TCREUR_Public/110815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, August 15, 2011, Vol. 12, No. 160

                            Headlines



A U S T R I A

A-TEC INDUSTRIES: Reports EUR24.6MM Net Income in First Half 2011
A-TEC INDUSTRIES: To Decide on Sale in "Next Few Days"


C Z E C H   R E P U B L I C

SAZKA AS: Creditors Committee Agree to Sell Business in Tender


D E N M A R K

* DENMARK: Proposes Amendments to Bank Insolvency Bill


G E R M A N Y

PETROPLUS FINANCE: Moody's Reviews 'B1' Rating for Downgrade


L U X E M B O U R G

BERNARD L MADOFF: HSBC Win Sends 'Hot Potato' Back to Europe
OSTREGION INVESTMENTGESELLSCHAFT: S&P Lowers Bond Rating to 'B+'


N E T H E R L A N D S

CHAPEL 2003-I: Moody's Lowers Rating on Class C Notes to 'C(sf)'
DUCHESS VI: Moody's Lifts Rating on EUR15MM Class E Notes to 'B1'
MARCO POLO: Reaches Agreement to Use Cash in Bankruptcy
MONASTERY 2004-I: Moody's Junks Rating on EUR10.5MM Class E Notes


R U S S I A

CHELINBANK: Fitch Affirms Individual Rating at 'D'
EVROFINANCE MOSNARBANK: Moody's Provides Update on Rating Review
TATFONDBANK: Moody's Affirms 'E+' BFSR; Outlook Negative


S E R B I A   &   M O N T E N E G R O

ZELJEZARA AD: Creditors Get Favorable Ruling in Claims Dispute


S P A I N

* SPAIN: Soccer Players to Strike Over Unpaid Salaries


S W I T Z E R L A N D

SUNRISE COMMUNICATIONS: Moody's Says 'B1' CFR Rating Unchanged


U N I T E D   K I N G D O M

BKF PLASTICS: Goes Into Administration, 39 Jobs at Risk
CHOICES CARE: Business as Usual Despite Firm's Administration
EDINBURGH SCHOOL: Bosses to Face Probe Over Collapse
LOMBOK: Files Notice of Intention to Go Into Administration
REXAM PLC: Moody's Maintains 'Ba2' Junior Subordinated Ratings

STEVENTON EVENTS: Truck Festival Operator Goes Into Liquidation
TJ HUGHES: Shuts Down All Stores, Cuts 57 Jobs
WINDERMERE VIII: Fitch Downgrades Rating on Class E Notes to 'Dsf'
YOUR SPACE: Langland Estates Acquires Derelict PO Building


X X X X X X X X

* BOND PRICING: For the Week August 8 to August 12, 2011




                            *********


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


A-TEC INDUSTRIES: Reports EUR24.6MM Net Income in First Half 2011
-----------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that A-Tec Industries AG
said first-half net income was EUR24.6 million, compared with a
net loss of EUR10.2 million a year earlier, as revenues rose 16%.

A-Tec forecasts operating earnings before interest and tax of as
much as EUR65 million in the full year, Bloomberg discloses.  The
insolvent group, according to Bloomberg, said in a statement that
its business development will be determined by the result of its
restructuring procedure and a possible new investor.

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

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


A-TEC INDUSTRIES: To Decide on Sale in "Next Few Days"
------------------------------------------------------
According to Bloomberg News' Boris Groendahl, A-Tec Industries
AG's chief executive officer and majority shareholder Mirko
Kovats, as quoted by Austrian magazine Format, said the company
could decide its sale to an investor in the "next few days".

Mr. Kovats told the Vienna-based magazine in an interview that A-
Tec's creditors will receive the funds as agreed in the company's
restructuring plan, Bloomberg relates.  He declined to say which
investors are bidding for A-Tec and who is most likely to win the
auction, Bloomberg notes.

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

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


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


SAZKA AS: Creditors Committee Agree to Sell Business in Tender
--------------------------------------------------------------
According to Bloomberg News' Lenka Ponikelska, Sazka AS's
administrator Josef Cupka told Aktualne.cz in an interview that
the creditors committee agreed to sell the Czech lottery company
in a tender.

Mr. Cupka told Aktualne that each bidder for Sazka will have to
pay a CZK500 million (US$29.3 million) deposit and the price
offered for the company will be the main criteria for choosing the
new owner, Bloomberg relates.

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

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


=============
D E N M A R K
=============


* DENMARK: Proposes Amendments to Bank Insolvency Bill
------------------------------------------------------
Christian Wienberg and Peter Levring at Bloomberg News report that
Denmark proposed amendments to its bank insolvency bill in an
effort to spur consolidation and help lenders sidestep the
European Union's toughest resolution laws.

According to Bloomberg, Economy Minister Brian Mikkelsen said on
Friday at a press conference in Copenhagen that under the
proposal, the state's winding-up unit Financial Stability will
take over bad loans from ailing lenders if another bank wants to
buy the healthy parts.

Lawmakers have come under pressure to amend existing laws after
the failure of two regional lenders this year triggered the EU's
first senior creditor losses within a resolution framework.

Standard & Poor's said on July 28 that a further 15 banks in the
Nordic country "could default," costing as much as US$2.3 billion
over the next three years, Bloomberg recounts.

"A number of small and medium-sized banks are exposed to the
property and farming sectors and are having a hard time generating
liquidity," Bloomberg quotes Mr. Mikkelsen as saying.  "The
challenges have grown bigger recently because of the current
deterioration of the sovereign debt crisis."

Denmark's banks need to refinance about US$35 billion in
state-guaranteed debt in the next two years, Bloomberg discloses.

Under Friday's proposal, a bank would get its guarantee extended
in the event of a take-over, Bloomberg says.  The bill also means
the state will identify too-big-to-fail banks, Bloomberg states.

The government passed legislation in June to encourage mergers by
allowing an acquiring bank to tap the country's depositor
guarantee fund, Bloomberg relates.  Friday's proposals come after
that bill failed to spur consolidation, Bloomberg notes.

Mr. Mikkelsen, as cited by Bloomberg, said some of the country's
banks face "significant challenges" to generate liquidity.


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


PETROPLUS FINANCE: Moody's Reviews 'B1' Rating for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade
the B1 corporate family and probability of default ratings of
Petroplus Holdings AG and the B2/LGD 5 (80) ratings assigned to
the US$1.6 billion senior unsecured bonds issued by Petroplus
Finance Limited.

The review of the ratings reflects Moody's concern that as a
result of the extended weakness in the European refining markets,
Petroplus is managing its operations and liquidity with a reduced
level of financial flexibility. Moody's expects no material
improvement in market conditions in the near term. In the first
half of 2011, the European refining margins remain relatively
depressed, as supply remains affected by the lagging overcapacity
while growth in demand is subdued due to a sluggish economic
recovery. Moody's also notes that high Brent crude prices add
negative pressure on the performance.

The review will focus on the company's prospects of putting
together a sustainable and more flexible funding arrangement for
supporting the liquidity requirements of the business, as the
company remains constrained by the financial covenants in its 2012
RCF facilities. At the end of 2009, the banking syndicate has
agreed to waive the group's financial covenant for four quarters
up to Q3 2010. The group was in compliance with the financial
covenants at the end of the 4Q 2010 and 1Q 2011. At the end of the
last Q2 2011, the company applied and received a waiver, as
declining operating margins and maintenance activities at Petit
Couronne and Coryton refineries resulted in a lower than expected
EBITDA generation, leading to a breach under the covenant. Under
the terms of the waiver, Petroplus has access to funding under the
revolving credit facility and agreed to maintain a minimum of
US$300 million of excess collateral.

The review will also reassess the medium term prospects for
reduction in debt, in view of the refinancing needs in 2014
(US$600m in bond maturities) and 2012 (when RCF facilities mature)
and on the assumptions of recovery rates, underpinning the current
ratings on the bonds, taking into account the recent closure of
the Reichstett refinery.

The company's liquidity position is supported by US$1.05 billion
of committed credit facilities (and US$1.11 billion of uncommitted
credit facilities), that mature in October 2012. At the end of 2Q
2011, Petroplus reported c.US$750 million in availability under
its committed and uncommitted revolving credit facilities. The
availability of funding is subject to maintaining clean
EBITDA/Interest Expense coverage in excess of 2.5x. Assuming the
current level of margins and no further turnaround activity for
the rest of 2011, the company should be able to meet its financial
covenant at the end of 3Q 2011. However, in the absence of
material recovery in the European refining market, Petroplus might
be challenged to restore sufficient headroom under its financial
covenant to pass the next testing at the end of fiscal year 2011.

The principal methodology used in rating Petroplus Holding AG was
the Global Refining and Marketing Rating Methodology published in
December 2009.

Petroplus is the largest European independent refiner with a total
throughput capacity of 667 thousand barrels per day and a Nelson
complexity factor of 8.3. Petroplus was established and expanded
through the acquisition of several refineries over the last four-
five years. Petroplus is currently operating five refineries while
its Teeside refinery has been transformed into a terminal and
storage facility, and its Reichstett refinery site is being
converted into a marketing and storage facility. Petroplus
reported revenues of US$20,735 million and a clean EBITDA of
US$550 million for the fiscal year ended 31st December 2010.


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


BERNARD L MADOFF: HSBC Win Sends 'Hot Potato' Back to Europe
------------------------------------------------------------
Stephanie Bodoni at Bloomberg News reports that HSBC Holdings
Plc's U.S. court victory against Irving Picard, the trustee
liquidating con man Bernard Madoff's management firm, may be a
boost for investors who filed lawsuits against HSBC and UBS AG in
Europe.

U.S. District Judge Jed Rakoff in New York on July 28 threw out
Mr. Picard's suit seeking almost US$9 billion, ruling the trustee
can't bring common-law claims against the bank.

According to the report, HSBC, Europe's largest bank, faces more
than 50 complaints in Ireland for allegedly failing in its duties
as custodian for Thema International Fund Plc, a European Union-
regulated fund that had US$1.1 billion in assets two weeks before
Madoff was arrested.  Investors who lost millions of dollars
through Access International Advisors LLC's LuxAlpha Sicav-
American Selection fund filed more than 100 lawsuits against UBS
in Luxembourg.

"The hot potato has now been handed back to Luxembourg and
Ireland," said Edouard Fremault, a senior analyst at Deminor
International, which advises more than 2,500 investors with losses
in Madoff-linked funds in Europe, according to Bloomberg.

Investors suing UBS and HSBC say the banks, as custodians, should
have uncovered Madoff's fraud.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities Investor Protection Act of 1970.  The District Court's
Protective Order (i) appointed Irving H. Picard, Esq., as trustee
for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP
as his counsel, and (iii) removed the SIPA Liquidation proceeding
to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The case is before Hon. Burton Lifland.  The
petitioning creditors -- Blumenthal & Associates Florida General
Partnership, Martin Rappaport Charitable Remainder Unitrust,
Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert
US$64 million in claims against Mr. Madoff based on the balances
contained in the last statements they got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).

The Chapter 15 case was later transferred to Manhattan.  In June
2009, Judge Lifland approved the consolidation of the Madoff SIPA
proceedings and the bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to
150 years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.)

As of July 15, 2011, a total of US$6.88 billion in claims by
investors has been allowed, with US$794.9 million to be paid by
the Securities Investor Protection Corp.  Investors are expected
to receive additional distributions from money recovered by Mr.
Picard from lawsuits or settlements.


OSTREGION INVESTMENTGESELLSCHAFT: S&P Lowers Bond Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+' from 'BB-' its
long-term rating on EUR425 million in floating-rate senior secured
bonds due 2039, and a EUR350 million floating-rate senior secured
loan from the European Investment Bank (EIB; AAA/Stable/A-1+), due
2038, issued by Luxembourg-registered Ostregion
Investmentgesellschaft Nr. 1 S.A., a special-purpose vehicle for
the financing of an Austrian road project.

"At the same time, we placed these ratings on CreditWatch with
negative implications," S&P related.

"The downgrade primarily reflects significantly weaker-than-
expected actual traffic on the road and our consequent revision of
the traffic forecast for the project. The proceeds of the bonds
and loan are being used to finance the Ostregion Package, a 33-
year public-private partnership concession to design, build,
finance, operate, and maintain a 52-kilometer stretch of motorway
to the north of the City of Vienna. The proceeds are being onlent
to Bonaventura Strassenerrichtungs GmbH (Bonaventura; not rated),
the project concessionaire. The concession grantor and offtaker is
the Austrian Roads Agency, Autobahnen- und Schnellstrassen-
Finanzierungs-Aktiengesellschaft (ASFINAG; AAA/Stable/A-1+)," S&P
related.

The payment mechanism used to reimburse Bonaventura combines
availability payments and shadow tolls.

"In view of these revised traffic prospects, we consider that the
project's financial profile will weaken materially. In our
opinion, the senior debt service coverage ratio may fall below the
default level (1.05x) during several periods, which would trigger
the top-up senior debt service payment guaranteed by Asfinag if
the underperformance can be attributed to lower-than-expected
traffic. In addition, we anticipate that the margin step-up on the
EIB loan of 0.85% (triggered by Ambac's downgrade below 'BBB-')
will apply from mid-2012 which will further stress the project's
financial profile," S&P related.

Any availability deductions or cost slippage could result in a
breach of the default covenant, given that Asfinag's top-up
guarantee only protects the project from traffic underperformance.
"We view this risk as relatively low, however, given the lack of
availability deductions to date, the relatively straightforward
operations, and the back-to-back nature of the contract with
the road's operator," S&P stated.

The audited financial accounts for the year ended Dec. 31, 2010,
reported that Bonaventura was a going concern. "However, as a
consequence of traffic underperformance and the project's highly
leveraged capital structure, we view that the project operator
(Bonaventura) is likely to report a permanent negative equity
position despite being able to service its senior debt on time
and in full. In such a case, we understand Bonaventura could be
declared insolvent under Austrian law, which would trigger an
event of default of the project debt," S&P related.

"We still view the risk of insolvency as relatively low, however,
as we understand that the project parties are currently working on
strengthening the project's capital structure, most likely through
a deeper subordination of the accrued interests on the mezzanine
debt (not rated). This, we understand, would allow the company to
return to a positive equity position in the long run," S&P said.

"We expect to resolve the CreditWatch situation following the
conclusion of negotiations between the project parties in order to
resolve the negative equity position, which we expect to happen
within the next 90 days," S&P related.

"We could lower the rating by one or more notches if we see
increasing risk that a lack of agreement between the parties may
lead to Bonaventura declaring insolvency. If this is the case, or
if the outcome of the negotiations includes unfavorable
modifications to the terms and conditions of the senior
debt holders, we could revise our rating on Ostregion's senior
debt to 'D' in line with our current rating definitions," S&P
related.

"We could affirm the rating with a stable outlook if the risk of
insolvency disappears and there have been no negative alterations
to the senior debt terms, provided that the project's operating
and lifecycle costs remain in line with expectations, and that the
payments under the Asfinag guarantee are made in line with its
terms and conditions," S&P stated.


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


CHAPEL 2003-I: Moody's Lowers Rating on Class C Notes to 'C(sf)'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 5 classes
of notes issued by Chapel 2003-1 B.V. and Chapel 2007 B.V., which
are both asset-backed securities (ABS) transactions backed by
loans originated by DSB Bank NV. The rating actions follow Moody's
receipt of new information regarding additional losses linked to
residual debts in the loan portfolios backing the notes. All
downgraded ratings, except the rating of Class C in Chapel 2003,
remain on review for downgrade because of uncertainties related to
the amount and the treatment of due care claims on the securitized
loans, as discussed in the press release Moody's published on
May 31, 2011.

Ratings Rationale

The rating action reflects: (i) Moody's revision of mean default
assumptions, following the allocation of additional losses to the
two transactions; and (ii) increased transaction costs due to the
sub-delegation of servicing to Quion Services B.V. and Quion
Hypotheekbegeleiding B.V.

The main driver for the actions is the allocation of additional,
previously unreported, losses to the transactions. Moody's was
informed that these additional losses arise from residual debts
classified as performing assets in the current pool balance. The
residual debts originated when the foreclosure proceedings from
previously defaulted assets were not sufficient to fully cover the
outstanding balance of a first and/or second lien mortgaged loan.
According to the transaction documents the full principal balance
of loans with more than 12 months arrears should have been
provisioned in the principal deficiency ledgers. Moody's was
informed that the residual debts will be written off and
provisioned for in the coming months.

The residual debts represent additional losses amounting to: (i)
EUR12.1 million for Chapel 2003, corresponding to 3% of the
current pool balance; and (ii) EUR3.8 million for Chapel 2007,
corresponding to 0.8% of the current pool balance.

As a result, Moody's has revised its mean default assumption to
account for these additional losses. The analysis resulted in an
updated mean default assumption of 11% of the current pool balance
for Chapel 2003 and 8.8% of the current pool balance for Chapel
2007. As a percentage of the original pool balance, plus the
replenishments, these default assumptions correspond to 4.8% for
Chapel 2003 and 6.75% for Chapel 2007.

Servicing Transfer

Moody's was also informed that the bankruptcy trustees of DSB have
entered into a sub-delegation agreement with Quion with the aim of
transferring servicing activities from the bankruptcy trustees of
DSB to Quion in relation to all loans originated by DSB. The
effective servicing transfer will take place in or around May 2012
and the sub-delegation contract has an initial term of five years.

The services envisaged to be carried out by Quion as from May 2012
comprise all servicing activities currently conducted by the
bankruptcy estate except for activities in relation to processing
the due care claims. The bankruptcy trustees will continue to
handle these due care claims directly. During the transition
period until May 2012, DSB will continue to service the loan
portfolio and DSB employees will benefit from an extended job
guarantee until the summer 2012.

In the sub-delegation contract, each special purpose vehicle (SPV)
has been granted the right to enter into a direct legal
relationship with Quion on similar terms to those agreed upon by
Quion and the bankruptcy trustees in the sub-delegation contract.
Moody's was informed that it is the intention of the SPVs to enter
into such a direct relationship with Quion in due course.

Moody's has assessed the current servicing arrangements under the
rating implementation guidance "Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analysing
Performance Disruption Risk" published on June 28, 2011. Although
the uncertainty around the servicing has reduced with the
announcement of the agreement with Quion, even if the issuers
enter into a direct agreement with Quion, Moody's views the
limited period of the agreement of five years as credit negative
for both transactions. Furthermore, Moody's notes that Quion is
not rated by Moody's.

The fees charged by Quion for servicing the mortgage and consumer
loans originated by DSB have been disclosed. The fees charged by
Quion are fixed per contract and per month. Moody's understands
that the new fees charged by Quion will be payable by the issuers,
irrespective of whether the issuers enter into a direct agreement
with Quion or not. In the ABS transactions, the fees will depend
on the total size of the portfolio serviced, including securitized
and non-securitized pools. Moody's therefore expects that the
servicing fees will increase over time as the total portfolio
amortizes or if parts of DSB's own book are sold and serviced by
another servicer. Moody's has stressed the fees assumptions to
account for a future increase in costs due to the pool
amortization in the two transactions.

Quion is an independent third party servicer specialized in the
servicing of Dutch residential mortgage loans. It was established
in 1994. As of December 31, 2010, Quion servicing portfolio
amounts to EUR24 billion of residential mortgage loans. Quion is
expected to use the transition period until May 2012 to ensure the
compatibility of its systems with the ones of DSB in terms of loan
administration and to gain experience in respect of consumer loan
servicing.

Methodologies

The principal methodology used in this rating was Moody's Approach
to Rating Consumer Loan ABS Transactions, published in July 2011.

Other methodology used in this rating was Historical Default Data
Analysis for ABS Transactions in EMEA, published in December 2005.

Other Factors used in this rating are described in The Lognormal
Method Applied to ABS Analysis, published in July 2000.

List of Actions

Issuer: Chapel 2003-I B.V.

   -- EUR890M A Notes, Downgraded to Ba1 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to Baa2 (sf) and Remained On Review for Possible
      Downgrade

   -- EUR39M B Notes, Downgraded to Caa3 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to Ba2 (sf) and Remained On Review for Possible
      Downgrade

   -- EUR23.5M C Notes, Downgraded to C (sf); previously on
      May 31, 2011 Downgraded to Caa2 (sf) and Remained On Review
      for Possible Downgrade

Issuer: Chapel 2007 B.V.

   -- EUR13.8M B Notes, Downgraded to Caa3 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to Caa1 (sf) and Remained On Review for Possible
      Downgrade

   -- EUR23.5M C Notes, Downgraded to Ca (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to Caa3 (sf) and Remained On Review for Possible
      Downgrade


DUCHESS VI: Moody's Lifts Rating on EUR15MM Class E Notes to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Duchess VI:

Issuer: Duchess VI

   -- EUR215M (currently EUR200.9M outstanding) Class A-1 Notes,
      Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf)
      Placed Under Review for Possible Upgrade

   -- EUR125M (currently EUR115.2M outstanding) Revolving
      Facility, Upgraded to Aaa (sf); previously on Jun 22, 2011
      Aa1 (sf) Placed Under Review for Possible Upgrade

   -- EUR35M Class B Notes, Upgraded to A1 (sf); previously on
      Jun 22, 2011 Baa2 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR25M Class C Notes, Upgraded to Baa1 (sf); previously on
      Jun 22, 2011 Ba1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR32.5M Class D Notes, Upgraded to Ba2 (sf); previously on
      Jun 22, 2011 B1 (sf) Placed Under Review for Possible
      Upgrade

   -- EUR15M Class E Notes, Upgraded to B1 (sf); previously on
      Jun 22, 2011 Caa2 (sf) Placed Under Review for Possible
      Upgrade

Ratings Rationale

Duchess VI, issued in August 2006, is a dual currency (EUR and
GBP) Collateralised Loan Obligation backed by a portfolio of
mostly high yield European and US loans. The portfolio is managed
by Babson Capital Europe Ltd. This transaction will be in
reinvestment period until August 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 December
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 October 2009, at which the last rating action in December
2009 was based. The Senior, Class B, Class C, Class D and Class E
overcollateralization ratios are reported at 140.99%, 126.93%,
118.49%, 109.07% and 105.21%, respectively, versus October 2009
levels of 134.82%, 121.93%, 114.14%, 105.38% and 101.78%,
respectively, and all related overcollateralization tests are
currently in compliance.

WARF has increased from 2686 to 2986 between October 2009 and June
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
September 1, 2010.

In addition, defaulted securities total about EUR4.53M of the
underlying portfolio compared to EUR34.47M 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 EUR453.3 million,
defaulted par of EUR4.5 million, a weighted average default
probability of 31.25% (consistent with a WARF of 3125), a weighted
average recovery rate upon default of 44.63% for a Aaa liability
target rating, and a diversity score of 40. 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 87% 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 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 notes that around 69% 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, weighted average coupon, and
   diversity score.

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 EMEA
Cash-Flow 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.


MARCO POLO: Reaches Agreement to Use Cash in Bankruptcy
-------------------------------------------------------
Carla Main at Bloomberg News reports that Marco Polo Seatrade BV
reached an agreement with creditors Credit Agricole SA and Royal
Bank of Scotland Group Plc to use its cash collateral amid
criticism from the banks that it wrongly filed for bankruptcy in
New York.  Robert G. Burns, a lawyer for Marco Polo, told U.S.
Bankruptcy Judge James M. Peck in Manhattan on Aug. 10 that the
parties reached the agreement.  Mr. Burns said the Company was
also working on a longer-range cash-flow budget.

The report relates that Marco Polo, the Amsterdam-based owner of
six vessels, withdrew its request for a $1 million debtor-in-
possession, or bankruptcy-financing, loan.  Mr. Burns told Judge
Peck that Edinburgh-based RBS had found accounts with $1.1 million
unencumbered by liens.  Credit Agricole SA, an agent to lenders
owed $89.7 million, said in court papers the ship owner has no
connection with New York, where its bankruptcy was filed.  Paris-
based Credit Agricole had sought to block Marco Polo from using
cash collateral on those grounds.

                         About Marco Polo

Marco Polo Seatrade B.V. operates an international commercial
vessel management company that specializes in providing commercial
and technical vessel management services to third parties.
Founded in 2005, the Company mainly operates under the name of
Seaarland Shipping Management and maintains corporate headquarters
in Amsterdam, the Netherlands.  The primary assets consist of six
tankers that are regularly employed in international trade, and
call upon ports worldwide.

Marco Polo and three affiliated entities filed for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 11-13634) on July 29,
2011.  The other affiliates are Seaarland Shipping Management
B.V.; Magellano Marine C.V.; and Cargoship Maritime B.V.

Marco Polo is the sole owner of Seaarland, which in turn is the
sole owner of Cargoship, and also holds a 5% stake in Magellano.
The remaining 95% stake in Magellano is owned by Amsterdam-based
Poule B.V., while another Amsterdam company, Falm International
Holding B.V. is the sole owner of Marco Polo.  Falm and Poule
didn't file bankruptcy petitions.

The filings were prompted after lender Credit Agricole Corporate &
Investment Bank seized one ship on July 21, 2011, and was on the
cusp of seizing two more on July 29.  The arrest of the vessel was
authorized by the U.K. Admiralty Court.  Credit Agricole also
attached a bank account with almost US$1.8 million on July 29.
The Chapter 11 filing precluded the seizure of the two other
vessels.

Evan D. Flaschen, Esq., Robert G. Burns, Esq., and Andrew J.
Schoulder, Esq., at Bracewell & Giuliani LLP, serve as bankruptcy
counsel.  The cases are before Judge James M. Peck.

The petition said assets and debt are both more than
US$100 million and less than US$500 million.


MONASTERY 2004-I: Moody's Junks Rating on EUR10.5MM Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 4 classes
of notes issued by Monastery 2004-1 B.V. and Monastery 2006-1
B.V., which are both residential mortgage-backed securities (RMBS)
transactions backed by loans originated by DSB Bank NV.  The
rating actions follow Moody's receipt of new information regarding
additional losses linked to residual debts in the loan portfolios
backing the notes. All downgraded ratings remain on review for
downgrade because of uncertainties related to the amount and the
treatment of due care claims on the securitized loans, as
discussed in the press release Moody's published on
May 31, 2011.

Ratings Rationale

The rating actions take into account: (i) Moody's revision of the
expected loss assumptions, following the allocation of additional
losses to the two transactions; and (ii) the sub-delegation of
servicing to Quion Services B.V. and Quion Hypotheekbegeleiding
B.V.

The main driver for the actions is the allocation of additional,
previously unreported losses to the transactions. Moody's was
informed that these additional losses arise from residual debts
classified as unsecured assets in the current pool balance. The
residual debts originated when the sale proceeds from previously
defaulted assets were not sufficient to fully cover the
outstanding balance of the mortgage loans. According to the
transaction documents, these shortfalls on a property sale should
have been recognized as a realized loss and should have been
provisioned for in the principal deficiency ledgers. Moody's was
informed that the residual debts will be written off and
provisioned for in the coming months.

The residual debts represent additional losses amounting to: (i)
EUR2.6 million for Monastery 2004, corresponding to 0.9% of the
current pool balance; and (ii) EUR4.5 million for Monastery 2006,
corresponding to 0.8% of the current pool balance.

As a result, Moody's has revised its expected loss assumptions to
account for these additional losses. The analysis resulted in an
expected loss assumption of 1.5% of the original pool balance for
Monastery 2004, which corresponds to Moody's latest assumption of
1.2%, plus the additional 0.3% (of the original balance) of losses
due to residual debt. In Monastery 2006, the analysis resulted in
an expected loss assumption of 2.7% of the original pool balance,
which corresponds to Moody's latest assumption of 2.2%, plus the
additional 0.5% (of the original balance) of losses due to
residual debt. Moody's expectation of future losses remains
unchanged -- excluding the short-term write offs of the residual
debts -- and represents 3% of the current pool balance in both
Monastery transactions.

Servicing Transfer

Moody's was also informed that the bankruptcy trustees of DSB have
entered into a sub-delegation agreement with Quion with the aim of
transferring servicing activities from the bankruptcy trustees of
DSB to Quion in relation to all loans originated by DSB. The
effective servicing transfer will take place in or around May 2012
and the sub-delegation contract has an initial term of five years.

The services envisaged to be carried out by Quion as from May 2012
comprise all servicing activities currently conducted by the
bankruptcy estate except for activities in relation to processing
the due care claims. The bankruptcy trustees will continue to
handle these due care claims directly. During the transition
period until May 2012, DSB will continue to service the loan
portfolio and DSB employees will benefit from an extended job
guarantee until the summer 2012.

In the sub-delegation contract, each special purpose vehicle (SPV)
has been granted the right to enter into a direct legal
relationship with Quion on similar terms to those agreed upon by
Quion and the bankruptcy trustees in the sub-delegation contract.
Moody's was informed that it is the intention of the SPVs to enter
into such a direct relationship with Quion in due course.

Moody's has assessed the current servicing arrangements under the
rating implementation guidance "Global Structured Finance
Operational Risk Guidelines: Moody's Approach to Analysing
Performance Disruption Risk" published on June 28, 2011. Although
the uncertainty around the servicing has reduced with the
announcement of the agreement with Quion, even if the issuers
enter into a direct agreement with Quion, Moody's views the
limited period of the agreement of five years as credit negative
for both transactions. Furthermore, Moody's notes that Quion is
not rated by Moody's. Based on this, Moody's concludes that the
maximum achievable rating in the Monastery transactions remains in
the single A range.

The fees charged by Quion for servicing the mortgage and consumer
loans originated by DSB have been disclosed. Moody's understands
that the new fees charged by Quion will be payable by the issuers,
irrespective of whether the issuers enter into a direct agreement
with Quion or not. Quion's fee structure is substantially similar
to the servicing fee structure at closing of the transactions. The
fees charged by Quion would amount to approximately 10 basis
points per year of the current portfolio balance in the two
transactions. The fees may increase over time as borrowers
partially prepay their loans; however, Moody's considers that the
fees are likely to remain within a 20 to 30 basis point range.

Quion is an independent third party servicer specialized in the
servicing of Dutch residential mortgage loans. It was established
in 1994. As of December 31, 2010, Quion servicing portfolio
amounts to EUR24 billion of residential mortgage loans. Quion is
expected to use the transition period until May 2012 to ensure the
compatibility of its systems with the ones of DSB in terms of loan
administration.

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 Approach to
Rating Dutch RMBS, published in December 2004 and Moody's Updated
MILAN Methodology for Rating Dutch RMBS, published in October
2009.

List of Actions

Issuer: Monastery 2004-I B.V.

   -- EUR8.5M D Notes, Downgraded to Ba2 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to Baa3 (sf) and Remained On Review for Possible
      Downgrade

   -- EUR10.5M E Notes, Downgraded to Caa2 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to B3 (sf) and Remained On Review for Possible
      Downgrade

Issuer: Monastery 2006-I B.V.

   -- EUR28.7M C Notes, Downgraded to B3 (sf) and Remains On
      Review for Possible Downgrade; previously on May 31, 2011
      Downgraded to B2 (sf) and Remained On Review for Possible
      Downgrade

   -- EUR9.5M D Notes, Downgraded to Ca (sf) and Remains On Review
      for Possible Downgrade; previously on May 31, 2011
      Downgraded to Caa3 (sf) and Remained On Review for Possible
      Downgrade


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


CHELINBANK: Fitch Affirms Individual Rating at 'D'
--------------------------------------------------
Fitch Ratings has affirmed three Russian regional banks' Long-term
Issuer Default Ratings (IDR).  Chelindbank (Chelind) has been
affirmed at 'B+', Primsotsbank (PSCB) at 'B' and Snezhinskiy (BS)
at 'B-' with Stable Outlooks.  At the same time, PSCB's National
Rating has been downgraded to 'BBB-(rus)' from 'BBB(rus)'.

Chelind's ratings affirmation reflects the negligible changes to
the bank's credit profile since the last review.  Fitch considers
the bank to have been conservatively managed to date, with a
sufficient margin of safety both in respect to liquidity and
capital position.  However, the bank is almost exclusively
concentrated on the highly cyclical economy of Chelyabinsk region
driven by the volatile metallurgical sector, which experiences
significant swings of economic activity creating notable downside
risk for the bank.  The bank's traditionally wide net interest
margin allowed it to cushion asset quality pressure during the
downturn, despite narrowing to 7.8% in 2010.

As expected by Fitch Chelind reported cyclical improvement in
profits in 2010 (return on average assets (ROAA) of 2.7%),
underpinned by lower credit costs due to the economic recovery and
improved corporate liquidity.  Non-performing loans (overdue more
than 90 days) still accounted for a significant 9.8% of the loan
book at end-April 2011, undermined by the lengthy and burdensome
foreclosure process and thin local asset markets.  However, the
bank has time to work through these problems thanks to its
comfortable liquidity (cash and securities repoable with the
central bank accounted for almost one-third of customer funding at
end-April 2011).  Although the capital position was high (19.3%
regulatory ratio at end-H111), it was somewhat undermined by a
high share of property revaluation reserves exposed to moderate
market risk.

The downgrade of PSCB's National Rating reflects Fitch's concern
about its high post-crisis risk appetite.  The bank's loan
portfolio grew by a rapid 48% in 2010 and continued to expand at
broadly the same pace in H111.  This raises questions about the
potential loosening of the underwriting criteria, which could
materialize in higher credit costs as the portfolio starts to
season.  In addition, real estate exposure has increased markedly,
both through lending (in Fitch's view, construction exposures may
have accounted for at least 36% of equity at end-Q111) and one
speculative proprietary investment (equal to about 19% of the
bank's equity at the same date), exposing the bank to considerable
market risk.

In addition, deterioration of PSCB's capital position has been
more acute than Fitch previously expected. The regulatory capital
ratio was a modest 11% at end-H111 (down from 16.4% at end-Q110,
and only just 1% above the minimum level required by the
regulator), providing the bank with quite a thin cushion to
withstand potential losses from its higher risk asset exposures.
Internal capital generation although solid, is running behind loan
growth.  The shareholders are considering injecting RUB300 million
of sub-debt in the next couple of months. The equity injection is
likely happen in early 2012 although the exact timing and size of
it is somewhat uncertain.

PSCB's ratings also remain constrained by corporate governance
risks.  These relate to the overlap of ownership and management
functions, with the main shareholder acting as the bank's CEO, and
potential contagion risks from unrated sister bank Levoberezhny,
which, in Fitch's view, has a somewhat weaker credit profile than
PSCB.  Fitch also notes the apparently reducing influence of
international financial institutions at PSCB, with the IFC having
sold its stake back to the main shareholder in 2010, and the EBRD
holding a stake too small to use as a blocking stake.

At the same time, the affirmation of PSCB's Long-term IDR at 'B'
reflects its track record of solid internal capital generation
(average 19% in 2007-2010) underpinned by significant fees and
commission (41% of gross revenues in 2010), its currently
comfortable liquidity (and the bank's ability to leverage down its
balance sheet in the recent crisis without significant use of
central bank funding) and the current cyclical improvement in
reported asset quality metrics as a result of the recently more
favorable credit environment.

BS's ratings are driven by its narrow franchise, relatively high
credit risks, significant borrower concentration and vulnerable
customer funding. BS's funding base proved to be highly
susceptible to depositor confidence.  As a result of political
pressure on BS's largest shareholder, the bank lost almost 18% of
customer funding in Q410-Q111.  Relatively high vulnerability of
its funding and relatively longer-term exposures to real estate
financing (almost 21% of the loan book at end-Q111) and
residential mortgages (another 21%) suggest that the bank should
keep a considerable amount of liquidity at all times.  This was
the case at end-H111, when the bank held almost 22% of its
customer funding in liquid assets.

BS's reported regulatory 18.8% capital ratio at end-H111 was
comfortably above the regulatory minimum.  However, the capital
position was somewhat undermined by its high borrowers'
concentration (largest 20 accounted for 2x of equity at end-Q111)
and significant amount of relationship based lending.

The rating actions are as follows:

Chelind

  -- Long-term foreign IDR: affirmed 'B+' with a Stable Outlook
  -- Short-term foreign IDR: affirmed 'B'
  -- Viability Rating: affirmed at 'b+'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: affirmed 'A-(rus)' with a Stable
     Outlook

PSCB

  -- Long-term foreign IDR: affirmed 'B' with a Stable Outlook
  -- Short-term foreign IDR: affirmed 'B'
  -- Viability Rating: affirmed at 'b'
  -- Individual Rating: affirmed at 'D'
  -- Support Rating: affirmed '5'
  -- Support Rating Floor: affirmed at 'No Floor'
  -- National Long-term rating: downgraded to 'BBB-(rus)' from
     'BBB(rus)' with a Stable Outlook

BS

  -- Long-term foreign IDR: affirmed 'B-' with a Stable Outlook
  -- Short-term foreign IDR: affirmed 'B'
  -- Viability Rating: affirmed at 'b-'
  -- Individual Rating: affirmed at 'D/E'
  -- Support Rating: affirmed '5'
  -- Support Rating Floor: affirmed at 'No Floor'


EVROFINANCE MOSNARBANK: Moody's Provides Update on Rating Review
----------------------------------------------------------------
Moody's Investors Service has commented on the progress of the
rating review of Evrofinance-Mosnarbank. The review was initiated
in February 2011, when Moody's placed the Ba3 long-term foreign
and local currency deposit ratings of EVMB on review for
downgrade.

Ratings Rationale

The review for downgrade followed the announcement of completion
of the change in EVMB's shareholder structure, whereby Russia's
Bank VTB and Gazprombank each hold a stake of 25% plus one share
in EVMB, and a stake of 50% minus two shares is held by the
Venezuela government. The review reflected uncertainties about
whether current support from VTB (which currently results in a
one-notch uplift from EVMB's B1 standalone credit strength) would
be adequately substituted either by government support or by
combined support from VTB and Gazprombank, as, prior to the change
in shareholder structure, VTB had held a 36% stake which was
reduced to 25%.

Moody's notes that following the change in shareholder structure,
EVMB started to benefit from mutual Russian-Venezuelan
transactions and received significant funding from both Russian
and Venezuelan companies (e.g. EVMB increased total assets to
RUB125 billion from RUB36 billion). However, the major
uncertainties which prompted the rating review have not been
resolved, in particular: (i) lack of clear strategy over franchise
development, capitalization and sustainability of the new
strategic role; (ii) stability of the venture is yet to be tested
due to uncertainties over the interstate relationships; and (iii)
unclear mechanisms of support, given the fragmented shareholder
structure.

Moody's anticipates that in the coming months greater clarity will
be achieved regarding the composition of EVMB's board of
directors, strategy, the support mechanisms and strategic fit to
the Russian government. Once this information has been
communicated to the rating agency, which Moody's expects to be
before the end of September 2011, the rating agency is expecting
to conclude the review.

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

Domiciled in Moscow, Russia, EVMB reported as of December 31,
2010, total IFRS (audited) assets of US$1.2 billion and total
equity of US$434 million. The bank's net income for the 2010
amounted to US$21 million.


TATFONDBANK: Moody's Affirms 'E+' BFSR; Outlook Negative
--------------------------------------------------------
Moody's Investors Service has affirmed Tatfondbank's E+ standalone
bank financial strength rating (BFSR) and its B2/Not prime long-
term and short-term debt and deposit ratings. The outlook on all
ratings is negative.

Moody's affirmation of Tatfondbank's ratings is based on the
bank's audited financial statements for 2010 prepared under IFRS,
and its H1 2011 unaudited results prepared under local GAAP.

Rating Rationale

According to Moody's, the E+ BFSR of Tatfondbank, which maps to a
standalone credit strength of B3, reflects the bank's weak
financial fundamentals, such as relatively weak asset quality, a
high level of single borrower concentration, a large volume of
related-party business, and weak core profitability. The ratings
are supported, however, by Tatfondbank's entrenched position in
the banking market in the Republic of Tatarstan (Ba1, stable
outlook) -- a region located in the European part of Russia.

The rating agency notes that Tatfondbank's impaired corporate
loans increased to 19% of the respective portfolio at YE2010,
compared to 12% at YE2009. Another 10% of corporate loans was
restructured at YE2010, compared to 18% in 2009. The increase in
impaired loans coupled with a decrease in restructured loans
signals a high impairment for restructured loans. A high share of
single- and related-party loans undermines asset quality: the top-
20 loans accounted for 367% of Tier 1 capital at YE2010, while
related-party exposures (net loans, securities, and receivables)
accounted for 89%. At YE2010, the bank also had investment
property (land and real estate) for around RUB4.2 billion, which
immobilized 65% of the bank's Tier 1 capital.

Tatfondbank's total capital adequacy ratio (CAR) improved to 16.1%
(Basel 1) at YE2010, from 14.3% in 2009, due to subordinated loans
of RUB2.1 billion (around US$74 million) received by the bank from
a company owned by Tatarstan in late 2010. While the CAR improved,
the bank's Tier 1 ratio decreased to 12.0% in 2010, from 14.2% in
2009, because of the growth in risk assets. Moody's observes that
Tier 1 capitalisation should be supported by the planned RUB2
billion capital increase in late 2011.

In Moody's opinion, Tatfondbank's core revenues (net interest
income and fees) are weak and were insufficient to cover its
operating expenses in 2010. Core profitability is likely to remain
modest, due to the bank's relatively high cost base.

The negative outlook on the E+ BFSR reflects the risk that
Tatfondbank's asset quality and core profitability in 2011 would
not recover to levels achieved prior to the global financial
crisis. Moody's notes that a revision of the outlook to stable
would require evidence of an improved net interest margin, a
material decrease in impaired loans, and a reduction in single-
and related-party exposures.

Tatfondbank's B2 long-term debt and deposit ratings are based on
the bank's B3 standalone credit strength and Moody's assessment of
a moderate probability of support that could be extended to the
bank in case of need by the government of Tatarstan. As such, the
bank's supported ratings benefit from one notch of support.
Moody's opinion is backed by Tatfondbank's market share of around
11% in retail deposits in Tatarstan, and the fact that the
regional government indirectly controls a 33.4% stake in
Tatfondbank through one of its companies.

Principal Methodologies

The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.

Headquartered in Kazan, Russia, Tatfondbank reported -- under
audited IFRS -- total consolidated assets of RUB57.3 billion at
YE2010. The bank reported a net profit of RUB324 million for 2010.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


ZELJEZARA AD: Creditors Get Favorable Ruling in Claims Dispute
--------------------------------------------------------------
Gordana Filipovic at Bloomberg News reports that the main
creditors of Zeljezara AD Niksic said they have secured a U.K.
court judgment backing their rights and claims against the
steelworks, which was declared bankrupt three months ago.

MNSS BV, a Dutch-based investment company which controlled just
above 50.1% of Zeljezara's capital, and its sister company
Recupero Credito Acciao NV, reported Montenegro and its
steel mill to the European Union for violating investor rights,
Bloomberg recounts.  According to Bloomberg, they together hold
EUR60 million (US$85.59 million) worth of claims and had turned to
the U.K. High Court of Justice to seek protection of their rights
after a Montenegrin court and Zeljezara's bankruptcy administrator
dismissed their claims.

The U.K. court on Thursday issued a "judgment in favor of MNSS and
Recupero on all counts and including a declaration that the
amounts representing MNSS and Recupero's claims as creditors
are 'due and owing' by ZN to MNSS and Recupero respectively,"
Bloomberg quotes MNSS as saying in a statement on Friday.

Zeljezara AD is a Montenegrin steel mill.


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


* SPAIN: Soccer Players to Strike Over Unpaid Salaries
------------------------------------------------------
Agence France Presse reports that soccer players from Spain's top
two divisions have opted to go on strike at the start of the
season.

The decision was taken after the Association of Spanish
Footballers (AFE) and the Professional Football League (LFP),
which represents clubs in the two divisions, failed to reach a
deal on wage guarantees for clubs that go insolvent, AFP relates.

According to AFP, AFE chief Luis Rubiales told a news conference
that "Footballers from the first and second divisions have taken
the responsible, firm and unanimous decision to go on strike on
the two first match days of the football season."

The players are in disagreement with the LFP over unpaid salaries
by some indebted clubs, AFP notes.

"This does not mean that we are dropping all dialogue.  We will
continue with it for the good of the footballers and for the good
of football, but the league will not begin until a new agreement
is signed," AFP quotes the AFE chairman as saying.

"We condemn the failure of clubs to fulfill contracts they have
signed with the players. Every day there are more.  Fifty million
euros, more than 200 footballers were involved over the years.

"The situation is deplorable.  The values of sport have not been
respected, the players cannot be asked to do more.  Footballers
don't want more money, we want to fulfill our contracts, to cover
debts and we all want to enjoy football in a healthy competitive
environment."


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


SUNRISE COMMUNICATIONS: Moody's Says 'B1' CFR Rating Unchanged
--------------------------------------------------------------
Moody's Investors Service has said that the B1 corporate family
rating of Sunrise Communications Holdings S.A. and the ratings of
its related subsidiaries remain unchanged following the
announcement that it has successfully raised a new tranche under
its senior facilities amounting to CHF300 million, and obtained
close to 100% consent to its amendment request, which was launched
on July 18 in anticipation of potential mobile spectrum license
payments in 2012. The outlook on the ratings remains stable.

Moody's considers that Sunrise's B1 CFR and stable outlook are not
impacted by the potential incremental debt to be raised under this
new tranche of its senior credit facilities agreement. Assuming
that the CHF300 million is drawn in 2012, Moody's would expect
Sunrise to show an adjusted debt/EBITDA ratio of slightly below
5.0x and a retained cash flow (RCF)/debt ratio of above 10%, in
line with the guidance for the current rating category.
Nevertheless, the CHF300 million increase in debt will translate
into a 0.4x increase in adjusted debt/EBITDA, which reduces the
cushion for operating underperformance within the rating category.

Sunrise's liquidity profile will be enhanced as a result of this
debt-raising exercise, and Moody's notes positively that the
company has concurrently obtained lenders' consent to amend the
covenants of its senior facilities such that it has the same level
of headroom as before this transaction.

Moody's also notes that Sunrise's operating performance for fiscal
year (FY) 2010 and the first quarter of 2011 was in line with
Moody's expectations. This was supported by the company's
positioning as the leading integrated alternative operator in
Switzerland, with reported market shares of 16% and 24% in the
fixed and mobile telephony segments respectively, and the relative
stability of the country's competitive, regulatory and
macroeconomic environments.

The stable outlook reflects Moody's expectation that Sunrise's
credit metrics will gradually improve over time, with no major
competitive, macro or regulatory threat envisaged over the near to
medium term.

Upward pressure on the rating could develop if Sunrise's
management team delivers on its business plan, such that the
company's (i) debt/EBITDA ratio (as adjusted by Moody's) reaches
4.0x or below; and (ii) RCF/debt ratio (as adjusted by Moody's)
trends towards 15% or higher.

Conversely, downward pressure on the rating could be exerted if
Sunrise's operating performance weakens such that the company does
not de-leverage from current levels. Ratios that could be
indicative of downward pressure on the rating are debt/EBITDA (as
adjusted by Moody's) above 5.0x and RCF/debt (as adjusted by
Moody's) below 10%.

The principal methodology used in rating Sunrise Communications
Holdings S.A. 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.

Headquartered in Zurich, Switzerland, Sunrise is the country's
second largest integrated telecommunications operator, with
CHF2.1 billion in revenues and CHF542 million in EBITDA in FY
2010. In a market dominated by the incumbent, Sunrise is the
leading challenger, with a reported 24% market share in mobile
telephony, a segment that is the largest contributor to the
company's consolidated revenues (60% of FY 2010 revenues). The
company has an estimated 16% market share in the fixed voice
segment and a 12% market share in the asymmetric digital
subscriber line (ADSL) segment.


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


BKF PLASTICS: Goes Into Administration, 39 Jobs at Risk
-------------------------------------------------------
BBC News reports that BKF Plastics Limited has gone into
administration putting 39 jobs at risk.  The report relates that
Alistair Wardell and Nigel Morrison of Grant Thornton were
appointed as joint administrators on Aug. 2.

Anthony Clark at PRW.com reports that due to the limited order
book, 19 of the staff have been made redundant although the
administrators are hopeful that a going concern sale will be
achieved, providing employment for the remaining workforce.

An unnamed company spokesman said the administrators hoped to sell
the business as a going concern, keeping the rest of the workforce
in employment, according to BBC News.

"We are continuing to trade the company in the short term as we
seek to achieve a going concern sale of the business.  The company
had traded profitably for many years, but losses were suffered in
2010 largely due to raw material price increases.  Although BKF
was able to agree price rises with some of its customers, it
experienced significant cash flow pressure in the first half of
2011 and was unable to secure sufficient investment to enable it
to trade out of its financial difficulties," BBC News quoted Mr.
Wardell as saying.

BKF Plastics Limited in Tredegar makes moldings for the furniture
industry and stadium seating.


CHOICES CARE: Business as Usual Despite Firm's Administration
-------------------------------------------------------------
Southern Reporter reports that Choices Care has been promised
their services will be retained despite the firm going into
administration.

As reported in the Troubled Company Reporter on Aug. 9, 2011,
Edinburgh Evening News said 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 group's supported living
division, which provides services to several clients on Bute,
administered locally from an office at Bute Business Park in
Rothesay, has been sold to Mears Care Scotland Ltd, and a
spokesperson relayed that it was business as usual for both
clients and staff as a result, according to The Buteman.

Southern Reporter relates that staffs who were employed by the
care firm have been told they will keep their jobs on the same
working terms they previously had when a new provider is found.

Zolfo Cooper said that the two parts of the business not yet sold,
including care services for the elderly and people recently
discharged from hospital, would continue to trade as normal while
a buyer was sought, according to Southern Reporter.

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


EDINBURGH SCHOOL: Bosses to Face Probe Over Collapse
----------------------------------------------------
Alan McEwen at Edinburgh Evening News reports that the bosses of
Edinburgh School of Business are being hunted after the
institution went bust owing GBP150,000 to the taxman.

The Edinburgh School of Business had lost the right to act as a
sponsor to obtain visas for students on its courses following a
probe by the UK Border Agency (UKBA), the report says.

A sheriff has put the college into liquidation following an
application by Her Majesty's Revenue and Customs for unpaid VAT,
the Evening News notes.

According to the report, insolvency specialists Begbies Traynor
were called in to administer the liquidation, but the firm has
been unable to track down college directors Nitin Gupta and Gordon
Wright.

The college bosses are set to be the subject of an investigation
by Begbies Traynor into any potential misconduct over its
financial affairs, the report states.

According to the Evening News, students from countries including
Pakistan, India, Bangladesh and Nepal were among those left in the
lurch when the college went bust, leaving them without official
sponsors.  Some are understood to have found places at alternative
colleges while others were forced to return home, the report adds.

"The major creditor is HRMC for GBP150,000 in VAT liability. It
was their application which put the company into liquidation," the
report quotes David Menzies, insolvency director with Begbies
Traynor in Edinburgh, as saying.  "We've not been able to contact
the directors so far. Until we contact them, we're limited in what
we can do.

"There will be an investigation into the conduct of the directors,
which is a statutory obligation."

Edinburgh School of Business, previously based in Hay Avenue in
Niddrie, had 400 students and 20 staff.


LOMBOK: Files Notice of Intention to Go Into Administration
-----------------------------------------------------------
Catherine Deshayes at Business Sale reports that Lombok has filed
a notice of intention to go into administration.

The company is considering voluntarily placing its business in the
hands of administrators, according to Business Sale.

The report relates that an unnamed spokesman for the business said
the company is looking at every avenue that was available to them,
but unfortunately had to include administration as a distinct
possibility.  "Lombok is exploring all options as part of its
restructuring and fully intends the Lombok brand to continue
trading with a focus on its successful online offering and key
flagship stores," Business Sale quoted the spokesman as saying.

Business Sale relays that the company intends to keep its flagship
store on London's Tottenham Court Road up and running, as well as
its major concession in the House of Fraser store on Oxford
Street. It is thought, however, that the rest of the business will
be focused on concessions and online trading in the future.

The retailer has closed nine stores due to the difficult retail
conditions, including three this week at Bluewater, King's Road in
Chelsea, and Chiswick, the report says.

Lombok is a London-based furniture and home accessories chain.


REXAM PLC: Moody's Maintains 'Ba2' Junior Subordinated Ratings
--------------------------------------------------------------
Moody's maintains these ratings on Rexam PLC:

   -- Senior Unsecured (foreign currency) ratings of Baa3

   -- Senior Unsecured MTN Program (domestic currency) ratings
      of (P)Baa3

   -- Junior Subordinate (foreign currency) ratings of Ba2

   -- Other Short Term (domestic currency) ratings of (P)P-3

Ratings Rationale

Moody's has just updated the credit opinion for Rexam PLC.

The Baa3 rating is supported by the size of Rexam's operations and
the company's established market position in the consolidated and
relatively resilient beverage can segment. Moreover, Moody's views
Rexam's diversification into the rigid plastic packaging sector as
well as its regional diversification as a credit positive. The
rating takes comfort from management's ongoing focus on cost
control and operating efficiency in order to protect profitability
as well as the company's evidenced commitment to an investment-
grade rating.

The rating also reflects Rexam's exposure to more cyclical
products (e.g. cosmetics) or more volatile regional markets (e.g.
Russia) as well as the competitive market environment in which
Rexam is operating. Moreover, certain market segments, such as
standard cans in North America, are mature markets and require the
careful management of production capacities. Moody's also notes
Rexam's relatively concentrated customer base as the ten largest
customers accounted for 61% of 2010 revenues. Lastly, the rating
considers Rexam's exposure to volatile raw material costs
(particularly aluminium, resins and energy).

These qualitative rating considerations combined with credit
metrics at levels of below 3x debt/EBITDA, solidly position the
group in the Baa3 category. Applying Moody's Rating Methodology
for Global Packaging Manufacturers, published in June 2009,
indicates a Baa3 grid output based on 2010 financial results,
which is in line with the current rating.

The stable outlook on Rexam's ratings reflects the group's
adequate positioning in the Baa3 rating category and its
relatively resilient operating performance during the recent
recession. The stable outlook further reflects Moody's expectation
that Rexam can maintain current earnings levels and credit ratios
at levels of 3x debt/EBITDA through the cycle.

Pressure on the rating would arise should Rexam's profitability or
cash flow generation capacity erode on a sustainable basis,
resulting in profit margins below 2008/2007 levels or the group's
failure to achieve at least break-even FCF. Likewise, negative
rating pressure would build up should the group's debt/EBITDA
ratio rise materially above 3x over an extended period.

An upgrade would be considered should Rexam's financial
performance improve to the extent that the group's: (i) EBIT
margin rises to levels notably above 10%; (ii) FCF/debt ratio
increases above 10%; (iii) debt/EBITDA ratio declines to 2.5x on a
sustainable basis; and (iv) EBIT/interest ratio moves towards
4.5x.

The principal methodology used in rating Rexam PLC was the Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
Industry Methodology published in June 2009.


STEVENTON EVENTS: Truck Festival Operator Goes Into Liquidation
---------------------------------------------------------------
Fran Bardsley at Oxford Mail reports that Steventon Events, the
company behind the annual Truck Festival, has gone into
liquidation.

Organisers Joe and Robin Bennett confirmed the festival has gone
liquidation, as it also emerged a number of acts had not been
paid, Oxford Mail says.

"Insufficient final ticket sales and revenues over the weekend
have combined to force this outcome in what is a very difficult
festival market," Oxford Mail quotes the Bennetts as saying.

"We would like to apologise to all those affected, including
contractors and performers who have not received their fees."

The announcement does not affect the other events run by the
Bennett brothers, including Truck America, eco-festival Wood in
Ipsden, and OX4 in Oxford's Cowley Road, Oxford Mail notes.

Truck Festival is an annual independent music festival in
Oxfordshire, England.


TJ HUGHES: Shuts Down All Stores, Cuts 57 Jobs
----------------------------------------------
James Franklin at Mercury24 News reports that TJ Hughes department
store will shut its doors for the final time on Aug. 14, after the
company went into administration last month.

As reported in the Troubled Company Reporter-Europe on Aug. 1,
2011, TJ Hughes entered into administration on June 30, 2011.  Tom
Jack and Simon Allport from Ernst & Young were appointed as joint
administrators.  Birmingham Mail said that more than 400 West
Midland workers are facing a race against time to save following
the announcement.

Despite rumors of discount clothing store Primark taking over the
High Street site; the store will be empty following the closure of
the branch, according to Mercury24 News.

"It is regrettable that we have had to schedule these store
closures and we are extremely grateful to the employees and
management at all the group's stores, at the head office and at
warehouses for their loyalty and support during what has been a
very difficult and uncertain time," the report quoted Mr. Hack as
saying.

Mercury24 notes that Primark is said to be negotiating a deal for
a new site in the rebuilt Dolphin Square and not to acquire TJ
Hughes stores.

Meanwhile, Evening Telegraph reports that a buyer is being sought
for the TJ Hughes department store in Corby.

The Corby store, in Willow Place, is among the branches that are
being marketed for sale as a going concern, according to Evening
Telegraph.  The report relates that other stores nationwide,
including the Kettering shop in the Newlands Centre, will be shut.

However, Evening Telegraph notes, despite 'closing down' signs in
the window and cut-price items, the Corby branch will continue to
trade until a purchaser is found.  Evening Telegraph relays that
Dan Pickard, Corby town centre director for Land Securities, said
the Corby store was continuing to be restocked.  "It will continue
to trade but may be under some other banner.  It may not be TJ
Hughes anymore," the report quoted Mr. Pickard as saying.

                         About TJ Hughes

Based in Liverpool, United Kingdom, T J Hughes operates discount
department stores, specializing in home and fashion, garden
furniture, fragrance, cosmetics, menswear, womens-wear, toys, and
electrical items.  TJ Hughes operates 57 department stores
throughout the United Kingdom.


WINDERMERE VIII: Fitch Downgrades Rating on Class E Notes to 'Dsf'
------------------------------------------------------------------
Fitch Ratings has downgraded Windermere VIII CMBS plc's class E
notes, as follows:

  -- GBP190.2m class A2: affirmed at 'AAAsf'; Outlook Stable
  -- GBP46.5m class A3: affirmed at 'AAsf'; Outlook Stable
  -- GBP49.8m class B: affirmed at 'Asf''; Outlook Stable
  -- GBP50.2m class C: affirmed at 'CCCsf'; Recovery Rating RR2'
  -- GBP43.7m class D: affirmed at 'CCsf'; Recovery Rating of
     'RR6'
  -- GBP19.7m class E: downgraded to 'Dsf' from 'Csf''; Recovery
     Rating of 'RR6'

The downgrade results from a loss allocation to the class E notes
at the July 2011 interest payment date.  This occurred despite a
full repayment of the AMG loan, more than one year after its
scheduled maturity date.

Recovery proceeds on the loan have been allocated fully
sequentially to the class A2 notes.  However, of the GBP149.7
million available unscheduled principal collections, only GBP149.1
million was allocated to the notes. The difference, which has been
used to cover liquidation fees, has been allocated as a realized
loss of GBP 549,587 on the class E notes.


YOUR SPACE: Langland Estates Acquires Derelict PO Building
----------------------------------------------------------
Yorkshire Post reports that London-based Langland Estates has
acquired a landmark former post office in Sheffield city centre,
which closed in 1999 and has since fallen into severe dereliction.

The grade-II listed structure was supposed to be turned into a
hotel under 2007 plans, but owner Your Space plc, which spent more
than GBP5 million buying the site, went into administration last
year, according to Yorkshire Post.

As reported in the Troubled Company Reporter on April 5, 2010,
Manchester Business said that Your Space Ltd. has been put into
administration with the loss of 14 jobs after it failed to meet
proposals set out in a company voluntary arrangement agreed upon
with creditors.  The report recalled Bill Dawson and Daniel
Butters of Deloitte were previously appointed as joint supervisors
of interlocking company voluntary arrangements, approved by the
creditors in November 2009.  Messrs. Dawson and Butters were
appointed joint administrators of the company, Your Space (UK)
Ltd. and Work Space (North West) Ltd. on March 26, the report
related.  Your Space plc was previously listed on AIM but had its
shares cancelled on March 16, the report noted.

Yorkshire Post relates that Langland Estates has purchased the
property in Fitzalan Square and appointed Sheffield architects
Axis Architecture to draw up plans.

It is expected that work to clear up the site will start next
month, with a planning application submitted to the council in
early 2012, Yorkshire Post adds.

Your Space Ltd., previously Your Space UK plc, is a provider of
serviced office space and a developer of property, both for sale
and its own use.


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


* BOND PRICING: For the Week August 8 to August 12, 2011
--------------------------------------------------------

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

AUSTRIA
-------
BA CREDITANSTALT           5.470    8/28/2013     EUR      70.13
HAA-BANK INTL AG           5.250   10/27/2015     EUR      72.00
IMMOFINANZ                 4.250     3/8/2018     EUR       3.65
OESTER VOLKSBK             4.170    7/29/2015     EUR      69.38
OESTER VOLKSBK             4.750    4/30/2021     EUR      75.22
OESTER VOLKSBK             4.810    7/29/2025     EUR      63.13
OESTER VOLKSBK             5.270     2/8/2027     EUR      72.81
RAIFF ZENTRALBK            4.500    9/28/2035     EUR      64.66

CYPRUS
------
CYPRUS GOVT BOND           6.000     6/9/2021     EUR      63.31
CYPRUS GOVT BOND           5.350     6/9/2020     EUR      64.73
CYPRUS GOVT BOND           6.100    4/20/2020     EUR      68.58
CYPRUS GOVT BOND           4.625     2/3/2020     EUR      59.61
CYPRUS GOVT BOND           6.100    6/24/2019     EUR      68.81
CYPRUS GOVT BOND           4.600    2/26/2019     EUR      61.60
CYPRUS GOVT BOND           4.600   10/23/2018     EUR      61.08
CYPRUS GOVT BOND           4.600    4/23/2018     EUR      60.68
CYPRUS GOVT BOND           5.100    1/29/2018     EUR      62.53
CYPRUS GOVT BOND           4.500    9/28/2017     EUR      60.11
CYPRUS GOVT BOND           5.600    4/15/2017     EUR      62.17
CYPRUS GOVT BOND           4.500     4/2/2017     EUR      60.39
CYPRUS GOVT BOND           4.500    2/15/2017     EUR      60.49
CYPRUS GOVT BOND           4.500     1/4/2017     EUR      60.55
CYPRUS GOVT BOND           6.600   10/26/2016     EUR      67.19
CYPRUS GOVT BOND           4.500    10/9/2016     EUR      60.75
CYPRUS GOVT BOND           4.500    7/11/2016     EUR      61.36
CYPRUS GOVT BOND           5.000     6/9/2016     EUR      62.35
CYPRUS GOVT BOND           4.500     6/2/2016     EUR      61.61
CYPRUS GOVT BOND           4.500    3/30/2016     EUR      62.52
CYPRUS GOVT BOND           4.500     1/2/2016     EUR      63.44
CYPRUS GOVT BOND           4.750    12/2/2015     EUR      64.33
CYPRUS GOVT BOND           3.750    11/1/2015     EUR      62.05
CYPRUS GOVT BOND           4.750    9/30/2015     EUR      65.15
CYPRUS GOVT BOND           5.250     6/9/2015     EUR      67.69
CYPRUS GOVT BOND           6.000    4/20/2015     EUR      70.14
CYPRUS GOVT BOND           6.000    2/28/2015     EUR      70.87
CYPRUS GOVT BOND           6.000    1/20/2015     EUR      71.50
CYPRUS GOVT BOND           6.000     1/3/2015     EUR      72.09
CYPRUS GOVT BOND           6.000   11/18/2014     EUR      72.90
CYPRUS GOVT BOND           5.000     1/9/2014     EUR      72.10
CYPRUS GOVT BOND           4.500    2/26/2014     EUR      72.87
REP OF CYPRUS              4.375    7/15/2014     EUR      71.40
REP OF CYPRUS              4.750    2/25/2016     EUR      63.35

FINLAND
-------
FIN-DANISH IND             4.910     7/6/2021     EUR      75.38
KOMMUNEKREDIT              0.500   12/14/2020     ZAR      45.91
MUNI FINANCE PLC           0.500    3/17/2025     CAD      59.59
MUNI FINANCE PLC           0.250    6/28/2040     CAD      23.98
MUNI FINANCE PLC           0.500     2/9/2016     ZAR      70.78
MUNI FINANCE PLC           0.500    4/26/2016     ZAR      69.76
MUNI FINANCE PLC           1.000    6/30/2017     ZAR      63.80
MUNI FINANCE PLC           0.500    4/27/2018     ZAR      56.73
MUNI FINANCE PLC           0.500    9/24/2020     CAD      74.40
MUNI FINANCE PLC           0.500   11/25/2020     ZAR      47.01

FRANCE
------
AIR FRANCE-KLM             4.970     4/1/2015     EUR      12.24
ALCATEL-LUCENT             5.000     1/1/2015     EUR       3.53
ALTRAN TECHNOLOG           6.720     1/1/2015     EUR       5.44
ATOS ORIGIN SA             2.500     1/1/2016     EUR      50.24
CALYON                     6.000    6/18/2047     EUR      16.57
CAP GEMINI SOGET           3.500     1/1/2014     EUR      39.63
CAP GEMINI SOGET           1.000     1/1/2012     EUR      41.82
CGG VERITAS                1.750     1/1/2016     EUR      26.44
CLUB MEDITERRANE           6.110    11/1/2015     EUR      18.50
CLUB MEDITERRANE           5.000     6/8/2012     EUR      14.07
CMA CGM                    8.875    4/15/2019     EUR      54.50
CMA CGM                    8.875    4/15/2019     EUR      54.38
CMA CGM                    8.500    4/15/2017     USD      80.35
CMA CGM                    8.500    4/15/2017     USD      54.33
CREDIT LOCAL FRA           3.750    5/26/2020     EUR      76.02
DEXIA MUNI AGNCY           1.000   12/23/2024     EUR      64.61
EURAZEO                    6.250    6/10/2014     EUR      55.31
FAURECIA                   4.500     1/1/2015     EUR      24.32
GROUPAMA SA                7.875   10/27/2039     EUR      73.15
INGENICO                   2.750     1/1/2017     EUR      39.73
MAUREL ET PROM             7.125    7/31/2015     EUR      16.69
MAUREL ET PROM             7.125    7/31/2014     EUR      17.70
NEXANS SA                  4.000     1/1/2016     EUR      62.73
NOVASEP HLDG               9.625   12/15/2016     EUR      56.06
ORPEA                      3.875     1/1/2016     EUR      45.53
PEUGEOT SA                 4.450     1/1/2016     EUR      28.70
PIERRE VACANCES            4.000    10/1/2015     EUR      72.34
PUBLICIS GROUPE            3.125    7/30/2014     EUR      35.77
PUBLICIS GROUPE            1.000    1/18/2018     EUR      48.33
RHODIA SA                  0.500     1/1/2014     EUR      51.81
SOC AIR FRANCE             2.750     4/1/2020     EUR      20.40
SOCIETE GENERALE           6.010    3/15/2031     USD      74.99
SOCIETE GENERALE           5.900    3/10/2031     USD      73.92
SOCIETE GENERALE           5.940    3/14/2031     USD      74.30
SOCIETE GENERALE           5.860    3/11/2031     USD      73.45
SOCIETE GENERALE           5.860    4/26/2031     USD      73.81
SOCIETE GENERALE           5.920    3/17/2031     USD      74.09
SOCIETE GENERALE           5.910    3/16/2031     USD      74.00
SOITEC                     6.250     9/9/2014     EUR       8.72
TEM                        4.250     1/1/2015     EUR      54.18
THEOLIA                    2.700     1/1/2041     EUR      10.27

GERMANY
-------
COMMERZBANK AG             5.000    4/20/2018     EUR      56.80
COMMERZBANK AG             5.000    3/30/2018     EUR      56.81
COMMERZBANK AG             4.000   11/30/2017     EUR      54.18
DRESDNER BANK AG           5.700    7/31/2023     EUR      70.82
DRESDNER BANK AG           6.180    2/28/2023     EUR      73.49
DRESDNER BANK AG           5.290    5/31/2021     EUR      72.40
EUROHYPO AG                3.830    9/21/2020     EUR      60.25
EUROHYPO AG                6.490    7/17/2017     EUR       5.63
EUROHYPO AG                5.560    8/18/2023     EUR      64.38
HEIDELBERG DRUCK           9.250    4/15/2018     EUR      73.92
HEIDELBERG DRUCK           9.250    4/15/2018     EUR      72.63
HSH NORDBANK AG            4.375    2/14/2017     EUR      59.00
IKB DEUT INDUSTR           6.550    3/31/2012     EUR      18.17
L-BANK FOERDERBK           0.500    5/10/2027     CAD      53.38
LB BADEN-WUERTT            5.250   10/20/2015     EUR      28.63
LB BADEN-WUERTT            2.500    1/30/2034     EUR      72.05
LB BADEN-WUERTT            2.800    2/23/2037     JPY      62.54
PRAKTIKER BAU-UN           5.875    2/10/2016     EUR      60.25
Q-CELLS                    6.750   10/21/2015     EUR       1.72
QIMONDA FINANCE            6.750    3/22/2013     USD       2.38
RHEINISCHE HYPBK           6.600    5/29/2022     EUR      72.63
SOLON AG SOLAR             1.375    12/6/2012     EUR      22.77
TAG IMMO AG                6.500   12/10/2015     EUR       7.32
TUI AG                     2.750    3/24/2016     EUR      43.57
TUI AG                     5.500   11/17/2014     EUR      62.32

GREECE
------
ATHENS URBAN TRN           4.301    8/12/2014     EUR      55.40
ATHENS URBAN TRN           4.057    3/26/2013     EUR      64.67
ATHENS URBAN TRN           5.008    7/18/2017     EUR      52.72
ATHENS URBAN TRN           4.851    9/19/2016     EUR      52.23
HELLENIC REP I/L           2.900    7/25/2025     EUR      41.00
HELLENIC REP I/L           2.300    7/25/2030     EUR      39.11
HELLENIC REPUB             5.200    7/17/2034     EUR      47.75
HELLENIC REPUB             6.140    4/14/2028     EUR      51.50
HELLENIC REPUB             2.125     7/5/2013     CHF      73.25
HELLENIC REPUB             4.590     4/8/2016     EUR      51.50
HELLENIC REPUB             5.000    3/11/2019     EUR      52.38
HELLENIC REPUBLI           4.506    3/31/2013     EUR      70.97
HELLENIC REPUBLI           4.100    8/20/2012     EUR      71.13
HELLENIC REPUBLI           4.225     3/1/2017     EUR      53.97
HELLENIC REPUBLI           4.020    9/13/2016     EUR      51.85
HELLENIC REPUBLI           3.700   11/10/2015     EUR      50.00
HELLENIC REPUBLI           4.427    7/31/2013     EUR      64.87
HELLENIC REPUBLI           3.900     7/3/2013     EUR      67.50
HELLENIC REPUBLI           7.500    5/20/2013     EUR      68.07
HELLENIC REPUBLI           4.600    5/20/2013     EUR      64.96
HELLENIC REPUBLI           4.600    9/20/2040     EUR      44.74
HELLENIC REPUBLI           4.500    9/20/2037     EUR      44.70
HELLENIC REPUBLI           5.300    3/20/2026     EUR      47.89
HELLENIC REPUBLI           4.700    3/20/2024     EUR      48.36
HELLENIC REPUBLI           5.900   10/22/2022     EUR      51.89
HELLENIC REPUBLI           6.250    6/19/2020     EUR      56.85
HELLENIC REPUBLI           6.500   10/22/2019     EUR      56.21
HELLENIC REPUBLI           5.161    9/17/2019     EUR      51.45
HELLENIC REPUBLI           6.000    7/19/2019     EUR      55.34
HELLENIC REPUBLI           4.600    7/20/2018     EUR      55.29
HELLENIC REPUBLI           4.675    10/9/2017     EUR      54.14
HELLENIC REPUBLI           4.300    7/20/2017     EUR      55.73
HELLENIC REPUBLI           5.900    4/20/2017     EUR      56.49
HELLENIC REPUBLI           3.600    7/20/2016     EUR      55.13
HELLENIC REPUBLI           3.702    9/30/2015     EUR      51.26
HELLENIC REPUBLI           4.000    8/20/2013     EUR      60.55
HELLENIC REPUBLI           4.520    9/30/2013     EUR      61.00
HELLENIC REPUBLI           6.500    1/11/2014     EUR      60.69
HELLENIC REPUBLI           4.500    5/20/2014     EUR      57.53
HELLENIC REPUBLI           4.500     7/1/2014     EUR      57.63
HELLENIC REPUBLI           3.985    7/25/2014     EUR      53.94
HELLENIC REPUBLI           5.500    8/20/2014     EUR      56.38
HELLENIC REPUBLI           4.113    9/30/2014     EUR      53.73
HELLENIC REPUBLI           3.700    7/20/2015     EUR      55.14
HELLENIC REPUBLI           6.100    8/20/2015     EUR      56.96
NATL BK GREECE             3.875    10/7/2016     EUR      64.03

IRELAND
-------
AIB MORTGAGE BNK           5.000     3/1/2030     EUR      45.15
AIB MORTGAGE BNK           5.000    2/12/2030     EUR      45.18
AIB MORTGAGE BNK           5.580    4/28/2028     EUR      50.64
AIB MORTGAGE BNK           4.875    6/29/2017     EUR      72.25
ALLIED IRISH BKS           5.625   11/12/2014     EUR      65.50
ALLIED IRISH BKS           4.000    3/19/2015     EUR      70.69
ALLIED IRISH BKS          12.500    6/25/2035     GBP      24.63
ANGLO IRISH BANK           4.000    4/15/2015     EUR      69.97
BANK OF IRELAND            3.780     4/1/2015     EUR      72.25
BANK OF IRELAND            3.585    4/21/2015     EUR      60.25
BANK OF IRELAND            4.473   11/30/2016     EUR      49.00
BANK OF IRELAND           10.000    2/12/2020     GBP      35.25
BANK OF IRELAND           10.000    2/12/2020     EUR      35.00
BANK OF IRELAND            5.600    9/18/2023     EUR      32.00
BANK OF IRELAND            4.000    1/28/2015     EUR      74.06
BK IRELAND MTGE            3.250    6/22/2015     EUR      74.38
BK IRELAND MTGE            5.760     9/7/2029     EUR      47.73
BK IRELAND MTGE            5.450     3/1/2030     EUR      44.96
BK IRELAND MTGE            5.400    11/6/2029     EUR      45.18
BK IRELAND MTGE            5.360   10/12/2029     EUR      44.98
DEPFA ACS BANK             4.900    8/24/2035     CAD      65.21
DEPFA ACS BANK             0.500     3/3/2025     CAD      38.18
EBS BLDG SOCIETY           4.000    2/25/2015     EUR      68.66
IRISH GOVT                 4.500    4/18/2020     EUR      71.22
IRISH GOVT                 5.000   10/18/2020     EUR      71.65
IRISH GOVT                 5.400    3/13/2025     EUR      70.40
IRISH LIFE PERM            4.000    3/10/2015     EUR      69.03
IRISH NATIONWIDE           6.250    6/26/2012     GBP      69.38

ITALY
-----
BANCA POP LODI             5.250     4/3/2029     EUR      78.66
BANCA POP VICENT           4.970    4/20/2027     EUR      77.94
BTPS I/L                   2.550    9/15/2041     EUR      74.79
BTPS I/L                   2.350    9/15/2035     EUR      75.45
CITY OF TURIN              5.270    6/26/2038     EUR      72.93
COMUNE DI MILANO           4.019    6/29/2035     EUR      69.60
DEXIA CREDIOP              4.790   12/17/2043     EUR      73.85
REP OF ITALY               1.850    9/15/2057     EUR      55.58
REP OF ITALY               2.200    9/15/2058     EUR      62.22
REP OF ITALY               4.850    6/11/2060     EUR      74.79
REP OF ITALY               2.000    9/15/2062     EUR      56.33
REP OF ITALY               2.870    5/19/2036     JPY      61.16
ROMULUS FINANCE            5.441    2/20/2023     GBP      77.73
SARDINIA REGION            4.022   11/28/2035     EUR      73.98
TELECOM ITALIA             5.250    3/17/2055     EUR      69.45

LUXEMBOURG
----------
ARCELORMITTAL              7.250     4/1/2014     EUR      24.21
CONTROLINVESTE             3.000    1/28/2015     EUR      74.80
ESPIRITO SANTO F           6.875   10/21/2019     EUR      57.38
LIGHTHOUSE INTL            8.000    4/30/2014     EUR      23.07
LIGHTHOUSE INTL            8.000    4/30/2014     EUR      23.77
UBI BANCA INT              8.750   10/29/2012     EUR      71.71

NETHERLANDS
-----------
APP INTL FINANCE          11.750    10/1/2005     USD       0.01
BK NED GEMEENTEN           0.500    6/22/2021     ZAR      44.11
BK NED GEMEENTEN           0.500    6/22/2016     TRY      73.73
BK NED GEMEENTEN           0.500    2/24/2025     CAD      59.37
BK NED GEMEENTEN           0.500     3/3/2021     NZD      64.27
BK NED GEMEENTEN           0.500    3/29/2021     NZD      63.91
BK NED GEMEENTEN           0.500    5/12/2021     ZAR      43.76
BK NED GEMEENTEN           0.500    5/25/2016     TRY      74.15
BLT FINANCE BV             7.500    5/15/2014     USD      65.00
BLT FINANCE BV             7.500    5/15/2014     USD      64.88
BRIT INSURANCE             6.625    12/9/2030     GBP      59.73
CEMEX FIN EUROPE           4.750     3/5/2014     EUR      74.01
DGS INTL FIN BV           10.000     6/1/2007     USD       0.01
EDP FINANCE BV             4.125    6/29/2020     EUR      72.15
ELEC DE CAR FIN            8.500    4/10/2018     USD      55.02
FRIESLAND BANK             4.210   12/29/2025     EUR      67.99
INDAH KIAT INTL           12.500    6/15/2006     USD       0.01
NATL INVESTER BK          25.983     5/7/2029     EUR      20.15
NED WATERSCHAPBK           0.500    3/11/2025     CAD      59.95
NIB CAPITAL BANK           4.510   12/16/2035     EUR      65.30
PORTUGAL TEL FIN           4.500    6/16/2025     EUR      70.93
Q-CELLS INTERNAT           5.750    5/26/2014     EUR      42.15
Q-CELLS INTERNAT           1.375    2/28/2012     EUR      50.37
RBS NV EX-ABN NV           2.910    6/21/2036     JPY      74.60
SIDETUR FINANCE           10.000    4/20/2016     USD      69.25
TJIWI KIMIA FIN           13.250     8/1/2001     USD       0.01

NORWAY
------
EKSPORTFINANS              0.500     5/9/2030     CAD      45.83
KOMMUNALBANKEN             0.500   12/18/2015     ZAR      73.91
KOMMUNALBANKEN             0.500    5/25/2018     ZAR      58.93
KOMMUNALBANKEN             0.500    7/29/2016     ZAR      69.60
KOMMUNALBANKEN             0.500    7/26/2016     ZAR      73.92
KOMMUNALBANKEN             0.500    5/25/2016     ZAR      71.16
KOMMUNALBANKEN             0.500    3/24/2016     ZAR      72.20
KOMMUNALBANKEN             0.500     3/1/2016     ZAR      72.63
KOMMUNALBANKEN             0.500    1/27/2016     ZAR      73.22
NORSKE SKOGIND             7.000    6/26/2017     EUR      46.13
NORSKE SKOGIND             6.125   10/15/2015     USD      55.50
NORSKE SKOGIND             6.125   10/15/2015     USD      55.50
NORSKE SKOGIND             7.125   10/15/2033     USD      44.50
NORSKE SKOGIND             7.125   10/15/2033     USD      44.50
NORSKE SKOGIND            11.750    6/15/2016     EUR      53.96

PORTUGAL
--------
BANCO BPI                  1.000    4/10/2014     EUR      74.17
BANCO COM PORTUG           5.625    4/23/2014     EUR      72.23
BANCO COM PORTUG           4.750    6/22/2017     EUR      69.71
BANCO COM PORTUG           3.750    10/8/2016     EUR      68.69
BANCO ESPIRITO             3.875    1/21/2015     EUR      70.74
BANCO ESPIRITO             6.875    7/15/2016     EUR      69.00
BANCO ESPIRITO             6.160    7/23/2015     EUR      72.75
BANCO ESPIRITO             4.600    1/26/2017     EUR      70.74
BANCO ESPIRITO             4.600    9/15/2016     EUR      72.52
CAIXA GERAL DEPO           5.090     6/8/2016     EUR      67.03
CAIXA GERAL DEPO           5.050    4/26/2016     EUR      69.15
CAIXA GERAL DEPO           4.750    2/14/2016     EUR      66.00
CAIXA GERAL DEPO           3.875    12/6/2016     EUR      71.50
CAIXA GERAL DEPO           3.511    10/7/2014     EUR      74.51
CAIXA GERAL DEPO           4.455    8/20/2017     EUR      70.00
CAIXA GERAL DEPO           4.400    10/8/2019     EUR      50.79
CAIXA GERAL DEPO           4.250    1/27/2020     EUR      67.11
CAIXA GERAL DEPO           5.980     3/3/2028     EUR      57.50
CAIXA GERAL DEPO           5.380    10/1/2038     EUR      53.41
CAIXA GERAL DEPO           4.500    1/19/2016     EUR      68.71
COMBOIOS DE PORT           4.170   10/16/2019     EUR      60.37
METRO DE LISBOA            5.750     2/4/2019     EUR      59.85
METRO DE LISBOA            4.061    12/4/2026     EUR      52.85
METRO DE LISBOA            4.799    12/7/2027     EUR      46.44
METRO DE LISBOA            7.300   12/23/2025     EUR      60.43
MONTEPIO GERAL             5.000     2/8/2017     EUR      60.63
PARPUBLICA                 4.200   11/16/2026     EUR      48.75
PARPUBLICA                 3.500     7/8/2013     EUR      78.25
PARPUBLICA                 4.191   10/15/2014     EUR      69.63
PORTUGAL (REP)             3.500    3/25/2015     USD      73.64
PORTUGAL (REP)             3.500    3/25/2015     USD      71.51
PORTUGUESE OT'S            3.350   10/15/2015     EUR      74.56
PORTUGUESE OT'S            4.200   10/15/2016     EUR      72.54
PORTUGUESE OT'S            4.350   10/16/2017     EUR      68.81
PORTUGUESE OT'S            4.450    6/15/2018     EUR      68.56
PORTUGUESE OT'S            4.750    6/14/2019     EUR      65.39
PORTUGUESE OT'S            4.800    6/15/2020     EUR      63.65
PORTUGUESE OT'S            4.950   10/25/2023     EUR      58.56
PORTUGUESE OT'S            4.100    4/15/2037     EUR      53.00
PORTUGUESE OT'S            3.850    4/15/2021     EUR      61.23
REFER                      4.675   10/16/2024     EUR      49.75
REFER                      4.250   12/13/2021     EUR      45.50
REFER                      5.875    2/18/2019     EUR      66.50
REFER                      4.000    3/16/2015     EUR      49.13

RUSSIA
------
APK ARKADA                17.500    5/23/2012     RUB       0.38
ARIZK                      3.000   12/20/2030     RUB      49.65
DVTG-FINANS               17.000    8/29/2013     RUB      55.55
DVTG-FINANS                7.750    7/18/2013     RUB      20.29
IART                       8.500     8/4/2013     RUB       1.00
M-INDUSTRIYA              12.250    8/16/2011     RUB      17.25
MIG-FINANS                 0.100     9/6/2011     RUB       1.00
MIRAX                     17.000    9/17/2012     RUB      10.01
MOSMART FINANS             0.010    4/12/2012     RUB       4.98
NOK                       12.500    8/26/2014     RUB       5.00
NOK                       10.000    9/22/2011     RUB      49.90
PENOPLEX-FINANS           14.000   11/21/2014     RUB      71.11
PROMPEREOSNASTKA           1.000   12/17/2012     RUB       0.01
PROMTRACTOR-FINA           0.010   10/18/2011     RUB      91.00
PROTON-FINANCE             9.000    6/12/2012     RUB      65.00
RAZGULYAY-FINANS          17.000    9/27/2011     RUB      50.01
RBC OJSC                   7.000    4/23/2015     RUB      72.00
RBC OJSC                   7.000    4/23/2015     RUB      65.51
RBC OJSC                   3.270    4/19/2018     RUB      37.00
SAHO                      10.000    5/21/2012     RUB      73.13
SATURN                     8.500     6/6/2014     RUB       1.00
SEVKABEL-FINANS           10.500    3/27/2012     RUB       3.40
SIBERIA AIRLINES          18.000    7/17/2012     RUB     104.00
TERNA-FINANS               1.000    11/4/2011     RUB       3.00

SPAIN
-----
AYT CEDULAS CAJA           3.750    6/30/2025     EUR      61.86
AYT CEDULAS CAJA           4.750    5/25/2027     EUR      69.06
AYT CEDULAS CAJA           4.000    3/24/2021     EUR      74.98
AYT CEDULAS CAJA           4.250   10/25/2023     EUR      71.09
AYT CEDULAS CAJA           3.750   12/14/2022     EUR      68.85
BANCAJA                    1.500    5/22/2018     EUR      64.59
BANCO PASTOR               4.550    7/31/2020     EUR      72.67
BBVA SUB CAP UNI           2.750   10/22/2035     JPY      68.41
CAJA CASTIL-MAN            1.500    6/23/2021     EUR      58.31
CAJA MADRID                5.020    2/26/2038     EUR      74.14
CAJA MADRID                4.000     2/3/2025     EUR      72.90
CAJA MADRID                4.125    3/24/2036     EUR      65.52
CEDULAS TDA 6 FO           4.250    4/10/2031     EUR      59.21
CEDULAS TDA 6 FO           3.875    5/23/2025     EUR      64.17
CEDULAS TDA A-5            4.250    3/28/2027     EUR      63.37
COMUN AUTO CANAR           3.900   11/30/2035     EUR      60.02
COMUN AUTO CANAR           4.200   10/25/2036     EUR      63.01
COMUNIDAD ARAGON           4.646    7/11/2036     EUR      73.98
COMUNIDAD BALEAR           4.063   11/23/2035     EUR      62.11
COMUNIDAD MADRID           4.300    9/15/2026     EUR      71.48
GEN DE CATALUNYA           4.220    4/26/2035     EUR      62.07
GEN DE CATALUNYA           4.690   10/28/2034     EUR      67.37
GENERAL DE ALQUI           2.750    8/20/2012     EUR      71.23
IM CEDULAS 5               3.500    6/15/2020     EUR      74.33
INSTIT CRDT OFCL           2.570   10/22/2021     CHF      71.96
INSTIT CRDT OFCL           3.250    6/28/2024     CHF      74.31
INSTITUT CATALA            4.250    6/15/2024     EUR      72.30
JUNTA ANDALUCIA            5.150    5/24/2034     EUR      72.21
JUNTA ANDALUCIA            4.250   10/31/2036     EUR      62.98
JUNTA LA MANCHA            3.875    1/31/2036     EUR      52.32
MAPFRE SA                  5.921    7/24/2037     EUR      69.62
XUNTA DE GALICIA           4.025   11/28/2035     EUR      70.10

SWEDEN
------
STENA AB                   5.875     2/1/2019     EUR      74.00
STENA AB                   5.875     2/1/2019     EUR      74.00
SWEDISH EXP CRED           0.500    1/25/2028     USD      57.27
SWEDISH EXP CRED           9.000    8/12/2011     USD      10.45
SWEDISH EXP CRED           8.000   10/21/2011     USD       8.74
SWEDISH EXP CRED           8.000    11/4/2011     USD       6.07
SWEDISH EXP CRED           2.000    12/7/2011     USD      10.33
SWEDISH EXP CRED           2.130    1/10/2012     USD       8.97
SWEDISH EXP CRED           6.500    1/27/2012     USD       8.15
SWEDISH EXP CRED           8.000    1/27/2012     USD       7.60
SWEDISH EXP CRED           7.500    2/28/2012     USD       8.77
SWEDISH EXP CRED           7.000     3/9/2012     USD       9.91
SWEDISH EXP CRED           7.000     3/9/2012     USD       9.91
SWEDISH EXP CRED           9.750    3/23/2012     USD       7.93
SWEDISH EXP CRED           9.250    4/27/2012     USD       7.46
SWEDISH EXP CRED           7.500    6/12/2012     USD       9.35
SWEDISH EXP CRED           0.500   12/21/2015     ZAR      73.33
SWEDISH EXP CRED           0.500     3/3/2016     ZAR      72.00
SWEDISH EXP CRED           0.500    6/14/2016     ZAR      70.20
SWEDISH EXP CRED           0.500    6/29/2016     TRY      71.36
SWEDISH EXP CRED           0.500    8/25/2016     ZAR      71.24
SWEDISH EXP CRED           0.500    8/26/2016     ZAR      72.48
SWEDISH EXP CRED           0.500     3/5/2018     AUD      73.55
SWEDISH EXP CRED           0.500    8/25/2021     ZAR      48.78
SWEDISH EXP CRED           0.500    8/26/2021     AUD      60.60
SWEDISH EXP CRED           0.500   12/17/2027     USD      57.81
CRED SUIS NY               8.000     8/3/2012     USD      56.60
CYTOS BIOTECH              2.875    2/20/2012     CHF      59.63
UBS AG                    12.040    7/31/2012     USD      34.05
UBS AG                    11.760    7/31/2012     USD      27.15
UBS AG                    13.300    5/23/2012     USD       3.23
UBS AG                    13.700    5/23/2012     USD       8.80
UBS AG                    14.000    5/23/2012     USD       6.69
UBS AG                    10.530    1/23/2012     USD      37.90
UBS AG                     8.380    3/20/2012     USD      32.03
UBS AG                     9.250    3/20/2012     USD      13.83
UBS AG                    10.070    3/23/2012     USD      35.34
UBS AG JERSEY              4.800   11/29/2030     USD      74.27
UBS AG JERSEY             10.360    8/19/2011     USD      51.05
UBS AG JERSEY             11.150    8/31/2011     USD      36.97
UBS AG JERSEY              9.450    9/21/2011     USD      49.91
UBS AG JERSEY              5.020    3/31/2031     USD      74.46
UBS AG JERSEY              5.020    3/30/2031     USD      74.47
UBS AG JERSEY              3.220    7/31/2012     EUR      39.98
UBS AG JERSEY             10.140   12/30/2011     USD      14.71

UKRAINE
-------
LVIV CITY                  9.950   12/19/2012     UAH      95.30

UNITED KINGDOM
--------------
ABBEY NATL TREAS           5.000    8/26/2030     USD      70.64
ALPHA CREDIT GRP           6.000    6/20/2014     EUR      73.50
BAKKAVOR FIN 2             8.250    2/15/2018     GBP      73.57
BANK NADRA                 8.000    6/22/2017     USD      76.64
BARCLAYS BK PLC            7.500    9/22/2011     USD      17.05
BARCLAYS BK PLC            8.750    9/22/2011     USD      71.61
BARCLAYS BK PLC            8.800    9/22/2011     USD      15.57
BARCLAYS BK PLC            8.550    1/23/2012     USD      11.36
BARCLAYS BK PLC           10.350    1/23/2012     USD      26.54
BARCLAYS BK PLC            9.250    1/31/2012     USD       9.42
BARCLAYS BK PLC           10.650    1/31/2012     USD      42.96
BARCLAYS BK PLC            8.950    4/20/2012     USD      16.29
BARCLAYS BK PLC           12.950    4/20/2012     USD      23.99
BARCLAYS BK PLC            8.000    6/29/2012     USD       8.43
BARCLAYS BK PLC           10.000    7/20/2012     USD       7.43
BARCLAYS BK PLC            7.000    7/27/2012     USD       9.49
BARCLAYS BK PLC           11.000    7/27/2012     USD       8.06
BARCLAYS BK PLC            9.400    7/31/2012     USD      10.21
BARCLAYS BK PLC           10.800    7/31/2012     USD      25.08
BARCLAYS BK PLC            9.250    8/31/2012     USD      32.38
BARCLAYS BK PLC            9.500    8/31/2012     USD      29.73
BARCLAYS BK PLC            5.000     6/3/2041     USD      70.88
BRADFORD&BIN BLD           4.910     2/1/2047     EUR      76.10
CO-OPERATIVE BNK           5.875    3/28/2033     GBP      67.56
EFG HELLAS PLC             5.400    11/2/2047     EUR      22.50
EFG HELLAS PLC             6.010     1/9/2036     EUR      32.50
EFG HELLAS PLC             4.375    2/11/2013     EUR      72.02
EMPORIKI GRP FIN           4.000    2/28/2013     EUR      70.13
EMPORIKI GRP FIN           4.000    2/28/2013     EUR      70.13
EMPORIKI GRP FIN           4.350    7/22/2014     EUR      56.75
ENTERPRISE INNS            6.875     5/9/2025     GBP      74.25
ENTERPRISE INNS            6.500    12/6/2018     GBP      73.43
ENTERPRISE INNS            6.375    9/26/2031     GBP      59.33
ENTERPRISE INNS            6.875    2/15/2021     GBP      71.15
F&C ASSET MNGMT            6.750   12/20/2026     GBP      72.68
GALA ELECTRIC CA          11.500     6/1/2019     GBP      70.25
GALA ELECTRIC CA          11.500     6/1/2019     GBP      69.29
HBOS PLC                   4.500    3/18/2030     EUR      70.91
LBG CAPITAL NO.1           6.439    5/23/2020     EUR      74.01
LBG CAPITAL NO.2           6.385    5/12/2020     EUR      74.01
MATALAN                    9.625    3/31/2017     GBP      70.00
MATALAN                    9.625    3/31/2017     GBP      70.66
PIRAEUS GRP FIN            4.000    9/17/2012     EUR      72.83
ROYAL BK SCOTLND           2.300   11/26/2024     JPY      69.77
ROYAL BK SCOTLND           5.168    6/29/2030     EUR      61.14
SKIPTON BUILDING           5.625    1/18/2018     GBP      68.00


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *