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        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, June 20, 2011, Vol. 12, No. 120

                            Headlines



B U L G A R I A

* BULGARIA: Among Top 21 Countries at Risk of Bankruptcy


C Y P R U S

MULTICHOICE (CYPRUS): Placed in Voluntary Liquidation


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Disputes Claims of Creditors on Asset Sale
SAZKA AS: Former Chief Executive Gets Notice of Termination


G E R M A N Y

BRENNTAG HOLDING: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
COMMERZBANK AG: Fitch Upgrades Individual Rating From 'D'
KABEL DEUTSCHELAND: Moody's Assigns 'Ba2' Rating to EUR500MM Notes


G R E E C E

NATIONAL BANK OF GREECE: S&P Cuts Counterparty Ratings to 'CCC'
NATIONAL BANK OF GREECE: S&P Cuts Rating on EUR16BB Program to CCC
* S&P Cuts Ratings on 22 Tranches of 9 RMBS Transactions to 'BB+'


I R E L A N D

ALLIED IRISH: EU to Closely Monitor Possible Duopoly with BoI
BANK OF IRELAND: EU to Closely Monitor Possible Duopoly with AIB
START V CLO: Moody's Raises Rating on US$45MM CLO Notes From 'Ba1'


I T A L Y

CVS SPA: Italian Court Approves Sale of CVS Assets to Manitex


K A Z A K H S T A N

EURASIAN NATURAL: S&P Puts 'BB+' Long-term CCR on Watch Negative


P O R T U G A L

* Moody's Reviews Ratings of Portuguese Banks' Brazilian Units


R U S S I A

ACRON JSC: Moody's Assigns Definitive 'B1' Rating to RUR7.5BB Bond
B&N BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
NOVOLIPETSK STEEL: Moody's Upgrades Rating to 'Baa3' From 'Ba1'
WIMM-BILL-DANN: S&P Affirms 'BB+' Long-term Corp. Credit Rating


R O M A N I A

CITY MALL: Sale Auction Set for June 30, Starting Price at EUR20MM


S P A I N

FINANCIACION BANESTO: S&P Lowers Rating on Class C Notes to 'B'
MBS BANCAJA 3: Moody's Cuts Rating on Class E Certificate to 'C'


S W I T Z E R L A N D

GLOBAL NATURAL: Faces Delisting From SIX Swiss Exchange


U N I T E D   K I N G D O M

CROWN NEWCO 3: Moody's Assigns 'B3' Rating to GBP17MM Debenture
ECOAT FINISH: Expects to Call in Liquidators
FE PEACOCK: Goes Into Administration, Axes 37 Jobs
FOCUS (DIY): Retford Branch to Close Store, Sells All Stocks
GARVEY GROUP: Enters Into Temporary Administration

MILLAR SAVOURY: Goes Into Administration, 36 Jobs at Risk
MOREGLAM: Goes Into Administration, Owes GBP4 Million
PHOENIX CHEMICALS: Bakhu Pharma Buys Plant Out of Administration
WESTMINSTER MORTGAGES: FSA Cancels Permit Due to Unpaid Fees
WF ALDRIDGE: Goes Into Administration, Sold to Blue Printing


X X X X X X X X

* BOND PRICING: For the Week June 13 to June 17, 2011


                            *********



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


* BULGARIA: Among Top 21 Countries at Risk of Bankruptcy
--------------------------------------------------------
According to The Sofia Echo, local media said on June 17 that
Bulgaria has been included in Business Insider magazine's list of
countries in risk of going bankrupt.

The country ranks 13th out of 21, The Sofia Echo discloses.  It is
preceded by Argentine (fifth), Hungary (10th), Croatia (11th),
Romania (12th), The Sofia Echo states.

According to the analysis, countries like Peru, Poland, Turkey,
Kazakhstan and Russia are less threatened by bankruptcy than
Bulgaria, The Sofia Echo notes.


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C Y P R U S
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MULTICHOICE (CYPRUS): Placed in Voluntary Liquidation
-----------------------------------------------------
Julian Clover at Broadband TV News reports that MultiChoice
(Cyprus) Public Company Ltd has been put into voluntary
liquidation by its owners Forthnet Group as the company was no
longer able to meet its financial obligations.

According to the report, the management of the subscribers as well
as the further development of the Forthnet Group activities in
Cyprus will be continued by MultiChoice Hellas S.A. itself.

Broadband TV News relates that concerns about the financial state
of Forthnet had emerged during the AGM of Maltese shareholder GO
earlier this month.  Forgendo Ltd, a joint venture company held by
GO and parent company Dubai-based EIT, owned 40.99% of Forthnet.

Forthnet has been suffering amid the difficult financial situation
in which Greece currently finds itself, the report says.

In the first quarter of 2011, pay-TV revenues fell by 4.4%, a
factor attributed to a combination of a weaker advertising market,
and the falling subscriber base in the Cypriot market, according
to Broadband TV News.

Previously owned by the South African media group Naspers, the
Greek and Cypriot pay-TV businesses were sold to Forthnet in
June 2008.


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


ECM REAL ESTATE: Disputes Claims of Creditors on Asset Sale
-----------------------------------------------------------
CTK reports that ECM Real Estate Investments AG refuted creditors'
claims that it wants it wants to sell its assets.

ECM's position on the matter appeared in a statement filed in the
insolvency register on Thursday.

As reported by the Troubled Company Reporter-Europe, CTK related
that the Prague City Court on June 15 issued a preliminary
injunction banning ECM from selling its assets.  The preliminary
injunction request was filed by a group of ECM's creditors.  The
court, however, rejected the creditors' proposal for reducing
ECM's rights and duties in its subsidiaries, CTK noted. ECM cannot
handle assets worth over CZK150,000 without the insolvency
administrator's approval until decision is made on solving the
company's insolvency, according to the report.  For handling
assets worth over CZK5 million, ECM will need the approval of the
preliminary creditors committee, CTK stated.

ECM Real Estate Investments AG is known mainly as the builder of
high-rise buildings in Prague's Pankrac district.


SAZKA AS: Former Chief Executive Gets Notice of Termination
-----------------------------------------------------------
CTK reports that Ales Husak, chairman of the board and former
chief executive of Sazka AS, was given a notice of termination of
employment on Thursday.

Lenka Ticha, spokeswoman of Sazka's insolvency administrator Josef
Cupka, told CTK that Mr. Husak visited Sazka's headquarters, but
did not collect the notice in person.

Mr. Cupka considers the notice valid, but Mr. Husak claims it is
invalid, CTK notes.

As reported by the Troubled Company Reporter-Europe on June 9,
2011, CTK related that Mr. Cupka, the bankruptcy trustee of Sazka,
removed Mr. Husak as the company's chief executive.  Mr. Cupka's
spokeswoman, as cited by CTK, said Mr. Husak, who remains the
chairman of Sazka's board of directors, will not receive any
pay-off for his departure.

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


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G E R M A N Y
=============


BRENNTAG HOLDING: Moody's Upgrades CFR to 'Ba1'; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of Brenntag AG to Ba1 from Ba2. The outlook on the rating remains
stable.

Ratings Rationale

"The upgrade of the rating was prompted by Brenntag's positive
operating performance in 2010 and the early part of 2011, and the
robust growth anticipated for the rest of the year," says
Gianmarco Migliavacca, a Moody's Vice President -- Senior Analyst
and lead analyst for Brenntag. Moody's considers the recently
announced refinancing to be a positive factor, providing
additional financial flexibility. It should also lead to extended
debt maturity and lower funding costs, in the rating agency's
view. The progressive reduction of private equity sponsors'
involvement in Brenntag's corporate governance following its
initial public offering (IPO) in 2010 represents an additional
step away from the group's historical leveraged buyout (LBO)
profile.

Moody's regards as prudent the financial policy pursued so far by
management, particularly with respect to the group's acquisition
strategy. Brenntag has consistently pursued growth both internally
and through strategic bolt-on acquisitions, which have been almost
entirely funded through internally generated excess cash. However,
Moody's notes that Brenntag's dividend policy as a listed company
is to pay out 30-45% of net income, which is equity friendly but
can be accommodated within the current rating category.

The upgrade also reflects Brenntag's solid liquidity position. At
fiscal year-end (FYE) 2010, Brenntag had cash on the balance sheet
of EUR362.9 million. In addition, it has access to a largely
undrawn EUR200 million revolving credit facility with satisfactory
covenant headroom. As a result of the positive free cash flow
generation expected during 2011, Moody's considers it likely that
Brenntag's liquidity profile will improve even further by FYE
2011. The rating agency expects that Brenntag's operating cash
flows will be more than sufficient to cover its main discretionary
and non-discretionary liquidity requirements during 2011 (working
capital; capital expenditure; dividends; small bolt-on
acquisitions), and anticipates lower overall financial charges as
a result of the refinancing.

The stable outlook on the rating reflects Moody's expectation that
Brenntag will: (i) continue to perform strongly for the rest of
2011 and further consolidate its credit metrics in line with the
current rating category; and (ii) be committed to a prudent
financial policy and acquisition strategy, targeting small bolt-on
acquisitions that are to be funded entirely with cash and are
based on a sound industrial rationale, in line with the group's
recent positive track record of acquisitions. In this respect,
Moody's positively notes that all the acquisitions completed by
Brenntag in the past 12 months have been entirely cash-funded,
with each acquisition reinforcing the group's business profile
while enhancing product and geographic diversification. In
particular, Moody's expects that the 2010 acquisition of EAC
Ingredients will have a fuller impact this year, strengthening
Brenntag's position in South East Asia, and the group's recently
announced acquisition of 51% of Zhong Yung Chemical Ltd to provide
a good strategic opportunity to enter the fast-growing and still
underdeveloped Chinese chemical distribution market. Furthermore,
the group's other recently announced acquisition, of GS Robins in
the US, will expand Brenntag's customer base in the attractive and
resilient food and water treatment sectors -- which currently
represent approximately 50% of the target's end markets.

Positive rating pressure could arise if Brenntag were to continue
to improve its leverage profile and operate with a ratio of gross
debt/EBITDA (as adjusted by Moody's) that is sustainably below
3.0x, while increasing its retained cash flow (RCF)/debt (as
adjusted by Moody's) sustainably above 20%. Moreover, to achieve a
rating upgrade, management would need to demonstrate a strong
official commitment to investment-grade rating status.

Negative pressure could arise if the group's gross debt/EBITDA
ratio were to increase sustainably above 4.0x and its RCF/debt
ratio were to fall below 15%. Any deviation from the announced
acquisition policy -- particularly with regard to the avoidance of
transformative debt-funded acquisitions -- could also exert
downward rating pressure.

The principal methodology used in rating Brenntag AG was the
Global Chemical Industry Methodology, published December 2009.

Brenntag is the world's largest chemical distributor, with an
estimated global market share of 6.9% and 2010 revenues of
EUR7.6 billion. The group has market-leading positions in Europe
(12.0% market share) and in Latin America (7.1% market share). It
also has a strong presence in North America, where it ranks as the
number three player, with a 10.0% market share. Brenntag, a former
division of Stinnes AG, a German logistics group, was sold to
funds advised by Bain Capital in an LBO in 2004, and in September
2006 to funds advised by BC Partners in a secondary LBO. Since the
IPO in 2010, Brenntag has been listed on the Frankfurt Stock
Exchange. Since January 2011, the free float of the group was 64%.


COMMERZBANK AG: Fitch Upgrades Individual Rating From 'D'
---------------------------------------------------------
Fitch Ratings has upgraded Commerzbank AG's Individual Rating to
'C' from 'D' and removed it from Rating Watch Positive. Fitch also
affirmed its Long-term Issuer Default Rating at 'A+', Short-term
IDR at 'F1+', Support Rating at '1' and Support Rating Floor at
'A+'. The Outlooks on the Long-term IDRs are Stable.

The upgrade reflects Commerzbank's success in returning to
profitability in most of its businesses and the conclusion of its
issuance of EUR11 billion share capital in Q211. The issuance was
helped by the fact that the German government's Financial Market
Stabilisation Fund (SoFFin), which continues to own 25% plus 1 of
Commerzbank's shares, converted silent participations into share
capital. Fitch considers that Commerzbank has made progress with
its extensive restructuring plans, specifically the return to
profitability in previously underperforming segments like private
banking, and is now better positioned to protect its franchise in
a competitive domestic market.

"Commerzbank's restructuring is helped by the fact that Germany's
economy is doing well and the number of corporate insolvencies are
falling," says Michael Dawson-Kropf, Senior Director in Fitch's
Financial Institutions team. "However, Commerzbank proved it can
deliver on cost synergies and improving its capital composition,
which were much needed in order to gain the normal credit
characteristics of a universal bank in a stable market.
Nonetheless, the need to deleverage the asset-based finance
segment, whose EUR208bn exposure at default, includes the non-core
commercial real estate and public sector lender Eurohypo, will
limit the upside for Commerzbank's Individual Ratings."

The affirmation of the bank's Long- and Short-term IDRs, Support
Rating Floors and Support Ratings reflects the continuing explicit
level of support for the group from the German government through
SoFFin's participation in the capital increase. While Fitch
believes government support remains high for systemically
important German banks, there is political will in Germany, as
evidenced by the recent implementation of the Restructuring Act,
to reduce the implicit state support of systemically important
banks in the country. This represents a potential threat for the
group's IDRs, senior and subordinated (lower Tier 2) debt ratings.

Commerzbank's subsidiaries' ratings are unaffected by the rating
actions.

The ratings actions are:
Commerzbank AG

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

   -- Senior unsecured debt: affirmed at 'A+'

   -- Subordinated debt (Lower Tier 2 including Dresdner Funding
      Trust IV): affirmed at 'A'

   -- Market-linked securities: affirmed at 'A+emr'

   -- Guaranteed notes: affirmed at 'AAA'

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

   -- Commercial paper and Certificates of Deposits: affirmed at
      'F1+'

   -- Individual Rating: upgraded to 'C' from 'D', removed from
      RWP

   -- Support Rating: affirmed at '1'

   -- Support Rating Floor: affirmed at 'A+'

Actions on hybrid capital instruments issued by the Commerzbank
group:

Dresdner Funding Trust I and III's dated silent participation
certificates have been upgraded to 'B+' from 'B' and removed from
RWP, reflecting the upgrade of the Individual Rating.

Commerzbank Capital Funding Trust I and II were affirmed at 'CCC'
and removed from RWP. The UT2 Funding plc upper Tier 2 securities
and HT1 Funding GmbH Tier 1 Securities have been upgraded to 'CCC'
from 'CC', Recovery Rating of 'RR4' and 'CC' 'RR5', respectively
and removed from RWP. The Recovery Ratings of both instruments
have been withdrawn. The rating actions reflect Fitch's view that
the likelihood has increased that these instruments will start
performing again in the near future, but not necessarily in 2011.


KABEL DEUTSCHELAND: Moody's Assigns 'Ba2' Rating to EUR500MM Notes
------------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
the EUR500 million senior secured notes due 2018 issued by Kabel
Deutschland Vertrieb und Service GmbH & Co. KG, the operating
subsidiary of Kabel Deutschland GmbH, parent company of which is
Kabel Deutschland Holding AG, with a Ba2 Corporate Family Rating.
The rating outlook is stable.

Proceeds from the notes together with the EUR500 million of senior
secured bank debt ("Tranche E", unrated by Moody's) announced on 8
June 2011 will be used to (i) redeem in full the outstanding
EUR537 million PIK loans (including accrued interest) at KDH; and
(ii) reduce draw-downs under KDH's existing revolving credit
facility and a portion of Term Loan A under its existing bank
facilities. The re-financing of the PIK loan will enable KDH to
begin dividend payments in line with its stated intention from
FY2011-12 onwards and will lead to reduced interest expense as
well as an extension of KDH's debt maturity profile.

Ratings Rationale

The Ba2 rating on the notes is at par with KDH's CFR reflecting
(i) the notes' senior secured position within KDH's capital
structure; and (ii) the fact that the notes will benefit from the
same security and guarantee package as the existing senior credit
facilities at KDVS.

KDH amended its senior credit facilities in advance of the
refinancing, therefore providing the company with the necessary
upfront headroom to accommodate for the new notes issuance at
KDVS. Under the bank agreement, KDH's 'Senior Net Debt to EBITDA'
covenant has been temporarily increased from 3.5x to 4.25x as of
June 30, 2011, stepping back down to the original level of 3.5x by
December 31, 2012. Moody's notes that the ring-fencing mechanisms
protecting the notes holders and existing lenders continue to
apply to KDG following the refinancing of the PIK debt at KDH. The
senior secured notes have a debt incurrence covenant of 4.5x
'Consolidated Leverage Ratio' (as defined in the bond indenture)
at the KDG level.

The principal methodologies used in rating Kabel Deutschland
Holding A.G. were Global Cable Television Industry Rating
Methodology, published July 2009, and Probability of Default
Ratings and Loss Given Default Assessments, published June 2009.

KDH is the largest Level 3 cable TV operator in Germany. For FY 31
March 2011, KDH reported revenues of EUR1.6 billion and adjusted
EBITDA (as calculated by KDH) of EUR729 million.


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G R E E C E
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NATIONAL BANK OF GREECE: S&P Cuts Counterparty Ratings to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit ratings to 'CCC' from 'B' on four Greek banks
-- National Bank of Greece S.A., EFG Eurobank Ergasias S.A., Alpha
Bank A.E., and Piraeus Bank S.A.

"We have also affirmed our 'C' short-term ratings on the banks and
our 'CCC-' issue ratings on their hybrid securities," S&P said.

The ratings were removed from CreditWatch with negative
implications, where they were placed on Dec. 3, 2010. The outlooks
on all four banks are negative.

"The downgrade reflects our view that the four banks face
significantly heightened risks to their financial profiles,
particularly in terms of their liquidity from domestic retail
operations (comprising domestic enterprises and households) and
their capital positions. We believe the Greek banks face
relatively short-term risks of pressure on their domestic retail
funding as the public considers the implications of Greece's need
for additional funding from official creditors and the framework
under which this funding could be provided -- which, according to
currently available information, we believe could include a
potential restructuring of public debt that would result in
one or more defaults as defined by our criteria (see 'Long-Term
Sovereign Rating On Greece Cut To 'CCC'; Outlook Negative,'
published on June 13, 2011)," S&P said.

"In our view, outflows of domestic deposits could conceivably
continue to intensify depending on the public's view of the impact
that Greece's deteriorating creditworthiness may have on the
banking system. The downgrade also reflects the significant risks
to the Greek banks' capital bases that we believe may arise should
the government restructure some, or all, of its debt," S&P said.

"We observe that domestic customers of Greek banks have
demonstrated their sensitivity to signs of deterioration in the
sovereign's creditworthiness. This is evidenced by the sizable
outflows of deposits from the whole system over the past 18
months. According to Bank of Greece's latest published data
on system deposits, domestic deposit outflows from corporations
and households for the system amounted to EUR13 billion in the
first four months of 2011 (or 5% of the system's domestic deposit
base as of year-end 2009), compared with EUR28 billion during the
whole of 2010 (or 12% of the system's domestic deposit base
as of year-end 2009). In this context, we think that retail
funding pressures could intensify further in the short term as
debate on the possibility that Greece's government debt could be
restructured continues, with domestic political controversy around
the accompanying policy conditions that could be imposed," S&P
said.

"We note that European Central Bank (ECB) collateralized funding
represented most of rated Greek banks' nonretail funding as at
March 30, 2011. This is the result, in our view, of Greek banks'
continued severe difficulties in accessing wholesale funding
markets in the past few years. As a result, Greek banks have
mainly resorted to the ECB to refinance deposit outflows since
end-2009, the accumulation of government debt portfolios, and
wholesale debt maturities," S&P stated.

"Our ratings on the four Greek banks incorporate our view that,
within the EU framework, the Greek authorities are 'supportive' of
Greece's financial system. Consequently, our assessment of the
stand-alone credit profiles (SACPs) of the Greek banks takes into
account what we consider to be the benefits of a regulated and
supervised environment, with access to extraordinary liquidity,
such as that provided under the Greek government's support package
and by the ECB," S&P said.

"In our ratings, we therefore take into account that rated Greek
banks still have some cushions of assets that are eligible and
available for discount at the ECB, as well as access to the EUR30
billion additional liquidity buffer (equal to about 15% of the
system's domestic deposit base) provided by the Greek government
under the third pillar of its support package available to all
Greek banks. We believe that existing eligible assets at March 30,
2011, and our estimate of amounts to be allocated from the EUR30
billion liquidity buffer, would represent about 30% of domestic
deposits at March 30, 2011 for EFG, Alpha, and Piraeus and about
20% for NBG at the same date," S&P said.

"At present, we are not aware of any potential extraordinary
mechanisms (other than the above-mentioned EUR30 billion liquidity
buffer and the lender of last resort facility) that could be
tapped to provide additional liquidity should further deposit
outflows exceed the banks' capacity to access the ECB
collateralized facility. Therefore, we do not incorporate into our
ratings the potential benefits from any such additional
extraordinary liquidity support measures," S&P related.

"In our view, rated Greek banks are directly and significantly
exposed to Greece's deteriorating creditworthiness through their
large portfolios of Greek government bonds, accounting for more
than 200% of Tier 1 capital for NBG and Piraeus, about 170% for
EFG, and 80% for Alpha at year-end 2010. We think that the impact
of a potential government debt restructuring on these banks'
capital bases, the likelihood of which we believe is increasing,
would depend largely on the terms and conditions of the
restructuring, as well as any eventual regulatory forbearance.
Although it has yet to be decided whether there will be a
restructuring, and, if there is, what the accompanying terms
and conditions will be, we note that the magnitude of the rated
banks' exposure to government debt relative to their capital bases
means that a potential government debt restructuring could
potentially render the banks insolvent in some of the more
negative scenarios," S&P stated.

"We also believe that the Greek banking system as a whole,
including the four rated banks, faces other relatively less
imminent, but not less significant, risks. Greek banks' financial
profiles -- particularly their asset quality and profitability --
are susceptible to the negative economic environment and the
rapidly deteriorating operating framework. This is a consequence
of continuing recession in Greece since 2009, which we believe may
persist into 2012, with growing unemployment, at 16.2% in March
2011, up from 11.6% in March 2010. We also believe that it is
likely that the public perception of an increased likelihood of
government debt restructuring could have a further negative
effect on private-sector borrowers' willingness to pay their debt,
particularly in the context of the Greek private sector's
comparatively weaker payment culture than in other developed
economies," S&P stated.

"The 'CCC' long-term ratings on the four Greek banks signal our
view that the risk of default, as defined under our criteria,
within the next 12 months has increased significantly. The
negative outlook reflects the possibility of a further downgrade
if we believe that these Greek banks will default on their
obligations as defined by our criteria. We note that some of the
risks that the rated Greek banks face, and that could precipitate
default at least on some of their obligations, are relatively
imminent. Considering what we see as a meaningful possibility of
default, there is an inherent negative CreditWatch associated with
'CCC' ratings," S&P said.

"Thus, we may downgrade the ratings if we come to the view that
rising pressure on the banks' retail funding bases is likely to
lead to an outflow of deposits that may end up exceeding their
liquidity cushions available for the ECB discount facility and
liquidity from other extraordinary mechanisms is not available.
This could lead us to conclude that rated Greek banks are likely
to default as defined under our criteria," S&P stated.

"We may also downgrade the ratings if we believe that the banks
are likely to default, as defined by our criteria, due to any
developments associated with a material impairment of their
solvency. This includes the materialization of losses on their
large holdings of Greek government bonds in the context of a
potential government debt restructuring, a sharp increase of
credit losses arising from lending portfolios, and/or significant
earnings deterioration," S&P said.

"The outlook could be revised to stable if the risks we see to
these four Greek banks' financial profiles abate, and/or if rated
Greek banks benefit from extraordinary support mechanisms that we
believe are likely to allow them to survive the materialization of
these risks without defaulting on any of their obligations," S&P
added.


NATIONAL BANK OF GREECE: S&P Cuts Rating on EUR16BB Program to CCC
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected a data entry error
relating to its foreign-currency rating on the EUR16 billion
program issued by the National Bank of Greece (CCC/Negative/C) and
guaranteed by the Hellenic Republic (CCC/Negative/C).

"Due to a data entry error, the foreign-currency rating on this
program was not lowered to 'B' from 'BB-' when we lowered our
long-term sovereign credit rating on the Hellenic Republic to 'B'
from 'BB-' on May 9, 2011. We have now corrected this error, and
we have subsequently lowered the rating on the EUR16 billion
program to 'CCC' after having lowered the long-term rating on the
Hellenic Republic to 'CCC' on June 13, 2011," S&P said.


* S&P Cuts Ratings on 22 Tranches of 9 RMBS Transactions to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all Greek asset-backed securities (ABS) and residential mortgage-
backed securities (RMBS) rated 'BBB-'.

Specifically, S&P:

    "Lowered to 'BB+' from 'BBB-' and removed from CreditWatch
    negative our ratings on 22 tranches in nine RMBS
    transactions," S&P said.

    "Lowered to 'BB+' from 'BBB-' and removed from CreditWatch
    negative our ratings on three tranches in three ABS
    transactions and a further four tranches in three SME CLO
    (small and midsize enterprise collateralized loan obligation)
    transactions," S&P noted.

"The rating actions have resulted from our revised assessment of
Greek country risk in structured finance transactions backed by
Greek assets, which in turn follows our recent downgrade of the
Hellenic Republic (see 'Long-Term Sovereign Rating On Greece Cut
To 'CCC'; Outlook Negative,' published on June 13, 2011)," S&P
said.

  Increased Country Risk Assessment for the Hellenic Republic

"We analyze country risk when assigning structured finance
ratings. In this analysis, we consider how a broad range of
political, legal, economic, and industry factors may affect the
performance of structured finance transactions and their ratings,"
S&P said.

"Our current assessment of country risk for the Hellenic Republic
is that the continuing recession in Greece may adversely affect
the performance of Greek structured finance transactions. (For
example, Greece's unemployment rate grew to 16.2% in March 2011,
up from 11.6% in March 2010.) The recession is partly reflected in
a weaker-than-planned budgetary performance so far this year,
which the Greek government has yet to address," S&P related.

          Maximum Achievable Greek Structured Finance Ratings

"When rating a securitization above the foreign currency rating on
the sovereign in which the assets are located, our premise is that
the structured finance obligation would continue to perform in a
stress scenario where the government has defaulted on its
obligations," S&P said.

"While we believe that this would be the case for structured
finance transactions backed by Greek assets that we rate, we also
consider that risks affecting these transactions have increased
materially due to heightened country risk, which, in part, is
reflected in the 'CCC/Negative' long-term rating on the Hellenic
Republic. As a result, the likelihood that these transactions
could experience an unusually large adverse change in credit
quality has also increased, in our view," S&P said.

Therefore, S&P is limiting the maximum achievable rating for
structured finance transactions backed by Greek assets to 'BB+'.

"We may make further adjustments to the maximum achievable
structured finance rating if there is a change in our view of
country risk on the Hellenic Republic. For the purposes of the
actions, we are applying a ceiling of 'BB+', which corresponds to
a sovereign rating equal to 'B-' or below, according to our
current criteria," S&P stated.


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I R E L A N D
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ALLIED IRISH: EU to Closely Monitor Possible Duopoly with BoI
-------------------------------------------------------------
Aoife White at Bloomberg News reports that Joaquin Almunia, the
EU's competition commissioner, said Bank of Ireland Plc and Allied
Irish Banks Plc will require "close surveillance" from European
Union authorities because they will control Irish banking.

The "duopoly may hamper competition in Ireland's banking market,"
Bloomberg quotes Mr. Almunia as saying in a speech in Dublin on
Friday.

According to Bloomberg, Mr. Alumnia said Anglo Irish Bank Corp.
and Irish Nationwide Building Society will win EU approval for
Irish government state aid "by the end of this month."

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 June 17,
2011, Standard & Poor's Ratings Services lowered its ratings on
the affected Tier 1 and Tier 2 hybrid debt instruments issued by
Bank of Ireland (BOI; BB+/Watch Neg/B) and subsidiaries to 'C'
from 'CC' and affected lower Tier 2 subordinated debt instruments
to 'D' from 'CCC'.


BANK OF IRELAND: EU to Closely Monitor Possible Duopoly with AIB
----------------------------------------------------------------
Aoife White at Bloomberg News reports that Joaquin Almunia, the
EU's competition commissioner, said Bank of Ireland Plc and Allied
Irish Banks Plc will require "close surveillance" from European
Union authorities because they will control Irish banking.

The "duopoly may hamper competition in Ireland's banking market,"
Bloomberg quotes Mr. Almunia as saying in a speech in Dublin on
Friday.

According to Bloomberg, Mr. Alumnia said Anglo Irish Bank Corp.
and Irish Nationwide Building Society will win EU approval for
Irish government state aid "by the end of this month."

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 June 17,
2011, Standard & Poor's Ratings Services lowered its ratings on
the affected Tier 1 and Tier 2 hybrid debt instruments issued by
Bank of Ireland (BOI; BB+/Watch Neg/B) and subsidiaries to 'C'
from 'CC' and affected lower Tier 2 subordinated debt instruments
to 'D' from 'CCC'.


START V CLO: Moody's Raises Rating on US$45MM CLO Notes From 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of two classes
of notes co-issued by Start V CLO Limited and Start V CLO LLC. The
notes affected by the rating actions are:

   -- US$20,000,000 Class A Credit-Linked Floating Rate Notes,
      Upgraded to A1 (sf); previously on Jul 14, 2008 Definitive
      Rating Assigned Baa1 (sf)

   -- US$25,000,000 Class B Credit-Linked Floating Rate Notes,
      Upgraded to A3 (sf); previously on Jul 14, 2008 Definitive
      Rating Assigned Ba1 (sf)

Ratings Rationale

Moody's said the rating actions are the result of the amortization
of the underlying reference portfolio leading to an enhanced level
of subordination for the rated tranches, coupled with the
satisfactory performance of the portfolio.

The transaction, which closed in 2008, is a synthetic Balance
Sheet CDO referencing a pool of bank originated corporate loans
whose obligors are primarily domiciled in Asia Pacific. Standard
Chartered Bank (SCB) is the sponsor of this transaction.

As of April 30, 2011, the reference portfolio amortized from its
initial size of US$1.0 billion to US$0.85 billion (or 85% of the
initial portfolio size) following the expiry of the replenishment
period in January 2011. Credit events had occurred on US$1.5
million equivalent (or 0.15% of the initial portfolio size) of
reference obligations involving 3 obligors.

The credit quality of the performing pool of reference obligations
has slightly improved, as evidenced by the decrease in WARF from
1,403 (April 2010) to 1,154 (April 2011) according to monthly
transaction reports.

The transaction has seven months remaining until its scheduled
maturity date in January 2012 and one year and seven months
remaining until its final maturity date in January 2013.

For the majority of the underlying referenced assets in the
portfolio, the equivalent Moody's ratings used in Moody's analysis
are obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale. In May
2011, Moody's carried out an update of the rating mapping. The
prior update of the mapping was done in 2007.

To determine the rating levels, Moody's also considered various
recovery scenarios where recovery rates were haircut by 50% to
100%. Market quotations will be obtained for defaulted obligations
in case the work-out process cannot be completed prior to the
work-out cut-off date (60 days prior to the final maturity date).
Given the short period until final maturity, recovery can be
subject to the availability of quotes on the defaulted bank loans.
The unavailability of firm quotes may lead to zero recovery.

Moody's also noted that an additional expected loss is added to
account for the collateral risk. Since closing, the proceeds of
the notes have been held in cash deposits in the principal
collection account at SCB (Long Term Rating: A1, Short Term
Rating: P-1).

Except as detailed above for the sensitivity runs, standard asset
default probabilities and recovery rates were used in Moody's
model.

The principal methodology used in the rating was "Moody's Approach
to Rating Corporate Collateralized Synthetic Obligations" rating
methodology published in September 2009. The secondary methodology
used in rating this bank balance-sheet CLO was "Moody's Mapping
Methodology for Bank Balance-Sheet CLOs", published in January
2011.

Under the principal methodology, Moody's relies on a simulation
based framework, implemented via CDOROM2.8TM, to generate default
and recovery scenarios for each asset in the portfolio and
computes the associated loss to each tranche in the structure.

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.


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


CVS SPA: Italian Court Approves Sale of CVS Assets to Manitex
-------------------------------------------------------------
Manitex International, Inc., announced that its Italian
subsidiary, CVS Ferrari srl, had received Italian Court approval
to acquire certain assets of CVS SpA under the Italian bankruptcy
law.  The acquisition cost of acquired assets and the assumption
of certain miscellaneous liabilities totals $5.1 million payable
in installments over a three-year period without interest. Final
documentation and completion of the purchase is anticipated to be
completed in the coming weeks and will mark another important step
in the Company's global expansion plans into attractive
international markets.

Since July 2010, Manitex International, through its subsidiary CVS
Ferrari srl, has been utilizing certain assets of CVS SpA in
Liquidation under a rental agreement approved through the Italian
bankruptcy process, Concordato Preventivo.  Recently, the Court
responsible for the liquidation of the CVS SpA assets approved the
final liquidation plan for CVS SpA, which includes the purchase by
Manitex International's subsidiary, CVS Ferrari srl, of drawings,
designs and certain manufacturing assets for approximately
$4.4 million. Additionally, CVS Ferrari srl assumed certain
miscellaneous liabilities of approximately $0.75 million
associated with the transaction for a total consideration of
$5.1 million payable, without interest, over a three-year period.
No other historical liabilities of CVS SpA, such as debt,
contracts or employee liabilities are being assumed and CVS
Ferrari srl intends to continue to operate in Cadeo, Italy.

Chairman and CEO of Manitex International, Inc. David Langevin
commented, "We are very pleased to be finalizing this transaction
which will allow us to consolidate and grow our position in the
global container handling market. The CVS Ferrari name and product
design have a long standing and respected history, and we are
excited to continue investing in and supporting its future growth
within the Manitex group. From the start, our container handling
equipment business has been a profitable contributor to the group,
and with the transition from renting, to the acquisition of the
CVS product line, our commercial efforts will be significantly
enhanced and ensure that our customers have increased confidence
in our product offering.  In addition, I anticipate that this will
provide enhanced growth opportunities for Manitex International on
a global scale."


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


EURASIAN NATURAL: S&P Puts 'BB+' Long-term CCR on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed the 'BB+' long-term
corporate credit rating on Kazakhstan-based mining group Eurasian
Natural Resources Corporation PLC on CreditWatch with negative
implications. "At the same time, we affirmed the 'B' short-term
rating on ENRC," S&P said.

"The CreditWatch placement reflects our concerns about what we
view as major governance issues at ENRC, including the
shareholders' recent decision to vote to remove two independent
directors from the board, the departure of the Group Counsel &
Company Secretary, and the Chairman of the Board's decision to
launch a review of corporate governance in the company. One of the
founding shareholders, Mr. Alexander Machkevitch, has subsequently
explained the decision to change the board's composition, citing
the need to create a board that will exercise strong central
control. We note that since the two representatives of ENRC's
largest shareholders stood down from the board at the same time,
independent directors still comprise half of the board, which
is compliant with the U.K. corporate governance code," S&P stated.

The CreditWatch status also takes into account:

    "Our view of the increased unpredictability of ENRC's
    strategic direction and financial policies given the changes
    in the board structure and composition," S&P said.

    The delayed communication from the company and shareholders on
    the reasons for the decision to change the board's
    composition, which S&P regards as lacking transparency.

    The potential negative impact on ENRC's operations because the
    corporate governance uncertainties could lead the board and
    top management to shift their focus away from overseeing the
    company's activities. The risk is exacerbated by the fact that
    the company has still not appointed a replacement for CEO
    Felix Vulis who is leaving the company.

    "Our opinion that the current conditions at ENRC will likely
    negatively affect its access to financing, which may in turn
    squeeze liquidity given the company's in our view ambitious
    capital expenditure program," S&P said.

The rating continues to derive support from ENRC's currently low
leverage, with a ratio of adjusted debt to EBITDA of 0.2x on Dec.
31, 2010; the currently favorable market conditions, and ENRC's
business risk profile, which we assess as fair. "Constraining
rating factors include the substantial capital expenditure program
that in our opinion is likely to lead to negative free cash flow
generation and increased debt in the next several years, inherent
commodity price and exchange rate volatility, the capital
intensity of ENRC's business, and its limited diversity in our
view. We also note ongoing litigation between ENRC's indirectly
held subsidiary and First Quantum Minerals Limited regarding the
permit to exploit the Kolwezi tailings site in the Democratic
Republic of Congo," S&P said.

"The CreditWatch placement reflects our concern about the checks
and balances at the current board of directors and its ability to
efficiently oversee the management of ENRC, and the future
composition of the board. In addition, we believe that ENRC's
liquidity could weaken if the company continues its substantial
investment program without securing long-term financing. Access to
financing may be limited, in our view, if the company's governance
issues continue for a prolonged period," S&P said.

"We expect to resolve the CreditWatch in the next three months or
so after we meet with the chairman of the board and
representatives of the largest shareholders to better understand
the reasons behind the recent board changes as well as any
potential shifts in strategy and financial policy. The resolution
is also pending the election of the new board," S&P said.


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


* Moody's Reviews Ratings of Portuguese Banks' Brazilian Units
---------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the ratings of BES Investimento do Brasil S.A. (BESI
Brasil), Banif - Banco Internacional do Funchal (Brasil), S.A.
(Banif Brasil) and Banif Banco de Investimento (Brasil) S.A.
(Banif Investimento). The rating actions follow the review for
downgrade of the standalone credit assessments (Bank Financial
Strength Ratings, or BFSR) of Banco Espirito Santo S.A. and of
Banif - Banco Internacional do Funchal, SA's (Banif Portugal).

These ratings were placed on review for downgrade:

  BES Investimento do Brasil S.A.:

  Bank financial strength rating: D+

  Long-term global local-currency deposit rating: Ba1

  Long-term foreign-currency deposit rating: Ba1

  Long-term foreign-currency senior unsecured debt rating: Ba1

  Long-term Brazilian national scale deposit rating: Aa2.br

  Banif - Banco Internacional do Funchal (Brasil) S.A.:

  Bank financial strength rating: E+

  Long-term global local-currency deposit rating: B1

  Long-term foreign-currency deposit rating: B1

  Long-term Brazilian national scale deposit rating: Baa1.br

  Banif Banco de Investimento (Brasil) S.A.:

  Bank financial strength rating: E+

  Long-term global local-currency deposit rating: B1

  Long-term foreign-currency deposit rating: B1

  Long-term Brazilian national scale deposit rating: Baa1.br

Rating Rationale

According to Moody's, the review for downgrade will assess the
implications of a potential downgrade of Banco Espirito Santo's
and Banif Portugal's standalone credit assessment to their
subsidiaries in Brazil, particularly in respect to their funding
dynamics and to the performance of recurring earnings. Moody's
will also observe the possibility of a decline in business volume
and revenues generation given the existing synergies between the
operations of the parents and their subsidiaries.

Moody's last rating action on BESI Brasil was on April 8, 2011,
when Moody's downgraded the global local-currency deposit ratings
and foreign-currency senior unsecured debt ratings of BESI Brasil
to Ba1 and Not Prime, from Baa2 and P-3. Moody's also downgraded
the foreign-currency deposit ratings to Ba1 and Not Prime from
Baa3 and P-3; and the long-term Brazilian national scale deposit
rating to Aa2.br from Aaa.br. The bank financial strength rating
(BFSR) of D+ and the short-term Brazilian national scale rating of
BR-1 were both confirmed.

Moody's last rating action on both Banif Brasil and Banif
Investimento took place on November 3, 2010, when Moody's
downgraded the bank financial strength ratings of both banks to E+
from D-, their long-term global local-currency and foreign-
currency deposit ratings to B1 from Ba3, and their Brazilian
national scale deposit ratings to Baa1.br and BR-2 from A2.br and
BR-1. The short-term global local-currency and foreign-currency
deposit ratings of Not Prime were not affected by the rating
action.

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

Moody's National Scale Ratings are intended as relative measures
of creditworthiness among debt issues and issuers within a
country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".br" for Brazil. For further information on Moody's approach to
national scale ratings, please refer to Moody's Rating
Implementation Guidance published in August 2010 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings."

BES Investimento do Brasil S.A is headquartered in Sao Paulo,
Brazil. In March 2011, the bank had total assets of approximately
R$7.4 billion (US$4.7 billion) and equity of R$480 million (US$304
million).

Banif - Banco Internacional do Funchal (Brasil) S.A. is
headquartered in Sao Paulo, Brazil. As of December 2010, the bank
had total assets of approximately R$2.0 billion (US$1.2 billion)
and equity of R$177 million (US$106 million).

Banif Banco de Investimento (Brasil) S.A. is headquartered in Sao
Paulo, Brazil. As of December 2010, the bank had total assets of
approximately R$855 million (US$515 million) and equity of R$112
million (US$67 million).


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


ACRON JSC: Moody's Assigns Definitive 'B1' Rating to RUR7.5BB Bond
------------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 senior
unsecured bond rating and LGD-4 to the RUR7.5 billion
(approximately US$264 million) 7.95% bond issued by JSC ACRON. The
final terms of the bond are in line with the drafts reviewed for
the provisional (P)B1 instrument rating assignment.

Ratings Rationale

Moody's definitive rating on this debt obligation is in line with
the provisional rating assigned on May 26, 2011. Moody's rating
rationale was set out in a press release issued on that date.

The principal methodology used in rating JSC Acron was the Global
Chemical Industry Methodology, published December 2009. Other
methodologies used include Loss Given Default for Speculative
Grade Issuers in the US, Canada, and EMEA, published June 2009.

Based in Russia, Acron is the operating and holding company of a
group of chemical companies engaged in the manufacture and sale of
mineral fertilisers. In 2010, Acron reported revenues of RUB46.7
billion and EBITDA of RUB10.3 billion.


B&N BANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based B&N Bank (B&N) to positive from stable. The Russia national
scale rating was raised to 'ruBBB+' from 'ruBBB-'. "At the same
time, we affirmed the long-term 'B-' and short-term 'C'
counterparty credit ratings," S&P said.

The outlook revision reflects the improving operating environment
in Russia and the bank's positive development trends, with
improving, albeit still vulnerable, financial profile. At the same
time, the ratings remain constrained by B&N's high concentration
in commercial real estate and its relatively low ratio of capital
to risk assets.

The ratings reflect B&N's stand-alone credit profile and do not
include any uplift for extraordinary government or shareholder
support. Russian businessman Mikail Shishkhanov owns 97.08% of the
bank.

The positive outlook reflects the improving operating environment
in Russia and potential improvements in the bank's weak earnings
and capital. "We expect profitability to improve gradually, due to
increasing business volumes and reducing funding costs. The owner
plans another US$50 million capital injection in early 2012 to
support loan growth," S&P said.

Factors that would lead to a positive rating action are:

   -- A sustainable improvement in profitability, measured as a
      demonstrated preprovision capacity to support the average
      cost of risk through the cycle;

   -- Capacity to maintain adequate capitalization in line with
      further asset growth; and

   -- Reduction of single-name and real estate concentrations.

"We would lower the ratings or revise outlook to stable if B&N's
asset quality deteriorates, or if capitalization does not keep
pace with future loan growth, or in case of a substantial
liquidity shortage," S&P said.


NOVOLIPETSK STEEL: Moody's Upgrades Rating to 'Baa3' From 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has upgraded OJSC NLMK to Baa3 from Ba1
and converted the group's corporate family rating and probability
of default rating into a long-term issuer rating. The outlook on
the rating remains stable. The conversion of the rating into a
long-term issuer rating is in line with the rating agency's
practice for investment-grade issuers.

Ratings Rationale

The rating action reflects that NLMK has proved resilient to
recently seen adverse market conditions, with its EBIT margin
above 14.5% at the bottom of the cycle," says Larissa Loznova, a
Moody's Vice President-Senior Analyst and lead analyst for NLMK.
"At the same time, the Group's leverage remained at 2.1x (one of
the lowest among its peers) as a result of its historically
conservative financial policy," adds Ms. Loznova.

Furthermore, the rating action reflects that NLMK exhibited an
improved operating performance and credit metrics during 2010.
NLMK's 2010 audited financial results and Q1 2011 performance
indicate improved profitability, with an EBIT margin of 22.3% (FY
2010), which allowed the Group to further reduce leverage,
measured as debt/EBITDA, to 1.3x by the end of 2010.

Moody's expects that the Group will maintain one of the most
competitive production costs globally, benefiting from its
efficient vertical integration into iron ore, coke and scrap. The
Group is on track with the improvement of its vertical integration
developing coking coal mines and iron ore facilities to increase
coal self-sufficiency for key grades up to 100% in the mid-term.

Moody's notes that, although margin-dilutive, NLMK's acquisition
of rolling assets of SIF S.A., its joint venture (JV) with Duferco
Group, will be supportive of the former's earnings quality and the
stability of its operations. In the rating agency's view, the
purchase of the remaining shares in the Duferco JV in order to
consolidate the JV's assets in the US and Europe will enhance
NLMK's business profile, providing the Group with (i) better
operational diversity; and (ii) additional rolling capacity to
create a captive demand for increased steel volumes, which will be
coming on stream in 2011 as a result of the commissioning of a new
blast furnace in Lipetsk. By acquiring these assets, NLMK has had
to assume additional debt of approximately US$1 billion. However,
Moody's believes that NLMK's leverage is unlikely to rise above
1.1x-1.2x in 2011, given the group's strong cash flow generation
capability and currently low debt load.

Moody's would consider upgrading NLMK's ratings if the Group were
to continue to build its track record of profitable operations and
a conservative financial profile, with:(i) a gross debt/EBITDA
ratio maintained below 1.5x on a sustainable basis; (ii) free cash
flow of more than US$500 million; and (iii) an EBIT margin of
around 20%. To consider an upgrade, Moody's will also need to
remain comfortable that NLMK's prospective management of its
liquidity profile remained prudent.

The ratings or outlook could come under downward pressure if the
group's gross debt/EBITDA ratio were to trend towards 2.0x or if
its liquidity were to contract materially.

Principal Methodology

The principal methodology used in rating Novolipetsk Steel OJSC
was the Global Steel Industry Methodology, published January 2009.

OJSC NLMK is one of Russia's largest vertically integrated steel
companies both by volume and asset size. The core assets of the
group are located in the central Russian city of Lipetsk, near the
Kursk Magnetic Anomaly, the largest iron ore basin in Europe,
which contains two-thirds of all Russia's iron ore reserves.
NLMK's key assets include an integrated steel plant in the
European part of Russia, an iron ore mine, two coal deposits and a
coke-chemical production facility, two mini-mills in the Urals
region of Russia, rolling facilities in Russia and in Western
Europe and a mini-mill in the USA.

For the financial year 2010, NLMK: (i) produced 11.5 million
tonnes of crude steel (representing a 9% increase year-on-year (y-
o-y)); (ii) generated US$8.35 billion in revenue (a 36% increase
y-o-y); and (iii) reported US$2.35 billion in EBITDA (a 63%
increase y-o-y).

NLMK is beneficially owned by its majority shareholder,
Vladimir Lisin, Chairman of the Board of Directors, who, following
an initial public offering in 2005, controls 84% of the group's
shares. NLMK's shares are traded in Russia on MICEX and RTS, and
its global depository receipts on the London Stock Exchange.


WIMM-BILL-DANN: S&P Affirms 'BB+' Long-term Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit and 'ruAA+' Russia national scale ratings on
Russia's largest dairy and fruit juice producer Wimm-Bill-Dann
Foods OJSC and its bond.

"We have withdrawn the ratings at Wimm-Bill-Dann's request. The
outlook was positive at the time of withdrawal, indicating
potential credit upside stemming from operating synergies and
positive funding developments at Wimm-Bill-Dann under the new
ownership by PepsiCo Inc. (A/Stable/A-1)," S&P said.

"We note that since PepsiCo's acquisition of Wimm-Bill-Dann,
public information flow regarding Wimm-Bill-Dann's financial
performance has diminished materially. Nevertheless, we were able
to affirm the ratings based on stable industry and competitive
conditions, the short time since the last report, and an update by
Wimm-Bill-Dann's management on debt financing actions taken since
PepsiCo's takeover," S&P added.


=============
R O M A N I A
=============


CITY MALL: Sale Auction Set for June 30, Starting Price at EUR20MM
------------------------------------------------------------------
According to ziarul Financiar's Florentina Dragu, liquidator
Transilvania Insolvency House on Friday said that City Mall will
be put up for auction for the fifth time on June 30 at a starting
price of EUR20.96 million.  This is down from around EUR24 million
starting price at the previous sale attempt, ZF notes.


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


FINANCIACION BANESTO: S&P Lowers Rating on Class C Notes to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Financiacion Banesto 1,
Fondo de Titulizacion de Activos' class B and C notes.
"At the same time, we affirmed and removed from CreditWatch
negative our rating on the class A notes," S&P said.

"We have taken the rating actions in light of the significant
performance deterioration we have observed in recent months,
including rising cumulative defaults, which now exceed our
expectations," S&P said.

"On March 4, 2011, we placed on CreditWatch negative our ratings
on all the notes in Financiacion Banesto 1 following our
preliminary credit analysis," S&P noted.

"Due to a rapid increase in defaults, in our view, there is
insufficient performing collateral available to fully repay the
principal amount outstanding for all the rated notes. Although the
level of credit enhancement provided by the performing balance is
positive for the class A and B notes, it is zero for the class C
notes, which are undercollateralized," according to S&P.

While the level of delinquencies is stabilizing, there has been an
increase in the level of defaulted assets, indicating that the
delinquencies are tending to roll into defaults.

As of the most recent payment date in April 2011, the reported
ratio of cumulative defaults (loans being delinquent for more than
12 months) represented 4.77% over the original portfolio balance
securitized at closing.

"Although the increase in the level of cumulative defaults hasn't
reached the most junior class' interest deferral trigger (set at
7%), we have observed a weakening of the structural features," S&P
said.

The transaction is highly seasoned with a pool factor of 16%. The
paydown of the assets has meant a high level of note amortization,
which has in turn resulted in the level of credit enhancement
rising for the class A and B notes. This support has been
weakened, however, by the full depletion of the transaction's
reserve fund since January 2010. Also, from January 2010, the
transaction has been exposed to class C principal deficiencies.
The rising defaults in the transaction mean that the transaction
would need a higher level of credit enhancement to continue to
support the ratings on the class B and C notes.

"In our projections, in some scenarios we anticipate that current
levels of undercollateralization would likely increase because of
the issuer drawing principal to fund interest. As a consequence,
we have lowered our rating on the class C notes to 'B (sf)' from
'BB (sf)/Watch Neg'," S&P stated.

"Based on the current weakened level of support and the rising
cumulative defaults, we have also lowered our rating on the class
B notes to 'BB (sf)' from 'BBB+ (sf)/Watch Neg'. We have lowered
it to this level because we consider that this class of notes has
insufficient credit enhancement to support a 'BBB+ (sf)' rating
but we believe that it is not vulnerable to nonpayment of interest
in the short term," S&P said.

"Our cash flow analysis indicates that a 'AA (sf)' rating is
appropriate for the class A notes. Therefore, we have affirmed and
removed from CreditWatch negative our rating on this class of
notes," S&P stated.

Financiacion Banesto 1 is an asset-backed securities transaction
securitizing Spanish consumer loans originated by Banco Espanol de
Credito S.A. The transaction documents intended for it to revolve
for two years from the closing date in June 2007 but the
replenishment period stopped early due to a delinquency trigger
breach.

Ratings List

Class                 Rating
           To                        From

Financiacion Banesto 1, Fondo de Titulizacion de Activos
EUR800 Million Asset-Backed Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

B          BB (sf)                   BBB+ (sf)/Watch Neg
C          B (sf)                    BB (sf)/Watch Neg

Rating Affirmed and Removed From CreditWatch Negative

A          AA (sf)                   AA (sf)/Watch Neg


MBS BANCAJA 3: Moody's Cuts Rating on Class E Certificate to 'C'
----------------------------------------------------------------
Moody's Investors Service has downgraded all ratings of all the
notes issued by MBS Bancaja 3 FTA.

The ratings of the notes were placed on review for possible
downgrade in February 2011 due to the worse than expected
performance of the collateral.

Ratings Rationale

The rating action concludes the review and takes into
consideration the worse-than-expected performance of the
collateral. It also reflects Moody's negative sector outlook for
Spanish RMBS and the weakening of the macro-economic environment
in Spain, including high unemployment rates.

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pools, from which Moody's determined
the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and the lifetime
losses (expected loss), as well as the transaction structure and
any legal considerations as assessed in Moody's cash flow
analysis. The expected loss and the Milan Aaa CE are the two key
parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.

Portfolio Expected Loss:

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date, as well as the current
macroeconomic environment in Spain. In January 2011, cumulative
write-offs rose to 1.31% of the original pool balance. The share
of 90+ day arrears stood at 1.61% of current pool balance. Moody's
expects the portfolio credit performance to be under stress, as
Spanish unemployment remains elevated. The rating agency believes
that the anticipated tightening of Spanish fiscal policies is
likely to weigh on the recovery in the Spanish labour market and
constrain future Spanish households finances. Moody's also has
concerns over the timing and degree of future recoveries in a
weaker Spanish housing market. On the basis of Moody's negative
sector outlook for Spanish RMBS, the rating agency has updated the
portfolio expected loss assumption to 1.65% of original pool
balance up from 0.55%.

MILAN Aaa CE:

Moody's has assessed the loan-by-loan information to determine the
MILAN Aaa CE. Moody's has increased its MILAN Aaa CE assumptions
for 10.5%, up from 4.36% at closing. The increase in the MILAN Aaa
CE reflects the exposure to broker origination (17%), non Spanish
nationals (14.19%) and the concentration in coastal areas and
second homes. In addition, 7.35% of the portfolio corresponds to
commercial properties. Credit enhancement under the Class A
(including subordination and reserve fund) is 10.60%.

Operational Risk:

Bankia (NR) is the servicer in this transaction. With effect from
May 23, 2011, Bancaja's (Baa1/P-2 on review for possible
downgrade) banking business was transferred to Bankia (NR). As
indicated in the special comment "Key Drivers of Moody's Rating
Actions on Spanish Banks" published on 24th March 2011, the
ratings of the banks currently involved in consolidation projects
remain on review until the rating of the new group is concluded.
The operational risk is not a driver of the rating action on the
notes. However, if Moody's concludes on a rating for Bankia in
Baa3/Ba range this would likely impact the ratings of the senior
notes as described in Rating Implementation Guidance "Moody's
Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk" published on
March 2nd and available on www.moody's.com"

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and principal with
respect of the notes by the legal final maturity. Moody's ratings
only address the credit risk associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

TRANSACTION FEATURES

MBS Bancaja 3 closed in June 2006. The transaction is backed by a
portfolio of first-ranking mortgage loans originated by Bancaja
secured on residential properties located in Spain, for an overall
balance at closing of EUR800 million. The securitized mortgage
portfolio benefits from a relatively low weighted average LTV,
currently about 53%. The pool is fairly exposed to the
Mediterranean coast. 7.35% of the portfolio corresponds to
commercial properties.

Reserve fund: The reserve fund is almost at its target level
(97%). It represents 2.47% of the current outstanding amount of
the A, B, C and D notes.

Commingling: All of the payments under the loans in this pool are
collected by the servicer under a direct debit scheme into the
collection accounts held at Bankia (NR) and then are transferred
to the treasury account held at Banco Santander (Aa2 /P-1) every
two days. Then transfer to Banco Cooperativo (A1/P-1) every three
months.The commingling risk has been taken into account in the
review of the transaction.

Swap: According to the swap agreement entered into between the
Fondo and JP Morgan Chase (Aa3 / P-1), on each payment date:

* The swap counterparty will pay the index reference rate of the
  notes.

* The Fondo will pay a weighted average of the 12-month Euribor
  over the past months for each of the groups, whereby the weights
  are fixed for each month on the closing date.

This payment is aimed at replicating the amount of interest
corresponding to the index reference rates that the Fondo receives
for each of the groups between payment dates. The notional will be
the outstanding amount of the loans included in each of the two
groups excluding all loans with arrears of more than 18 months.

RATING METHODOLOGIES

The principal methodology used in this transaction is Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009. Other methodologies used in rating this
action were Moody's Updated Methodology for Rating Spanish RMBS
published in July 2008, Cash Flow Analysis in EMEA RMBS: Testing
Features with the MARCO Model (Moody's Analyser of Residential
Cash Flows) published in January 2006 and Revising Default/Loss
Assumptions Over the Life of an ABS/RMBS Transaction published in
December 2008.

Moody's also took into account its Rating Implementation Guidance
"Global Structured Finance Operational Risk Guidelines: Moody's
Approach to Analyzing Performance Disruption Risk" published in
April 2011.

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.

LIST OF RATINGS ACTIONS

Issuer: MBS BANCAJA 3 Fondo de Titulizacion de Activos

   -- EUR668M A2 Certificate, Downgraded to Aa1 (sf); previously
      on Feb 8, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR13.2M B Certificate, Downgraded to A3 (sf); previously on
      Feb 8, 2011 Aa2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR11.6M C Certificate, Downgraded to Ba1 (sf); previously
      on Feb 8, 2011 A2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR7.2M D Certificate, Downgraded to B3 (sf); previously on
      Feb 8, 2011 Baa3 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR10M E Certificate, Downgraded to C (sf); previously on
      Feb 8, 2011 Ca (sf) Placed Under Review for Possible
      Downgrade


=====================
S W I T Z E R L A N D
=====================


GLOBAL NATURAL: Faces Delisting From SIX Swiss Exchange
-------------------------------------------------------
The Regulatory Board of SIX Swiss Exchange has decided to delist
the shares of Global Natural Resources Holding AG in liquidation.

The company has not had an auditor since mid-2010.  Furthermore,
bankruptcy proceedings were initiated on April 7, 2011.  The
prerequisites for maintaining a listing in accordance with the
Stock Exchange Act and Listing Rules are thus no longer met.

The final day of trading of the company's bearer shares has been
set as Sept. 16, 2011.  If the company is deleted from the
commercial register before this date, the delisting will take
place upon deletion.  Due to initiated bankruptcy proceedings, the
Regulatory Board considers that an off-Exchange trading cannot be
ensured.  For this reason, the company has been granted an
exemption regarding the obligation to ensure off-Exchange trading
following delisting.

Based in Switzerland, Global Natural Resources Holding AG is a
engaged in the renewable energies sector.  It operates in the
Agricultural Resources segment, which aims to cover the supply
chain in the renewable energies sector, from producing to
utilizing renewable energy sources, from cultivation of the
fields, through power plants to the end user at home.


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


CROWN NEWCO 3: Moody's Assigns 'B3' Rating to GBP17MM Debenture
---------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
various debt instruments issued in January 2011 in the context of
the acquisition of Priory Investment Holdings Limited by private
equity investor Advent International. Priory's rated debt
instruments include a GBP70 million Senior Secured Revolving
Credit Facility (definitive rating of Ba1), GBP631 million worth
of Senior Secured Notes (B1, this instrument was subject to a
GBP206 million TAP issuance in April 2011 to partially finance the
acquisition of Craegmoor Group Limited), as well as GBP175 million
worth of Senior Unsecured Notes (B3). The corporate family rating
assigned to Priory remains unchanged at B1. The outlook on the
ratings is negative.

Ratings Rationale

Moody's definitive rating assignments on the debt obligations are
in line with the provisional ratings assigned as outlined in
Moody's press release dated April 4, 2011, which provides further
details on the rating rationale. The final terms of the notes are
in line with the drafts reviewed for the provisional rating
assignments.

Priory's B1 corporate family rating reflects the company's high
leverage, reflecting the partially debt financed acquisition of
Priory by Advent and the subsequent acquisition of Craegmoor by
Priory as well a significant increase of Priory's sale-and-
leaseback activities in the last financial year, which led to an
increase in the company's adjusted debt figure. However, this is
mitigated by Priory's strong business profile, with market-leading
positions and stable and recurring revenue and cash generation
with regard to the non-discretionary services provided, as well as
the company's strong profitability levels and solid segmental
diversification. The B1 rating assumes that Priory will be able to
improve its credit metrics towards the requirements for the B1
rating category, as exemplified by an adjusted debt/EBITDA ratio
trending towards 5.0x by 2012 (6.8x as per end 2010 pro forma
including Craegmoor). The B1 rating assumes furthermore that (i)
Priory will successfully integrate the acquired Craegmoor business
and achieve targeted synergies within a short period of time, (ii)
the combined group will preserve a sufficient liquidity cushion;
and (iii) the company will not make any further transforming
acquisitions or shareholder distributions.

The negative outlook on Priory's B1 rating reflects the
significant increase in adjusted leverage following the
arrangement of some sale-and-leaseback transactions in the end of
2010. While the acquisition of Craegmoor is expected to be broadly
neutral to Priory's financial risk profile, Moody's notes a
certain level of integration risk inherent in a transaction of
this size, which may pose a challenge to the timely realization of
synergies required to support a reasonably fast pace of
deleveraging.

The GBP70 million senior secured revolving credit facility and the
GBP631 million worth of senior secured notes benefit from pari-
passu ranking guarantees from all material group entities,
representing a minimum of 85% of all the group assets and EBITDA.
While both instruments benefit from a pledge of essentially all
group assets, including Craegmoor's assets, the Ba1 rating
assigned to the revolver (Loss Given Default rating of LGD1, 1%)
is a reflection of the instrument's super seniority in the event
of an enforcement of the collateral, with only the remaining
proceeds to be applied to the senior secured notes (B1, LGD 3,
42%). The B3 (LGD6, 91%) rating on the GBP175 million worth of
senior unsecured notes reflects their junior ranking behind a
sizable amount of Priory's secured debt and the subordinated
nature of the guarantees in place.

Assignments:

   Issuer: Crown NewCo 3

   -- GBP70M Senior Secured Bank Credit Facility, Assigned Ba1

   -- GBP631M 7% Senior Secured Regular Bond/Debenture Feb 15,
      2018, Assigned B1

   -- GBP175M 8.875% Senior Unsecured Regular Bond/Debenture Feb
      15, 2019, Assigned B3

A positive rating action is currently unlikely. An upgrade would
require a sustained period of maintaining profitability and cash
flow generation at a high level, with a subsequent reduction in
leverage, such that Priory's adjusted debt/EBITDA ratio improves
to below 4.5x.

Negative pressure could be exerted on the rating in the event of
(i) Priory failing to improve its debt/EBITDA ratio to well below
6.0x over the next several quarters; or (ii) increasing margin
pressure resulting from changes in the UK regulatory healthcare
framework or competitors offering aggressive rates.

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

Priory is the largest independent provider of high-acuity mental
health care, specialist care and education services in the UK,
offering a broad range of services in the field of acute
psychiatry, secure, long-term rehabilitation and specialist
education markets. Priory revenues amounted to GBP300 million in
2010 (excluding approximately GBP160 million of revenues from
Craegmoor).


ECOAT FINISH: Expects to Call in Liquidators
--------------------------------------------
Adam Hooker at PrintWeek reports that Ecoat Finish, formerly known
as Best Cover UV, is on the verge of liquidation, with director
Darren Crake set to walk away from the industry.

A meeting of creditors has been called for June 27, at which a
liquidator is expected to be appointed to the company.

Mr. Crake had earlier told PrintWeek he was nearing his print
exit, although at that time, he denied his company would close.

According to PrintWeek, Ecoat's flagship machine, a Heidelberg CD
102, has been sold by the finance company to local finisher Alpha
Media Solutions.  Managing director Ian Whitfield told PrintWeek
that the machine was in the process of being relocated.

In April 2010, PrintWeek recounts, both Best Cover UV and Best
Cover (Bristol) were bought out of administration by Mr. Crake,
through new company Best Cover UK.


FE PEACOCK: Goes Into Administration, Axes 37 Jobs
--------------------------------------------------
theconstructionindex.co.uk reports that FE Peacock Construction
has gone into administration with all but two of the 39 employees
have been made redundant and the business is being wound up.

Administrator Adrian Allen, partner at Baker Tilly Restructuring
and Recovery LLP, said that there was insufficient ongoing work to
maintain the viability of the business, according to
theconstructionindex.co.uk.  In addition, the report cites,
margins had diminished as a result of a combination of the
recession and government spending cuts.

"Due to lack of work the business has ceased to trade.  We are
making every effort where we can to assist the workforce affected
and creditors involved," theconstructionindex.co.uk quoted Mr.
Allen as saying.

It is understood that some sites may be transferring to other
Larkfleet operations.

Bourne-based FE Peacock, established in 1991, is a house builder
company whose clients include Northern Lights Group, Quantum
Consortium, Sanctuary Group, Circle Anglia, Metropolitan Housing
Partnership and Cross Keys Homes as well as local authorities.


FOCUS (DIY): Retford Branch to Close Store, Sells All Stocks
------------------------------------------------------------
Guardian News reports that the Focus (DIY) store in Retford will
close its doors for good on Sunday, June 19, 2011.  The store on
Moorgate opened seven years ago but is closing after the company
went into administration, according to Guardian News.

As the store gets closer to its closing date, the discounts will
increase and will reach 70% off on some products, Guardian New
discloses.  The report relates that it may close its doors early
if all the stock is sold.

The Retford store is one of 10 stores closing around the UK.
Other stores will continue trading until further notice.

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.  According to a
separate TCR-EUR report on May 27, 2011, The Independent related
that 3,000 jobs are set to be lost after administrators failed to
find a buyer for the chain.  Guardian noted that Liverpool
discount retail chain B&M Bargains has acquired 11 stores from
joint administrators for an undisclosed sum, safeguarding more
than 200 jobs in the process.  The report said that B&Q owner
Kingfisher bought 31 outlets for GBP23 million; while builders'
merchant Travis Perkins, the owner of home improvement business
Wickes, bought 13 properties for GBP8.4 million.  However, The
Independent disclosed that administrators said it has not been
possible to find a buyer for the Focus DIY group as a whole.

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.


GARVEY GROUP: Enters Into Temporary Administration
--------------------------------------------------
Gabriel Savage at The Drinks Business reports that the Garvey
Group has sent out a statement declaring it is "business as
usual", following a report earlier this week by the drinks
business that its parent company, the Nueva Rumasa Group had gone
into administration.

The group clarified its present situation, saying: "Despite the
Garvey Group's turnover increasing by over 30% last year, the
company has had recourse to enter into temporary administration in
order to safeguard the interests of its employees, investors and
creditors, in order to ensure the future commercial viability of
its wineries," according to The Drinks Business.

The Drinks Business says that despite the criminal fraud
investigation launched against Nueva Rumasa's owners, the Ruiz-
Mateos family, Mr. Garvey continued: "In view of the excellent
sales figures over recent years the administrator presiding over
proceedings has granted the Ruiz-Mateos family legal authority to
continue managing all of their wineries."

In particular, the company was at pains to emphasis its security
in export markets, remarking that its "encouraging sales results,
in the midst of a global recession, are due in large part to the
program of international expansion undertaken by the Garvey Group
during the last three years, The Drinks Business says.

The group also denied that any firm decisions had been taken
regarding job losses, asserting: "The Garvey Group has secure,
healthy assets as well as sufficient resources to move out of
temporary administration, thereby guaranteeing the future
viability of the company, The Drinks Business notes.

"The feasibility plan presented to the administrators includes a
provision for a reduction in staff, whose numbers are currently in
excess of present requirements.  To date, no agreement has been
reached on staff reductions," the Group added.


MILLAR SAVOURY: Goes Into Administration, 36 Jobs at Risk
---------------------------------------------------------
meatinfo.co.uk reports that Millar Savoury Foods has gone into
administration, blaming an inability to pass rising costs on to
supermarket customers.

Administrator Ronan Duffy of McCambridge Duffy has been called in
to "actively pursue options to sell the business as a whole,"
according to meatinfo.co.uk.  Mr. Duffy confirmed that 36
employees' jobs are now at risk.

"While it is early days in my investigation, a significant factor
contributing to the company's insolvency is how fiercely
competitive the food sector is.  The company appears to have been
unable to pass on commodity price increases to its customers, the
supermarket multiples," the report quoted Mr. Duffy as saying.

The company is understood to have debts of about GBP500,000,
according to meatinfo.co.uk.

Millar Savoury Foods is a Northern Irish pie and burger supplier.
The family-run Londonderry company supplies Asda, Tesco and
Sainsbury's, as well as foodservice across the UK and Republic of
Irealand.


MOREGLAM: Goes Into Administration, Owes GBP4 Million
-----------------------------------------------------
This is Leicestershire reports that Moreglam went into
administration after suffering financial problems following a
slump in orders.

Administrators blamed the downturn on the high street and the loss
of a number of contracts in recent weeks, according to This is
Leicestershire.  This is Leicestershire relates 70 workers were
made redundant on Monday, with the remaining nine staff set to
lose their jobs shortly.

"We had to take the difficult decision to make 70 members of staff
redundant.  Nine staff members have been retained to assist as we
explore the options to achieve the best possible outcome for
creditors from selling the stock.  The conditions remain
challenging for both retailers and their suppliers," the report
quoted joint administrator Jeremy Birch, a partner at accountancy
firm Grant Thornton, as saying.

Mr. Birch said the company owed GBP4 million to its banks, the
report notes.

Headquartered in New Humberstone, Leicester, Moreglam is a women's
clothing manufacturer.


PHOENIX CHEMICALS: Bakhu Pharma Buys Plant Out of Administration
----------------------------------------------------------------
BBC News reports that Bakhu Pharma has confirmed it has concluded
a "last minute rescue" of a Scottish chemicals plant that went
into administration earlier this year.

Bakhu Pharma said it had bought the former Phoenix Chemicals site
at Newbie with funding from the UK and Singapore, according to BBC
news.  The report relates that they will become the third owners
of the factory in the past three years.

Bakhu Pharma is currently recruiting staff and said it hoped that
employee numbers on the site would reach 50 within the next 12
months, BBC news notes.

The report says that the deal is another twist in a troubled three
years for the south of Scotland plant.  In October 2008, BBC News
recalls, Indian-owned Shasun Pharma announced plans to close the
facility as it was "no longer viable".  BBC News relates that a
year later Merseyside-based Phoenix Chemicals bought the plant
with the help of a Scottish government grant of GBP400,000.

However, that business went into administration in January this
year, BBC News says.  Now the site near Annan, originally
commissioned by Glaxo back in 1980, is to be brought back into
operation, BBC News discloses.

BBC News relates that new owners Bakhu Pharma are headed by Chief
Executive Officer Colin Leece, who occupied the same role with
Phoenix Chemicals, and Lee Proctor, who was a director with the
Wirral-based firm.  "This was a last-minute rescue plan that was
put together very quickly," BBC News quoted Mr. Leece as saying.


WESTMINSTER MORTGAGES: FSA Cancels Permit Due to Unpaid Fees
------------------------------------------------------------
FTAdviser.com reports that the Financial Services Authority has
issued Westminster Mortgages Limited a final notice banning it
from carrying on regulated activities after the firm failed to pay
FSA fees.

According to FTAdviser.com, the firm, now in liquidation, failed
to pay fees and levies of GBP1,581.57 to the regulator and did not
respond "adequately" to the FSA's repeated requests that it do so.

Westminster did not refer the matter to the Upper Tribunal and has
therefore been issued with a final notice cancelling its part IV
permission, FTAdviser.com says.

"This failing, which is significant in the context of
Westminster's suitability, led the FSA to conclude that it is not
conducting its business soundly and prudently and in compliance
with proper standards," the FSA said in its final notice,
according to FTAdviser.com.

Westminster Mortgages Ltd is a Surrey-based mortgage broker.


WF ALDRIDGE: Goes Into Administration, Sold to Blue Printing
------------------------------------------------------------
Adam Hooker at PrintWeek reports that WF Aldridge & Co, which
traded as Aldridge Print Group, has gone into administration and
been sold to the Blue Printing Company in a pre-pack deal.

David Dunckley and David Riley of insolvency practitioner Grant
Thornton were appointed to the Mitcham-based company on June 15,
before being sold the following day, according to PrintWeek.

"It was decided the best way forward was to sell WF Aldridge & Co
in a pre-packaged administration deal to ensure continuity of
trade," PrintWeek quoted Mr. Riley as saying.

PrintWeek notes that a total of 33 employees moved across to Blue,
but 11 have been made redundant.  The facility will continue to
operate as part of Blue.

Aldridge Managing Director Robert Aldridge said the company came
into financial difficulties during 2011 when its insurance company
refused to pay out when it's 10-colour B1 press went down, taking
out 65% of its capacity, PrintWeek notes.

"We went to see a specialist and it was concluded that it would be
very difficult to prove anything and it would take years to
conclude.  The prior year was not brilliant, we lost some
government contracts but we were winning work back. Unfortunately
because of the insurance issue we ran out of puff.  I regret the
debt that has been left in the market.  In a very difficult
situation I have tried to be as straight as possible but in the
end it became impossible," Mr. Aldridge said, the report notes.


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


* BOND PRICING: For the Week June 13 to June 17, 2011
-----------------------------------------------------

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

AUSTRIA
-------
A-TEC INDUSTRIES      8.750  10/27/2014      EUR      31.80
IMMOFINANZ            4.250    3/8/2018      EUR       4.08
OESTER VOLKSBK        5.270    2/8/2027      EUR      72.39
OESTER VOLKSBK        4.900   8/18/2025      EUR      62.00
OESTER VOLKSBK        4.810   7/29/2025      EUR      58.88
OESTER VOLKSBK        4.160   5/20/2025      EUR      72.05
OESTER VOLKSBK        4.350  11/16/2018      EUR      74.25
OESTER VOLKSBK        4.750   4/30/2021      EUR      71.94
RAIFF LB OBEROST      4.620   9/17/2030      EUR      68.47
RAIFF ZENTRALBK       4.500   9/28/2035      EUR      76.05

BULGARIA
--------
PETROL AD-SOFIA       8.375  10/26/2011      EUR      79.51

CZECH REPUBLIC
--------------
SAZKA                 9.000   7/12/2021      EUR      60.00

DENMARK
-------
KOMMUNEKREDIT         0.500    2/3/2016      TRY      69.77
KOMMUNEKREDIT         0.500  12/14/2020      ZAR      45.96
MUNI FINANCE PLC      0.500   4/27/2018      ZAR      57.19
MUNI FINANCE PLC      1.000   2/27/2018      AUD      72.46
MUNI FINANCE PLC      0.500   9/24/2020      CAD      70.51
MUNI FINANCE PLC      0.500  11/25/2020      ZAR      43.54
MUNI FINANCE PLC      0.500   3/17/2025      CAD      54.82
MUNI FINANCE PLC      0.250   6/28/2040      CAD      22.31
MUNI FINANCE PLC      1.000  10/30/2017      AUD      73.81
MUNI FINANCE PLC      1.000   6/30/2017      ZAR      63.83
MUNI FINANCE PLC      0.500   4/26/2016      ZAR      68.67
MUNI FINANCE PLC      0.500    2/9/2016      ZAR      69.65

FRANCE
------
AIR FRANCE-KLM        4.970    4/1/2015      EUR      13.64
ALCATEL-LUCENT        5.000    1/1/2015      EUR       4.34
ALTRAN TECHNOLOG      6.720    1/1/2015      EUR       6.02
ATOS ORIGIN SA        2.500    1/1/2016      EUR      51.41
CALYON                6.000   6/18/2047      EUR      24.03
CAP GEMINI SOGET      1.000    1/1/2012      EUR      43.65
CAP GEMINI SOGET      3.500    1/1/2014      EUR      43.54
CGG VERITAS           1.750    1/1/2016      EUR      30.44
CIE FIN FONCIER       3.250  12/30/2044      EUR      72.80
CLUB MEDITERRANE      6.110   11/1/2015      EUR      20.07
CLUB MEDITERRANE      5.000    6/8/2012      EUR      15.85
DEXIA MUNI AGNCY      1.000  12/23/2024      EUR      62.10
EURAZEO               6.250   6/10/2014      EUR      59.64
FAURECIA              4.500    1/1/2015      EUR      29.31
GROUPE VIAL           2.500    1/1/2014      EUR      27.93
INGENICO              2.750    1/1/2017      EUR      43.25
MAUREL ET PROM        7.125   7/31/2015      EUR      19.86
MAUREL ET PROM        7.125   7/31/2014      EUR      20.41
NEXANS SA             4.000    1/1/2016      EUR      68.01
NOVASEP HLDG          9.625  12/15/2016      EUR      57.00
NOVASEP HLDG          9.750  12/15/2016      USD      57.00
NOVASEP HLDG          9.750  12/15/2016      USD      56.63
NOVASEP HLDG          9.625  12/15/2016      EUR      57.01
ORPEA                 3.875    1/1/2016      EUR      47.12
PEUGEOT SA            4.450    1/1/2016      EUR      33.67
PUBLICIS GROUPE       3.125   7/30/2014      EUR      39.60
PUBLICIS GROUPE       1.000   1/18/2018      EUR      49.41
RHODIA SA             0.500    1/1/2014      EUR      51.93
SOC AIR FRANCE        2.750    4/1/2020      EUR      20.48
SOITEC                6.250    9/9/2014      EUR      10.82
TEM                   4.250    1/1/2015      EUR      56.91
THEOLIA               2.700    1/1/2041      EUR      11.46

GERMANY
-------
EUROHYPO AG           5.560   8/18/2023      EUR      74.50
EUROHYPO AG           3.830   9/21/2020      EUR      69.00
EUROHYPO AG           6.490   7/17/2017      EUR       6.63
HSH NORDBANK AG       4.375   2/14/2017      EUR      70.00
IKB DEUT INDUSTR      6.500   3/31/2012      EUR      17.99
IKB DEUT INDUSTR      6.550   3/31/2012      EUR      17.87
IKB DEUT INDUSTR      5.625   3/31/2017      EUR      15.00
L-BANK FOERDERBK      0.500   5/10/2027      CAD      49.34
LB BADEN-WUERTT       2.800   2/23/2037      JPY      72.74
LB BADEN-WUERTT       2.500   1/30/2034      EUR      56.86
LB BADEN-WUERTT       5.250  10/20/2015      EUR      28.88
Q-CELLS               6.750  10/21/2015      EUR       2.98
QIMONDA FINANCE       6.750   3/22/2013      USD       2.75
SOLON AG SOLAR        1.375   12/6/2012      EUR      31.51
TAG IMMO AG           6.500  12/10/2015      EUR       7.72
TUI AG                2.750   3/24/2016      EUR      52.42
WEST DT IMMOBK        4.700   9/30/2024      EUR      74.88
WEST DT IMMOBK        4.500   3/31/2033      EUR      66.00
WEST DT IMMOBK        4.600   6/30/2028      EUR      70.50
WESTLB AG             3.350  10/19/2026      EUR      72.97

GREECE
------
ATHENS URBAN TRN      4.851   9/19/2016      EUR      49.28
ATHENS URBAN TRN      4.301   8/12/2014      EUR      56.78
ATHENS URBAN TRN      4.057   3/26/2013      EUR      68.73
ATHENS URBAN TRN      5.008   7/18/2017      EUR      48.16
HELLENIC RAILWAY      7.350    3/3/2015      JPY      62.03
HELLENIC RAILWAY      5.460   1/30/2014      EUR      60.92
HELLENIC REP I/L      2.900   7/25/2025      EUR      40.58
HELLENIC REP I/L      2.300   7/25/2030      EUR      39.21
HELLENIC REPUB        6.140   4/14/2028      EUR      48.68
HELLENIC REPUB        5.200   7/17/2034      EUR      46.22
HELLENIC REPUB        5.000   3/11/2019      EUR      46.66
HELLENIC REPUB        4.590    4/8/2016      EUR      48.33
HELLENIC REPUB        5.800   7/14/2015      JPY      55.64
HELLENIC REPUB        2.125    7/5/2013      CHF      69.50
HELLENIC REPUB        4.625   6/25/2013      USD      73.17
HELLENIC REPUBLI      4.225    3/1/2017      EUR      50.64
HELLENIC REPUBLI      5.900   4/20/2017      EUR      52.55
HELLENIC REPUBLI      4.300   7/20/2017      EUR      47.02
HELLENIC REPUBLI      4.675   10/9/2017      EUR      49.06
HELLENIC REPUBLI      4.590    4/3/2018      EUR      46.65
HELLENIC REPUBLI      4.600   7/20/2018      EUR      47.67
HELLENIC REPUBLI      5.014   2/27/2019      EUR      45.36
HELLENIC REPUBLI      5.959    3/4/2019      EUR      48.67
HELLENIC REPUBLI      6.000   7/19/2019      EUR      48.94
HELLENIC REPUBLI      5.161   9/17/2019      EUR      44.67
HELLENIC REPUBLI      6.500  10/22/2019      EUR      52.11
HELLENIC REPUBLI      6.250   6/19/2020      EUR      51.86
HELLENIC REPUBLI      5.900  10/22/2022      EUR      48.34
HELLENIC REPUBLI      4.700   3/20/2024      EUR      43.99
HELLENIC REPUBLI      4.500   9/20/2037      EUR      40.47
HELLENIC REPUBLI      5.300   3/20/2026      EUR      44.02
HELLENIC REPUBLI      5.250   5/18/2012      EUR      77.76
HELLENIC REPUBLI      4.100   8/20/2012      EUR      72.98
HELLENIC REPUBLI      4.506   3/31/2013      EUR      71.12
HELLENIC REPUBLI      4.600   5/20/2013      EUR      68.33
HELLENIC REPUBLI      7.500   5/20/2013      EUR      70.42
HELLENIC REPUBLI      3.900    7/3/2013      EUR      66.88
HELLENIC REPUBLI      4.427   7/31/2013      EUR      65.94
HELLENIC REPUBLI      4.000   8/20/2013      EUR      64.57
HELLENIC REPUBLI      4.520   9/30/2013      EUR      63.45
HELLENIC REPUBLI      6.500   1/11/2014      EUR      60.88
HELLENIC REPUBLI      4.500   5/20/2014      EUR      55.53
HELLENIC REPUBLI      4.500    7/1/2014      EUR      58.22
HELLENIC REPUBLI      3.985   7/25/2014      EUR      54.64
HELLENIC REPUBLI      5.500   8/20/2014      EUR      54.74
HELLENIC REPUBLI      4.113   9/30/2014      EUR      54.41
HELLENIC REPUBLI      3.700   7/20/2015      EUR      51.74
HELLENIC REPUBLI      6.100   8/20/2015      EUR      55.40
HELLENIC REPUBLI      3.702   9/30/2015      EUR      51.20
HELLENIC REPUBLI      3.700  11/10/2015      EUR      48.82
HELLENIC REPUBLI      3.600   7/20/2016      EUR      52.21
HELLENIC REPUBLI      4.020   9/13/2016      EUR      51.98
HELLENIC REPUBLI      4.600   9/20/2040      EUR      40.70
NATIONAL BK GREE      3.875   10/7/2016      EUR      63.34

IRELAND
-------
AIB MORTGAGE BNK      5.000    3/1/2030      EUR      50.11
AIB MORTGAGE BNK      5.000   2/12/2030      EUR      50.15
AIB MORTGAGE BNK      5.580   4/28/2028      EUR      56.28
ALLIED IRISH BKS     11.500   3/29/2022      GBP      21.83
ALLIED IRISH BKS     12.500   6/25/2019      EUR      24.50
ALLIED IRISH BKS     10.750   3/29/2017      EUR      21.92
ALLIED IRISH BKS     10.750   3/29/2017      USD      21.92
ALLIED IRISH BKS     12.500   6/25/2019      GBP      24.69
ALLIED IRISH BKS      5.625  11/12/2014      EUR      71.11
ALLIED IRISH BKS      4.000   3/19/2015      EUR      71.78
ANGLO IRISH BANK      4.000   4/15/2015      EUR      74.29
BANK OF IRELAND      10.750   6/22/2018      GBP      37.02
BANK OF IRELAND       4.875   1/22/2018      GBP      31.00
BANK OF IRELAND       4.625   2/27/2019      EUR      31.99
BANK OF IRELAND       3.585   4/21/2015      EUR      70.82
BANK OF IRELAND       4.000   1/28/2015      EUR      73.40
BANK OF IRELAND       3.780    4/1/2015      EUR      71.87
BANK OF IRELAND      10.000   2/12/2020      GBP      35.67
BANK OF IRELAND      10.000   2/12/2020      EUR      34.96
BANK OF IRELAND       9.250    9/7/2020      GBP      37.98
BK IRELAND MTGE       5.450    3/1/2030      EUR      48.91
BK IRELAND MTGE       5.760    9/7/2029      EUR      51.71
BK IRELAND MTGE       5.360  10/12/2029      EUR      48.72
DEPFA ACS BANK        5.125   3/16/2037      USD      70.89
DEPFA ACS BANK        0.500    3/3/2025      CAD      37.17
DEPFA ACS BANK        4.900   8/24/2035      CAD      64.24
DEPFA ACS BANK        5.125   3/16/2037      USD      70.89
EBS BLDG SOCIETY      4.992   3/19/2015      EUR      68.76
EBS BLDG SOCIETY      4.000   2/25/2015      EUR      75.05
IRISH GOVT            4.600   4/18/2016      EUR      71.97
IRISH GOVT            5.400   3/13/2025      EUR      63.18
IRISH GOVT            4.500   4/18/2020      EUR      63.41
IRISH GOVT            5.000  10/18/2020      EUR      64.44
IRISH GOVT            4.400   6/18/2019      EUR      64.82
IRISH GOVT            5.900  10/18/2019      EUR      67.90
IRISH GOVT            4.500  10/18/2018      EUR      65.88
IRISH LIFE PERM       4.820   3/22/2015      EUR      65.85
IRISH NATIONWIDE      6.250   6/26/2012      GBP      74.13
IRISH PERM PLC        5.832   2/15/2035      EUR      52.11

ITALY
-----
A2A SPA               3.200   8/10/2036      JPY      69.57
CITY OF ROME          5.345   1/27/2048      EUR      74.18
CITY OF TURIN         5.270   6/26/2038      EUR      74.64
CO BRAONE             4.567   6/30/2037      EUR      70.78
COMUNE DI MILANO      4.019   6/29/2035      EUR      65.25
REGION OF LIGURI      4.795  11/22/2034      EUR      72.79
REP OF ITALY          2.000   9/15/2062      EUR      68.38
REP OF ITALY          2.200   9/15/2058      EUR      74.90
REP OF ITALY          1.850   9/15/2057      EUR      67.36
SARDINIA REGION       4.022  11/28/2035      EUR      74.69
TELECOM ITALIA        5.250   3/17/2055      EUR      72.51

LUXEMBOURG
----------
ARCELORMITTAL         7.250    4/1/2014      EUR      28.15
ESPIRITO SANTO F      6.875  10/21/2019      EUR      64.87
LIGHTHOUSE INTL       8.000   4/30/2014      EUR      35.29
LIGHTHOUSE INTL       8.000   4/30/2014      EUR      35.78

NETHERLANDS
-----------
APP INTL FINANCE     11.750   10/1/2005      USD       0.03
BK NED GEMEENTEN      0.500   5/25/2016      TRY      68.80
BK NED GEMEENTEN      0.500   2/24/2025      CAD      55.91
BK NED GEMEENTEN      0.500   3/29/2021      USD      71.55
BK NED GEMEENTEN      0.500   6/22/2021      ZAR      47.25
BK NED GEMEENTEN      0.500   5/12/2021      ZAR      43.71
BK NED GEMEENTEN      0.500   3/29/2021      NZD      61.90
BK NED GEMEENTEN      0.500   6/22/2016      TRY      67.90
BK NED GEMEENTEN      0.500    3/3/2021      NZD      62.26
BK NED GEMEENTEN      0.500   3/17/2016      TRY      69.19
BK NED GEMEENTEN      0.500   4/27/2016      TRY      68.70
BRIT INSURANCE        6.625   12/9/2030      GBP      64.88
DGS INTL FIN BV      10.000    6/1/2007      USD       0.01
ELEC DE CAR FIN       8.500   4/10/2018      USD      59.05
FRIESLAND BANK        4.210  12/29/2025      EUR      69.43
KPNQWEST BV           8.125    6/1/2009      USD       0.05
NATL INVESTER BK     25.983    5/7/2029      EUR      18.87
NED WATERSCHAPBK      0.500   3/11/2025      CAD      56.69
NIB CAPITAL BANK      4.510  12/16/2035      EUR      65.85
PORTUGAL TEL FIN      4.500   6/16/2025      EUR      68.45
Q-CELLS INTERNAT      5.750   5/26/2014      EUR      67.48
RBS NV EX-ABN NV      2.910   6/21/2036      JPY      71.58
SIDETUR FINANCE      10.000   4/20/2016      USD      74.60
TJIWI KIMIA FIN      13.250    8/1/2001      USD       0.01


NORWAY
------
EKSPORTFINANS         0.500    5/9/2030      CAD      41.38
KOMMUNALBANKEN        0.500  12/18/2015      ZAR      74.03
KOMMUNALBANKEN        0.500   1/27/2016      ZAR      73.46
KOMMUNALBANKEN        0.500    3/1/2016      ZAR      72.97
KOMMUNALBANKEN        0.500   5/25/2016      ZAR      71.62
KOMMUNALBANKEN        0.500   5/25/2018      ZAR      61.42
KOMMUNALBANKEN        0.500   3/24/2016      ZAR      72.61
NORSKE SKOGIND        7.125  10/15/2033      USD      69.50
NORSKE SKOGIND        7.125  10/15/2033      USD      69.50

PORTUGAL
--------
CAIXA GERAL DEPO      5.980    3/3/2028      EUR      69.75
CAIXA GERAL DEPO      5.380   10/1/2038      EUR      57.56
CAIXA GERAL DEPO      5.320    8/5/2021      EUR      59.72
CAIXA GERAL DEPO      4.250   1/27/2020      EUR      72.52
CAIXA GERAL DEPO      4.455   8/20/2017      EUR      68.84
CAIXA GERAL DEPO      4.400   10/8/2019      EUR      60.07
CAIXA GERAL DEPO      4.750   2/14/2016      EUR      66.95
COMBOIOS DE PORT      5.700    2/5/2030      EUR      66.75
COMBOIOS DE PORT      4.170  10/16/2019      EUR      63.37
METRO DE LISBOA       4.061   12/4/2026      EUR      53.59
METRO DE LISBOA       4.799   12/7/2027      EUR      58.22
MONTEPIO GERAL        5.000    2/8/2017      EUR      58.75
PARPUBLICA            4.200  11/16/2026      EUR      63.29
PARPUBLICA            3.567   9/22/2020      EUR      61.06
PORTUGUESE OT'S       4.350  10/16/2017      EUR      66.84
PORTUGUESE OT'S       4.450   6/15/2018      EUR      64.74
PORTUGUESE OT'S       4.750   6/14/2019      EUR      63.47
PORTUGUESE OT'S       4.800   6/15/2020      EUR      62.96
PORTUGUESE OT'S       4.100   4/15/2037      EUR      55.34
PORTUGUESE OT'S       4.950  10/25/2023      EUR      60.88
PORTUGUESE OT'S       3.850   4/15/2021      EUR      57.95
PORTUGUESE OT'S       4.200  10/15/2016      EUR      70.82
PORTUGUESE OT'S       3.350  10/15/2015      EUR      72.20
REFER                 5.875   2/18/2019      EUR      71.60
REFER                 4.250  12/13/2021      EUR      53.27
REFER                 4.000   3/16/2015      EUR      65.13

RUSSIA
------
APK ARKADA           17.500   5/23/2012      RUB       0.38
ARIZK                 3.000  12/20/2030      RUB      53.08
BARENTSEV FINANS     20.000    7/4/2011      RUB       1.10
DVTG-FINANS          17.000   8/29/2013      RUB       5.70
IZHAVTO              18.000    6/9/2011      RUB      11.31
M-INDUSTRIYA         12.250   8/16/2011      RUB      26.49
MIG-FINANS            0.100    9/6/2011      RUB       1.00
MIRAX                17.000   9/17/2012      RUB      12.01
MOSMART FINANS        0.010   4/12/2012      RUB       1.81
NOK                  10.000   9/22/2011      RUB       5.20
NOK                  12.500   8/26/2014      RUB       0.04
PENOPLEX-FINANS      14.000  11/21/2014      RUB      70.00
PROTON-FINANCE        9.000   6/12/2012      RUB      65.00
SAHO                 10.000   5/21/2012      RUB       0.03
SEVKABEL-FINANS      10.500   3/27/2012      RUB       3.40
TERNA-FINANS          1.000   11/4/2011      RUB       0.01

SPAIN
-----
AYT CEDULAS CAJA      3.750   6/30/2025      EUR      64.69
AYT CEDULAS CAJA      4.750   5/25/2027      EUR      72.21
AYT CEDULAS CAJA      3.750  12/14/2022      EUR      70.27
AYT CEDULAS CAJA      4.250  10/25/2023      EUR      74.11
AYUNTAM DE MADRD      4.550   6/16/2036      EUR      68.37
BANCAJA               1.500   5/22/2018      EUR      65.66
BANCO PASTOR          4.550   7/31/2020      EUR      73.29
CAJA CASTIL-MAN       1.500   6/23/2021      EUR      62.45
CAJA MADRID           5.755   2/26/2028      EUR      70.87
CAJA MADRID           4.125   3/24/2036      EUR      65.51
CAJA MADRID           4.000    2/3/2025      EUR      73.90
CEDULAS TDA 6 FO      4.250   4/10/2031      EUR      60.50
CEDULAS TDA 6 FO      3.875   5/23/2025      EUR      66.01
CEDULAS TDA A-5       4.250   3/28/2027      EUR      66.24
COMUN AUTO CANAR      4.200  10/25/2036      EUR      58.68
COMUN AUTO CANAR      3.900  11/30/2035      EUR      55.78
COMUNIDAD ARAGON      4.646   7/11/2036      EUR      71.27
COMUNIDAD BALEAR      4.063  11/23/2035      EUR      65.43
COMUNIDAD MADRID      4.300   9/15/2026      EUR      69.78
GEN DE CATALUNYA      4.220   4/26/2035      EUR      67.33
GEN DE CATALUNYA      4.690  10/28/2034      EUR      72.50
GENERAL DE ALQUI      2.750   8/20/2012      EUR      72.11
IM CEDULAS 5          3.500   6/15/2020      EUR      75.36
INSTITUT CATALA       4.250   6/15/2024      EUR      72.74
JUNTA ANDALUCIA       4.250  10/31/2036      EUR      59.87
JUNTA ANDALUCIA       5.150   5/24/2034      EUR      72.04
JUNTA LA MANCHA       3.875   1/31/2036      EUR      55.51
XUNTA DE GALICIA      4.025  11/28/2035      EUR      61.13

SWEDEN
------
SWEDISH EXP CRED      2.130   1/10/2012      USD      10.10
SWEDISH EXP CRED      0.500    3/5/2018      AUD      70.78
SWEDISH EXP CRED      0.500  12/17/2027      USD      50.66
SWEDISH EXP CRED      7.000    3/9/2012      USD       9.61
SWEDISH EXP CRED      6.500   1/27/2012      USD       9.34
SWEDISH EXP CRED      7.000    3/9/2012      USD       9.74
SWEDISH EXP CRED      8.000   1/27/2012      USD       8.97
SWEDISH EXP CRED      7.500   2/28/2012      USD       9.25
SWEDISH EXP CRED      9.000   8/28/2011      USD      10.58
SWEDISH EXP CRED      8.000  10/21/2011      USD      10.00
SWEDISH EXP CRED      9.000   8/12/2011      USD      10.31
SWEDISH EXP CRED      9.750   3/23/2012      USD      10.05
SWEDISH EXP CRED      9.250   4/27/2012      USD       9.19
SWEDISH EXP CRED      7.500   6/12/2012      USD       9.56
SWEDISH EXP CRED      0.500  12/21/2015      ZAR      72.05
SWEDISH EXP CRED      0.500    3/3/2016      ZAR      70.63
SWEDISH EXP CRED      0.500   6/14/2016      ZAR      71.23
SWEDISH EXP CRED      8.000   11/4/2011      USD       7.04
SWEDISH EXP CRED      2.000   12/7/2011      USD       9.89
SWEDISH EXP CRED      0.500   6/29/2016      TRY      70.28
SWEDISH EXP CRED      0.500   1/25/2028      USD      50.42

SWITZERLAND
-----------
UBS AG               14.000   5/23/2012      USD       8.57
UBS AG                9.640  11/14/2011      USD      14.14
UBS AG               10.530   1/23/2012      USD      40.30
UBS AG               10.070   3/23/2012      USD      35.34
UBS AG                9.250   3/20/2012      USD      14.58
UBS AG                8.720   3/20/2012      USD      32.30
UBS AG               13.300   5/23/2012      USD       4.04
UBS AG               13.700   5/23/2012      USD      13.09
UBS AG               10.580   6/29/2011      USD      39.03
UBS AG JERSEY        13.000   6/16/2011      USD      49.96
UBS AG JERSEY        10.280   8/19/2011      USD      35.25
UBS AG JERSEY        10.360   8/19/2011      USD      51.92
UBS AG JERSEY        11.150   8/31/2011      USD      38.68
UBS AG JERSEY         9.450   9/21/2011      USD      49.91
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      47.80
UBS AG JERSEY        10.500   6/16/2011      USD      71.69

UNITED KINGDOM
--------------
BANK NADRA            8.000   6/22/2017      USD      75.07
BANK OF SCOTLAND      5.772    2/7/2035      EUR      72.15
BARCLAYS BK PLC       9.250   1/31/2012      USD       9.45
BARCLAYS BK PLC      10.650   1/31/2012      USD      45.65
BARCLAYS BK PLC      12.950   4/20/2012      USD      23.75
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       9.500   8/31/2012      USD      29.73
BARCLAYS BK PLC       2.500   5/24/2017      USD      10.47
BARCLAYS BK PLC       9.250   8/31/2012      USD      35.47
BARCLAYS BK PLC      10.600   7/21/2011      USD      39.23
BARCLAYS BK PLC       7.500   9/22/2011      USD      17.13
BARCLAYS BK PLC       8.750   9/22/2011      USD      72.36
BARCLAYS BK PLC       8.800   9/22/2011      USD      16.39
BRADFORD&BIN BLD      5.500   1/15/2018      GBP      48.50
BRADFORD&BIN BLD      5.750  12/12/2022      GBP      48.50
CO-OPERATIVE BNK      5.875   3/28/2033      GBP      70.93
EFG HELLAS PLC        6.010    1/9/2036      EUR      31.63
EFG HELLAS PLC        5.400   11/2/2047      EUR      27.25
EFG HELLAS PLC        4.375   2/11/2013      EUR      72.25
EMPORIKI GRP FIN      4.000   2/28/2013      EUR      72.25
EMPORIKI GRP FIN      4.000   2/28/2013      EUR      72.25
ENTERPRISE INNS       6.375   9/26/2031      GBP      75.77
ESPRIT TELECOM       10.875   6/15/2008      USD       0.01
F&C ASSET MNGMT       6.750  12/20/2026      GBP      73.99
HBOS PLC              4.500   3/18/2030      EUR      73.48
MAX PETROLEUM         6.750    9/8/2013      USD      59.78
NEWCASTLE BLD SC      6.625  12/23/2019      GBP      64.50
NOMURA BANK INTL      0.800  12/21/2020      EUR      65.62
NORTHERN ROCK         4.574   1/13/2015      GBP      80.23
NORTHERN ROCK         5.750   2/28/2017      GBP      74.50
PIRAEUS GRP FIN       4.000   9/17/2012      EUR      72.03
PUNCH TAVERNS         7.567   4/15/2026      GBP      65.00
PUNCH TAVERNS         6.468   4/15/2033      GBP      49.58
PUNCH TAVERNS         8.374   7/15/2029      GBP      62.63
ROYAL BK SCOTLND      4.692    6/9/2025      EUR      70.23
ROYAL BK SCOTLND      6.316   6/29/2030      EUR      65.97
RSL COMM PLC         12.000   11/1/2008      USD       1.88
SKIPTON BUILDING      6.750   5/30/2022      GBP      70.28
UNIQUE PUB FIN        6.464   3/30/2032      GBP      64.17
UNIQUE PUB FIN        5.659   6/30/2027      GBP      75.62
WESSEX WATER FIN      1.369   7/31/2057      GBP      30.87


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Psyche A. Castillon, Julie Anne G. Lopez,
Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman,
Editors.

Copyright 2011.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *