TCREUR_Public/110721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, July 21, 2011, Vol. 12, No. 143

                            Headlines




A U S T R I A

A-TEC INDUSTRIES: Austrian Police Searches CEO's Home


C Z E C H   R E P U B L I C

ECM REAL ESTATE: Court Administrators Recommends Bankruptcy
SAMETEX KRASLICE: Prague Court Halts Insolvency Proceedings
SAZKA AS: Shareholders' Meeting Postponed to August 22
* CZECH REPUBLIC: Insolvent Firm Wage Compensation Spending Down


G E R M A N Y

PROVIDE-VR 2003-1: Fitch Affirms Rating on Class E Notes at 'Csf'
SMART PFI 2007: Fitch Affirms Rating on Class F Notes at 'B-sf'


I C E L A N D

STRAUMUR-BURDARAS: Court Orders ISK5.2 Billion Payment to Stapi


I R E L A N D

CELTIC RESIDENTIAL 14: S&P Cuts Ratings of Two Notes Classes to D
CELTIC RESIDENTIAL 15: S&P Cuts Ratings on Two Notes Classes to D
CELTIC RESIDENTIAL 16: S&P Cuts Ratings on Two Notes Classes to D
QUINN GROUP: Anglo May Face Five-Year Wait to Recover Claims
SUPERQUINN: Musgrave Acquires Firm for EUR100 Million


I T A L Y

ANDROMEDA FINANCE: Fitch Rates Two Classes of Notes at 'BB+'


M A C E D O N I A

A1 TV: Court Set to Decide on Bankruptcy Next Week


N E T H E R L A N D S

SABIC INNOVATIVE: Moody's Withdraws 'Ba1' Corporate Family Rating


N O R W A Y

SEVAN MARINE: Inks US$36.1MM Bond Loan Deal with Norsk Tillitsmann


R U S S I A

AGRIBUSINESS HOLDING: Fitch Assigns 'B' Long-Term IDRs


S P A I N

AYT CAIXA: Fitch Affirms Rating on Class D Notes at 'Bsf'
BANCO SABADELL: S&P Takes Rating Actions on Various Notes
FONDO DE TITULIZACION: S&P Affirms Rating on Class D Notes at 'D'
TDA IBERCAJA: S&P Affirms Rating on Class D Notes at 'D'


U N I T E D   K I N G D O M

BUDDY'S PLACE: Tiverton Council Approves Liquor License
EPIC INDUSTRIOUS: Fitch Affirms D Ratings on Six Classes of Notes
GILL'S CRUISE: P&P Associates Buys Firm Out of Administration
MAYFIELD CONSTRUCTION: Goes Into Administration, Cuts 72 Jobs
PAN PACIFIC: Steps Up Fundraising Effort to Finance CVA

PROTEAM UK: Paroh Limited Buys Firm Out of Administration
PUNCH TAVERNS: S&P Lowers Rating on Class D1 Notes to 'B'
RTC (ELGIN): Goes Into Administration, Stops Operations
STICHTING PROFILE: Fitch Affirms Rating on Class E Notes at 'Bsf'
SUMMER RETAIL: Goes Into Administration, Closes 3 Franchise Units

WEN INNS: Bill Wolsey Buys 15 NI Pubs in Administration for GBP8MM
YELL GROUP: First Quarter Revenues Down More Than 11%


U Z B E K I S T A N

UZBEKISTAN BANK: Moody's Affirms Ba3/NP/E+ Ratings; Outlook Stable


X X X X X X X X

Upcoming Meetings, Conferences and Seminars




                            *********


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A U S T R I A
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A-TEC INDUSTRIES: Austrian Police Searches CEO's Home
-----------------------------------------------------
Jonathan Tirone at Bloomberg News reports that the home of Mirko
Kovats, the Chief Executive Officer of A-Tec Industries AG, was
searched by Austrian police early on Wednesday.

The company, as cited by Bloomberg, said in an OTS statement that
the authorities acted on the request of a "private person" who
requested the search based on "personal grounds".

According to Bloomberg, the statement said that the search of
Mr. Kovats' home doesn't endanger the sale of A-Tec, which sought
insolvency protection on Oct. 20.

On Oct. 22, 2010, the Troubled Company Reporter-Europe, citing
Bloomberg News, reported that A-Tec sought court clearance to
reorganize debt after losing access to its line of credit because
of an Australian power-station project's financial difficulties.
A-Tec said in an Oct. 20 statement that it had filed for self-
administered reorganization proceedings at the Vienna Commercial
Court and appointed trustees for bondholders, Bloomberg disclosed.
The company has a EUR798 million (US$1.11 billion) revolving
credit facility and EUR302 million in outstanding bonds, according
to Bloomberg data.

A-TEC Industries AG engages in plant construction, drive
technology, machine tools, and minerals and metals businesses in
Europe and internationally.  The company is based in Vienna,
Austria.



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


ECM REAL ESTATE: Court Administrators Recommends Bankruptcy
-----------------------------------------------------------
Roman Gazdik at Reuters, citing a document on the Prague Municipal
Court's Web site, reports that the court administrator for ECM
Real Estate Investments has recommended bankruptcy for the
insolvent Czech developer.

According to Reuters, ECM and several creditors have pushed for a
reorganization that would allow the company to continue
operations, and will decide on the bankruptcy at the next creditor
meeting this week.

Separately, CTK relates that Ivo Hala, ECM's insolvency
administrator, said he came to this conclusion on the basis of
analyses, assessments and information from debtor, third
parties and members of the provisional creditor committee.

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


SAMETEX KRASLICE: Prague Court Halts Insolvency Proceedings
-----------------------------------------------------------
CTK, citing information made public in the Register of Companies,
reports that the City Court in Prague has stopped the insolvency
proceedings against Sametex Kraslice after the company's
management withdrew the insolvency petition.

Sametex's managers filed the insolvency petition in February this
year, together with a request for a moratorium, CTK relates.  The
moratorium was to last until June and the company wanted to reach
an agreement with creditors during that time before a possible
bankruptcy is declared, in which it eventually succeeded, CTK
notes.

Sametex Kraslice is a producer of velvet fabrics, technical
textiles and plush.


SAZKA AS: Shareholders' Meeting Postponed to August 22
------------------------------------------------------
According to Bloomberg News' Lenka Ponikelska, CTK, citing Zdenek
Ertl, head of the Association of the Sport Federation of the Czech
Republic, a minority shareholder of Sazka AS, reported that Sazka
postponed an extraordinary shareholders' meeting from July 19 to
Aug. 22 for procedural reasons.

Sazka's largest shareholder, the Czech Sports Association, planned
to call for the dismissal of former Chief Executive Officer Ales
Husak from the board of directors during the July 19 meeting,
Bloomberg notes.

As reported by the Troubled Company Reporter-Europe, CTK said
Sazka's bankruptcy took effect on May 30, 2011.  The decision on
Sazka's bankruptcy was made at a meeting of its creditors on
May 27.  Under bankruptcy, the Sazka board of directors loses its
right to handle the company's assets, which will now be
administered by an insolvency administrator, CTK noted.  Sazka's
management wants to turn to court to defend itself against the
decision on bankruptcy, CTK said.

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


* CZECH REPUBLIC: Insolvent Firm Wage Compensation Spending Down
----------------------------------------------------------------
According to CTK, Tana Svrckova of the Labour and Social Affairs
Ministry press department said the Czech state's spending on wage
compensation for employees of insolvent companies decreased by
24.86% to CZK216.14 million in the first of half of 2011.

Ms. Svrckova, as cited by CTK, said the state covered liabilities
of a total of 420 firms, a drop from 460 firms in the January-June
period last year.


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


PROVIDE-VR 2003-1: Fitch Affirms Rating on Class E Notes at 'Csf'
----------------------------------------------------------------
Fitch Ratings has affirmed Provide-VR 2003-1 and Provide-VR
2004-1, two synthetic German RMBS transactions.

The affirmations reflect Fitch's unchanged expectations on the
future asset performance for both transactions since the last
review. The transactions comprise residential mortgage loans
originated by institutions belonging to the German Cooperative
Banking Group (Deutsche Genossenschaftliche FinanzGruppe).

Realised losses resulting from defaulted loans are allocated to
the notes in reverse order starting from the most junior tranches.
Any allocation of losses reduces the notes' credit enhancement.
Provide-VR 2003-1's unrated class F notes were completely written
down in June 2010, and a total allocated loss of EUR2.2m was
reported to the class E notes in June 2011. Provide-VR 2004-1
reported a total allocated loss of EUR2.9m to the unrated class E
notes in April 2011. Fitch expects continued allocation of losses
resulting from the currently outstanding as well as new credit
events. As of the last four interest payment dates, an average of
EUR408,000 and EUR603,000 credit events occurred each quarter for
Provide-VR 2003 and Provide-VR 2004, respectively.

In Fitch's opinion, Provide-VR 2003-1's class D notes may also
have losses allocated until maturity. The potential loss
allocation is reflected in the current 'CCsf' rating assigned to
the notes. The improved economic environment has not fundamentally
changed this view compared to the last rating review in July 2010.

Provide-VR 2004-1's performance is considered to be better than
Provide-VR 2003-1's with only 32% of the first loss piece utilized
to date and 3.3% credit enhancement for the class D notes.
However, Fitch expects that further losses are likely to be
allocated to the unrated class E notes, which will affect the
credit support available to the class D notes. Given the
diminishing credit enhancement levels of the junior notes, Fitch
has maintained its Negative Outlook on four tranches across the
two deals.

Provide VR 2003-1 Plc:

   -- Senior credit default swap: affirmed at 'AAAsf'; Outlook
      Stable

   -- Class A+ (ISIN DE000A0AAZ03): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-1'

   -- Class A (ISIN DE000A0AAZ11): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-2

   -- Class B (ISIN DE000A0AAZ29): affirmed at 'AAsf'; Outlook
      Negative; Loss Severity Rating revised to 'LS-2' from 'LS-3'

   -- Class C (ISIN DE000A0AAZ37): affirmed at 'BBBsf'; Outlook
      Negative; Loss Severity Rating 'LS-3'

   -- Class D (ISIN DE000A0AAZ45): affirmed at 'CCsf'; Recovery
      Rating 'RR5'

   -- Class E (ISIN DE000A0AAZ52): affirmed at 'Csf'; Recovery
      Rating 'RR6'

Provide VR 2004-1 Plc:

   -- Senior credit default swap: affirmed at 'AAAsf'; Outlook
      Stable

   -- Class A+ (ISIN DE000A0DDC04): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-1'

   -- Class A (ISIN DE000A0DDC12): affirmed at 'AAAsf'; Outlook
      Stable; Loss Severity Rating 'LS-2'

   -- Class B (ISIN DE000A0DDC20): affirmed at 'AAsf'; Outlook
      Stable; Loss Severity Rating revised to 'LS-2' from 'LS-3'

   -- Class C (ISIN DE000A0DDC38): affirmed at 'Asf'; Outlook
      Negative; Loss Severity Rating revised to 'LS-2' from 'LS-3'

   -- Class D (ISIN DE000A0DDC46): affirmed at 'BBsf'; Outlook
      Negative; Loss Severity Rating 'LS-3'


SMART PFI 2007: Fitch Affirms Rating on Class F Notes at 'B-sf'
---------------------------------------------------------------
Fitch Ratings has affirmed SMART PFI 2007 GmbH:

   -- GBP0.1m class A+ (ISIN: XS0291523065): affirmed at 'A+sf'/
      Stable Outlook/'LS1'

   -- GBP5m class A (ISIN: XS0291523578): affirmed at
      'BBB+sf'/Stable Outlook/'LS4'

   -- GBP3.25m class B (ISIN: XS0291523735): affirmed at
      'BBBsf'/Stable Outlook/'LS4'

   -- GBP2.55m class C (ISIN: XS0291523818): affirmed at
      'BBB-sf'/Stable Outlook/'LS5'

   -- GBP4.75m class D (ISIN: XS0291524030): affirmed at
      'BB+sf'/Stable Outlook/'LS4'

   -- GBP5.7m class E (ISIN: XS0291524204): affirmed at
      'BB-sf'/Stable Outlook/'LS4'

   -- GBP4.3m class F (ISIN: XS0291524386): affirmed at
      'B-sf'/Stable Outlook/'LS4'

There has been negative credit migration in the portfolio since
the last action. Speculative grade reference entities have
increased to 32% of the portfolio compared to 18% at the last
action. The portfolio weighted average rating is 'BBB-*/BB+*'
compared to 'BBB-*' at the last action. In Fitch's view, the
portfolio deterioration is mitigated by the portfolio's
deleveraging and subsequent increase in CE levels.

The current portfolio contains 48 loans from 36 obligors with only
one loan in the construction phase. Since the last rating action,
two more assets have been added to the portfolio. The agency notes
that the portfolio contains 8% of residual value loans, which are
particularly exposed to the tail-end risk of a private finance
initiative (PFI)/ public and private partnership (PPP) project.
The agency has taken into account the residual value loans' credit
quality and recovery prospects in its analysis.

The affirmations reflect sufficient levels of credit enhancement
(CE) for the ratings. There have been no defaults to date. Fitch
expects the CE levels to increase further, as the transaction
ended its replenishment period in March and the portfolio
continues to delever. Since the end of the replenishment period,
the reference portfolio balance has decreased by GBP4 million and
CE levels have increased since the last rating action in May 2009.

The ratings of the notes are linked to the credit quality of the
certificates of indebtedness ("Schuldscheine") issued by KfW
('AAA'/Stable/'F1+'). Therefore, if KfW was downgraded below
'AAA'/'F1+', any note rated higher than the then-outstanding
rating of KfW would be downgraded accordingly.

Fitch has assigned an Issuer Report Grade (IRG) of "Basic" (two
stars) to the issuer, based on the provided reports. The reports
do not meet several standards for a higher grade including
information on identifiers of the collateral assets and attachment
points.


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I C E L A N D
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STRAUMUR-BURDARAS: Court Orders ISK5.2 Billion Payment to Stapi
---------------------------------------------------------------
Omar R. Valdimarsson at Bloomberg News reports that Iceland's ALMC
hf, formerly Straumur-Burdaras Investment Bank hf, was ordered to
pay Stapi Pension Fund ISK5.2 billion (US$44 million) by
Reykjavik's District Court on Tuesday.

Stapi sued the bank after its claim was rejected by ALMC as the
fund had failed to meet a deadline to file claims against the
lender, which was at the time seeking a composition agreement with
its creditors, Bloomberg relates.

Bloomberg notes that the ruling said "There's no authorization in
law to conclude that claims are voided due to the fact that they
weren't announced during bankruptcy or winding-down proceedings".

Straumur-Burdaras Fjarfestingabanki hf a.k.a Straumur-Burdaras
Investment Bank hf -- http://www.straumur.net/-- is an Iceland-
based investment bank.

On March 9, 2009, Straumur-Burdaras was nationalized by Icelandic
authorities after its funding dried up.

On June 2, 2009, Hordur Felix Hardarson, in his capacity as the
foreign representative of Straumur-Burdaras Investment Bank hf,
filed a petition for Chapter 15 in the United States Bankruptcy
Court for the Southern District of New York seeking recognition of
its proceeding currently pending in Iceland as a foreign main
proceeding.  The case is In re Straumur-Burdaras Investment Bank
hf, 09-13592, U.S. Bankruptcy Court, Southern District of New York
(Manhattan).  Matthew P. Morris, Esq., at Lovells LLP, represents
the Chapter 15 petitioner as counsel.  The debtor's petition lists
both assets and liabilities as over US$1 billion.


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I R E L A N D
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CELTIC RESIDENTIAL 14: S&P Cuts Ratings of Two Notes Classes to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Celtic Residential
Irish Mortgage Securitisation No. 14 Ltd.'s class A1, A2, A3, and
A4 notes. "We have also temporarily lowered to 'D (sf)' our
ratings on the class A4 and class A5 notes to reflect our
methodology for restructured transactions. We have subsequently
raised our rating on the class A4 notes and withdrawn our rating
on the class A5 notes (the class A5 becoming the unrated
class F notes after the restructuring)," S&P related.

These actions follow the sponsor bank's (Ulster Bank Ireland Ltd.)
restructuring of the transaction.

The restructuring has resulted in structural changes, which have
led to the rating actions, namely:

    The reduction of the reserve fund to 6.50% from 29.24% of the
    structure;

    The reduction of the notional balance of the class A4 note to
    EUR526 million from EUR1 billion;

    The conversion of the class A5 note into an unrated
    subordinate class F tranche;

    The principal waterfall now paying principal proceeds
    sequentially; and

    The revenue waterfall will now top up the reserve fund before
    paying interest to the unrated class F notes.

Celtic 14 closed in November 2008 and is backed by a pool of
mortgage loans secured by a first-ranking charge over residential
properties in Ireland.

"On Nov. 18, 2010, we placed on CreditWatch negative our ratings
on all of the outstanding notes due to ongoing house price
declines and heightened arrears levels (see 'Ratings Placed on
CreditWatch Negative In Irish RMBS Celtic 14 As House Prices
Continue To Fall; Celtic 16 Rtgs Affirmed')," S&P stated.

"On Jan. 18, 2011, when our updated counterparty criteria became
effective, we updated the CreditWatch status to include
counterparty reasons (see 'EMEA Structured Finance CreditWatch
Actions In Connection With Revised Counterparty Criteria')," S&P
related.

"On April 6, 2011, we lowered to 'AA+ (sf)' our rating on the
class A notes following our downgrade of the Republic of Ireland.
At the same time, we restated the CreditWatch negative placement
for credit and counterparty reasons (see 'Ratings Lowered On 25
Tranches In 11 Irish Structured Finance Deals')," S&P stated.

            Ulster Bank Ireland Restructures Celtic 14

As part of the restructure, the GIC provider role was transferred
to The Royal Bank of Scotland PLC (A+/Stable/A-1). The reserve
fund is now 6.5% of the structure, which classifies the bank
account provider as "direct substantial" according to our 2010
counterparty criteria (see "Counterparty And Supporting
Obligations Methodology And Assumptions," published on Dec. 6,
2010). "Therefore, if we give credit to the reserve fund above 5%,
the ratings on the outstanding notes are restricted to one notch
above the long-term rating on the GIC provider," S&P stated.

                       The Rating Actions

"In light of this restructuring and following a review of the
transaction, we have resolved our CreditWatch negative placements
on the class A1 to A4 notes for both credit and counterparty
reasons," S&P said.

In addition to the restructure, the downgrade of the notes is due
to deteriorating performance in the transaction. "We understand
that the servicer (Ulster Bank Ireland) is working with borrowers
to reduce their monthly payment burdens through forbearance
arrangements. Despite this, later-stage arrears levels continue to
increase in Celtic 14. Since our last review, the level of loans
more than 90+ days in arrears has risen to 11.33% in May 2011,
from 7.70% in August 2010. Furthermore, on a weighted basis, the
average loan in the pool is now in negative equity," S&P related.

"In line with our methodology, we have temporarily lowered our
ratings on the class A4 and A5 notes to 'D (sf)' (see 'Rating
Implications Of Exchange Offers And Similar Restructurings,
Update,' published on May 12, 2009). Our ratings address timely
payment of interest and ultimate payment of principal -- that is
principal payment, as originally promised. Because the outstanding
notional balance of the notes has changed for the class A4 notes
and the class A5 notes (now the class F notes), we have
temporarily lowered the ratings on the notes to 'D (sf)'. We have
subsequently raised to 'A (sf)' our rating on the class A4 notes
following our credit and cash flow analyses. As part of the
restructure, the class F notes will be unrated and will be
subordinate to the class A notes," S&P added.

Celtic 14 is an Irish residential mortgage-backed securities
(RMBS) transaction that closed in November 2008, securitizing
loans originated by First Active PLC and Ulster Bank Ireland Ltd.

Ratings List

Class            Rating
            To            From

Celtic Residential Irish Mortgage Securitisation No. 14 Ltd.
EUR6.073 Billion Mortgage-Backed Floating-Rate Notes And
Subordinated
Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A1          AA- (sf)      AA+ (sf)/Watch Neg
A2          A+ (sf)       AA+ (sf)/Watch Neg
A3          A (sf)        AA+ (sf)/Watch Neg
A4          D (sf)        AA+ (sf)/Watch Neg
A5[1]       D (sf)        AA+ (sf)/Watch Neg

Rating Raised

A4          A (sf)        D (sf)

Rating Withdrawn

F[1]        NR            D (sf)

NR--Not rated.
[1]Note that the class A5 notes were converted to the class F
notes during the restructure.


CELTIC RESIDENTIAL 15: S&P Cuts Ratings on Two Notes Classes to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Celtic Residential
Irish Mortgage Securitisation No. 15 Ltd.'s class A1, A2, A3, and
A4 notes. "We have also temporarily lowered to 'D (sf)' our
ratings on the class A4 and class A5 notes to reflect our
methodology for restructured transactions. We have subsequently
raised our rating on the class A4 notes and withdrawn our rating
on the class A5 notes (the class A5 becoming the unrated class F
notes after the restructuring)," S&P related.

These actions follow the sponsor bank's (Ulster Bank Ireland Ltd.)
restructuring of the transaction, which it executed.

The restructuring has resulted in structural changes, which have
led to the rating actions, namely:

    The reduction of the reserve fund to 5.00% from 35.14% of the
    structure;

    The reduction of the notional balance of the class A4 note to
    EUR439 million from EUR700 million;

    The conversion of the class A5 note into an unrated
    subordinate class F tranche;

    The principal waterfall now pays principal proceeds pro rata;
    And

    The revenue waterfall will now top up the reserve fund before
    paying interest to the unrated class F notes.

Celtic 15 closed in August 2009 and is backed by a pool of
mortgage loans secured by a first-ranking charge over residential
properties in Ireland.

"On Jan. 18, 2011, when our updated counterparty criteria became
effective, we placed the notes on CreditWatch negative for
counterparty reasons (see 'EMEA Structured Finance CreditWatch
Actions In Connection With Revised Counterparty Criteria')," S&P
stated.

"On April 6, 2011, we lowered to 'AA+ (sf)' our rating on the
class A notes following our downgrade of the Republic of Ireland.
At the same time, we restated the CreditWatch negative placement
for credit and counterparty reasons (see 'Ratings Lowered On 25
Tranches In 11 Irish Structured Finance Deals')," S&P stated.

             Ulster Bank Ireland Restructures Celtic 15

As part of the restructure, the GIC provider role was transferred
to The Royal Bank of Scotland PLC (A+/Stable/A-1), as the back-up
GIC provider. The reserve fund is now 5% of the structure, which
classifies the bank account provider as "direct limited" according
to our 2010 counterparty criteria (see "Counterparty And
Supporting Obligations Methodology And Assumptions," published on
Dec. 6, 2010).

                       The Rating Actions

"In light of this restructuring and following a review of the
transaction, we have resolved our CreditWatch negative placements
on the class A1 to A4 notes for both credit and counterparty
reasons," S&P stated.

"In addition to the restructure, the downgrade of the notes is due
to deteriorating performance in the transaction. We understand
that the servicer (Ulster Bank Ireland) is working with borrowers
to reduce their monthly payment burdens through forbearance
arrangements. Despite this, later-stage arrears levels continue to
be elevated in Celtic 15. Since closing, the level of loans more
than 90+ days in arrears has risen to 9.61% in May 2011. At
closing, the weighted-average loan-to-value (LTV) ratio in the
Celtic 15 pool was around 95%. In addition, the average loan in
Celtic 15 was originated in mid-2007, close to the peak in house
prices observed in Ireland. Consequently, elevated LTV ratios
resulting from the house price decline in Ireland have increased
our weighted-average foreclosure frequency (WAFF) and
weighted-average loss severity (WALS) estimates," S&P related.

"n line with our methodology, we have temporarily lowered our
ratings on the class A4 and A5 notes to 'D (sf)' (see 'Rating
Implications Of Exchange Offers And Similar Restructurings,
Update,' published on May 12, 2009). Our ratings address timely
payment of interest and ultimate payment of principal -- that is
principal payment, as originally promised. Because the outstanding
notional balance of the notes has changed for the class A4 notes
and the class A5 notes (now the class F notes), we have
temporarily lowered the ratings on the notes to 'D (sf)'. We have
subsequently raised to 'A+ (sf)' our rating on the class  A4 notes
following our credit and cash flow analyses. As part of the
restructure, the class F notes will be unrated and will be
subordinate to the class A notes," S&P stated.

Celtic 15 is an Irish residential mortgage-backed securities
(RMBS) transaction that closed in August 2009, securitizing loans
originated by First Active PLC and Ulster Bank Ireland Ltd.

Ratings List

Class            Rating
            To            From

Celtic Residential Irish Mortgage Securitisation No. 15 Ltd.
EUR4.46 Billion Mortgage-Backed Floating-Rate Notes and
EUR1,112.895 Million
Unrated Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A1          A+ (sf)       AA+ (sf)/Watch Neg
A2          A+ (sf)       AA+ (sf)/Watch Neg
A3          A+ (sf)       AA+ (sf)/Watch Neg
A4          D (sf)        AA+ (sf)/Watch Neg
A5[1]       D (sf)        AA+ (sf)/Watch Neg

Rating Raised

A4          A+ (sf)       D (sf)

Rating Withdrawn

F[1]        NR            D (sf)

NR--Not rated.
[1]Note that the class A5 notes were converted to the class F
notes during the restructure.


CELTIC RESIDENTIAL 16: S&P Cuts Ratings on Two Notes Classes to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Celtic Residential
Irish Mortgage Securitisation No. 16 Ltd.'s class A1, A2, and A3
notes. "We have also temporarily lowered to 'D (sf)' our ratings
on the class A2 and class A3 notes to reflect our methodology for
restructured transactions. We have subsequently raised our rating
on the class A2 notes and withdrawn our rating on the class A3
notes (the class A3 becoming the unrated class F notes after the
restructuring)," S&P stated.

These actions follow the sponsor bank's (Ulster Bank Ireland Ltd.)
restructuring of the transaction.

The restructuring has resulted in structural changes, which have
led to the rating actions, namely:

    The reduction of the reserve fund to 5.00% from 37.47% of the
    structure;

    The reduction of the notional balance of the class A3 note to
    EUR186 million from EUR247 million current amount outstanding;

    The conversion of the class A3 note into an unrated
    subordinate class F tranche;

    The principal waterfall now paying principal proceeds
    sequentially with no option to switch to pro rata; and

    The revenue waterfall will now top up the reserve fund before
    paying interest to the unrated class F notes.

Celtic 16 closed in April 2010 and is backed by a pool of mortgage
loans secured by a first-ranking charge over residential
properties in Ireland.

On Nov. 18, 2010, we affirmed our ratings on all of the
outstanding notes due stable performance at that time (see
'Ratings Placed on CreditWatch Negative In Irish RMBS Celtic 14 As
House Prices Continue To Fall; Celtic 16 Rtgs Affirmed')," S&P
related.

"On Jan. 18, 2011, when our updated counterparty criteria became
effective, we placed the notes on CreditWatch negative for
counterparty reasons (see 'EMEA Structured Finance CreditWatch
Actions In Connection With Revised Counterparty Criteria')," S&P
said.

"On April 6, 2011, we lowered to 'AA+ (sf)' our rating on the
class A notes following our downgrade of the Republic of Ireland.
At the same time, we restated the CreditWatch negative placement
for credit and counterparty reasons (see 'Ratings Lowered On 25
Tranches In 11 Irish Structured Finance Deals')," S&P related.

           Ulster Bank Ireland Restructures Celtic 16

As part of the restructure, the GIC provider role was transferred
to The Royal Bank of Scotland PLC (A+/Stable/A-1). The reserve
fund is now 5% of the structure, which classifies the bank account
provider as "direct limited" according to S&P's 2010 counterparty
criteria (see "Counterparty And Supporting Obligations Methodology
And Assumptions," published on Dec. 6, 2010).

                       The Rating Actions

"In light of this restructuring and following a review of the
transaction, we have resolved our CreditWatch negative placements
on the class A1 to A2 notes for both credit and counterparty
reasons," S&P said.

In addition to the restructure, the downgrade of the notes is due
to deteriorating performance in the transaction. "We understand
that the servicer (Ulster Bank Ireland) is working with borrowers
to reduce their monthly payment burdens through forbearance
arrangements. Despite this, later-stage arrears levels continue to
increase in Celtic 16. Since our last review, the level of loans
more than 90+ days in arrears has risen to 10.17% in June 2011
from 4.74% in November 2010. The average loan-to-value (LTV) ratio
in the Celtic 16 pool is now in negative equity. In addition, the
pool contains a high proportion of buy-to-let properties.
Consequently elevated LTV ratios resulting from the house price
decline in Ireland have increased our weighted-average foreclosure
frequency (WAFF) and weighted-average loss severity (WALS)
estimates," S&P related.

"In line with our methodology, we have temporarily lowered our
ratings on the class A2 and A3 notes to 'D (sf)' (see 'Irish RMBS
Delinquencies Are Rising, But Repossessions And Losses Remain
Low,' published on May 12, 2009). Our ratings address timely
payment of interest and ultimate payment of principal -- that is
principal payment, as originally promised. Because the outstanding
notional balance of the notes has changed for the class A2 notes
and the class A3 notes (now the class F notes), we have
temporarily lowered the ratings on the notes to 'D (sf)'. We have
subsequently raised to 'A- (sf)' our rating on the class A2 notes
following our credit and cash flow analyses. As part of the
restructure, the class F notes will be unrated and will be
subordinate to the class A notes," S&P said.

Celtic 16 is an Irish residential mortgage-backed securities
(RMBS) transaction that closed in March 2010, securitizing loans
originated by First Active PLC and Ulster Bank Ireland.

Ratings List

Class            Rating
            To            From

Celtic Residential Irish Mortgage Securitisation No. 16 Ltd.
EUR1.054 Billion Mortgage-Backed Floating-Rate and Subordinated
Floating-Rate
Notes

Ratings Lowered and Removed From CreditWatch Negative

A1          A+ (sf)       AA+ (sf)/Watch Neg
A2          D (sf)        AA+ (sf)/Watch Neg
A3[1]       D (sf)        AA+ (sf)/Watch Neg

Rating Raised

A2          A- (sf)       D (sf)

Rating Withdrawn

F[1]        NR            D (sf)

NR--Not rated.
[1]Note that the class A3 notes were converted to the class F
notes during the restructure.


QUINN GROUP: Anglo May Face Five-Year Wait to Recover Claims
------------------------------------------------------------
Barry Roche at The Irish Times reports that Paul Gallagher SC, who
is representing Anglo Irish Bank, claimed that the bank could have
to wait five years to recover EUR500 million from several Quinn
companies if the High Court rules it does not have jurisdiction to
grant an injunction preventing Quinn family members from
transferring assets.

According to The Irish Times, the claim was made by Mr. Gallagher
during a hearing in the High Court over whether the court has
jurisdiction to deal with the issue of an interlocutory injunction
being sought by the bank against Sean Quinn and several of his
family.

Anglo Irish Bank is owed some EUR2.8 billion by Quinn interests
and in its proceedings against Mr. Quinn and his family, Anglo
Irish Bank claims the Quinn side had set up "a mirror corporate
structure," the Cranaghan Foundation, The Irish Times discloses.
Anglo Irish Bank claims the Cranaghan Foundation is "a systematic
attempt" to transfer assets worth an estimated EUR500 million to
"mirror" Quinn companies for the benefit of the Quinn family,
including Mr. Quinn's children and grandchildren, The Irish Times
says.

Bill Shipsey SC represents Mr. Quinn; his children Ciara, Colette,
Sean jnr, Brenda, Aoife; his nephew, Peter; and sons-in-law,
Stephen Kelly and Niall McPartland; as well as two companies,
Quinn Investments Sweden AB and Indian Trust AB, The Irish Times
discloses.

Mr. Shipsey on Monday told the court tat proceedings had been
initiated by the Quinn family in a court in Cyprus where some of
the assets are located to have share pledges made by Quinn against
the EUR2.8 billion loaned by Anglo Irish Bank to the Quinn family
set aside, The Irish Times recounts.

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


SUPERQUINN: Musgrave Acquires Firm for EUR100 Million
-----------------------------------------------------
Independent.ie reports that unnamed sources said supermarket chain
Superquinn has been sold for a knock-down price of more than
EUR100 million, a fraction of the EUR400 million paid for it
during the boom.  The chain was sold to wholesale group Musgrave
within 24 hours of it going into receivership.

"The figure of EUR100 million, or slightly higher, is likely given
current market conditions in both the property and retail
sectors," an unnamed source close to Superquinn said, according to
Independent.ie.

Independent.ie says that Musgrave is buying up a distribution
centre in Blanchardstown, Dublin and 11 properties around the
capital as part of the deal.

The report notes that another source said the price would have
been much lower if the properties had not been included in the
deal, Independent.ie relates.

As reported in the Troubled Company Reporter on July 20, 2011,
Reuters said RTE News reported Superquinn was put into
receivership by a syndicate of banks, including Allied Irish
Banks, Bank of Ireland, and National Irish Bank after building up
debts of more than EUR400 million (US$561 million).  Reuters,
citing RTE News, related that Superquinn will continue trading as
normal under existing management.  Reuters disclosed that RTE News
noted that two representatives of professional services firm KPMG
have been appointed as receivers to the firm.

Superquinn is one of Ireland's largest domestic retailers.  It
employs around 2,800 people in 23 stores around the country.
Superquinn is owned by Select Retail Holdings, which bought the
retailer for EUR350 million in 2005.


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


ANDROMEDA FINANCE: Fitch Rates Two Classes of Notes at 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned ratings to Andromeda Finance S.r.l.'s
notes:

   -- EUR97.6m Class A1 notes due 2028: 'AA-';Stable Outlook

   -- EUR97.6m Class A1 notes due 2028 (underlying): 'BB+'; Stable
      Outlook

   -- EUR97.6m Class A2 notes due 2028: 'BB+'; Stable Outlook

The transaction is a securitization of two project loans (Facility
A1 and Facility A2) under law 130/99 (the Italian securitization
law). The debt facilities were extended by BNP Paribas and Societe
Generale to Andromeda PV S.r.l. (the project company) to build and
operate two photovoltaic (PV) plants of 45.1MW and 6.1 MW (a total
51.2MW) in Montalto di Castro, Italy. The terms of the loans
effectively mirror those of the rated notes, with payments under
Facility A1 and Facility A2 servicing the Class A1 notes and Class
A2 notes, respectively.

The Class A1 notes' rating and Stable Outlook reflects the first-
demand, irrevocable and unconditional guarantee provided by SACE
S.p.A (the Italian export credit agency; 'AA-'/Stable). The
guarantee provided by SACE to the issuer is in respect of the
project company's obligations under Facility A1 and not on the
Class A1 notes directly. Fitch recognizes that this is a weaker
structure than a straight guarantee on Class A1 notes, but gains
comfort from the mechanics of payments under the guarantee that
mitigate the risk of funds being co-mingled or diverted for
purposes other than for Class A1 interest and principal. Fitch
also notes that it has reviewed the legal opinion although this
does not specifically opine on the characteristics of the
guarantee.

The rating on the Class A2 notes, which rank pari passu with Class
A1 but do not benefit from the SACE guarantee, and the underlying
rating on the Class A1 notes is 'BB+'. The rating and Stable
Outlook are supported by a 20-year fixed price feed in tariff of
EUR34.6/MWh providing the vast majority of revenues. In addition,
the project has completed construction and has been operating
successfully for approximately six months with solar resource
broadly in line with the pre-construction forecast.

SunPower Corporation, the original project sponsor, PV module
manufacturer, EPC contractor and O&M operator sold its interest in
the project in December 2010 to MetLife Capital LP (54.5%), an
indirect subsidiary of MetLife Inc ('A'/Stable), Fondaco SGR S.p.A
(24%) and Soles Montalto GmbH (21.5%). As the project is now in
operation and SunPower remains O&M contractor under a 20-year
fixed price agreement, the change of ownership is regarded as
credit neutral. Fitch also notes that the recent acquisition of a
60% stake in SunPower by Total SA ('AA'/Stable) enhances the
financial reliability of guarantees provided by SunPower under the
EPC and O&M contracts.

The partial exposure to merchant prices and debt service coverage
averaging 1.25 times under Fitch's rating case (scenario
reflecting a combination of stresses on energy production,
operating costs and merchant energy prices) constrain the debt's
underlying rating. The project's merchant revenues currently
represent 17% of total revenues, increasing up to 30% over time in
the sponsor's base case. Fitch notes the inherent uncertainty in
long-term wholesale power price forecasts, which in Italy's case
is further exacerbated by the government's plans to change the
green certificate scheme supporting renewables (other than solar)
from 2014.

The project has experienced some technical issues with the LV/MV
transformers, resulting in minor production losses in recent
months. Following the investigation by the EPC contractor and the
transformer supplier, all of the 77 LV/MV transformers are being
retrofitted at no cost to Andromeda under manufacturer's warranty.
This is done during night hours with no disruption to production
and is expected to be completed by the end of July. Fitch expects
that this technical issue will be dealt with satisfactorily and
efficiently given the experience of the parties involved.

Fitch will continue to monitor the project's operating
performance, the status of the replacement of the transformers as
well as the Italian power market developments. The ratings could
come under downward pressure in the event of worse than expected
energy production, higher than expected failure rates and
maintenance costs, adverse changes in the regulatory framework
affecting PV installations or, for the Class A1 notes, a downgrade
of SACE.


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


A1 TV: Court Set to Decide on Bankruptcy Next Week
--------------------------------------------------
SeeNews, citing a Skopje-based media, reports that a local court
may decide next week to launch a bankruptcy procedure against
broadcaster A1 TV over unpaid debts of EUR9.5 million (US$13.3
million).

According to SeeNews, TV station Sitel reported that the first A1
court hearing will be held on July 26, with Aco Petrov named as
court-appointed administrator.

The process has been initiated by the Public Revenue Office, UJP,
which said that all conditions for launching a bankruptcy
procedure against the broadcaster were in existence.
A1's bank account has been blocked by UJP, SeeNews relates.

A1 TV is owned by Velija Ramkovski.


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


SABIC INNOVATIVE: Moody's Withdraws 'Ba1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 issuer rating to
SABIC Innovative Plastics Holding B.V. and, as a result of the
migration of the ratings to investment grade, simultaneously
withdrawn the company's Ba1 corporate family rating, probability-
of-default rating of Ba1 and loss-given-default assessments.
Moody's also upgraded the rating of SIP's senior unsecured
guaranteed notes to Baa3 from Ba2 and the senior secured term
loans of SIP and its subsidiaries to Baa2 from Baa3. The outlook
for all ratings is stable.

RATINGS RATIONALE

Moody's said that the upgrade of SIP's ratings reflects: 1) the
further strengthening in the company's financial profile that will
result from the early redemption of the US$975 million senior
unsecured notes due to take place on August 15, 2011 and 2) its
expectations that under normalized trading conditions, SIP will be
able to sustain the improvement in operating performance achieved
over the past two years with the support of comprehensive cost-
cutting measures. The redemption of the senior unsecured notes
remains conditional upon the completion of a capital infusion from
SIP's parent company. Moody's notes that this refinancing
exercise, which represents a further step in the implementation by
Saudi Basic Industries Corporation (SABIC: A1, stable) of its
policy of centralizing its international liquidity funding through
its guaranteed subsidiary SABIC Capital BV and provides a further
demonstration of the full commitment of SABIC to its 100%-owned
subsidiary, will help strengthen SIP's financial profile.
In the past three years, and following the repayment of the senior
notes, SABIC will have made capital contributions to SIP, which
will have paid down approximately two-thirds of SIP's initial
borrowings of US$8.1 billion. These contributions include a mix of
equity, subordinated non-cash pay notes (70% of which subsequently
converted into equity) and subordinated floating rate notes.

Looking ahead, while Moody's notes that SIP's strong operating
results in 2010 benefited from the benign trading conditions
prevailing within the polycarbonate sector during the period, and
that some pressure on margins may re-emerge considering the raw
material cost pressures fuelled by stronger oil prices and
slowdown in global economic recovery, Moody's believes that SIP's
underlying operating profitability should be underpinned by the
savings achieved through the restructuring action implemented in
the past two years, which has helped trim the company's fixed cost
base and resulted in a headcount reduction in excess of 1,000
employees.

The one notch uplift of SIP's senior secured term loans to Baa2
relative to the Baa3 issuer rating reflects Moody's expectations
that the senior unsecured notes will shortly be redeemed and
refinanced via intercompany funding in the form of deeply
subordinated notes, which will provide a significant cushion for
the claims of the secured lenders.

The outlook is stable reflecting Moody's expectation that the
recalibration of SIP's capital structure combined with a sustained
improvement in the company's underlying operating performance and
financial results, will help underpin SIP's credit profile.

Upward pressure on the ratings may arise should the stand-alone
financial profile of SIP further strengthen underpinned by a
sustained improvement in operating results, which would help
position net debt (excluding the deeply subordinated PIK notes) to
EBITDA close to 4 times on average throughout the cycle.

Conversely, the ratings could be downgraded should any sustained
weakness in internal cash flow generation in the absence of
further supportive action from SABIC, results in some material
deterioration in SIP's financial profile.

Moody's last rating action on SIP was the upgrade of its ratings
on October 15, 2010.

The principal methodology used in rating SABIC Innovative Plastics
Holding B.V. was the Global Chemical Industry Methodology
published in December 2009.

Incorporated in The Netherlands, SABIC Innovative Plastics Holding
B.V. is a global leading manufacturer of engineering
thermoplastics. The group had total revenues of US$7.1 billion in
the fiscal year ended December 31, 2010.


===========
N O R W A Y
===========


SEVAN MARINE: Inks US$36.1MM Bond Loan Deal with Norsk Tillitsmann
------------------------------------------------------------------
Marianne Stigset at Bloomberg News reports that Sevan Marine ASA,
which is fighting to stave off bankruptcy, entered into a
US$36.1 million bond loan agreement and expressed optimism it can
overcome its "financial challenges" by the end of September.

According to Bloomberg, a statement on Wednesday said that Sevan,
which earlier this month proposed deferring debt interest
payments, reached the agreement with Norsk Tillitsmann ASA, acting
on behalf of a group of the company's bondholders.

The bonds are subject to mandatory redemption upon the successful
completion of a long-term restructuring solution, which requires
that Sevan raises US$175 million or more in new capital, Bloomberg
discloses.

At least US$30 million of the loan agreement reached on Wednesday
will be used to upgrade the Sevan Voyageur production vessel,
Bloomberg notes.

The company, as cited by Bloomberg, said it is in discussion with
its banks and commercial partners on the Sevan Voyageur project
for additional liquidity support.

"The company will continue its constructive dialogue with
bondholders and other relevant parties regarding a long-term
restructuring solution," Bloomberg quotes Arendal, Norway-based
Sevan as saying said in the statement.  "The company is optimistic
that a long-term solution to the current financial challenges can
be obtained by the end of September."

Sevan Marine ASA is a Norwegian maker of floating oil-production
and storage vessels.


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


AGRIBUSINESS HOLDING: Fitch Assigns 'B' Long-Term IDRs
------------------------------------------------------
Fitch Ratings has assigned Agribusiness Holding Miratorg (ABH
Miratorg) Long-term foreign and local currency Issuer Default
Ratings (IDRs) of 'B'. The Outlooks for the Long-term IDRs are
Stable.

ABH Miratorg's Long-term IDRs reflect its average business risks
and concentration on one main product line (pork). However, the
group benefits from its leading market positions as importer and
producer of pork in the Russian Federation ('BBB+'/Positive) and,
increasingly, other protein sources under support from the Russian
government. However, the IDR also reflects the execution risk in
the completion of new projects for poultry, beef and, to a less
extent, convenience foods via Concordia.

The industry is characterized by the substitution of imports by
domestically produced pork/protein as Russia is striving for self-
independence on food and is thus reducing its reliance on imports.
The Russian government is helping to achieve this goal by
providing support to meat producers in order to increase domestic
production (via subsidies and low interest/interest-free loans).
This is aligned with Russian president Dmitry Medvedev's
development plans for the sector by 2013-2017.

ABH Miratorg is vertically integrated across the value chain in
all stages in the production cycle for pork, from farming and feed
production to full control of the distribution function, including
strong warehouse and transport logistics. This is in addition to a
vast distribution network of over 16,000 customers in various
Russian cities. This is a competitive advantage over smaller
producers and, internationally, against American or Brazilian
producers such as Tyson, Inc and JBS (rated 'BBB-'/Stable and 'BB-
'/Stable, respectively) who are mainly focused on the animal
breeding and meat processing sides of the value chain. Vertical
integration allows higher profit margins (EBIT margin in the high
teens compared with mid-to-high single digits for Brazilian or
American processors) and insulates ABH Miratorg from sudden
changes in the price of grain. However, high EBIT margin does not
translate into enhanced cash flow conversion rates, before capex,
measured as (CFO-net interest paid-rents)/ EBITDAR. Although cash
flow conversion fluctuates year on year, this measure is expected
to remain above 60% for ABH Miratorg in a normal year, similar to
peers.

The ratings are capped by several factors: negative free cash flow
in early years due to aggressive expansion plan and thus high
financial leverage as part of this is debt-funded; health scares
due to concentration on pork and weak corporate governance
principles.

The high levels of capex that Miratorg plans to invest in the
vertical expansion of the company (RUB31 billion (US$1.1 billion))
in 2011-2013 including beef, poultry and convenience foods via its
project Concordia, along with any related working capital
investments, will cause free cash flow to be negative in 2011 and
2012, at least. Fitch realizes that the implementation of these
projects will allow the group to become the first producer of
three types of meat as pork, beef, and poultry in Russia by 2014.
While the beef project is ring-fenced from the main ABH Miratorg's
scope of consolidation, the rated entity provides a financial
guarantee to poultry and Concordia's creditors; including such
contingent liabilities would increase net lease-adjusted
debt/EBITDAR to 4.8x by 2012 (3.8x excluding poultry).

Miratorg has so far been unaffected by a recent outbreak of
African Swine Flu (ASF), due to the introduction of stringent
hygiene rules at each location to reduce the risk of contagion.
However, like all other meat producers, the group remains exposed
to changes in meat consumption resulting from heath scares. This
risk will likely be mitigated in future by diversification across
other sources of protein.

ABH Miratorg's governance standards are weak relative to peers.
The group is controlled by two brothers, Alexander and Viktor
Linnik, who own in equal proportion Agromir LLC (Cyprus), which
controls ABH Miratorg, LLC. The shareholders remain deeply
involved in the day-to-day business decisions and control the
Board (which does not have any independent directors). The group
recently set up an internal audit department. Miratorg maintains
related-party transactions with other entities which are directly
controlled by Agromir Holdings Ltd., in particular for its
Concordia project and cattle and poultry projects, for which it
has provided some financing, as a sponsor, under a project-finance
scheme.

In terms of rating guidelines, Fitch expects a positive rating
action if lease-adjusted net debt/operating EBITDAR is
consistently within the range of 3.0x -- 3.5x (excluding poultry),
FFO interest coverage is above 3.0x, upon evidence or willingness
to remain free cash flow positive over the medium term coupled
with successful debt refinancing with longer-dated debt
instruments. Critical to a potential positive rating action is
enhanced corporate governance principles, clarity on group
structure and flow of funds intra-group.

A negative rating action may follow if lease-adjusted net
debt/operating EBITDAR is consistently above the 4.5x- 5.0x range
(excluding poultry), FFO interest coverage is below 2.0x and/or
following evidence of weak group EBITDAR to cash conversion: (CFO-
net interest paid-rents)/ operating EBITDAR below 60% over two
years.


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


AYT CAIXA: Fitch Affirms Rating on Class D Notes at 'Bsf'
---------------------------------------------------------
Fitch Ratings has affirmed four tranches of Ayt Caixa Sabadell
Hipotecario I, Fondo de Titulizacion de Activos (Ayt Caixa
Sabadell) and revised the Outlook on the class C notes to Negative
from Stable. Fitch has also placed the class A notes on Rating
Watch Negative (RWN). The rating actions are:

   -- Class A (ISIN ES0312192000) 'AAAsf'; placed on RWN; Loss
      Severity (LS) rating of 'LS-1'

   -- Class B (ISIN ES0312192018) affirmed at 'Asf'; Outlook
      Stable; 'LS-4'

   -- Class C (ISIN ES0312192026) affirmed at 'BBB-sf'; Outlook
      revised to Negative from Stable; 'LS-4'

   -- Class D (ISIN ES0312192034) affirmed at 'Bsf'; Outlook
      Negative; LS revised to 'LS-4' from 'LS-3'

Ayt Caixa Sabadell is a Spanish RMBS transaction, which includes
loans originated and serviced by Caixa d'Estalvis Unio de Caixes
Manlleu, Sabadell i Terrassa (Unnim; 'BB+'/Stable/'B'). The bank
acts as collection account bank and servicer in the transaction.
Under Fitch's structured finance counterparty criteria, UNIM is
not deemed to be eligible to perform these duties, without
mitigants in place. As a result of Ayt Caixa Sabadell's potential
exposure to commingling and payment interruption risk, the agency
has placed the class A notes on RWN. Fitch has been informed that
the issuer is looking to implement appropriate mitigants, but no
final decision has yet been reached.

In its analysis, Fitch would consider all sources of liquidity
available to mitigate the commingling exposure and short-term
liquidity shocks. At present, the reserve fund, held with
Confederacion Espanola de Cajas de Ahorros (CECA;
'A+'/Negative/'F1') is deemed to be the only source of liquidity
available in the transaction. However, the reserve fund has been
drawn since the May 2010 interest payment date (IPD) and is being
utilized to provision for period defaults. As of the May 2011 IPD
the reserve fund stood at 63.3% of its target amount of EUR12.3
million. Given the current volume of loans in arrears by more than
three months, which are expected to roll-through to default in the
upcoming payment dates, Fitch expects that the reserve fund of AyT
Caixa Sabadell will continue to be utilized in the upcoming
quarters. Consequently, the agency believes that the reserve fund
cannot be relied upon to mitigate the payment interruption should
UNIM default.

The performance of the pool over the past 12 months has continued
to deteriorate, showing a continued upward trend in arrears. As of
the May 2011 investor report, loans in arrears between three and
18 months were at 6.3% of the current pool balance versus 5.3% a
year ago. Cumulative gross defaults for the same period were
calculated as 2.5% of the initial collateral balance, whereas
cumulative net defaults were reported as EUR5.6 million (2% of the
pool balance to date). In Fitch's opinion, further deterioration
in asset performance can be expected. In the current Spanish
macroeconomic environment, a further rise in interest rates is
expected to negatively impact borrower affordability, which is why
the agency expects a further rise in arrears levels, and more
delinquent borrowers to roll-through to default.. As a result,
further reserve fund draws are assumed, leading to a further
decline in the credit support available to the notes.

The transaction documentation defines defaults as loans in arrears
by more than 18 months. As in the majority of the Spanish
securitization practice, defaults are provisioned for using
available excess revenue generated between payment dates.

The loans in the underlying pool had high loan-to-value ratios at
origination (WAOLTV of 95.5%), with most of the loans originated
between 2005 and 2007. The principal payment rates seen since
close have been low, which is why the transaction has seen limited
de-leveraging of the pool (90% of the original collateral amount
remains outstanding as of May 2011), indicating that there is a
considerable portion of loans in the pool which are in negative
equity. With Fitch's peak-to-trough house price decline
expectations of 30%, the default of such borrowers would limit the
recoveries that the issuer can expect to receive. The borrowers in
the pool are all paying variable rates, and a rise in interest
rates is expected to have an impact on their affordability.

These forward looking views on arrears and loss severity are
reflected in the Negative Outlooks assigned to the class C and D
notes.


BANCO SABADELL: S&P Takes Rating Actions on Various Notes
---------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all classes of notes in nine Banco de Sabadell S.A. transactions.
The nine transactions are securitizations of loans granted to
Spanish small and midsize enterprises (SMEs).

Specifically, S&P has

    Lowered and removed from CreditWatch negative its credit
    ratings on seven tranches in five transactions for
    counterparty reasons;

    Lowered its ratings on eight tranches in five transactions for
    performance related issues;

    Raised its ratings on a single tranche in one transaction due
    to reported good performance;

    Affirmed and removed from CreditWatch negative its ratings on
    six tranches in three transactions for counterparty reasons;

    Affirmed its ratings on eight tranches in six transactions;
    and

    Withdrew its ratings on three tranches in three transactions
    as these notes have redeemed.

"The rating actions are based on our review of each transaction,
including a review of the counterparty risk and a credit and cash
flow analysis," S&P related.

"The results of our counterparty risk analysis led us to lower our
ratings on some of the senior classes of notes," S&P said.

"In our credit and cash flow analysis we assessed the risk related
to a variety of critical features embedded in the assets backing
pools: Industry concentration, top borrowers' weight over the pool
totals, and the performance of the underlying loans. The results
of this analysis led us to lower our ratings on certain classes of
notes," S&P said.

The table reports the summary information for each transaction as
per the last investor reports available.

Deal(5)   Pool    90 to    Cumulative  Credit   Top 10
          factor  360      default     support  borrowers
                  days(1)  (2)         (3)      (4)

FTPSAB2   14.00   0.39     1.69          7.39   13.26
FTPSAB3   15.22   0.48     1.34          1.24   17.15
SABEMP1   31.21   2.01     2.51          0.26   13.96
FTPSAB6   36.20   3.30     5.01          2.03    7.95
FTGSAB3   37.40   1.15     2.52          2.92    9.75
FTPSAB7   49.80   1.61     0.90          8.77   11.78
FTGSAB4   51.58   1.49     2.31          7.90   12.62
SABEMP5   50.05   6.04     1.38         19.33   14.68
FTPSAB8   82.80   1.39     0.00          9.53    8.77

(1)Delinquent loans between 90 and 360 days as a percentage of the
   current pool balance.
(2)Cumulative defaults as a percentage of the original pool
   balance.
(3)Cash reserve or principal deficiency as a percentage of the
   outstanding note balance.
(4)Top 10 borrowers as a percentage of the current pool balance.
(5)For the full transaction names please refer to the lists below.

FTPSAB2 and FTPSAB3 show a very low pool factor and a pool
concentration of a few large borrowers that are higher than the
average of the group. Consequently, the junior tranches are
exposed to the risk of the defaults of the top borrowers. In
FTPSAB2, for example, the first two borrowers account for 4.36% of
the current pool. FTPSAB3 also reports a cash reserve that is
providing less support than we expected at closing as the issuer
has used it to make several note payments. "Taking these factors
into account, and following a review of the transactions'
performance, we have lowered our ratings on the junior notes in
both transactions for credit reasons. Additionally, we lowered our
ratings on the senior notes based on our review of the
counterparty risk after applying our 2010 counterparty criteria
(see 'Counterparty And Supporting Obligations Methodology And
Assumptions,' Dec. 6, 2010)," S&P related.

SABEMP1, FTPSAB6, and FTGSAB3 are performing worse than the
average of the group, having accumulated higher levels of
delinquencies and defaults than the other six Sabadell
transactions. "In all three transactions, the issuers have
used their cash reserves several times and these reserves are thus
providing lower levels of credit support than we originally
anticipated. Our credit and cash flow analyses indicate that the
junior notes are not able to maintain their ratings and we have
consequently lowered them. We also lowered our ratings on the
senior notes after applying our 2010 counterparty criteria," S&P
said.

FTPSAB7 is one of the best performing of the nine Sabadell
transactions. "The cumulative default rate is the lowest of the
seasoned transactions and the cash reserve is providing a
substantial level of credit support, in our opinion. Our credit
and cash flow analysis indicates that the mezzanine tranche is
able to achieve a higher rating than we assessed at closing. We
have raised the rating on this tranche accordingly," S&P related.

"FTGSAB4, SABEMP5, and FTPSAB8 are still well protected by the
current level of credit support, in our opinion. Additionally, our
counterparty risk analysis indicates that the current
documentation is in line with our updated counterparty criteria
and all three transactions can support 'AAA' rated classes of
notes. As a consequence of these factors, we have affirmed the
ratings on each class of notes in these transactions," S&P added.

Ratings List

Class              Rating
            To               From


FTPYME TDA Sabadell 2, Fondo de Titulizacion de Activos (FTPSAB2)
EUR500 Million Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

1CA         A+ (sf)          AAA (sf)/Watch Neg
1SA         A+ (sf)          AAA (sf)/Watch Neg

Rating Lowered
3SA          BB (sf)          BBB (sf)

Rating Affirmed

2SA         A (sf)

IM FTPYME SABADELL 3, Fondo de Titulizacion de Activos (FTPSAB3)
EUR600 Million Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

1CA         A+ (sf)          AAA (sf)/Watch Neg

Ratings Lowered
2           A- (sf)          A (sf)
3           BB- (sf)         BBB- (sf)

IM SABADELL EMPRESAS 1, Fondo de Titulizacion de Activos (SABEMP1)
EUR1 Billion Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

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

Rating Lowered

C           CCC (sf)         BB (sf)

Rating Affirmed

B           A (sf)           A (sf)

Rating Withdrawn

A1          NR               AAA (sf)

GC FTPYME SABADELL 6, Fondo de Titulizacion de Activos (FTPSAB6)
EUR1 Billion Floating-Rate Notes

Ratings Lowered and Removed From CreditWatch Negative

A2          A+ (sf)          AAA (sf)/Watch Neg
A3(G)       A+ (sf)          AAA (sf)/Watch Neg

Ratings Lowered
B           BBB (sf)         A (sf)
C           B (sf)           BBB- (sf)


IM FTGENCAT Sabadell 3, Fondo de Titulizacion de Activos (FTGSAB3)
EUR350 Million Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative

A2(G)       A+ (sf)          AAA (sf)/Watch Neg

Ratings Lowered

B           A- (sf)          A (sf)
C           B- (sf)          BBB (sf)

Rating Withdrawn

A1          NR               AAA (sf)


IM FTPYME SABADELL 7 Fondo de Titulizacion de Activos (FTPSAB7)
EUR1 Billion Floating-Rate Notes

Rating Raised

B           A+ (sf)          A (sf)

Ratings Affirmed

A2(G)       AAA (sf)
C           BB- (sf)

Rating Withdrawn

A1          NR               AAA (sf)


IM FTGENCAT SABADELL 4, Fondo de Titulizacion de Activos (FTGSAB4)
EUR500 Million Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A1           AAA (sf)       AAA (sf)/Watch Neg
A2(G)        AAA (sf)       AAA (sf)/Watch Neg

Ratings Affirmed

B            A (sf)
C            B (sf)

IM SABADELL EMPRESAS 5, Fondo de Titulizacion de Activos (SABEMP5)
EUR900 Million Asset-Backed Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

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

Rating Affirmed

B             B+ (sf)

GC FTPYME Sabadell 8, Fondo de Titulizacion de Activos (FTPSAB8)
EUR1 Billion Floating-Rate Notes

Ratings Affirmed and Removed From CreditWatch Negative

A1(G)        AAA (sf)        AAA (sf)/Watch Neg
A2(G)        AAA (sf)        AAA (sf)/Watch Neg
A3           AAA (sf)        AAA (sf)/Watch Neg

Rating Affirmed

B            BB (sf)


FONDO DE TITULIZACION: S&P Affirms Rating on Class D Notes at 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered and placed on
CreditWatch negative its credit ratings on Fondo de Titulizacion
de Activos UCI 18's class A and B notes. "At the same, we lowered
our rating on the class C notes. Additionally we have affirmed our
rating on the class D notes," S&P said.

From 2008, this transaction has experienced increasing levels of
severe arrears but arrears levels have now stabilized. "We have
observed a similar trend in other Spanish portfolios, but the most
recent UCI transactions have reached higher level of arrears than
the average for similar Spanish transactions that we rate," S&P
stated.

"In 2009, we understand that Union de Creditos Inmobiliarios,
Establecimiento Financiero de Credito S.A. (UCI) decided to adopt
a more proactive approach to arrears management and to offer
temporary reductions of monthly installments to borrowers
experiencing difficulties. UCI enters into this kind of agreements
only when it considers that the borrower's difficulties are
temporary," S&P stated.

"UCI has provided us with data showing that about 75% of the loans
-- taken from UCI's entire portfolio -- that were in payment
arrangements are now performing. However, in our opinion these
loans are still more risky than loans that have never been in
arrangements. Moreover, such agreements could, in our view,
postpone the recognition of losses and delay interest payment
deferral triggers on the junior notes, which would be detrimental
to the senior notes," S&P related.

"We have therefore placed on CreditWatch negative our ratings on
the most highly rated tranches in this transaction, which have a
relatively higher exposure to loans in such arrangements. We are
monitoring the performance of such pools and will take any
appropriate rating action in due course," S&P stated.

The level of arrears in UCI 18's pool has stabilized and has
decreased in certain arrears buckets. "However, part of this
decrease is due to the large portion of loans that are currently
in payment arrangements, in our view. There has also been a house
price correction in Spain since 2008, which has led to elevated
weighted-average loan-to-value ratios in the pools. For these
reasons, we have increased our loss expectations for the pools,"
S&P stated.

The reserve fund is at 100% of its required level. The cash
reserve was partially drawn on the December 2010 and March 2011
interest payment dates, and it has been fully replenished on the
last interest payment date (June 2011).

"Based on the deteriorating portfolio credit quality, we have
lowered our ratings on UCI 18's class A, B, and C notes to rating
levels that we consider to be commensurate with the current level
of credit enhancement available," S&P related.

"We have affirmed our 'D (sf)' rating on the class D notes, as
they had already defaulted in August 2009. Since their interest
payment default, this class has not paid back any of the interest
previously due," S&P said.

UCI 18 is a Spanish RMBS transaction backed by pools of first-
ranking mortgages secured over owner-occupied residential
properties in Spain and pools of unsecured personal or second-lien
mortgage loans. The underlying assets are all associated with
first-ranking mortgages originated by UCI.

Ratings List

Class                 Rating
           To                       From

Fondo de Titulizacion de Activos UCI 18
EUR1.723 Billion Secured Floating-Rate Notes

Ratings Lowered and Placed on CreditWatch Negative

A          A+ (sf)/Watch Neg        AA+ (sf)
B          BB (sf)/Watch Neg        BBB (sf)

Rating Lowered

C          B (sf)                   BB (sf)

Rating Affirmed

D          D (sf)                   D (sf)


TDA IBERCAJA: S&P Affirms Rating on Class D Notes at 'D'
--------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in four European residential mortgage-backed securities
(RMBS) transactions as amendments to transactions documents have
not yet been executed.

"On Jan. 18, 2011, we placed these ratings on CreditWatch negative
when our 2010 counterparty criteria became effective (see 'EMEA
Structured Finance CreditWatch Actions In Connection With Revised
Counterparty Criteria,' published on Jan. 18, 2011)," S&P related.

"Subsequently, the transaction counterparties have sent us amended
counterparty documentation, which we have reviewed and which we
consider to be in line with our updated counterparty criteria (see
'Counterparty And Supporting Obligations Methodology And
Assumptions,' published on Dec. 6, 2010)," S&P said.

"The amendments in each of the eight transactions have yet to be
executed; however, for specific reasons set out below we have kept
the affected ratings on CreditWatch negative," S&P said.

"Additionally, we have lowered our ratings on seven tranches,
placed our ratings on CreditWatch negative on three tranches, and
affirmed our rating on one tranche in these eight transactions,"
S&P related.

                          Shield 1 B.V.

"In Shield 1 B.V., we understand that the amended documentation
will be adopted. However, transaction parties have informed us
that execution of the amendments will not take place until August
2011. Our ratings reflect our view of the risk profile of
transactions as they currently are, not as they are likely to be
in the future," S&P said.

To that end, the ratings on Shield 1's class A and B notes will
remain on CreditWatch negative until the amendments to the
documentation have been executed.

Shield 1 is a synthetic Dutch RMBS transaction, which references a
pool residential mortgages originated by ABN AMRO Bank N.V.

                 Intra Mortgages Finance 1 S.R.L.

"In Intra Mortgages Finance 1 S.r.l., we have been informed that a
noteholder meeting may be scheduled at which the noteholders would
vote on whether or not to accept the proposed documentation
changes. If noteholders vote against the changes and the
documentation is therefore amended, we would likely downgrades
the class A and B notes," S&P related.

"We aim to resolve the CreditWatch placements upon execution of
the proposed changes to the transaction documentation," S&P said.

The 2010 counterparty criteria did not affect the rating on the
class C notes. "As such, following a transaction review, we have
affirmed the class C rating at 'A  (sf)' as we consider the asset
performance to be stable," S&P said.

Intra Mortgage Finance 1 is an Italian RMBS transaction that
securitizes a pool of residential mortgages originated by Banca
Popolare di Intra SCPA.

                   Kildare Securities Ltd.

"In Kildare Securities Ltd., we have been informed that a
noteholder meeting has been scheduled at which the noteholders
will vote on whether or not to accept the proposed documentation
changes. If noteholders vote against the changes and the
documentation is not amended as a result, we would likely
downgrade the class A2, A3, and B notes," S&P said.

The transaction is supported by a currency swap from Barclays Bank
PLC (AA-/Negative/A-1+). "We do not consider the currency swap to
be in line with the 2010 counterparty criteria and we understand
the swap agreement will not be amended. Therefore, we have
stressed the transaction without the benefit of the currency swap
and the ratings do not pass at their current levels," S&P related.

"According to our criteria, this means that the maximum potential
rating for all Kildare's notes is capped at 'AA', the long-term
rating on Barclays Bank, plus one notch. Therefore, we have
downgraded the class A2 and A3 notes to 'AA  (sf)' from 'AA+
(sf)'. The class A and B notes remain on CreditWatch negative
pending the noteholder meeting. The class C and D notes are
unaffected by this rating action," S&P said.

"We aim to resolve the CreditWatch placements when we have been
made aware of the outcome of the noteholder meeting," S&P added.

Kildare is an Irish RMBS transaction backed by a pool of
residential mortgages originated by ICS Building Society.

      Brunel Residential Mortgage Securitization No. 1 PLC

"In Brunel Residential Mortgage Securitization No. 1 PLC, we have
been informed that a noteholder meeting has been scheduled at
which the noteholders will vote on whether or not to accept the
proposed changes. If noteholders vote against the changes and the
documentation is not amended as a result, we would likely
downgrade the class A, B, and C notes," S&P related.

Bank of Ireland (BoI; BB+/Negative/B) provides the guaranteed
investment contract (GIC) account and also guarantees the basis
swap. The long-term rating on BoI is 'BB+', having been lowered
from 'BBB' in February 2011. "If we assess the transaction without
the support of BoI, the ratings cannot be maintained. To that end,
the class A, B, and C notes remain on CreditWatch negative and we
have placed the class D notes on CreditWatch negative, all
pending the outcome of the noteholder meeting," S&P said.

The transaction is also supported by a currency swap from Barclays
Bank PLC (AA-/Negative/A-1+). "We do not consider the currency
swap to be in line with the 2010 counterparty criteria and we
understand the swap agreement will not be amended. Therefore, we
have stressed the transaction without the benefit of the currency
swap and the ratings do not pass at their current levels," S&P
said.

"According to our criteria, this means the maximum potential
rating for all notes is capped at 'AA', the long-term rating on
Barclays Bank, plus one notch. Therefore, we have downgraded the
class A notes to 'AA+ (sf)' from 'AAA (sf)'. This rating remains
on CreditWatch negative," S&P related.

"We aim to resolve the CreditWatch placements when we have been
made aware of the outcome of the noteholder meeting," S&P said.

Brunel Residential Mortgage Securitization No. 1 is a U.K. RMBS
transaction backed by a pool of mortgages originated by Bristol
and West PLC.

                            Ibercaja

These four Ibercaja transactions are supported by interest rate
swaps provided by Caja de Ahorros y Monte De Piedad de Zaragoza
Aragon y Rioja (IBERCAJA; A/Negative/A-1) rated 'A'. "We do not
consider that the swaps are in line with our 2010 criteria and we
understand they will not be amended. Therefore, we have stressed
the transactions without the benefit of these swaps and the
ratings do not pass at their current levels. This means the
maximum potential rating for all notes is capped at the long-term
rating on the swap provider plus one notch," S&P said.

"We have been informed that the existing swap counterparty will be
replaced by Banco Santander S.A. (AA/Negative/A-1+) on the payment
date of July 27, 2011," S&P related.

Therefore, S&P has downgraded:

    TDA Ibercaja 2 Fondo de Titulizacion de Activos' class A
    notes,

    TDA Ibercaja 4 Fondo de Titulizacion de Activos' class A1, A2,
    A3(PAC) notes,

    TDA Ibercaja 5 Fondo de Titulizacion de Activos' class A1 and
    A2 notes, and

    TDA IBERCAJA ICO-FTVPO Fondo de Titulizacion Hipotecaria's
    class A(G) notes.

"The classes affected remain on CreditWatch negative pending the
novation of the swap contracts. If the documentation were not to
be amended we may downgrade these classes. We aim to resolve the
CreditWatch placements when we have been made aware of the
novation of the swap documents," S&P related.

"We have also affirmed our ratings on all other classes of notes
in these transactions following a credit review," S&P said.

These transactions are Spanish RMBS transactions backed by a pool
of mortgages originated by IBERCAJA.

Ratings List

                 Rating
Class       To                       From

Shield 1 B.V.
EUR4.016 Billion Floating-Rate Credit-Linked Notes

Ratings Remaining on CreditWatch Negative

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

Intra Mortgage Finance 1 S.r.l.
EUR445 Million Mortgage-Backed Floating-Rate Notes

Ratings Remaining on CreditWatch Negative

A           AAA (sf)/Watch Neg       AAA (sf)/Watch Neg
B           AA+ (sf)/Watch Neg       AA+ (sf)/Watch Neg

Rating Affirmed

C           A (sf)

Kildare Securities Ltd.
EUR1.276 Billion, US$2.176 Billion Mortgage-Backed Floating-Rate
Notes

Ratings Lowered and Remaining on CreditWatch Negative

A2          AA (sf)/Watch Neg        AA+ (sf)/Watch Neg

Ratings Remaining on CreditWatch Negative

A3          AA- (sf)/Watch Neg       AA- (sf)/Watch Neg
B           A- (sf)/Watch Neg        A- (sf)/Watch Neg

Brunel Residential Mortgage Securitisation No. 1 PLC
EUR2.6 Billion, GBP1.019 Billion, US$5.308 Billion Mortgage-Backed
Floating-Rate
Notes

Ratings Withdrawn

A2          NR                       AAA (sf)/Watch Neg
A3          NR                       AAA (sf)/Watch Neg
A3          NR                       A-1+

Ratings Lowered and Remaining on CreditWatch Negative

A4a         AA (sf)/Watch Neg        AAA (sf)/Watch Neg
A4b         AA (sf)/Watch Neg        AAA (sf)/Watch Neg
A4c         AA (sf)/Watch Neg        AAA (sf)/Watch Neg

Ratings Remaining on CreditWatch Negative

B4a         AA (sf)/Watch Neg        AA (sf)/Watch Neg
B4b         AA (sf)/Watch Neg        AA (sf)/Watch Neg
C4a         A (sf)/Watch Neg         A (sf)/Watch Neg
C4b         A (sf)/Watch Neg         A (sf)/Watch Neg
C4c         A (sf)/Watch Neg         A (sf)/Watch Neg

Ratings Placed on CreditWatch Negative

D4a         BBB (sf)/Watch Neg       BBB
D4b         BBB (sf)/Watch Neg       BBB
D4c         BBB (sf)/Watch Neg       BBB

TDA Ibercaja 2 Fondo de Titulizacion de Activos
EUR904.5 Million Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

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

Ratings Affirmed

B           A (sf)
C           BBB (sf)
D           BB (sf)

TDA Ibercaja 4 Fondo de Titulizacion de Activos
EUR1.411 Billion Mortgage-Backed Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

A1          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A2          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A3PAC       AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg

Ratings Affirmed

B           AA (sf)
C           A (sf)
D           BBB (sf)
E           BB (sf)
F           D (sf)

TDA Ibercaja 5, Fondo de Titulizacion de Activos
EUR1.207 Billion Secured Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

A1          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg
A2          AA+ (sf)/Watch Neg       AAA (sf)/Watch Neg

Ratings Affirmed

B           A (sf)
C           BBB- (sf)
D           D (sf)

TDA IBERCAJA ICO-FTVPO, Fondo de Titulizacion Hipotecaria
EUR447.2 Million Floating-Rate Notes

Ratings Lowered and Remaining on CreditWatch Negative

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

Ratings Affirmed

B           CCC- (sf)


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


BUDDY'S PLACE: Tiverton Council Approves Liquor License
-------------------------------------------------------
Patch.com reports that the town council of Tiverton, a town in the
English County of Devon, United Kingdom, unanimously approved a
liquor license for the troubled North Tiverton business, Buddy's
Place.

However, the report notes, the court-appointed receiver requested
the license be issued not in his name until they can transfer
ownership of the business when it's ready for operation.
Patch.com relates that the request comes nearly eight months after
the council learned the business was in receivership for not
paying nearly $9,000 in back taxes and sewer fees, prompting them
to withhold issuing a new license.

Once a buyer is found, the report says, the town will go back to
the State Department of Taxation and the courts for approval.
Then, Vincent Indeglia, of Ferrucci Russo P.C., said he would come
back to the town to begin the transfer of ownership while a new
applicant is vetted, the report discloses.


EPIC INDUSTRIOUS: Fitch Affirms D Ratings on Six Classes of Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Epic (Industrious) p.l.c's commercial
mortgage-backed notes due April 2014:

   -- GBP299.7m Class A: affirmed at 'Dsf'; Recovery Rating 'RR3'

   -- GBP49.0m Class B: affirmed at 'Dsf'; Recovery Rating 'RR6'

   -- GBP19.4m Class C: affirmed at 'Dsf'; Recovery Rating 'RR6'

   -- GBP37.4m Class D: affirmed at 'Dsf'; Recovery Rating 'RR6'

   -- GBP37.9m Class E: affirmed at 'Dsf'; Recovery Rating 'RR6'

   -- GBP29.2m Class F: affirmed at 'Dsf'; Recovery Rating 'RR6'

The affirmation reflects the unchanged status of the transaction
since Fitch's last rating action.

The previously-mortgaged assets were liquidated by October 2009.
The calculation of the credit protection payment amount, equal to
the net proceeds of the asset sales deducting all senior ranking
costs, is pending. Once this has been calculated, net proceeds
will be allocated to the notes sequentially, crystallizing note
losses on a reverse sequential basis. Based on Fitch's estimate,
all outstanding note classes will suffer losses, with only the
class A notes likely to receive any recovery.


GILL'S CRUISE: P&P Associates Buys Firm Out of Administration
-------------------------------------------------------------
Helen Young at Travel News reports that P&P Associates has
acquired Gill's Cruise Centre out of administration.  The report
relates that Gill's Cruise Centre was forced to cease trading
after cruise liners stopped taking bookings because of concerns
over increasing debts.

Travel News notes that the firm initiated a restructuring plan a
few months ago but the effort failed to save the company from the
administrators.

Although Association of British Travel Agents (ABTA) has been
reassuring those who currently have trips booked with the firm
that they will be covered, the future is not so certain for the
company's employees, according to Travel News.

Phil Cook, chief executive of P&P Associates, said Gill's Cruise
will now be incorporated into its travel group and will operate
under the We Cruise banner, Travel News says.

The report notes Mr. Cook said that Gill's Cruise had suffered in
recent years because its technology and management structure had
been unable to cope with a program of rapid expansion.

Gill's Cruise Centre, one of the United Kingdom's longest
established cruise-based travel agents.   The firm was the third-
largest cruise company in the UK with around 60,000 passengers.
The family-run business had been operating for 55 years.  It was
originally established by Robert Gill and was taken over by
Alistair, his son, in 1989.


MAYFIELD CONSTRUCTION: Goes Into Administration, Cuts 72 Jobs
-------------------------------------------------------------
Place North West reports that Mayfield Construction has gone into
administration with 72 of the 75 staff being made redundant.

The employees were notified by the directors of the firm on 7
July, a day prior to the appointment of Fiona Taylor and Colin
Dempster from Ernst & Young as joint administrators, according to
the report.  Place North West relates that Ernst & Young said the
remaining three members of staff, together with the company's
directors, are now assisting the administrators in the realization
of the company's assets on behalf of its creditors.

"We are currently undertaking a full review of the company's
financial position, but it is clear that cash flow difficulties
resulting from lower-than-expected revenue and delays in contracts
and receipt of income are at the heart of the issue.  This is due
in part to the inclement weather experienced at the turn of the
year and the tough trading conditions that continue to impact the
construction industry," Ms. Taylor was quoted by Place North West
as saying.

Place North West notes that Mayfield Construction was part of the
project team that restored the Garden Festival park site in
Otterspool.  The report relates that working on behalf of site
owner Langtree, the construction firm was the main contractor on
the refurbishment of the park where the International Garden
Festival took place in 1984.
Place North West says that following the announcement of the
collapse of Mayfield, Langtree said that the gardens' opening will
need to be put back from July to mid-September as it searches for
a replacement contractor to complete Mayfield's contract.

Liverpool-based Mayfield Construction was a subsidiary of McKean
Group, based in Glasgow, which itself was placed into
administration, Place North West discloses.  McKean & Company and
Hudson Vision, another two subsidiaries of the McKean Group, were
both wound up in June.


PAN PACIFIC: Steps Up Fundraising Effort to Finance CVA
-------------------------------------------------------
Interactive Investor reports that Pan Pacific Aggregates announced
a fundraising effort to save the company.

The company reported revenue for the year to December 31 of
GBP714,000, compared to GBP1,507 in 2009, Interactive Investor
relates.  Despite this, it recorded a pre-tax loss of GBP3.94
million, compared to a pre-tax profit of GBP1.12 million in the
same period last year, Interactive Investor notes.

According to Interactive Investor, the company said that the
failure of its reverse takeover, announced in April, meant the
company had no alternative but to enter into a Company Voluntary
Arrangement with its creditors.

During the year the firm made GBP1.5 million in fundraising, down
from the GBP4.1 million raised a year earlier, Interactive
Investor discloses.

Its fundraising in 2010 was used to fund working capital and
equipment investment at Quadling Quarry, Interactive Investor
states.

PPA, Interactive Investor says, is now fundraising once again to
finance its CVA and provide working capital for the next 18
months.

Pan Pacific Aggregates plc is a publicly held, asset holding
company registered in the United Kingdom.  The assets of the
Company include: Pan Pacific Aggregates Ltd., a wholly owned
subsidiary incorporated in British Columbia, Canada in November
2004; Consolidated Tri-Sil Minerals Inc., acquired in January 2005
(97.3 percent of the share capital); Global Industrial Services
Canada Inc. acquired in March 2005 (100% of the share capital) and
Pumptown Quarry Inc., a wholly owned subsidiary incorporated in
British Columbia, Canada acquired in June 2008.


PROTEAM UK: Paroh Limited Buys Firm Out of Administration
---------------------------------------------------------
DIY Week reports that Proteam UK has been bought out of
administration by clothing and protective equipment supplier,
Direct Corporate Clothing, via its subsidiary business Paroh
Limited.

Proteam entered administration on June 13 as a direct result of
the collapse of Focus (DIY), which went under in May owing the
distributor GBP3 million, according to DIY Week.

The report notes that the sale to Direct Corporate Clothing, which
was finalized on July 15, has saved 37 out of the 41 jobs affected
at Protean.

"We are pleased that the sale has secured 37 jobs at Proteam UK
and the future of the company, safeguarding a continued supply of
products to its customers.  Trading the company for a month gave
us enough time to find a buyer, and we received several
expressions of interest in a well-known brand that is respected
amongst its clients in the retail market'" the report quoted Joint
administrator Jason Baker, of insolvency firm FRP Advisory, as
saying.


PUNCH TAVERNS: S&P Lowers Rating on Class D1 Notes to 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on Punch Taverns Finance
PLC's (Punch A) class A, M, B, C, and D notes. "At the same time,
we lowered and removed from CreditWatch negative our ratings on
Punch Taverns Finance B Ltd.'s (Punch B) class A, B, and C notes.
The outlook is negative," S&P said.

Both transactions are corporate securitizations backed by a
portfolio of tenanted public houses. "Our rating actions reflect
Punch Taverns PLC's (the parent company of the securitizations)
changes to its business profile, our expectation that EBITDA will
go down following planned asset sales, and uncertainty about how
Punch Taverns will use the proceeds from these sales," S&P
related.

In the year to Q2 2011, performance has not shown any improvement
in the trading conditions for tenanted pubs. Punch Taverns has
reported revenues down by 8% in the first half of the 2010/11
financial year. "Furthermore, EBITDA per leased pub is down to
approximately GBP26,000 per pub and the operating profits
for the leased division are also down by 14%. In the same period,
Punch A's reported revenue and EBITDA (excluding parent company
support) are down by 9% and about 20.1%, respectively. While this
includes an approximately 10.8% annual reduction in the number of
pubs, we note that, without the parent support, EBITDA debt
service coverage ratio (DSCR) for the rolling four quarters falls
below 1.25x," S&P related.

For Punch B, the securitization's weak performance has also caused
Punch Taverns to inject GBP38.3 million of support in the year up
to Q2 2011, to maintain a rolling four-quarter EBITDA DSCR
covenant ratio of 1.51x. "However, we exclude parent company
intervention from our analysis on the performance of covenants,
and we estimate that Punch B's EBITDA DSCR would have fallen to
1.10x in the four quarters up to the Q2 performance test," S&P
said.

"We will continue to monitor the effect of the parental support,
including the buffer to the covenants -- especially since we
believe that the majority of support will be up-streamed back to
Punch Taverns," S&P said.

S&P's rating actions in Punch A reflect several factors in light
of its revised business risk score:

    "As Punch A's class A notes are backstopped by a valuation
    analysis, they no longer pass our 'AA' valuation stresses.
    Additionally, we believe that the increased level of disposals
    announced by the company not only suggests that a larger
    portion of the estate than previously contemplated is
    economically unviable, but also that the parent may use the
    cash generated from the disposals for other permissible
    activities that do not prioritize the class A notes. Our
    understanding is that the parent could use the asset disposal
    proceeds in one of four ways: Investing in capital
    expenditure, repaying the bonds, making secondary market
    repurchases, or acquiring additional pubs. The class A notes
    do not have to be paid as a priority in a pre-enforcement
    scenario," S&P related.

    "We have applied harsher operating cash flow stresses to
    reflect our views on the assets' reduced cash flow generation
    capabilities, suggested by the lower business risk score and
    announced planned disposals of the assets, and therefore a
    decline in EBITDA over the next five years," S&P said.

"Our rating actions on Punch B mainly reflect the cash flow
stresses, which we have revised upward following the our lowering
of the business risk profile on Punch Taverns in December 2010. We
expect that the projected reduction in EBITDA, similar to what is
envisaged for Punch A, will follow the disposal of the non-core
leased pubs and the uncertainty about the application of the
proceeds," S&P said.

The negative outlook reflects the challenges faced by both Punch A
and Punch B in the short term. "In our view, the combination of
government spending cuts, depressed consumer confidence, and
recent tax/tariff increases, will mean that the tenanted pub
sector will continue to find it difficult to improve trading
to levels commensurate with a higher 'satisfactory' business risk
score," S&P said.
Going forward, to maintain the current ratings on both Punch A and
B's notes, like-for-like profits would have to stabilize in 2011,
and the transactions would have to maintain reasonable financial
ratios without parental support (see "U.K. Pub Industry Must
Continue To Diversify As More Customers Entertain At Home,"
published June 29, 2011).

"Furthermore, the outlook placement reflects the fact that we are
still awaiting additional information on the disposals," S&P said.

Punch Taverns has announced that if will carry out a strategic
review. One of the key tenets of this review is that Punch Taverns
will sell a significant number of pubs. 'As a result of this
announcement, we believe that Punch Taverns will dispose of about
40% (approximately 2,200) of the pubs backing Punch A and Punch B
over the next five years, which is higher than we originally
anticipated in 2010. In our last review, we placed the notes on
CreditWatch negative while awaiting additional information. We
have received sufficient information to take rating action and
remove the rating from CreditWatch negative. However, we continue
to note some uncertainty persisting around the actual timing,
split, and how Punch Taverns will use the sale proceeds," S&P
related.

"We will continue to monitor the effect of the disposal program --
particularly how the sale of the pubs could affect the
transactions' cash flow to debt service profiles. This is
especially a concern for the lower-rated notes that start to
amortize toward the back-end of the securitizations," S&P added.

Ratings List

Ratings Lowered and Removed From Creditwatch Negative; Outlook
Negative

Class                Rating
           To                        From

Punch Taverns Finance PLC
GBP2.65 Billion Asset-Backed Fixed- and Floating-Rate Notes

A1(R)       A (sf)/Negative          AA (sf)/Watch Neg
A2(R)       A (sf)/Negative          AA (sf)/Watch Neg
A2(R)(SPUR) A (sf)/Negative(SPUR)    AA (sf)/Watch Neg(SPUR)
M1          BB+ (sf)/Negative        BBB (sf)/Watch Neg
M2(N)       BB+ (sf)/Negative        BBB (sf)/Watch Neg
M2(N)(SPUR) BB+ (sf)/Negative(SPUR)  BBB (sf)/Watch Neg(SPUR)
B1          BB- (sf)/Negative        BB (sf)/Watch Neg
B2          BB- (sf)/Negative        BB (sf)/Watch Neg
B3          BB- (sf)/Negative        BB (sf)/Watch Neg
B3(SPUR)    BB- (sf)/Negative(SPUR)  BB (sf)/Watch Neg(SPUR)
C(R)        B+ (sf)/Negative         BB- (sf)/Watch Neg
D1          B (sf)/Negative          B+ (sf)/Watch Neg

Punch Taverns Finance B Ltd.
GBP1.574 Billion Fixed- and Floating-Rate Asset-Backed Notes

A3          BB (sf)/Negative         BBB (sf)/Watch Neg
A6          BB (sf)/Negative         BBB (sf)/Watch Neg
A7          BB (sf)/Negative         BBB (sf)/Watch Neg
A7(SPUR)    BB (sf)/Negative(SPUR)   BBB (sf)/Watch Neg(SPUR)
A8          BB (sf)/Negative         BBB (sf)/Watch Neg
A8(SPUR)    BB (sf)/Negative(SPUR)   BBB (sf)/Watch Neg(SPUR)
B1          B (sf)/Negative          BB- (sf)/Watch Neg
B2          B (sf)/Negative          BB- (sf)/Watch Neg
C           B- (sf)/Negative         B+ (sf)/Watch Neg

SPUR--Standard & Poor's underlying rating.


RTC (ELGIN): Goes Into Administration, Stops Operations
-------------------------------------------------------
Kirriemuir Herald reports that RTC (Elgin) Limited has gone into
administration and has ceased trading.

Forfar Roof Truss Company Limited, based at Orchardbank Industrial
Estate, on the outskirts of Forfar, has secured the design staff
and ongoing business of the company, according to Kirriemuir
Herald.

"Manufacturing has now ceased in Elgin and all future
manufacturing has now been moved to our factory at Orchardbank
Industrial Estate, Forfar," the report quoted Managing Director
Alan Hampton as saying.  "RTC had a turnover of in excess of 2.5m
last year, and it is hoped that the majority of this can now be
manufactured in Forfar," he added.


STICHTING PROFILE: Fitch Affirms Rating on Class E Notes at 'Bsf'
-----------------------------------------------------------------
Fitch Ratings has affirmed Stichting Profile Securitisation I's
notes:

   -- GBP278m SCDS: affirmed at 'AA+sf'; Stable Outlook; 'LS1'

   -- GBP0.08m class A+ (ISIN: XS0235101119): affirmed at 'AA+sf';
      Stable Outlook;'LS1'

   -- GBP17.2m class A (ISIN: XS0235101465): affirmed at 'A+sf';
      Stable Outlook; 'LS3'

   -- GBP5.4m class B (ISIN: XS0235102190): affirmed at 'BBB+sf';
      Stable Outlook; 'LS4'

   -- GBP3m class C (ISIN: XS0235102513): affirmed at 'BBBsf';
      Stable Outlook; 'LS4'

   -- GBP3.1m class D (ISIN: XS0235102943): affirmed at 'BB+sf';
      Stable Outlook; 'LS4'

   -- GBP3.7 class E (ISIN: XS0235103248): affirmed at 'Bsf';
      Stable Outlook; 'LS4'

The affirmations reflect sufficient levels of credit enhancement
(CE) for the ratings driven by the deleveraging of the
transaction.

There has been some deterioration in the portfolio's quality since
the last rating action in June 2009. The portfolio weighted
average rating is 'BBB-*'/'BB+*' compared to 'BBB-*' at the last
action. Speculative grade reference entities make up 25.18% of the
portfolio compared to 13.53% in 2009. In Fitch's view, the
portfolio deterioration is mitigated by the portfolio's
deleveraging and subsequent increase in CE levels.

The transaction is static as the replenishment period ended in
December 2009. The super senior class and class A+ notes balances
have reduced to 81% of their original size. As such, CE has
increased for all classes. The agency expects the CE levels to
increase as the transaction continues to delever according to an
amortisation schedule.

The current reference portfolio comprises 30 loans from 29
obligors with all the loans in the operation phase.

Fitch has assigned an Issuer Report Grade (IRG) of "Basic" (two
stars) to the issuer, based on the provided reports. The reports
do not meet several standards for a higher grade including
information on identifiers of the collateral assets and attachment
points.


SUMMER RETAIL: Goes Into Administration, Closes 3 Franchise Units
-----------------------------------------------------------------
Business Credit Management reports that Summer Retail Limited has
gone into administration with the closure of its three motorcycle
franchise dealerships in Leeds, Stockport and St Leger, Doncaster.

John Russell and Chris White, partners at The P&A Partnership,
Sheffield, who were appointed joint administrators on July 15,
have confirmed that the business has ceased trading and that 44
employees have been made redundant, according to Business Credit
Management.  The report relates that five staff will be retained
in the short term to assist with the sale of the company's assets.

"Summer Retail Limited is a well established franchisee of premium
goods that has been a casualty of a difficult niche consumer
market.  We have set up a website to help those made redundant
http://www.insolvency4employees.co.ukwith guidance and advice on
entitlements," the report quoted Mr. White as saying.  "These are
tough times for any business.  I would advise companies that are
concerned about their trading to ask for help from an accountant
or other professional.  The earlier you bring in an expert with an
outside view, the better chance of either re-financing or turning
around the business," he added.

                    About P&A Partnership

P&A Partnership is a leading specialist business turnaround and
insolvency firm with offices across the UK, including Glasgow and
London.  Their support for businesses includes restructuring,
finance brokering, debt collection and selling assets.


WEN INNS: Bill Wolsey Buys 15 NI Pubs in Administration for GBP8MM
------------------------------------------------------------------
NNC News reports that leading Northern Ireland republican Bill
Wolsey has acquired a chain of bars out of administration for
GBP8 million.  The pubs include the Portaferry Hotel, the
Esplanade in Bangor, and the Tipsy Toad in Lisburn, and are now
all part of a company called North Down Leisure, according to BBC
News.

BBC News notes that the bars were previously owned by a group of
four Bangor-based companies, Wen Inns, Dee Inns, Scandown
Developments and Scandown LLP, which were placed into
administration in May after their attempts to sell the bars
failed.

BBC News says the Bank of Scotland Ireland, which was the main
lender to the four companies is likely to lose about GBP10 million
as a result.

However, the directors of those four firms, who include property
developers Bill Rush and Noel Murphy, had given the bank unlimited
personal guarantees meaning they can be pursued for that money,
the report says.

BBC News discloses that the price paid for the chain reflects the
huge fall in the value of licensed premises in Northern Ireland.
The Portaferry Hotel, which had a book value of GBP1.3 million was
sold for GBP725,000.

BBC News says that the last two years have been some of the
toughest the pub trade in Northern Ireland has experienced.  The
report relates that a series of pub groups have collapsed into
administration and a significant number of landlords have been
bankrupted.


YELL GROUP: First Quarter Revenues Down More Than 11%
-----------------------------------------------------
Mark Wembridge at The Financial Times reports that Yell Group's
first quarter revenues slipped by more than 11%.

According to the FT, the company, which is struggling under a
GBP2.7 billion net debt burden, reiterated its downcast assessment
of the trading environment and said that revenues had fallen in
almost all of its divisions.

The number of print advertisers using Yell slipped 7.9% to 278,000
in the three months to June 30, and the average print revenue per
advertiser fell 8.7% to GBP839, the FT discloses.

Turnover from Yell's internet Yellow Pages directory fell 7.1% to
GBP89.5 million, while print and directory assistance revenues
slumped 18.5% to GBP263.6 million, the FT says.  Total revenues
fell 11.1% to GBP383.3 million, the FT states.

Yell's shares, which traded at nearly 600 pence in 2007, have
collapsed over recent years and the group's market capitalization
of GBP193 million is dwarfed by its debt, the FT notes.


                        About Yell Group

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.  Yell
also owns 100% of TPI (renamed "Yell Publicidad"), the largest
publisher of yellow and white pages in Spain, with operations in
certain countries in Latin America.  Yell's revenue for the twelve
months ended March 31, 2008, was GBP2,219 million and its
Adjusted EBITDA was GBP738.9 million.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on May 25,
2011, Moody's Investors Service downgraded Yell Group Plc's
corporate family rating (CFR) to Caa1 from B3 and its probability-
of-default rating (PDR) to Caa2 from Caa1.  Moody's said the
outlook on the ratings is negative.


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


UZBEKISTAN BANK: Moody's Affirms Ba3/NP/E+ Ratings; Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed the standalone E+ bank
financial strength rating, Ba3/Not Prime long-term and short-term
global local currency (GLC) deposit ratings of National Bank of
Uzbekistan. The bank's B2/Not Prime long-term and short-term
foreign currency deposit ratings were also affirmed. The outlook
on the long-term global scale ratings is stable.

RATINGS RATIONALE

According to Moody's, NBU's standalone E+ BFSR, which maps to B2
on the long-term scale, remains constrained by (i) very high, and
rapidly growing, single name concentration in the bank's loan
book, (ii) increasing pressure on the bank's capital adequacy
stemming from the rapid pace of loan growth and low internal
capital generation, (iii) high reliance on wholesale funding that
raises refinancing issues; and (iv) uncertainties over the
unseasoned nature of the newly originated loan book as well as
over quality of non-core assets. At the same time, the rating
reflects NBU's sound domestic franchise and its privileged
position as an agent for government strategic programs as well as
its access to foreign funding

In 2010, NBU increased its loan portfolio by over 40%, and Moody's
observes that this growth was mainly attributable to lending
facilities for large domestic entities under government programs
and fuelled by funds from the state authorities as well as by
credit lines from international financial institutions (IFIs). As
a result, the bank's exposure to the ten largest borrowers have
substantially increased and accounted for 61% of the loan book and
over 400% of Tier 1 capital at year-end 2010, rendering NBU's
profitability and capital vulnerable to the performance of a small
number of clients. A rapid increase in the single-name
concentration in the bank's loan book in 2010 is a source of
concern for Moody's.

Although the bank has access to relatively cheap funding both from
the government of Uzbekistan and from IFIs, it has very limited
power to set interest margins on those loans originated under the
government state-guaranteed programs that support selective
industries. As a result, the bank's internal capital generation
was historically low, with return on equity (RoE) of 10.4% in
2010. The rapid pace of loan growth and low profitability resulted
in a decline in its Tier 1 capital to 11% as of 31 December 2010,
from more comfortable 14% as at December 2009. Moody's sees a
further pressure on the bank's capital in 2011 given NBU's
willingness to extend loans which are not backed by any announced
plans for an external capital injection.

NBU reduced the level of problem loans (defined as impaired in
accordance with IFRS) to 15.5% as at year-end 2010 from over 30%
as at year-end 2008, as the bank converted the overdue facilities
of insolvent borrowers to direct equity investments of problem
entities -- aiming to restore production and compensate
investments. Moody's notes that the bank's ability to manage this
exposure, which absorbed about 30% of Tier 1 capital at YE2010,
together with maintenance of adequate quality of the unseasoned
loan portfolio and evolution of single-name concentrations, will
represent key rating drivers for the bank going forward.

At the same time, NBU's GLC deposit rating of Ba3 received a two-
notch uplift from the bank's long-term scale, based on Moody's
assumption of very high probability of extraordinary support from
the government in case of distress. Given that the state owns 100%
of NBU, the bank is likely to benefit from access to capital and
liquidity, as it is the country's largest bank and plays a crucial
role in maintaining the system's stability. NBU also serves
strategically important sectors (both socially and economically),
and its international funding franchise benefits from state
guarantees.

PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES

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

Domiciled in Tashkent, Uzbekistan, NBU reported total audited IFRS
assets of US$4.2 billion and net income of US$42.4 million for
2010 (2009: US$3 billion and US$49.5 million, respectively).


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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



                 * * * End of Transmission * * *