TCREUR_Public/110809.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

            Tuesday, August 9, 2011, Vol. 12, No. 156

                            Headlines



D E N M A R K

* DENMARK: Banking Sector Needs to Consolidate in Coming Years


G E R M A N Y

FRESENIUS MEDICAL: Moody's 'Ba1' Rating Unaffected by Acquisitions
FRESENIUS SE: Fitch Upgrades LT Issuer Default Rating to 'BB+'
GATE SME CLO: Fitch Affirms Rating on Class E Notes at 'CCCsf'
TITAN EUROPE: S&P Affirms Ratings on Three Classes of Notes at 'D'


H U N G A R Y

* HUNGARY: Mandatory Company Liquidations Up 16.5% in July 2011


I R E L A N D

AQUILAE CLO: Moody's Upgrades Rating on Class E Notes to 'Ba3'
EIRCOM GROUP: Denies Reports on Examinership Plan
HOME PAYMENTS: Enters Liquidation; Savers May Lose Savings
MYGUIDEIRELAND: Appointment of Liquidator Expected Within Days
PULS CDO 2006-1: S&P Lowers Ratings on Three Note Classes to 'CC'

RMF EURO: Moody's Upgrades Rating on Class V Notes to 'Ba3'
SUPERQUINN: Suppliers Still at Risk Despite Insurance Payouts


I T A L Y

* ITALY: To Accelerate Austerity Plan


K A Z A K H S T A N

* MANGISTAU: Fitch Affirms Long-Term Currency Ratings at 'BB+'


L U X E M B O U R G

ELCOTEQ SE: To Seek Other Investors; Talks with Platinum Stalls


N E T H E R L A N D S

DECO 14: S&P Affirms Rating on Class G Notes at 'D'
E-MAC: Moody's Lowers Ratings on Two Classes of Notes to 'C'
INDIGOLD CARBON: Moody's Corrects Corporate Rating to 'Ba3'
JUBILEE CDO: S&P Withdraws 'CCC-' Ratings on Two Classes of Notes


R U S S I A

ZHEMCHUZHINA SOCHI: Drops Out of National League
FREIGHT ONE: Fitch Maintains Negative Watch on Ratings
* RUSSIA: Fitch Affirms Individual Ratings on Four Banks at 'D/E'


S P A I N

AYT CAIXANOVA: Moody's Assigns '(P)B3' Rating to Series C Notes
CABLEUROPA S.A.U.: Moody's Upgrades 'B2' CFR; Outlook Stable
CAIXA PENEDES: Fitch Affirms Rating on Class C Notes at 'CCCsf'
CM BANCAJA 1: Fitch Affirms Rating on Class E Notes at 'CCsf'
EMPRESAS 1: Fitch Affirms Rating on Series E Notes at 'Bsf'

EMPRESAS 2: Fitch Affirms Rating on Series D Notes at 'Bsf'
FONCAIXA FTPYME 1: Fitch Affirms Rating on Class C Notes at 'BBsf'
FTPYME BANCAJA: Fitch Affirms Ratings on Class D Notes at 'CCCsf'
FTPYME SABADELL: Fitch Affirms 'BBsf' Rating on Class 3SA Notes
RURALPYME 2: Fitch Affirms Rating on Class D Notes at 'CCsf'

TDA CAM 5: Fitch Affirms Rating on Class D Notes at 'Csf'


S W E D E N

SAAB AUTOMOBILE: Pays Workers' Delayed Salary; Averts Bankruptcy
U N I T E D   K I N G D O M
CHOICES CARE: Goes Into Administration, Seeks Buyer for Business
COLT GROUP: Moody's Affirms 'Ba3' CFR; Outlook Changed to Stable
DECO 8: Fitch Affirms Rating on Class G Notes at 'Dsf'

FREE TRADE HALL: Owner Goes Into Administration
GEKO DIRECT: Owes GBP2.6 Million to More than 800 Creditors
LLOYDS BANKING: Shares Plunge to Less Than Half of Bailout Price
MILLAR SAVOURY: Set to Go Into Liquidation as No Buyer Emerges
WF ALDRIDGE: Owes GBP2 Million When it Went Into Administration

* UK: Pub Closures Down; Food Crucial to Future
* UK: Corporate Liquidations Up 2.7% in Second Qtr in 2011


X X X X X X X X

* FITCH: Mixed Feelings About H211 from European Automaker
* S&P Cuts Ratings on Two European Synthetic CDO Tranches to 'D'
* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
* 15 Companies in S&P List of Defaulters in Second Quarter
* Large Companies with Insolvent Balance Sheets


                            *********


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D E N M A R K
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* DENMARK: Banking Sector Needs to Consolidate in Coming Years
--------------------------------------------------------------
Flemming Emil Hansen at The Wall Street Journal reports that
Danish Finance Minister Claus Hjort Frederiksen said Denmark's
banking sector needs to consolidate in coming years to better
withstand tougher international market conditions.

"A structural adjustment needs to take place in the Danish banking
sector, we have many small banks," the Journal quotes
Mr. Frederiksen as saying.

The country's banking sector is highly fragmented, counting more
than 100 banks -- many of which are tiny, local lenders -- serving
a population of just 5.6 million, the Journal notes.  According to
the Journal, analysts say that since the global financial crisis
hit in 2008, 11 Danish banks have collapsed, including two this
year.

In a recent report, Standard & Poor's estimated that 15 small
Danish lenders will collapse in the next three years, the Journal
points out.

The ratings company highlighted large credit exposures to the
ailing Danish real-estate and farming sectors, as well as some
Danish banks' reliance on state-guaranteed funding, as predominant
risks, the Journal discloses.

Nevertheless, Mr. Frederiksen dismissed fears that the planned
withdrawal of state-guaranteed funding in 2013 will lead to a
scarcity of funds, the Journal states.


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G E R M A N Y
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FRESENIUS MEDICAL: Moody's 'Ba1' Rating Unaffected by Acquisitions
------------------------------------------------------------------
Moody's Investors Service commented that the Ba1 Corporate Family
Rating of Fresenius Medical Care AG & Co. KGaA remains unchanged
following the announced US$2.1 billion acquisitions of American
Access Care and Liberty Dialysis Holdings, Inc., which remain
subject to regulatory approvals and are expected to close in Q4
2011 (American Access, US$385 million purchase price) and Q1 2012
(Liberty, US$1.7 billion purchase price). While the announced
acquisitions are strategically sound and fit nicely into the
company's stated strategy of complementing organic growth and
extending its market share and geographic coverage in the US,
Moody's notes that the combined effect of these transactions will
lead to an uptick in leverage ratios which are expected to remain
at the limit defined for the current Ba1 rating for the next 12 to
18 months at least. Following these transactions, FMC will be
operating under a very tight frame rating-wise. Moody's will not
only focus on the company's commitment and ability to manage its
leverage to remain below the stated 3.0x debt/EBITDA (equaling c.
3.5x adjusted debt/EBITDA as per Moody's definition) but also on
its ability to put in place funding for these transactions in the
short term to ensure an adequate liquidity profile going forward.

With revenues of US$1.0 billion, Liberty is the third largest
player in the US dialysis clinics market. The acquisition of
Liberty, in which FMC already invested US$300 million previously,
will allow the company not only to increase its markets share but
also to complement its geographic network throughout the US. In
addition to Liberty, the acquisition of American Access improves
FMC position in the field of vascular access centers and will add
estimated revenues of US$175 million. However, these transactions
also increase dependency on the US market, where budgetary
pressures and potential changes to healthcare regulation may
impact the business going forward.

Moody's understands that FMC plans to fund the acquisitions with
its free cash flow as well as proceeds from bond issuances planned
for September 2011 and Q1 2012. While Moody's takes comfort from
the stability of FMC's business and the high cash flow generation
visibility, Moody's notes that FMC's liquidity profile is
currently stretched with the company being reliant on the
availability of external funding to finance these transactions as
well as upcoming debt maturities of approximately US$500 million
(due until end of June 2012). In order to improve its liquidity
profile, Moody's assumes that FMC will follow its publicly stated
strategy to access the market and ensure funding for at least the
pending 2011 acquisition within the next few weeks. As liquidity
is an important consideration in FMC's rating, failure to ensure
adequate funding could put negative pressure on the rating. In
this context, Moody's also notes that the company's headroom under
the financial covenants inherent to its US$1.2billon revolving
credit facility will diminish as a result of the acquisitions
leaving limited room to maneuver. Moody's assumes that FMC will
continue to manage prudently its leverage and will take action --
if necessary -- to avoid any potential pressures. While Moody's
takes comfort from the company's track record of deleveraging
following acquisition-driven peaks in leverage as well as from the
successful integration track record and the stability of its
business, Moody's notes that there is currently no major headroom
left under the Ba1 rating.

FMC is the world's leading provider of dialysis products and
dialysis services, with 2010 revenues of US$12 billion. The
company is a vertically integrated player with operations as a
dialysis service provider, a dialysis product manufacturer for its
own dialysis clinics and a supplier of dialysis products to
external dialysis service providers. FMC is controlled by
Fresenius SE (rated Ba1, stable), which owns 35.5% of the company
but controls 100% of the general partner of FMC, given FMC's legal
status as a Kommanditgesellschaft auf Aktien (KGaA; partnership
limited by shares).

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


FRESENIUS SE: Fitch Upgrades LT Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Germany-based healthcare group
Fresenius SE & Co KGaA's (FSE) and Fresenius Medical Care AG & Co.
KGaA's (FMC) Long-term Issuer Default Ratings (IDR) to 'BB+' from
'BB'. The Outlook is Stable.

The upgrade reflects Fitch's expectation that FSE will operate
within the leverage range of 2.5x-3x on a consolidated basis over
the medium term. This will be supported by the increased
flexibility to raise equity funding for future acquisitions,
following the change in FSE's legal form to KGaA (partnership
limited by shares).

"Given the commitment to remain in the net debt/EBITDA range of
2.5x-3x, which corresponds to an estimated lease-adjusted net
debt/EBITDAR of 3.3x-3.7x and some financial flexibility provided,
the consolidated FSE and FMC are now comfortably placed at 'BB+',"
says Britta Holt, a Director in Fitch's Corporates team. The
announced acquisitions by FMC are not going to lead to ratios
outside the targeted leverage territory,' adds Holt.

The acquisitions are in line with FMC's strategy to boost its
operations via external growth as well as organically. Execution
risk is considered as limited given FMC's track record in
integration.

Net debt/EBITDA stood at 2.7x at end-H111 (YE10: 2.6x), down from
its peak of 3.7x in 2008 following the mostly debt-funded USD4.6bn
acquisition of US generic I.V. drugs maker APP (which closed in
September 2008).

The ratings are supported by FMC's number one global position in
the non-cyclical and steadily growing dialysis products and
services industry, where cash flows are relatively predictable.
Due to its vertical integration, FMC benefits from cost advantages
over its peers, and can build on its reputation for providing
technologically advanced products and high-quality services. The
ratings are also supported by Fresenius Kabi's solid market
positioning and profitability as the European leader in infusion
and clinical nutrition therapy and its number two market
positioning in the US generic IV drugs market.

Negative rating factors for both companies include the over-
reliance on dialysis (accounting for 59% of FSE's 2010
consolidated EBITDA, albeit down from 71% in 2005 and 100% of
FMC's consolidated EBITDA), as well as the resulting significant
reliance on the reimbursement policies of governments and private
insurers and the possibility of technological advances, leading to
lower demand for dialysis.


H111 was again a strong first half of the year for FSE with
consolidated sales up 6% yoy and EBIT up 11% yoy at constant
exchange rates, resulting in an increase in EBIT margin to 15.1%
in H1 2011 (H1 2010: 14.6%).

On a stand-alone basis, FMC is slightly larger and more cash
generative than the rest of the group (EBITDA margin of 20%
compared to FSE's deconsolidated 18%) and in 2010 displayed
similar credit protection measures. However, these are improving
for FSE over time. Both companies now have the same net
debt/EBITDA mid-term targets of 2.5x-3.0x.

The senior unsecured debt rating of 'BB+' for the debt-issuing
entities of FSE and FMC reflects Fitch's view of average recovery
prospects on default.

FSE:

   -- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable

   -- Short-term IDR affirmed at 'B'

   -- Senior unsecured debt upgraded to 'BB+' from 'BB'

   -- Senior secured debt upgraded to 'BBB' from 'BBB-'

Fresenius Finance B.V.:

   -- Guaranteed senior notes upgraded to 'BB+' from 'BB'

Fresenius US Finance II. Inc.:

   -- Senior unsecured notes upgraded to 'BB+' from BB'

FMC:

   -- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable

   -- Short-term IDR affirmed at 'B'

   -- Senior unsecured debt upgraded to 'BB+' from 'BB'

   -- Senior secured debt upgraded to 'BBB' from 'BBB-'


GATE SME CLO: Fitch Affirms Rating on Class E Notes at 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has affirmed GATE SME CLO 2006-1 Ltd's (GATE) and
CART 1 Ltd's (CART) notes:

GATE:

   -- EUR42m class A notes (ISIN: XS0271959388): affirmed at
      'BBB-sf'; Negative Outlook

   -- EUR26.5m class B notes (ISIN: XS0271960048): affirmed at
      'B+sf'; Negative Outlook

   -- EUR7.5m class C notes (ISIN: XS0271960550): affirmed at
      'B+sf'; Negative Outlook

   -- EUR20m class D notes (ISIN: XS0271961012): affirmed at
      'CCCsf'; assigned Recovery Rating (RR) of 'RR1'

   -- EUR15.5m class E notes (ISIN: XS0271961103): affirmed at
      'CCCsf'; assigned 'RR3'

CART:

   -- EUR17m class A+ notes (ISIN: XS0306449488): affirmed at
      'BBBsf'; Negative Outlook

   -- EUR8.5m class A notes (ISIN: XS0295190721): affirmed at
      'BBBsf'; Negative Outlook

   -- EUR51m class B secured notes (ISIN: XS0295192263): affirmed
      at 'Bsf'; Negative Outlook

   -- EUR17m class C secured notes (ISIN: XS0295192420): affirmed
      at 'Bsf'; Negative Outlook

   -- EUR38.25m class D secured notes (ISIN: XS0295192776):
      affirmed at 'CCCsf'; assigned 'RR1'

   -- EUR48.45m class E secured notes (ISIN: XS0295193311):
      affirmed at 'CCsf'; assigned 'RR4'

The transactions are partially-funded synthetic collateralized
debt obligations (CDO) referencing portfolios of loans, revolving
credit facilities and other payment claims to SMEs and larger
companies based predominantly in Germany. The debt instruments
were originated by Deutsche Bank AG (DB, rated 'AA-
'/Negative/'F1+'), which is also the credit default swap (CDS)
counterparty. GATE's reference portfolio may be replenished until
January 2015; CART's replenishment period is until June 2014.
Replenishments in both transactions are restricted by several
replenishment criteria which include single obligor, weighted-
average life and pool quality limits.

The affirmation of the ratings reflects the stable performance of
both transactions since the last rating action in December 2009
for CART and January 2010 for GATE. In both transactions, realized
losses have been absorbed by the non-rated junior class F notes,
hence no losses have been written against the rated notes. Current
defaults and the lowest-rated bucket (assets rated 'CCC' or below)
have remained largely unchanged. As the transactions are still
replenishing, the pool composition for both of them has remained
largely unchanged compared to the last rating action.

The Negative Outlook reflects the low credit protection available
to the rated notes, which is by means of subordination. There is
no synthetic excess spread available to the transactions; hence
losses are allocated directly to the notes, starting with the most
junior class F note, which is not rated. Although the realized
losses have been absorbed by the non-rated class F notes so far,
the credit protection for the rated notes has decreased since the
last rating action. As long as the transactions are replenishing,
the notes will not be able to build up additional credit
enhancement.

For both transactions, Fitch received pool tapes as of June 30,
2011. In order to analyze the quality of the portfolios, the
agency used its Portfolio Credit Model (PCM), which derives
rating-dependent default and recovery rates. In Fitch's view, the
current credit enhancement of the rated notes is sufficient to
absorb the expected losses in both transactions.

Fitch assigned RRs to all the notes rated 'CCCsf' or below. RRs
are issued on a scale of 'RR1' (highest) to 'RR6' (lowest) to
denote the range of recovery prospects of notes rated at or below
'CCCsf'.

Fitch has assigned an Issuer Report Grade (IRG) of two stars
("basic") to the transaction's publicly available reports. The
reporting is accurate and timely. While it contains various
stratifications regarding industries and obligors, the reporting
frequency is quarterly rather than monthly, thus preventing a
higher grade.


TITAN EUROPE: S&P Affirms Ratings on Three Classes of Notes at 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-5 PLC's class A2, A3, B, and C notes. "At the
same time, we affirmed our ratings on all other classes of notes,"
S&P said.

"The rating actions follow our review of the underlying assets and
the transaction performance. There are currently seven loans in
the pool, all of which comprise German commercial real estate
assets. Of these seven loans, two are performing below our
expectations -- the DIVA loan and the Quartier 206 loan," S&P
related.

Six of the seven loans mature in 2016 and the legal final maturity
date of the notes is in 2019.

Since closing, S&P has lowered its ratings on all classes of notes
for various reasons:

    On the class A1 and A2 notes, to reflect its 2010 counterparty
    criteria ('Counterparty And Supporting Obligations Methodology
    And Assumptions,' Dec. 6, 2010);

    On the class A3 to F notes, due to increased loss expectations
    given the refinance risk of some of the loans; and

    On the class D, E, and F notes (to 'D (sf)'), because of
    interest shortfalls.

Given the loan defaults and note interest shortfalls, the
sequential payment trigger has been breached and all repayments
from the loans will now be applied sequentially to the notes. This
is because more than 13.5% of the loans by balance are in default,
one loan accounting for more than 10% of the pool by balance is in
default, and an interest shortfall occurred on the notes
that was not covered by the available funds cap.

                             The DIVA Loan

This 10-year loan is the largest loan in the pool (39.2% of the
pool by balance) and was scheduled to mature in July 2016. The
loan defaulted in 2008 following insolvency of the borrowers and
the sponsor. Because the insolvency administrator releases funds
from the rental accounts on an irregular basis, the issuer is
drawing on the liquidity facility to cover short-term shortfalls.

The loan security consists of 14 clusters of multifamily assets in
Eastern Germany (46% in Berlin [by property value], 15% in
Dresden, 10% in Halle/Saale, and 9% in Leipzig). On Day 1, there
were 473,000 sq. m. of lettable area and 7,944 rental units (plus
parking).

As per the most recent servicer report, annual gross rent is
reported to be EUR23.7 million and the vacancy rate is 10.2%.

Following the loan default, updated information has been limited
to the occupancy rate and gross rents. "In our analysis, we have
estimated net operating income (NOI) using the in-place rental
levels, and have deducted market-average non-recoverable expenses.
Our adjusted NOI is slightly below the Day 1 amount," S&P related.

"We note that there were no recent sales of property portfolios of
this size in the German market and there is no market evidence for
capitalization rates. Nevertheless, we believe that the workout of
the loan (and the associated workout costs together with the
accrued interest) will likely lead to principal losses on the
senior loan, which could affect the class D, E, and F notes (all
already rated 'D (sf)'). If these losses occur, it would erode the
credit enhancement available to the higher-rated classes, which is
one driver of the rating actions," S&P said.

"The special servicer has informed us that the property portfolio
is being marketed both in parts and as a whole portfolio. Binding
bids from interested investors were expected by May 5, 2011, but
there has been no update as to the level of the bids. We expect
the workout process to be concluded within the next 6-12 months,"
S&P related.

                        The Quartier 206 Loan

The Quartier 206 loan defaulted in April 2010 because debt service
was not made in full. This followed the insolvency of a major
tenant, an entity related to the loan sponsor. The loan was
transferred to special servicing in April 2010.

The loan is secured by a prime office and retail property in
central Berlin. The property forms part of the famous
"Friedrichstadtpassagen", together with two other buildings which
are not part of the security. "Quartier 206" is located in
Friedrichstrasse, which is one of the main shopping streets in
Berlin.

The asset was completed in 1996 and is well connected via subway
and S-Bahn (suburban train). There are 27,000 sq. m. of lettable
area across 12 floors.

Approximately 50% of the Day 1 total rental income is derived from
the retail shops. The tenants include Gucci, Yves Saint Laurent,
and Louis Vuitton.

"We understand that at origination, approximately 50% of the space
was occupied by tenants that are related to the loan sponsor, and
the special servicer currently receives no rent from these
tenants," S&P related.

The total quarterly income from non-sponsor-related entities is
approximately EUR1 million, but no interest payments have been
made on the loan over recent interest payment dates, and the
shortfalls have been drawn from the liquidity facility. Rental
payments received have been used to build up a reserve for future
capital expenditures.

The asset was revalued in January 2010 at EUR96.3 million, which
is 47% below the valuation when the loan was originated in 2006.
"For this type of asset, we would not typically expect a market
value decline to this extent. At this value, there would be a
principal loss to the loan in an amount of EUR18.5 million
(excluding accrued interest and enforcement costs). The maximum
value decline that the loan can withstand compared with the Day 1
value is 37% (again excluding accrued interest and costs)," S&P
related.

The special servicer has recently instructed a further valuation.
"We understand that this has not yet been finalized. We believe
that the full repayment of the senior loan remains possible if the
parties can stabilize the cash flow from the property," S&P said.

                        The Other Loans

None of the other loans is currently in default. The Hilite loan
has been in breach of a tenant rating trigger, as the rating on
the single tenant fell below the required threshold. Excess cash
of EUR2.26 million has been trapped in accordance with the loan
agreement (19% of the loan balance), which will mitigate the
refinance risk.

The Monzanova loan is in breach of the DSCR covenant because a
major tenant is currently in a rent-free period following a lease
extension. The servicer expects the ratio to exceed the threshold
as soon as the rent-free period expires.

Ratings List

Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes

Class                Rating
            To                       From

Ratings Lowered

A2          A+ (sf)                  AA- (sf)
A3          A- (sf)                  A+ (sf)
B           BBB- (sf)                BBB+ (sf)
C           B+ (sf)                  BB- (sf)

Ratings Affirmed

A1          AA (sf)
D           D (sf)
E           D (sf)
F           D (sf)
X           AA (sf)


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H U N G A R Y
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* HUNGARY: Mandatory Company Liquidations Up 16.5% in July 2011
---------------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidations against Hungarian
companies came to 1,993 in July, down 6.1% from June, but up 16.5%
from the same month a year earlier.

The number of mandatory liquidations in January to July reached
11,507, about 9.7% more than in the same period a year earlier,
MTI discloses.

According to MTI, the number of voluntary liquidations came to
1,763 in July, down 11.2% from June, but 23.4% more than 12 months
earlier.  The number climbed 58.1% to 13,694 in January to July
from the same period a year earlier, MTI notes.


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AQUILAE CLO: Moody's Upgrades Rating on Class E Notes to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Aquilae CLO II p.l.c.:

Issuer: Aquilae CLO II p.l.c.

   -- EUR207M Class A Floating Rate Notes, due 2023, Upgraded to
      Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR21.6M Class B Floating Rate Notes, due 2023, Upgraded to
      Aa3 (sf); previously on Jun 22, 2011 Baa1 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR17.1M Class C Deferrable Floating Rate Notes, due 2023,
      Upgraded to A3 (sf); previously on Jun 22, 2011 Ba1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR15.3M Class D Deferrable Floating Rate Notes, due 2023,
      Upgraded to Baa3 (sf); previously on Jun 22, 2011 B1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR15M Class E Deferrable Floating Rate Notes, due 2023,
      Upgraded to Ba3 (sf); previously on Jun 22, 2011 Caa3 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR7M Class X Combination Notes, due 2023, Upgraded to Baa1
      (sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR8M Class Y Combination Notes, due 2023, Upgraded to A2
      (sf); previously on Jun 22, 2011 Ba1 (sf) Placed Under
      Review for Possible Upgrade

   -- EUR1.5M Class Z Combination Notes, due 2023, Upgraded to A2
      (sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
      Review for Possible Upgrade

The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Classes X
and Z, the 'Rated Balance' is equal at any time to the principal
amount of the Combination Note on the Issue Date increased by the
Rated Coupon of 0.25% and 0.125% per annum respectively, accrued
on the Rated Balance on the preceding payment date minus the
aggregate of all payments made from the Issue Date to such date,
either through interest or principal payments. For Class Y, which
do not accrue interest, the 'Rated Balance' is equal at any time
to the principal amount of the Combination Note on the Issue Date
minus the aggregate of all payments made from the Issue Date to
such date, either through interest or principal payments. The
Rated Balance may not necessarily correspond to the outstanding
notional amount reported by the trustee.

Ratings Rationale

Aquilae CLO II p.l.c., issued in November 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Henderson Global Investors Ltd. This transaction will
be in reinvestment period until January 17, 2013. It is
predominantly composed of senior secured loans.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011. The actions also reflect
consideration of an increase in the transaction's
overcollateralization ratios since the rating action in November
2009.

The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, and (2) changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.

The overcollateralization ratios of the rated notes have improved
since the rating action in November 2009. The Class A/B, Class C,
Class D and Class E overcollateralization ratios are reported at
127.85%, 118.53%, 111.27% and 104.97%, respectively, versus
October 2009 levels of 122.24%, 113.62%, 106.87% and100.99%,
respectively, and all related overcollateralization tests are
currently in compliance.

Reported WARF has increased from 2707 to 2931 between October 2009
and July 2011. The change in reported WARF understates the actual
credit quality improvement because of the technical transition
related to rating factors of European corporate credit estimates,
as announced in the press release published by Moody's on 1
September 2010. In addition, securities rated Caa or lower make up
approximately 10.28% of the underlying portfolio versus 12% in
October 2009 and defaulted securities decreased to zero compared
to EUR9 million in October 2009.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 282 million,
defaulted par of zero, a weighted average default probability of
23.72% (consistent with a WARF of 3023), a weighted average
recovery rate upon default of 48.47% for a Aaa liability target
rating, and a diversity score of 37. The default probability is
derived from the credit quality of the collateral pool and Moody's
expectation of the remaining life of the collateral pool. The
average recovery rate to be realized on future defaults is based
primarily on the seniority of the assets in the collateral pool.
For a Aaa liability target rating, Moody's assumed that 96% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Sources of additional performance uncertainties are:

1) Moody's also notes that around 57% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates.

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

3) Other collateral quality metrics: The deal is allowed to
   reinvest and the manager has the ability to deteriorate the
   collateral quality metrics' existing cushions against the
   covenant levels. Moody's analyzed the impact of assuming lower
   of reported and covenanted values for weighted average rating
   factor, weighted average spread, and diversity score. However,
   as part of the base case, Moody's considered spread level
   higher than the covenant levels due to the large difference
   between the reported and covenant levels.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


EIRCOM GROUP: Denies Reports on Examinership Plan
-------------------------------------------------
According to Irish Examiner, Eircom Group has denied a report that
it is planning to go into examinership after the news service
Capital Structure wrote that Eircom was "assessing the pros and
cons of an examinership."

It is understood that Eircom has debts of EUR3.75 billion, Irish
Examiner discloses.

Irish Examiner notes that Newstalk business editor Ian Guider said
that despite the company's denial of an examinership, Eircom is
struggling to meet its debts.

"They are going to breach their banking covenants and that is a
serious issue," Irish Examiner quotes Mr. Guider as saying.

Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.


HOME PAYMENTS: Enters Liquidation; Savers May Lose Savings
----------------------------------------------------------
The Journal.ie reports that the National Consumer Agency (NCA)
fears that "potentially thousands upon thousands" of domestic
savers and people under financial duress may have seen their
savings totally wiped out by the collapse of Home Payments Ltd.

Home Payments went into liquidation on Friday having already
ceased trading earlier in the week, the Journal.ie relates.

According to the Journal.ie, liquidators Eamonn Richardson of KPMG
and Eamonn Leahy of Leahy & Co, said they would be individually
contacting customers over the coming days in order to "assess and
reconcile any funds owed to them."

It is unclear how many customers are affected, but it is thought
that the number could be in the high thousands given that the
company had been trading for just short of 50 years, according to
the Journal.ie.

The Journal.ie relates that although the company said its priority
was to ensure that consumers' deposits were not lost, National
Consumer Agency chief executive Ann Fitzgerald told RTE's Morning
Ireland that the outlook was bleak.

"In all probability, their savings are probably gone," the
Journal.ie quotes Ms. Fitzgerald as saying, largely because the
domestic budgeting sector, unlike the banking sector, went
entirely unregulated.

Ms. Fitzgerald, as cited by the Journal.ie, said she had heard of
some cases where savers had held deposits of up to EUR12,000 --
all of which may now be unrecoverable.

"Because this company is outside of the regulatory system, the
people who used this company are totally vulnerable," the
Journal.ie quotes Ms. Fitzgerald as saying.  "There are other
people out there using private sector debt management programmes
where there are no controls over client assets . . . [and] no
protection at all."

According to the report, the company said it had immediately
cancelled all inbound payments including cheques and direct
debits, so that customers who had already sent money to it would
not be left out of pocket.

Established in 1963, Home Payments Ltd was a family-run business
based in Rathmines, Dublin 6.  The company employs 16 people and
has approximately 2,300 customers throughout Ireland.


MYGUIDEIRELAND: Appointment of Liquidator Expected Within Days
--------------------------------------------------------------
Eoin English at Irish Examiner reports that a liquidator will be
appointed within days to MyguideIreland, which closed over the
weekend with the loss of 14 jobs.

According to Irish Examiner, one of MyguideIreland's directors,
Cormac O'Neill, declined to discuss the firm's levels of debt and
said it had been a very difficult decision to make.

But in a statement on its Web site on Saturday, the firm noted
that it lost key merchant account facilities -- the type of bank
account that allows businesses to accept payments by debit or
credit cards -- which had an impact on its cashflow, Irish
Examiner relates.

"During the past few months, the company has been in negotiations
with interested parties with a view to securing a new merchant
provider and bridging finance," Irish Examiner quotes the
statement as saying.

"Management deeply regrets that they were unable to get these
negotiations concluded in a timeframe that would allow the company
continue trading.

"Therefore, the directors have the taken the decision to cease
operations and a liquidator will be appointed in the coming days."

It is not clear how many bookings the company had, or if those who
have already paid for holidays will get their money back, Irish
Examiner notes.

MyguideIreland is one of Ireland's largest online travel firms.
It has offices in Skibbereen, Co Cork, and Boston in the USA and
received some 500,000 page impressions per month.


PULS CDO 2006-1: S&P Lowers Ratings on Three Note Classes to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on PULS CDO 2006-1 PLC (PULS 2006) and PULS CDO 2007-1
Ltd. (PULS 2007).

Specifically, S&P has:

    Lowered its ratings on PULS 2006's class A-1, A-2A, A-2B, B,
    C-1, E-1, and E-2 notes, and the class Q and R combination
    notes. At the same time, S&P has affirmed its ratings on the
    class C-2 and D notes; and

    Lowered its ratings on PULS 2007's class A-1, A-2A, A-2B, B,
    C, and E notes. At the same time, S&P has affirmed its rating
    on the class D notes.

"The rating actions follow deterioration in the credit quality of
the portfolios underlying the transactions. Since our last rating
action on Nov. 10, 2010 (see 'Ratings Lowered On PULS CDO 2006-1's
German ABS Transaction Following Further Defaults'), PULS 2006 has
experienced three additional obligor defaults, with a combined
principal balance of EUR17.78 million (8.1% of the current
outstanding total note balance). PULS 2007 has experienced three
additional defaults since our last rating action on Aug. 25, 2010,
with a total principal balance of EUR19.8 million (7.6% of the
outstanding note balance) (see 'Ratings Lowered On PULS CDO 2006-1
And PULS CDO 2007-1 CDO Of SME Transactions Following Obligor
Defaults'). This brings the total number of defaulted obligors to
15 (totaling EUR85.78 million) in PULS 2006, and to 18 (totaling
EUR89.9 million) in PULS 2007," S&P related.

"From the July 2011 portfolio manager reports, we see that PULS
2006 has so far received recoveries in relation to only one
obligor, and PULS 2007 in relation to two obligors. The recoveries
received so far are 10.0% in relation to a subordinated loan, and
7.5% in relation to a senior unsecured loan. From the information
we have reviewed, we also note that for both transactions, the
underlying loans will largely mature at the same time -- being
July 2013 for PULS 2006, and July 2014 for PULS 2007. In our view,
this may create challenges, particularly for weaker borrowers to
refinance their debt at maturity, which we believe introduces the
risk of further defaults," S&P related.

"In our view, the underlying portfolios lack granularity.
Therefore, single obligor risk has been the primary focus of our
review in both transactions. The additional defaults have further
increased the portfolio concentration. For example, the current
number of performing obligors is 25 for PULS 2006, and 38 for PULS
2007. According to our analysis, the top 10 obligors in PULS
2006 account for about 61.3% of performing balance, while in PULS
2007 the top 10 obligors account for 44.5% of performing balance -
- making PULS 2006 more concentrated than PULS 2007," S&P said.

                             PULS 2006

"For PULS 2006, our analysis of the risk posed by further defaults
among the largest obligors indicates that the credit enhancement
available to the class A-1, A-2A, and A-2B notes is no longer
commensurate with the existing ratings. We have therefore lowered
the ratings on these notes to speculative-grade, as our view is
that these classes can no longer withstand defaults among the top
obligors to a level commensurate with an investment-grade rating,"
S&P related.

With regard to the class A notes, proceeds are distributed pro
rata between class A-1 and A-2 (depending on their respective
share of the class A note total); while within class A-2, the
class A-2A notes rank senior to class A-2B in terms of principal
and interest payments. This results in a higher level of credit
enhancement available to class A-2A than to classes A-1 and A-2B.
The level of credit enhancement available to class A-2A is
commensurate with a 'BB (sf)' rating, in S&P's view.

"According to our analysis, the class B notes maintain positive
credit enhancement, but this is not sufficient to cover a default
of the largest obligor. We have therefore lowered the rating on
these notes to 'CCC- (sf)'. The class C-1, C-2, D-1, D-2, E-1, and
E-2 notes remain undercollateralized. We have therefore lowered
the rating on the class C-1 notes to 'CCC- (sf)', and affirmed our
existing ratings on classes C-2 and D. We have lowered the ratings
on the class E-1 and E-2 notes to 'CC (sf)' to reflect our view
that these notes are highly vulnerable to nonpayment," S&P
related.

The class R combination notes in PULS 2006 consist of a class A-1
and a class F component. "Our rating addresses the ultimate
payment of principal only. The principal amount outstanding
amortizes using proportional interest, principal, and excess
spread receipts on the entire class A-1 note. In our view,
however, the amortization is not fast enough for the remaining
principal to pay down prior to maturity in 2014. As such, we
believe the payment due on the class R notes depends on class A-1
receiving the principal at maturity. We have therefore lowered the
rating on the class R combination notes to 'B (sf)'," S&P related.

The class Q combination notes in PULS 2006 consist of a class E-2
and a class F component. "Our rating addresses the ultimate
payment of principal only. Neither class currently receives any
payments or has any principal coverage. We have therefore lowered
our rating on the class Q combination notes to 'CC (sf)' to
reflect our view that these notes are highly vulnerable to
nonpayment," S&P related.

                            PULS 2007

"In PULS 2007, single obligor concentration is slightly less
pronounced than in PULS 2006, in our view. However, with regard to
classes A-1 and A-2B, the effects of additional defaults are
similar, to the extent that these classes can no longer withstand
defaults among the top obligors to a level commensurate with an
investment-grade rating, in our opinion. We have therefore lowered
the ratings on these notes," S&P related.

The class A notes feature the same pro rata/sequential mechanism
as in PULS 2006, leading to higher credit enhancement available to
class A-2A than to classes A-1 and A-2B. "In our view, the level
of enhancement available to class A-2A is currently commensurate
with a 'BBB (sf)' rating. According to our analysis, the available
credit enhancement for the class B notes covers the default of the
largest obligor in the portfolio, while the class C, D, and E
notes remain undercollateralized. We have therefore lowered the
ratings on the class B and C notes to 'CCC (sf)' and 'CCC- (sf)',
respectively. In our view, the class E notes are highly vulnerable
to nonpayment. We have therefore lowered the rating on these notes
to 'CC (sf)'," S&P stated.

PULS 2006 and PULS 2007 are cash collateralized debt obligations
(CDOs) where Capital Securities Group acts as administrator. The
transactions are backed by senior unsecured and subordinated bonds
issued by German and Swiss small and midsize enterprises (SMEs).

Ratings List

Class             Rating
            To             From

PULS CDO 2006-1 PLC
EUR266.95 Million Senior and Subordinated Deferrable Fixed- and
Floating-Rate
Notes Series 2006-1

Ratings Lowered

A-1         B (sf)         BBB- (sf)
A-2A        BB (sf)        A (sf)
A-2B        B (sf)         BBB- (sf)
B           CCC- (sf)      B+ (sf)
C-1         CCC- (sf)      B- (sf)
E-1         CC (sf)        CCC- (sf)
E-2         CC (sf)        CCC- (sf)
R[1]        B (sf)         BBB- (sf)
Q[2]        CC (sf)        CCC- (sf)

[1]Combination note comprising EUR1.8 million class A-1 notes and
   EUR150,000 class F notes.

[2]Combination note comprising EUR2.85 million of class E-2 notes
   and EUR2.15 million of class F notes.

Ratings Affirmed

C-2         CCC- (sf)
D           CCC- (sf)

The ratings on the class A-1, A-2A, A-2B, B, and C notes address
timely payment of interest and ultimate payment of principal.
The ratings on the class D, E-1, and E-2 notes address ultimate
interest and ultimate principal payment. The ratings assigned to
the class Q and R combination notes address ultimate payment of
principal.

PULS CDO 2007-1 Ltd.
EUR300 Million Senior and Subordinated Deferrable Floating-Rate
Notes Series
2007-1

Ratings Lowered

A-1         BB (sf)        A (sf)
A-2A        BBB (sf)       A (sf)
A-2B        BB (sf)        BBB (sf)
B           CCC (sf)       BB+ (sf)
C           CCC- (sf)      B- (sf)
E           CC (sf)        CCC- (sf)

Rating Affirmed

D           CCC- (sf)

The ratings on the class A-1, A-2A, A-2B, B, C-1, C-2, and D notes
address timely payment of interest and ultimate payment of
principal. The rating on the class E notes addresses ultimate
payment of interest and principal.


RMF EURO: Moody's Upgrades Rating on Class V Notes to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by RMF Euro CDO III Plc:

Issuer: RMF Euro CDO III PLC

   -- EUR20.1M Class II Senior Secured Floating Rate Notes, due
      2021, Upgraded to A1 (sf); previously on Jun 22, 2011 A2
      (sf) Placed Under Review for Possible Upgrade

   -- EUR14.7M Class III Deferrable Mezzanine Floating Rate Notes,
      due 2021, Upgraded to Baa1 (sf); previously on Jun 22, 2011
      Baa3 (sf) Placed Under Review for Possible Upgrade

   -- EUR23.3M Class IV Deferrable Mezzanine Floating Rate Notes,
      due 2021, Upgraded to Ba1 (sf); previously on Jun 22, 2011
      B1 (sf) Placed Under Review for Possible Upgrade

   -- EUR10.5M Class V Deferrable Mezzanine Floating Rate Notes,
      due 2021, Upgraded to Ba3 (sf); previously on Jun 22, 2011
      B3 (sf) Placed Under Review for Possible Upgrade

   -- EUR241M Class I Senior Secured Floating Rate Notes, due
      2021, Confirmed at Aa1 (sf); previously on Jun 22, 2011 Aa1
      (sf) Placed Under Review for Possible Upgrade

Ratings Rationale

RMF Euro CDO III Plc issued in August 2005, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European loans. The portfolio is managed by
Pemba Credit Advisers with a reinvestment end date of 11th August
2011.

According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.

The actions reflect key changes to the modelling assumptions,
which incorporate (1) a removal of the temporary 30% default
probability macro stress implemented in February 2009, (2)
increased BET liability stress factors as well as (3) change to a
fixed recovery rate modelling framework. Additional changes to the
modelling assumptions include changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.

The overcollateralization ratios of the rated notes have improved
slightly since the rating action in March 2011. The Class I/II,
Class III, Class IV and Class V overcollateralization ratios are
reported at 127.01%, 120.23%, 110.86% and 107.09%, respectively,
versus February 2011 levels of 125.58%, 118.88%, 109.61% and
105.89% respectively. All related overcollateralization tests are
currently in compliance.

WARF has increased from 2891 to 3009 between February 2011 and
July 2011. However, this reported WARF overstates the actual
deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on 1 September 2010. Additionally, defaulted securities total EUR
0 million of the underlying portfolio compared to EUR 4.3 million
in February 2011.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as the portfolio par amount, WARF,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers. In its base case,
Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of EUR 344 million,
defaulted par of EUR 1 million, a weighted average default
probability of 29.31% (consistent with a WARF of 2931), a weighted
average recovery rate upon default of 42.80% for a Aaa liability
target rating, and a diversity score of 38. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating, Moody's
assumed that 82% of the portfolio exposed to senior secured
corporate assets would recover 50% upon default, while the
remainder non first-lien loan corporate assets would recover 10%.
In each case, historical and market performance trends and
collateral manager latitude for trading the collateral are also
relevant factors. These default and recovery properties of the
collateral pool are incorporated in cash flow model analysis where
they are subject to stresses as a function of the target rating of
each CLO liability being reviewed.

Sources of additional performance uncertainties are:

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

2) Moody's also notes that around 55% of the collateral pool
   consists of debt obligations whose credit quality has been
   assessed through Moody's credit estimates.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011. Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.

Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.


SUPERQUINN: Suppliers Still at Risk Despite Insurance Payouts
-------------------------------------------------------------
The Irish Times reports that Superquinn suppliers will be happy to
hear credit insurer Atradius intends to pay out to clients after
the company went into receivership.

As reported in the Troubled Company Reporter-Europe on August 8,
2011, Irish Times said that some Superquinn suppliers who lost out
when the banks placed the company in receivership are set to be
paid from credit insurance policies taken out on sales to the
grocery chain.  Credit insurer Atradius said it would be paying
out on claims worth "several million" to some of the chain's
suppliers who were not paid for their goods as a result of the
receivership, according to Irish Times.  The report related that
the multinational's country manager, Stuart Ramsden, confirmed
that Atradius would be paying out on claims made by suppliers.

However, Irish Times relates that not all of them have such
insurance.  The report says that it is mainly, but not
exclusively, bigger operators, many of which were facing six-
figure losses as a result of the receivership.

Irish Times discloses that Atradius is not yet in a position to
say how many suppliers will be paid, or what the final liability
will be.  Atradius insures large companies but also provides cover
for small and medium-sized businesses, the report notes.
Nevertheless, Irish Times says that it is still likely a lot of
smaller suppliers do not have cover.

Irish Times relays that the total shortfall in the amount due to
Superquinn suppliers is estimated at about EUR25 million.  It is
not known how much of this is insured, just that the figure is
"several million," the report adds.

                          About Superquinn

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.

                          *     *     *

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).  Kieran
Wallace and Eamonn Richardson, representatives of professional
services firm KPMG, have been appointed as receivers to the firm.


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


* ITALY: To Accelerate Austerity Plan
-------------------------------------
Gregory Viscusi at Bloomberg News reports that Italian Prime
Minister Silvio Berlusconi said Italy plans to accelerate its
austerity and balance the budget ahead of schedule, seeking to
prevent the country from becoming the next victim of Europe's debt
crisis as investors flee Italian bonds.

The moves may pave the way for the European Central Bank to try to
bring down Italy's borrowing costs by buying its bonds in
secondary markets, Bloomberg says.

"We are facing a very difficult situation in financial markets
that requires a coordinated intervention by various states, above
all the nations that share the euro," Bloomberg quotes
Mr. Berlusconi as saying.

According to Bloomberg, Mr. Berlusconi and Finance Minister Giulio
Tremonti said in a joint press conference in Rome on Thursday that
Italy will adopt a balanced-budget amendment, liberalize its labor
market, and consider asset sales.

Mr. Berlusconi said he discussed with French President Nicolas
Sarkozy the possibility of holding a meeting of Group of Seven
finance ministers within days, Bloomberg notes.


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


* MANGISTAU: Fitch Affirms Long-Term Currency Ratings at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed the Kazakhstan Region of Mangistau's
Long-term foreign and local currency ratings at 'BB+' and Short-
term foreign currency rating at 'B'. The National Long-term rating
is affirmed at 'AA-(kaz)'. The Outlooks for all three Long-term
ratings are Stable.

The affirmation of the region's ratings reflects its wealth within
the national context, sound budgetary performance, despite
moderate deterioration, moderate expenditure rigidity and almost
debt-free status. However, the ratings also factor in the strong
reliance of the regional budget on central government decisions,
which can negatively impact the operating balance and its highly
concentrated economy.

Fitch notes that sustained budgetary performance in a context of
sharply increased withdrawals to national budget, underpinned by
Mangistau's rapid economic development would be positive for the
ratings. Conversely, downward rating pressure will arise if
Mangistau's debt position structurally deteriorates coupled with
changes in subnationals' institutional framework negatively
affecting the region's budgetary performance.

Fitch expects Mangistau will continue to record a sound budgetary
performance despite expected increase in transfers to the central
government. Operation margins are expected to be around 15%-17% in
2011-2013, well below the 24% operating margin recorded in 2010.
The region's budgetary flexibility remains high as capital
expenditure expect to be 47% of total expenditure in 2011; which
are scheduled to be 70% funded by earmarked capital revenue
provided by the state..

Budgetary and political framework is strongly biased towards
centralized decision-making and fund distribution. Kazakhstani
regions depend heavily on the central government, especially in
terms of inter-regional equalization transfer allocation. The new
approach of calculating intergovernmental transfers was set in
2010 for the next three-year period (2011-2013). It is less
favorable for the region, since the withdrawals to the central
budget sharply increasing to KZT12.7 billion and KZT16 billion in
2011 and 2012 respectively (2010: KZT2.4 billion). However,
transfers are fixed for three years ahead, increasing the
predictability of budgetary performance in the medium term.

The region is almost risk free, with the debt burden totalling
KZT1.7 billion at end-2010, below 5% of current revenue. According
to national regulations, the region cannot issue bonds, borrow
from banks or issue guarantees, leaving it only the ability to
raise credit from the central government. Mangistau obtained
several earmarked interest-free loans from central government in
2005-2010, the bulk of which were on-lent at the municipal level.
The region is planning to borrow KZT3.8 billion in 2011, and lend
the respective amount to the municipalities, which means the
region's net debt will remain close to zero.

The region's economy is strong but highly concentrated in the oil
and gas sector. Mangistau's per capita gross regional product
(GRP) was 2x above the national average in 2010. Rich natural
resources drive the region's industrial development, but cause
high tax concentration. However, tax proceeds are based on salary
funds and are not linked directly to the profitability of local
businesses, which makes tax revenue less vulnerable to falls in
oil prices.


===================
L U X E M B O U R G
===================


ELCOTEQ SE: To Seek Other Investors; Talks with Platinum Stalls
---------------------------------------------------------------
Diana ben-Aaron at Bloomberg News reports that Elcoteq SE will
seek other investors after negotiations with Platinum Equity
stalled on questions about Elcoteq's future.

According to Bloomberg, Elcoteq said lenders seeking repayment
have blocked bank accounts and seized customer payments.

The company said in a separate statement that CEO Jouni
Hartikainen resigned on Friday, Bloomberg notes.

The company's stock has fallen 58% since July 18, when it said
lenders led by Danske Bank A/S were seeking repayments of a
EUR48.5 million revolving credit facility that was due
June 30, Bloomberg recounts.

"The future business outlook is very uncertain and the company is
only partially able to control its business processes," Bloomberg
quotes Elcoteq as saying on Friday.  "According to Mr.
Hartikainen, his ability to manage the company and to objectively
safeguard the benefits of all the company's shareholders became
impossible due to the recent actions by the revolving credit
facility lenders."

The company, as cited by Bloomberg, said it will be run by the
board of directors for the time being with Mr. Hartikainen's
support during his notice period.

Elcoteq SE is a supplier of manufacturing and repair services to
companies such as Nokia Oyj and Royal Philips Electronics NV.


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


DECO 14: S&P Affirms Rating on Class G Notes at 'D'
---------------------------------------------------
Standard & Poor's Ratings Services lowered by two notches its
credit ratings on DECO 14 - Pan Europe 5 B.V.'s class D, E, and F
notes. "At the same time, we affirmed our ratings on all other
classes of notes," S&P related.

"The rating actions follow our review of the underlying assets and
the transaction performance. There are currently 11 loans and a
50% pari passu ranking participation in the WOBA loan securing the
notes. Two loans are currently in default -- the Arcadia loan and
the DD Karstadt loan," S&P related.

                          The WOBA Loan

The WOBA loan currently accounts for 38.6% of the loan pool and is
the largest loan in the portfolio. The total loan balance is
EUR1,075.5 million, of which the DECO 14 issuer owns 50%, while
Windermere IX owns the other 50%. The loan purpose was to assist
Fortress Investment Group LLC in the acquisition of the WOBA
companies -- a housing company previously owned by the city of
Dresden. The property portfolio comprised 42,688 residential and
1,110 commercial units on Day 1, of which the borrower has sold a
minor portion since closing. The assets are concentrated in
Dresden and represent 15% of the Dresden multifamily housing
market.

From Day 1 through mid-2009, the property portfolio EBITDA
increased (the servicer reports the EBITDA for this loan, as
opposed to net operating income [NOI] for the other loans). This
increase was driven by an increase in rental level and a reduction
in vacancy (to 3.4% from 14.5% at closing). "In more recent
months, we have seen a slow deterioration in EBITDA and occupancy.
The vacancy rate is now 6.4%. We believe that a further
deterioration is likely, especially as the occupancy rate is
significantly above the market levels. The initial improvement in
occupancy may, to a certain extent, have been driven by one-off
effects, such as the relocation of tenants from properties that
were targeted for demolition and are excluded from the pool. The
city of Dresden shows a vacancy rate of 12.5%," S&P related.

"Despite the comparably low reported loan-to-value (LTV) ratio of
61.3%, we believe that a refinancing of the entire property
portfolio would be challenging given the current debt market
environment. The German residential property market saw only
37,000 residential units sold in portfolios in the first half of
2011; by comparison, the WOBA loan by itself is secured by over
40,000 units, which indicates that a workout of the loan, if it
defaults, is likely to be lengthy. The most likely point of
default for the loan is at its maturity date in May 2013, at which
point the servicer would have 7.5 years to split up the portfolio
into smaller lot sizes and sell and/or refinance the portfolio if
the borrower defaults," S&P said.

                        The Arcadia Loan

This is the sixth largest loan in the pool, and the whole loan
amounts to EUR120.8 million, of which the issuer owns a senior-
ranking part of EUR107.6 million. The loan matures in January 2014
but has been in payment default since January 2010. It was
transferred to special servicing in March 2010. The loan is also
in breach of the whole-loan interest coverage ratio (ICR)
covenant of 1.05x (the ratio is 0.93x) and the LTV covenant of 92%
(the ratio is 151.3%).

"We understand from our conversations with the servicer that the
reduction in NOI that initially led to the interest shortfalls is
primarily due to a substantial increase in non-recoverable
expenses," S&P related.

In May 2010, the issuer informed us that the properties had been
revalued, and the new value of EUR79.8 million (which is 40% below
the Day 1 value) triggered a control valuation event. This means
that the junior lenders no longer have control rights regarding
this loan. The new value also triggered an appraisal reduction,
given that the senior LTV ratio is now 135%. The appraisal
reduction would reduce the amount that is available for the issuer
under the liquidity facility to cover interest shortfalls from the
loan. At present, there is sufficient income from the properties
to pay the senior loan interest in full, together with the special
servicing fees. If the income deteriorates further, however, the
issuer may be required to draw on the liquidity facility. The
appraisal reduction would then lead to an immediate interest
shortfall on the notes.

The Arcadia loan is secured by 28 retail properties across
Germany. The portfolio is a diverse mixture of supermarkets (40%),
retail warehouses (27%), other retail (24%), and residential (7%)
units. The assets are let to approximately 80 tenants.

If the special servicer sells the property portfolio at the most
recently calculated value, the principal losses (approximately
EUR27.9 million plus enforcement costs and potentially accrued
interest) would affect the class E, F, and G notes.

                  The Dd Karstadt Hilden Loan

This is the smallest loan in the pool, with a current balance of
EUR5.1 million. The loan has been in default since July 2010,
following the insolvency of the single tenant (Hertie) and the
loan sponsor (Dawnay Day).

The loan is secured by a freehold retail property in Hilden (near
Dusseldorf, Germany). It was built in 1953 and subsequently
refurbished in 1982, 1991, and 1997. It comprises 3,266 sq. m. of
lettable area.

After the loan defaulted, interest was paid from a reserve until
(and excluding) July 2010, at which point the loan went into
payment default. "The loan was transferred to special servicing in
December 2010. Since then, we understand the special servicer has
made a number of attempts to sell the asset but has been
unsuccessful," S&P related.

"We believe that losses from the loan (including enforcement costs
and accrued interest) could exceed EUR1 million, but would --
together with the expected losses from the Arcadia loan -- be
contained within the class E, F, and G notes," S&P said.

                           The Other Loans

None of the other loans are currently in default or in breach of
any of their loan covenants. "We do, however, foresee significant
refinance risk with regard to the CGG loan (the reported LTV ratio
is 80.4%), the Sofia Business Park loan (52.8%), the Capital &
Regional loan (79.7%), and the Mansford loan (85.8%). It should be
noted that all these reported LTV ratios are based on property
valuations from 2006. We believe that the property portfolios may
have suffered market value declines of between 25% and 50% since
then, which is another driver of our rating actions," S&P related.

"In April 2011, we lowered our ratings on the class A-1, A-2, A-3,
and X notes to 'A (sf)' following the implementation of our 2010
counterparty criteria ('Counterparty And Supporting Obligations
Methodology And Assumptions,' Dec. 6, 2010)," S&P said.

DECO 14-Pan Europe 5 is secured on nine loans backed by
residential and commercial properties in Germany, a pari passu
ranking participation of 50% in a loan secured on a residential
portfolio in Dresden (the WOBA loan), and one loan secured on an
office park in Sofia, Bulgaria. One loan is secured on a portfolio
of 14 commercial properties across Italy. These loans mature
between 2012 and 2016, with the bulk in 2013 (the WOBA loan, 40%)
and 2014 (32%). Of the remaining loans, two have been performing
below our expectations at closing (the Arcadia loan and the
Karstadt loan). Only one loan (1% of the Day 1 pool balance) has
repaid in full since closing.

Ratings List

DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes

Class               Rating
            To                   From

Ratings Lowered

D           B+ (sf)              BB (sf)
E           B (sf)               BB- (sf)
F           B- (sf)              B+ (sf)

Ratings Affirmed

A1          A (sf)
A2          A (sf)
A3          A (sf)
B           BBB+ (sf)
C           BBB (sf)
G           D (sf)


E-MAC: Moody's Lowers Ratings on Two Classes of Notes to 'C'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 15 classes
of mezzanine, junior and subordinated notes issued by E-MAC DE
2005-I B.V., E-MAC DE 2006-I B.V., E-MAC DE 2006-II B.V. and E-MAC
DE 2007-I B.V.

Ratings Rationale

The rating action concludes the review for downgrade initiated by
Moody's on April 13, 2011 and takes into consideration the worse-
than-expected performance of the collateral.

This rating action takes into consideration the worse-than-
expected performance of the collateral and reflects the credit
quality of the underlying mortgage loan pools, from which Moody's
determined the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and
lifetime losses (expected loss), as well as the transaction
structure and any legal considerations as assessed in Moody's cash
flow analysis. The expected loss and the Milan Aaa CE are the two
key parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.

Portfolio Expected Loss

Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date. Cumulative losses for
all four affected transactions rose significantly and the share of
90+ day arrears continued to increase, although at a much lower
pace in the last few quarters. However, Moody's expects that the
portfolio credit performance will be stressed further and that
more losses will be incurred from the worked-out loans in late
stage arrears. Therefore the collateral performance has been worse
than assumed since the last rating action in June 2009.

As of May 2011 for E-MAC DE 2005-I B.V., loans delinquent by more
than 90 days as a percentage of current portfolio balance (90+
delinquencies) stood at 10.0%, up from 7.8% in May 2009. In the
same period, cumulative losses as a percentage of the original
portfolio balance (cumulative losses) rose to 1.8%, up from 0.2%
as of May 2009. To date, the increase in cumulative losses did not
result in any reserve fund drawings.

For E-MAC DE 2006-I B.V., 90+ delinquencies increased to 11.2%, up
from 9.9% in May 2009. Also cumulative losses jumped to 2.3%, up
from 0.2% in May 2009. The sharp increase in losses resulted in
the depletion of the reserve fund, which currently stands at 50%
of its target level.

For E-MAC DE 2006-II B.V., 90+ delinquencies also rose and
currently stand at 10.6%, up from 7.2% in May 2009. Cumulative
losses grow to 1.3%, up from only three basis points in May 2009.
This increase also ended in the drawing of the reserve fund, which
currently stands at 95% of its target level.

Finally for E-MAC DE 2007-I B.V., 90+ delinquencies climbed to
10.7%, up from 5.1% in May 2009. Additionally, cumulative losses
now stand at 0.8%. As of the last review in summer 2009, no
cumulative losses have been crystallized. The increase in losses
also resulted in the depletion of the reserve fund, which now
stands at 82% of its target level.

Taking into account the current amount of realized losses and
completing a roll-rate and severity analysis of the portfolio,
Moody's has increased the portfolio expected loss assumption for
E-MAC DE 2005-I B.V., E-MAC DE 2006-II B.V. and E-MAC DE 2007-I
B.V. to 8% and E-MAC DE 2006-I B.V. to 9% of the original pool
balance from the previous level of 3%. Moody's also has lowered
its expected recovery rate to around 40% for all four
transactions.

MILAN AAA CE

Moody's has also re-assessed updated loan-by-loan information to
determine the MILAN Aaa CE. As a result, Moody's has increased its
MILAN Aaa CE assumptions to 28% for all affected transactions, up
from its previous rating action level in June 2009 of 22.3%,
25.7%, 23.4% and 25.5 for E-MAC DE 2005-I B.V., E-MAC DE 2006-I
B.V., E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.,
respectively. This increase is mainly due to higher delinquency
levels in the current portfolio compared to last the rating
action. As of May 2011, the pool factor was between 86% and 92%.
Available credit enhancement under class A (including
subordination and reserve fund) of the affected transaction is
between 15% and 21%.

Operational Risk

In 2009, Moody's downgraded all senior notes to Baa1(sf), due to
lack of back-up servicing and cash management arrangements. CMIS
Investment B.V. (not rated) (previously GMAC RFC Investment B.V.)
acts as cash manager and servicer in the four transactions. For
further details on the deal structures, please refer to the pre-
sale, new issue reports or previous press releases of the affected
transactions. The reports are available on www.moodys.com.

Previous Rating Actions

Moody's previously downgraded the ratings of the classes of notes
in the affected transactions on: (i) September 12, 2008, due to
worse-than-expected collateral performance; (ii) 12 December 2008,
due to the lack of back-up arrangements for the cash management
and certain servicer functions; (iii) April 7, 2009, due to an
update of Moody's rating methodology for German RMBS; and (iv) 9
June 2009, due to the continued lack of back-up arrangement and
possible consequences for note holders in the event of a servicing
or cash management disruption.

Methodologies

The principal methodology used in this rating was Moody's Approach
to Rating RMBS in Europe, Middle East and Africa published in
October 2009.

Other methodologies used in this rating were Moody's Updated MILAN
Methodology for Rating German RMBS published in October 2009,
Revising Default/Loss Assumptions Over the Life of an ABS/RMBS
Transaction published in December 2008.

Other factors used in this rating are described in "Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk", published in June 2011.

List Of Ratings Actions

Issuer: E-MAC DE 2005-I B.V.

   -- EUR9.9M C Mortgage-Backed Notes, Downgraded to Ba3(sf);
      previously on 13 April 2011, Ba1 (sf) Placed on Review for
      Downgrade

   -- EUR9.3M D Mortgage-Backed Notes, Downgraded to Caa2(sf);
      previously on 13 April 2011, B1 (sf) Placed on Review for
      Downgrade

   -- EUR3M E Mortgage-Backed Notes, Downgraded to Ca(sf);
      previously on 13 April 2011, Caa2 (sf) Placed on Review for
      Downgrade

Issuer: E-MAC DE 2006-I B.V.

   -- EUR27M B Mortgage-Backed Notes, Downgraded to Ba1(sf);
      previously on 13 April 2011, Baa1(sf) Placed on Review for
      Downgrade

   -- EUR17.5M C Mortgage-Backed Notes, Downgraded to Caa1(sf);
      previously on 13 April 2011, Ba2(sf) Placed on Review for
      Downgrade

   -- EUR11.5M D Mortgage-Backed Notes, Downgraded to Ca(sf);
      previously on 13 April 2011, B1(sf) Placed on Review for
      Downgrade

   -- EUR7M E Mortgage-Backed Notes, Downgraded to C(sf);
      previously on 13 April 2011, Caa1(sf) Placed on Review for
      Downgrade

Issuer: E-MAC DE 2006-II B.V.

   -- EUR35M B Mortgage-Backed Notes, Downgraded to Baa3 (sf);
      previously on 9 June 2009, Downgraded to Baa2 (sf)

   -- EUR24.5M C Mortgage-Backed Notes, Downgraded to B3 (sf);
      previously on 13 April 2011, Ba2 (sf) Placed on Review for
      Downgrade

   -- EUR14M D Mortgage-Backed Notes, Downgraded to Caa3 (sf);
      previously on 13 April 2011, B2 (sf) Placed on Review for
      Downgrade

   -- EUR9.8M E Mortgage-Backed Notes, Downgraded to Ca (sf);
      previously on 13 April 2011, Caa2 (sf) Placed on Review for
      Downgrade

Issuer: E-MAC DE 2007-I B.V.

   -- EUR39.1M B Mortgage-Backed Notes, Downgraded to Baa2 (sf);
      previously on 9 June 2009, Downgraded to Baa1 (sf)

   -- EUR33.5M C Mortgage-Backed Notes, Downgraded to B3 (sf);
      previously on 13 April 2011, Baa3 (sf) Placed on Review for
      Downgrade

   -- EUR13.9M D Mortgage-Backed Notes, Downgraded to Ca (sf);
      previously on 13 April 2011, B1 (sf) Placed on Review for
      Downgrade

   -- EUR8.3M E Mortgage-Backed Notes, Downgraded to C (sf);
      previously on 13 April 2011, B3 (sf) Placed on Review for
      Downgrade


INDIGOLD CARBON: Moody's Corrects Corporate Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service is correcting the ratings for Indigold
Carbon (Netherlands) BV's Corporate Family Rating to Ba3 from WR
and Probability of Default Rating to Ba3 from WR.

Moody's also is correcting the ratings for Indigold Carbon USA,
Inc.'s US$75 million senior secured revolving credit facility due
2016 to Ba3 (LGD3, 42%) from WR and US$500 million senior secured
term loan A due 2016 to Ba3 (LGD3, 42%) from WR. The outlook is
stable.

The principal methodology used in rating Indigold Carbon was the
Global Chemical Industry Rating Methodology published in December
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

The ratings were previously withdrawn on June 27, 2011 due to an
internal administrative error.


JUBILEE CDO: S&P Withdraws 'CCC-' Ratings on Two Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all rated classes of notes in Jubilee CDO IV B.V.

Specifically, S&P has:

    Raised its ratings on the class A and C notes,
    Raised and removed from CreditWatch positive its ratings on
    the class B-1 and B-2 notes,

    Affirmed its ratings on the class D-1 and D-2 notes, and

    Withdrawn its ratings on the class E and E-1 notes.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated June 20, 2011, in addition to a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria (see
'Counterparty and Supporting Obligations Methodology and
Assumptions,' published Dec. 6, 2010)," S&P related.

Jubilee CDO IV has been amortizing since the end of its re-
investment period in October 2010. "Since we took rating action on
the transaction on Feb. 5, 2010 (see 'Transaction Update: Jubilee
CDO IV B.V.'), the portfolio size has reduced by 18.5% to EUR316.2
million from EUR388.1 million," S&P said.

"From our analysis, we have observed that EUR40.8 million of the
class A notes have paid down since our last rating action, which
in our view has helped increase the credit enhancements for all
classes of notes since we last took rating action. We have also
observed from the trustee report an improvement in the
overcollateralization test results for all classes, and an
increase in the weighted-average spread to 322 basis points (bps)
from 306 bps. In addition, we have observed an improvement in the
credit quality of the portfolio, such as a fall in defaulted
assets to 1.45% from 3.15% and a decrease in assets rated 'CCC+',
'CCC', or 'CCC-' to 10.71% from 14.66%," S&P related.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In our
analysis, we used the reported portfolio balance that we consider
to be performing, the weighted-average spread, and the weighted-
average recovery rates that we considered appropriate. We
incorporated various cash flow stress scenarios using alternative
default patterns, levels, and timing for each liability rating
category, in conjunction with different interest stress
scenarios," S&P said.

"From our analysis, we have observed that the non-euro-denominated
assets currently make up 22.47% of the performing assets. These
assets are hedged under a cross-currency swap agreement. In our
cash flow analysis, we considered scenarios where the hedging
counterparties do not perform and where the transaction is
therefore exposed to changes in currency rates," S&P related.

"In our opinion, the credit enhancement available to the class A
notes is consistent with a higher rating than previously assigned,
taking into account our credit and cash flow analyses and our 2010
counterparty criteria. We have therefore raised our rating on the
class A notes," S&P said.

"Our credit and cash flow analysis on the class B-1, B-2, and C
notes indicated that the credit enhancement was consistent with
higher ratings than previously assigned. We have therefore raised
and removed from CreditWatch positive our ratings on the class B-1
and B-2 notes and raised our rating on the class C notes. As the
updated ratings on these three notes are currently lower than the
ratings on any of the counterparties in the transaction, they are
not affected by the application of our 2010 counterparty
criteria," S&P related.

"We have affirmed our ratings on the class D1 and D2 notes, as our
analysis indicates that the credit enhancement available to these
notes is consistent with the ratings currently assigned," S&P
said.

"We have withdrawn our ratings on the class E and E-1 notes
following recent confirmation from the trustee that these notes
were fully repaid on Oct. 15, 2010, under the terms and conditions
of the notes," S&P related.

"None of our ratings on the notes was constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published Sept. 17, 2009)," S&P said.

Jubilee CDO IV is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in August 2004 and is
managed by Alcentra Ltd.

Ratings List

Jubilee CDO IV B.V.
EUR410 Million Secured Floating- and Fixed-Rate Notes

Class                 Rating
               To                From

Ratings Raised

A              AA (sf)           AA- (sf)
C              BB- (sf)          B+ (sf)

Ratings Raised and Removed From CreditWatch Positive

B-1            BBB+ (sf)         BBB- (sf)/Watch Pos
B-2            BBB+ (sf)         BBB- (sf)/Watch Pos

Ratings Affirmed

D-1            CCC+ (sf)
D-2            CCC+ (sf)

Ratings Withdrawn

E-1            NR                CCC- (sf)
E              NR                CCC- (sf)

NR--Not rated.


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


ZHEMCHUZHINA SOCHI: Drops Out of National League
------------------------------------------------
Gennady Fyodorov at Reuters reports that Zhemchuzhina Sochi has
dropped out of the championship because of financial difficulties.

"[Satur]day, the club president Dmitry Yakushev told the players
that Zhemchuzhina will no longer be able to play in the national
league," Reuters quotes Sochi as saying on its Web site.

According to Reuters, Sochi had one of the biggest budgets among
the second division clubs as they were hoping to win promotion to
Russia's top flight this season after playing there in the 1990s.

Several other top Russian clubs have also been liquidated in the
last 18 months, Reuters notes.

Zhemchuzhina Sochi is a Russian professional soccer club.


FREIGHT ONE: Fitch Maintains Negative Watch on Ratings
------------------------------------------------------
Fitch Ratings has maintained Russia-based OJSC Freight One's
ratings on Rating Watch Negative (RWN).

Freight One's Long-term foreign and local currency Issuer Default
Ratings (IDR) of 'BBB-' currently include a one-notch uplift for
parental support from JSC Russian Railways (RZD,
'BBB'/Stable/'F3'), its sole shareholder. The maintained RWN
follows an announcement by RZD that on July 28, 2011 the
Government of the Russian Federation, its sole shareholder,
approved a sale of 75% less two shares in Freight One by the end
of 2011.

Fitch views the existing standalone business and financial profile
of Freight One as commensurate with a Long-term IDR of 'BB+'.
Consequently, following the disposal by RZD, Fitch will no longer
incorporate RZD's parental support into Freight One's ratings
under Fitch's Parent-Subsidiary Rating Linkage methodology. The
agency emphasizes that Freight One's ratings may be impacted by
the relative credit strength of a new majority shareholder and the
parent-subsidiary arrangements put in place (including the effect
of possible acquisition funding). To resolve the RWN, Fitch will
therefore seek clarification about the new ownership structure and
the purchase financing following the disposal.

Freight One represents over 10% of RZD's consolidated revenues and
is therefore a principal subsidiary (as defined in RZD's loan
participation notes). Freight One's default (among other events)
could be an event of default for RZD. Fitch understands that
Freight One's loans do not include change of control provisions.

Freight One is a leading rolling stock operator in Russia and the
CIS by fleet size and transportation volumes, with a strong
ability to execute customer demand, and has a diversified fleet
and customer base. In H111, Freight One transported over 148
million tones of cargo, a 12% increase on H110, which accounted
for about 22% of all cargo shipped by rail in Russia over that
time.

The rating actions are:

Freight One

   -- Long-term foreign currency IDR: 'BBB-'; RWN maintained

   -- Long-term local currency IDR: 'BBB-'; RWN maintained

   -- Short-term foreign currency IDR: 'F3'; RWN maintained

   -- Short-term local currency IDR: 'F3'; RWN maintained

   -- National Long-term rating: 'AA+(rus)'; RWN maintained


* RUSSIA: Fitch Affirms Individual Ratings on Four Banks at 'D/E'
-----------------------------------------------------------------
Fitch Ratings has affirmed four Russian regional banks' foreign-
currency Issuer Default Ratings (IDRs). International Bank of
Saint-Petersburg (IBSP), Petersburg Social Commercial Bank (PSCB)
and JSC Bank BTA-Kazan (OJSC) (BTAK), have been affirmed at 'B-'
and JSC Spurt Bank (Spurt) at 'B'. The Outlooks are Stable.

The affirmations reflect the positive Russian economic growth
supporting borrowers' profitability and repayment ability, as well
as the banks' reasonable liquidity positions and generally
comfortable market liquidity.

The ratings continue to be constrained by significant related
party business (especially in the case of IBSP), high credit risks
concentrations and substantial exposure to construction (IBSP,
BTA-Kazan and Spurt), rapid growth (Spurt, BTA-Kazan), and weak
capitalization (IBSP, Spurt). In case of PSCB, Fitch is also
concerned about the significant volume of settlement transactions,
which may be a source of operational and regulatory risk.

IBSP's related party exposures, including the most notable to
shareholder-controlled Interleasing Group, accounted for a
significant 17% of loan book. Exposure to the real estate
development industry, which is viewed by Fitch as vulnerable,
accounted for a high 31% of gross loans at end-2010. Non-
performing loans (NPLs) made up 1.5% of loans and reported
restructured loans a further 17% at end-2010. At the same time,
the loan impairment reserve (LIR) was only 7.2%, which Fitch
considers to be low given the credit concerns outlined. Also, the
regulatory capital ratio of 11.7% at end-H111 implied the ability
to increase reserves by just 2.8%. IBSP's concentrated funding
base is potentially volatile. However, a significant liquidity
cushion (cash and cash equivalents, net interbank placements and
liquid securities) covered 30% of customer accounts at end-H111,
mitigating this risk.

PSCB's strength is in its profitability (return-on-equity 15.8% in
2010), although it is enhanced by significant fees and commission
income (43% of revenue in 2010), almost half of which is earned
from cash and settlement transactions. Such services are provided
for thousands of counterparties, while at the same time the
franchise remains limited (the bank operated through five branches
and with overall headcount of only 325 people at end-2010). Fitch
therefore believes that such transactions may be a source of
significant operational and potentially regulatory risk, although
Fitch takes some comfort from a positive track record of
inspections by the Central Bank of Russia. PSCB's lending business
is concentrated (top 20 exposures accounted for significant 54% of
gross loans at end-2010) but of decent quality, with NPLs of only
2.2% at end-2010. Liquidity is reasonable, with the share of
liquid assets sufficient to cover customer accounts by over 50% at
end-2010. Capitalization is a modest with a regulatory capital
ratio of 13.4% at end-H111 implying a maximum LIR capacity of only
5.9%.

BTAK's ratings are constrained by substantial credit exposure to
real estate (at least 16% of loans at end-Q111) and project
finance (at least 5%). Fitch also notes the increase in lending to
the oil and gas industry, which is potentially driven by the
relationships introduced by BTAK's shareholders, although the
reported related party loans were relatively modest (equivalent of
22% equity at end-Q111). Additional credit risks may crystallize
from the fast expanding retail business (40% growth in H111),
although the main growth drivers were mortgages and car loans,
BTAK's traditional retail products. NPLs decreased to 6% of the
gross loans at end-Q111. Restructured/rolled-over loans remained
substantial at 22% of the portfolio, and their quality is
improving. Fitch estimated that at end-Q111 the bank was able to
increase the impairment reserves to a moderate 12% of credit
exposures, before its capital adequacy would hit the statutory
limit. BTAK's liquidity cushion provides only moderate coverage of
customer accounts (13%), indicating BTAK's vulnerability to market
stresses.

Spurt's ratings factor the Republic of Tatarstan's regulators'
reasonably supportive stance towards the domestic banking system
and the bank's track record of cooperation with both the local
authorities and prominent players in the domestic economy. Fitch
notes that any weakening of this relationship could impact the
ratings. The regulatory capital adequacy ratio was a modest 12.6%
at end-H111, which offers very limited loss absorption capacity
(up to 5% of loans). At the same time, the rapid expansion of loan
portfolio (25% in H111), particularly in retail and the small and
medium sized enterprises segment will probably result in higher
credit costs when these exposures become more seasoned. Spurt
tentatively expects a capital injection of up to RUB0.6 billion in
H211, although this is likely to be absorbed quickly by continued
growth. Internal capital generation is moderate (annualized ROE of
7.8% in H111). Spurt's liquidity cushion at end-H111 covered its
customer base by a moderate 15%, while its near-term wholesale
refinancing needs are low.

The rating actions are:

Spurt

   -- Long-term foreign currency IDR: affirmed at 'B', Outlook
      Stable

   -- Short-term IDR: affirmed at 'B'

   -- Viability Rating: affirmed at 'b'

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

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   -- National Long-term rating: affirmed at 'BBB-(rus)', Outlook
      Stable

BTAK

   -- Long-term foreign currency IDR: affirmed at 'B-', Outlook
      Stable

   -- Short-term IDR: affirmed at 'B'

   -- Viability Rating: affirmed at 'b-'

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

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   -- National Long-term rating: affirmed at 'BB-(RUS)', Outlook
      Stable

IBSP

   -- Long-term foreign currency IDR: affirmed at 'B-', Outlook
      Stable

   -- Short Term IDR: affirmed at 'B'

   -- Long-term local currency IDR: affirmed at 'B-', Outlook
      Stable

   -- Viability Rating: affirmed at 'b-'

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

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   -- National Long-term rating: affirmed at 'BB-(rus)', Outlook
      Stable

PSCB

   -- Long-term foreign currency IDR: affirmed at 'B-', Outlook
      Stable

   -- Short-term IDR: affirmed at 'B'

   -- Viability Rating: affirmed at 'b-'

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

   -- Support Rating: affirmed at '5'

   -- Support Rating Floor: affirmed at 'No Floor'

   -- National Long-term rating: affirmed at 'BB(rus)', Outlook
      Stable


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


AYT CAIXANOVA: Moody's Assigns '(P)B3' Rating to Series C Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to four series of Notes issued by AyT Caixanova FTPYME 1,
Fondo de Titulizacion de Activos :

   -- EUR70.2M Series T Notes, Assigned (P)Aaa (sf)

   -- EUR73.8M Series A Notes, Assigned (P)Aaa (sf)

   -- EUR30M Series B Notes, Assigned (P)Aaa (sf)

   -- EUR26M Series C Notes, Assigned (P)B3 (sf)

Ratings Rationale

AyT Caixanova FTPYME 1 is a securitization of loans originally
granted by Caixa de Aforros de Vigo, Ourense e Pontevedra
("Caixanova") to small-and medium-sized enterprises (SMEs) located
in Spain. The Servicer of the transaction is Caixa de Aforros de
Galicia, Vigo, Ourense e Pontevedra ("Novacaixagalicia") rated
Baa3/P-3, D+, Negative Outlook. This entity results from the
merger in December 2010 of Caja de Ahorros de Galicia with
Caixanova. Ahorro y Titulizacion S.G.F.T., S.A. ("AyT") is the
Management Company.

The transaction closed in December 2008 and was initially not
rated by Moody's. The initial notes balance issued at closing
amounted to EUR200 million. The outstanding notes balance as of
the last payment date in March 2011 amounts to EUR101.86 million.
Series T benefits from a guarantee provided by the Government of
Spain (Aa2/(P)P-1, under review for Possible Downgrade) for
interest and principal payments. The expected loss associated with
series T notes is consistent with a Aaa(sf) rating on a stand-
alone basis (without the benefit of the guarantee).

Moody's rating analysis of the notes is based on the transaction
structure after the last payment date in March 2011. The next
payment date will take place in September 2011.

The pool of underlying assets was, as of April 2011, composed of a
portfolio of 589 contracts (originated between 1998 and 2008),
granted to 525 obligors located in Spain. The Portfolio has a
weighted average seasoning of 4.3 years and a weighted average
remaining term of 5.1 years. All the figures are calculated on the
outstanding amounts of loans with arrears less than 12 months.

According to Moody's, this deal benefits from several credit
strengths including the following: (i) a relatively low
concentration in the Building and Real Estate industry sector for
the Spanish market (around 13% in the pool according to Moody's
industry classification), (ii) 98.1% of the loans are fully
amortizing and (iii) a strong swap is in place paying 6m Euribor
plus a 0.70% spread.

Moody's notes that the transaction features some credit
weaknesses, notably: (i) the low granularity of the portfolio of
loans (with an effective number of 181) and (ii) the exposure to
commingling risk mitigated somewhat by the fact that the servicer
transfers collections daily to the Treasury account in the name of
the SPV.

These characteristics were reflected in Moody's analysis and
ratings, where several sensitivities tested the available credit
enhancement and reserve fund (as of April 2010) to cover potential
shortfalls in interest or principal envisioned in the transaction
structure.

Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the swap spread, the cash reserve and the
subordination of the notes.

The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 18% with a coefficient of
variation of 33% and a stochastic mean recovery rate of 35%.

The principal methodology used in this rating was Refining the ABS
SME Approach: Moody's Approach to Rating CDOs of SMEs in Europe
published in February 2007.

Other methodology used in this rating was Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and Africa
published in June 2007.

As mentioned in the methodology, Moody's used in combination its
CDOROM model (to generate the default distribution) and ABSROM
cash-flow model to determine the potential loss incurred by the
notes under each loss scenario. In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).

The ratings address the expected loss posed to investors by the
legal final maturity of the notes (March 2030). In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series T, A, B and C at par on or
before the rated final legal maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned according to the report
" V Scores and Parameter Sensitivities in the EMEA Small-to-Medium
Enterprise ABS Sector" published in June 2009.

Moody's also ran sensitivities around key parameters for the rated
notes. For instance if the recovery rate of 35% was changed to
25%, the model-indicated rating for the Series T and A Notes would
remain Aaa while the rating for the Series B and C Notes would
change respectively from Aaa to Aa2 and from B3 to Caa1.
Additionally, if the assumed default probability of 18 % used in
determining the initial rating was changed to 26% and the recovery
rate of 35 % was changed to 15%, the model-indicated rating for
the Series T and A Notes would remain Aaa while the rating for the
Series B and C Notes would change respectively from Aaa to Baa3
and from B3 to Ca.


CABLEUROPA S.A.U.: Moody's Upgrades 'B2' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the corporate
family rating (CFR) and probability of default rating (PDR) of
Cableuropa, S.A.U. ("ONO"). Moody's has also upgraded to B1 from
B2 the rating on the EUR1 billion (including the recent EUR300
million tap bond offering) worth of senior secured notes due in
2018 issued by Nara Cable Funding Limited. Concurrently, Moody's
has also upgraded to Caa1 from Caa2 the ratings on the EUR295
million and US$225 million worth of senior unsecured notes due in
2019 issued by ONO Finance II Plc. The outlook on all ratings is
stable.

This rating action concludes the review for possible upgrade,
which Moody's initiated on July 5, 2011.

Ratings Rationale

"The ratings upgrade reflects the successful completion of the
EUR300 million senior secured notes add-on offering, as well as
the company's resilient performance in Q2 2011, which supports the
expectation that full year performance will be in line with
Moody's forecasts for the company," says Ivan Palacios, a Moody's
Vice President -- Senior Analyst and lead analyst for ONO.

"The completion of the EUR300 million add-on bond offering is a
small, but positive step in the right direction of extending the
company's debt maturity profile and progressively reducing the
refinancing wall in 2013," adds Mr. Palacios. The debt maturity
wall in 2013-14 stands at EUR2 billion, still a large amount, but
well below the EUR3.5 billion that the company had one year ago.
In Moody's view, this substantial effort of bringing down the debt
maturity wall will help the company ease the refinancing of the
remaining amounts outstanding under its senior bank facility.

The ratings upgrade also reflects the company's resilient
operating performance in spite of the macroeconomic pressures. In
Q2 2011, the company reported flat revenue growth, as compared to
revenue declines year-on-year over the previous 3 years, and an
EBITDA of EUR187 million, up 6.3% vs Q2 2010. The improvement in
EBITDA has allowed the company to report Net leverage (as reported
by ONO and unadjusted by Moody's) of 4.7x, down from 5.1x a year
ago.

Moody's believes that ONO will be able to maintain the positive
momentum by further improving its triple-play penetration (cable,
internet and telephone services), helped by its technologically
advanced networks and new product offerings such as TiVo.

The outlook is stable in the expectation that ONO will deliver on
its business plan with no deterioration in its financial profile.

Further upward pressure on the rating will hinge on the company's
ability to successfully refinance the circa EUR2 billion of
outstanding amounts under the senior credit facilities on
affordable terms, while continuing with the deleveraging efforts,
such that Debt/EBITDA (as adjusted by Moody's) trends below 5x and
the company generates growing positive free cash flow. However,
Moody's notes that further weakening of the macroeconomic
environment in Spain could constrain upward pressure on the
rating.

Following the action, Moody's does not expect negative pressure to
be exerted on the rating in the near term. However, downward
rating pressure could arise as a result of (i) a failure by ONO to
deliver operational performance that is in line with Moody's
estimates; (ii) the re-emergence of liquidity concerns, if ONO
fails to proactively address the refinancing of its 2013 debt
maturities; or (iii) a material deterioration of the macroeconomic
environment in Spain.

Principal Methodology

The principal methodology used in rating Cableuropa S.A.U. was the
Global Cable Television Industry Methodology published in July
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.

Headquartered in Madrid, Cableuropa, S.A.U. (ONO) is Spain's
largest cable operator and leading alternative provider of
telecommunications, broadband and internet and pay-TV services. It
is the only cable operator with national coverage. In FY 2010, ONO
reported revenues of around EUR1.5 billion and EBITDA of EUR725
million.


CAIXA PENEDES: Fitch Affirms Rating on Class C Notes at 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed Caixa Penedes PYMES 1 TDA, FTA's notes:

   -- EUR246,778,000 Class A notes (ES0357326000): affirmed at
      'AAsf'; Outlook revised to Stable from Negative

   -- EUR44,600,000 Class B notes (ES0357326018): affirmed at
      'BBsf'; Outlook revised to Stable from Negative

   -- EUR19,400,000 Class C notes (ES0357326026): affirmed at
      'CCCsf', assigned a Recovery Rating of 'RR3'

The affirmation reflects the granularity of the portfolio and the
level of credit enhancement provided by subordination, combined
with a fully funded reserve fund and the view on potential high
recoveries due to the low loan-to-value ratios (LTV). In Fitch's
view, these factors will provide sufficient protection to the
different classes after analyzing the deal's potential risks.

The transaction continues to structurally de-leverage. The
portfolio has decreased to 39% of its initial balance. Currently,
25 loans are in default (loans in arrears for more than 18
months), accounting for 1.26% of the outstanding portfolio balance
and 0.49% on the original balance. However, defaulted loans have
been provisioned for by allocating waterfall proceeds to the
amortization of the notes.

The level of delinquencies over 90 days is 2.7% with 1.9% of
delinquencies over 180 days. The notes benefit from a 95% mortgage
collateral cover based on first-lien mortgages and low weighted
average LTV at 44.6%, which has decreased from closing.

This transaction is a cash flow securitization of a static pool of
EUR790 million of loans to Spanish small and medium enterprises
granted by Caixa d'Estalvis del Penedes (Caixa Penedes), now part
of part of Banco Mare Nostrum Group ('BBB+'/Stable/'F2' ). The
issuer is represented by Titulizacion de Activos SGFT, SA (the
Sociedad Gestora), a securitization fund management company
incorporated under the laws of Spain.

Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.


CM BANCAJA 1: Fitch Affirms Rating on Class E Notes at 'CCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed CM Bancaja 1, FTA's notes:

   -- EUR48,531,004 Class A (ISIN ES0379349006) affirmed at
      'AAAsf'; Outlook Stable

   -- EUR21,928,201 Class B (ISIN ES0379349014) affirmed at 'Asf';
      Outlook revised to Stable from Negative

   -- EUR14,040,982 Class C (ISIN ES0379349022) affirmed at
      'BBsf', Outlook revised to Stable from Negative

   -- EUR13,174,254 Class D (ISIN ES0379349030) affirmed at 'Bsf',
      Outlook Negative

   -- EUR13,828,833 Class E (ISIN ES0379349048) affirmed at
      'CCsf'; assigned Recovery Rating of 'RR3'

The affirmation reflects the level of credit enhancement given by
subordination, which goes up to 62.9% for the senior tranches,
combined with the solid performance of the underlying borrowers
and the view on potential high recoveries due to the low loan-to-
value ratios (LTV). Fitch considers these factors will provide
sufficient protection to the different classes after analyzing the
deal's potential risks.

The Negative Outlook on the class D notes reflects the extremely
high obligor concentration risk for a small and medium enterprises
(SME) transaction, with the biggest obligor accounting for 12.5%
of the pool and the top 10 for nearly half of the portfolio, as
well as a fairly high industry concentration in the real estate
sector, exposing the tranche repayment to the successful
realization of recovery proceeds in case of the default of top
obligors.

As the proceeds of the Class E notes were used to fund the reserve
fund (RF), the 'CCsf' rating, together with the 'RR3' rating
represent the likelihood of it being repaid at maturity. The RF is
currently not at its required amount but is building up again. If
this continues, combined with delinquencies remaining low, it will
be allowed to amortize to an absolute floor of EUR5.6m, therefore
reducing the available credit enhancement for all the tranches.

The transaction continues to structurally de-leverage. The
portfolio decreased to 18% of its initial balance. Currently, five
loans are in default (loans in arrears for more than 18 months),
accounting for 3.53% of the outstanding portfolio balance and
0.62% of the original balance. However, defaulted loans have been
provisioned for by allocating waterfall proceeds to the
amortization of the notes.

The level of delinquencies over 90 days stands at 0.76% with no
delinquencies over 180 days. The notes benefit from a 100%
mortgage collateral cover, of which nearly 90% are first-lien
mortgages, and a low weighted average LTV at 43.4% which has
decreased significantly since closing.

This transaction is a cash flow securitization of a static pool of
EUR540 million across 175 loans to Spanish SMEs granted by Caja de
Ahorros de Valencia Castellon y Alicante (Bancaja, now part of
Bankia S.A.U., rated 'A-/Stable/F2). The issuer is represented by
Titulizacion de Activos SGFT, SA (the Sociedad Gestora), a
securitization fund management company incorporated under the laws
of Spain.

Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.


EMPRESAS 1: Fitch Affirms Rating on Series E Notes at 'Bsf'
-----------------------------------------------------------
Fitch Affirms TDA SA Nostra Empresas 1, FTA's Notes
Fitch Ratings-London-02 August 2011:

Fitch Ratings has affirmed TDA SA Nostra Empresas 1, FTA:

   -- EUR48,153,146 Series A (ISIN:ES0377969003): affirmed at
      'AAAsf', Outlook Stable

   -- EUR22,528,618 Series B (ISIN:ES0377969011): affirmed at
      'Asf', Outlook Stable

   -- EUR12,616,026 Series C (ISIN:ES0377969029): affirmed at
      'BBB-sf', Outlook Stable

   -- EUR12,435,797 Series D (ISIN:ES0377969037): affirmed at
      'BB-sf', Outlook Stable

   -- EUR5,650,695 Series E (ISIN:ES0377969045): affirmed at
      'Bsf', Outlook Stable

The affirmation reflects the high credit enhancement levels due to
structural deleveraging and stable transaction performance. The
90+ delinquency rate, as of July 11, 2011 is at 1.9% of the
outstanding balance. The reserve fund is at the required level and
the transaction has had no defaults since closing. Fitch believes
these factors will provide sufficient protection to the rated
notes in case of potential deterioration in the portfolio.

The transaction shows high regional, industry and obligor
concentrations. 90% of the pool is in the Balearics and 66.5% of
the total outstanding is exposed to the lodging/real estate and
utilities industries. Moreover, the largest obligor represents
4.21% of the outstanding balance (top 10: 33.9% and top 20:
51.6%). Fitch considers that these concentrations could impact the
credit quality of the transaction. However, the low LTV ratio and
the significant first-lien mortgage collateral of 67.5% of the
outstanding balance, coupled with the high levels of credit
enhancement is considered sufficient to mitigate this risk.

The transaction is a securitization of a static pool of secured
and unsecured loans originated by Caja de Ahorros y Monte de
Piedad de Las Baleares (Sa Nostra) and granted to small and
medium-sized enterprises.

TDA SA NOSTRA EMPRESAS 1 Fondo de Titulizacion de Activos is the
first single-seller SME securitization transaction originated by
Sa Nostra. The issuer is legally represented and managed by TDA, a
limited liability special purpose management company incorporated
under the laws of Spain.

Fitch has assigned an Issuer Report Grade (IRG) of One Star to
reflect its "poor" investor reporting. Fitch notes that the
investor reports provide sufficient details regarding the key
features of the deal and its structure on a monthly basis, but
lack information concerning the counterparties involved in the
transaction.


EMPRESAS 2: Fitch Affirms Rating on Series D Notes at 'Bsf'
-----------------------------------------------------------
Fitch Affirms TDA SA Nostra Empresas 2, FTA's Notes
Fitch Ratings-London-02 August 2011:

Fitch Ratings has affirmed TDA SA Nostra Empresas 2, FTA's notes:

   -- EUR105,680,322 Series A (ISIN:ES0377957008): affirmed at
      'AAAsf', Outlook Stable

   -- EUR50,400,000 Series B (ISIN:ES0377957016): affirmed at
      'Asf', Outlook Stable

   -- EUR36,500,000 Series C (ISIN:ES0377957032): affirmed at
      'BBsf', Outlook Stable

   -- EUR10,400,000 Series D (ISIN:ES0377957024): affirmed at
      'Bsf', Outlook Stable

The affirmation reflects the rated notes' high credit enhancement
(CE) levels and stable transaction performance. At 0.2% of the
outstanding balance, defaults continue to be low and stable while
3.3% of loans are overdue by more than 90 days. The reserve fund
is close to the minimum required amount.

The ratings are subject to the issuer taking remedial action to
mitigate counterparty risk related to the reinvestment account.
The reserve fund is deposited in the reinvestment account, held at
Caja de Ahorros y Monte de Piedad de Las Baleares (Sa Nostra;
'BBB+'/Stable/'F2') which is ineligible for this role, therefore
Banco Popular was appointed as guarantor for the reinvestment
account. However, following Fitch's downgrade of Banco Popular to
'A-'/'F2' it is no longer an eligible counterparty as a guarantor.
The manager and trustee of the transaction (TDA), has informed
Fitch that the issuer has contacted Confederacion Espanola de
Cajas de Ahorros (CECA; 'A+'/Negative/'F1') to become the
guarantor of the reinvestment account.

The transaction shows high regional concentration: 91% of the pool
is in the Balearics and 45% of the total outstanding is exposed to
the real estate and lodging industries. Moreover, 42% of the
outstanding balance represents loans granted to self-employed
individuals. Fitch considers these concentrations could expose the
transaction to the risk of systemic shocks. However, the agency
draws comfort from the high security coverage, high CE levels and
collateral characteristics.

The transaction involves the securitization of a static pool of
secured and unsecured loans originated by Sa Nostra and granted to
small and medium-sized enterprises and self-employed individuals.
This is the second standalone SME securitization from Sa Nostra.
The issuer is legally represented and managed by TDA, a special-
purpose management company with limited liability incorporated
under Spain's laws.

Fitch has assigned an Issuer Report Grade (IRG) of One Star to
reflect its "poor" investor reporting. Fitch notes that the
investor reports provide sufficient details on a monthly basis
regarding the key features of the deal and its structure, but lack
information concerning the counterparties involved in the
transaction.


FONCAIXA FTPYME 1: Fitch Affirms Rating on Class C Notes at 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed three tranches of
Foncaixa FTPYME 1, FTA, which contains SME loans originated and
serviced in Spain by CaixaBank, S.A. (previously known as Caixa
d'Estalvis i Pensions de Barcelona (la Caixa), 'A+'/Stable/'F1').
The rating actions are:

   -- Class A3(G) notes (ISIN ES0337803029): affirmed at 'AAAsf';
      Stable Outlook

   -- Class A3(S) notes (ISIN ES0337803037): affirmed at 'AAAsf';
      Stable Outlook

   -- Class B notes (ISIN ES0337803045): upgraded to 'AAsf' from
      'A+sf'; Stable Outlook

   -- Class C notes (ISIN ES0337803052): affirmed at 'BBsf';
      Outlook revised to Stable from Negative

The upgrade of the class B notes and the affirmation of the other
notes' ratings address the adequate credit enhancement (CE)
available for the notes and the performance of the portfolio. The
CEs for class A, B and C notes is 80.4%, 19.7% and 7.2%,
respectively, while the estimated mean default and recovery rates
are 18.5% and 73.0% respectively.

Fitch was provided with a recent portfolio with information on a
loan-by-loan basis, which the agency used to simulate the various
rating stresses within its Portfolio Credit Model (PCM), Fitch's
primary tool in assessing the default and loss rates for SME CLO
portfolios. 98% of the current portfolio balance is secured on
real estate assets that come with a moderate LTV of c.35%, which
resulted in a significant recovery rates across all rating
stresses. The portfolio does not contain obligor concentration as
the top obligor represents 1.1% of current portfolio balance and
the top 10 represent 5%.

Due to the quick deleveraging of the underlying loans, the pool
factor stands just below the 10% threshold which can trigger a
clean up call option in favor of Gesticaixa, the management
company of the securitization fund.

Despite the challenging macroeconomic scenario in Spain for the
past three years, the transaction has reported low levels of loans
in arrears by more than three months, with an average of 2.7% of
the pool's outstanding balance over the past 12 months. To date,
cumulative defaults have been negligible, reaching 0.3% of the
initial collateral balance. The transaction benefits from a
guaranteed excess spread provided by the swap agreement of 0.75% a
year, which is used to provision for defaulted loans. Defaults in
this transaction are defined as loans in arrears over 18 months.
The reserve fund is currently EUR4.5m (or 0.75% of initial
collateral balance and 7.2% of the current aggregate notes
balance) and has been funded to its required level on all payment
dates since the closing date in 2003.

All classes of notes are redeemed sequentially while the class
A3(G) and A3(S) are pari passu. Consequently, the class B and C
notes have not amortized since the closing date.

The transaction has a high degree of counterparty exposure to
CaixaBank S.A., which is the collateral servicer, bank account and
swap provider. However, exposure to CaixaBank S.A. is mitigated by
CaixaBank's credit profile, the counterparty triggers incorporated
within the transaction documents and the daily sweep of collateral
collections into the issuer's bank's accounts.

Fitch assigned an Issuer Report Grade (IRG) of two stars ("Basic")
to the investor reports of the transaction. This IRG reflects the
absence of reporting items considered important by Fitch such as
details on recovery cash flows, LTV breakdowns of real estate
security and obligor concentrations. The Issuer Report Grade scale
is 1-5, with the highest possible grade being 5.


FTPYME BANCAJA: Fitch Affirms Ratings on Class D Notes at 'CCCsf'
-----------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Bancaja 3, FTA; PYME Bancaja 5,
FTA; and FTPYME Bancaja 6.

The affirmation of FTPYME Bancaja 3 is supported by the high CE
available to the notes and the improved performance of the
portfolio. Loans over 90 days in arrears have declined to 2.2%
from 6.7% at the time of the last review. Similarly, in the past
12 months the transaction has started to see increased recovery
inflows, which allowed the principal deficiency ledger (PDL)
balance to decline to EUR1.3m from a peak of EUR1.6m in December
2010.

The affirmation of PYME Bancaja 5 is supported by a build-up of CE
available to the class A3 notes as well as an improvement in
collateral performance. Loans over 90 days in arrears have
declined to 6.6% of the portfolio balance from 9.1% at the time of
the last review. The Negative Outlook on the Class B notes
reflects the sensitivity of this class to the increasing obligor
concentration in the portfolio and the exposure to the real estate
industry among the top obligors. There are currently 65 obligors,
each representing more than 50bp of portfolio volume.

Fitch has upgraded FTPYME Bancaja 6's class A2 notes based a
significant improvement in collateral performance and increased CE
available to the notes. While still high, the proportion of loans
over 90 days in arrears has declined to 7.3% of the portfolio
balance, compared to 10.2% as at the last review. The rating of
the class A3(G) notes is credit-linked to the rating of the
Kingdom of Spain ('AA+'/Negative/'F1+'). Fitch has affirmed the
class C notes at 'CCsf' as the notes' CE provides weak protection
against the rising obligor concentration in the portfolio, making
a default appear probable. The class D notes, backed by the
reserve fund (RF), have been affirmed at 'Csf'. Fitch views a full
replenishment of the RF before the end of the transaction as
highly unlikely, making a default of the Class D notes largely
inevitable.

FTPYME Bancaja 3, FTA; PYME Bancaja 5, FTA; and FTPYME Bancaja 6,
FTA, are cash-flow securitizations of loans granted to Spanish
small and medium enterprises (SMEs) by Caja de Ahorros de
Valencia, Castellon y Alicante (Bancaja; rated 'A-'/Stable/'F2').

Fitch has assigned an Issuer Report Grade of two stars ("Basic")
to the reports of all three transactions. This IRG reflects the
absence of several reporting items considered important by Fitch
(ie reporting of counterparty rating triggers).

The rating actions are:

FTPYME Bancaja 3, FTA

   -- EUR45.1m Class A3(G) (ISIN ES0304501028): affirmed at
      'AAAsf', Outlook Stable

   -- EUR12.4m Class B (ISIN ES0304501036): affirmed at 'AAsf',
      Outlook Stable

   -- EUR20.0m Class C (ISIN ES0304501044): affirmed at 'Bsf',
      Outlook Stable

   -- EUR8.2m Class D (ISIN ES0304501051): affirmed at 'CCCsf';
      Recovery Rating is 'RR3'

PYME Bancaja 5, FTA

   -- EUR95.7m Class A3 (ISIN ES0372259020): affirmed at 'AAAsf';
      Outlook Stable

   -- EUR62.7m Class B (ISIN ES0372259038): affirmed at 'BBBsf';
      Outlook Negative

   -- EUR24.1m Class C (ISIN ES0372259046): affirmed at 'CCCsf';
      Recovery Rating is 'RR3'

   -- EUR28.8m Class D (ISIN ES0372259053): affirmed at 'Csf';
      'RR6'

FTPYME Bancaja 6, FTA

   -- EUR118.1m Class A2 (ISIN ES0339735013): upgraded to 'Asf'
      from 'BBBsf'; Outlook Stable

   -- EUR70.6m Class A3(G) (ISIN ES0339735021): affirmed at
      'AA+sf'; Outlook Negative

   -- EUR47.5m Class B (ISIN ES0339735039): affirmed at 'CCCsf';
      Recovery Rating is 'RR3'

   -- EUR22.5m Class C (ISIN ES0339735047): affirmed at 'CCsf';
      'RR5'

   -- EUR27.0m Class D (ISIN ES0339735054): affirmed at 'Csf';
      'RR6'


FTPYME SABADELL: Fitch Affirms 'BBsf' Rating on Class 3SA Notes
---------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Sabadell 2, FTA's notes and
revised the Outlook for the class 2SA note to Stable from
Negative:

   -- EUR21,407,412 Class 1CA (ISIN:ES0339844005): affirmed at
      'AAAsf', Outlook Stable

   -- EUR29,010,959 Class 1SA (ISIN:ES0339844013): affirmed at
      'AAAsf', Outlook Stable

   -- EUR10,147,592 Class 2SA (ISIN:ES0339844021): affirmed at
      'BBBsf', Outlook revised to Stable from Negative

   -- EUR7,079,715 Class 3SA (ISIN:ES0339844039): affirmed at
      'BBsf', Outlook Negative

The affirmation reflects the high credit enhancement levels due to
the notes' amortization, the fully funded reserve fund and the
transaction improving performance.

Default levels have increased to EUR4.7 million from EUR3.2
million since the last rating action in November 2009. However,
they have been decreasing since November 2010 when they peaked at
1.3% of the original balance at EUR6.3 million. As of the June
2011 trustee report, defaults represented 0.94% of the original
balance. 90+ delinquencies have decreased since the last rating
action in November 2009 and currently represent 0.06% of the
original balance. The transaction is amortizing pro rata based on
the amortization triggers. However, it will turn to sequential
once the total notes' balance reaches 10% of their total original
balance. (As of the June report, it stood at 13.5%).

The Kingdom of Spain ('AA+'/Negative/'F1+') guarantees the timely
payment of interest and principal for the class 1CA note. However,
the high credit enhancement is sufficient to withstand the Fitch's
'AAA' default probability and recovery assumptions with a
significant cushion.

The Negative Outlook for the class 3SA note reflects the
transaction's significant exposure to real estate (25%), large
obligor concentration and the high regional concentration (34% in
the region of Barcelona).

The transaction represents a cashflow securitization of loans to
small and medium sized Spanish enterprises (SMEs) granted by Banco
de Sabadell ('A-'/Negative/'F2').

FTPYME TDA SABADELL 2 is a special purpose vehicle, incorporated
under the laws of Spain, with limited liability. Its sole purpose
was to acquire a portfolio of loans from Banco de Sabadell as
collateral for the issuance of fixed-income securities. The assets
of the fund were acquired by Titulizacion de Activos, S.G.F.T.,
S.A. (the Sociedad Gestora) on behalf of FTPYME TDA SABADELL 2.
The Sociedad Gestora is a special purpose management company with
limited liability incorporated under the laws of Spain.

Following Banco de Sabadell's downgrade to 'A-'/'F2' by Fitch,
Banco de Sabadell signed a subrogation agreement with Banco
Santander ('AA-'/Stable/'F1+') on July 21, 2011, based on which
Banco Santander will replace Banco Sabadell from August 1, 2011 in
all financial counterparty roles of this transaction.


RURALPYME 2: Fitch Affirms Rating on Class D Notes at 'CCsf'
------------------------------------------------------------
Ratings has upgraded Ruralpyme 2 FTPYME, FTA's class A1 and A2(G)
notes and affirmed the class B, C and D notes.

The upgrade of the senior notes reflects increased credit
enhancement (CE) levels due to structural deleveraging and
significant portfolio seasoning. The transaction's performance has
stabilized and senior notes are able to withstand Fitch's
stresses. The rating actions follow Fitch's annual review of the
transaction.

The portfolio has amortized down to 32% of its initial balance. As
of June 2011, the 90+ delinquency rate reduced to 4.1% from a peak
of 7.8% in April 2010. The transaction has an 18-month default
definition with the 12-18 month delinquency rate having receded to
2% of the outstanding balance. Given the reduction in impairment
levels the transaction is unlikely to have a substantial increase
in defaults over the medium term. The reserve fund is below the
required minimum due to provisioning for defaulted loans.

The portfolio exhibits some industry concentration with 18% of the
portfolio exposed to the agriculture sector and 22% exposed to
industrial and manufacturing sectors. Obligor concentration is
steadily increasing with the top 20 obligors accounting for 15.9%
of the portfolio. CE for the class A1 and A2(G) notes has more
than doubled to 37.6% from 12.9% at closing, providing a robust
cushion against a potential deterioration of the portfolio. The
affirmation and Negative Outlooks on the class B and C notes
reflect concerns over industry and obligor concentration, their
subordinated positions in the capital structure and a potential
increase in delinquencies. The class D notes have been affirmed
due to the limited CE available. Furthermore, the proceeds from
the class D notes were used to fund the reserve fund at closing
and consequently the repayment of the notes is dependent upon the
level of the reserve fund.

Fitch's analysis included assumptions on the probability of
default (PD) and loss severity with regards to current
delinquencies as well as the performing portfolio. Fitch assumed a
PD for the assets commensurate with the delinquency rates of the
portfolio over the past 12 months. Delinquent loans were analyzed
with a higher PD depending on the time the loans have been in
arrears. Recoveries for loans secured by first-lien mortgages were
adjusted for market value stresses based on the agency's criteria.
Loans with second-lien mortgages and other types of collateral
were treated as unsecured.

Ruralpyme 2 FTPYME, FTA is a cash flow securitization of an
initial EUR593 million static pool of loans originated by 14
Spanish rural cooperative banks (cajas rurales) to small and
medium sized (SME) enterprises. 12 of the 14 originators/services
are unrated exposing the notes to a servicer disruption event.
However, Fitch believes the transaction has sufficient liquidity
to cover the class A1 and A2 interest at a stressed interest rate
in the event of a servicer disruption. The class A1 and A2 notes
are rated to timely interest and ultimate repayment of principal.

Fitch has assigned an Issuer Report Grade (IRG) of Two Stars to
the transaction reflecting the 'basic' investor reporting. Fitch
notes that the reporting format is consistent over time providing
details on account balances, impairments, prepayments, detailed
portfolio stratifications and cash flow summary.

The rating actions are:

   -- EUR 85,235,422 class A1 notes (ISIN ES0374352005): upgraded
      to 'AAAsf' from 'AAsf'; Outlook Stable

   -- EUR 53,700,000 class A2(G) notes (ISIN ES0374352013):
      upgraded to 'AAAsf' from 'AA+sf'; Outlook Stable

   -- EUR 29,100,000 class B notes (ISIN ES0374352021): affirmed
      at 'BBB+sf'; Outlook Negative

   -- EUR 23,200,000 class C notes (ISIN ES0374352039): affirmed
      at 'BB-sf'; Outlook Negative

   -- EUR 24,500,000 class D notes (ISIN ES0374352047): affirmed
      at 'CCsf' assigned Recovery Rating RR 4


TDA CAM 5: Fitch Affirms Rating on Class D Notes at 'Csf'
---------------------------------------------------------
Fitch Ratings has downgraded the senior tranches of Empresas
Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos (TDA CAM
3) and Empresas Hipotecario TDA CAM 5, Fondo de Titulizacion de
Activos (TDA CAM 5) and affirmed the mezzanine and junior notes.

Both transactions are collateralized debt obligations (CDOs) of
loans to Spanish small- and medium-sized enterprise (SME)
originated by Caja de Ahorros del Mediterraneo (CAM, rated
'BB+'/Stable/'B'). The issuers are represented by Titulizacion de
Activos SGFT, SA (the Sociedad Gestora), a securitization fund
management company incorporated under the laws of Spain.

The downgrade and rating cap of TDA CAM 3's class A2 notes and TDA
CAM 5's class A2 and A3 notes are based on the risks deriving from
CAM's sub-investment grade rating of 'BB+' and the lack of a back-
up servicing agreement, namely commingling risk and payment
interruption risk. Both deals have drawn heavily on their reserve
funds (RF) over the life of the transactions to provision for
defaults, which is a clear sign of a weak performance and small
amount of available excess spread. While TDA CAM 3's RF is close
to the required amount, the transaction's portfolio has
significant obligor concentrations. A default of any of the
largest five obligors would mean the RF would be almost entirely
used to provision for the defaulted amount.

In Fitch's view, the available liquidity in both transactions to
mitigate payment interruption risk due to servicer interruption is
insufficient to support the timely payment of interest to the
notes. Consequently, Fitch has downgraded and capped the rating of
the notes for both transactions at 'Asf'. The rating of the notes
in both transactions addresses the ultimate payment of interest
and principal.

The affirmation of the mezzanine tranches reflects the level of
credit enhancement given by subordination, the building up of the
RFs and the view on potential high recoveries due to the low LTVs
resulting from a high mortgage collateral share. Fitch considers
that these factors will provide sufficient protection to the
mezzanine tranches after analyzing potential risks of the deals.

TDA CAM 5's class D notes were issued to fund the RF at closing
and its repayment is entirely dependent on the RF being fully
restored by the final maturity. Due to the high level of RF
erosion, coupled with the level of delinquencies observed and the
limited amount of excess spread in the transaction, Fitch deems
the full repayment of class D to be highly unlikely.

The transactions continued to structurally de-leverage. The
portfolios have decreased to 39.6% (TDA CAM 3) and 50.76% (TDA CAM
5) of their initial balance. The performance of the two deals
differ quite significantly, especially in terms of defaults (loans
in arrears for more than 18 months). TDA CAM 3 currently has 2% of
defaults, TDA CAM 5 has 4.7% and the difference is even wider when
comparing the same amount on the original balance as it would
result in 0.83% and 2.3%, respectively.

The level of delinquencies over 90 days is similar in both
transactions, standing at 2.2% and 2.4% although delinquencies
over 180 days are slightly higher in TDA CAM 3, at 1.1% against
0.5% of the TDA CAM 5, which has a more populated pipeline. The
notes benefit from high mortgage collateral cover, 90% and 100%,
and low weighted average LTVs at 37.4 and 47.5%, respectively.

Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to TDA CAM 3 and affirmed the same IRG for the TDA CAM 5
to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.

The rating actions are:

TDA CAM 3

   -- EUR250,881,346 Class A2 (ISIN ES0330876014) downgraded to
      'Asf' from 'AAsf'; revised Outlook to Stable from Negative

   -- EUR29,300,000 Class B (ISIN ES0330876022) affirmed at
      'BBBsf'; revised Outlook to Stable from Negative

   -- EUR30,000,000 Class C (ISIN ES0330876030) affirmed at
      'CCCsf', assigned a Recovery Rating of RR3

TDA CAM 5

   -- EUR534,708,000 Class A2 (ISIN ES0330877012) downgraded to
      'Asf' from 'A+sf'; affirmed Stable Outlook

   -- EUR79,435,105 Class A3 (ISIN ES0330877020) downgraded to
      'Asf' from 'A+sf'; affirmed Stable Outlook

   -- EUR59,500,000Class B (ISIN ES0330877038) affirmed at 'BBsf',
      revised Outlook to Stable from Negative

   -- EUR45,500,000 Class C (ISIN ES0330877046) affirmed at
      'CCCsf', assigned a Recovery Rating of RR3

   -- EUR30,800,000 Class D (ISIN ES0330877053) affirmed at 'Csf',
      assigned a Recovery Rating of RR6


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


SAAB AUTOMOBILE: Pays Workers' Delayed Salary; Averts Bankruptcy
----------------------------------------------------------------
Johan Ahlander at Reuters reports that Saab Automobile staved off
a fresh bankruptcy threat on Friday by finding the money to pay
its workers, but its car production lines remained silent and its
long-term funding issues are still unresolved.

Fears over the survival of the 60-year-old firm, rescued from
closure early last year, have ebbed and flowed as owner Swedish
Automobile chases funding, Reuters relates.  Its production line
has been closed since late April, Reuters notes.

On Friday, the company paid a delayed July salary to its 1,600
whitecollar workers, almost half the workforce, Reuters discloses.
This stopped unions from pursuing a bankruptcy application, the
report states.

"We still need to reach an agreement on a delivery plan with
suppliers," Reuters quotes spokeswoman Gunilla Gustavs as saying.

Ms. Gustavs repeated the company's view that production would not
start before Aug. 29 at the very earliest, Reuters cites.

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


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


CHOICES CARE: Goes Into Administration, Seeks Buyer for Business
----------------------------------------------------------------
Adam Morris at Edinburgh Evening News reports that Choices Care
has been partly sold off while administrators attempt to find a
buyer for about two-thirds of the firm's operations.

The administration has caused concern among the company's 140
staff, as well as adults with learning disabilities and their
families, according to Edinburgh Evening News.  The report relates
that workers at the firm said rumors of the financial state of
Choices had been circulating since Christmas, and that they fully
expected redundancies.

However, administrator Zolfo Cooper said it was confident a
transition could be made without causing disruption to employees
or service users, Edinburgh Evening News discloses.

Choices Care works in three main areas of care.

The first of those care areas, where clients are supported to live
in their own homes, has been sold to Mears Care Scotland Ltd,
immediately safeguarding that element of the business, Edinburgh
Evening News relates.

A buyer is now being sought for the running of day centers, which
includes the 14-capacity An Carina facility in Polbeth, and its
domiciliary care arm, where intensive support is given to people
in their own house, Edinburgh Evening News notes.

"The key aspect in this process has been to ensure services
continue to be provided without interruption.  We are extremely
pleased therefore to have agreed a swift sale of the supported
living business and wish all parties concerned well.  Our focus is
very much on securing a suitable buyer for the remaining
businesses.  We have already received a number of enquiries from
interested parties and would welcome further interest. In the
meantime we will ensure that service users experience no
disruption to the quality care they are accustomed to," Edinburgh
Evening News quoted Peter Holder, a partner at Zolfo Cooper, as
saying.

Choices Care is a major care provider in the Lothians.  It works
with people across the south of Scotland and north of England.


COLT GROUP: Moody's Affirms 'Ba3' CFR; Outlook Changed to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Colt Group SA's Ba3
corporate family (CFR) and probability-of-default (PDR) ratings
and has changed the ratings outlook of Colt to stable from
positive.

Moody's decision to change Colt's outlook to stable is based on:
(i) the weaker than expected operating performance of the company
with recovery in top-line likely only towards the end of 2011;
(ii) the negative free cash flow generation during H1 2011
resulting from increased capex and temporary working capital
outflows; and (iii) the lack of clarity over the company's medium-
term capital structure and on its shareholder remuneration policy.

After registering a decline of -2.4% in 2010 over 2009, Colt's
revenues fell by -3.5% (year-on-year) in H1 2011. The decreasing
voice revenues (-9% in 2010; -11% in H12011) which were in
particular negatively impacted by the 50% cut in mobile
termination rates introduced in Germany at the end of 2010, have
been fuelling the overall revenue declines. Against deteriorating
voice revenues, Colt recorded only modest revenue growth in its
Data and Managed Services business. Data revenues grew only by 1%
in H12011 and Managed Services improved only marginally by 4.3%
due to company's planned exit of lower margin co-location
services. While macro-economic conditions in Europe remain
challenging, Moody's notes that Colt is expecting incremental
growth only in the latter part of 2011.

In contrast, Colt's EBITDA margins have remained largely stable,
supported by an increasing proportion of higher-margin revenue
from the Data and Managed Services division and efficient cost
control. The company reported steady EBITDA margin in H1 2011 of
20.5% (compared to 19.9% in H12010). Going forward, Moody's
expects Colt's EBITDA margin to remain supported by the gradually
improving revenue mix for the company.

Moody's notes that despite the pressure on revenues, Colt has been
investing into the business to position it for future growth
opportunities. The company is working towards repositioning the
Colt brand with a view to become Europe's leading information
delivery platform via being an integrated computing and network
service provider. In H1 2011 Colt has (i) largely completed its
business re-organization ; (ii) continued investing in its modular
data centre program; (iii) made investments in its internal IT
systems and processes to support cloud services as well as in
network extensions to high bandwidth usage sites such as data
centres. While Moody's would expect these investments to enhance
the revenue growth potential at Colt over the medium term, Moody's
stable ratings outlook reflects Colt's still lagging recovery on
revenues in the backdrop of a challenging economic environment.

The increased investments into the business led to a significantly
higher capex requirement for Colt in H1 2010. The company reported
a year-on-year increase of 47.2% in capex to EUR152.6 million in
H1 2011. The cash outflows on capex in H1 2011 combined with a
EUR56.6 million working capital outflows (excluding outflows
towards other provisions) and EUR13.3 million of cash payments
towards company's restructuring program resulted in negative free
cash flow generation (as reported by Colt) of EUR68.8 million.
While Moody's would expect the working capital outflows to
normalize in H2 2011, the company's capex in 2011 is expected to
be higher than 2010 level of EUR232 million. This is likely to
result in constrained free cash flow generation for Colt in 2011,
in Moody's opinion. The agency notes that Colt is currently
continuing to seek property to support its data centre business
which may lead to increased capex over the short to medium term,
depending on the availability of suitable sites. As the company
focuses on expanding its data centre business, its capex profile
is likely to become more front-loaded and to an extent less
success based in Moody's opinion.

Colt had EUR231 million worth of cash and cash equivalents
(including deposits classified as current asset investments) as of
June 30, 2011. Moody's expects this, together with internally
generated cash flows, to provide the company with sufficient
capacity to meet its current operational needs. However, in
Moody's opinion, Colt may need to arrange for appropriate funding
based on its medium-term growth investment requirements (including
additional capex and/or add-on acquisitions).

At December 31, 2010, Colt had no financial debt outstanding and
its Gross debt/EBITDA ratio (as calculated by Moody's) of 1.8x
reflected Moody's adjustment for operating leases. The ratings
assume that the company's capital structure will incorporate some
financial debt over time.

The ratings are likely to be negatively impacted if Colt's FCF
generation, EBITDA margin growth or revenue growth from its Data
and Managed Services business turns materially negative on a
sustained basis. Pressure would be exerted on the ratings if the
company's Gross Debt/ EBITDA (as calculated by Moody's) increased
towards 3.5x.

Positive ratings pressure could develop: (i) as the returns to
positive overall organic revenue growth and continues to generate
good EBITDA margins supported by its growing Data and Managed
Services business; (ii) exhibits a commitment to maintain its
gross leverage solidly below 2.5x (as adjusted by Moody's); and
(iii) continues to make investments in growing its Managed
Services business in particular, while remaining focused on FCF
generation (as defined by Moody's).

The principal methodology used in rating Cable and Wireless
Communications Plc was the Global Telecommunications Industry
Methodology published in December 2010. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Colt Group S.A. is one of the leading alternative telecoms
providers in the UK and Europe, offering high-bandwidth data,
voice business communications and integrated IT managed solutions
to businesses and governmental organizations. In 2010, the company
generated revenues of EUR1.58 billion and reported EBITDA of
EUR330.2 million.


DECO 8: Fitch Affirms Rating on Class G Notes at 'Dsf'
------------------------------------------------------
Fitch Ratings has affirmed DECO 8 - UK Conduit 2 plc's commercial
mortgage-backed notes:

   -- GBP133.6m class A1 (XS0251885603): affirmed at 'AAAsf';
      Outlook Stable

   -- GBP255.8m class A2 (XS0251886163): affirmed at 'BBB-sf';
      Outlook Negative

   -- GBP32.3m class B (XS0251886833): affirmed at 'BBsf'; Outlook
      Negative

   -- GBP33.9m class C (XS0251887211): affirmed at 'B+sf'; Outlook
      Negative

   -- GBP23.4m class D (XS0251887724): affirmed at 'Bsf'; Outlook
      Negative

   -- GBP60.9m class E (XS0251889696): affirmed at 'CCsf';
      assigned Recovery Rating 'RR4'

   -- GBP14.2m class F (XS0251890199): affirmed at 'CCsf';
      assigned Recovery Rating 'RR6'

   -- GBP4.4m class G (XS0251890868): affirmed at 'Dsf'; assigned
      Recovery Rating 'RR6'

The affirmation is driven by the broadly stable loan performance
over the past year. Since the last rating action, all three
properties backing the Challenge and Wrencote loan have been sold
at a significant loss, as expected. The loss will be allocated
reverse sequentially to the notes, resulting in a further partial
write-down of the class G note balance. While the loss should not
be allocated until the October 2011 interest payment date (IPD),
it is already reflected in the 'Dsf' rating.

The largest loan in the portfolio (Lea Valley, accounting for
39.5%) is asset management intensive due to the short-term nature
of the leases and the condition of the collateral. The loan was
restructured in July 2010 and while no asset disposals have
occurred to date, the asset managers have been successful in
maintaining steady cash flow.

However, Fitch questions the viability of the business plan, which
aims to reduce debt through asset sales, with GBP6.5 million
pegged for 2012 and a further GBP15 million per year from 2014
through to 2016. Significant risk remains; almost 50% of rent is
subject to possible lease termination before the end of 2012,
making future falls in income likely. The scale of balloon risk is
evidenced by a whole loan Fitch LTV of 150%.

The second-largest loan, Mapeley (35%), has had a cash sweep in
place for the past two years, resulting in approximately GBP12
million (5%) being repaid. However, the deleveraging effect has
been in decline: the amount of cash swept in the last quarter fell
to just under GBP0.3 million, down from GBP2 million in July 2009.
The cash sweep ended at the July 2011 quarter, and the LTV
covenant should henceforth be reactivated (unless the servicer
waives it for a further period).

The pool maturity profile is concentrated around 2016, when the
two largest loans fall due. Should they fail to repay at maturity
and subsequently enter workout, the servicer (or special servicer)
will only have two years in which to realize recoveries for the
class A bonds, which are due in 2018 (the classes B through to G
are due in 2036).


FREE TRADE HALL: Owner Goes Into Administration
-----------------------------------------------
Place North West reports that the owner of the Free Trade Hall
building in Manchester has been placed into administration.

Matt Dunham and Les Ross of Grant Thornton UK LLP were appointed
joint administrative receivers of Free Trade Hall Hotel on Aug. 4,
according to Place North West.  The report relates that the
company holds the long leasehold interest in the property which
houses the Radisson Edwardian Hotel.

Place North West says that Stephen Barker, Free Trade Hall Hotel
director, said in a statement: "The hotel is operating as normal
and is generating strong cash flows.  We have seen real growth in
room rates and occupancy throughout 2011 and expect this trend to
continue. As such, we are surprised by the decision taken by the
Lloyds Banking Group (Bank of Scotland PLC).  Free Trade Hall
Hotel Ltd was days away from fully refinancing the asset and all
bank debt has been serviced throughout, ensuring no cost to the
bank in continuing to support the hotel."

The hotel is operated by Edwardian Management Services under a
long term hotel management agreement which is unaffected by the
appointment, Place North West discloses.

The report notes that the receivers will be working with Edwardian
Management Services to ensure it can continue to operate the hotel
as normal.  Neither Edwardian Management Services, nor any of its
associated companies are subject to the appointment, the report
relates.

The receivers will be seeking a sale of the property, Place North
West adds.


GEKO DIRECT: Owes GBP2.6 Million to More than 800 Creditors
-----------------------------------------------------------
Mobile Magazine reports that a report published by administrator
Deloitte revealed Geko Direct went into administration owing
GBP2.6 million to more than 800 creditors.  Mobile Magazine
relates that the report published that Orange distributor Mainline
owed the lion's share, registering a claim of GBP1.2 million.

As reported in the Troubled Company Reporter-Europe on May 10,
2011, Mobile News said that Geko Direct has gone into liquidation
after experiencing cash flow issues that meant it was unable to
pay wages to its 85 staff last month.  In a statement issued to
Mobile News, Geko managing director Dave Carter confirmed the
closure of the Telford-based dealer.  "The current economic
situation is making business incredibly tough to win and the banks
are simply not helping as they used to," Mobile News quotes Mr.
Carter as saying.

Mobile Magazine discloses that the report, put together by
Deloitte joint administrators Dominic Wong and William Dawson,
looks into the cause of Geko's demise.  Mobile Magazine relates
that the report claimed the company's failure was partly down to
the impact of Orange's move to introduce revenue share in 2009.
The report states that Geko Direct had an annual turnover of
around GBP8m and 85 employees until June 2010, when the company
was hit by Orange's decision to replace upfront commission
payments with revenue share, Mobile Magazine says.

The report stated: 'Without this payment the company was unable to
make its salary payment of GBP100,000 due on April 28, 2011,'
Mobile Magazine notes.

The company's accounts revealed that Mainline owed Geko Direct an
estimated GBP740,000 in commissions.  The report makes clear,
however, that Mainline disputes this figure, Mobile Magazine says.

The report added: 'Mainline contacted the administrators and
stated the rights to ongoing commission terminate on the company's
insolvency and made a number of further counterclaims in relation
to costs that they [sic] may incur in dealing with the company's
disaffected customers,' Mobile Magazine discloses.  Deloitte is
currently considering those counterclaims.

Geko owed customers more than GBP400,000 in cash back payments,
according to figures in the report, Mobile Magazine adds.

Geko Direct is an independent business to business mobile
specialist.  The company had 85 employees across locations in
Birmingham, Stoke-on-Trent, and Telford.


LLOYDS BANKING: Shares Plunge to Less Than Half of Bailout Price
----------------------------------------------------------------
Patrick Jenkins and Adam Jones at The Financial Times report that
shares in Lloyds Banking Group have plunged to less than half the
price the UK government paid for them in its GBP21 billion bail-
out of Britain's biggest high-street bank at the height of the
global financial crisis.

Lloyds, which remains 41% owned by the government, fell further
into the red in the first half of the year, reporting a
GBP3.25 billion pre-tax loss, as the bank suffered a worsening of
bad debt trends and took a previously announced GBP3.2 billion
provision to clear up its share of the industry-wide misselling
scandal involving payment protection insurance, the FT relates.

The loss is up against a GBP1.3 billion profit for the first half
of 2010, the FT notes.

The stock closed down 10% at 34.99p on Thursday, compared with the
average 74p price at which the bail-out money was injected, the FT
relates.  Analysts blamed much of the share price decline on
broader nervousness about the European economy, the FT discloses.

                  About Lloyds Banking Group PLC

Lloyds Banking Group plc -- http://www.lloydsbankinggroup.com/--
is a financial services group providing a range of banking and
financial services, primarily in the United Kingdom, to personal
and corporate customers.  The Company operates in four segments:
Retail, Wholesale, Wealth and International, and Insurance. Its
main business activities are retail, commercial and corporate
banking, general insurance, and life, pensions and investment
provision.  It also operates an international banking business
with a global footprint in over 30 countries.  Services are
offered through a number of brand, including Lloyds TSB, Halifax,
Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham
& Gloucester, and a range of distribution channels.  In March
2010, Capita Group Plc acquired Ramesys (Holdings) Ltd from Lloyds
Banking Group plc's Lloyds Bank.  In April 2011, Lloyds Banking
Group plc's LDC bought gas and chemicals business, A-Gas, and a
stake in UK2 Group, a Web hosting company.


MILLAR SAVOURY: Set to Go Into Liquidation as No Buyer Emerges
--------------------------------------------------------------
Anne Bruce at FoodManufacture.co.uk reports that Millar Savoury
Foods is being wound up after administrators failed to find a
buyer.

The family company, which employed 30 people at its plant near
Londonderry, Northern Ireland, ceased trading on June 10.  All
staff were made redundant, according to foodmanufacture.co.uk.

A spokesman for administrator McCambridge Duffy told
FoodManufacture.co.uk that difficulties in passing on commodity
price increases to supermarket customers were to blame for
Millar's troubles.

The administrator said the company, which operated from rented
premises, was now set to go through a creditors' voluntary
liquidation, a process likely to take 18 months,
FoodManufacture.co.uk relates.

According to the report, the spokesman said administrators were
called in on June 1 but despite actively canvassing potential
buyers, no purchaser could be found.

The company is understood to have had debts of about GPB500,000.

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


WF ALDRIDGE: Owes GBP2 Million When it Went Into Administration
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that WF Aldridge & Co, which
traded as Aldridge Print Group, owed more than GBP2 million when
it went into administration in June.

As reported in the Troubled Company Reporter-Europe on June 20,
2011, PrintWeek said that WF Aldridge & Co. has gone into
administration and been sold to the Blue Printing Company in a
pre-pack deal.  David Dunckley and David Riley of insolvency
practitioner Grant Thornton were appointed to the Mitcham-based
company on June 15, before being sold the following day, according
to PrintWeek.  PrintWeek noted that a total of 33 employees moved
across to Blue Printing, but 11 have been made redundant.  The
facility will continue to operate as part of Blue Printing.

PrintWeek discloses that an administrator's report revealed that
Blue Printing will pay a total of GBP175,000 for Aldridge;
however, this could drop to GBP145,000.  The report relates that
the administrator also said that it did not expect there to be any
money available for unsecured creditors.

Paper companies were owed almost GBP450,000, with the largest
single deficit being GBP136,671 and a number of companies losing
in the region of GBP30,000 each, PrintWeek notes.  Finishing
companies were hit for almost GBP100,000 worth of debt, with one
losing GBP32,451, PrintWeek says.

PrintWeek relays that Blue Printing Group itself was owed
GBP17,993, while Aldridge's digital sister business, BD3, was owed
GBP67,183.  PrintWeek relates that Her Majesty Revenue & Customs
was left with a GBP661,452 bad debt and Royal Mail was left
GBP42,622 short.  PrintWeek relates that of the GBP175,000 the
administrator valued the business at, GBP50,000 was paid on the
completion of the deal.  The remainder is to be paid in three
installments:

   -- GBP42,000 on September 20,
   -- GBP42,000 on December 20, and
   -- GBP41,000 on March 20.

However, BPC also has the opportunity to make a one-off payment of
GBP95,000 before August 31, bringing the total to just GBP145,000,
which the administrator said reflected the reduced risk, PrintWeek
adds.

WF Aldridge & Co, which traded as Aldridge Print Group, is a
printer company.


* UK: Pub Closures Down; Food Crucial to Future
-----------------------------------------------
Rose Jacobs at The Financial Times reports that fewer pubs are
closing in the UK each week but prospects remain grim for
businesses that have yet to embrace food.

About 25 public houses are shutting every week, that is down
steeply from 37 a week a year ago, the FT says, citing Jones Lang
LaSalle.  JLL's pub property sentiment survey found that financing
and declines in disposable income continued to depress the sector,
with wet-led pubs faring worst, the FT notes.

According to the FT, Harry Hawksby, director in the licensed
operators division, said that while there was "a sense of
optimism" in the sector, "the next twelve months are likely to see
the market continue to polarize, with public houses which offer
food performing much better than their traditional alcohol-only
counterparts".

Trading performance had worsened for more than two-thirds of wet-
led businesses surveyed by JLL, while only 23% of total
respondents said turnover had fallen, the FT discloses.

Many industry observers have predicted the UK will move towards
the US in its dining habits, the FT states.


* UK: Corporate Liquidations Up 2.7% in Second Qtr in 2011
----------------------------------------------------------
The Insolvency Service said that there were 4,233 compulsory
liquidations and creditors' voluntary liquidations in total in
England and Wales in the second quarter of 2011 (on a seasonally
adjusted basis).  This was an increase of 2.7% on the previous
quarter and an increase of 4.4% on the same period a year ago.

According to the latest insolvency figures released by The
Insolvency Service, this was made up of 1,290 compulsory
liquidations (which are up 19.8% on the previous quarter and up
11.1% on the corresponding quarter of the previous year), and
2,943 creditors' voluntary liquidations (which are down 3.3% on
the previous quarter but up 1.7% on the corresponding quarter of
the previous year).

Additionally, there were 1,232 other corporate insolvencies in the
second quarter of 2011 (not seasonally adjusted) comprising 350
receiverships, 695 administrations and 187 company voluntary
arrangements.  In total, these represented a decrease of 6.0% on
the same period a year ago.

                    Individual Insolvencies

There were 30,513 individual insolvencies in England and Wales in
the second quarter of 2011. This was a decrease of 12.2% on the
same period a year ago.

This was made up of 11,113 bankruptcies (which were down 25.8% on
the corresponding quarter of the previous year), 12,143 Individual
Voluntary Arrangements (IVAs), (which were down 9.8% on the
corresponding quarter of the previous year) and 7,257 Debt Relief
Orders (DROs), (which were up 15.3% on the corresponding quarter
of the previous year)

In the second quarter of 2011, 83.0% of bankruptcies were made on
the petition of the debtor, broadly comparable to the levels for
recent quarters.  The percentage of bankruptcy orders involving
trading debts (self-employed bankruptcies) was 20.6% in the first
quarter of 2011 (second quarter 2011 figures for trading-related
bankruptcies are not yet available), noticeably higher than levels
seen in recent quarters.

                 Company Liquidation and Individual
             Insolvency Rates: Longer-Term Perspective

In the twelve months ending Q2 2011, approximately 1 in 139 active
companies (or 0.7% of all active registered companies) went into
liquidation, which is unchanged from the previous quarter.  As
Figure 3 shows, the liquidation rate remains low compared to a
peak of 2.6% in 1993, and the average of 1.3% seen over the last
25 years.  It should be noted that the number of active companies
has changed considerably over this period; there were 2.3 million
active registered companies in Q2 2011; this compares with only
about 900,000 in the early 1990s and less than 800,000 in 1986.

In the twelve months ending Q2 2011, approximately 1 in 349 people
became insolvent.  This is down from 1 in 337 in the previous
quarter.  The individual insolvency rate has displayed a steeply
upward path (with some fluctuations) since 2004 and is currently
elevated compared to the annual average of 1 in 1,780 (0.1%)
people seen over the last 25 years.


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


* FITCH: Mixed Feelings About H211 from European Automaker
----------------------------------------------------------
Fitch Ratings says that cautious statements from most European
auto manufacturers about the outlook for H211 do not jeopardize
the agency's expectations for improved credit profiles overall in
2011. First-half results also confirmed the divergence between
extremely strong earnings posted by German groups BMW, Daimler AG
('A-'/Stable/'F2') and Volkswagen Group ('A-'/Stable/'F2'), and
weaker operating margins reported by Peugeot SA (PSA,
'BB+'/Positive/'B') and Renault SA ('BB+'/Stable). Fiat SpA's
('BB+'/Rating Watch Negative/'B') slightly improved profitability
on a standalone basis was further supported by the consolidation
of Chrysler since June 2011.

"While not all carmakers reported improved earnings in H111, most
of them highlighted intensifying challenges ahead, in line with
Fitch's views about the European auto industry," says Emmanuel
Bulle, Senior Director in Fitch's European Corporates group.
"Despite indisputable recovery since late 2009, manufacturers
remain sensitive to pressure on their cost structure, a
deteriorating economic environment and likely slowing growth in
previously fast-growing markets, such as China or Brazil."

Raw materials price increases and foreign exchange were central
topics for manufacturers. Steel and aluminum prices have gained
20% and 13%, respectively, in the past 12 months while the price
of brent and rubber increased 34% and 52%, respectively. Rising
commodity prices contributed negatively by EUR366 million at PSA
and EUR313 million at Renault. Other manufacturers do not publicly
detail the cost of commodity. A strengthening euro against other
currencies, in particular the US dollar (the euro has risen by 10%
against the USD in the past year) typically leads to lower profit
for net exporters such as Volkswagen, Daimler and BMW, from
unfavorable conversion.

Likewise, the March 2011 disasters in Japan weighed on most
groups' earnings, although to a varying extent. PSA and Renault
reported a similar EUR150 million impact on their H111 operating
incomes, or approximately 0.7% of automotive revenue. Yet the net
impact was much lower at Daimler, at EUR67 million (less than 0.2%
of auto and truck revenue) and BMW expects no significant impact
from these events on its business performance this year. Further
sales and production disruption is likely in H211, but to a much
lesser extent.

Potential declining growth rate in some emerging markets, which
used to compensate for lower demand or weak growth in European
manufacturers' main end-markets in Europe and the US, is another
source of concern. PSA and Daimler both revised downwards their
assumptions for growth in China in the next 12-18 months.

As a result of these issues, PSA's operating margin declined to
3.7% in H111 from 4% in H110 and Renault's to 3% from 4%. Fitch
also believes that PSA and Renault suffer from their higher-than-
sector average reliance on the extremely competitive western
European market and increased investment. Renault was also
impacted by falling market shares in the wake of aging models.

The agency will publish a special report in September 2011
"European Auto Industry: What Could Go Wrong" to detail and
comment on some of the potential issues that could impact European
manufacturers' credit profiles. A combination of several potential
negative factors such as growth from emerging markets sputtering;
a higher-than-expected impact from the sovereign-debt crisis in
Europe and the US; increased pressure on the cost structure; as
well as further costs and potential inability to adapt to new
business models from alternative powertrains; could slow the
recovery of European carmakers or lead to a further downturn of
the sector, although to a much lesser extent than the historic
2008/2009 recession.

However, this is not Fitch's central case at this stage and the
agency remains optimistic about a continued strengthening of the
European auto sector overall in 2011, especially for German
manufacturers. Fitch also notes the positive impact from cost-
savings measures and performance plans initiated by several
companies, including Daimler, PSA and Renault to boost growth,
diversify sales and cut costs. In addition, lower earnings would
come from a high base for BMW, Daimler and Volkswagen. BMW's
operating margin increased to 14% in H111 from 7.8% in H110,
Daimler's to 9% from 7.1% and Volkswagen's to 7.8% from 4.6%.

Cash-flow generation in H111 usually improved less, or was even
weaker, than profitability, as most manufacturers boosted capex to
meet robust demand, paid higher dividends and/or made
acquisitions. However, liquidity remains healthy across the sector
and Fitch has no particular concerns on this front.


* S&P Cuts Ratings on Two European Synthetic CDO Tranches to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
20 European synthetic collateralized debt obligation (CDO)
tranches.

S&P has withdrawn its ratings on these tranches for different
reasons, including:

    The issuer has fully repurchased the notes,

    The principal amount of the notes has been reduced to zero,

    The notes have been redeemed, and

    At the issuer's request.

"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P related.

"Note that we have lowered to 'D (sf)' and subsequently withdrawn
our ratings on two tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination dates for these tranches," S&P related.

"We subsequently withdrew the ratings assigned to these tranches,
having recently received confirmation that the transactions
redeemed early. The ratings will remain at 'D' for a period of 30
days before the withdrawals become effective," S&P said.


* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered its long-term
sovereign credit rating on the United States of America to 'AA+'
from 'AAA'.  Standard & Poor's also said that the outlook on the
long-term rating is negative.  At the same time, Standard &
Poor's affirmed its 'A-1+' short-term rating on the U.S. In
addition, Standard & Poor's removed both ratings from CreditWatch,
where they were placed on July 14, 2011, with negative
implications.

The transfer and convertibility (T&C) assessment of the U.S. --
S&P's assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure
foreign exchange for debt service -- remains 'AAA'.

"We lowered our long-term rating on the U.S. because we believe
that the prolonged controversy over raising the statutory debt
ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending,
especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain
a contentious and fitful process.  We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to
this week falls short of the amount that we believe is necessary
to stabilize the general government debt burden by the middle of
the decade," S&P said in a statement.

"Our lowering of the rating was prompted by our view on the rising
public debt burden and our perception of greater policymaking
uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.

"We have taken the ratings off CreditWatch because the Aug. 2
passage of the Budget Control Act Amendment of 2011 has removed
any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe
that the act provides sufficient clarity to allow us to evaluate
the likely course of U.S. fiscal policy for the next few years.

"The political brinksmanship of recent months highlights what we
see as America's governance and policymaking becoming less stable,
less effective, and less predictable than what we previously
believed.  The statutory debt ceiling and the threat of default
have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal
consolidation program that some proponents had envisaged until
quite recently.  Republicans and Democrats have only been able to
agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive
measures.  It appears that for now, new revenues have dropped down
on the menu of policy options.  In addition, the plan envisions
only minor policy changes on Medicare and little change in other
entitlements, the containment of which we and most other
independent observers regard as key to long-term fiscal
sustainability.

"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S.
public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011, especially Paragraphs
36-41).  In our view, the difficulty in framing a consensus on
fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve
more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid).  A new
political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden
will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray
Will Likely Cost Even More Green, Now," June 21, 2011)."

"Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might
conclude is appropriate for putting the U.S.'s finances on a
sustainable footing.  The act calls for as much as US$2.4 trillion
of reductions in expenditure growth over the 10 years through
2021.  These cuts will be implemented in two steps: the
US$917 billion agreed to initially, followed by an additional
US$1.5 trillion that the newly formed Congressional Joint Select
Committee on Deficit Reduction is supposed to recommend by
November 2011.  The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend
them.

"The act further provides that if Congress does not enact the
committee's recommendations, cuts of US$1.2 trillion will be
implemented over the same time period.  The reductions would
mainly affect outlays for civilian discretionary spending,
defense, and Medicare.  We understand that this fall-back
mechanism is designed to encourage Congress to embrace a more
balanced mix of expenditure savings, as the committee might
recommend.

"We note that in a letter to Congress on Aug. 1, 2011, the
Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least US$2.1 trillion over the next
10 years relative to its baseline assumptions.  In updating our
own fiscal projections, with certain modifications outlined below,
we have relied on the CBO's latest "Alternate Fiscal Scenario" of
June 2011, updated to include the CBO assumptions contained in its
Aug. 1 letter to Congress. In general, the CBO's "Alternate
Fiscal Scenario" assumes a continuation of recent Congressional
action overriding existing law.

"We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism
that leaves open the details of what is finally agreed to until
the end of 2011, and Congress and the Administration could modify
any agreement in the future.  Even assuming that at least $2.1
trillion of the spending reductions the act envisages are
implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to
be consistent with a 'AA+' long-term rating and a negative
outlook--we now project that net general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79%
in 2015 and 85% by 2021.  Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer
credits and, as noted, would continue to rise under the act's
revised policy settings.

Compared with previous projections, our revised base case scenario
now assumes that the 2001 and 2003 tax cuts, due to expire by the
end of 2012, remain in place.  We have changed our assumption on
this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we
believe Congress reinforced by passing the act.  Key
macroeconomic assumptions in the base case scenario include trend
real GDP growth of 3% and consumer price inflation near 2%
annually over the decade.

"Our revised upside scenario--which, other things being equal, we
view as consistent with the outlook on the 'AA+' long-term rating
being revised to stable--retains these same macroeconomic
assumptions.  In addition, it incorporates US$950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for
high earners lapse from 2013 onwards, as the Administration
is advocating.  In this scenario, we project that the net general
government debt would rise from an estimated 74% of GDP by the end
of 2011 to 77% in 2015 and to 78% by 2021.

Our revised downside scenario--which, other things being equal, we
view as being consistent with a possible further downgrade to a
'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second
round of spending cuts (at least US$1.2 trillion) that the act
calls for does not occur. This scenario also assumes somewhat
higher nominal interest rates for U.S. Treasuries.  We still
believe that the role of the U.S. dollar as the key reserve
currency confers a government funding advantage, one that could
change only slowly over time, and that Fed policy might lean
toward continued loose monetary policy at a time of fiscal
tightening.  Nonetheless, it is possible that interest rates could
rise if investors re-price relative risks.  As a result, our
alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from
2013 onwards. In this scenario, we project the net public debt
burden would rise from 74% of GDP in 2011 to 90% in 2015 and to
101% by 2021.

"Our revised scenarios also take into account the significant
negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29.  From our perspective, the
effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government.
First, the revisions show that the recent recession was deeper
than previously assumed, so the GDP this year is lower than
previously thought in both nominal and real terms. Consequently,
the debt burden is slightly higher.  Second, the revised data
highlight the sub-par path of the current economic recovery when
compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could
be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in
the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real
trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward."

"When comparing the U.S. to sovereigns with 'AAA' long-term
ratings that we view as relevant peers -- Canada, France, Germany,
and the U.K. -- we also observe, based on our base case scenarios
for each, that the trajectory of the U.S.'s net public debt is
diverging from the others.  Including the U.S., we estimate that
these five sovereigns will have net general government debt to
GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.),
with the U.S. debt burden at 74%. By 2015, we project that their
net public debt to GDP ratios will range between 30% (lowest,
Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net
public debt burdens of these other sovereigns will begin to
decline, either before or by 2015.

"Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'.  Our T&C assessment reflects our view of the likelihood of
the sovereign restricting other public and private issuers' access
to foreign exchange needed to meet debt service.  Although in our
view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or
the Administration.  Consequently, we continue to view this
risk as being highly remote."

"The outlook on the long-term rating is negative.  As our downside
alternate fiscal scenario illustrates, a higher public debt
trajectory than we currently assume could lead us to lower the
long-term rating again.  On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint
Select Committee on Deficit Reduction -- independently or coupled
with other initiatives, such as the lapsing of the 2001 and 2003
tax cuts for high earners -- lead to fiscal consolidation measures
beyond the minimum mandated, and we believe they are likely to
slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'."

On Monday, S&P will issue separate releases concerning affected
ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance
sectors.


* 15 Companies in S&P List of Defaulters in Second Quarter
----------------------------------------------------------
Globally, 15 companies (13 public and two confidentially rated)
defaulted in the second quarter of 2011.  The volume of rated debt
affected by defaulters in the second quarter was US$39.5 billion,
up from five defaults in the first quarter with US$3.6 billion in
debt, said an article published Friday by Standard & Poor's Global
Fixed Income Research, titled "Quarterly Global Corporate Default
Update And Rating Transitions."

Of the 15 defaults in second-quarter 2011, eight were domiciled in
the U.S., two in Canada, two in New Zealand, and one each in
U.A.E, Russia, and France.

"On a trailing-12-month basis, the global speculative-grade
default rate as of June 2011 was 2%, down slightly from 2.08% at
the end of March and 5.12% at the same time in 2010," said Diane
Vazza, head of Standard & Poor's Global Fixed Income Research.
"The default rate is now at its lowest point since August 2008,
the last reading prior to the collapse of Lehman Brothers and the
ensuing recession in the U.S."

"Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, as the number of downgrades has decreased
slightly across all regions," said Ms. Vazza. "The downgrade-to-
upgrade ratio fell to 0.64% in second-quarter 2011 from 1.10% in
the previous quarter."

The decrease from the first quarter is the result of a slight
uptick in upgrades -- to 3.5% from 2.45% -- along with a decrease
in downgrades--to 2.25% from 2.7%.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                     Total
                                     Shareholders   Total
                                     Equity         Assets
  Company                Ticker      (US$)          (US$)
  -------                ------       ------        ------

AUSTRIA
-------
CHRIST WATER TEC          CWT PZ   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EU   -5754285.054  165995618.1
CHRIST WATER TEC          CWT EO   -5754285.054  165995618.1
CHRIST WATER TEC          CWT AV   -5754285.054  165995618.1
CHRIST WATER TEC        CRSWF US   -5754285.054  165995618.1
CHRIST WATER TEC     8131204Q GR   -5754285.054  165995618.1
CHRIST WATER TEC         CWTE IX   -5754285.054  165995618.1
CHRIST WATER-ADR        CRSWY US   -5754285.054  165995618.1
KA FINANZ AG            3730Z AV   -359597349.9  30679270533

BELGIUM
-------
ANTWERP GATEWAY       496769Z BB   -32782691.86  277992457.9
BALTA SARL           3679528Z BB   -213655263.9  956320938.3
BNP PARIBAS PERS     3746820Z BB   -772235.6749   1849392464
CARGILL OIL PACK     3726474Z BB   -7488366.268    169328054
COMPAGIMMOBDU BR     3727538Z BB   -5867835.156  164809982.4
EON BELGIUM NV       3730258Z BB   -8101077.851  251156828.9
ESKO-GRAPHICS NV     4787937Z BB   -6715619.333    185307390
EXPLORER NV          4289181Z BB   -11594573.86  281605390.1
FINANCIETOREN NV     3729210Z BB   -51909129.52  888377024.7
IRUS ZWEIBRUCKEN     3738979Z BB   -17020632.96  106188034.9
KIA MOTORS BELGI     3729658Z BB   -84207043.53  162372182.7
KOREAN MOTOR CO      4161341Z BB   -6368236.209  149093852.6
LE FOYER BRUXELL     3729226Z BB   -2010007.275  146190935.1
PETROPLUS REFINI     3431339Z BB   -4108700.351  123751460.5
SAPPI EUROPE SA      3732894Z BB   -134605597.7    160456915
SCARLET BELGIUM      4171157Z BB   -28951978.94  137456538.4
SCARLETT BUSINES     3724850Z BB   -71847152.77    130053838
SOCIETE NATIONAL     3726762Z BB   -39045394.16  506987115.6
ST GOBAIN SEKURI     3737571Z BB   -5584181.048  111065610.4
TI GROUP AUTOMOT     3903298Z BB   -42078648.86  140322030.3
UNIVERSAL MUSIC      3738307Z BB   -12191533.66  143700285.8

CYPRUS
------
LIBRA HOLIDA-RTS          LBR CY   -39648682.41  209021322.6
LIBRA HOLIDA-RTS         LGWR CY   -39648682.41  209021322.6
LIBRA HOLIDAY-RT     3167808Z CY   -39648682.41  209021322.6
LIBRA HOLIDAYS           LHGR CY   -39648682.41  209021322.6
LIBRA HOLIDAYS         LHGCYP EO   -39648682.41  209021322.6
LIBRA HOLIDAYS         LHGCYP EU   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG CY   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG PZ   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG EU   -39648682.41  209021322.6
LIBRA HOLIDAYS G          LHG EO   -39648682.41  209021322.6
LIBRA HOLIDAYS-P         LBHG PZ   -39648682.41  209021322.6
LIBRA HOLIDAYS-P         LBHG CY   -39648682.41  209021322.6

CZECH REPUBLIC
--------------
CKD PRAHA HLDG            CDP EX   -89435858.16    192305153
CKD PRAHA HLDG           CKDH CP   -89435858.16    192305153
CKD PRAHA HLDG        297687Q GR   -89435858.16    192305153
CKD PRAHA HLDG           CKDH US   -89435858.16    192305153
CKD PRAHA HLDG          CKDPF US   -89435858.16    192305153
CSA AS                  1000Z CP   -127978073.4    432492914

DENMARK
-------
AB-B NEW                 ABBN DC   -101428498.9  298588010.2
AKADEMISK BOLDK           ABB DC   -101428498.9  298588010.2
BRIGHTPOINT EURO     4506883Z DC   -18616347.98  189113937.7
CARLSBERG IT A/S     4503891Z DC   -47250912.74  105417004.1
GREEN WIND ENERG         G7W1 GR   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EU   -11320362.72  176234029.6
GREEN WIND ENERG           GW EU   -11320362.72  176234029.6
GREEN WIND ENERG        GWEUR EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW BY   -11320362.72  176234029.6
GREEN WIND ENERG           GW EO   -11320362.72  176234029.6
GREEN WIND ENERG           GW DC   -11320362.72  176234029.6
GREEN WIND ENERG           GW PZ   -11320362.72  176234029.6
GREEN WIND ENERG          G7W GR   -11320362.72  176234029.6
HOLDINGSELSKABET         BOHC IX   -11320362.72  176234029.6
HOLDINGSELSKABET        BODIL DC   -11320362.72  176234029.6
ISS GLOBAL A/S        241863Z DC   -9544026.554   7765217403
LAURITZEN TANKER     3979732Z DC   -4428758.299  209128194.8
NATURGAS FYN DIS     3984844Z DC   -2862743.662    194651527
NESTLE DANMARK A     3896690Z DC   -31272771.75    160779148
OBTEC                     OBT DC   -17033505.31  153701216.6
OBTEC                   OBTEC DC   -17033505.31  153701216.6
OBTEC-NEW SHARES       OBTECN DC   -17033505.31  153701216.6
OBTEC-OLD                OBTN DC   -17033505.31  153701216.6
ORESUNDSBRO KONS        1015Z SS   -583944155.3   3614975702
OSTERFALLEDPARKE     3985676Z DC   -26063679.19  302533679.4
OW SUPPLY & TRAD     3986892Z DC     -4299263.6  165798948.6
REITAN SERVICEHA     3984284Z DC   -1371178.576    127192706
ROSKILDE BANK            ROSK EU   -532868840.9   7876687324
ROSKILDE BANK            ROSK EO   -532868840.9   7876687324
ROSKILDE BANK            ROSK DC   -532868840.9   7876687324
ROSKILDE BANK           ROSKF US   -532868840.9   7876687324
ROSKILDE BANK           ROSBF US   -532868840.9   7876687324
ROSKILDE BANK             RKI GR   -532868840.9   7876687324
ROSKILDE BANK            RSKC IX   -532868840.9   7876687324
ROSKILDE BANK            ROSK PZ   -532868840.9   7876687324
ROSKILDE BANK-RT      916603Q DC   -532868840.9   7876687324
ROSKILDE BAN-NEW        ROSKN DC   -532868840.9   7876687324
ROSKILDE BAN-RTS        ROSKT DC   -532868840.9   7876687324
SCANDINAVIAN BRA         SBS1 EU   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 BY   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSD PZ   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EU   -17033505.31  153701216.6
SCANDINAVIAN BRA      SBS1EUR EO   -17033505.31  153701216.6
SCANDINAVIAN BRA          SBS DC   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBSC IX   -17033505.31  153701216.6
SCANDINAVIAN BRA         SBS1 EO   -17033505.31  153701216.6
SCHAUMANN PROP          SCHAU EO   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP EU   -101428498.9  298588010.2
SCHAUMANN PROP       SCHAUEUR EO   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU BY   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP DC   -101428498.9  298588010.2
SCHAUMANN PROP          SCHAU EU   -101428498.9  298588010.2
SCHAUMANN PROP         SCHAUP PZ   -101428498.9  298588010.2
THOMAS COOK AIRL     3898802Z DC   -7865159.883  245287857.5

FRANCE
------
3 SUISSES FRANCE     4724713Z FP   -151969329.6    262408720
ACERINOX FRANCE      4748633Z FP   -4970414.587  106673210.6
AIR COMMAND SYST     4470055Z FP   -6291815.312  178932425.9
AIRCELLE               61830Q FP   -482411082.6   1055907987
AKERYS SERVICES      4685937Z FP   -8561729.525  141611798.1
ALCATEL-LUCENT E     3642975Z FP   -46648079.19  510672247.2
ALCATEL-LUCENT F     3647063Z FP   -566942548.5   4810123614
AL-KHATTIYA LEAS     4783713Z FP    -8522159.06  132815959.7
ALUMINIUM PECHIN     3650903Z FP   -555865265.6   1121216347
ARIANESPACE           211530Z FP   -51743991.45   3354710780
ARVINMERITOR CVS     4783681Z FP   -37407842.42  114987020.9
ATARI                    IFOE PZ   -10078799.92    116178599
ATARI EUROPE SAS     4503835Z FP   -98950211.55  135876466.5
ATARI SA                ATANV FP   -10078799.92    116178599
ATARI SA                  ATA EB   -10078799.92    116178599
ATARI SA                  ATA TQ   -10078799.92    116178599
ATARI SA                 IFGA TH   -10078799.92    116178599
ATARI SA                  ATA QM   -10078799.92    116178599
ATARI SA                  ATA EO   -10078799.92    116178599
ATARI SA                  ATA EU   -10078799.92    116178599
ATARI SA                  ATA FP   -10078799.92    116178599
ATARI SA                  ATA S1   -10078799.92    116178599
ATARI SA                  ATA PZ   -10078799.92    116178599
ATARI SA                 IFGA GR   -10078799.92    116178599
ATARI SA                  ATA BQ   -10078799.92    116178599
ATARI-NEW            3715502Q FP   -10078799.92    116178599
AUTOMOBILES CITR     3648863Z FP   -298695778.9   1879542934
BELVEDERE - RTS       554451Q FP   -242409144.5  831869150.8
BELVEDERE - RTS       702036Q FP   -242409144.5  831869150.8
BELVEDERE SA              BED GR   -242409144.5  831869150.8
BELVEDERE SA            BVDRF US   -242409144.5  831869150.8
BELVEDERE SA              BVD EU   -242409144.5  831869150.8
BELVEDERE SA             BELV NM   -242409144.5  831869150.8
BELVEDERE SA             BELV FP   -242409144.5  831869150.8
BELVEDERE SA              BVD PZ   -242409144.5  831869150.8
BELVEDERE SA              BVD S1   -242409144.5  831869150.8
BELVEDERE SA             BEVD IX   -242409144.5  831869150.8
BELVEDERE SA              BVD FP   -242409144.5  831869150.8
BELVEDERE SA              BED TH   -242409144.5  831869150.8
BELVEDERE SA              BVD EO   -242409144.5  831869150.8
BELVEDERE SA-NEW        BVDNV FP   -242409144.5  831869150.8
BELVEDERE SA-NEW      946529Q FP   -242409144.5  831869150.8
BELVEDERE SA-NEW     8198283Q FP   -242409144.5  831869150.8
BELVEDERE SA-RTS        BVDDS FP   -242409144.5  831869150.8
BLUESTAR SILICON     4684089Z FP   -44931214.32  388699826.4
CADES                 211430Z FP      -1.32E+11   9983888303
CARREFOUR HYPERM     3897338Z FP     -419813693   4772178623
CARREFOUR IMPORT     4519455Z FP   -41015523.06  355888577.4
CARRERE GROUP            CARF PZ   -9829531.944    279906700
CARRERE GROUP             CAR FP   -9829531.944    279906700
CARRERE GROUP            CAR2 EO   -9829531.944    279906700
CARRERE GROUP             XRR GR   -9829531.944    279906700
CARRERE GROUP           CRRHF US   -9829531.944    279906700
CARRERE GROUP            CARG FP   -9829531.944    279906700
CARRERE GROUP            CRGP IX   -9829531.944    279906700
CARRERE GROUP            CAR2 EU   -9829531.944    279906700
CDISCOUNT            4690913Z FP   -92485.81144  331210839.3
CELINE SA            3636031Z FP   -6546413.145    108306445
CMA CGM AGENCES      4746849Z FP   -7380117.985  187789703.7
CO PETROCHIMIQUE     4682369Z FP   -79561628.19  444321642.5
COMPAGNIE IMMOBI         CIMB S1   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EU   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB EO   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB FP   -18851260.64  237751743.8
COMPAGNIE IMMOBI         CIMB PZ   -18851260.64  237751743.8
CONSTRUCTIONS ME     4513671Z FP   -52488041.58  342215596.8
CSF                  3635887Z FP   -66127486.72   3311857250
EADS SECA            4706441Z FP   -38679556.91  142045208.8
EDENRED                 EDNMF US    -1395452285   5596512266
EDENRED                  EDEN S1    -1395452285   5596512266
EDENRED                  EDEN IX    -1395452285   5596512266
EDENRED                  EDEN EO    -1395452285   5596512266
EDENRED                  EDEN QM    -1395452285   5596512266
EDENRED                   QSV TH    -1395452285   5596512266
EDENRED                  EDEN TQ    -1395452285   5596512266
EDENRED                  EDEN EU    -1395452285   5596512266
EDENRED                  EDEN BQ    -1395452285   5596512266
EDENRED               EDENUSD EU    -1395452285   5596512266
EDENRED               EDENUSD EO    -1395452285   5596512266
EDENRED                   QSV GR    -1395452285   5596512266
EDENRED                  EDEN PZ    -1395452285   5596512266
EDENRED                  EDEN EB    -1395452285   5596512266
EDENRED                  EDEN FP    -1395452285   5596512266
EDF EN FRANCE        4686529Z FP   -4085423.459  508820792.6
EMPAIN GRAHAM DV         EMGD FP   -18851260.64  237751743.8
FAURECIA SIEGES      4516727Z FP     -107383922  418368440.6
FRANFINANCE LOCA     4689993Z FP   -69780982.12   1638852912
GCE CAR LEASE        4702065Z FP   -15076730.52  127403745.1
GROUPE PROGRES S     4734137Z FP   -165060841.9  123458910.5
HP ENTREPRISE SE     4698081Z FP   -97546439.37  116383810.4
HUREL-DUBOIS             HDUN FP   -482411082.6   1055907987
I BASE                757542Z FP   -11937366.64  400192956.6
INFOGRAMES - REG          IFG EU   -10078799.92    116178599
INFOGRAMES - REG          IFG FP   -10078799.92    116178599
INFOGRAMES - REG          IFG TQ   -10078799.92    116178599
INFOGRAMES - REG          IFG EO   -10078799.92    116178599
INFOGRAMES - REG         IFOE IX   -10078799.92    116178599
INFOGRAMES E-NEW         IFGN FP   -10078799.92    116178599
INFOGRAMES ENT          IFGNR FP   -10078799.92    116178599
INFOGRAMES ENT       2986980Q EU   -10078799.92    116178599
INFOGRAMES ENT            IFG GR   -10078799.92    116178599
INFOGRAMES ENT       2986984Q EO   -10078799.92    116178599
INFOGRAMES ENT          IFGEF US   -10078799.92    116178599
INFOGRAMES ENT            IFG PZ   -10078799.92    116178599
INFOGRAMES ENT           IFOY IX   -10078799.92    116178599
INFOGRAMES ENTMT        IFGRF US   -10078799.92    116178599
INFOGRAMES ENTMT          IFG VX   -10078799.92    116178599
INFOGRAMES- RTS         IFGDS FP   -10078799.92    116178599
INFOGRAMES-NEW          IFGNV FP   -10078799.92    116178599
INFOGRAMES-RTS       3133246Q FP   -10078799.92    116178599
ING LEASE FRANCE     4699881Z FP   -37113844.73  449284947.7
ISOCHEM SA           3540732Z FP   -9354435.203  103629611.4
ITM REGION PARIS     4681817Z FP   -55189016.54  164350503.2
JACQUOT ET CO        4721473Z FP   -25605144.44  101591294.6
JTEKT AUTOMOTIVE     4504595Z FP   -3346144.849  163732017.6
JTEKT AUTOMOTIVE     4505819Z FP   -14610384.74    211911630
JUNGHEINRICH FIN     4635025Z FP   -25640222.02  213268780.2
KEOLIS LYON          4745585Z FP   -38514248.01  123798829.1
LABORDE GESTION      4518583Z FP   -29334260.26  113954857.8
LENOVO FRANCE SA     4710049Z FP   -1944677.438  137134536.2
MECACORP             3248019Z FP   -11233087.25    215393216
MILLIMAGES           8131905Q FP   -1006050.249  113454378.9
MILLIMAGES                MG6 GR   -1006050.249  113454378.9
MILLIMAGES                MIL FP   -1006050.249  113454378.9
MILLIMAGES                MIL S1   -1006050.249  113454378.9
MILLIMAGES               MIL1 PZ   -1006050.249  113454378.9
MILLIMAGES               MILI FP   -1006050.249  113454378.9
MILLIMAGES               MIL1 EU   -1006050.249  113454378.9
MILLIMAGES              MLIGF US   -1006050.249  113454378.9
MILLIMAGES               MLMG IX   -1006050.249  113454378.9
MILLIMAGES               MIL1 EO   -1006050.249  113454378.9
MILLIMAGES               MILF PZ   -1006050.249  113454378.9
MILLIMAGES - RTS        MILDS FP   -1006050.249  113454378.9
MILLIMAGES-RTS        760037Q FP   -1006050.249  113454378.9
MVCI HOLIDAYS FR     4524959Z FP   -112193151.3  233381369.4
NESTLE WATERS SU     3634887Z FP     -100198554  212766860.3
NESTLE WATERS SU     3634879Z FP   -166540192.4  357871830.8
NEXANS COPPER FR     4744809Z FP   -17792261.14  230912236.6
NORDEX FRANCE SA     4521679Z FP   -6460150.538  206115454.1
NOVELIS FOIL FRA     4678593Z FP   -7951381.035  121719315.4
NOVEXEL SA            504169Z FP   -362303.7226  107272250.4
NRJ 12               4681713Z FP   -26021206.57  110030743.5
OROSDI                   OROS FP   -35006822.54  151870593.9
OROSDI                   OROS S1   -35006822.54  151870593.9
OROSDI                   OROS EU   -35006822.54  151870593.9
OROSDI                   OROS PZ   -35006822.54  151870593.9
OROSDI                   OROS EO   -35006822.54  151870593.9
OROSDI-BACK              BACK IX   -35006822.54  151870593.9
OROSDI-BACK              ORBA FP   -35006822.54  151870593.9
PAGESJAUNES GRP           PAJ TQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ LI    -2879375517   1159140984
PAGESJAUNES GRP           QS3 TH    -2879375517   1159140984
PAGESJAUNES GRP           PAJ IX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ NQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ VX    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EO    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ S1    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EO    -2879375517   1159140984
PAGESJAUNES GRP           PAJ PZ    -2879375517   1159140984
PAGESJAUNES GRP          PAJP IX    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBX EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ BQ    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EU    -2879375517   1159140984
PAGESJAUNES GRP           PAJ EB    -2879375517   1159140984
PAGESJAUNES GRP           PAJ FP    -2879375517   1159140984
PAGESJAUNES GRP           PAJ QM    -2879375517   1159140984
PAGESJAUNES GRP           PAJ GK    -2879375517   1159140984
PAGESJAUNES GRP           QS3 GR    -2879375517   1159140984
PAGESJAUNES GRP        PAJUSD EO    -2879375517   1159140984
PAGESJAUNES GRP         PGJUF US    -2879375517   1159140984
PAGESJAUNES GRP        PAJGBP EO    -2879375517   1159140984
PEUGEOT CITROEN      3637183Z FP   -268215289.1  319403481.8
PITNEY BOWES         4634633Z FP   -11785422.82  184422748.8
REGICOM SAS          4507595Z FP   -6588558.571  118746498.2
REGIONAL COMPAGN     3635823Z FP   -11262048.65  587139828.4
RESEAU FERRE FRA      224063Z FP    -1967529685  70147358617
RHODIA SA              RHAGBP EO   -381974407.2   6805245174
RHODIA SA                 RHA QM   -381974407.2   6805245174
RHODIA SA                 RHA TQ   -381974407.2   6805245174
RHODIA SA                 RHA PZ   -381974407.2   6805245174
RHODIA SA              RHAUSD EU   -381974407.2   6805245174
RHODIA SA                 RHA GK   -381974407.2   6805245174
RHODIA SA                 RHA BQ   -381974407.2   6805245174
RHODIA SA                 RHA EU   -381974407.2   6805245174
RHODIA SA            2324011Q EU   -381974407.2   6805245174
RHODIA SA                RHDI TH   -381974407.2   6805245174
RHODIA SA               RHANR PZ   -381974407.2   6805245174
RHODIA SA            2324015Q EO   -381974407.2   6805245174
RHODIA SA                 RHA S1   -381974407.2   6805245174
RHODIA SA               RHADF US   -381974407.2   6805245174
RHODIA SA                 RHA EB   -381974407.2   6805245174
RHODIA SA                 RHA FP   -381974407.2   6805245174
RHODIA SA                 RHD GR   -381974407.2   6805245174
RHODIA SA              RHAUSD EO   -381974407.2   6805245174
RHODIA SA                 RHA IX   -381974407.2   6805245174
RHODIA SA            3218857Q IX   -381974407.2   6805245174
RHODIA SA                RHAY IX   -381974407.2   6805245174
RHODIA SA                 RHA VX   -381974407.2   6805245174
RHODIA SA              RHAGBX EO   -381974407.2   6805245174
RHODIA SA                 RHA NQ   -381974407.2   6805245174
RHODIA SA              RHAGBX EU   -381974407.2   6805245174
RHODIA SA               RHDAF US   -381974407.2   6805245174
RHODIA SA                 RHA EO   -381974407.2   6805245174
RHODIA SA                RHDI GR   -381974407.2   6805245174
RHODIA SA - NEW         RHANV FP   -381974407.2   6805245174
RHODIA SA - NEW      3506266Q FP   -381974407.2   6805245174
RHODIA SA - NEW      3156011Q FP   -381974407.2   6805245174
RHODIA SA - NEW      8125782Q FP   -381974407.2   6805245174
RHODIA SA - NEW      2335921Q FP   -381974407.2   6805245174
RHODIA SA-ADR           RHAYY US   -381974407.2   6805245174
RHODIA SA-NON RE        RHANR FP   -381974407.2   6805245174
RHODIA SA-RIGHTS        RHADS FP   -381974407.2   6805245174
RHODIA SA-RIGHTS      653447Q FP   -381974407.2   6805245174
RL INVEST SAS        4700369Z FP    -10116500.7  135799857.9
RODIGUEZ GROUP            RGX GR   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD PZ   -71997955.94  457127473.1
RODRIGUEZ GROUP         RRGZF US   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD S1   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD FP   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EU   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD TQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD BQ   -71997955.94  457127473.1
RODRIGUEZ GROUP           ROD EO   -71997955.94  457127473.1
RODRIGUEZ GROUP          RDGP IX   -71997955.94  457127473.1
SANDOZ SAS           3635111Z FP    -1282402.54  218147098.3
SHEET ANCHOR FRA     4745417Z FP    -16938893.1  192023042.9
SIDEL CONVEYING      4715393Z FP   -57759126.57    147204049
SIEMENS VAI META     4634441Z FP   -20388005.42  327731000.4
SOBIESKI                  BVD PW   -242409144.5  831869150.8
SOC NICOISE REAL     4749097Z FP   -1097320.937    110912358
SOCIETE COMMERCI     4516647Z FP   -179862008.2   1576030746
SOCIETE D'AGENCE     4741441Z FP   -3996843.897  267209404.9
SOCIETE DE CHAUF     4722937Z FP   -4377603.343  122968839.4
STORA ENSO CORBE     4697593Z FP   -932413.9939  163080772.7
SU3 SAS              4686497Z FP   -11118401.88    105002034
TEAM PARTNER-RTS      633323Q FP   -13557467.93    129831049
TEAM PARTNER-RTS     2841653Q FP   -13557467.93    129831049
TEAM PARTNERS        2347981Q EU   -13557467.93    129831049
TEAM PARTNERS             TIP PZ   -13557467.93    129831049
TEAM PARTNERS           TPTRF US   -13557467.93    129831049
TEAM PARTNERS        2347985Q EO   -13557467.93    129831049
TEAM PARTNERS             TIP FP   -13557467.93    129831049
TEAM PARTNERS            TPGY IX   -13557467.93    129831049
TEAM PARTNERS GR        TIPNV FP   -13557467.93    129831049
TEAM PARTNERS GR         TPGP IX   -13557467.93    129831049
TEAM PARTNERS GR         TPGP PZ   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EO   -13557467.93    129831049
TEAM PARTNERS GR         TIPA FP   -13557467.93    129831049
TEAM PARTNERS GR        TIPDS FP   -13557467.93    129831049
TEAM PARTNERS GR         TIPA EU   -13557467.93    129831049
TEAM PARTNERS-N          TIPN FP   -13557467.93    129831049
TEMBEC SAINT-GAU     4505331Z FP    -31086610.9  134549191.4
TF1 DROITS AUDIO     4693449Z FP   -3474598.563  183868113.7
TF1 VIDEO SASU       4516855Z FP   -27543205.52  171163653.7
THALES SECURITY      4701729Z FP   -152200107.1    872804574
THYSSENKRUPP SOF     4740929Z FP   -18052289.45  299682634.2
TRANSOLVER SERVI     4521279Z FP   -42555455.72  222111417.8
TREVES               4722153Z FP   -4152264.244  390940679.2
TUILERIES FINANC     4701769Z FP   -3956839.937  125936634.2
UCALEASE SA          3635807Z FP   -1041989.142  150621028.5
VALEO VISION SAS     4518479Z FP     -102634627  273699726.4
VISTEON SYSTEMES     4699177Z FP   -88538390.04  275246899.5
YVES ST LAURENT/     4633025Z FP   -82897369.68  390343397.3

GEORGIA
-------
DEVELICA DEUTSCH          DDE PG   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE IX   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE PZ   -79827494.88   1139643575
DEVELICA DEUTSCH          D4B GR   -79827494.88   1139643575
DEVELICA DEUTSCH          DDE LN   -79827494.88   1139643575
PEARL HOLDING           3622Z LN   -133833007.2  968234065.8

GERMANY
-------
AGOR AG                  DOOD PZ   -482449.8788  144432986.2
AGOR AG                   DOO GR   -482449.8788  144432986.2
AGOR AG                 NDAGF US   -482449.8788  144432986.2
AGOR AG                   DOO EU   -482449.8788  144432986.2
AGOR AG                   DOO EO   -482449.8788  144432986.2
AGOR AG                   DOO S1   -482449.8788  144432986.2
AGOR AG                  DOOG IX   -482449.8788  144432986.2
AGOR AG-RTS          2301918Z GR   -482449.8788  144432986.2
ALNO AG                   ANO EU   -73119134.74  198564619.3
ALNO AG                  ALNO IX   -73119134.74  198564619.3
ALNO AG                   ANO GR   -73119134.74  198564619.3
ALNO AG                   ANO S1   -73119134.74  198564619.3
ALNO AG                   ANO EO   -73119134.74  198564619.3
ALNO AG                   ANO PZ   -73119134.74  198564619.3
ALNO AG                   ANO TH   -73119134.74  198564619.3
ALNO AG - RTS            ANO2 GR   -73119134.74  198564619.3
ALNO AG-NEW              ANO1 GR   -73119134.74  198564619.3
ALNO AG-RTS          4123912Z GR   -73119134.74  198564619.3
ALNO AG-RTS          8174351Z GR   -73119134.74  198564619.3
ALNO AG-RTS          2259765Z GR   -73119134.74  198564619.3
ATRONIC INTERNAT      504688Z GR   -30668737.79  163495101.6
CBB HOLDING AG           COBG PZ   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EO   -42994818.04  904723627.8
CBB HOLDING AG           COBG IX   -42994818.04  904723627.8
CBB HOLDING AG           COB2 EU   -42994818.04  904723627.8
CBB HOLDING AG            COB GR   -42994818.04  904723627.8
CBB HOLDING AG          CUBDF US   -42994818.04  904723627.8
CBB HOLDING-NEW          COB3 GR   -42994818.04  904723627.8
CBB HOLDING-NEW          COB1 GR   -42994818.04  904723627.8
CBB HOLD-NEW 97          COB2 GR   -42994818.04  904723627.8
COGNIS GMBH           575202Z GR   -745013993.7   3306935972
COGNIS HOLDING G      635952Z GR    -1587896974   2850475613
COMPASS GROUP DE     3896530Z GR   -45713969.85  408640427.9
DFS DEUTSCHE FLU        1070Z GR   -362698323.5   1370382283
EDOB ABWICKLUNGS          ESC BQ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC PZ   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EU   -22323468.51  425598807.8
EDOB ABWICKLUNGS        ESCDF US   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC GR   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TH   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC EO   -22323468.51  425598807.8
EDOB ABWICKLUNGS          ESC TQ   -22323468.51  425598807.8
ESCADA AG                ESCG IX   -22323468.51  425598807.8
ESCADA AG -PFD           ESC3 GR   -22323468.51  425598807.8
ESCADA AG-NEW        3069367Q GR   -22323468.51  425598807.8
ESCADA AG-NEW         835345Q GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EU   -22323468.51  425598807.8
ESCADA AG-NEW            ESCN EO   -22323468.51  425598807.8
ESCADA AG-NEW            ESCC GR   -22323468.51  425598807.8
ESCADA AG-NEW            ESCD GR   -22323468.51  425598807.8
ESCADA AG-RTS            ESCE GR   -22323468.51  425598807.8
ESCADA AG-SP ADR        ESCDY US   -22323468.51  425598807.8
GENERAL ELECTRIC     4501923Z GR   -547318343.8   8720530002
GUENTHER & SOHN           GUS GR   -9612095.264    130075209
GUENTHER & SOHN           GUS PZ   -9612095.264    130075209
GUENTHER & SOHN           GUS EU   -9612095.264    130075209
GUENTHER & SOHN           GUS EO   -9612095.264    130075209
KABEL DEUTSCHLAN       KD8USD EU    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8GBP EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TH    -2162144517   2994909053
KABEL DEUTSCHLAN       KD8USD EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EB    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 PZ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 BQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 IX    -2162144517   2994909053
KABEL DEUTSCHLAN        KBDHF US    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 QM    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EO    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 GR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 NR    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 TQ    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 EU    -2162144517   2994909053
KABEL DEUTSCHLAN          KD8 S1    -2162144517   2994909053
KABEL DEUTS-CW10       DB7KWG GR    -2162144517   2994909053
KAUFRING AG               KFR GR   -19296489.56  150995473.8
KAUFRING AG              KAUG IX   -19296489.56  150995473.8
KAUFRING AG               KFR EO   -19296489.56  150995473.8
KAUFRING AG               KFR EU   -19296489.56  150995473.8
KAUFRING AG               KFR PZ   -19296489.56  150995473.8
MAERKLIN              730904Z GR   -8321071.921  115821977.5
MANIA TECHNOLOGI          MNI GR   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI S1   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI NM   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI PZ   -35060809.35  107465713.6
MANIA TECHNOLOGI     2260970Z GR   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNIG IX   -35060809.35  107465713.6
MANIA TECHNOLOGI          MNI TH   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EU   -35060809.35  107465713.6
MANIA TECHNOLOGI        MIAVF US   -35060809.35  107465713.6
MANIA TECHNOLOGI         MNI1 EO   -35060809.35  107465713.6
MATERNUS KLINI-N         MAK1 GR   -15243503.87  167434744.6
MATERNUS-KLINIKE         MAKG IX   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK TH   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK S1   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK GR   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EO   -15243503.87  167434744.6
MATERNUS-KLINIKE        MNUKF US   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK PZ   -15243503.87  167434744.6
MATERNUS-KLINIKE          MAK EU   -15243503.87  167434744.6
NORDAG AG                DOO1 GR   -482449.8788  144432986.2
NORDAG AG-PFD            DOO3 GR   -482449.8788  144432986.2
NORDAG AG-RTS            DOO8 GR   -482449.8788  144432986.2
NORDSEE AG            533061Q GR   -8200551.142  194616922.6
PRIMACOM AG              PRC2 GR   -18656751.16  610380925.7
PRIMACOM AG             PCAGF US   -18656751.16  610380925.7
PRIMACOM AG              PRCG PZ   -18656751.16  610380925.7
PRIMACOM AG               PRC NM   -18656751.16  610380925.7
PRIMACOM AG               PRC S1   -18656751.16  610380925.7
PRIMACOM AG              PRCG IX   -18656751.16  610380925.7
PRIMACOM AG               PRC GR   -18656751.16  610380925.7
PRIMACOM AG               PRC EU   -18656751.16  610380925.7
PRIMACOM AG               PRC TH   -18656751.16  610380925.7
PRIMACOM AG               PRC EO   -18656751.16  610380925.7
PRIMACOM AG-ADR          PCAG US   -18656751.16  610380925.7
PRIMACOM AG-ADR         PCAGY US   -18656751.16  610380925.7
PRIMACOM AG-ADR+         PCAG ES   -18656751.16  610380925.7
RAG ABWICKL-REG         RSTHF US     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS GR     -1744124.2  217776125.8
RAG ABWICKL-REG           ROS S1     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EO     -1744124.2  217776125.8
RAG ABWICKL-REG          ROSG PZ     -1744124.2  217776125.8
RAG ABWICKL-REG          ROS1 EU     -1744124.2  217776125.8
RINOL AG                 RILB GR      -1.171602  168095049.1
RINOL AG                 RILB EO      -1.171602  168095049.1
RINOL AG                 RILB EU      -1.171602  168095049.1
RINOL AG                RNLAF US      -1.171602  168095049.1
RINOL AG                 RILB S1      -1.171602  168095049.1
RINOL AG                 RILB IX      -1.171602  168095049.1
RINOL AG                  RIL GR      -1.171602  168095049.1
RINOL AG                 RILB PZ      -1.171602  168095049.1
ROSENTHAL AG         2644179Q GR     -1744124.2  217776125.8
ROSENTHAL AG-ACC         ROS4 GR     -1744124.2  217776125.8
ROSENTHAL AG-ADR        RSTHY US     -1744124.2  217776125.8
ROSENTHAL AG-REG         ROSG IX     -1744124.2  217776125.8
TA TRIUMPH-ACQ           TWNA EU   -124531131.9  313411495.3
TA TRIUMPH-ACQ           TWNA GR   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN PZ   -124531131.9  313411495.3
TA TRIUMPH-ADLER         TWNG IX   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EO   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN EU   -124531131.9  313411495.3
TA TRIUMPH-ADLER        TTZAF US   -124531131.9  313411495.3
TA TRIUMPH-ADLER          TWN GR   -124531131.9  313411495.3
TA TRIUMPH-A-RTS     1018916Z GR   -124531131.9  313411495.3
TA TRIUMPH-NEW           TWN1 GR   -124531131.9  313411495.3
TA TRIUMPH-RT            TWN8 GR   -124531131.9  313411495.3
TA TRIUMPH-RTS       3158577Q GR   -124531131.9  313411495.3
UNITYMEDIA GMBH       560459Z GR   -270220797.7   5970190663

GREECE
------
AG PETZETAKIS SA        PETZK GA   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EU   -110812812.5  206429374.1
AG PETZETAKIS SA         PTZ1 GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK EO   -110812812.5  206429374.1
AG PETZETAKIS SA        PZETF US   -110812812.5  206429374.1
AG PETZETAKIS SA          PTZ GR   -110812812.5  206429374.1
AG PETZETAKIS SA        PETZK PZ   -110812812.5  206429374.1
ASPIS PRONIA GE         ASASK EO   -189908329.1  896537349.7
ASPIS PRONIA GE         ASASK GA   -189908329.1  896537349.7
ASPIS PRONIA GE         ASASK EU   -189908329.1  896537349.7
ASPIS PRONIA GE         AISQF US   -189908329.1  896537349.7
ASPIS PRONIA GE         ASASK PZ   -189908329.1  896537349.7
ASPIS PRONIA -PF        ASAPR GA   -189908329.1  896537349.7
ASPIS PRONIA-PF         ASASP GA   -189908329.1  896537349.7
ASPIS PRONIA-PF          APGV GR   -189908329.1  896537349.7
ASPIS PRONIA-RT        ASASKR GA   -189908329.1  896537349.7
ASPIS PRONOIA GE         APGG IX   -189908329.1  896537349.7
ASPIS PRONOIA GE          APG GR   -189908329.1  896537349.7
ASPIS PRON-PF RT       ASASPR GA   -189908329.1  896537349.7
ATLANTIC SUPERMA        ATLA1 EU   -76261648.16  315891294.2
ATLANTIC SUPERMA        ATLA1 EO   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA PZ   -76261648.16  315891294.2
ATLANTIC SUPERMA         ATLA GA   -76261648.16  315891294.2
HELLAS ONLINE SA        BRAIN EU   -4430063.774  511329902.7
HELLAS ONLINE SA          UN5 GR   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN PZ   -4430063.774  511329902.7
HELLAS ONLINE SA         HOLR GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN GA   -4430063.774  511329902.7
HELLAS ONLINE SA        BRAIN EO   -4430063.774  511329902.7
HELLAS ONLINE SA          HOL GA   -4430063.774  511329902.7
KATSELIS SON-P R        KATPD GA   -25687516.15  172013976.2
KATSELIS SONS-PF        KATSP GA   -25687516.15  172013976.2
KATSELIS SONS-RT        KATKD GA   -25687516.15  172013976.2
KOUMBAS INSUR-RT        KOUMD GA   -75721751.36    117427553
KOUMBAS RTS             KOUMR GA   -75721751.36    117427553
KOUMBAS SYNERGY         KOUMF US   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM GA   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EO   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM EU   -75721751.36    117427553
KOUMBAS SYNERGY          KOUM PZ   -75721751.36    117427553
MAILLIS                 MLISF US   -32997634.63  450971683.2
MAILLIS -RTS            MAIKR GA   -32997634.63  450971683.2
MAILLIS-SPON ADR        MJMSY US   -32997634.63  450971683.2
MJ MAILLIS S.A.           MJL GR   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EO   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK EU   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK PZ   -32997634.63  450971683.2
MJ MAILLIS S.A.          MAIK GA   -32997634.63  450971683.2
NAOUSSA SPIN -RT        NAOYD GA   -163114842.1  286539436.9
NAOUSSA SPIN-AUC       NAOYKE GA   -163114842.1  286539436.9
NAOUSSA SPINNING          NML GR   -163114842.1  286539436.9
NAOUSSA SPIN-RTS       NAOYKR GA   -163114842.1  286539436.9
NUTRIART S.A.           KATSK GA   -25687516.15  172013976.2
NUTRIART S.A.           KTSEF US   -25687516.15  172013976.2
NUTRIART SA             KATSK PZ   -25687516.15  172013976.2
NUTRIART SA          NUTRIART GA   -25687516.15  172013976.2
NUTRIART SA             KATSK EO   -25687516.15  172013976.2
NUTRIART SA             KATSK EU   -25687516.15  172013976.2
NUTRIART-RTS         3411089Q GA   -25687516.15  172013976.2
PETZET - PFD-RTS       PETZPD GA   -110812812.5  206429374.1
PETZETAKIS - RTS       PETZKD GA   -110812812.5  206429374.1
PETZETAKIS-AUC         PETZKE GA   -110812812.5  206429374.1
PETZETAKIS-PFD           PTZ3 GR   -110812812.5  206429374.1
PETZETAKIS-PFD          PETZP GA   -110812812.5  206429374.1
UNITED TEXTILES         NAOYK GA   -163114842.1  286539436.9
UNITED TEXTILES          UTEX GA   -163114842.1  286539436.9
UNITED TEXTILES         NAOSF US   -163114842.1  286539436.9
UNITED TEXTILES          UTEX PZ   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EU   -163114842.1  286539436.9
UNITED TEXTILES          NML1 GR   -163114842.1  286539436.9
UNITED TEXTILES          UTEX EO   -163114842.1  286539436.9

HUNGARY
-------
HUNGARIAN TELEPH         HUGC IX      -73723992    827192000
HUNGARIAN TELEPH          HUC EX      -73723992    827192000
INVITEL HOLD-ADR        INVHY US      -73723992    827192000
INVITEL HOLD-ADR          IHO US      -73723992    827192000
INVITEL HOLD-ADR          0IN GR      -73723992    827192000
INVITEL HOLDINGS     3212873Z HB      -73723992    827192000
OT OPTIMA TELEKO     2299892Z CZ   -83005841.81  114547056.6
OT-OPTIMA TELEKO       OPTERA CZ   -83005841.81  114547056.6

ICELAND
-------
AVION GROUP               B1Q GR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EO     -223780368   2277882368
EIMSKIPAFELAG HF        AVION IR     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM EU     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM IR     -223780368   2277882368
EIMSKIPAFELAG HF     HFEIMEUR EO     -223780368   2277882368
EIMSKIPAFELAG HF        HFEIM PZ     -223780368   2277882368

IRELAND
-------
ACS AIRCRAFT FIN     4491555Z ID   -23037147.35  130480079.7
AEGON GLOBAL INS      646937Z ID     -154161392   4095368960
AIRPLANES FINANC     4460505Z ID   -409209710.7  271483850.7
AIRPLANES HOLDIN     4461857Z ID   -11914729314  926979003.1
ALECTRA FINANCE      4505075Z ID   -1989626.617   1906282726
ARCADE PROPERTY      4461121Z ID   -271759845.9  854806905.5
ARDAGH GLASS FIN     3489820Z ID   -425719878.1   5124811840
BIRCHFORD INVEST     3802508Z ID   -16642154.58  213363186.2
BOSPHORUS CAPITA     3807620Z ID   -547691.4495  119473277.7
CAMBER 4 PLC         3807980Z ID   -568246202.1  358571055.8
CAPEL DEVELOPMEN     3813016Z ID   -54774206.54  118764190.8
CARRICKMINES MAN     3799108Z ID   -1594145.025  116839693.5
CELTIC ROADS GRO     4527583Z ID   -5475772.455  178943648.9
COMMUNICORP GROU     1027859Z ID   -20885498.48  307073603.1
CONOCOPHILLIPS I     4526671Z ID   -215725943.4  369716179.9
CONOCOPHILLIPS W     3894318Z ID   -182259475.6  264157541.2
DEPFA IRELAND HO     4458641Z ID   -7759253.483  392619649.6
DEVONDALE LTD        4290189Z ID   -20812563.17  187190412.1
DUOMO FUNDING PL     4462513Z ID   -805845.5444   1772244292
ELLERSTON GEMS O     4781417Z ID   -4056787.085  195869209.7
EQUANT NETWORK S     4462057Z ID   -135695147.2  315888703.9
ERC IRELAND PREF     3687845Z ID   -692655112.5   7282011141
EURCO FINANCE        3799980Z ID    -48643223.1  679126971.7
FOL INTERNATIONA     4513251Z ID   -43457938.48  343547754.8
FORTIS PROPRIETA     4781289Z ID    -1335113419   6891744243
FRESHWATER FINAN      699575Z ID   -251700725.1   1588010523
FRUIT OF THE LOO     4459361Z ID   -96376389.16    391436785
GENERAL FINANCE      3807584Z ID   -3451729.765    140460867
GS MULTI-CURRENC     4780921Z ID   -218031502.7   1766463253
HELSINGOR LTD        3814256Z ID   -964944.8669  123961503.3
JAMES HARDIE IND          HAH NZ     -450100000   1971800064
JAMES HARDIE IND      600241Q GR     -450100000   1971800064
JAMES HARDIE IND          HAH AU     -450100000   1971800064
JAMES HARDIE IND      726824Z NA     -450100000   1971800064
JAMES HARDIE NV         JHXCC AU     -450100000   1971800064
JAMES HARDIE-ADR        JHINY US     -450100000   1971800064
JAMES HARDIE-ADR          JHX US     -450100000   1971800064
JAMES HARDIE-CDI        JHIUF US     -450100000   1971800064
JAMES HARDIE-CDI          JHX AU     -450100000   1971800064
JAMES HARDIE-CDI          JHA GR     -450100000   1971800064
JAMES HARDIE-CDI          JHA TH     -450100000   1971800064
LCH EUROPEAN POR     3809212Z ID   -91665071.77  296022574.1
LTR FINANCE NO 8     3816616Z ID   -15113152.02    537522513
MAINAU FUNDING L     4460161Z ID   -216846138.8   1309830017
MCINERNEY HLDGS          MK9C PZ   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI PO   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 GR   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI IX   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI ID   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI LN   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI VX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBP EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EO   -137972148.5  304108432.2
MCINERNEY HLDGS           MCI EU   -137972148.5  304108432.2
MCINERNEY HLDGS           MK9 PO   -137972148.5  304108432.2
MCINERNEY HLDGS          MCII IX   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EO   -137972148.5  304108432.2
MCINERNEY HLDGS         MNEYF US   -137972148.5  304108432.2
MCINERNEY HLDGS        MCIGBX EU   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP LN   -137972148.5  304108432.2
MCINERNEY PROP-A        MCIYF US   -137972148.5  304108432.2
MCINERNEY PROP-A          MYP ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF ID   -137972148.5  304108432.2
MCINERNEY -RT FP         MCIF LN   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN ID   -137972148.5  304108432.2
MCINERNEY -RT NP         MCIN LN   -137972148.5  304108432.2
MCINERNEY-ADR           MNEYY US   -137972148.5  304108432.2
NOVELL IRELAND S     3632507Z ID   -26753771.46  278570269.2
PAYZONE PLC              PAYZ EU   -138030903.2  510010035.3
PAYZONE PLC              PAYZ LN   -138030903.2  510010035.3
PAYZONE PLC              PAYZ IX   -138030903.2  510010035.3
PAYZONE PLC               4P6 GR   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PG   -138030903.2  510010035.3
PAYZONE PLC              PAYZ PZ   -138030903.2  510010035.3
PAYZONE PLC              PAYZ EO   -138030903.2  510010035.3
PENNYGOLD TRADIN     4459561Z ID   -77668624.17   1296718702
PROVIDENCE RESOU        PVDRF US   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PG   -31729163.16  134629066.1
PROVIDENCE RESOU          PRR IX   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP PZ   -31729163.16  134629066.1
PROVIDENCE RESOU     3660853Q IX   -31729163.16  134629066.1
PROVIDENCE RESOU       PRPGBP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EU   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP ID   -31729163.16  134629066.1
PROVIDENCE RESOU          PZQ PO   -31729163.16  134629066.1
PROVIDENCE RESOU          PRP EO   -31729163.16  134629066.1
PROVIDENCE RESOU          PVR LN   -31729163.16  134629066.1
PROVIDENCE RE-UT          PZQ GR   -31729163.16  134629066.1
PROVIDENCE-F/P           PRPF ID   -31729163.16  134629066.1
PROVIDENCE-N/P           PRPN ID   -31729163.16  134629066.1
RELIANCE FLAG TE     4511819Z ID   -159697376.3  246001416.2
RHATIGAN COMMERC     3800004Z ID   -39741717.89  278421666.4
RSA SECURITY IRE     3816252Z ID   -1896032.195  131465362.8
SALOME FUNDING P      747246Z ID   -1780227.756   2390329099
SCHWARZ PHARMA L      626603Z ID   -526134390.5  385006654.6
SENSORMATIC EURO     4524375Z ID   -19479895.67  105183548.8
SHENDA IRELAND L     4781889Z ID   -56704637.63  284795299.1
STRATUS TECHNOLO     4290381Z ID   -91695882.47    143373676
SUSQUEHANNA EURO     4459081Z ID    -1252022268   5765502698
TAKEDA PHARMA IR     4460049Z ID   -553964898.1  178556098.5
THIRD BELFRY PRO     3817252Z ID   -1737958.351  208828916.9
UDARAS EITLIOCHT     4461649Z ID   -38554945.52  228382904.9
UPC BROADBAND IR     3633179Z ID   -199665756.1  699692511.4
VIRIDIAN ENERGY      4462489Z ID   -41409800.11  209871994.6
WARNER CHILCOT-A         WCRX US      -62817000   5154945024
WARNER CHILCOT-A         G3LA TH      -62817000   5154945024
WARNER CHILCOT-A         G3LA GR      -62817000   5154945024
WARNER CHILCOT-A          G3L GR      -62817000   5154945024
WATERFORD - RTS          WWWA GR   -505729895.2    820803256
WATERFORD - RTS       508523Q LN   -505729895.2    820803256
WATERFORD - RTS       508519Q LN   -505729895.2    820803256
WATERFORD - RTS          WWWA ID   -505729895.2    820803256
WATERFORD - RTS          WWWB ID   -505729895.2    820803256
WATERFORD - RTS          WWWB GR   -505729895.2    820803256
WATERFORD CRYSTA     4459209Z ID   -150440252.3  114111756.9
WATERFORD W-ADR         WATWY US   -505729895.2    820803256
WATERFORD WDGEWD        WATWF US   -505729895.2    820803256
WATERFORD WDGEWD        WATFF US   -505729895.2    820803256
WATERFORD WED-RT         WWWC GR   -505729895.2    820803256
WATERFORD WED-RT         WWWD GR   -505729895.2    820803256
WATERFORD WED-RT         WTFR LN   -505729895.2    820803256
WATERFORD WED-RT      586556Q LN   -505729895.2    820803256
WATERFORD WED-RT      586552Q LN   -505729895.2    820803256
WATERFORD WED-RT         WWWC ID   -505729895.2    820803256
WATERFORD WED-RT         WWWD ID   -505729895.2    820803256
WATERFORD WED-UT         WTFU ID   -505729895.2    820803256
WATERFORD WED-UT          WWW PO   -505729895.2    820803256
WATERFORD WED-UT         WWWD PZ   -505729895.2    820803256
WATERFORD WED-UT         WTFU LN   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU VX   -505729895.2    820803256
WATERFORD WED-UT      WTFUGBX EO   -505729895.2    820803256
WATERFORD WED-UT         WTFU EU   -505729895.2    820803256
WATERFORD WED-UT         WTFU PO   -505729895.2    820803256
WATERFORD WED-UT          WWW GR   -505729895.2    820803256
WATERFORD WED-UT         WTFU IX   -505729895.2    820803256
WATERFORD WE-RTS         WTFN VX   -505729895.2    820803256
WATERFORD WE-RTS         WTFF LN   -505729895.2    820803256
WATERFORD WE-RTS         WTFN LN   -505729895.2    820803256
WATERFORD WE-RTS         WTFF ID   -505729895.2    820803256
WATERFORD WE-RTS         WTFN ID   -505729895.2    820803256
WATERFORD-ADR UT        WATFZ US   -505729895.2    820803256
WATERFORD-ADR UT         WFWA GR   -505729895.2    820803256
WATERFORD-SUB        3001875Z ID   -505729895.2    820803256
WOLSELEY IRELAND     3898706Z ID   -47443431.51  175225926.3

ITALY
-----
ALCOA TRASFORMAZ     4506523Z IM   -200396353.5  504699192.2
AS ROMA SPA               ASR IX   -37429933.27  183644985.3
AS ROMA SPA               ASR EB   -37429933.27  183644985.3
AS ROMA SPA               ASR EU   -37429933.27  183644985.3
AS ROMA SPA             ASRAF US   -37429933.27  183644985.3
AS ROMA SPA               ASR PZ   -37429933.27  183644985.3
AS ROMA SPA               ASR QM   -37429933.27  183644985.3
AS ROMA SPA              ASRO IX   -37429933.27  183644985.3
AS ROMA SPA               ASR IM   -37429933.27  183644985.3
AS ROMA SPA               ASR EO   -37429933.27  183644985.3
AS ROMA SPA               ASR TQ   -37429933.27  183644985.3
AS ROMA SPA               RO9 GR   -37429933.27  183644985.3
AS ROMA SPA-RTS         ASRAA IM   -37429933.27  183644985.3
AUTOMOTIVE LIGHT     3895734Z IM   -8797909.782  165588007.5
BECROMAL SPA         3138961Z IM   -4638581.798  168296959.8
BIANCHI VENDING       764212Z IM   -27419598.89  118828596.1
BMG CASTEL ROMAN     4209433Z IM   -1512040.428  241462130.6
CABLELETTRA SPA      4507547Z IM   -83494555.41  223468834.1
CANTIERI DI PISA     4313125Z IM   -2611908.154  105466953.7
COIN SPA                GUCIF US   -154057598.5  800526929.5
COIN SPA                   GC IX   -154057598.5  800526929.5
COIN SPA              965089Q GR   -154057598.5  800526929.5
COIN SPA/OLD               GC IM   -154057598.5  800526929.5
COIN SPA-RTS             GCAA IM   -154057598.5  800526929.5
DEUTSCHE LEASING     4358141Z IM   -2304871.115    106694739
DIMA COSTRUZIONI     4526911Z IM    -14681477.1  426157772.4
DIMAFIN SPA          2727163Z IM   -63237953.95  270856564.4
EDISON INTERNATI     4523583Z IM   -6175857.726   2258545505
EQUIPOLYMERS SRL     4224221Z IM   -77501046.37  227622587.6
FC INTERNAZIONAL        1185Z IM   -39787627.04  610018418.4
FIBE SPA             4472843Z IM   -802268.7972  756328770.6
FRECCIA ROSSA SH     4358125Z IM   -4519531.292  250706520.3
FUNIVIE FOLGARID     4325137Z IM   -3839728.226  199413338.6
GLOBAL GARDEN PR     4499787Z IM   -98534475.59  578214151.7
GRUPPO FINI SPA      4514671Z IM   -1791897.636  101060963.7
GUERRINO PIVATO      4292565Z IM   -41218066.44  397216267.9
I VIAGGI DEL VEN          VVE EO   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE IX   -209436890.3  202705179.9
I VIAGGI DEL VEN          IV7 GR   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE PZ   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE IM   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE TQ   -209436890.3  202705179.9
I VIAGGI DEL VEN          VVE EU   -209436890.3  202705179.9
I VIAGGI DEL VEN        IVGIF US   -209436890.3  202705179.9
I VIAGGI-RTS            VVEAA IM   -209436890.3  202705179.9
INDUSTRIE FINCUO     4270053Z IM   -15676157.12  111118283.9
ING PIO GUARALDO     4195305Z IM   -6958339.341    198007636
INTERSIDER ACCIA     4268893Z IM   -5355062.509  156885353.6
INTRALOT ITALIA      2884343Z IM   -7911067.965  111516758.1
IP MAESTRALE 4 S     4407001Z IM   -1364553.628  613867867.9
IRISBUS ITALIA S     3895718Z IM   -4900118.288  227685279.9
JABIL CIRCUIT IT     3631803Z IM   -2514205.346  125486527.4
MERIDIANA SPA           1163Z IM   -4645217.834  187285866.9
METECNO INDUSTRI     4004204Z IM   -5834935.843    135411811
MONTE MARE GRADO     4359985Z IM   -535776.0315  100534744.7
MV AGUSTA MOTOR      3898906Z IM   -10856011.42  258767112.5
NEXANS ITALIA SP     3636695Z IM   -19973174.81  139448244.4
OCV ITALIA SRL       4455649Z IM   -7833657.759  212272084.3
OMNIA SERVICE CE     3401139Z IM   -9159816.788  165737571.5
PARMALAT FINANZI          PAF GR   -18419396969   4120687886
PARMALAT FINANZI        PMLFF US   -18419396969   4120687886
PARMALAT FINANZI        PARAF US   -18419396969   4120687886
PARMALAT FINANZI         PRFI VX   -18419396969   4120687886
PARMALAT FINANZI          PRF IM   -18419396969   4120687886
PARMALAT FINANZI          PMT LI   -18419396969   4120687886
PARMALAT FINANZI         FICN AV   -18419396969   4120687886
PARMALAT FINA-RT         PRFR AV   -18419396969   4120687886
PLASTIC COMPONEN     4489891Z IM   -4874668.899  477291693.5
RISANAMEN-RNC OP       RNROPA IM     -201736420   3007075334
RISANAMENTO -OPA        RNOPA IM     -201736420   3007075334
RISANAMENTO -RNC          RNR IM     -201736420   3007075334
RISANAMENTO SPA         RNGBX EU     -201736420   3007075334
RISANAMENTO SPA            RN EO     -201736420   3007075334
RISANAMENTO SPA            RN TQ     -201736420   3007075334
RISANAMENTO SPA            RN IX     -201736420   3007075334
RISANAMENTO SPA            RN PZ     -201736420   3007075334
RISANAMENTO SPA            RN EU     -201736420   3007075334
RISANAMENTO SPA         RSMNF US     -201736420   3007075334
RISANAMENTO SPA           RN5 GR     -201736420   3007075334
RISANAMENTO SPA         RNGBP EO     -201736420   3007075334
RISANAMENTO SPA         RNGBX EO     -201736420   3007075334
RISANAMENTO SPA            RN IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXA IM     -201736420   3007075334
RISANAMENTO-RTS         RNAXO IM     -201736420   3007075334
RISANAMENTO-RTS          RNAA IM     -201736420   3007075334
SD SICILIA DISCO     4346005Z IM   -57205.25336  162107130.8
SNIA BPD                   SN GR   -141933895.2  150445252.4
SNIA BPD-ADR            SBPDY US   -141933895.2  150445252.4
SNIA SPA                SNIXF US   -141933895.2  150445252.4
SNIA SPA                   SN EO   -141933895.2  150445252.4
SNIA SPA                SBPDF US   -141933895.2  150445252.4
SNIA SPA                   SN TQ   -141933895.2  150445252.4
SNIA SPA                 SIAI IX   -141933895.2  150445252.4
SNIA SPA                 SNIB GR   -141933895.2  150445252.4
SNIA SPA                   SN EU   -141933895.2  150445252.4
SNIA SPA                   SN IM   -141933895.2  150445252.4
SNIA SPA                 SNIA GR   -141933895.2  150445252.4
SNIA SPA                SSMLF US   -141933895.2  150445252.4
SNIA SPA                 SIAI PZ   -141933895.2  150445252.4
SNIA SPA - RTS          SNAAW IM   -141933895.2  150445252.4
SNIA SPA- RTS           SNAXW IM   -141933895.2  150445252.4
SNIA SPA-2003 SH         SN03 IM   -141933895.2  150445252.4
SNIA SPA-CONV SA        SPBDF US   -141933895.2  150445252.4
SNIA SPA-DRC            SNR00 IM   -141933895.2  150445252.4
SNIA SPA-NEW             SN00 IM   -141933895.2  150445252.4
SNIA SPA-NON CON        SPBNF US   -141933895.2  150445252.4
SNIA SPA-RCV              SNR IM   -141933895.2  150445252.4
SNIA SPA-RCV            SNIVF US   -141933895.2  150445252.4
SNIA SPA-RIGHTS          SNAW IM   -141933895.2  150445252.4
SNIA SPA-RNC            SNIWF US   -141933895.2  150445252.4
SNIA SPA-RNC            SNRNC IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNAA IM   -141933895.2  150445252.4
SNIA SPA-RTS             SNSO IM   -141933895.2  150445252.4
TISCALI - RTS          TISAAW IM   -122928118.5  490469420.1
TISCALI - RTS            TIQA GR   -122928118.5  490469420.1
TISCALI SPA              TIQ1 GR   -122928118.5  490469420.1
TISCALI SPA            TISGBX EU   -122928118.5  490469420.1
TISCALI SPA               TIS PZ   -122928118.5  490469420.1
TISCALI SPA              TISN IM   -122928118.5  490469420.1
TISCALI SPA               TIS NR   -122928118.5  490469420.1
TISCALI SPA               TIS VX   -122928118.5  490469420.1
TISCALI SPA              TISN NA   -122928118.5  490469420.1
TISCALI SPA               TIS EO   -122928118.5  490469420.1
TISCALI SPA               TIS TQ   -122928118.5  490469420.1
TISCALI SPA               TIS QM   -122928118.5  490469420.1
TISCALI SPA               TIS IX   -122928118.5  490469420.1
TISCALI SPA               TIS NA   -122928118.5  490469420.1
TISCALI SPA              TIQG IX   -122928118.5  490469420.1
TISCALI SPA               TIS FP   -122928118.5  490469420.1
TISCALI SPA            TISGBX EO   -122928118.5  490469420.1
TISCALI SPA             TSCXF US   -122928118.5  490469420.1
TISCALI SPA               TIQ GR   -122928118.5  490469420.1
TISCALI SPA              TISN VX   -122928118.5  490469420.1
TISCALI SPA               TIS NQ   -122928118.5  490469420.1
TISCALI SPA              TISM IX   -122928118.5  490469420.1
TISCALI SPA               TIS IM   -122928118.5  490469420.1
TISCALI SPA               TIS EU   -122928118.5  490469420.1
TISCALI SPA              TISN FP   -122928118.5  490469420.1
TISCALI SPA               TIS EB   -122928118.5  490469420.1
TISCALI SPA            TISGBP EO   -122928118.5  490469420.1
TISCALI SPA              TISN IX   -122928118.5  490469420.1
TISCALI SPA- RTS     3391621Q GR   -122928118.5  490469420.1
TISCALI SPA- RTS       TISAXA IM   -122928118.5  490469420.1
UPIM SRL             3494031Z IM   -24945031.42  495566337.9
VALEO SPA            3897442Z IM   -55996.80114  165209720.2
VIA CAVOUR SRL       3997892Z IM   -2002622.441  173628397.1

LUXEMBOURG
----------
ARCELORMITTAL FL     3912244Z LX    -1024313669   3328008487
INTELSAT                 ILMA GR     -697038976  17592367104
INTELSAT SA             2237Z US     -697038976  17592367104
OXEA SARL            3682535Z GR   -78371220.13   1013737294
OXEA SARL            3682535Z LX   -78371220.13   1013737294
ADAMAR AMSTERDAM     4049157Z NA   -8231529.767    119709372
ALFRED C TOEPFER     4062117Z NA   -1843317.436   1689194175
APPLIED POWER EU     4035061Z NA    -90774.2002  187921627.7
ASITO DIENSTENGR      743813Z NA   -2494804.851  220704023.7

NETHERLANDS
-----------
BAAN CO NV-ASSEN        BAANA NA   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EU   -7854715.264  609871188.9
BAAN COMPANY NV         BAAVF US   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN PZ   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN GR   -7854715.264  609871188.9
BAAN COMPANY NV          BNCG IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN EO   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN IX   -7854715.264  609871188.9
BAAN COMPANY NV          BAAN NA   -7854715.264  609871188.9
BAAN COMPANY-NY         BAANF US   -7854715.264  609871188.9
BELEGGINGSMAATSC      801105Z NA   -5070657.703  350267370.9
CENTRIC HOLDING       745383Z NA   -72753.24225  363069870.7
CEVA GROUP PLC        976811Z NA   -469889996.1   5434380129
CEVA LOGISTICS        882197Z NA   -310987042.7   5613530996
CLATES HOLDING B     4043429Z NA   -34881.25205  221495950.5
COOPERATIE VOEDI     4378105Z NA   -274089.6056  748982278.2
EATON ELECTRIC B     2017671Z NA   -20487461.22  140357455.7
ELSTA BV             3897218Z NA   -2452823.596  284940300.4
EON BENELUX LEVE     4173461Z NA   -21561715.64  273422076.5
EUROPEAN MARITIM     4523543Z NA   -34803118.05  347300069.4
FERDINAND STINGE     4040837Z NA   -64181.50377   1187653657
FONDEL METALS BV     4039013Z NA   -2368075.248  110363800.6
GE CAPITAL FUNDI     4489315Z NA   -2707532.277    194574148
HAAG WONEN HOLDI     3824276Z NA   -137909.3086  144576751.1
HE INVESTMENTS B     3813216Z NA   -1780665.857    195483088
HUISVUILCENTRALE     4777713Z NA   -29300.25172   1202976227
INFOR GLOBAL SOL     4778481Z NA   -421566515.6    436226285
ING RE DORTMUND/     3819456Z NA   -91900157.49  142290450.1
ING REIM DEVELOP     3811140Z NA   -231041485.9  383323356.5
KONINKLIJKE HASK     4037221Z NA   -69259.20141  230145390.9
KUIPER GROEP BV      3821988Z NA   -3688.420875  101931401.5
LIBERTY GL EU-A           UPC NA    -5505478850   5112616630
LINO MANAGEMENT      3774416Z NA   -289361638.1  926823456.4
MAAS INTERNATION     4174109Z NA   -104625.6021  163961580.9
MSREF ELBA BV        4043045Z NA   -89889.60183  584994172.5
MSREF VI KAIROS      4174205Z NA   -38313.60078    893956511
NIDERA HANDELSCO     3893886Z NA   -614016.7407   1656741217
NORFOLK HOLDINGS      779151Z NA   -199512.5928  813430683.8
NV WATERLEIDINGM     4036141Z NA   -1727059.235  234972904.6
RHEIN PAPIER HOL     4040349Z NA   -2301763.247   1089890804
RIVA NV              3797916Z NA   -852952.1165  111411542.1
SITA NEDERLAND B      874216Z NA   -312079.8969   2324948031
SPYKER CARS NV          SPYKR PZ   -154336469.5   1337361332
SPYKER CARS NV           SPYK IX   -154336469.5   1337361332
SPYKER CARS NV          SPYKR QM   -154336469.5   1337361332
SPYKER CARS NV          SPYKR TQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EU   -154336469.5   1337361332
SPYKER CARS NV          SPYKR BQ   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EB   -154336469.5   1337361332
SPYKER CARS NV          SPYKR EO   -154336469.5   1337361332
SPYKER CARS NV          SPYKR NA   -154336469.5   1337361332
SPYKER CARS NV            L9I GR   -154336469.5   1337361332
SPYKER CARS NV          SPYKF US   -154336469.5   1337361332
STICHTING PENSIO     4498027Z NA   -19254451.13  566611058.3
STICHTING PENSIO     4489595Z NA    -7065546415  43409019837
UNITED PAN -ADR          UPEA GR    -5505478850   5112616630
UNITED PAN-A ADR        UPCOY US    -5505478850   5112616630
UNITED PAN-EUR-A          UPC LI    -5505478850   5112616630
UNITED PAN-EUR-A          UPC LN    -5505478850   5112616630
UNITED PAN-EUROP         UPE1 GR    -5505478850   5112616630
UNITED PAN-EUROP          UPC VX    -5505478850   5112616630
UNITED PAN-EUROP        UPCEF US    -5505478850   5112616630
UNITED PAN-EUROP        UPCOF US    -5505478850   5112616630
UPC HOLDING BV       3590264Z NA   -12164702941  13901661309
VAN WEELDE BEHEE     4038885Z NA   -119995.7037  173030811.6
VOLKERWESSELS BO     4062101Z NA   -17683.20036  191596002.3
VWS VERKEER-EN I     4777577Z NA   -47438.50279  719093765.2
W2005 W2007 CARN     3824100Z NA   -107841645.8    362615031
WE INTERNATIONAL      630199Z NA   -1220350.163   1011026941
WILMAR EDIBLE OI     3817520Z NA   -3976944.095  218912594.8
WIM BOSMAN HOLDI     3782032Z NA   -45372.13742  224136098.5
WONINGSTICHTING      4039389Z NA   -430291.2087   1714985995
ZWINGER OPCO 6 B     3821644Z NA   -106543158.2  627759193.8

NORWAY
------
AKER BIOMARINE A     4508947Z NO   -91258656.74  103294723.7
AKER ELEKTRO AS      4389353Z NO    -35218317.7  134077911.8
AKER STORD A/S       4498875Z NO   -150475117.7  783619889.1
BKK VARME AS         4445833Z NO   -8164053.946  143462133.6
CIA LA GOMERA AS     4401057Z NO   -14188999.46  111542577.2
GJENSIDIGE PENSJ     4447089Z NO   -706038.7351  834496819.2
HEEGH AUTOLINERS     4389209Z NO   -11654362.38  277390994.9
INTEROIL EXPLORA       IOXEUR EU      -71383000    195320000
INTEROIL EXPLORA          IOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX PZ      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EO      -71383000    195320000
INTEROIL EXPLORA        IROIF US      -71383000    195320000
INTEROIL EXPLORA          IOX EU      -71383000    195320000
INTEROIL EXPLORA       IOXEUR EO      -71383000    195320000
INTEROIL EXPLORA          IOX IX      -71383000    195320000
INTEROIL EXPLORA         INOX NO      -71383000    195320000
INTEROIL EXPLORA          IOX BY      -71383000    195320000
INTEROIL EXPLORA          IOX EO      -71383000    195320000
INTEROIL EXPLORA       IOXUSD EU      -71383000    195320000
LIVA BIL                  LIV NO   -4061326.597  116023629.9
MAN LAST OG BUSS     4521719Z NO   -7914946.127  134925818.8
MASTER & COMMAND     4443393Z NO    -3848.57586    105559612
NCC CONSTRUCTION     4389745Z NO   -17444019.96  371204059.2
NCC ROADS AS         4401305Z NO   -7603911.224  151509155.9
NORGIPS NORGE AS     4443889Z NO   -4188300.148    124517344
NORSK STEIN AS       4394889Z NO   -2509971.202  184248999.1
OSLO FORSIKRING      4415089Z NO    -6494996.57    158542606
PETRO GEO-SERV        265143Q NO   -18066142.21  399710323.6
PETRO GEO-SERV            PGS VX   -18066142.21  399710323.6
PETRO GEO-SERV            PGS GR   -18066142.21  399710323.6
PETRO GEO-SERV-N         PGSN NO   -18066142.21  399710323.6
PETRO GEO-SV-ADR        PGOGY US   -18066142.21  399710323.6
PETRO GEO-SV-ADR         PGSA GR   -18066142.21  399710323.6
PETROJACK AS             JACK BY      -54932000    191586000
PETROJACK AS             JACK PZ      -54932000    191586000
PETROJACK AS          JACKEUR EU      -54932000    191586000
PETROJACK AS             JACO IX      -54932000    191586000
PETROJACK AS              P3J GR      -54932000    191586000
PETROJACK AS            POJKF US      -54932000    191586000
PETROJACK AS             JACK EO      -54932000    191586000
PETROJACK AS             JACK EU      -54932000    191586000
PETROJACK AS          JACKEUR EO      -54932000    191586000
PETROJACK AS             JACK NO      -54932000    191586000
PETROMENA AS              PR2 GR      -47299000    317747008
PETROMENA AS            PMENA PZ      -47299000    317747008
PETROMENA AS         PMENAEUR EO      -47299000    317747008
PETROMENA AS            PMENF US      -47299000    317747008
PETROMENA AS         PMENAEUR EU      -47299000    317747008
PETROMENA AS            PMENA EO      -47299000    317747008
PETROMENA AS            PMENA EU      -47299000    317747008
PETROMENA AS            PMENA NO      -47299000    317747008
PETROMENA AS             MENA NO      -47299000    317747008
PETROMENA AS             PMEN IX      -47299000    317747008
SECURITAS DIRECT     4394201Z NO   -531628.2745  124746344.1
SKRETTING AS         4473771Z NO   -3730844.426  499611269.4
STOREBRAND EIEND     4443409Z NO   -69476764.19   1408585975
STOREBRAND EIEND     4288341Z NO   -236066034.1   4427606061
TDC AS               4287413Z NO   -95917885.43  128911202.9
TRICO SHIPPING A     3651167Z NO   -132576808.1  504945402.2
TTS SENSE AS         4393841Z NO   -30849484.35  107503145.6
UTKILEN SHIPPING     4446161Z NO   -2435448.778  205148159.9
VNG NORGE AS         4513147Z NO   -44725176.15  280935536.1

POLAND
------
TOORA                     TOR PW   -288818.3897  147004954.2
TOORA                2916661Q EO   -288818.3897  147004954.2
TOORA                2916665Q EU   -288818.3897  147004954.2
TOORA                     TOR PZ   -288818.3897  147004954.2
TOORA-ALLOT CERT         TORA PW   -288818.3897  147004954.2

PORTUGAL
--------
AGUAS DO ZEZERE      3646223Z PL   -9497007.861  387261027.5
ALBERTO MARTINS      4488947Z PL   -26137998.21  126979395.5
CENTRO HOSPITALA     3778196Z PL   -45060064.62  149709016.7
CO DAS ENERGIAS      3794880Z PL   -2540034.474  115717930.4
COFINA                   COFI PL   -13400332.44    274876811
COFINA                  COFSI IX   -13400332.44    274876811
COFINA                  CFASF US   -13400332.44    274876811
COFINA SGPS SA           COFI EO   -13400332.44    274876811
COFINA SGPS SA           COFI TQ   -13400332.44    274876811
COFINA SGPS SA           COFI QM   -13400332.44    274876811
COFINA SGPS SA           CFNX PX   -13400332.44    274876811
COFINA SGPS SA            CFN PL   -13400332.44    274876811
COFINA SGPS SA           COFI EB   -13400332.44    274876811
COFINA SGPS SA           CFN1 PZ   -13400332.44    274876811
COFINA SGPS SA           COFI EU   -13400332.44    274876811
CP - COMBOIOS DE        1005Z PL    -3201667702   2260472073
EMPRESA PUBLICA      3646447Z PL   -18489638.67  302885151.7
ESTALEIROS NAVAI     4507307Z PL   -23829401.88  315386385.8
FERREIRAS & MAGA     4281437Z PL   -14115717.84  103226790.2
GALERIA PARQUE N     4772673Z PL    -6221557.01  176869350.5
HOSPITAL DE FARO     3789880Z PL   -59945072.08  249069905.8
HOSPITAL GARCIA      3773160Z PL   -27714243.05    131330191
LOCACAO DE EQUIP     4772329Z PL   -1031872.211  425561447.8
LYCATELCOM LDA       4281821Z PL   -8577510.562  109410577.8
METRO DO PORTO       4473963Z PL   -227787277.2   3216337049
PARQUE DA PAMPIL     4770625Z PL   -1932626.439  135631078.1
PARQUE EOLICO DE     4772521Z PL   -1450277.362  131706562.9
PORTUGALIA              1008Z PL   -4086512.545  263103585.3
RADIO E TELEVISA        1227Z PL   -874020727.2  739530129.4
REFER-REDE FERRO        1250Z PL    -1817222591  941624235.3
SERVICO DE SAUDE     3790200Z PL   -171447869.9  656234458.2
SOCIEDADE DE REN     3776676Z PL   -16609193.89  127876798.7
SOCIEDADE DE TRA        1253Z PL   -382109051.3  119848180.8
SPORTING CLUBE D         SCP1 PZ   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EO   -65884328.13  251276323.4
SPORTING CLUBE D          SCG GR   -65884328.13  251276323.4
SPORTING CLUBE D          SCP PL   -65884328.13  251276323.4
SPORTING CLUBE D         SCPX PX   -65884328.13  251276323.4
SPORTING CLUBE D         SCDF EU   -65884328.13  251276323.4
SPORTING-SOC DES         SCPL IX   -65884328.13  251276323.4
SPORTING-SOC DES         SCDF PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPVS PL   -65884328.13  251276323.4
SPORTING-SOC-RTS        SCPDS PL   -65884328.13  251276323.4
TAP SGPS                  TAP PL   -293253615.6   2901200999
VALE DO LOBO - R     4764257Z PL   -19458755.77  553819869.1
VISTA ALEGRE ATL     4281717Z PL   -11415079.06  119980938.8

ROMANIA
-------
ARCELORMITTAL            PTRO RO   -61080024.91  178667412.9
OLTCHIM RM VALCE        OLTCF US   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT PZ   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT RO   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EO   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EU   -89344240.83  511515508.8
OLTCHIM SA RM VA          OLT EU   -89344240.83  511515508.8
OLTCHIM SA RM VA       OLTEUR EO   -89344240.83  511515508.8
RAFO SA                   RAF RO   -457922310.7  356796459.3
ROMPETROL RAFINA          RRC RO       -4103436   1885975424
ROMPETROL RAFINA          RRC EO       -4103436   1885975424
ROMPETROL RAFINA          RRC EU       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EO       -4103436   1885975424
ROMPETROL RAFINA       RRCEUR EU       -4103436   1885975424
ROMPETROL RAFINA          RRC PZ       -4103436   1885975424

RUSSIA
------
AKCIONERNOE-BRD         SOVP$ RU   -79749277.74  135830690.8
ALLIANCE RUSSIAN         ALRT RU    -13189410.9  138268688.3
AMO ZIL                  ZILL RM   -115900565.7    368611137
AMO ZIL-CLS             ZILL* RU   -115900565.7    368611137
AMO ZIL-CLS             ZILLG RU   -115900565.7    368611137
AMO ZIL-CLS              ZILL RU   -115900565.7    368611137
BUMMASH OJSC-BRD        BUMM* RU   -8393701.106  181897611.9
BUMMASH OJSC-BRD         BUMM RU   -8393701.106  181897611.9
DAGESTAN ENERGY          DASB RU   -41669399.94  184251142.2
DAGESTAN ENERGY          DASB RM   -41669399.94  184251142.2
DAGESTAN ENERGY         DASBG RU   -41669399.94  184251142.2
DAGESTAN ENERGY         DASB* RU   -41669399.94  184251142.2
EAST-SIBERIA-BRD         VSNK RU   -27891692.64  256817419.9
EAST-SIBERIA-BRD        VSNK* RU   -27891692.64  256817419.9
EAST-SIBERIAN-BD        VSNK$ RU   -27891692.64  256817419.9
FINANCIAL LEASIN      137282Z RU   -97179352.98  323537045.5
FINANCIAL LEASIN         FLKO RM   -97179352.98  323537045.5
FINANCIAL LE-BRD         FLKO RU   -97179352.98  323537045.5
FINANCIAL LE-BRD        FLKO* RU   -97179352.98  323537045.5
GAZ-FINANS               GAZF RU   -56134.51262  232319905.4
IZHAVTO OAO              IZAV RU    -19693756.7  474754687.9
KAMSKAYA GORNAYA     2806239Z RU   -527803788.8   1311868884
KOMPANIYA GL-BRD        GMST* RU   -12705935.35   1168280317
KOMPANIYA GL-BRD         GMST RU   -12705935.35   1168280317
M-INDUSTRIYA             SOMI RU   -1091260.252  261721440.8
MZ ARSENAL-$BRD         ARSE* RU   -17937177.88    215191909
MZ ARSENAL-$BRD          ARSE RU   -17937177.88    215191909
MZ ARSENAL-BRD          ARSE$ RU   -17937177.88    215191909
OAO SIBNEFTEGAZ          SIGA RU   -8733178.141  757597617.2
PENOPLEX-FINANS          PNPF RU   -754086.9373  140176163.3
PIK GROUP                PIKK RM   -65334860.95   4000687446
PIK GROUP               PIKK* RU   -65334860.95   4000687446
PIK GROUP               PIKKG RU   -65334860.95   4000687446
PIK GROUP                PIKK RU   -65334860.95   4000687446
PIK GROUP-GDR             PIK IX   -65334860.95   4000687446
PIK GROUP-GDR            PIQ2 GR   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 EO   -65334860.95   4000687446
PIK GROUP-GDR             PIK EB   -65334860.95   4000687446
PIK GROUP-GDR             PIK LI   -65334860.95   4000687446
PIK GROUP-GDR            PIK1 QM   -65334860.95   4000687446
PIK GROUP-GDR           PKGPL US   -65334860.95   4000687446
PIK GROUP-GDR             PIK EU   -65334860.95   4000687446
PIK GROUP-GDR             PIK TQ   -65334860.95   4000687446
PROMTRACTOR-FINA         PTRF RU   -22844527.96  271197988.2
RUSSIAN TEXT-CLS        ALRTG RU    -13189410.9  138268688.3
RUSSIAN TEXT-CLS        ALRT* RU    -13189410.9  138268688.3
RYBINSKKABEL            RBKZD RU   -8532245.618  108539181.3
SEVKABEL-FINANS          SVKF RU   -83036.46173  102680373.6
SISTEMA HALS             HALS RU     -568359936   1210651008
SISTEMA HALS            HALS* RU     -568359936   1210651008
SISTEMA HALS             HALS RM     -568359936   1210651008
SISTEMA HALS            HALSM RU     -568359936   1210651008
SISTEMA HALS            HALSG RU     -568359936   1210651008
SISTEMA HALS-GDR         HALS IX     -568359936   1210651008
SISTEMA HALS-GDR         HALS LI     -568359936   1210651008
SISTEMA HALS-GDR          SYR GR     -568359936   1210651008
SISTEMA HALS-GDR         HALS TQ     -568359936   1210651008
SISTEMA-GDR 144A        SEMAL US     -568359936   1210651008
SISTEMA-GDR 144A         86PN LI     -568359936   1210651008
URGALUGOL-BRD            YRGL RU   -20765964.53  115490879.4
URGALUGOL-BRD           YRGL* RU   -20765964.53  115490879.4
URGALUGOL-BRD-PF        YRGLP RU   -20765964.53  115490879.4
VACO-BRD                VASO* RU   -27108676.04  934073954.9
VACO-BRD                 VASO RU   -27108676.04  934073954.9
VACO-PFD                VASOP RU   -27108676.04  934073954.9
VACO-PFD               VASOP* RU   -27108676.04  934073954.9
VASO                    1001Q RU   -27108676.04  934073954.9
VASO-$                  1002Q RU   -27108676.04  934073954.9
VASO-$PFD BRD          VASOP$ RU   -27108676.04  934073954.9
VASO-Q LIST             VASO$ RU   -27108676.04  934073954.9
VIMPEL SHIP-BRD          SOVP RU   -79749277.74  135830690.8
VIMPEL SHIP-BRD         SOVP* RU   -79749277.74  135830690.8
VOLGOGRAD KHIM          VHIM* RU   -36728501.72  145195344.9
VOLGOGRAD KHIM           VHIM RU   -36728501.72  145195344.9
WILD ORCHID ZAO         DOAAN RU   -11716087.47  106082784.6
ZAPSIBGASP-Q PFD       ZSGPP$ RU   -72947.51526  122459176.2
ZAPSIBGASPRO-BRD         ZSGP RU   -72947.51526  122459176.2
ZAPSIBGASPRO-BRD        ZSGP* RU   -72947.51526  122459176.2
ZAPSIBGASPROM-B         ZSGP$ RU   -72947.51526  122459176.2
ZAPSIBGASPRO-PFD       ZSGPP* RU   -72947.51526  122459176.2
ZAPSIBGASPRO-PFD        ZSGPP RU   -72947.51526  122459176.2
ZIL AUTO PLANT          ZILL$ RU   -115900565.7    368611137
ZIL AUTO PLANT-P       ZILLP* RU   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RM   -115900565.7    368611137
ZIL AUTO PLANT-P        ZILLP RU   -115900565.7    368611137

SERBIA
-------
DUVANSKA                 DIVR SG   -32792314.86  122255596.4

SLOVENIA
--------
ISTRABENZ                ITBG EO   -3710053.919   1192276746
ISTRABENZ                ITBG SV   -3710053.919   1192276746
ISTRABENZ                ITBG PZ   -3710053.919   1192276746
ISTRABENZ                ITBG EU   -3710053.919   1192276746

SPAIN
-----
AMCI HABITAT SA          AMC3 EO   -24580874.45  194758143.4
AMCI HABITAT SA           AMC SM   -24580874.45  194758143.4
AMCI HABITAT SA          AMC1 EU   -24580874.45  194758143.4
AURIGACROWN CAR      3791672Z SM   -9696329.512  319009666.2
BASF CONSTRUCTIO     4511259Z SM   -175550365.3  296395765.4
BAXI CALEFACCION     4029741Z SM   -16038399.69  313088537.4
BOSCH SISTEMAS D     4505475Z SM   -295419977.8  205556877.2
BOUYGUES INMOBIL     3636247Z SM   -13608696.28  203210905.9
CAIXARENTING SA      4500211Z SM   -13655312.55   1651010629
CAJA DE AHORROS       929362Z SM   -361326816.2  37311046644
CELAYA EMPARANZA     3642467Z SM   -19428468.87  176340504.9
CONFORAMA ESPANA     3771496Z SM   -7499882.185  125121785.8
COPERFIL GROUP        704457Z SM   -3700858.975    403826723
DTZ IBERICA ASES        1658Z SM   -130770583.4    611187363
ELECTRODOMESTICO     1035184Z SM   -89882980.98  104386627.5
ERICSSON NETWORK     4367417Z SM   -30313203.28  358279281.1
FABRICAS AGRUPAD     3638319Z SM   -32596694.58  286240670.7
FBEX PROMO INMOB     3745024Z SM   -820001.0305   1142937522
FIAT GROUP AUTOM     4511067Z SM   -30064519.13  367730368.2
FMC FORET SA         3642299Z SM   -28605523.78  225458069.6
GALERIAS PRIMERO     3281527Z SM   -2731015.072  124875853.4
GE POWER CONTROL     3744144Z SM   -25412232.52  973735754.8
GENERAL MOTORS E     4286805Z SM   -323089753.8   2783002632
GLENCORE ESPANA      3752336Z SM   -24493084.81    140668008
HIDROCANTABRICO      4456745Z SM   -213762090.5  376644969.1
INITEC ENERGIA S     3637759Z SM   -1230006.429  256846609.3
ISOFOTON SA          1039291Z SM     -401482382  218392769.3
JAZZ TELECOM SA      3646927Z SM   -639496600.9    784724811
LA SIRENA ALIMEN     4375737Z SM   -45848483.56  200881094.4
LEVANTINA Y ASOC      993382Z SM    -47134829.4  798577836.1
MAGNETI MARELLI      3643903Z SM   -6218714.533  169480205.1
MARTINSA FADESA          MFAD PZ    -3316202978   7060944147
MARTINSA FADESA           4PU GR    -3316202978   7060944147
MARTINSA FADESA           MTF EO    -3316202978   7060944147
MARTINSA FADESA          MTF1 LI    -3316202978   7060944147
MARTINSA FADESA           MTF EU    -3316202978   7060944147
MARTINSA FADESA           MTF SM    -3316202978   7060944147
MARTINSA-FADESA           MTF NR    -3316202978   7060944147
NYESA VALORES CO          NYE EU   -99766729.91  812943907.9
NYESA VALORES CO          BES EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE EO   -99766729.91  812943907.9
NYESA VALORES CO          NYE SM   -99766729.91  812943907.9
NYESA VALORES CO          BES EU   -99766729.91  812943907.9
NYESA VALORES CO         BESS PZ   -99766729.91  812943907.9
NYESA VALORES CO          BES TQ   -99766729.91  812943907.9
NYESA VALORES CO          NYE TQ   -99766729.91  812943907.9
NYESA VALORES CO          7NY GR   -99766729.91  812943907.9
NYESA VALORES CO          BES SM   -99766729.91  812943907.9
ORANGE CATALUNYA     4365565Z SM   -25422547.72  113962331.9
PANRICO SL              1087Z SM   -132677120.8   1306407522
PULLMANTUR SA         301590Z SM   -77746125.07    127835603
RANDSTAD EMPLEO      4285885Z SM   -58878158.21  370434699.9
REAL ZARAGOZA SA     4285533Z SM    -26642893.2  155342765.2
REYAL URBIS SA           REY1 EU   -425677105.6   5777458693
REYAL URBIS SA           REY1 EO   -425677105.6   5777458693
REYAL URBIS SA            REY SM   -425677105.6   5777458693
REYAL URBIS SA           REYU PZ   -425677105.6   5777458693
SA DE SUPERMERCA     4373489Z SM   -24370843.85  162576231.9
SIDERURGICA SEVI     3755616Z SM   -6175305.125  255962721.9
SOGECABLE MEDIA      3638359Z SM   -3018000.191  182987292.3
SPANAIR                 1174Z SM   -592075778.7  449250970.6
SUPERMERCADOS CH     3635999Z SM   -49108101.19  430829438.2
SUPERMERCADOS CO     4285781Z SM   -6271873.083  110251382.6
TELEVISION AUTON     3772924Z SM   -148813632.8  119454851.8
TIP TRAILERS ESP     3804444Z SM   -11109283.92  130713925.8
TROPICAL TURISTI     3639071Z SM   -25374266.69    535701945
TWINS ALIMENTACI     4381793Z SM   -49677879.17  298164942.5
TYCO ELECTRONICS     2335265Z SM     -120345346  343202188.9
UNITEC UNION TIE     3801344Z SM   -23207409.48  131213302.5
UNIVERSAL MUSIC      3748312Z SM   -113641266.3  100627411.6
VIA OPERADOR PET     4510507Z SM   -22002322.05  129961207.4

SWEDEN
------
KAROLINEN FASTIG     4008644Z SS   -906745.1282  122777361.3
PHADIA AB             842347Z SS   -140406774.4   2127579095
STENA RECYCLING      4011316Z SS   -10675550.11  346046832.8
SWEDISH MA-RE RT       SWMASR SS   -213512979.5   2124668074
SWEDISH MAT-ADR          SWMA GR   -213512979.5   2124668074
SWEDISH MAT-ADR      3053566Q US   -213512979.5   2124668074
SWEDISH MATCH             SWD LI   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA GK   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA PZ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NR   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA TQ   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA LI   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA SS   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EB   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBP EO   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA NQ   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAUSD EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA IX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EU   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA QM   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA EO   -213512979.5   2124668074
SWEDISH MATCH AB          SWM VX   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA BY   -213512979.5   2124668074
SWEDISH MATCH AB          SWM GR   -213512979.5   2124668074
SWEDISH MATCH AB        SWMAF US   -213512979.5   2124668074
SWEDISH MATCH AB        SWMDF US   -213512979.5   2124668074
SWEDISH MATCH AB         SWMA S1   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAEUR EO   -213512979.5   2124668074
SWEDISH MATCH AB      SWMAGBX EU   -213512979.5   2124668074
SWEDISH MATCH- B        SWMWF US   -213512979.5   2124668074
SWEDISH MATCH-B         3033P US   -213512979.5   2124668074
SWEDISH MAT-RTS         SWMYR US   -213512979.5   2124668074
SWEDISH M-UN ADR        SWMAY US   -213512979.5   2124668074

TURKEY
------
BESIKTAS FUTBOL         BJKAS TI   -94748145.95  140991569.3
BESIKTAS FUTBOL           BWX GR   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASY TI   -94748145.95  140991569.3
BESIKTAS FUTBOL        BJKASM TI   -94748145.95  140991569.3
BESIKTAS FUTBOL         BKTFF US   -94748145.95  140991569.3
EGS EGE GIYIM VE        EGDIS TI   -7732135.103  147075077.7
EGS EGE GIYIM-RT       EGDISR TI   -7732135.103  147075077.7
GALATASARAY SPOR          GSY GR   -4380459.912  184132637.7
GALATASARAY SPOR        GATSF US   -4380459.912  184132637.7
GALATASARAY SPOR         GALA IX   -4380459.912  184132637.7
GALATASARAY SPOR        GSRAY TI   -4380459.912  184132637.7
GALATASARAY-NEW        GSRAYY TI   -4380459.912  184132637.7
IKTISAT FINAN-RT       IKTFNR TI   -46900666.64  108228233.6
IKTISAT FINANSAL        IKTFN TI   -46900666.64  108228233.6
KEREVITAS GIDA          KVTGF US    -4054982.47  114054263.4
KEREVITAS GIDA          KERVT TI    -4054982.47  114054263.4
MUDURNU TAVUKC-N       MDRNUN TI    -64935052.1  160420187.4
MUDURNU TAVUKCUL        MDRNU TI    -64935052.1  160420187.4
SIFAS                   SIFAS TI    -15439194.7    130608104

UKRAINE
-------
AZOVZAGALMASH MA         AZGM UZ   -42249438.53  336677635.6
DONETSKOBLENERGO         DOON UZ   -214112885.3  396954757.6
LUGANSKGAS               LYGZ UZ   -25247035.77    123851487
LUGANSKOBLENERGO         LOEN UZ   -28261772.82  197883850.6
MARIUP-GDR REG S          M9X GR   -11661586.28  260791838.5
MARIUP-GDR REG S         MZVM IX   -11661586.28  260791838.5
MARIUPOL HEAVY M         MZVM UZ   -11661586.28  260791838.5
NAFTOKHIMIK PRIC         NAFP UZ    -22522408.4  344629436.5
NAFTOKHIMIK-GDR          N3ZA GR    -22522408.4  344629436.5
ODESSA OIL REFIN         ONPZ UZ   -111365037.3  482408330.5
ZALK - PFTS              ZALK UZ   -43917605.26  146530718.8

UNITED KINGDOM
--------------
3I PLC               2346795Z LN   -40072013.14  518266360.4
600 UK LTD           1282018Z LN   -731250.5356  123671540.8
A & L CF DECEMBE     1449258Z LN   -1168298.788    717098206
ABF GRAIN PRODUC     1276922Z LN   -124487759.2    399205741
ACCIDENT EXCHANG     1927374L LN   -33094543.84  273916447.7
ACE INA SERVICES     1442282Z LN   -56846654.06  155841457.8
ACIS GROUP LTD       4159557Z LN   -29529317.19  122639068.7
ACORN CARE AND E     1238567Z LN    -70886168.8  120665053.6
ACROMAS HOLDINGS     3109266Z LN    -2744136431  11102400350
AEA TECHNOLO-FPR         AATF LN   -254011230.2  116074481.7
AEA TECHNOLO-FPR         AATF PZ   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT PO   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT VX   -254011230.2  116074481.7
AEA TECHNOLOGY          EAETF US   -254011230.2  116074481.7
AEA TECHNOLOGY            AAT IX   -254011230.2  116074481.7
AEA TECHNOLOGY            AEY GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT LN   -254011230.2  116074481.7
AEA TECHNOLOGY G       AATGBP EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EO   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT PZ   -254011230.2  116074481.7
AEA TECHNOLOGY G          89A GR   -254011230.2  116074481.7
AEA TECHNOLOGY G          AAT EU   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN LN   -254011230.2  116074481.7
AEA TECHNOLO-NPR         AATN PZ   -254011230.2  116074481.7
AFFINITI INTEGRA     1651064Z LN   -641336281.2  234937228.8
AGA RANGEMASTER      4160101Z LN   -135154885.9    370549810
AGORA SHOPPING C      214766Z LN   -21850071.32  248692721.6
AIRTOURS PLC            ATORF US   -379721780.5   1817512774
AIRTOURS PLC              AIR LN   -379721780.5   1817512774
AIRTOURS PLC              AIR VX   -379721780.5   1817512774
ALAN DICK & CO H     2941227Z LN   -146634457.4  106441879.6
ALBANY ASSISTANC     1679512Z LN    -6889320.76  136534194.9
ALBANY VEHICLE R     1775873Z LN   -6397402.932  178963029.1
ALCATEL-LUCENT T     2645055Z LN   -8743499.127  423399404.1
ALIXPARTNERS LTD     2578482Z LN   -20704239.37  115351021.9
ALLIANCE & LEICE     1603082Z LN   -362196734.3   3707298376
ALLIANZ MANAGEME     4160221Z LN    -60281459.6  149113920.3
ALTON TOWERS RES     4496763Z LN   -10652990.57  233239679.4
AMER BUS SYS              ARB LN     -497126976    121439000
ANGLESEY ALUMINI     3899138Z LN   -31293037.69  162854170.3
ANGLESEY ALUMINI     1363682Z LN   -92021199.08  162854170.3
ANKER PLC                DW14 GR   -21861359.81    115463159
ANKER PLC                 ANK LN   -21861359.81    115463159
ANKER PLC                 ANK PO   -21861359.81    115463159
ANKER PLC - ASSD         ANKC LN   -21861359.81    115463159
ANKER PLC - ASSD         ANKB LN   -21861359.81    115463159
ANKER PLC-ASSD           ANKA LN   -21861359.81    115463159
APPERLEY REALISA     3951420Z LN   -32792784.91  184057205.1
APPLE RETAIL UK      1237895Z LN   -16281873.04  233983518.8
ARGENTA UNDERWRI     2619614Z LN    -1752171.43  135965410.7
ASHWELL PROPERTY     4165857Z LN   -192048023.3  200163088.3
ASPIRE HOUSING L     1820890Z LN   -76622621.06  145635258.6
ASTRIUM LTD          2568578Z LN   -83582811.42  443414715.3
AT KEARNEY HOLDI     4168565Z LN   -712649.2612  420870276.2
ATKINS (WS) PLC        ATKGBP EO   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GK   -167977705.2   1532560636
ATKINS (WS) PLC         WATKF US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK QM   -167977705.2   1532560636
ATKINS (WS) PLC           ATK BQ   -167977705.2   1532560636
ATKINS (WS) PLC         WATKY US   -167977705.2   1532560636
ATKINS (WS) PLC           ATK TQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK S1   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EB   -167977705.2   1532560636
ATKINS (WS) PLC           ATK EU   -167977705.2   1532560636
ATKINS (WS) PLC           6W2 GR   -167977705.2   1532560636
ATKINS (WS) PLC           ATK VX   -167977705.2   1532560636
ATKINS (WS) PLC           ATK LN   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PZ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK NQ   -167977705.2   1532560636
ATKINS (WS) PLC           ATK PO   -167977705.2   1532560636
ATKINS (WS) PLC           ATK IX   -167977705.2   1532560636
ATKINS (WS) PLC        ATKEUR EU   -167977705.2   1532560636
ATP OIL & GAS UK     1885966Z LN   -60472161.29  263293265.1
AUTOMOBILE ASSOC     1479490Z LN   -52415369.19   2231197485
AVAYA UK             1700688Z LN   -28200251.54  331855473.3
AVIVA CENTRAL SE     4503755Z LN   -118366561.9  856513593.7
AVIVA EMPLOYMENT     1749312Z LN    -1680147587  169329942.7
BAE SYSTEMS INTE     2344987Z LN   -27179921.77  518682274.2
BAE SYSTEMS LAND     1069210Z LN   -74963208.91  373186409.6
BAE SYSTEMS LAND     1111359Z LN   -532890637.3  384593854.4
BAE SYSTEMS PROP     1151751Z LN   -87647151.12  896957185.8
BAE SYSTEMS SURF     1979118Z LN   -459281987.9  278902868.6
BANNER HOMES WES     1434946Z LN   -2194672.776    103230794
BARCHESTER HOLDC     4391889Z LN   -29571912.71   1847591976
BARRACUDA GROUP         3636Z LN   -395586366.9    328358578
BASINGHALL FINAN     1127799Z LN   -9913804.539  605593711.5
BAT CHINA LTD        1281226Z LN   -242792796.6  103934859.5
BAT UK & EXPORT      4509491Z LN   -349911284.7   2485988824
BDP HOLDINGS LTD     3796920Z LN   -4078321.526  113196276.2
BENTLEY MOTORS L     1376666Z LN   -161438838.6  949891659.2
BETFAIR LTD            83844Z LN   -18103010.97  446483786.1
BEZIER ACQUISITI      610152Z LN   -57556435.01  153054878.1
BGE UK LTD           1653368Z LN   -34093758.69  497857124.3
BIFFA LTD                BIFF LN   -380391564.8   3021695633
BIFFA PLC            3567279Q GR   -380391564.8   3021695633
BIFFA PLC            2758822Q EO   -380391564.8   3021695633
BIFFA PLC            2758806Q EO   -380391564.8   3021695633
BIFFA PLC            2758798Q EO   -380391564.8   3021695633
BIFFA PLC            2758818Q EU   -380391564.8   3021695633
BIFFA PLC            2758802Q EO   -380391564.8   3021695633
BIFFA PLC            2758794Q EU   -380391564.8   3021695633
BIFFA PLC                BIFF PZ   -380391564.8   3021695633
BIFFA PLC               BIFAF US   -380391564.8   3021695633
BIFFA PLC                BIFF IX   -380391564.8   3021695633
BIRDS EYE IGLO       2332487Z LN   -427711801.4   3363661535
BIRSE CIVILS LTD     1333506Z LN   -17529759.02  148612506.4
BLACK & EDGINGTO          BLE LN   -124570092.3  130962299.8
BLUEWATER OPERAT     1685912Z LN   -21362577.22    115391731
BLUEWATER UK LTD     1719216Z LN   -41317209.46  139131490.7
BMI                     1113Z LN   -216730247.2  520473243.2
BNB RECRUITMENT           BQX GR   -10242625.55    103637705
BNB RECRUITMENT           BNB PO   -10242625.55    103637705
BNB RECRUITMENT           BNB IX   -10242625.55    103637705
BNB RECRUITMENT         BNBRF US   -10242625.55    103637705
BNB RECRUITMENT           BNB LN   -10242625.55    103637705
BODYCOTE HEAT TR      620598Z LN   -8532256.336  101101483.7
BOLTON WANDERERS     1274042Z LN   -51607913.21  134186447.2
BOSTON MAYFLOWER     1845650Z LN   -38702577.78  104489726.5
BOVIS LEND LEASE     2540850Z LN   -447807.1747  128240779.6
BP EXPLORATION A     1085738Z LN   -11474454.61   1521107023
BP SHIPPING          1281618Z LN   -33953796.77  422714181.4
BRADSTOCK GROUP         BSKGF US   -1855444.639  268563822.5
BRADSTOCK GROUP           BDK LN   -1855444.639  268563822.5
BRB RESIDUARY LT     2872503Z LN   -300504689.6  399749459.7
BRICKAGENT LTD       1194055Z LN   -6815890.411    330168624
BRIT BROADCAST          1517Z LN   -582276768.4   4439917375
BRIT ENERGY LTD       523362Q LN    -5822867501   4921095750
BRIT ENERGY PLC          BEN1 GR    -5822867501   4921095750
BRIT ENERGY PLC         BHEGF US    -5822867501   4921095750
BRIT ENERGY PLC         BGYEF US    -5822867501   4921095750
BRIT ENERGY PLC       555140Q VX    -5822867501   4921095750
BRIT ENERGY-A            BENA GR    -5822867501   4921095750
BRIT ENERGY-ADR         BHEFF US    -5822867501   4921095750
BRITISH ENER-$US         BGYD AR    -5822867501   4921095750
BRITISH ENER-$US       BGYNYD AR    -5822867501   4921095750
BRITISH ENER-ADR        BGYNY US    -5822867501   4921095750
BRITISH ENER-BLK       BGYNYB AR    -5822867501   4921095750
BRITISH ENER-BLK         BGYB AR    -5822867501   4921095750
BRITISH ENER-C/E       BGYNYC AR    -5822867501   4921095750
BRITISH ENER-C/E         BGYC AR    -5822867501   4921095750
BRITISH ENER-CED          BGY AR    -5822867501   4921095750
BRITISH ENER-CED        BGYNY AR    -5822867501   4921095750
BRITISH ENERGY-A         BGYA PO    -5822867501   4921095750
BRITISH ENERGY-A     3012442Q LN    -5822867501   4921095750
BRITISH ENERGY-A        BHEAF US    -5822867501   4921095750
BRITISH ENERGY-A        BGYGF US    -5822867501   4921095750
BRITISH ENERGY-A         BGYA VX    -5822867501   4921095750
BRITISH TRANSPOR     4015740Z LN   -283990419.8  154845540.2
BRIXTON GREAT WE     1242343Z LN   -24193317.48  164120047.9
BT SWITZERLAND L     1924382Z LN   -33792470.09  108013506.1
BTG INTERNATIONA     2815068Z LN   -15299768.54  384925017.9
BUNZL VENDING SE     1626514Z LN   -3627717.453    117295226
BURNDEN LEISURE           BDL LN   -34303346.66  148833324.3
CALSONIC KANSEI      1541442Z LN   -38998494.18  298627314.6
CALSONIC KANSEI      2730264Z LN   -112686897.5    233439821
CANARY WHARF FIN     1198063Z LN   -133871013.2   4239121844
CARILLION CONSTR     1328554Z LN   -62296373.48   2641870601
CARILLION SERVIC     1692592Z LN   -6947459.591  181597321.7
CARISBROOKE ANGL     3815488Z LN   -67887962.81  125396545.6
CATTLES PLC               CZS GR   -599615492.2   3880885246
CATTLES PLC               CTT PZ   -599615492.2   3880885246
CATTLES PLC             CHOXF US   -599615492.2   3880885246
CATTLES PLC            CTTSEK EO   -599615492.2   3880885246
CATTLES PLC               CTT EU   -599615492.2   3880885246
CATTLES PLC            CTTEUR EU   -599615492.2   3880885246
CATTLES PLC            CTTUSD EO   -599615492.2   3880885246
CATTLES PLC               CTT LN   -599615492.2   3880885246
CATTLES PLC            CTTUSD EU   -599615492.2   3880885246
CATTLES PLC               CTT VX   -599615492.2   3880885246
CATTLES PLC            CTTGBP EO   -599615492.2   3880885246
CATTLES PLC               CTT BQ   -599615492.2   3880885246
CATTLES PLC               CTT NR   -599615492.2   3880885246
CATTLES PLC            CTTEUR EO   -599615492.2   3880885246
CATTLES PLC               CTT QM   -599615492.2   3880885246
CATTLES PLC               CTT IX   -599615492.2   3880885246
CATTLES PLC               CTT TQ   -599615492.2   3880885246
CATTLES PLC               CTT EO   -599615492.2   3880885246
CATTLES PLC               CTT NQ   -599615492.2   3880885246
CATTLES PLC               CTT PO   -599615492.2   3880885246
CATTLES PLC               CTT EB   -599615492.2   3880885246
CATTLES PLC            CTTSEK EU   -599615492.2   3880885246
CATTLES PLC-ADR         CHOXY US   -599615492.2   3880885246
CATTLES PLC-FPR          CTTF PZ   -599615492.2   3880885246
CATTLES PLC-FPR          CTTF LN   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN LN   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN PZ   -599615492.2   3880885246
CATTLES PLC-NPR      2843734Q EO   -599615492.2   3880885246
CATTLES PLC-NPR      2843730Q EU   -599615492.2   3880885246
CATTLES PLC-NPR      2843726Q EO   -599615492.2   3880885246
CATTLES PLC-NPR          CTTN IX   -599615492.2   3880885246
CATTLES PLC-NPR          CCTN PZ   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR PZ   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR IX   -599615492.2   3880885246
CATTLES PLC-RFD          CTTR LN   -599615492.2   3880885246
CENTRICA NORWAY      2715576Z LN   -80242474.89  583750056.8
CENTRICA SHB LTD     1619386Z LN   -17242062.52   1058303961
CHANNEL 5 TELEVI       93306Z LN   -61651242.02  459075420.3
CHELSEA FOOTBALL     1508858Z LN   -594070533.6  390331439.9
CHRYSALIS GROUP        CHSUSD EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EO   -16399845.81  124838262.3
CHRYSALIS GROUP           HR4 GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSUSD EU   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSGBP EO   -16399845.81  124838262.3
CHRYSALIS GROUP         CYGUF US   -16399845.81  124838262.3
CHRYSALIS GROUP        CHSEUR EO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PO   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS LN   -16399845.81  124838262.3
CHRYSALIS GROUP         CLYSF US   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS PZ   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS VX   -16399845.81  124838262.3
CHRYSALIS GROUP           5CY GR   -16399845.81  124838262.3
CHRYSALIS GROUP           CHS IX   -16399845.81  124838262.3
CITY INN LTD         2196980Z LN   -58757237.01  347215498.4
CLIPPER WINDPOWE          CWP EU     -168322000    436419008
CLIPPER WINDPOWE     3470635Q LN     -168322000    436419008
CLIPPER WINDPOWE          C2W GR     -168322000    436419008
CLIPPER WINDPOWE          CWP PG     -168322000    436419008
CLIPPER WINDPOWE          CWP IX     -168322000    436419008
CLIPPER WINDPOWE         CWPA LN     -168322000    436419008
CLIPPER WINDPOWE          CWP LN     -168322000    436419008
CLIPPER WINDPOWE          CWP PZ     -168322000    436419008
CLIPPER WINDPOWE          CWP EO     -168322000    436419008
CLIPPER WINDPOWE        CRPWF US     -168322000    436419008
CODEMASTERS SOFT     1522434Z LN   -139317421.8    165497678
COLAS RAIL LTD       4515415Z LN   -7305847.237  121887967.1
COMMERCIAL VEHIC     1575514Z LN   -19637.28046    146760852
COMMUNITY HOUSIN     4448257Z LN    -14511411.3  202470921.6
COMO HOLDINGS UK     3818576Z LN   -23709992.86  122013803.9
CONNECT M77/GSO      2028763Z LN   -30886645.59  222325514.3
CONNECT UTILITIE     2112683Z LN   -3401577.872  137324627.2
CONVENIENCE FOOD     1555794Z LN   -22712290.27  762249431.8
COOLKEERAGH ESB      4471679Z LN   -52669832.08  317763242.1
CORAL ESTATES LT     1077210Z LN   -2705934.021  167720044.9
COTT BEVERAGES L      605912Z LN   -16895546.47  184391857.8
COTT RETAIL BRAN     4499739Z LN    -15275862.4  184176726.3
CPI MORTARS LTD      1751696Z LN   -24785356.36  119460176.9
CROSBY GROUP PLC      237335Z LN   -110125991.6  336586360.4
CROSS KEYS HOMES     2008711Z LN   -123895266.7  168685502.5
CROWN BLUE LINE      1369234Z LN   -4505817.837  108693619.6
CSC METROCENTRE      1203663Z LN   -177523497.7    231888247
CUCINA LUX INVES     4503083Z LN   -332083965.3   3040705457
DANE HOUSING GRO     1773129Z LN   -27596778.77  113099606.8
DANKA BUS SYSTEM     3205287Q EU     -497126976    121439000
DANKA BUS SYSTEM     3205283Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK PZ     -497126976    121439000
DANKA BUS SYSTEM          DNK IX     -497126976    121439000
DANKA BUS SYSTEM          DNK PO     -497126976    121439000
DANKA BUS SYSTEM        DANKF US     -497126976    121439000
DANKA BUS SYSTEM     3205291Q EO     -497126976    121439000
DANKA BUS SYSTEM          DNK LN     -497126976    121439000
DANKA BUS SYSTEM          DNK VX     -497126976    121439000
DANKA BUS-$US CE        DANKD AR     -497126976    121439000
DANKA BUS-ADR             DB6 GR     -497126976    121439000
DANKA BUS-ADR           DANKY US     -497126976    121439000
DANKA BUS-ADR            AP39 LI     -497126976    121439000
DANKA BUS-ADR           DANKE US     -497126976    121439000
DANKA BUS-BLK CE        DANKB AR     -497126976    121439000
DANKA BUS-C/E CE        DANKC AR     -497126976    121439000
DANKA BUS-CEDEAR         DANK AR     -497126976    121439000
DCK GROUP LTD        4006628Z LN   -23972516.74  108515833.6
DELTA 3 UK LTD       4087083Z LN    -2278970462   8024284919
DERBY TELEGRAPH      1289578Z LN   -1870558.999  120329230.3
DHL EXPRESS UK L     1564450Z LN   -588968969.9  178269906.1
DIAMOND RESORT H     1710824Z LN   -33182092.85  203141679.9
DIAMOND RESORTS      1578906Z LN   -53932408.74    189968468
DIGNITY PLC            DTYGBP EO    -7483559.99  645145234.1
DIGNITY PLC               DTY LN    -7483559.99  645145234.1
DIGNITY PLC             DGNYF US    -7483559.99  645145234.1
DIGNITY PLC               DTY EU    -7483559.99  645145234.1
DIGNITY PLC               DTY EB    -7483559.99  645145234.1
DIGNITY PLC               DTY EO    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EU    -7483559.99  645145234.1
DIGNITY PLC               DN8 GR    -7483559.99  645145234.1
DIGNITY PLC               DTY NQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EO    -7483559.99  645145234.1
DIGNITY PLC               DTY QM    -7483559.99  645145234.1
DIGNITY PLC               DTY PZ    -7483559.99  645145234.1
DIGNITY PLC              DN8A GR    -7483559.99  645145234.1
DIGNITY PLC              DN8B GR    -7483559.99  645145234.1
DIGNITY PLC               DTY IX    -7483559.99  645145234.1
DIGNITY PLC               DTY BQ    -7483559.99  645145234.1
DIGNITY PLC               DTY VX    -7483559.99  645145234.1
DIGNITY PLC            DTYUSD EO    -7483559.99  645145234.1
DIGNITY PLC               DTY PO    -7483559.99  645145234.1
DIGNITY PLC               DTY S1    -7483559.99  645145234.1
DIGNITY PLC               DTY NR    -7483559.99  645145234.1
DIGNITY PLC               DTY TQ    -7483559.99  645145234.1
DIGNITY PLC            DTYEUR EU    -7483559.99  645145234.1
DIGNITY PLC              DN8A GK    -7483559.99  645145234.1
DISNEY MAGIC CO      1182559Z LN    -5415863.48    393500085
DISPOSABLE SOFT      1124335Z LN   -25554763.54  154077028.1
DONCASTERS PLC          2248Z LN   -317308195.4   1941958348
DONCASTERS-ADR        295664Q US   -317308195.4   1941958348
DRIVE ASSIST HOL     3641135Z LN   -97603977.94  738866338.9
DTZ DEBENHAM TIE     1637608Z LN   -65367918.17    431959182
E ON RUHRGAS UK      1671208Z LN     -182307521  370250605.6
E ON UK CHP LTD      2642428Z LN   -475664052.2  262876104.5
EASYJET AIRLINE      2828740Z LN   -48690159.99   3487432812
EASYNET GROUP             ESY LN   -60380605.51  334049332.2
EASYNET GROUP             ESY PO   -60380605.51  334049332.2
EASYNET GROUP             EAY GR   -60380605.51  334049332.2
EASYNET GROUP           EZNGF US   -60380605.51  334049332.2
EASYNET GROUP             ESY VX   -60380605.51  334049332.2
EASYNET GROUP-CV       91009Z LN   -60380605.51  334049332.2
ECONOMIST NEWSPA        6888Z LN   -2941080.267  399071232.6
EDF ENERGY 1 LTD     1201287Z LN   -185411355.3  354815290.3
ELECTROLUX PLC       2830657Z LN   -35611895.33  621721997.2
EMCOR GROUP UK P      376717Z LN   -3523625.215  201259239.8
EMCOR UK LTD         4510091Z LN   -1583152.765  200493228.1
EMI GROUP -ASSD          EMIA LN    -2265916257   2950021937
EMI GROUP LTD             EMI LN    -2265916257   2950021937
EMI GROUP PLC        3020138Q GR    -2265916257   2950021937
EMI GROUP PLC           EMIPF US    -2265916257   2950021937
EMI GROUP PLC             EMI VX    -2265916257   2950021937
EMI GROUP PLC             EMI IX    -2265916257   2950021937
EMI GROUP PLC             EMI PO    -2265916257   2950021937
EMI GROUP PLC-B      1019425Q LN    -2265916257   2950021937
EMI GROUP-ADR            38IS LN    -2265916257   2950021937
EMI GROUP-ADR           EMIPY US    -2265916257   2950021937
EMI GROUP-ADR            EMI$ LN    -2265916257   2950021937
ENERGY POWER RES      510443Z LN   -93963662.92  168611857.1
EQUINITI LTD          977621Z LN   -93668087.43  951504738.1
EQUITY INSURANCE     1284698Z LN    -17694968.8  178126828.2
ERM-EUROPE LTD       1539482Z LN   -6189230.383  168410403.4
ESPORTA HEALTH &     1689624Z LN   -15075296.84  156183034.4
EUROPEAN HOME          EHREUR EU   -14328735.16  110864081.4
EUROPEAN HOME             EHR EU   -14328735.16  110864081.4
EUROPEAN HOME           FPAKF US   -14328735.16  110864081.4
EUROPEAN HOME          EHRGBP EO   -14328735.16  110864081.4
EUROPEAN HOME             KLZ PO   -14328735.16  110864081.4
EUROPEAN HOME             KLZ VX   -14328735.16  110864081.4
EUROPEAN HOME             EHR PO   -14328735.16  110864081.4
EUROPEAN HOME          EHREUR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR VX   -14328735.16  110864081.4
EUROPEAN HOME             EHR EO   -14328735.16  110864081.4
EUROPEAN HOME             EHR PZ   -14328735.16  110864081.4
EUROPEAN HOME             EHR LN   -14328735.16  110864081.4
EUROSTAR INTERNA     4379945Z LN    -2612284156  558131218.9
EXXONMOBIL MARIN     1196527Z LN   -11436778.26  350633878.1
FAIRLINE BOATS H     4498779Z LN   -13944238.58  114504852.8
FAREPAK PLC               FPK LN   -14328735.16  110864081.4
FIAT GROUP AUTOM     3899922Z LN   -7664234.882  421296185.4
FINANCIAL SERVIC     2630281Z LN   -167558381.3  246856182.8
FIRST CHOICE HOL     1098394Z LN   -599861682.6  608849393.2
FIRST MANCHESTER     1651368Z LN   -24200051.04  144244194.9
FITNESS FIRST CL     1734144Z LN   -4542316.813  262997348.7
FITNESS FIRST GR     4501843Z LN   -831355754.2   1655609515
FLUKE PRECISION      1429402Z LN   -991319.9558  125904210.3
FLYBE LTD               6621Z LN   -118366561.9  450450527.2
FORD MOTOR CO LT     1291306Z LN   -493779397.8   5534240380
FOUR SEASONS HEA     1865450Z LN     -103869946    365540616
FUNDING CORP LTD     4157637Z LN   -28925795.68  201083535.3
FW FARNSWORTH LT     1293386Z LN   -38614609.29  102562597.5
GALA GROUP LTD         19374Z LN    -1443271177   5876950503
GALIFORM CORPORA     1478794Z LN    -47866839.4  904819053.8
GAMESTEC LEISURE     1432626Z LN   -26296700.79  146168301.5
GARTLAND WHALLEY          GWB LN    -10986768.6  145352034.5
GDF SUEZ MARKETI     4502811Z LN   -34122449.42  563945963.1
GE CALEDONIAN LT     2178340Z LN   -54963000.56  439227996.7
GE CAPITAL EQUIP     2563466Z LN    -3085527.46  119650545.9
GE MONEY SECURED     1194559Z LN   -118319538.8  890770764.4
GENERAL MOTORS       1062338Z LN   -912103488.1   2014993677
GLAXOSMITHKLINE         1426Z LN   -14428237.79  13870592118
GLEESON DEVELOPM     3950756Z LN      -65495092  111803622.2
GLOBAL CROSSING      3629883Z LN   -353965082.8  492328850.3
GLOBAL RADIO SER     4171741Z LN   -66177933.43  124610180.3
GO-AHEAD GRO-ADR        GHGUY US   -22138864.97   1524307576
GO-AHEAD GROUP         GOGGBP EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG VX   -22138864.97   1524307576
GO-AHEAD GROUP            GOG TQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG IX   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PZ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EU   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EU   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG S1   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG PO   -22138864.97   1524307576
GO-AHEAD GROUP          GHGUF US   -22138864.97   1524307576
GO-AHEAD GROUP            GOG LN   -22138864.97   1524307576
GO-AHEAD GROUP            GOG BQ   -22138864.97   1524307576
GO-AHEAD GROUP            GOG NR   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EO   -22138864.97   1524307576
GO-AHEAD GROUP            G9X GK   -22138864.97   1524307576
GO-AHEAD GROUP            GOG QM   -22138864.97   1524307576
GO-AHEAD GROUP         GOGUSD EO   -22138864.97   1524307576
GO-AHEAD GROUP         GOGEUR EO   -22138864.97   1524307576
GO-AHEAD GROUP            GOG EB   -22138864.97   1524307576
GONDOLA GROUP LT     4499995Z LN   -284524422.8   1496226646
GOODRICH CONTROL     3631571Z LN   -204049997.3  694498740.9
GOODYEAR DUNLOP      3894550Z LN   -191322012.8    287023355
GRAINGER FINANCE     1850494Z LN   -22474336.95   1950379725
GRANT THORNTON U      961842Z LN    -53048686.7    407603310
GREEN (E) & PART          GEP LN   -32392901.23  196106689.5
HALDEX CONCENTRI     4160093Z LN   -29953316.08  111499657.3
HARMSWORTH PRINT     1552314Z LN   -10886430.88  200919014.7
HARMSWORTH PRINT     1719464Z LN   -20627005.31  199220095.8
HARMSWORTH QUAYS     1552378Z LN   -104222080.4  297855927.3
HAS ACCIDENT MAN     3815368Z LN   -15457607.26  491008239.2
HAYMARKET GROUP      4158941Z LN     -100498143  307693877.6
HELPHIRE FINANCE     1704464Z LN   -6187093.256  120517778.6
HESS INDONESIA P     1705776Z LN   -56622019.25  582889084.6
HOGG ROBINSON GR          HRG LN   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EU   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EU   -25479764.27  756214238.4
HOGG ROBINSON GR        HOGGF US   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG EO   -25479764.27  756214238.4
HOGG ROBINSON GR          DQX GR   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG VX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGEUR EO   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG S1   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG PZ   -25479764.27  756214238.4
HOGG ROBINSON GR          HRG IX   -25479764.27  756214238.4
HOGG ROBINSON GR       HRGGBP EO   -25479764.27  756214238.4
HOLIDAY AUTOS IN     1155863Z LN   -52099341.51  222704774.4
HOME RETAIL GROU     1897678Z LN   -70921714.17  750699513.1
HOUSE FRASER-ADR        HOFSY US   -14410799.86  200149998.1
HOUSE FRASER-ADR        HSFRY US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PZ   -14410799.86  200149998.1
HOUSE OF FRASER           HOF VX   -14410799.86  200149998.1
HOUSE OF FRASER           HOF PO   -14410799.86  200149998.1
HOUSE OF FRASER         HSFRF US   -14410799.86  200149998.1
HOUSE OF FRASER           HOF LN   -14410799.86  200149998.1
HOUSE OF FRASER           HOF IX   -14410799.86  200149998.1
HUTCHISON 3G UK       265923Z LN    -2558478023  10215382954
HUTCHISON 3G UK      1870250Z LN   -10150197192  10089105316
HYDREX HOLDINGS      4156949Z LN   -150849963.2  145584295.2
IG GROUP LTD         4502843Z LN    -1592321157  220229260.6
IKANO FINANCIAL      2599182Z LN   -11016514.34  150562302.2
INCOMMUNITIES GR     4508531Z LN   -49295282.29  378434758.9
INEOS GROUP HLDG        6623Z LN   -798534470.8  15936006904
INEOS MANUFACTUR     2170452Z LN   -6726362.412   1831309315
INEOS VINYLS UK      1072618Z LN   -236733123.8  260899630.2
INFORMA UK LTD        699186Z LN   -288113629.1   1264298680
INN ON THE PARK      1111959Z LN   -7177632.816  136376673.9
INSPIRED GAMING      1181783Z LN   -87284373.38  396170831.1
INTELLIGENT FINA     1645352Z LN   -15789097.29  146432108.1
INTELLIGENT PROC     1897878Z LN   -16714344.93  183346516.4
INTERFLOOR GROUP      317371Z LN   -4692809.598  114809869.5
INTERNATIONAL RE     1074242Z LN   -43218061.61  121397915.9
INTERNATIONAL TR     1647720Z LN   -2256724.849  114588447.6
IRANIAN OIL CO U     1380570Z LN    -88170857.4  370135921.5
JARVIS PLC               JRVS EU   -64739862.73    130951086
JARVIS PLC            JRVSGBP EO   -64739862.73    130951086
JARVIS PLC               JRVS PZ   -64739862.73    130951086
JARVIS PLC                JVR GR   -64739862.73    130951086
JARVIS PLC               JRVS VX   -64739862.73    130951086
JARVIS PLC               JRVS PO   -64739862.73    130951086
JARVIS PLC               JRVS IX   -64739862.73    130951086
JARVIS PLC            JRVSEUR EO   -64739862.73    130951086
JARVIS PLC               JRVS LN   -64739862.73    130951086
JARVIS PLC            JRVSEUR EU   -64739862.73    130951086
JARVIS PLC               JRVS EO   -64739862.73    130951086
JARVIS PLC              JVSPF US   -64739862.73    130951086
JDR ENTERPRISES      3947788Z LN     -6557452.2    161501211
JESSOPS PLC               JSP VX   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EU   -42702018.35  112964060.4
JESSOPS PLC               JS4 GR   -42702018.35  112964060.4
JESSOPS PLC               JSP PO   -42702018.35  112964060.4
JESSOPS PLC               JSP EO   -42702018.35  112964060.4
JESSOPS PLC            JSPEUR EO   -42702018.35  112964060.4
JESSOPS PLC               JSP IX   -42702018.35  112964060.4
JESSOPS PLC               JSP LN   -42702018.35  112964060.4
JESSOPS PLC            JSPGBP EO   -42702018.35  112964060.4
JESSOPS PLC               JSP EU   -42702018.35  112964060.4
JESSOPS PLC               JSP PZ   -42702018.35  112964060.4
JS BLOOR SWINDON     1568906Z LN   -6114543.554  105908043.2
JVC EUROPE LTD       2667041Z LN   -2824766.239  131996942.9
KELLOGG MANAGEME     1739336Z LN   -5288683.744  348135786.3
KEW GREEN HOTELS     1031803Z LN   -1599263.515  287896510.3
KIA MOTORS UK LT     1985990Z LN    -34025454.6  315596502.8
KIER DEVELOPMENT       86900Z LN   -2166596.478    236323651
KILMARTIN HOLDIN     3589161Z LN   -32467784.16  576731039.1
KILMARTIN PROPER      534862Z LN    -37743228.9  444220212.7
KLEENEZE PLC              KLZ LN   -14328735.16  110864081.4
KNIGHTSTONE HOUS     4158133Z LN   -15308739.92  279866238.1
KODAK LTD            1275242Z LN   -180673404.9  661044368.6
KOP FOOTBALL HOL     3315203Z LN   -214487094.9  590218957.6
KOP FOOTBALL LTD      901297Z LN   -105207451.9  474568063.7
LAING O'ROURKE S     1963302Z LN   -16954145.38  143873589.8
LANCASTER INVEST     1575538Z LN   -49629875.36  118967854.4
LAPSENT LTD           203678Z LN   -26875940.03  200397842.7
LAST MINUTE NETW     1180895Z LN   -422618140.3  473430973.8
LATIMER GROUP LT     4089809Z LN   -397652099.9  909970808.9
LEGAL & GENERAL      1575290Z LN   -8846197.262  126569938.1
LGC LTD               161695Z LN   -44759203.51  163172696.4
LINK FINANCIAL          3041Z LN   -63296738.93  226722478.9
LIONCOVER INSURA     1120431Z LN   -221632.1611  741441082.5
LLOYDS TSB CORPO     2045779Z LN   -7210252.406  310036480.9
LLOYDS TSB EQUIP     1214495Z LN   -661481.4498  334557469.7
LLOYDS TSB EQUIP     1238423Z LN   -1919544.165  270438080.8
LOGICA INTERNATI     2562234Z LN   -204054196.2  183833558.7
LOMBARD CORPORAT     1162975Z LN   -7309362.404  198951662.4
LOMBARD CORPORAT     1131527Z LN   -12385559.45  212891317.9
LOMBARD VEHICLE      1503522Z LN   -1267689.428  354373524.8
LONDON ORGANISIN     2707808Z LN   -111194464.2  319902766.9
LONDON TOWN PLC           LTW EO   -21897636.36  175672299.2
LONDON TOWN PLC          LTWR LN   -21897636.36  175672299.2
LONDON TOWN PLC           LTW LN   -21897636.36  175672299.2
LONDON TOWN PLC           LOU GR   -21897636.36  175672299.2
LONDON TOWN PLC          LTWX LN   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PG   -21897636.36  175672299.2
LONDON TOWN PLC           LTW EU   -21897636.36  175672299.2
LONDON TOWN PLC           LTW IX   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PO   -21897636.36  175672299.2
LONDON TOWN PLC           LTW PZ   -21897636.36  175672299.2
L'OREAL UK LTD       1294866Z LN   -38243907.35  469320156.2
LOTUS CARS LTD       1361858Z LN   -7107957.891  164348111.9
LOTUS GROUP INTE      144299Z LN   -6401594.745  177891981.7
LYNN WIND FARM L     3953012Z LN   -10085817.46  285246974.4
MAKRO SELF SERVI     1373618Z LN   -164720222.7  400641220.4
MANCHESTER CITY      2348397Z LN   -67944775.11  542937877.7
MANSFORD HOLDING      253659Z LN   -4565898.062  650742111.3
MAPELEY STEPS CO     1914846Z LN   -44982581.48  112862516.8
MARSH SERVICES L     1701416Z LN   -523772036.4  121325725.9
MAYBOURNE HOTELS     1824362Z LN   -7342720.585  243776690.2
MBDA UK LTD          1720864Z LN    -24824098.4   1872164454
MCINERNEY GROUP      1967014Z LN   -39888859.48  221805262.1
MCINERNEY HOMES      1688792Z LN   -40656839.54  139495247.7
MEDIAEDGE CIA UK     1912470Z LN    -43196912.2  117183919.6
MEDIMMUNE LTD        1596402Z LN   -18333665.25  353092399.2
MENZIES HOTELS H     4496419Z LN   -4625874.656  352267990.8
MENZIES HOTELS O     2527986Z LN   -26869545.88  137849610.2
MIDDLESEX CABLE      1598242Z LN   -170219219.9  108664527.9
MIDLAND EXPRESSW      583730Z LN   -21453585.64   1190959618
MILLENNIUM STADI     1727672Z LN   -10005942.39  176877728.5
MILLER HOMES         2220892Z LN   -31021993.81    983811413
MNAIP LTD            2018815Z LN   -8594175.012  140270204.8
MONARCH HOLDINGS     4502027Z LN    -65326834.3  774720668.6
MOTO HOSPITALITY     1344378Z LN   -151994623.3   1110023228
MYTRAVEL GROUP           MT/S VX   -379721780.5   1817512774
MYTRAVEL GROUP          MYTPF US   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S LN   -379721780.5   1817512774
MYTRAVEL GROUP           MT/S PO   -379721780.5   1817512774
MYTRAVEL GROUP       3544280Q IX   -379721780.5   1817512774
MYTRAVEL GROUP           ARO2 GR   -379721780.5   1817512774
MYTRAVEL GROUP P          MT/ VX   -379721780.5   1817512774
MYTRAVEL GROUP P        MYTGF US   -379721780.5   1817512774
MYTRAVEL GROUP P     1018144Q GR   -379721780.5   1817512774
MYTRAVEL GROUP-A        MYTVF US   -379721780.5   1817512774
MYTRAVEL GROUP-A     2281919Q GR   -379721780.5   1817512774
MYTRAVEL TOUR OP     1190295Z LN    -1403641162   2477169600
NACCO MATERIALS      1141567Z LN   -7118433.514  147004693.9
NATIONAL AUSTRAL     2191908Z LN   -381192.6999  369122665.5
NATIONS HEALTHCA      623142Z LN   -72928597.94  110273248.2
NCR LTD              3083521Z LN   -221436502.9  354267221.2
NESTLE UK LTD        1274562Z LN   -441369183.5   1411557990
NEW LINX HOUSING     1801057Z LN   -12040509.71  233111422.6
NEW LOOK RETAIL      2711544Z LN   -400438791.5   2225635874
NEW STAR ASSET           NSAM PO     -397718038  292972732.1
NEW STAR ASSET           NSAM LN     -397718038  292972732.1
NEW STAR ASSET           NSAM IX     -397718038  292972732.1
NEW STAR ASSET           NSAA LN     -397718038  292972732.1
NEW STAR ASSET       3226439Q EU     -397718038  292972732.1
NEW STAR ASSET           NSAM TQ     -397718038  292972732.1
NEW STAR ASSET           NSAM PZ     -397718038  292972732.1
NEW STAR ASSET          NWSAF US     -397718038  292972732.1
NEW STAR ASSET       3226443Q EO     -397718038  292972732.1
NEW STAR ASSET       3226431Q EU     -397718038  292972732.1
NEW STAR ASSET            N6S GR     -397718038  292972732.1
NEW STAR ASSET       3226435Q EO     -397718038  292972732.1
NEW STAR ASSET       3226447Q EO     -397718038  292972732.1
NEWCASTLE UNITED     4380361Z LN   -84704702.71  255597482.6
NEWCASTLE UNITED     1060322Z LN   -95555794.95  260472311.5
NIKKO PRINCIPAL       815703Z LN   -162068875.3  256750134.5
NORBAIN GROUP LT     4007676Z LN   -15436972.45  108956420.2
NORTHERN ELEC FI       28944Z US   -1130359.983    408059954
NORTHERN ELECTRI     1160759Z LN   -1130359.983    408059954
NORTHERN FO-ASSD         NFDA LN   -70166103.48  924672036.4
NORTHERN FOODS           NFDS VX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PO   -70166103.48  924672036.4
NORTHERN FOODS            NFO GK   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NR   -70166103.48  924672036.4
NORTHERN FOODS            NFO GR   -70166103.48  924672036.4
NORTHERN FOODS           NFDS QM   -70166103.48  924672036.4
NORTHERN FOODS           NFDS BQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS NQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EB   -70166103.48  924672036.4
NORTHERN FOODS        NFDSGBP EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS EU   -70166103.48  924672036.4
NORTHERN FOODS          NTFOF US   -70166103.48  924672036.4
NORTHERN FOODS           NFDS S1   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EU   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EO   -70166103.48  924672036.4
NORTHERN FOODS           NFDS IX   -70166103.48  924672036.4
NORTHERN FOODS           NFDS TQ   -70166103.48  924672036.4
NORTHERN FOODS           NFDS LN   -70166103.48  924672036.4
NORTHERN FOODS        NFDSUSD EO   -70166103.48  924672036.4
NORTHERN FOODS        NFDSEUR EU   -70166103.48  924672036.4
NORTHERN FOODS           NFDS PZ   -70166103.48  924672036.4
NORTHERN FOODS P         NFDR LN   -70166103.48  924672036.4
NORTHERN FOO-NEW         NFDN LN   -70166103.48  924672036.4
NORTHERN FOO-RFD      650060Q LN   -70166103.48  924672036.4
NOVAR ED&S LTD       1286578Z LN   -51664317.66  171098635.4
NOVELIS UK LTD       1295610Z LN   -29354907.35  167393334.2
NPIL HOLDCO LTD      3641071Z LN   -174437379.8  865144704.3
NPOWER GAS LTD       1689816Z LN     -466594411  568335416.1
NPOWER LTD           1185599Z LN   -352930656.8   4019259247
NPOWER NORTHERN      1779169Z LN   -251096564.1   2185949264
NTL COMMUNICATIO     1773729Z LN   -301208075.9  954738393.1
NTL MIDLANDS LTD     1579698Z LN   -1174963.948  459374901.9
OAKHILL GROUP LT     4499435Z LN   -10360362.13  225866415.8
ODEON & UCI CINE     3489372Z LN   -343984749.9   1063234218
O-I MANUFACTURIN     1320610Z LN   -15447837.01  127695517.6
OPTIMUM CARE LTD     3951796Z LN    -23827846.5  131314548.6
ORBIS PLC                 OBS PO     -4168493.8  127701679.5
ORBIS PLC                 OBS IX     -4168493.8  127701679.5
ORBIS PLC                 OBS PZ     -4168493.8  127701679.5
ORBIS PLC                 RLP GR     -4168493.8  127701679.5
ORBIS PLC                 OBS LN     -4168493.8  127701679.5
ORBIS PLC               ORBSF US     -4168493.8  127701679.5
ORBIS PLC                 OBG PO     -4168493.8  127701679.5
ORION ELECTRIC U     1513394Z LN   -9086918.607  140787898.2
OUTDOOR GROUP LT     1318338Z LN   -34424941.75  127535038.5
PARAGON SECOND F     2634515Z LN   -791215.0998   2719029923
PARK FOOD GROUP          PKFD LN   -46896921.68  229105534.5
PARK GROUP PLC          PRKGF US   -46896921.68  229105534.5
PARK GROUP PLC            PKG EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG VX   -46896921.68  229105534.5
PARK GROUP PLC            PKG EU   -46896921.68  229105534.5
PARK GROUP PLC           PRKG IX   -46896921.68  229105534.5
PARK GROUP PLC            PKG PZ   -46896921.68  229105534.5
PARK GROUP PLC            PKG PO   -46896921.68  229105534.5
PARK GROUP PLC         PKGGBP EO   -46896921.68  229105534.5
PARK GROUP PLC            PKG LN   -46896921.68  229105534.5
PARSONS BRINCKER     4496363Z LN   -4691186.744  159531362.7
PARTKESTREL LTD      1486546Z LN   -90325648.32   1585961788
PATIENTLINE PLC           PTL IX   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL PZ   -54677284.64  124948245.8
PATIENTLINE PLC           PTL VX   -54677284.64  124948245.8
PATIENTLINE PLC      2928903Q EU   -54677284.64  124948245.8
PATIENTLINE PLC      2928907Q EO   -54677284.64  124948245.8
PATIENTLINE PLC           PTL LN   -54677284.64  124948245.8
PATIENTLINE PLC      2928899Q EO   -54677284.64  124948245.8
PD PORT SERVICES     1407442Z LN   -10969629.43  162071623.9
PEGASUS RETIREME     1025323Z LN    -14474980.9  110180845.6
PENDRAGON PREMIE     1858506Z LN   -9882654.702  157562986.3
PENNINE HOUSING      1892438Z LN   -173655254.2  138682867.1
PEUGEOT CITROEN      1974702Z LN    -75918857.1  186001199.9
PHONOGRAPHIC PER     1296410Z LN   -7333794.897  201686757.6
PHS GROUP HOLDIN     3173182Z LN     -155785961   1761269364
PHS GROUP PLC         592449Z LN     -211011146   1915467185
PIL UK LTD           1194711Z LN   -42514912.95    100686482
PIPEX UK LTD         3956092Z LN   -94180733.77  183398680.1
PLACES FOR PEOPL     1914158Z LN   -10355226.52  535789315.1
PLANNED MAINTENA     1344714Z LN    -26609460.7  106403319.2
PORTSMOUTH FOOTB     2253627Z LN   -93977761.27  177073811.1
POST OFFICE LTD      1542650Z LN   -810274769.8   1745713935
POWERCORP INTERN     2075155Z LN   -9861916.228    120277629
PPG METRO 500 LT     2224564Z LN   -28999808.24  139145845.8
PREMIER OIL ONS      1992742Z LN     -104423997  811581976.4
PREMIUM AIRCRAFT     1295466Z LN   -31667987.25  104369715.9
PRESTBURY WENTWO     3814856Z LN   -193029639.3  625471206.9
PRINOVIS LIVERPO     2074147Z LN   -23730499.87  280965576.9
PRIORY EDUCATION     4453681Z LN   -861445.5338  213349151.9
PRODUCTION SERVI     2278723Z LN   -106295710.9  522254840.1
PROSTRAKAN GROUP          PSK PZ   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK IX   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EU   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EU   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKGBP EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK S1   -9666264.987  134080449.8
PROSTRAKAN GROUP        PKNGF US   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK PO   -9666264.987  134080449.8
PROSTRAKAN GROUP       PSKEUR EO   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK VX   -9666264.987  134080449.8
PROSTRAKAN GROUP          PSK LN   -9666264.987  134080449.8
QUINN BUILDING P     3949900Z LN   -22116104.71   1257547028
QUINN RADIATORS      1405898Z LN   -38929824.49  280654750.5
R&R ICE CREAM LT     3624280Z LN   -119415790.4  995648642.4
RAVEN HOUSING TR     4155997Z LN   -1384128.565  165155995.7
RBS MEZZANINE LT     2198564Z LN   -31627066.42  866060198.2
REAL ESTATE OP-O          REO EO    -1158383413   1692537506
REAL ESTATE OP-O       REOGBP EO    -1158383413   1692537506
REAL ESTATE OP-O          REO LN    -1158383413   1692537506
REAL ESTATE OP-O          REO IX    -1158383413   1692537506
REAL ESTATE OP-O          REO VX    -1158383413   1692537506
REAL ESTATE OP-O          REO ID    -1158383413   1692537506
REAL ESTATE OP-O          REO EU    -1158383413   1692537506
REAL ESTATE OP-O          REO PZ    -1158383413   1692537506
REAL ESTATE OP-O          REA GR    -1158383413   1692537506
RED FOOTBALL JOI     3277951Z LN   -101906192.3   1372452972
REDCASTLE 214 OX     1195151Z LN   -5844657.853  274975930.1
REDROW HOMES SOU     1797057Z LN   -45356044.32  102538083.4
REDROW HOMES SOU     1797065Z LN   -47639268.23  233726422.1
REGARD HOLDINGS      4157517Z LN   -2678709.275  159772566.2
RENAULT RETAIL G     1569882Z LN   -939316.5822  148920952.8
RENTOKIL INITIAL          RTO LN   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PZ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO PO   -195196189.7   2808673659
RENTOKIL INITIAL       RTOGBP EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO VX   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GK   -195196189.7   2808673659
RENTOKIL INITIAL          RTO QM   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EB   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOPEN EU   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO S1   -195196189.7   2808673659
RENTOKIL INITIAL          RTO IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO BQ   -195196189.7   2808673659
RENTOKIL INITIAL          RTO NR   -195196189.7   2808673659
RENTOKIL INITIAL        RTOKF US   -195196189.7   2808673659
RENTOKIL INITIAL         RTOG IX   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EU   -195196189.7   2808673659
RENTOKIL INITIAL       RTOUSD EO   -195196189.7   2808673659
RENTOKIL INITIAL         RTO1 GR   -195196189.7   2808673659
RENTOKIL INITIAL          RTO EO   -195196189.7   2808673659
RENTOKIL INITIAL          RTO TQ   -195196189.7   2808673659
RENTOKIL INITIAL       RTOEUR EO   -195196189.7   2808673659
RENTOKIL INITIAL        RKLIF US   -195196189.7   2808673659
RENTOKIL-SP ADR          AP76 LI   -195196189.7   2808673659
RENTOKIL-SP ADR         RTOKY US   -195196189.7   2808673659
RIO TINTO LONDON     1313074Z LN   -11248111.34  837785373.2
ROBINS & DAY LTD     1280922Z LN   -36729873.15  136233088.2
ROSEMONT HOLDING     4391905Z LN   -31339191.24  171491776.4
ROSYTH ROYAL DOC     2184524Z LN   -51250390.37  170932412.7
ROYAL BANK LEASI     2177244Z LN   -39584779.74  12845267029
ROYAL MAIL HOLDI     3900202Z LN   -10344178409   9705181654
SAFFRON HOUSING      4448377Z LN     -3777866.1  124457507.9
SAIPEM UK LTD        1472234Z LN   -34531089.55  391340190.7
SALAMANDER ENERG     2706372Z LN   -29541804.54  683160550.3
SAMPFORD UNDERWR     1230791Z LN   -18964953.58  150532675.1
SCOTTISH MEDIA            SSM LN   -30869684.96  154348424.8
SCOTTISH MEDIA          1442Q GR   -30869684.96  154348424.8
SCOTTISH MEDIA           SSMR LN   -30869684.96  154348424.8
SCOTTISH TELEV          SCTVF US   -30869684.96  154348424.8
SCOTTISH WIDOWS      1265663Z LN   -10131728.42  433671573.2
SCOTTISHPOWER EN     2211292Z LN   -388472480.2   2874992270
SCOTTS CO UK LTD     1154459Z LN   -31443592.79  119553562.6
SEGRO FINANCE PU     2320833Z LN   -1254907.484  270979842.3
SELWOOD HOUSING      1933982Z LN    -5609259.85  165098338.1
SEVERN VALE HOUS     4287717Z LN   -44717000.15  142537265.7
SHEFFIELD UNITED     1275418Z LN   -17603955.28  111039465.6
SIMON CARVES LTD     1209367Z LN   -153213598.1  103106141.1
SKANDIA LIFE BUS     1451642Z LN   -1945833.316  191394739.6
SKYEPHARMA PLC           SK8C GR   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP BQ   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EU   -124570092.3  130962299.8
SKYEPHARMA PLC           SKP1 VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP TQ   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPGBP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP IX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP VX   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PZ   -124570092.3  130962299.8
SKYEPHARMA PLC           SK8A GR   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP EO   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP PO   -124570092.3  130962299.8
SKYEPHARMA PLC         SKPEUR EU   -124570092.3  130962299.8
SKYEPHARMA PLC          SKYEF US   -124570092.3  130962299.8
SKYEPHARMA PLC            SKP LN   -124570092.3  130962299.8
SKYEPHARMA -SUB      2976665Z LN   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYEY US   -124570092.3  130962299.8
SKYEPHARMA-ADR           SKYE US   -124570092.3  130962299.8
SKYEPHARMA-ADR          SKYPY US   -124570092.3  130962299.8
SKYEPHARMA-ADR            SK8 GR   -124570092.3  130962299.8
SKYEPHARMA-ADR           AP80 LI   -124570092.3  130962299.8
SKYEPHARMA-ADR           SK8N GR   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF LN   -124570092.3  130962299.8
SKYEPHAR-RTS F/P         SKPF VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN VX   -124570092.3  130962299.8
SKYEPHAR-RTS N/P         SKPN LN   -124570092.3  130962299.8
SLP ENGINEERING      1855186Z LN    -32035150.2  111509874.7
SMG PLC                   SMG LN   -30869684.96  154348424.8
SMG PLC                   SMG PO   -30869684.96  154348424.8
SMG PLC-FUL PAID         SMGF LN   -30869684.96  154348424.8
SMG PLC-NIL PAID         SMGN LN   -30869684.96  154348424.8
SMITHS NEWS PLC           NWS S1   -96686010.48    285345604
SMITHS NEWS PLC           NWS LN   -96686010.48    285345604
SMITHS NEWS PLC         SMWPF US   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EU   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EU   -96686010.48    285345604
SMITHS NEWS PLC       NWS2EUR EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS VX   -96686010.48    285345604
SMITHS NEWS PLC       NWS1GBP EO   -96686010.48    285345604
SMITHS NEWS PLC           NWS PO   -96686010.48    285345604
SMITHS NEWS PLC           NWS IX   -96686010.48    285345604
SMITHS NEWS PLC       NWS2GBP EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS1 BQ   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 EO   -96686010.48    285345604
SMITHS NEWS PLC          NWS2 TQ   -96686010.48    285345604
SMITHS NEWS PLC         SMWPY US   -96686010.48    285345604
SMITHS NEWS PLC           NWS PZ   -96686010.48    285345604
SOMERSTON HOTELS     1231735Z LN   -35575589.67  108704983.3
SOMERSTON HOTELS     1167535Z LN   -51211253.55  508558934.5
SONY COMPUTER EN     3893902Z LN   -270582841.2   1433817117
SONY UNITED KING     1591658Z LN   -784050234.3   2342876447
SOUTH STAFFORDSH     4049781Z LN   -7077930.307  130208179.7
SOUTHERN CROSS           SCHE IX   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EO   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EU   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEEUR EO   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z GR   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE QM   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PZ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EB   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEUSD EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE S1   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE TQ   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE EU   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE BQ   -456857315.8  226500989.9
SOUTHERN CROSS            F2Z TH   -456857315.8  226500989.9
SOUTHERN CROSS          SOCHF US   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE VX   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE LN   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE PO   -456857315.8  226500989.9
SOUTHERN CROSS           SCHE NR   -456857315.8  226500989.9
SOUTHERN CROSS        SCHEGBP EO   -456857315.8  226500989.9
SOUTHERN ELECTRI     2635379Z LN   -259913242.1   1437660480
SPEAR GROUP HOLD     4470999Z LN   -91133585.59  140447896.6
SPEEDY 1 LTD         3722238Z LN   -464739433.2   1384529500
SPEEDY SUPPORT S     1601730Z LN   -34304692.53  146096457.3
SQUARE ENIX LTD      1826770Z LN   -155713036.9  185670555.6
SR TECHNICS UK L     2900250Z LN   -77404908.99  164414742.8
STAGECOACH SERVI     1584258Z LN   -27470918.93  305042241.9
STARBUCKS COFFEE     1156111Z LN    -43279602.2  213295057.7
STV GROUP PLC            STVG EU   -30869684.96  154348424.8
STV GROUP PLC            STVG VX   -30869684.96  154348424.8
STV GROUP PLC            STVG EO   -30869684.96  154348424.8
STV GROUP PLC             SMG IX   -30869684.96  154348424.8
STV GROUP PLC         STVGGBP EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EO   -30869684.96  154348424.8
STV GROUP PLC         STVGEUR EU   -30869684.96  154348424.8
STV GROUP PLC            STVG LN   -30869684.96  154348424.8
STV GROUP PLC             SMG PZ   -30869684.96  154348424.8
STV GROUP PLC            STVG S1   -30869684.96  154348424.8
STV GROUP PLC             SMG VX   -30869684.96  154348424.8
STV GROUP PLC           SMGPF US   -30869684.96  154348424.8
SUN CHEMICAL LTD     2569274Z LN   -21504458.55  276424178.5
SUNDERLAND ASSOC     1274418Z LN   -20522907.95  131617422.5
SUNSAIL LTD          1092666Z LN   -46608014.99  194329796.1
SW NO 1 LTD          1266351Z LN     -141200260    138566867
SWIFT TECHNICAL      4287133Z LN   -13473129.82  118980095.9
SWISS RE SERVICE     1209591Z LN   -43306880.78  327991637.9
TATA CMMNCTNS UK     2534722Z LN   -32378969.15  118690215.5
TAYLOR WIMPEY UK     1096922Z LN   -63897271.12   5389915426
TDL INFOMEDIA           3362Z LN   -4103374.146  172206907.7
TELEWEST COMMUNI     1646328Z LN   -322407498.9  794173871.1
TELEWEST COMMUNI     1608194Z LN   -459786702.9   9163459022
THALES CORPORATE     1083706Z LN   -39356881.83  696177878.8
THAMES WATER FIN        1615Z LN   -48749918.54   4474513723
THORN EMI PLC            THNE FP    -2265916257   2950021937
THORN EMI-ADR           TORNY US    -2265916257   2950021937
THORN EMI-ADR            THN$ LN    -2265916257   2950021937
THORN EMI-CDR             THN NA    -2265916257   2950021937
THORN EMI-REGD          1772Q GR    -2265916257   2950021937
TIGER ASPECT PRO     1819690Z LN    -1811042.92  108420699.7
TIMES NEWSPAPERS     2343939Z LN   -648843186.8  663564537.7
TOPAZ ENERGY LTD     4156397Z LN   -486865.8029  201580164.4
TOPPS TILES PLC           TPT BQ   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJY US   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT PZ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT IX   -37156577.81  134888367.5
TOPPS TILES PLC        TPTGBP EO   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EO   -37156577.81  134888367.5
TOPPS TILES PLC        TPTEUR EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT VX   -37156577.81  134888367.5
TOPPS TILES PLC           TPT EU   -37156577.81  134888367.5
TOPPS TILES PLC           TPT TQ   -37156577.81  134888367.5
TOPPS TILES PLC           TPT S1   -37156577.81  134888367.5
TOPPS TILES PLC           TPT LN   -37156577.81  134888367.5
TOPPS TILES PLC         TPTJF US   -37156577.81  134888367.5
TOPPS TILES-NEW          TPTN LN   -37156577.81  134888367.5
TRANSACTION SYST     1724584Z LN   -12727180.44  250347935.1
TRAVELEX HOLDING     2917958Z LN    -1298945101   2546701094
TRAVELODGE LTD       3471462Z LN   -391596042.3   1326034289
TRINITY MIRROR C     1871386Z LN   -53485246.17  204376308.9
TRINITY MIRROR M     1871370Z LN   -140843056.8  448783505.1
TRINITY MIRROR P     1511258Z LN   -123528659.2  920027091.7
TRINITY MIRROR S     1512242Z LN   -3205761.051  531281737.1
TSE DEVELOPMENT      2087531Z LN   -251391473.8  571968273.4
TUBE LINES FINAN     1241207Z LN   -2914999.962   2408518672
TUI UK LTD           1653824Z LN   -371582799.9   4848194651
TYCO HEALTHCARE      1066794Z LN   -12776603.56  314861589.2
UK POWER NETWORK     1195095Z LN   -7426844.716  332722643.3
UNIGATE PLC             UNGAF US   -34143742.45  284687094.6
UNIGATE PLC             UNGPF US   -34143742.45  284687094.6
UNIGATE PLC              UNIG LN   -34143742.45  284687094.6
UNIGATE PLC             1577Q GR   -34143742.45  284687094.6
UNIGATE PLC-ADR         UNGAY US   -34143742.45  284687094.6
UNILEVER UK CENT     1273034Z LN    -1928848885   6056871052
UNIQ PLC                  UGE GR   -34143742.45  284687094.6
UNIQ PLC                UNQPF US   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PZ   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ EU   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ LN   -34143742.45  284687094.6
UNIQ PLC                UNIQF US   -34143742.45  284687094.6
UNIQ PLC              UNIQGBP EO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ PO   -34143742.45  284687094.6
UNIQ PLC                 UNIQ IX   -34143742.45  284687094.6
UNIQ PLC                 UNIQ VX   -34143742.45  284687094.6
UNIQ PLC                 UGE1 GR   -34143742.45  284687094.6
UNIQ PLC              UNIQEUR EU   -34143742.45  284687094.6
UNIQ PREPARED FO     1077122Z LN     -120661558  355622471.3
UNITED BISCUITS      3193858Z LN   -326896245.3   3316769414
UNITED UTILITIES     1209903Z LN   -27701160.37  179120252.9
UNIVERSAL PICTUR     1083202Z LN   -66200436.83  242851864.9
UPP NOTTINGHAM L     1958934Z LN   -13938890.46  168152521.5
UPS LTD              1503290Z LN   -128358198.9  422072199.6
VALE OF AYLESBUR     4006932Z LN   -73416860.01  100856530.6
VANCO UK LTD         2784982Z LN   -19948188.55  101300528.2
VINK HOLDINGS LT     4380233Z LN   -13477348.26  132005020.2
VIRGIN HOTELS GR     4288389Z LN   -30191249.31  109995632.6
VIRGIN MOB-ASSD          VMOC LN   -392165409.3  166070003.7
VIRGIN MOB-ASSD          VMOA LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB LN   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB PO   -392165409.3  166070003.7
VIRGIN MOBILE             UEM GR   -392165409.3  166070003.7
VIRGIN MOBILE           VGMHF US   -392165409.3  166070003.7
VIRGIN MOBILE            VMOB VX   -392165409.3  166070003.7
VIRGIN WINGS LTD     4500155Z LN   -347033067.8   5365071310
VODAFONE UK CONT     1909662Z LN    -52004914.2    193624994
VOYAGE GROUP LTD     4168725Z LN   -89543682.76    572205624
WALES & WEST UTI     3688061Z LN   -784167196.7   2080276139
WARNER ESTATE            WNER EO    -8021407.27  430482190.2
WARNER ESTATE         WNERGBP EO    -8021407.27  430482190.2
WARNER ESTATE            WNER EU    -8021407.27  430482190.2
WARNER ESTATE            WNER PO    -8021407.27  430482190.2
WARNER ESTATE            WNER LN    -8021407.27  430482190.2
WARNER ESTATE            WNER IX    -8021407.27  430482190.2
WARNER ESTATE            WNER VX    -8021407.27  430482190.2
WARNER ESTATE           WNEHF US    -8021407.27  430482190.2
WARNER ESTATE             WRL GR    -8021407.27  430482190.2
WARNER ESTATE            WNER PZ    -8021407.27  430482190.2
WARNER MUSIC UK      1075906Z LN   -32488758.53  106000497.9
WEAVER VALE HOUS     3953220Z LN   -60271595.72  104022836.2
WEETABIX LTD-A          WEEBF US   -397652099.9  909970808.9
WEETABIX LTD-A      WTB OF Equity  -397652099.9  909970808.9
WESCOT TOPCO LTD     4007020Z LN   -18742009.49  116071906.1
WEST HAM UNITED      1275834Z LN   -32153419.01  217336047.4
WESTBURY HOTEL L     1214607Z LN   -4252380.749  239855108.5
WHITE YOUNG GREE          WHY PZ   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EU   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY LN   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY VX   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EU   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYGBP EO   -32392901.23  196106689.5
WHITE YOUNG GREE       WHYEUR EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY EO   -32392901.23  196106689.5
WHITE YOUNG GREE          WHY PO   -32392901.23  196106689.5
WHITE YOUNG-NEW          WHYN LN   -32392901.23  196106689.5
WIGHTLINK LTD        1385642Z LN   -15131435.92  231775265.6
WINCANTON PL-ADR        WNCNY US   -162158252.9   1389119000
WINCANTON PLC            WIN1 EU   -162158252.9   1389119000
WINCANTON PLC             WIN PO   -162158252.9   1389119000
WINCANTON PLC            WIN1 EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 TQ   -162158252.9   1389119000
WINCANTON PLC             WIN VX   -162158252.9   1389119000
WINCANTON PLC           WNCNF US   -162158252.9   1389119000
WINCANTON PLC            WIN1 NQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 BQ   -162158252.9   1389119000
WINCANTON PLC            WIN1 S1   -162158252.9   1389119000
WINCANTON PLC             WIN PZ   -162158252.9   1389119000
WINCANTON PLC         WIN1GBP EO   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EU   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EO   -162158252.9   1389119000
WINCANTON PLC            WIN1 QM   -162158252.9   1389119000
WINCANTON PLC         WIN1EUR EU   -162158252.9   1389119000
WINCANTON PLC         WIN1USD EO   -162158252.9   1389119000
WINCANTON PLC             WIN LN   -162158252.9   1389119000
WINCANTON PLC             WIN IX   -162158252.9   1389119000
WINCANTON PLC            WIN1 EB   -162158252.9   1389119000
WINDSOR TELEVISI     1475394Z LN   -232297665.7  340517582.8
WYG PLC                   WHY IX   -32392901.23  196106689.5
WYG PLC                WYGEUR EO   -32392901.23  196106689.5
WYG PLC                   WYG EU   -32392901.23  196106689.5
WYG PLC                WYGGBP EO   -32392901.23  196106689.5
WYG PLC                   WYG PZ   -32392901.23  196106689.5
WYG PLC                   WYG EO   -32392901.23  196106689.5
WYG PLC                WYGEUR EU   -32392901.23  196106689.5
WYG PLC                   WYG LN   -32392901.23  196106689.5
XAFINITY HOLDING     4168309Z LN      -18683833  243588520.5
XCHANGING UK LTD     1814130Z LN    -27188853.3  285255216.3
XSTRATA SERVICES     1975918Z LN   -88056666.54    169405671
YARLINGTON HOUSI     4435313Z LN   -18443811.91  276648958.8
YOUNG'S BLUECRES     1841386Z LN   -46554226.38  279057376.4
ZURICH EMPLOYMEN     1292298Z LN   -128495966.5  133351472.5



                            *********

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

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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.


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