENIC REPUBLI        3.702   9/30/2015       EUR     55.99
HELLENIC REPUBLI        3.700  11/10/2015       EUR     52.70
HELLENIC REPUBLI        3.600   7/20/2016       EUR     56.52
HELLENIC REPUBLI        4.020   9/13/2016       EUR     56.05
HELLENIC REPUBLI        4.225    3/1/2017       EUR     54.59
HELLENIC REPUBLI        5.900   4/20/2017       EUR     56.57
HELLENIC REPUBLI        4.300   7/20/2017       EUR     52.57
HELLENIC REPUBLI        4.675   10/9/2017       EUR     53.51
HELLENIC REPUBLI        4.590    4/3/2018       EUR     51.32
HELLENIC REPUBLI        4.600   7/20/2018       EUR     52.11
HELLENIC REPUBLI        5.014   2/27/2019       EUR     50.47
HELLENIC REPUBLI        5.959    3/4/2019       EUR     53.99
HELLENIC REPUBLI        5.161   9/17/2019       EUR     49.98
HELLENIC REPUBLI        6.500  10/22/2019       EUR     54.74
HELLENIC REPUBLI        6.250   6/19/2020       EUR     53.75
HELLENIC REPUBLI        5.900  10/22/2022       EUR     51.00
HELLENIC REPUBLI        4.700   3/20/2024       EUR     47.20
HELLENIC REPUBLI        5.300   3/20/2026       EUR     47.85
HELLENIC REPUBLI        4.500   9/20/2037       EUR     44.56
HELLENIC REPUBLI        4.600   9/20/2040       EUR     44.66
HELLENIC REPUBLI        6.000   7/19/2019       EUR     52.90
NATIONAL BK GREE        3.875   10/7/2016       EUR     66.09

IRELAND
-------
AIB MORTGAGE BNK        5.580   4/28/2028       EUR     56.95
AIB MORTGAGE BNK        5.000   2/12/2030       EUR     50.92
AIB MORTGAGE BNK        5.000    3/1/2030       EUR     50.88
ALLIED IRISH BKS       10.750   3/29/2017       EUR     22.30
ALLIED IRISH BKS       12.500   6/25/2019       GBP     25.70
ALLIED IRISH BKS       11.500   3/29/2022       GBP     21.94
ALLIED IRISH BKS        4.000   3/19/2015       EUR     73.99
ALLIED IRISH BKS       10.750   3/29/2017       USD     21.88
ALLIED IRISH BKS       12.500   6/25/2019       EUR     24.41
ALLIED IRISH BKS        7.875    7/5/2023       GBP     25.14
ANGLO IRISH BANK        4.000   4/15/2015       EUR     73.97
BANK OF IRELAND         3.780    4/1/2015       EUR     73.27
BANK OF IRELAND         9.250    9/7/2020       GBP     50.98
BANK OF IRELAND        10.000   2/12/2020       GBP     53.63
BANK OF IRELAND        10.000   2/12/2020       EUR     54.45
BANK OF IRELAND         4.625   2/27/2019       EUR     50.00
BANK OF IRELAND        10.750   6/22/2018       GBP     51.00
BANK OF IRELAND         3.585   4/21/2015       EUR     72.21
BANK OF IRELAND         4.875   1/22/2018       GBP     50.00
BK IRELAND MTGE         5.360  10/12/2029       EUR     50.73
BK IRELAND MTGE         5.760    9/7/2029       EUR     53.81
BK IRELAND MTGE         5.400   11/6/2029       EUR     50.85
BK IRELAND MTGE         5.450    3/1/2030       EUR     50.96
DEPFA ACS BANK          0.500    3/3/2025       CAD     36.32
DEPFA ACS BANK          5.125   3/16/2037       USD     70.34
DEPFA ACS BANK          5.125   3/16/2037       USD     70.91
EBS BLDG SOCIETY        4.000   2/25/2015       EUR     74.07
EBS BLDG SOCIETY        4.992   3/19/2015       EUR     68.89
IRISH GOVT              5.000  10/18/2020       EUR     65.62
IRISH GOVT              4.500   4/18/2020       EUR     64.49
IRISH GOVT              5.900  10/18/2019       EUR     69.36
IRISH GOVT              4.400   6/18/2019       EUR     65.29
IRISH GOVT              4.500  10/18/2018       EUR     66.38
IRISH GOVT              4.600   4/18/2016       EUR     73.36
IRISH GOVT              5.400   3/13/2025       EUR     65.41
IRISH LIFE PERM         4.820   3/22/2015       EUR     67.76
IRISH NATIONWIDE        6.250   6/26/2012       GBP     83.38
IRISH PERM PLC          5.832   2/15/2035       EUR     51.96

ITALY
-----
CO BRAONE               4.567   6/30/2037       EUR     73.63
COMUNE DI MILANO        4.019   6/29/2035       EUR     66.65
REP OF ITALY            1.850   9/15/2057       EUR     74.17

LUXEMBOURG
----------
ARCELORMITTAL           7.250    4/1/2014       EUR     28.78
ESPIRITO SANTO F        6.875  10/21/2019       EUR     67.66
LIGHTHOUSE INTL         8.000   4/30/2014       EUR     39.03
LIGHTHOUSE INTL         8.000   4/30/2014       EUR     39.35

NETHERLANDS
-----------
APP INTL FINANCE       11.750   10/1/2005       USD      0.01
BK NED GEMEENTEN        0.500   2/24/2025       CAD     55.30
BK NED GEMEENTEN        0.500   6/22/2021       ZAR     47.35
BK NED GEMEENTEN        0.500   3/29/2021       NZD     61.08
BK NED GEMEENTEN        0.500   5/12/2021       ZAR     41.96
BK NED GEMEENTEN        0.500   3/29/2021       USD     70.69
BK NED GEMEENTEN        0.500    3/3/2021       NZD     61.46
BK NED GEMEENTEN        0.500   5/25/2016       TRY     70.11
BK NED GEMEENTEN        0.500   4/27/2016       TRY     69.37
BK NED GEMEENTEN        0.500   3/17/2016       TRY     69.85
BRIT INSURANCE          6.625   12/9/2030       GBP     65.44
DGS INTL FIN BV        10.000    6/1/2007       USD      0.01
ELEC DE CAR FIN         8.500   4/10/2018       USD     59.99
FRIESLAND BANK          4.210  12/29/2025       EUR     70.25
KPNQWEST BV             8.125    6/1/2009       USD      0.05
NATL INVESTER BK       25.983    5/7/2029       EUR     20.12
NED WATERSCHAPBK        0.500   3/11/2025       CAD     55.40
NIB CAPITAL BANK        4.510  12/16/2035       EUR     67.66
Q-CELLS INTERNAT        5.750   5/26/2014       EUR     71.30
RBS NV EX-ABN NV        2.910   6/21/2036       JPY     60.98
TJIWI KIMIA FIN        13.250    8/1/2001       USD      0.01

NORWAY
------
EKSPORTFINANS           0.500    5/9/2030       CAD     40.22
KOMMUNALBANKEN          0.500   3/24/2016       ZAR     72.91
KOMMUNALBANKEN          0.500   1/27/2016       ZAR     73.74
KOMMUNALBANKEN          0.500  12/18/2015       ZAR     74.30
KOMMUNALBANKEN          0.500    3/1/2016       ZAR     73.26
KOMMUNALBANKEN          0.500   5/25/2018       ZAR     61.78
KOMMUNALBANKEN          0.500   5/25/2016       ZAR     71.72
NORSKE SKOGIND          7.125  10/15/2033       USD     72.00
NORSKE SKOGIND          7.125  10/15/2033       USD     70.00
SPAREBANKEN RGLD        4.170   12/7/2035       EUR     74.82

PORTUGAL
--------
CAIXA GERAL DEPO        4.250   1/27/2020       EUR     73.36
CAIXA GERAL DEPO        4.455   8/20/2017       EUR     72.34
CAIXA GERAL DEPO        5.380   10/1/2038       EUR     58.88
CAIXA GERAL DEPO        5.980    3/3/2028       EUR     72.50
CAIXA GERAL DEPO        5.320    8/5/2021       EUR     64.17
CAIXA GERAL DEPO        4.400   10/8/2019       EUR     64.01
CAIXA GERAL DEPO        4.750   2/14/2016       EUR     69.54
COMBOIOS DE PORT        5.700    2/5/2030       EUR     69.63
COMBOIOS DE PORT        4.170  10/16/2019       EUR     65.10
METRO DE LISBOA         4.061   12/4/2026       EUR     57.72
METRO DE LISBOA         4.799   12/7/2027       EUR     61.94
MONTEPIO GERAL          5.000    2/8/2017       EUR     57.50
PARPUBLICA              4.191  10/15/2014       EUR     73.62
PARPUBLICA              4.200  11/16/2026       EUR     60.35
PORTUGUESE OT'S         4.750   6/14/2019       EUR     69.18
PORTUGUESE OT'S         4.450   6/15/2018       EUR     69.59
PORTUGUESE OT'S         4.950  10/25/2023       EUR     65.02
PORTUGUESE OT'S         4.350  10/16/2017       EUR     70.70
PORTUGUESE OT'S         4.200  10/15/2016       EUR     74.19
PORTUGUESE OT'S         3.350  10/15/2015       EUR     75.61
PORTUGUESE OT'S         3.850   4/15/2021       EUR     64.24
PORTUGUESE OT'S         4.100   4/15/2037       EUR     60.27
PORTUGUESE OT'S         4.800   6/15/2020       EUR     68.83
REFER                   4.047  11/16/2026       EUR     60.58
REFER                   4.000   3/16/2015       EUR     66.42
REFER                   4.250  12/13/2021       EUR     53.48
REFER                   4.675  10/16/2024       EUR     60.03
REFER                   5.875   2/18/2019       EUR     71.73

RUSSIA
------
A-ENGINEERING           8.500  10/30/2014       RUB     75.00
AGROSOYUZ              17.000   3/28/2012       RUB     75.00
APK ARKADA             17.500   5/23/2012       RUB      0.38
ARIZK                   3.000  12/20/2030       RUB     53.21
BALTINVESTBANK          9.000   9/10/2015       RUB     75.00
BANK OF MOSCOW          7.550    2/1/2013       RUB     75.00
BANK ST PETERS          7.500   9/23/2013       RUB    100.20
BARENTSEV FINANS       20.000    7/4/2011       RUB      1.10
CREDIT EUROPE BK       11.500   6/28/2011       RUB     75.00
DVTG-FINANS            17.000   8/29/2013       RUB      7.01
EESK                    8.740    4/5/2012       RUB     75.00
ELIS                   14.000   9/20/2012       RUB     95.01
EMALIANS-FINANS        10.970    7/8/2011       RUB     75.00
ENERGOMASH-FINAN       13.000  11/22/2011       RUB     95.01
ENERGOSPETSSNAB         8.500   5/30/2016       RUB     75.00
EXPERTGROUP            12.000  12/17/2012       RUB     75.00
FINANCEBUSINESSG       10.000    7/1/2013       RUB     75.00
FINANCEBUSINESSG       12.500   6/22/2011       RUB     75.00
FORMAT                 17.000   12/6/2012       RUB     75.00
GRACE DIAMOND          15.000    6/7/2012       RUB     75.00
IZHAVTO                18.000    6/9/2011       RUB     11.31
KARUSEL FINANS         12.000   9/12/2013       RUB     75.00
KOSMOS-FINANS          10.200   6/16/2011       RUB     75.00
KPM FINANS             11.750  12/23/2014       RUB     75.00
KRAYINVESTBANK          8.500    8/5/2011       RUB     75.00
LEASING TECH            8.500  10/24/2014       RUB     75.00
LLC VICTORIA FIN        8.000   2/12/2013       RUB     75.00
M-INDUSTRIYA           12.250   8/16/2011       RUB     26.61
MAIN ROAD OJSC         10.200    6/3/2011       RUB     75.00
METROSTROY INVES        7.000   9/23/2011       RUB     75.00
MIG-FINANS              0.100    9/6/2011       RUB      1.00
MIRAX                  17.000   9/17/2012       RUB     13.51
MIRAX                  14.990   5/17/2011       RUB     22.41
MOSMART FINANS          0.010   4/12/2012       RUB      1.81
MOSOBLGAZ              12.000   5/17/2011       RUB     72.50
NATIONAL CAPITAL       13.000   9/25/2012       RUB     75.00
NAUKA-SVYAZ            12.500   6/27/2013       RUB     75.00
NOK                    12.500   8/26/2014       RUB      0.04
NOK                    10.000   9/22/2011       RUB     10.20
NOVOROSSIYSK           13.000   12/9/2011       RUB     75.00
PEB LEASING            14.000   9/12/2014       RUB     75.00
PETROCOMMERCE BK        7.750   8/22/2012       RUB     75.01
PROMNESTESERVICE        7.750   12/5/2014       RUB     75.00
PROMPEREOSNASTKA        1.000  12/17/2012       RUB      0.01
PROMTRACTOR-FINA        0.010  10/18/2011       RUB     60.01
RC KAZNACHEY LTD       10.500  11/20/2015       RUB     75.00
REGIONENERGO            8.500   5/30/2016       RUB     75.00
RMK PARK PLAZA         10.000    1/8/2013       RUB     75.00
ROSSELKHOZBANK         10.100  11/14/2019       RUB    105.09
RUSFINANS BANK          7.900  11/10/2015       RUB     90.01
RUSSIAN RAILWAYS        9.400   12/5/2012       RUB    104.80
RUSSIAN SEA            10.000   6/14/2012       RUB     75.00
RUSSIAN STANDARD        7.750   4/13/2012       RUB    100.20
RVK-FINANS              9.500   7/21/2011       RUB     75.00
SAHO                   10.000   5/21/2012       RUB     11.00
SATURN                  8.500    6/6/2014       RUB      1.00
SENATOR                10.000   5/18/2012       RUB     75.00
SEVKABEL-FINANS        10.500   3/27/2012       RUB      3.40
SIBUR                   7.300   3/13/2015       RUB     75.00
SIBUR                   8.000   3/13/2015       RUB     75.00
SIBUR                  13.500   3/13/2015       RUB     75.00
SIBUR                   9.250   3/13/2015       RUB     75.00
SINERGIA                8.000   8/18/2014       RUB     75.00
SISTEMA-HALS            8.500   4/15/2014       RUB     75.00
SISTEMA-HALS            8.500    4/8/2014       RUB     75.00
SPETSSTROYFINANC        8.500   5/30/2016       RUB     75.00
SVOBODNY SOKOL          0.100   5/24/2011       RUB     70.00
TECHNONICOL-FINA       13.000   9/25/2013       RUB     75.00
TECHNONICOL-FINA       13.500   9/11/2013       RUB     75.00
TECHNONICOL-FINA       13.000   9/19/2013       RUB     75.00
TEKHNOPROMPROEKT        8.500   9/28/2016       RUB     75.00
TERNA-FINANS            1.000   11/4/2011       RUB      0.01
TRANSFIN-M             11.000   12/3/2014       RUB     75.00
TRANSFIN-M             11.000   12/3/2015       RUB     75.00
TRANSFIN-M             11.000   12/3/2014       RUB     75.00
TRANSFIN-M              8.400  11/29/2013       RUB    100.00
TRANSFIN-M              8.400  11/29/2013       RUB    100.00
TRANSFIN-M             14.000   7/10/2014       RUB     75.00
TRANSFIN-M             11.000   12/3/2015       RUB     75.00
TRANSFIN-M              9.750   8/13/2013       RUB     75.00
TRANSFIN-M             11.000   12/3/2015       RUB     75.00
TRANSFIN-M             11.000   12/3/2014       RUB     75.00
TRANSFIN-M             11.000   12/3/2015       RUB     75.00
TRANSFIN-M             11.000   12/3/2014       RUB     75.00
TRANSGAZSERVICE         7.750  11/26/2014       RUB     75.00
TRUDOVE                12.000  11/22/2019       RUB    100.00
UNIMILK FINANS         14.000    9/6/2011       RUB     75.00
UNITAIL                12.000   6/22/2011       RUB     75.00
VNESHPROMBANK           9.000  11/14/2012       RUB     75.00
VTB 24                  4.500    2/5/2013       RUB     75.00
VTB 24                  9.700  12/10/2014       RUB     75.00
VTB BANK                7.600   3/15/2013       RUB     75.00
ZAO EUROPLAN           10.000   8/11/2011       RUB     75.00
ZHILSOTSIPOTEKA-        9.000   7/26/2011       RUB     75.00

SPAIN
-----
AYT CEDULAS CAJA        3.750  12/14/2022       EUR     71.66
AYT CEDULAS CAJA        4.750   5/25/2027       EUR     73.42
AYT CEDULAS CAJA        4.250  10/25/2023       EUR     74.72
AYT CEDULAS CAJA        3.750   6/30/2025       EUR     65.80
AYUNTAM DE MADRD        4.550   6/16/2036       EUR     68.76
BANCAJA                 1.500   5/22/2018       EUR     64.56
BANCO PASTOR            4.550   7/31/2020       EUR     73.17
CAJA CASTIL-MAN         1.500   6/23/2021       EUR     63.43
CAJA MADRID             5.755   2/26/2028       EUR     72.37
CAJA MADRID             4.125   3/24/2036       EUR     67.33
CEDULAS TDA 6 FO        4.250   4/10/2031       EUR     63.01
CEDULAS TDA 6 FO        3.875   5/23/2025       EUR     67.05
CEDULAS TDA A-5         4.250   3/28/2027       EUR     67.28
COMUN AUTO CANAR        4.200  10/25/2036       EUR     59.02
COMUN AUTO CANAR        3.900  11/30/2035       EUR     56.08
COMUNIDAD ARAGON        4.646   7/11/2036       EUR     72.18
COMUNIDAD BALEAR        4.063  11/23/2035       EUR     65.89
COMUNIDAD MADRID        4.300   9/15/2026       EUR     69.87
GEN DE CATALUNYA        4.220   4/26/2035       EUR     67.52
GEN DE CATALUNYA        5.219   9/10/2029       EUR     74.81
GEN DE CATALUNYA        4.690  10/28/2034       EUR     72.92
GENERAL DE ALQUI        2.750   8/20/2012       EUR     73.13
INSTITUT CATALA         4.250   6/15/2024       EUR     72.34
JUNTA ANDALUCIA         4.250  10/31/2036       EUR     60.93
JUNTA ANDALUCIA         5.150   5/24/2034       EUR     73.42
JUNTA LA MANCHA         3.875   1/31/2036       EUR     55.81
XUNTA DE GALICIA        4.025  11/28/2035       EUR     61.42

SWEDEN
------
SWEDISH EXP CRED        7.000    3/9/2012       USD     10.11
SWEDISH EXP CRED        9.750   3/23/2012       USD     10.00
SWEDISH EXP CRED        9.250   4/27/2012       USD      9.66
SWEDISH EXP CRED        0.500  12/21/2015       ZAR     71.44
SWEDISH EXP CRED        0.500    3/3/2016       ZAR     70.03
SWEDISH EXP CRED        0.500   6/29/2016       TRY     71.63
SWEDISH EXP CRED        0.500    3/5/2018       AUD     69.66
SWEDISH EXP CRED        0.500  12/17/2027       USD     50.86
SWEDISH EXP CRED        0.500   1/25/2028       USD     50.54
SWEDISH EXP CRED        7.000    3/9/2012       USD      9.88
SWEDISH EXP CRED        7.500   2/28/2012       USD      9.82
SWEDISH EXP CRED        6.500   1/27/2012       USD      9.17
SWEDISH EXP CRED        8.000   1/27/2012       USD      9.64
SWEDISH EXP CRED        2.000   12/7/2011       USD     10.67
SWEDISH EXP CRED        2.130   1/10/2012       USD     10.03
SWEDISH EXP CRED        8.000  10/21/2011       USD     10.05
SWEDISH EXP CRED        8.000   11/4/2011       USD      7.76
SWEDISH EXP CRED        9.000   8/12/2011       USD     10.15
SWEDISH EXP CRED        9.000   8/28/2011       USD     10.58

SWITZERLAND
-----------
UBS AG                 10.070   3/23/2012       USD     36.44
UBS AG                 13.300   5/23/2012       USD      4.13
UBS AG                  9.640  11/14/2011       USD     14.14
UBS AG                 10.530   1/23/2012       USD     39.91
UBS AG                 10.580   6/29/2011       USD     39.35
UBS AG                  8.720   3/20/2012       USD     32.30
UBS AG                  9.250   3/20/2012       USD     14.58
UBS AG                 13.700   5/23/2012       USD     13.09
UBS AG JERSEY           9.230  12/30/2011       USD     13.85
UBS AG JERSEY          10.140  12/30/2011       USD     15.22
UBS AG JERSEY           3.220   7/31/2012       EUR     48.76
UBS AG JERSEY          11.150   8/31/2011       USD     39.02
UBS AG JERSEY          10.280   8/19/2011       USD     35.25
UBS AG JERSEY          13.000   6/16/2011       USD     49.96
UBS AG JERSEY          10.500   6/16/2011       USD     71.69

UNITED KINGDOM
--------------
BANK OF SCOTLAND        5.772    2/7/2035       EUR     73.48
BARCLAYS BK PLC         2.500   5/24/2017       USD     10.47
BARCLAYS BK PLC        10.510   5/31/2011       USD     12.92
BARCLAYS BK PLC        10.600   7/21/2011       USD     39.23
BARCLAYS BK PLC         7.500   9/22/2011       USD     17.05
BARCLAYS BK PLC         8.750   9/22/2011       USD     73.06
BARCLAYS BK PLC         8.800   9/22/2011       USD     16.39
BARCLAYS BK PLC         9.250   1/31/2012       USD      9.64
BARCLAYS BK PLC        10.650   1/31/2012       USD     45.65
BARCLAYS BK PLC        12.950   4/20/2012       USD     23.90
BARCLAYS BK PLC         9.400   7/31/2012       USD     11.23
BARCLAYS BK PLC        10.800   7/31/2012       USD     27.52
BARCLAYS BK PLC         9.250   8/31/2012       USD     35.47
BARCLAYS BK PLC         9.500   8/31/2012       USD     29.53
BRADFORD&BIN BLD        5.750  12/12/2022       GBP     44.01
CO-OPERATIVE BNK        5.875   3/28/2033       GBP     72.33
EFG HELLAS PLC          5.400   11/2/2047       EUR     29.63
EFG HELLAS PLC          6.010    1/9/2036       EUR     31.38
F&C ASSET MNGMT         6.750  12/20/2026       GBP     75.98
HEALTHCARE SUPP         2.067   2/19/2043       GBP     72.88
NOMURA BANK INTL        0.800  12/21/2020       EUR     65.56
NORTHERN ROCK           5.750   2/28/2017       GBP     74.00
PUNCH TAVERNS           8.374   7/15/2029       GBP     65.26
PUNCH TAVERNS           6.468   4/15/2033       GBP     55.01
PUNCH TAVERNS           7.567   4/15/2026       GBP     64.84
ROYAL BK SCOTLND        6.620    6/9/2025       EUR     75.47
ROYAL BK SCOTLND        6.316   6/29/2030       EUR     66.06
RSL COMM PLC           12.000   11/1/2008       USD      1.88
SKIPTON BUILDING        5.625   1/18/2018       GBP     77.00
SKIPTON BUILDING        6.750   5/30/2022       GBP     71.50
UNIQUE PUB FIN          6.464   3/30/2032       GBP     66.22
WESSEX WATER FIN        1.369   7/31/2057       GBP     31.45


                            *********

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


                            *********


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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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                 * * * End of Transmission * * *