TCREUR_Public/111114.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, November 14, 2011, Vol. 12, No. 225



UNIBANK: Moody's Changes Outlook on B2 Deposit Ratings to Stable


BELARUSBANK: Moody's Confirms 'E+' Bank Financial Strength Rating


PETROL AD: Fitch Raises Long-Term Issuer Default Rating to 'C'
* BULGARIA: NRA to Launch Probes Into 17 Tax Defaulting Companies

C Z E C H   R E P U B L I C

HARVARDSKY PRUMYSLOVY: Shareholder Meeting Scheduled for Dec. 19
WEST HOLIDAY: Declares Insolvency


FAURECIA: Moody's Assigns Definitive Ba3 Rating to EUR30MM Notes
LAFARGE SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
PEUGEOT SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating


ARISE TECHNOLOGIES: Technology Centre in Structured Insolvency


DRYSHIPS INC: Reports US$36.3 Million Net Income in 3rd Quarter
DRYSHIPS INC: Incurs US$49.4MM Loss for 9 Months Ended Sept. 30


GLENKERRIN PROPERTIES: Court to Grant Orders for Liquidation
STANTON MBS: Fitch Affirms 'CCsf' Rating on Class D Notes
TBS INTERNATIONAL: Incurs US$22 Million Third Quarter Net Loss


ENDEMOL BV: Lenders Prefer Debt-for-Equity Swap
HARBOURMASTER CLO: Fitch Lowers Rating on Class E Notes to 'B-'
PANGAEA ABS: Fitch Affirms 'Csf' Ratings on Four Note Classes
UPC FINANCE: Moody's Assigns 'Ba3' Rating to US$750-Mil. Notes


SHIP FINANCE: Moody's Affirms 'Ba3' Corporate Family Rating


REDES ENERGETICAS: Moody's Cuts Sr. Unsecured Ratings to 'Ba1'


ASMITA GARDENS: Court Approves Alpha Bank's Insolvency Bid


TROIKA DIALOG: S&P Keeps 'B+' Counterparty Credit Rating
VOZROZHDENIE 1: Moody's Assigns Provisional Ratings to Notes
VTB BANK: S&P Raises Stand-Alone Credit Profile to 'bb'

S E R B I A  &  M O N T E N E G R O

* REPUBLIC OF SERBIA: Fitch Affirms 'BB-' Long-Term Currency IDRs


SAAB AUTOMOBILE: Swedish Automobile Does Not Rule Out Liquidation


PETROPLUS HOLDINGS: S&P Affirms 'B' Corporate Credit Rating

U N I T E D   K I N G D O M

ARGUS CARE: Stewartry Care Home Fears Future Amid Administration
COMET: Kesa Expects EUR200-Mil. Writedown From Disposal
DALTON CONSTRUCTION: Home Project on Track Amid Receivership
GLOBAL CROSSING: S&P Withdraws 'B-' Corporate Credit Rating
LIFEHOUSE SPA: In Administration Less Than 1 Year After Opening

ODDBINS: Creditors to Get Money Back, Deloittes Says
YELL GROUP: Mulls Debt Buy-Back; Won't Breach Covenants


* BOND PRICING: For the Week November 7 to November 11, 2011



UNIBANK: Moody's Changes Outlook on B2 Deposit Ratings to Stable
Moody's Investors Service has changed to stable from negative the
outlook on the B2 long-term foreign and local currency deposit
ratings of Unibank. The standalone bank financial strength rating
(BFSR) of E+ and Not-Prime short-term local and foreign currency
deposit rating were affirmed.

Moody's assessment is based on Unibank's audited financial
statements for 2010 prepared under IFRS and unaudited interim
statements for Q3 2011 under IFRS.

Ratings Rationale

According to Moody's, the outlook change to stable from negative
is driven by (i) a sustained trend of improving profitability in
2011, (ii) stabilization of Unibank's asset quality; and (iii)
the rating agency's expectation that Unibank, given the
stabilized operating environment in Azerbaijan, will be able to
restore its market share, and its asset quality and profitability
will remain satisfactory in the medium term.

Moody's notes that during the first nine months in 2011,
Unibank's loan portfolio grew by almost 27% as the bank increased
its business activity in response to the improving credit
conditions in Azerbaijan, restoring its market position.

Moody's observed a sustained trend of Unibank's improving
profitability in 2011, and expects its financial results to
remain satisfactory in the medium term.

Unibank posted net profit of AZN4.5 million (US$5.7 million) for
Q3 2011 under unaudited IFRS following a net loss of AZN8 million
in 2010 (under audited IFRS). In Moody's view, Unibank's
profitability in the medium term will be supported by an
increased loan portfolio, stabilized asset quality and healthy
net interest margin.

Moody's also notes a stabilization of Unibank's asset quality.
According to the bank's unaudited IFRS, the level of non-
performing loans (loans 90+ days overdue) decreased to 14% as at
September 30, 2011 from 16% gross loans in 2010, and is expected
to further gradually decrease in 2011-2012 due to new lending and
problem loan recoveries.

Moody's explained that Unibank's ratings have limited upward
potential in the short to medium term. Any possible upgrade of
Unibank's ratings will be contingent on the bank's ability to
strengthen its franchise, while also demonstrating a sustained
track record of improvement in financial fundamentals.
Conversely, downward pressure could be exerted on Unibank's
ratings by any material adverse changes in the bank's risk
profile, particularly any significant weakening of the bank's
liquidity position or deterioration of its asset quality.

Principal Methodologies

The 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 Baku, Azerbaijan, Unibank reported at December 31,
2010, total assets of US$465 million and shareholders' equity of
US$53 million, according to audited IFRS.


BELARUSBANK: Moody's Confirms 'E+' Bank Financial Strength Rating
Moody's Investors Service has confirmed the B3 long-term local
currency deposit ratings, the Caa1 long-term foreign currency
deposit ratings and the standalone E+ bank financial strength
ratings (BFSRs) of four Belarusian banks: (i) Belarusbank, (ii)
Belagroprombank, (iii) Minsk Transit Bank, and (iv) Bank Moscow-
Minsk. All ratings carry a negative outlook, except for the local
currency deposit rating of Bank Moscow-Minsk which carries a
stable outlook due to parental support.

Moody's also confirmed the Caa1 long-term foreign currency
deposit rating of BPS-Sberbank. The bank's long-term local
currency deposit rating was not under review and remains at B1
due to parental support. Both ratings however carry a negative

Concurrently, the BFRS of Belinvestbank has been downgraded to E
from E+ (mapping to Caa1 on the long-term scale); all its other
ratings have been confirmed with a negative outlook.

These rating actions conclude the review on six Belarus banks
initiated on July 22, 2011.

The confirmation was prompted by:

1. The confirmation on November 4, 2011 of the long-term local
currency debt rating of the government of Belarus with a negative
outlook signalling reduced immediate downside risks to the
operating environment which (if they materialize) could
negatively affect the banking system, most notably liquidity.

2. The confirmation of Belarus's foreign currency bank deposit
ceiling at Caa1 with a negative outlook, which directly affects
the foreign currency deposit ratings of all rated Belarusian

The negative outlook on the banks' ratings is driven by the still
considerable downside risks of a deterioration in the banks'
operating environment due to the country's balance of payments

Ratings Rationale

The rating actions reflect Moody's expectations that Belarus will
likely avoid immediate large-scale economic disruptions. The
reduced risk stems from a potential narrowing of the country's
account deficit due to currency depreciation and the possibility
of near-term financing for its external deficit. At the same
time, Moody's notes that medium-term risks remain high, and the
banks' operating environment is still expected to deteriorate as
the economy slows down considerably and as the government embarks
on a reform program.

In Moody's opinion, the immediate liquidity concerns for Belarus
banks have eased as the outflow of retail deposits has recently
stopped. At the same time, the foreign currency liquidity
position of Belarus banks is still fragile as depositor
confidence in Belarus remain low, continuing to pose a risk of
large-scale deposit withdrawals when the majority of foreign
currency liquidity is still with the Central bank with long
maturities. Furthermore, Moody's expects that the combination of
the anticipated economic slowdown, reduced government subsidies
and recent sharp currency depreciation will lead to reduced
profitability of Belarus banks and an erosion of their capital
base in 2012. The negative outlook on the banks' ratings reflects
these challenges.

Stable outlook on the LC deposit rating of Bank Moscow-Minsk

The stable outlook on the long-term local currency rating of Bank
Moscow-Minsk takes into account that it has recently become a
formal member of VTB group, after the acquisition of Bank of
Moscow (Russia) -- Bank Moscow-Minsk's parent -- by VTB group
(Baa1/Prime-2/D-). In Moody's view, potential support from VTB
acts as a counterweight to negative pressure from the operating

Downgrade of Belinvestbank

The downgrade of Belinvestbank's BFRS to E (mapping to Caa1 on
the long-term scale) is driven by (i) its weak capital buffer
(10.8% as at October 1, 2011) which increases the bank's
vulnerability to asset quality pressures, (ii) higher (compared
to peers) share of longer-term lending in the loan portfolio, and
(iii) Moody's expectations that the planned privatization of the
bank in the medium term, could lessen the government's propensity
to provide ongoing support to the bank.

At the same time, Belinvestbank's B3 long term local currency
deposit rating continues to incorporate a likelihood of systemic
support which provides one notch of uplift from the bank's E
BFSR. These support assumptions take into account the bank's
important role in the local banking system.

Bank Ratings Affected by the Rating Action:


-- Long-term local currency deposit rating confirmed at B3

-- Long-term foreign currency deposit rating confirmed at Caa1

-- BFSR is confirmed at E+

    All ratings carry a negative outlook.


-- Long-term local currency deposit rating confirmed at B3

-- Long-term foreign currency deposit rating confirmed at Caa1

-- BFSR is confirmed at E+

    All ratings carry a negative outlook.


-- Long-term local currency deposit rating confirmed at B3

-- Long-term foreign currency deposit rating confirmed at Caa1

-- BFSR is downgraded to E

    BFSR carries a stable outlook. All other ratings carry a
    negative outlook.


  -- Long-term foreign currency deposit rating confirmed at Caa1
     with negative outlook

Bank Moscow-Minsk:

  -- Long-term local currency deposit rating confirmed at B3

  -- Long-term foreign currency deposit rating confirmed at Caa1

  -- BFSR is confirmed at E+

     Long-term local currency deposit rating carries a stable
     outlook. All other ratings carry a negative outlook.

Minsk Transit Bank:

  -- Long-term local currency deposit rating confirmed at B3

  -- Long-term foreign currency deposit rating confirmed at Caa1

  -- BFSR is confirmed at E+

     All ratings carry a negative outlook.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Moody's Guidelines for Rating Bank Hybrid Securities and
Subordinated Debt published in November 2009.

All banks affected by the review are headquartered in Minsk,

-- Belarusbank reported audited total (IFRS) assets of
    US$15.0 billion as of end-December 2010.

-- Belagroprombank reported audited total (IFRS) assets of
    US$9.4 billion as of end-December 2010.

-- BPS-Sberbank reported audited total (IFRS) assets of
    US$2.9 billion as of end-December 2010.

-- Belinvestbank reported audited total (IFRS) assets of
    US$2.3 billion as of end-December 2010.

-- Bank Moscow-Minsk reported audited total (IFRS) assets of
    US$632.7 million as of end-December 2010.

-- Minsk Transit bank reported audited total (IFRS) assets of
    US$237.3 million as of end-December 2010.


PETROL AD: Fitch Raises Long-Term Issuer Default Rating to 'C'
Fitch Ratings has upgraded Bulgaria-based Petrol AD's Long-term
Issuer Default Rating (IDR) to 'C' from 'RD'.  The agency has
affirmed the senior unsecured rating of Petrol AD's EUR87 million
notes at 'C' and Recovery Rating at 'RR4'.  The agency has
simultaneously withdrawn all the ratings as it is 14 days after a
distressed debt exchange.  Fitch will no longer provide ratings
or analytical coverage for Petrol AD.

The upgrade reflects the company's future prospects following
changes to the terms and conditions of the EUR87 million notes,
including a maturity date extension by three months to
January 26, 2012.  These changes are considered by Fitch as a
distressed debt exchange under Fitch's criteria.

* BULGARIA: NRA to Launch Probes Into 17 Tax Defaulting Companies
-----------------------------------------------------------------, citing an announcement of the Territorial
Directorate of the National Revenue Agency (NRA), reports that
Bulgaria's prosecuting authority will launch probes into 17 tax
defaulting companies from the Burgas, Yambol and Sliven

According to, the tax authority reported that each
of the firms owed over BGN1 billion to the state budget and their
assets were insufficient to secure the debts.

The 17 companies are undergoing bankruptcy proceedings but their
owners have not sought options for deferred payments, notes.  They have been reported to the prosecution
on suspicions of deliberate bankruptcy filings aimed at avoiding
tax liabilities, discloses.

C Z E C H   R E P U B L I C

HARVARDSKY PRUMYSLOVY: Shareholder Meeting Scheduled for Dec. 19
Harvardsky prumyslovy holding v likvidaci (HPH) board chairman
Karel Stanek told CTK that the extraordinary general meeting of
HPH, a company in liquidation, did not take place on Nov. 11 as
scheduled since the shareholders present did not hold the
necessary 30% of the firm.

Mr. Stanek, as cited by CTK, said that a substitute general
meeting that will have a quorum at any number of shareholders is
to take place on Dec. 19.

HPH has about 240,000 shareholders, CTK discloses.

As reported by the Troubled Company Reporter-Europe on Nov. 7,
2011, CTK related that Mr. Karel said shareholders did not
approve the HPH's financial statement for 2010 at a substitute
general meeting on Nov. 4 since the company's liquidator did not
enable the supervisory board to check the accounting.   According
to the financial statement, HPH's assets amounted to
CZK20.9 billion in 2010, CTK noted.

Harvardsky prumyslovy holding v likvidaci is based in the Czech

WEST HOLIDAY: Declares Insolvency
Czech Travel Agencies Association spokesman Tomio Okamura told
CTK on Friday that West Holiday has declared insolvency.

According to CTK, about 80 Czech clients in Turkey were scheduled
to be transported back to the Czech Republic on Saturday by
charter airline Holidays Czech Airlines.

West Holiday is a Czech travel agency.  It ranked among minor
travel agencies, attending to about 2,000 clients annually.


FAURECIA: Moody's Assigns Definitive Ba3 Rating to EUR30MM Notes
Moody's Investors Service has assigned a definitive Ba3 (LGD3-
44%) rating to Faurecia's EUR350 million worth of Guaranteed
Senior Notes. The outlook on the rating is positive.

Ratings Rationale

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on October 31, 2011. The terms and
conditions of the notes issuance are in line with what Moody's
expected in its last rating action.

The EUR350 million worth of Guaranteed Senior Notes due 2016 are
part of a larger refinancing exercise undertaken by Faurecia in
order to extend its maturity profile and enhance its financial
flexibility. Faurecia S.A., the issuer of the Guaranteed Senior
Notes, is the parent company of Faurecia group and a holding
company. It does not own or operate tangible assets and therefore
relies on funds provided by its operating subsidiaries to service
its financial obligations. The Ba3 rating for the proposed
Guaranteed Senior Notes reflects that the Guaranteed Senior Notes
will be supported by upstream guarantees of operating
subsidiaries representing approximately 75% of group EBITDA. This
mitigates their structural subordination to the financial
obligations of Faurecia S.A.'s subsidiaries. Therefore, Moody's
ranked the notes at the same level as the liabilities of
operating subsidiaries, including trade payables and pensions,
for the purpose of its Loss-Given-Default-Model.

Faurecia's Ba3 Corporate Family Rating (CFR) is supported by the
group's solid business profile. In particular, Moody's views as
credit strengths (i) the large size of Faurecia's operations,
(ii) its global presence, (iii) the company's solid market
positions and (iv) established customer relationships with most
of the global original equipment manufacturers (OEMs).

These strengths are diluted by certain risks related to
Faurecia's business profile. In this respect, Moody's cautions
that Faurecia is a pure automotive component supplier without any
notable diversification into non-automotive activities. Faurecia
also lacks a material aftermarket business that could help reduce
volatility that the company is exposed to. The rating also
reflects the general risks to which virtually all automotive
suppliers are exposed. In particular, Moody's views the high
level of competition in the automotive supply sector and the
strong bargaining power of OEM customers as a permanent challenge
to profit margins. In addition, the automotive industry is a
cyclical business and therefore significantly exposed to the
overall economic environment. Moreover, the company's customer
and geographic diversification is currently rather limited
whereby Moody's acknowledges that both customer and geographic
diversification will further improve, if management's expansion
strategy in Asia proves to be successful. Nonetheless, Moody's is
of the opinion that Faurecia's business profile, viewed on an
isolated basis, could qualify for a higher rating.

The CFR balances Faurecia's poor profitability and weak credit
metrics in the past against recent improvements and Moody's
expectation of future financial performance. Until 2009 EBIT-
margins were negative and leverage ratios were at deep sub-
investment grade levels on a Moody's adjusted basis. Main reason
for this was low underlying profitability further exacerbated by
substantial restructuring costs. However, earnings and financial
ratios notably improved in 2010 and 2011. As a result Faurecia's
credit metrics as of June 2011 are in the Ba-Baa rating area
viewed on an isolated basis (e.g. debt/EBITDA 3.5x, RCF/net debt
26%) notwithstanding the fact that these metrics have been
achieved probably near the peak of the economic cycle.

The CFR is based on Moody's view that Faurecia will be able to
maintain recent improvements in its financial ratios and
sustainably achieve EBIT-margins of at least 2% and debt/EBITDA
close to 4x or lower on a Moody's adjusted basis. This
expectation reflects the rating agency's view that recent
improvements in Faurecia's earnings were not only driven by the
rebound in global car production volumes since 2010 but also by
structural changes made by the company. Moreover, Moody's
believes that a further expansion of revenues in emerging markets
should be accretive to profit margins given a more favorable
supply/demand balance in these regions. Lastly, Moody's is of the
opinion that Faurecia emerged as a beneficiary of the 2008/09
industry downturn as OEMs increasingly prefer to work with
suppliers with global reach and an adequate financial profile.

The positive outlook reflects the possibility of a rating upgrade
over the next 12-18 months should Faurecia manage to achieve (i)
EBIT-margins of 3% or higher, (ii) positive Free Cash Flow
generation, and (iii) a debt/EBITDA ratio below 3.5x on a
sustainable basis.

Conversely, a deterioration in earnings and cash flow generation
reflected in negative Free Cash Flow or EBIT-margins below 2%
would put pressure on the rating. In addition, pressure on the
rating could evolve should debt/EBITDA rise again materially
above 4x.

Moody's believes that currently the major risks faced by Faurecia
are in the macroeconomic environment, such as weaker growth in
Europe linked to a potential escalating crisis in the European
periphery, a potentially more challenging economic environment in
North America or a rapid cooling of economic growth in emerging
markets such as China, or unforeseen operational issues (e.g.
problems with new product launches, the regional expansion in
Asia or the integration of recent acquisitions). These risks
could derail the prospects of potential improvements in
Faurecia's performance and metrics.

As of June 2011, Faurecia had a sizeable cash position of EUR732
million and available commitments with a maturity of more than
one year of EUR536 million under its existing core credit
facility. However, the company also had sizeable short-term debt
maturities (EUR798 million) and off-balance sheet factoring
activities amounting to EUR387 million. Moody's views positively
that Faurecia was able to rely on its relationship banks during
the recent recession and also that according to management data
its factoring arrangements worked well also in the middle of the
industry downturn. Nonetheless, Moody's considers the group's
liquidity profile to be rather weak despite the moderate increase
in its long-term funds from recent refinancing transactions.
Moody's further cautions that Faurecia's core credit facilities
also contain conditionality language in the form of financial

Principal Methodology

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

Headquartered in Paris, France, Faurecia group is one of the
world's largest automotive suppliers of seats, exhaust systems,
exteriors and interiors. In the last twelve months ended June
2011, group revenues amounted to EUR15.1 billion. Faurecia S.A.
is listed on the Paris stock exchange. The company's largest
shareholder is PSA Peugeot Citroen with a 57% shareholding. The
remaining shares are in free float.

LAFARGE SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB+'
Fitch Ratings has downgraded Lafarge SA's Long-term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-'.  The Outlook is
Stable.  The agency has simultaneously downgraded its Short-term
IDR to 'B' from 'F3' and senior unsecured rating to 'BB+' from

The downgrade reflects Fitch's view that the group will not
achieve the expected improvement in credit metrics in 2011 and
2012, due to the ongoing difficult market situation in the cement
industry.  The agency expects Lafarge's credit metrics to remain
at a level that is not compatible with an investment grade
rating.  The Stable Outlook reflects the agency's view that
trading conditions in the cement and construction businesses will
remain tough in 2012, especially in Western Europe and North
America.  Fitch expects Lafarge to continue to deleverage, but
not as fast as was previously expected.  In particular, Fitch
expects funds from operations (FFO) net leverage to remain above
4.0x in 2011 and 3.5x in 2012.

The agency notes that Lafarge implemented a number of successful
measures to reduce debt, such as working capital control, a cut
in the dividend, the decline of capex and the disposal of non-
core assets.  In particular, the disposal of non-core assets,
including most of the gypsum businesses, should contribute to the
reduction in debt by more than EUR2 billion in 2011.  As a result
of these measures Fitch expects Lafarge's net debt to fall to
below EUR12 billion in 2011, in line with targets.
Notwithstanding this reduction, however, the continuous
deterioration of trading conditions will not allow for a
sufficient recovery in credit metrics.

In 9M11, the price increases in cement and the cost savings
achieved by Lafarge (EUR150 million in 9M11, in line with the
EUR200 million target for 2011) were not sufficient to offset the
high cost inflation.  This resulted in a decline in profitability
in almost all geographies, with the exception of Central and
Eastern Europe and Latin America, with operating income dropping
by 12% yoy.  Fitch expects the group's cash from operations (CFO)
to improve in Q411, thanks to the normal seasonal working capital
reduction.  However, the agency expects CFO for 2011 to remain
below 2010 levels and the CFO net leverage ratio to improve only
marginally from the 4.7x (adjusted for the one off-payment of the
fine in the gypsum division) as of December 2010.

A further deterioration in trading conditions, affecting
operating cash flow and resulting in a sustained negative free
cash flow (FCF), in a funds from operations (FFO) fixed charge
cover ratio below 3.0x and a FFO net leverage constantly above
4.0x, would put negative pressure on the ratings.

An improvement in the operating performance, allowing Lafarge to
maintain positive FCF on a sustained basis and a FFO fixed charge
cover ratio consistently above 3.5x and faster deleveraging,
achieved via operating cash flow or extraordinary measures or
disposals, with FFO net leverage improving to below 3.5x, could
lead to a positive rating action.

Fitch expects Lafarge's liquidity profile to remain solid and the
debt maturity profile to be well-balanced.  At September 2011,
Lafarge had cash of EUR2.0 billion and undrawn committed
facilities of EUR3.0 billion vs. debt maturities of EUR2.1
billion for the following 12 months.

Lafarge's ratings continue to reflect its strong business profile
and solid global market positioning in the cement industry and in
related building materials markets.  The group's position is
supported by its above-average geographical diversification, with
presence in more than 70 countries.  Lafarge benefits from a
well-established presence in mature markets and increased
exposure to fast-growing emerging markets.  Its EBITDA margin
remains among the highest in the sector.

PEUGEOT SA: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
Fitch Ratings has revised the Outlook on Peugeot SA's (PSA) Long-
term Issuer Default Rating (IDR) to Stable from Positive and
affirmed the rating at 'BB+'.  The agency has also affirmed PSA's
senior unsecured rating at 'BB+' and Short-term IDR at 'B'.
Fitch cautioned in September that upgrade potential for PSA had
diminished since the revision of the Outlook to Positive in
February 2011.  The agency has reviewed its expectations for the
group through 2013 and now believes that an upgrade is unlikely
in the timeframe generally covered by a Positive Outlook.

In particular, the revision of the Outlook reflects Fitch's
revised projections about PSA's main credit metrics, including
profitability and cash flow generation through 2013.  This is
underpinned by the deteriorating environment, especially in PSA's
key markets of France, Spain and the UK, pointing to lower-than-
expected sales in 2012 and further pressure on vehicle prices.
Weak corporate and consumer confidence, rising unemployment in
some countries and persistent uncertainty regarding the sovereign
debt crisis are strong negative factors as far as new vehicle
sales are concerned.

Fitch has revised its projections for PSA's industrial operating
margins to 1.3% in 2011 and 1.5% in 2012, down from 1.9% and 2.7%
in its September rating case, and from 3% and 3.4% in its
February rating case.  This includes a slight negative operating
margin at the automotive division in 2011, roughly in line with
PSA's warning in late October that this division would only be
around breakeven in 2011, meaning that it will lose approximately
EUR400 million in H211.  Net leverage is now expected to be 0.8x
at end-2012 (up from 0.4x projected in September 2011 and 0.3x
projected in February 2011).  Increased leverage is chiefly a
result of negative free cash flow (FCF) in 2011 and weaker-than-
expected FCF in 2012.

However, the ratings continue to be supported by the group's
increased diversification outside of Europe, its improved cost
structure and robust liquidity. PSA's other divisions, including
auto supplier Faurecia, logistics company Gefco and Banque PSA
Finance, performed well in 2011 and should support the group's
future performance, although Fitch expects that weaker economic
conditions will also take their toll on these divisions.  In
addition, PSA has announced that it has already secured EUR800
million in savings in 2012 from its existing three-year EUR3.3
billion performance plan.  These savings will include EUR400
million in purchasing and EUR400 million in fixed costs.

The ratings could be upgraded if financial metrics strengthen on
a sustainable basis, including net adjusted leverage declining to
less than 0.5x and CFO on total adjusted debt improving to more
than 40%.  Positive rating action could also occur if there was a
sustainable increase in market share and higher diversification,
combined with improved profitability.

Conversely, a higher-than-expected fall in global sales in 2012,
leading to negative operating margins, and deterioration of key
financial metrics, including net adjusted leverage remaining
above 1.5x and/or CFO on total adjusted debt remaining below 25%,
could be negative for the ratings. Failure to improve geographic
diversification in line with current targets could also put
pressure on the ratings.


ARISE TECHNOLOGIES: Technology Centre in Structured Insolvency
ARISE Technologies Corporation announced that it has voluntarily
filed to place its wholly owned German subsidiary, ARISE
Technology Centre GmbH, into structured insolvency.

The Technology Centre was created in October 2009 when the
Company finalized its agreement with Scheuten Solar to purchase
the operation which is located in Gelsenkirchen, Germany. On Oct.
17, 2011, the Company announced that it was directed by an
arbiter in Germany to pay Scheuten Solar the amount of
EUR920,066. ARISE was disappointed to learn of this decision.
Under the present conditions, it is not feasible to continue
operating the Technology Centre.

The German court is expected to assign an insolvency manager for
the Technology Centre to work with ARISE management during the
transition period.  Proceedings are expected to follow a similar
process to that which is currently underway at ARISE's
Bischofswerda facility.

ARISE said it continues to work with its financial advisor,
Canaccord Genuity, and will continue to provide regular updates
to its shareholders on the progress of the Company's negotiations
in relation to the proposed business combination.

                      About ARISE Technologies

Based in Waterloo, Ontario, ARISE Technologies Corporation -- is dedicated to becoming a leader in
high-performance, cost-effective solar technology.  The company
operates three divisions.  The PV (photovoltaic) cell
manufacturing division (ARISE Germany) is located in
Bischofswerda, Germany.  The PV silicon division is using a
proprietary method to produce silicon at 7N+ high-purity
(99.99999% purity) for PV cell applications, based on a
simplified chemical vapor deposition process.  The division is
focusing on scaling up its process to provide ARISE with control
over its supply, costs, and quality. The PV systems division has
been providing rooftop and ground-mounted PV solutions since
1996.  ARISE continues to operate its systems business in Ontario
under the Ontario FIT (Feed-In Tariff) program.

The company's shares are listed on the Toronto Stock Exchange
under the symbol APV and on the Frankfurt Open Market Exchange
under the symbol A3T.

Moody's Investors Service has affirmed Heidelberger
Druckmaschinen AG's B2 Corporate family rating (CFR) and
Probability of default rating (PDR) as well as the Caa1 rating on
the EUR304 million senior unsecured notes due 2018. At the same
time, Moody's changed the outlook on the ratings to negative from

Ratings Rationale

The outlook change to negative reflects Moody's view that
heightened macroeconomic uncertainty in Europe and North America
starts to dampen demand for printing press equipment, leading to
a slower than previously expected recovery in the group's
operating performance and credit metrics. This considers also the
company's currently weak leverage and coverage ratios
(debt/EBITDA 6.4x, EBIT/interest expense 0.4x at September 30,
2011) and the continued negative free cash flow generation, which
position the company weakly in the B2 rating category.

At the same time, the affirmation of the rating reflects Moody's
expectation that Heidelberger Druck will continue to report
improving leverage metrics and return to positive FCF generation
in the subsequent quarters aided by the group's improved cost
structure and continued solid demand conditions in China and
South America. In addition, the B2 rating presumes that
management will be able to maintain good liquidity and sufficient
headroom under financial covenants.

Heidelberger Druck's B2 CFR balances the company's high leverage,
weak operating margins and negative FCF at the end of September
2011 against the group's strong competitive position as the
global leading manufacturer of sheet-fed offset printing presses
and related equipment which has not been impaired during the last
downturn. The group's operating performance has only recently
begun to demonstrate a reasonable recovery from a protracted
downturn in 2008 and 2009 with signs of improvements in its
profit margins and order backlog, although at a slower rate than
what had been expected when the rating was assigned in the
beginning of the year.

Heidelberger Druck's profitability continued to improve modestly
in the second quarter of fiscal year 2011/12 (fiscal year ends 31
March). While revenues remained flat with EUR636 million (+0.5%
y-o-y) reported EBIT turned positive (EUR5 million), which
compares to EUR-25 million in Q1 2011/12 and EUR-6 million in the
previous year's quarter. FCF continued to be negative in Q2 but
expected improvements in the next few quarters combined with net
debt currently lower than initially expected in March 2011 should
facilitate modest improvements in leverage ratios over subsequent
quarters. However, the positive momentum is expected to slowdown
in the second half of 2011/12 against escalating risk that
economic weakness in Europe and North America will prompt
customers to reduce their capital investments. Therefore, the
group's previous target of a balanced pre-tax income in the
current fiscal year will not be achieved.

The group's strategic focus on the less cyclical packaging
printing and service and consumables business, combined with the
successful adjustments to its cost base during the downturn, the
full impact of EUR480 million in cost savings, which Moody's
expects to be seen in the current financial year, should support
further improvements in its operating performance in the second
half of 2011/12 and beyond even in case of a more stable revenue
growth environment. Nevertheless, Moody's regards the group's
profitability target of reported EBIT margin of 5% in the medium
term as challenging in a less benign economic environment.

Heidelberger Druck's short-term liquidity over the next 12 months
is good in terms of size, but quality is affected by financial
covenants. At September 30, 2011, Heidelberger Druck had cash on
balance sheet of EUR163 million (of which EUR80 million are
subject to foreign exchange restrictions). In addition,
Heidelberger Druck had access to a EUR500 million RCF due at the
end of 2014, which was largely undrawn at September 30, 2011. The
group's internal and external cash sources should be sufficient
to cover its cash outflows relating to working capital and capex.
Heidelberger Druck's maturity profile is reasonably spread, with
EUR50 million promissory notes maturing in March 2013 and EUR304
million senior unsecured notes due March 2018.

Moody's cautions that currently sufficient headroom under
financial covenants could evaporate in case of deteriorations in
the group's profitability, given the highly cyclical nature of
the company's business.

Triggers for a Potential Donwgrade/Upgrade

Negative rating pressure could evolve (i) if leverage would stay
above 6.5x for a prolonged period of time; (ii) if headroom under
financial covenants would become limited due to weaker-than-
expected performance and/or (iii) if Heidelberger Druck continues
to have negative FCF generation in the next few quarters.

A rating upgrade is unlikely until there is a more pronounced
improvement in macroeconomic conditions and the market for print
equipment, which should support further deleveraging, resulting
in debt/EBITDA sustainably below 5.0x, and a return to positive
FCF generation.

The principal methodology used in rating Heidelberger
Druckmaschinen AG was the Global Heavy Manufacturing Rating
Methodology published in November 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Based in Heidelberg, Germany, Heidelberger Druckmaschinen AG is
the leading manufacturer of sheet fed offset printing presses
with revenues of approximately EUR2.6 billion as per financial
year end March 2011. Heidelberger Druckmaschinen AG supplies
equipment for sheet fed offset printing as well as associated
upstream and downstream activities, services and consumables to
printing companies, primarily in the advertising and packaging
printing segment.


DRYSHIPS INC: Reports US$36.3 Million Net Income in 3rd Quarter
Dryships Inc. reported net income of US$36.32 million on
US$318.05 million of revenue for the three months ended Sept. 30,
2011, compared with net income of US$57.65 million on US$225.52
million of revenue for the same period during the prior year.

The Company also reported a net loss of US$49.48 million on
US$749.48 million of revenue for the nine months ended Sept. 30,
2011, compared with net income of US$90.39 million on US$643.92
million of revenue for the same period during the prior year.

The Company's balance sheet at Sept. 30, 2011, showed
US$8.68 billion in total assets, US$4.72 billion in total
liabilities and US$3.96 billion in total equity.

George Economou, Chairman and Chief Executive Officer of the
Company commented:

"The third quarter of 2011 was a significant period for our
offshore drilling unit because it marked the successful
completion of our drillship newbuilding program.  Since we
acquired Ocean Rig we successfully arranged financing, took
delivery and entered into contracts with major oil companies for
our four 6th generation ultra deepwater drillships.  The outlook
for the ultra deepwater drilling industry is bright, and we feel
this segment is well positioned to capitalize on positive
industry fundamentals."

A full-text copy of the press release is available for free at:


                       About DryShips Inc.

Based in Greece, DryShips Inc. --
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.

The Company's balance sheet at June 30, 2011, showed
US$7.86 billion in total assets, US$4.03 billion in total
liabilities, and US$3.83 billion in total equity.

DRYSHIPS INC: Incurs US$49.4MM Loss for 9 Months Ended Sept. 30
Dryships Inc. reported a net loss of US$49.48 million on
US$749.48 million of revenue for the nine months ended Sept. 30,
2011, compared with net income of US$90.39 million on
US$643.92 million of revenue for the same period a year ago.

The Company's balance sheet at Sept. 30, 2011, showed
US$8.68 million in total assets, US$4.72 million in total
liabilities and US$3.96 million in total stockholders' equity.

A full-text copy of the filing is available for free at:


                       About DryShips Inc.

Based in Greece, DryShips Inc. --
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide.  As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of
2 ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.

DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".

On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.

In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as
a going concern.


GLENKERRIN PROPERTIES: Court to Grant Orders for Liquidation
Mary Carolan at The Irish Times reports that the National Asset
Management Agency (NAMA) has secured a court order for the
winding up of Glenkerrin Properties Ltd and Glenroyal Leisure
Ltd.  The two companies were owned by brothers Ray and Danny
Grehan, who are being pursued by the agency for some EUR260
million arising from their guarantees of loans made to their
companies, the report says.

According to the report, Mr. Justice Roderick Murphy said he
would grant orders for liquidation of Glenkerrin Properties Ltd
and Glenroyal Leisure Ltd, which employ 75 people, amid concerns
any delays might lead to a further hemorrhaging of assets.

The Irish Times relates that NAMA appointed receivers last May to
Glenkerrin Properties, which operates bars, hotels and
restaurants, and Glenroyal Leisure, operator of leisure and
fitness centres, after the companies failed to make repayments to
NAMA.  The Grehans initiated a challenge to the appointment of
the receivers.

Ray and Danny Grehan, with addresses respectively at Bateman's
Row, Shoreditch, London, and Princes Park Parade, Hayes,
Middlesex, had also opposed liquidation of the companies.

In an affidavit, The Irish Times notes, Ray Grehan argued it was
inappropriate for NAMA to seek to wind up the companies.
Liquidation would lead to the sale of the companies' assets below
value and there was "a lack of apparent concern for the future
employment of the companies' staff and the economic prospects of
its trading partners," Mr. Grehan told The Irish Times.

Mr. Grehan, as cited by The Irish Times, added it had been
acknowledged by all parties the best means of achieving an
advantageous sale of the Glenroyal Hotel and Leisure Centre was
to maintain those businesses as a going concern. The leisure
centre has a membership of 3,600 people and turnover of
EUR1.6 million per year, the report discloses.

STANTON MBS: Fitch Affirms 'CCsf' Rating on Class D Notes
Fitch Ratings has affirmed Stanton MBS I plc, as follows:

  -- Class A1 (ISIN XS0202635040): affirmed at 'Asf',
     Outlook Stable

  -- Class A2 (ISIN XS0202637418): affirmed at 'BBsf',
     Outlook Negative

  -- Class B (ISIN XS0202637848): affirmed at 'Bsf',
     Outlook Negative

  -- Class C (ISIN XS0202638499): affirmed at 'CCCsf'

  -- Class D (ISIN XS0202639208): affirmed at 'CCsf'

The affirmation of Class A-1 reflects the beneficial effect of
the interest diversion mechanism after the OC test breaches since
the end of 2008.  Coupled with the natural amortization of the
class, this has allowed an accelerated pay down of the tranche
which has de-levered to EUR91.5 million from EUR213.5 million at

The affirmation of all the other tranches reflects the
performance, which has been in line with the ratings.  The
Negative Outlook and the low ratings of the junior tranches
remain an indicator of the embedded risk due to 95% of the
portfolio comprising non-senior structured finance assets, with
low recovery potential.

Stanton MBS I is a securitization of European structured finance
assets.  The portfolio is actively managed by Cambridge Place
Investment Management LLP (CPIM), a specialist investment
manager, focused on asset-backed securities and related

TBS INTERNATIONAL: Incurs US$22 Million Third Quarter Net Loss
TBS International plc reported a net loss of US$22.04 million on
US$95.68 million of total revenue for the three months ended
Sept. 30, 2011, compared with a net loss of US$10.88 million on
US$99.75 million of total revenue for the same period a year ago.

The Company also reported a net loss of US$55.16 million on
US$282.64 million of total revenue for the nine months ended
Sept. 30, 2011, compared with a net loss of $29.21 million on
US$311.06 million of total revenue for the same period during the
prior year.

Ferdinand V. Lepere, Senior Executive Vice President and Chief
Financial Officer, commented: "TBS' results for the third quarter
2011 reflect the weakness in the global marketplace for the
transportation of dry bulk cargo, along with the over-supply of
dry bulk vessels which continues to have an adverse effect on
freight rates and the continued high cost of fuel.  During the
third quarter 2011, revenues decreased by 4.1%, compared to the
same period in 2010."

"The Company was not in compliance with all financial covenants
relating to its debt at September 30, 2011.  We have classified
the entire amount of outstanding debt as a current liability in
the consolidated balance sheet at September 30, 2011, in
accordance with U.S. GAAP."

A full-text copy of the press release is available for free at:


                  About TBS International plc

Dublin, Ireland-based TBS International plc (NASDAQ: TBSI)
-- provides worldwide shipping
solutions to a diverse client base of industrial shippers through
its Five Star Service: ocean transportation, projects,
operations, port services and strategic planning.  The TBS
shipping network operates liner, parcel and dry bulk services,
supported by a fleet of multipurpose tweendeckers and
handysize/handymax bulk carriers, including specialized heavy-
lift vessels and newbuild tonnage.  TBS has developed its
franchise around key trade routes between Latin America and
China, Japan and South Korea, as well as select ports in North
America, Africa, the Caribbean and the Middle East.

The Company's selected balance sheet data at June 30, 2011,
showed US$662.84 million in total assets, $336.38 million in
total debt, and US$268.43 million in total shareholders' equity.

The Company reported a net loss of US$247.76 million on
US$411.83 million of total revenue for the year ended Dec. 31,
2010, compared with a net loss of US$67.04 million on
US$302.51 million of total revenue during the prior year.

PricewaterhouseCoopers LLP expressed substantial doubt about the
Company's ability to continue as a going concern.  PwC believes
that the Company will not be in compliance with the financial
covenants under its credit facilities during 2011, which under
the agreements would make the debt callable.  According to PwC,
this has created uncertainty regarding the Company's ability to
fulfill its financial commitments as they become due.

As reported in the TCR on Feb. 8, 2011, TBS International on
Jan. 31, 2011, announced that it had entered into amendments to
its credit facilities with all of its lenders, including AIG
Commercial Equipment, Commerzbank AG, Berenberg Bank and Credit
Suisse and syndicates led by Bank of America, N.A., The Royal
Bank of Scotland plc and DVB Group Merchant Bank (the "Credit
Facilities").  The amendments restructure the Company's debt
obligations by revising the principal repayment schedules under
the Credit Facilities, waiving any existing defaults, revising
the financial covenants, including covenants related to the
Company's consolidated leverage ratio, consolidated interest
coverage ratio and minimum cash balance, and modifying other
terms of the Credit Facilities.

The Company currently expects to be in compliance with all
financial covenants and other terms of the amended Credit
Facilities through maturity.

As a condition to the restructuring of the Company's credit
facilities, three significant shareholders who also are key
members of TBS' management agreed on Jan. 25, 2011, to provide up
to US$10 million of new equity in the form of Series B Preference
Shares and deposited funds in an escrow account to facilitate
satisfaction of this obligation.  In partial satisfaction of this
obligation, on Jan. 28, 2011, these significant shareholders
purchased an aggregate of 30,000 of the Company's Series B
Preference Shares at US$100 per share directly from TBS in a
private placement.


ENDEMOL BV: Lenders Prefer Debt-for-Equity Swap
Anousha Sakoui at The Financial Times reports that Endemol B.V.
and its lenders are set to rebuff recent approaches for the
indebted television production group behind Big Brother and Deal
or no Deal, and pursue a debt for equity swap.

According to the FT, people familiar with the situation said that
while discussions still continue on a restructuring, the company
and its lenders are likely to write soon to prospective bidders,
including Time Warner -- which recently tabled an offer of about
EUR1 billion (US$1.4 billion) -- to say that the business was
unlikely to be sold.

Endemol's lenders prefer to push ahead with talks to secure
agreement around a debt for equity swap that would cut its
EUR2.8 billion debts to about EUR500 million, the FT discloses.

The Time Warner offer, which was not binding, was seen as
opportunistic by some involved, the FT notes.  "In addition to
being disappointed by the number being proposed . . . lenders
were not pro the deal because they would be left with less upside
in the post-restructured Endemol," the FT quotes one of the
people as saying.  Lenders would like a robust sales process
after a restructuring rather than doing something now with one or
two people that are interested," a second person, as cited by the
FT, said.

The fifth person said that the company was set to outperform its
expected earnings before interest tax depreciation and
amortization of EUR140.4 million for 2011, the FT notes.  A third
person cautioned that if Time Warner were to table a higher
offer, lenders could still reconsider a sale, the FT relates.

Endemol B.V. -- is one of the world's
leading producers of TV programs best known for its output of hit
reality-based programming and game shows such as Deal or No Deal,
Big Brother, and Extreme Makeover: Home Edition.  The production
company also creates scripted dramas and soap operas, and
develops digital content for online distribution.  It has more
than 2,000 programming formats in its library and exports shows
to more than 25 countries around the world.  Formed in 1994,
Endemol is owned by a consortium led by private equity firm
Goldman Sachs and Italian television company Mediaset.

HARBOURMASTER CLO: Fitch Lowers Rating on Class E Notes to 'B-'
Fitch Ratings has downgraded four classes and affirmed three
classes of Harbourmaster CLO 9 B.V.'s notes.  The agency has
removed classes A2 to E from Rating Watch Negative (RWN) and
assigned Negative Outlooks to classes B to E and a Stable Outlook
to class A2.  The rating actions are as follows:

  -- Class A1-T floating-rate notes (XS0296310856): affirmed at
     'AAAsf'; Outlook Stable

  -- Class A1-VF floating-rate notes: affirmed at 'AAAsf';
     Outlook Stable

  -- Class A2 floating-rate notes (XS0296311581): affirmed at
     'AAsf'; removed from RWN; Stable Outlook

  -- Class B floating-rate notes (XS0296312126): downgraded to
     'A- sf' from 'Asf'; removed from RWN; Negative Outlook

  -- Class C floating-rate notes (XS0296312639): downgraded to
     'BBB-sf' from 'BBBsf'; removed from RWN; Negative Outlook

  -- Class D floating-rate notes (XS0296313017): downgraded to
     'BB-sf' from 'BBsf'; removed from RWN; Negative Outlook

  -- Class E floating-rate notes (XS0296313108): downgraded to
     'B- sf' from 'Bsf'; removed from RWN; Negative Outlook

The affirmations of classes A1-T, A1-VF and A2 reflect the stable
performance of the transaction since the last review in
April 2011.  The reported over-collateralization (OC) tests have
been stable since April, and have been steadily improving over
the past two years.  The 'CCC' bucket has remained stable since
April at 9% of the portfolio.

The agency has removed classes A2 to E from RWN and downgraded
classes B to E by a notch due to the continuing uncertainty over
the treatment of defaulted assets for the purpose of the coverage
tests (see "Fitch Places 11 Tranches from 6 Harbourmaster
CLO on Rating Watch Negative" dated September 16, 2009 on  The process of clarifying the defaulted
assets definition for Harbourmaster CLO 9 is still ongoing. Fitch
notes that pending resolution of the defaulted assets definition
issue, the trustee calculates the OC ratios by taking defaulted
assets at the lower of market value or recovery estimates instead
of at par.  Additionally, if an OC test is breached, the amounts
that were to be diverted would instead currently be held in a
suspense account by the trustee.  Nevertheless, Fitch expects
events that lead to a Rating Watch to be resolved within a short
period of time and although discussions are ongoing between the
relevant parties, Fitch has no further visibility on a potential
outcome.  As such, Fitch has carried out its analysis marking
defaulted assets at par for the purposes of the OC tests.

In Fitch's analysis, if defaulted assets were to be treated as
performing for the purpose of the OC tests, the classes B to E OC
tests will not divert excess spread as efficiently, which would
in turn result in diminished protection for classes B to E in a
high defaults scenario.  The agency therefore believes that the
current levels of credit enhancement for classes B to E are
insufficient to support their previous ratings without the
benefit of excess spread diversion.

The agency has affirmed classes A1-T, A1-VF and A2 because the
Class A2 OC test contains a haircut for excess 'CCC' assets above
7.5% of the portfolio.  This should partially capture excess
spread via an increase in the 'CCC' bucket, which would typically
increase ahead of any increase in defaults.

The agency notes that the collateral manager has shared relevant
information about its efforts in resolving this issue.  The
agency also notes that 75% of the noteholders of each class of
notes is required to pass extraordinary resolutions approving the
relevant documentation amendments.  This was achieved in the
Harbourmaster CLO 7 and 8 transactions.  If the defaulted assets
definition issue is resolved such that defaults are marked at
lower of market value and recovery estimates instead of at par
for the purpose of the OC tests, the agency's analysis of the
notes would take this into consideration as part of its ongoing
surveillance of the transaction.

The Negative Outlooks on the mezzanine and junior notes also
reflect their vulnerability to a clustering of defaults and
negative rating migration in the European leveraged loan market
due to the approaching refinancing wall.

Fitch employed its global rating criteria for corporate CDOs to
analyze the quality of the underlying assets.  In accordance with
the agency's cash flow analysis criteria, Fitch also modelled the
transactions' priority of payments including relevant structural
features such as the excess spread-trapping mechanism and
coverage tests.  Although some credit protection remains for the
downgraded notes, they are highly dependent on portfolio recovery

PANGAEA ABS: Fitch Affirms 'Csf' Ratings on Four Note Classes
Fitch Ratings has affirmed Pangaea ABS 2007-1 B.V. as follows:

  -- Class A floating-rate notes (ISIN XS0287257280) affirmed
     at 'CCCsf'

  -- Class B floating-rate notes (ISIN XS0287266356) affirmed
     at 'CCsf'

  -- Class C floating-rate notes (ISIN XS0287267677) affirmed
     at 'CCsf'

  -- Class D floating-rate notes (ISIN XS0287268642) affirmed
     at 'Csf'

  -- Class E floating-rate notes (ISIN XS0287271604) affirmed
     at 'Csf'

  -- Class F floating-rate notes (ISIN XS0287272164) affirmed
     at 'Csf'

  -- Class S1 combination notes (ISIN XS0289328394) affirmed
     at 'Csf'

The affirmations reflect the performance of the portfolio, which
comprises mainly non-senior structured finance assets with low
recovery potential, 30% of which is rated 'CCC+' and below.

The class A has delevered due to interest being passed through
due to as OC tests being have been in breach since the end of

The transaction is a managed cash arbitrage securitization of
structured finance assets, primarily mortgage-backed securities.
The collateral is actively managed by Investec Principal Finance
(Investec) over the life of the transaction

UPC FINANCE: Moody's Assigns 'Ba3' Rating to US$750-Mil. Notes
Moody's Investors Service assigned a Ba3 rating to the US$750
million senior secured notes due 2021 being issued by UPCB
Finance V Limited. The rating outlook is stable.

UPCB Finance V, incorporated in Cayman Islands, a trust-owned
special purpose vehicle, will on-lend the proceeds on a senior
secured basis into the UPC Holding BV ('UPC' or 'the company')
group. UPC carries a Ba3 CFR. The bond proceeds will fund an
additional facility under the existing UPC Broadband Holding B.V.
('UPC Broadband') bank facility rated Ba3 ('UPC Bank Facility').
The borrower under the additional facility, to be referred to as
Finco loan, is expected to be UPC Financing Partnership (UPC
Financing), an established borrower under the UPC Bank Facility.
The proceeds of the additional facility will be used to replace
an equivalent amount of existing borrowing under the UPC Bank

Ratings Rationale

The Ba3 rating on the notes reflects Moody's view that the senior
secured on-lending establishes a claims position for holders of
the new notes that is broadly equivalent to that of existing
lenders under the UPC Bank Facility. While covenants under the
notes are limited, holders of the notes indirectly benefit from
the same maintenance covenants as are stipulated under the UPC
Bank Facility agreement.

The current Ba3 corporate family rating reflects (i) UPC's
significant scale of operations and its geographical
diversification across European markets; (ii) its good operating
performance in Western Europe; and (iii) UPC's continued
adherence to its publicly stated financial policy of not
exceeding 5.0x Total Debt to EBITDA as enshrined in the terms and
conditions of its existing debt instruments.

However, the rating also takes into account the strong
competition in its countries of operations (notably in the CEE
region). Moody's ratings incorporate the fact that UPC is fully
controlled by Liberty Global Inc. (CFR at Ba3) and pursues a
strategy whereby it aims to keep the leverage close to its stated
leverage parameters thereby continuing to maintain tight headroom
under its financial covenants.

Holders of the new notes will have security over the Issuer's
shares and over its assets, including its rights to and benefit
in the Finco loan. However, holders of the notes have only
indirect recourse to UPC Financing so that in an enforcement
scenario they would have to enforce their rights under the notes'
collateral, in particular the rights under the Finco loan, before
they can proceed to realize the asset security under the Finco
loan. This could delay asset realization or make it more costly.

In connection with the Finco loan, the Issuer and UPC Financing
will enter into an accession agreement ('Finco Accession
Agreement'), pursuant to which the Issuer will accede to the UPC
Bank Facility as Facility AC. UPC will use the proceeds from
Facility AC to replace existing borrowing under the UPC Bank
Facility, further improving UPC's debt maturity profile.

The stable outlook reflects Moody's expectation that the company
should continue to at least maintain revenue and EBITDA while
managing towards the stated leverage target and, as a result, its
leverage should not increase materially above 5.0x Gross Debt to
EBITDA (as defined by Moody's).

What Could Change the Rating - Up

Positive ratings development would most likely result from
leverage decreasing and remaining solidly below 4.5x and moving
towards 4x on a Gross Debt to EBITDA (as adjusted by Moody's)
basis on the back of strong operating performance.

What Could Change the Rating - Down

Sustained weak operating performance in conjunction with an
increase in Gross Debt to EBITDA (as adjusted by Moody's) towards
5.5x could result in downward pressure. Furthermore weak
liquidity would put a downward pressure on the rating.

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

UPC is a pan-European cable provider, a principal subsidiary of
Liberty Global Inc. In 2010, the company generated EUR3.7 billion
in revenue and EUR1.8 billion in reported operating cash flow.


SHIP FINANCE: Moody's Affirms 'Ba3' Corporate Family Rating
Moody's Investors Service has affirmed the ratings of Ship
Finance International Ltd. Concurrently, Moody's has changed to
negative from stable the outlook on the company's ratings. SFL's
affirmed ratings are (i) a Ba3 corporate family rating (CFR);
(ii) a Ba3 probability-of-default rating (PDR); and (iii) a B1
(LGD5/81%) senior unsecured rating.

Ratings Rationale

"The change of outlook was prompted by Moody's concerns that
SFL's credit metrics are likely to remain weakly positioned in
the current rating category over the intermediate term," says
Marco Vetulli, a Moody's Vice President, Senior Credit Officer
and lead analyst for SFL.

In Moody's view, SFL will be unable to achieve by the end of the
year credit metrics that are commensurate with the current rating
category. The deterioration in SFL's credit metrics in 2011 is a
result of two factors.

Firstly, in the second half of 2011 SFL has undertaken a new
capital investment program, and the mismatching between
investment outlays made by the company to acquire vessels and its
revenues will affect its leverage ratio at financial year-end
2011. As a result, Moody's anticipates that SFL's debt/EBITDA
ratio will be higher than 5.5x. However the situation should
improve in 2012 when most of the vessels bought during 2011 will
have been fully operational for a full year.

Secondly, SFL's share of profit share from the vessels chartered
out to Frontline is expected to decline significantly. This
deterioration is related to low level of freight rates in the
tanker market, which Moody's expects will continue in 2012.
Moreover global economic uncertainty could further constrain
future transportation volumes and thereby further exacerbate
oversupply, which is plaguing the tanker market.

"While the first factor affecting SFL's 2011 results may have
only a transitory effect on its credit profile, Moody's expects
that the decline in its share of profits from its arrangement
with Frontline will affect the company over the intermediate
term," explains Mr. Vetulli.

"Against this backdrop, if SFL were to maintain its current
dividend policy, the company's positioning in its current rating
category could be weakened to a level such that the current
rating would no longer be sustainable. In the past, the company's
dividend policy has been always correlated to the share of profit
it has received," concludes Mr. Vetulli.


A rating downgrade could result if SFL were unable to demonstrate
a positive trend in credit metrics from the second half of 2012
towards the requirements for a stabilization. Moreover, rating
pressure could emerge as a result of either any unexpected
liquidity problem or any material increase in counterparty risk.

The outlook could be stabilized if SFL were able to demonstrate
the following ratios (on a Moody'-adjusted basis) over the
intermediate period: (i) retained cash flow (RCF)/net debt
approaching 10%; and (ii) debt/EBITDA decreasing towards 5.0x by
the end of 2012.

While not expected in the medium term, upward pressure on SFL's
ratings could occur if the company were to demonstrate progress
towards sustaining (i) a RCF/net debt ratio in the mid-teens in
percentage terms; and (ii) a debt/EBITDA ratio (all ratios on
adjusted basis) of under 4.0x.

Principal Methodology

The principal methodology used in rating Ship Finance
International Limited was the Global Shipping Industry
Methodology published in December 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in Bermuda, Ship Finance International Ltd. (SFL)
is a shipping company with a fleet of 73 vessels (including nine
new dry-bulk carriers and four container vessels that will be
delivered between 2011 and 2013). The company is primarily
engaged in the ownership and operation of vessels and offshore-
related assets. Virtually all of SFL's vessels that are currently
in operation are chartered out under long-term contracts; as of
the end of June 2011, the average term of these charters was 11.1
years (weighted by charter revenue), for expected total charter
payments of approximately US$6.9 billion.


REDES ENERGETICAS: Moody's Cuts Sr. Unsecured Ratings to 'Ba1'
Moody's Investors Service has downgraded the issuer and senior
unsecured ratings of Redes Energeticas Nacionais, SGPS, S.A.
(REN) to Ba1 from Baa3. The outlook assigned to the ratings is
negative. This rating action concludes the review that Moody's
had initiated on July 8, 2011.

Ratings Rationale

REN's Ba1 rating is constrained by that of the government of the
Republic of Portugal (RoP, rated Ba2, negative outlook), the
company's exposure to economic stresses in the country and its
inability to disconnect itself from local economic and market
circumstances. In accordance with Moody's previously published
guidance, infrastructure and utility companies would not normally
be expected to have a rating of more than one or two notches
higher than the government of the country where the majority of
their business is located. Following the finalization of its
rating review, Moody's concluded to position REN's rating at the
Ba1 level, one notch above that of the government of the RoP.

More specifically, Moody's had indicated that, to maintain the
previous Baa3 credit rating, REN would have been able to survive
closure of the Portuguese debt markets for a period of at least
two years on an ongoing basis in a downside stress scenario
incorporating lower revenues and higher debt costs.

REN's liquidity position mainly relies on the availability of
funds under committed commercial paper (CP) programs, which
currently exhibit maturities ranging from February 2013 to
March 2015. Moody's acknowledges the company's efforts to secure
additional sources of reliable funding to support its sizeable
borrowing needs, which resulted in the recent finalization of the
extension of some of these CP programs. However, the rating
agency also notes that currently available lines would not be
sufficient to fully cover REN's very significant CP and bond
maturities in 2013 and its medium-term capital expenditure
(capex) plans. More generally, in light of the uncertainties
characterizing the functionality of debt markets for Portuguese
borrowers in the context of REN's specific funding needs, Moody's
notes the risks associated with the company's ability to maintain
the required two-year coverage of liquidity needs on an ongoing
basis, which prompted the downgrade of REN's rating.

Whilst acknowledging REN's fully regulated profile and the
regulatory mechanisms aimed at mitigating the impact of higher
funding costs associated with the sovereign pressures, Moody's
notes that REN's linkage with the RoP's creditworthiness is
exacerbated by the company's lack of diversification outside its
domestic market, thus making the company vulnerable to stresses
in the country.

More generally, REN's Ba1 rating reflects (i) the low business
risk associated with the company's electricity and gas
transmission activities, which generate virtually all earnings
under the relatively well-established and transparent Portuguese
regulatory framework; (ii) the more challenging funding
conditions and higher costs that REN faces, as well as its capex
plans, which Moody's expects to weigh on the company's financial
profile; and (iii) the constraint on its credit quality as a
result of the country risks (macroeconomic and financial)
associated with being based in Portugal.

The negative outlook on REN's rating is in line with that of the
RoP, highlighting the uncertainty and the general pressures
deriving from the current sovereign and macroeconomic environment
in Portugal.

In light of the negative outlook, Moody's does not expect upward
rating pressure in the short term.

In the intermediate term, positive rating pressure could develop
(i) in case of a material strengthening of REN's liquidity
profile, resulting in the coverage of the company's borrowing
needs for at least two years on a continuous basis; and (ii) if
the current ongoing privatization process for REN results in the
company gaining new non-domestic strategic shareholders, which
could enable REN to achieve a higher degree of de-linkage from
the Portuguese country risk and improve its access to liquidity.

Further negative pressure on REN's rating could also develop in
the event of a weakening of the sovereign and macroeconomic
environment and/or a failure to secure additional sources of
reliable funding to support REN's medium-term borrowing

Principal Methodology

The principal methodology used in this rating was Regulated
Electric and Gas Networks published in August 2009.

REN is the exclusive long-term concessionaire of Portugal's
mainland high-voltage electricity transmission grid and the
country's high-pressure natural gas transportation network. As of
September 2011, the company reported revenues of EUR638 million
and EBITDA of EUR350 million.


ASMITA GARDENS: Court Approves Alpha Bank's Insolvency Bid
Romania Insider reports that the Asmita Gardens residential
project in Bucharest has recently become insolvent after Alpha
Bank, who financed the project, asked for the project's
insolvency, which was approved by court.

According to the report, the EUR120 million project on the banks
of the Dambovita river in the capital city features 765
apartments but has only managed to sell up to half of them.

Romania Insider relates that the seven-tower residential project
is now administrated by Euro Ensol.

Alpha Bank needs to recover around EUR70 million from the
developers, while Strabag, the construction company, needs some
EUR8 million, Romania Insider adds.


TROIKA DIALOG: S&P Keeps 'B+' Counterparty Credit Rating
Standard & Poor's Ratings Services is keeping its 'B+' long-term
counterparty credit and 'ruA+' Russia national scale ratings on
Russia-based Troika Dialog Group Ltd. on CreditWatch with
positive implications, where they were placed on March 16, 2011.
At the same time, the 'B' short-term counterparty credit rating
on the entity was affirmed.

The ratings on Troika Dialog Group Ltd., the holding company of
Troika Dialog (comprised of a group of companies in brokerage and
investment banking), reflect the risky Russian operating
environment and Troika Dialog's vulnerability to capital markets
cycles in securities brokerage, sales, and trading. Positive
rating factors include Troika Dialog's leading market position,
successful strategy, and adequate capital and liquidity. "Our
notional stand-alone credit profile (SACP) on the consolidated
group of companies that comprise Troika Dialog is 'b+'," S&P

On March 11, 2011, Russian state savings bank Sberbank of Russia
(Sberbank; not rated) and Troika Dialog signed a memorandum of
understanding to combine the two groups. The transaction, whereby
Sberbank will purchase 100% of Troika Dialog, is subject to
regulatory approval in Russia and the other countries where both
groups operate. "We think it highly likely that the transaction
will be completed over the coming months," S&P said.

Sberbank has a 27% market share of systemwide banking assets and
a 46% share of retail deposits, and is also rapidly expanding in
the Ukraine, Belarus, and other Commonwealth of Independent
States (CIS) countries. It does business with virtually all
Russian private and public sector industrial companies.
Sberbank's pre-tax income in the first half of 2011 was RUR219
billion (US$7.2 billion), an amount roughly equivalent to
Troika's total assets in 2011.

The CreditWatch status reflects Sberbank's full acquisition of
Troika Dialog, subject to regulatory approval and closure in the
coming months. "In our opinion, Troika Dialog will likely become
a strategically important member of the Sberbank group once the
transaction is completed. Upon completion, we could raise the
global and national scale ratings on Troika Dialog Group Ltd.,"
S&P stated. The amount of the uplift will depend on:

-- S&P's assessment of the group's notional SACP (currently

-- S&P's assessment of Sberbank's creditworthiness;

-- The pace and extent of the projected integration of Troika
    Dialog into Sberbank's corporate, investment banking, and
    asset management business lines; and

-- "Our assessment of the likelihood that Sberbank would
    financially support Troika Dialog if needed," S&P related.

"We will resolve the CreditWatch placement when the regulatory
approval is received and the timing of the financial transaction
is certain," S&P said.

VOZROZHDENIE 1: Moody's Assigns Provisional Ratings to Notes
Moody's Investors Service has assigned provisional long-term
credit ratings to Notes issued by Closed Joint Stock Company
Mortgage Agent Vozrozhdenie 1:

   -- Ru.Ruble 2,931.6M Class A Residential Mortgage Backed Fixed
      Rate Bonds due 2044, Assigned (P)Baa2 (sf)

   -- Ru.Ruble 1,140.1M Class B Bonds were not rated by Moody's.

Ratings Rationale

This transaction is the first securitization of mortgages
originated by Vozrozhdenie Bank (Ba3). The portfolio consists of
the Russian residential mortgage loans, originated and serviced
by Vozrozhdenie Bank. VTB24 (JSC) (Baa1/P-2) will be acting as
back-up servicer in the transaction.

The rating takes into account the credit quality of the
underlying mortgage loan pool, from which Moody's determined the
MILAN Credit Enhancement and the portfolio expected loss, as well
as the transaction structure and legal considerations. The
expected portfolio loss of 4.5% and the MILAN required credit
enhancement of 23% serve as input parameters for Moody's cash
flow model and tranching model, which is based on a probabilistic
lognormal distribution as described in the report "The Lognormal
Method Applied to ABS Analysis", published in July 2000.

The most significant driver for the MILAN Credit Enhancement
number, which is in line with other MILAN CE numbers in the
Russian RMBS transactions was the limited amount of historical
information available from the originator and fact for majority
of borrowers a significant portion of income was not verified
using official tax forms. The main driver for the expected loss,
which is also in line with expected losses assumed for other
Russian RMBS transactions was the limited historical data
available on the originator's portfolio, which was mitigated in
part by available portfolio data showing performance in line with
the market. The weighted average current loan-to-value (LTV) of
52.27%, which is comparable to the LTV observed in other Russian
RMBS transactions.

The transaction benefits from an amortizing reserve fund sized at
4% of the notes at closing and replenished before the interest
payment on the unrated Class B notes. A year after closing and
subject to conditions such as outstanding defaults remaining
below 3%, the rating of the originator being above B3, and no
draws on the reserve fund/no unpaid principal deficiency, the
reserve fund may amortize at 4% of the outstanding notes down to
a floor of 1% of initial note balance.

The provisional ratings address the expected loss posed to
investors by the legal final maturity of the Notes. Moody's
issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating. Other non-credit risks have not been
addressed, but may have a significant effect on yield to

The V Score for this transaction is High, which is in line with
the score assigned for the Russian RMBS sector. The High V-Score
reflects uncertainty associated with legal and regulatory
environment in the sector, limited experience of the originator
in the securitization market, and limited performance data
available for the book of the originator. V-Scores are a relative
assessment of the quality of available credit information and of
the degree of dependence on various assumptions used in
determining the rating. High variability in key assumptions could
expose a rating to more likelihood of rating changes. The V-Score
has been assigned accordingly to the report "V-Scores and
Parameter Sensitivities in the Major EMEA RMBS Sectors" published
in April 2009.

Moody's Parameter Sensitivities: If the portfolio expected loss
was increased from 4.5% to 6.75% or if MILAN Credit Enhancement
was increased from 23% to 27.6%, the model output indicates that
the Class A notes would not have achieved Baa2.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The methodologies used in this rating were Moody's Approach to
Rating RMBS in Emerging Securitisation Markets - EMEA published
in June 2007, Moody's MILAN Methodology for Rating Russian RMBS
published in October 2009, and Cash Flow Analysis in EMEA RMBS:
Testing Structural Features with the MARCO Model (Moody's
Analyser of Residential Cash Flows) published in January 2006.

Other Factors used in this rating are described in Key Legal and
Structural Rating Issues in Russian Securitisation Transactions
published in June 2007.

In rating this transaction, Moody's used a cash flow model to
model the cash flows and determine the loss for each tranche. The
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the lognormal
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario; and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. Moody's also considered
scenarios where the Mortgage Agent has defaulted as a result of
nonpayment of senior fees or interest on the notes, asset-
liability mismatch, or insufficient mortgage coverage. In this
case, Moody's assumed that the liquidation of assets occurred and
the notes were repaid according to the post-enforcement waterfall
using the proceeds of the asset liquidation assuming a recovery
rate of 50%. As such, Moody's analysis encompasses the assessment
of stressed scenarios.

VTB BANK: S&P Raises Stand-Alone Credit Profile to 'bb'
Standard & Poor's Ratings Services affirmed the ratings on
Russian bank JSC VTB Bank (VTB) and its subsidiaries. "We also
affirmed the 'ruAAA' Russia national scale ratings on VTB and
VTB-Leasing. The outlook on all ratings is stable. The 'BBB'
long-term counterparty credit ratings on VTB and its subsidiaries
VTB-Leasing and VTB-Leasing Finance were placed on CreditWatch
with negative implications on March 1, 2011," S&P related.

The ratings on VTB reflect the bank's ownership by the state,
strong commercial position, and improved funding profile after
its recent acquisitions of Bank of Moscow (BOM; unrated) and
TransCreditBank (TCB; BB+/Stable/B). "We have raised VTB's stand-
alone credit profile (SACP) to 'bb' from 'bb-', reflecting the
positive commercial impact of the acquisitions and the
substantial capital and liquidity support that BOM received from
the Deposit Insurance Agency (DIA) when VTB increased its stake
in BOM to 81% at the end of September 2011. The support from the
DIA will enable BOM to book a gain of approximately RUB150
billion (US$5 billion) and to take an equivalent provision
charge, thereby increasing its loan loss reserves to
approximately RUB300 billion, or 48% of gross loans. In our
opinion, this substantial reserving will enable VTB to acquire
BOM's severely damaged loan portfolio with limited downside risk
of further losses," S&P stated.

"The stable outlook reflects our expectation that the VTB group
will maintain its satisfactory earnings and moderate capital over
the medium term. We estimate that VTB will be close to its net
income target of RUB100 billion for full-year 2011, despite a
difficult second half in securities sales and trading. We expect
VTB's consolidated retained earnings in 2012 to be similar to
2011's. We forecast that our Risk-Adjusted Capital (RAC) ratio on
VTB will remain in the range of 5-6% over the medium term due to
high retained earnings and a somewhat slower annual 15% expansion
of risk-weighted assets over the next 2-3 years," S&P said.

"Over the medium term, the Russian government intends to further
privatize VTB Bank, but to retain majority control. It plans to
sell another 10% of its shares in 2012, market conditions
permitting. In our opinion, and despite potential partial
privatizations, the government will maintain control over
VTB for the next several years," S&P said.

"We could raise VTB's ratings if the stand-alone creditworthiness
of VTB and the Russian Federation improved and VTB Bank retained
its strong links and important role to the Russian government.
Upward pressure on Russia's ratings could occur if the government
put in place policies that broadened the economic base and
improved growth performance, or if the government's net creditor
position increased significantly," S&P related.

"We could lower VTB's ratings if the stand-alone creditworthiness
of VTB and the Russian Federation deteriorated, or if VTB's links
to the Russian government weakened. A re-widening of the non-oil
budgetary deficit, which would mean a further increase in the oil
price at which the budget would remain in balance, would imply
even greater dependency on key export prices and could put
downward pressure on the sovereign rating. Lastly, a loss of
majority control would weaken VTB's links to the government under
our methodology, and lead to a reduction of the uplift of VTB's
issuer credit rating over its SACP," S&P said.

S E R B I A  &  M O N T E N E G R O

* REPUBLIC OF SERBIA: Fitch Affirms 'BB-' Long-Term Currency IDRs
Fitch Ratings has affirmed the Republic of Serbia's Long-term
foreign and local currency Issuer Default Ratings (IDR) at 'BB-'.
The Outlook on the Long-term IDRs are Stable.  The agency has
also affirmed the Short-term foreign currency IDR at 'B' and the
Country Ceiling at 'BB-'.

"Declining inflation and relative dinar stability point to
underlying gains in macroeconomic stability in 2011, but the
eurozone crisis has weakened the external financing and growth
outlook, which will also add to pressures on the budget in the
run-up to the elections," says Michele Napolitano, Associate
Director in Fitch's Emerging Europe Sovereigns Team.

External finances remain a key issue for the credit rating,
although risks have receded since the onset of the global
financial crisis in 2008.  Fitch expects the net trade
performance to keep the current account deficit below 8% of GDP
in 2011 and 2012, down from 21% in 2008, reflecting the
rebalancing of the economy towards more export-oriented growth.
The quality of external financing has markedly improved since the
crisis with foreign-direct investment now concentrated in the
tradable sector and accounting for around 54% of current account
coverage in 2011.

Fitch forecasts that the general government fiscal deficit will
narrow to 4.3% of GDP in 2012, down from 4.5% of GDP in 2011.
There will be increased pressure on the budget in the run-up to
the elections and in the wake of the recently approved
decentralization law, although Fitch expects any potential
slippage to be contained and the deficit to stay within the limit
set by the fiscal rule.

The agency estimates government debt will exceed the 45% of GDP
limit in 2012. In September 2011 public debt stood at 44.4% of
GDP, according to the Serbian Law on Public Debt methodology (42%
of GDP according to Maastricht criteria).  This is close to the
45% of GDP limit set by the fiscal rule and the 'BB' median of
40%. The rule may therefore face an early test.  The government
debt's foreign-currency exposure is high and makes public debt
dynamics sensitive to exchange rate volatility.

The economy has experienced an export-led recovery but the
recovery is now stalling.  Fitch has revised real its 2011 GDP
growth forecast to 2%, down from 3% in the previous rating
review.  The agency has also revised 2012 real GDP growth down to
1.8%, from 3%, reflecting its downward revision to 0.8% from 1.8%
for 2012 eurozone real GDP growth.

The banking sector is well-capitalized and well-provisioned
against non-performing-loans.  The system proved resilient in
2010 and 2011 despite increasing tensions surrounding euro area
banks.  Italian and Greek banks account for 21% and 16% of total
banking system assets respectively.  A risk arising from any
further deepening of the eurozone crisis is a reduction in
funding availability for Serbian subsidiaries from their parent
banks.  A sharp cut in funding would impact their ability to
provide credit to the economy.

In 2011, the dinar has proved more stable relative to other
regional peers despite increasing stress in eurozone sovereign
debt markets.  National Bank of Serbia (NBS) has made fewer
interventions to support the dinar in 2011 relative to 2010.  A
weaker growth and external financing outlook coupled with the NBS
monetary easing cycle might exert downward pressure on the dinar
in 2012.

Political risks weigh on the rating. In October 2011 the European
Commission recommended Serbia for EU candidate status, reflecting
Serbia's recent progress towards aligning political, legal and
economic structures with the EU.  Nevertheless the opening of
formal negotiations is dependent on improvements in Serbia-Kosovo
ties which remain tense.

Stronger GDP growth, a return to positive debt dynamics, and the
easing of external financing risks would be positive for Serbia's
creditworthiness. Over the medium-term, progress on structural
reforms that facilitate EU accession would be rating positive.
Conversely, persistent negative debt dynamics, or balance of
payments pressures that led to a sustained fall in foreign
exchange reserves, could trigger a negative rating action.


SAAB AUTOMOBILE: Swedish Automobile Does Not Rule Out Liquidation
Chris Reiter at Bloomberg News reports that Swedish Automobile
NV, the Dutch owner of Saab Automobile, may liquidate even if it
succeeds in selling the former General Motors Co. brand, as the
proceeds may not be enough to pay off creditors.

Swedish Automobile, which has tentative agreements to dispose of
Saab as well as its Spyker sports-car business, will consider
"all of its options," including a voluntary liquidation should
the deals go through, the Zeewolde, Netherlands-based company, as
cited by Bloomberg, said on Friday in a statement.

According to Bloomberg, Swedish Automobile, also known as Swan,
said that the transactions would raise EUR132 million (US$181
million) and would be insufficient to cover the company's
EUR136.5 million in debt.  A lack of approvals and final
agreements on the deals raises questions about "the future of
Swan and any settlement with stakeholders," Bloomberg quotes the
company as saying.

Clearance of the Saab sale is required from Chinese authorities,
the Swedish government and the European Investment Bank,
Bloomberg notes.  The preliminary agreement with Zhejiang
Youngman Lotus Automobile and Pang Da Automobile Trade Co., the
prospective Saab buyers, is valid until Nov. 15, Bloomberg
states.   GM, which sold Trollhaettan, Sweden-based Saab last
year to the sports-car manufacturer, then called Spyker Cars,
said on Nov. 7 that it wouldn't approve a planned shift of the
unit to two companies in China as the Detroit-based automaker
sought to protect its interests in the country, Bloomberg
discloses.  Swedish Automobile said on Friday that it's in
discussions with GM about gaining the U.S. carmaker's consent,
Bloomberg relates.

Swedish Automobile is also continuing talks with North Street
Capital LP about a final agreement on the sale of Spyker,
Bloomberg says.  The Greenwich, Connecticut-based private-equity
firm tentatively agreed in September to buy the manufacturer of
the C8 Aileron supercar for EUR32 million, Bloomberg recounts.

                    Ownership Structure Talks

Meanwhile, Christina Zander at Dow Jones Newswires reports that
Victor Muller, chief executive of Saab, on Friday said
discussions with its Chinese investors regarding its ownership
structure are continuing and that new information has been sent
to GM in a bid to rescue the planned sale of the cash-starved
Swedish brand after GM objected to the deal.

"We are submitting an information package to GM and we will have
to await the feedback that GM has on that package and then we'll
know," Dow Jones quotes Mr. Muller as saying said.

He didn't elaborate on the content of the information sent to GM,
Dow Jones notes.

GM, which owns the technology that several of Saab's car models
are based on, Nov. 7 objected to the deal and said it won't
continue to license its technology to the Swedish brand following
the proposed change of ownership, a move that could scupper the
planned sale, Dow Jones relates.

According to Dow Jones, Mr. Muller said Swedish Automobile and
its Chinese investors are now trying to find a new ownership
structure that GM can accept, but that the old proposal of Pang
Da and Youngman taking a 54% share is "off the table."

                       Creditor Protection

As reported by the Troubled Company Reporter-Europe on Nov. 11,
2011, Reuters related that Guy Lofalk, the court-appointed lawyer
overseeing a reconstruction process for Saab, said the carmaker
will still for now enjoy legal protection from creditors.  The
statement came after General Motors rejected a Chinese bid for
the company, Reuters noted.  "We will now try to get clarity
about what the decision from GM means and if there is any way
ahead," court-appointed administrator Guy Lofalk told Reuters.
It would be Mr. Lofalk's decision to apply to the court to end
the bankruptcy protection process, Reuters stated.  He said that
could happen, but declined to say under what circumstances,
according to Reuters.  The reconstruction involves Mr. Lofalk
plotting a future for the company in talks with its creditors,
mainly suppliers who are owed about EUR150 million, Reuters
disclosed.  He has to make sure the company has a viable future
and the Chinese bid was key to that, Reuters noted.

                      About Saab Automobile

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.

Swedish Automobile N.V. disclosed that Saab Automobile AB and its
subsidiaries Saab Automobile Powertrain AB and Saab Automobile
Tools AB received approval for their proposal for voluntary
reorganization from the Court of Appeal in Gothenburg,
Sweden on Sept. 21, 2011.  The purpose of the voluntary
reorganization process is to secure short-term stability while
simultaneously attracting additional funding, pending the inflow
of the equity contributions by Pang Da and Youngman.


PETROPLUS HOLDINGS: S&P Affirms 'B' Corporate Credit Rating
Standard & Poor's Ratings Services revised its outlook on
Switzerland-based refiner Petroplus Holdings AG to negative from

"At the same time, we affirmed the 'B' long-term corporate credit
rating. We also affirmed the 'B-' senior unsecured debt ratings
on notes totaling US$1.6 billion and a US$150 million convertible
bond issued by group finance subsidiary Petroplus Finance Ltd.
(Bermuda). The recovery ratings of '5' on all instruments remain
unchanged," S&P related.

"The outlook revision reflects Petroplus' weaker than expected
operating results in the third quarter, our continued concerns
about the group's potential to generate meaningful free operating
cash flow, and company's 'less than adequate' liquidity. Without
visible improvement in the company's credit metrics and
liquidity, the ratings are likely to come under increasing
pressure in the next few quarters," S&P related.

Petroplus posted adjusted clean EBITDA of only US$30 million
(also adjusted for inventory impact, non-recurring emission
rights, and inventory write downs) in the third quarter of 2011.
"We estimate that reported net debt increased during the quarter
by about US$216 million. Negative free cash flow was caused by
unexpectedly large working capital outflows and weak operating
performance which did not cover capital spending in the quarter.
The worse-than-expected negative free cash flow was not factored
into our last rating action (Sept. 23, 2011), when the rating was
lowered to 'B' from 'B+'," S&P related.

In September 2011, the group breached a covenant under the terms
of a US$1.05 billion committed revolving credit facility (RCF)
stipulating clean EBITDA to interest of at least 2.5x, but
received a waiver until the end of the first quarter of 2012. In
connection with the waiver, the group has accepted an additional
covenant that stipulates that free cash flow before working
capital changes should be no less than minus US$150 million from
Oct. 1, 2011 to March 31, 2012.

"We understand from management that the very weak third quarter
cash flows were partly a result of unfavorable crude
differentials, unfavorable September margins, and some temporary
inventory movements. Because of high, mostly non-deferrable,
annual capital spending of US$300 million, we believe the group
will find it difficult to achieve any structural improvement in
the current environment. We estimate that adjusted debt to
annualized adjusted EBITDA was above 8x in the first nine months
of 2011. Although there has been a modest recovery in refining
margins since the end of the third quarter, we still expect
refining conditions to remain challenging," S&P said.

The ratings continue to reflect Petroplus' weak business risk
profile and highly leveraged financial profile. This reflects the
group's exposure to the highly competitive northwest European
refining environment, the current deep cyclical downturn, the
group's below-average profitability, and its currently
very weak credit metrics.

"The negative outlook reflects our uncertainty about Petroplus'
profits and free cash flow over the next few quarters in light of
currently very difficult industry conditions," S&P related.

U N I T E D   K I N G D O M

ARGUS CARE: Stewartry Care Home Fears Future Amid Administration
Stuart Gillespie at Galloway News reports that there are fears
for the future of Stewartry care home, Fleet Valley, after its
owners, Argus Care Group, were plunged into administration.

Local councilors have called for swift action to ensure
continuity of care for the residents, according to Galloway News.

The report says that joint administrator Bryan Jackson said he is
"pretty positive" about finding a solution and stressed the home
will continue to run as normal for the moment.

"We will ensure that all residents, their relatives and staff are
kept fully informed of any developments as well as notifying the
relevant local and regulatory authorities," Galloway News quoted
Mr. Jackson as saying.

As reported in the Troubled Company Reporter on Nov. 10, 2011,
BBC News said Argus Care Group has gone into administration due
to debts and cash flow problems which were exacerbated by
creditor pressures.  Accountants and business advisers PKF have
been appointed administrators.  Argus Care said buyers would be
sought amid efforts to minimize disruption, according to BBC
News. Mr. Jackson said the company will continue trading while
administrators seek buyers for the business, which will be market
as going concerns, BBC News added

Fleet Valley, which is one of the biggest care homes in the
region, currently houses 40 residents and employs 51 staff.

Aberdeen-based Argus Care Group operates 12 nursing and
residential homes across.  It has more than 780 employees and 500
residents.  There are three in Ayr, two in Aberdeen, and one in
each of Peterhead, Turriff, Oban, Bishopton, Dunoon, Castle
Douglas and Blairgowrie.

COMET: Kesa Expects EUR200-Mil. Writedown From Disposal
Claer Barret at The Financial Times reports that Kesa says it
expects to make a total writedown of EUR200 million
(GBP170 million) after the disposal of its loss-making Comet
electricals chain to private investment firm OpCapita on
Wednesday for the nominal sum of GBP2.

Following a protracted sales process, OpCapita saw off rival
bidder Hilco, and will receive a cash "dowry" of GBP50 million
from Kesa to compensate for property liabilities on Comet's 250
UK stores, which have an annual rent bill of GBP77 million, the
FT discloses.  However, Kesa will retain responsibility for
Comet's pension liabilities, the FT notes.

Comet has struggled in the downturn as consumers defer big-ticket
purchases, and shop online to find cheaper prices on branded
electrical goods, the FT relates.  On Wednesday, Kesa said it
expected Comet to report losses of GBP22 million at half-year
results next month, more than double the chain's total losses of
GBP9 million last year, the FT notes.

Comet reported a near 19% drop in like-for-like sales in the six
months to October 31, compared to the same period a year ago,
despite Kesa's attempts to revamp stores and turnaround the
chain, the FT discloses.

OpCapita, as cited by the Ft, said that it was not planning on "a
significant store closure program or job losses," and under the
terms of sale, has agreed to run the business as a going concern
for at least 18 months.

The Comet disposal is expected to be completed next February,
after gaining approval from Kesa's shareholders, the FT states.
Lazard is advising OpCapita and Merrill Lynch is advising Kesa on
the transaction, the FT discloses.

Comet is Kesa Electricals PLC's electrical chain in United

DALTON CONSTRUCTION: Home Project on Track Amid Receivership
Terry Kelly at Jarrow & Hebburn Gazette reports that a
GBP3 million South Tyneside care home project is still on track
despite its builders, Dalton Construction UK Limited, went into

"We are working with the legal teams to discuss the many options
available to us, and can confirm that the building work will
continue imminently, and that this will not affect the
development of the project in any way," Jarrow & Hebburn Gazette
quoted an unnamed spokesman for applicants Careline Lifestyles as

The spokesman said that the building work would be carefully
managed, in line with the Considerate Construction scheme, to
avoid local disruption, with special care taken to avoid
deliveries while local pupils are going to or from school,
according to Jarrow & Hebburn Gazette.

"The GBP3 million project will create approximately 210 jobs --
150 contractors and sub-contractors and 60 permanent jobs within
the care home when it opens," the spokesman added, the report

GLOBAL CROSSING: S&P Withdraws 'B-' Corporate Credit Rating
Standard & Poor's Ratings Services withdrew its 'B-' long-term
corporate credit rating on U.K.-based telecommunications company
Global Crossing (U.K.) Telecommunications Ltd. at the issuer's
request. At the time of the withdrawal, the outlook was stable.

"At the same time, we withdrew our 'B-' issue rating on the
GBP270.2 million-equivalent senior secured notes issued by Global
Crossing (U.K.) Finance PLC. These notes were redeemed on Nov. 3,
2011, as a result of the acquisition of Global Crossing Ltd. by
Level 3 Communications Inc. (B-/Positive/--)," S&P said.

LIFEHOUSE SPA: In Administration Less Than 1 Year After Opening
Clacton Gazette reports that Spa MD Marco Truffelli confirmed
Lifehouse spa has gone into administration less than a year after
opening in December 2010.

"All have engaged with the team in trying to make Lifehouse a
viable operation, in what has been a very difficult market. . . .
.  The message from the team and the administrators is that it is
service as usual and they will continue to work with
professionalism to ensure that the quality of Lifehouse
experience is maintained," the report quoted Mr. Truffelli as

Clacton Gazette notes that the 179 staff members at the complex
have been assured their jobs are not under threat.

The complex will remain open but administrators have taken over
management and are seeking a buyer, the report discloses.

Clacton Gazette discloses that the number of staff has been cut
over the last year from about 250.

In a statement, bosses said all bookings and gift vouchers sold
before it went into administration will be honored, the report

Lifehouse spa is an exclusive GBP30 million luxury spa in Thorpe.

ODDBINS: Creditors to Get Money Back, Deloittes Says
the, citing a statutory six-month report to
creditors, reports that the administrator of Oddbins Deloittes
said that creditors of the company will get their money back but
did not provide guidance on when a payout is likely.

Nor do some of the 732 staff who lost their jobs know when they
will get the GBP120,000 they have claimed as preferential
creditors for unpaid wages and holiday entitlements, according to

The report notes that so far, some GBP2.3 million has been raised
through assets disposals, including the sale of 37 stores to
European Food Brokers, which is continuing the Oddbins name.
Simon Baile, the former managing director, also took five outlets
from the administrator, the report discloses.

Lead administrator Lee Manning said that after paying the secured
creditors (including Her Majesty Revenue and Customs, which was
owed GBP8.6 million) "there should be sufficient asset
realizations to make funds available to the unsecured creditors".

the notes that the news will be welcome to the
many suppliers left with large bad debts because of the collapse
of one of their biggest customers.  The report relates that most
have written off the losses, so any payment (6p in the pound has
been mooted in some quarters) will be an ironic bonus in a future
year's accounts.

The problem is that no-one can tell when they might get it
because some litigation is continuing, as are attempts to
conclude further asset sales, the says.  To
date, unsecured creditors have lodged claims totaling GBP12.6

As reported by the Troubled Company Reporter-Europe on April 4,
2011, Press Association related that Oddbins, which has 89 stores
left in the UK after shutting nearly 40 stores recently, has been
under pressure amid competition from supermarket chains and
falling consumer confidence.  It is understood HMRC was owed
GBP8 million by Oddbins, accounting for around 30% of the
company's debt, Press Association disclosed.  The company said a
"significant" majority of creditors clearly wanted Oddbins to
continue trading, but HMRC's vote was heavily weighted and tipped
the outcome, according to Press Association.  The company needed
75% of creditors to back the deal, Press Association noted.

Oddbins sells wine, spirits and other related products.  The
company's head office is in Wimbledon, London.  It has over 227
branches spread across the UK, Ireland and France.

YELL GROUP: Mulls Debt Buy-Back; Won't Breach Covenants
Alexandra Stevenson at The Financial Times reports that Yell
Group said it was considering a GBP100 million debt buy-back, as
the group announced slightly better than expected half-year

According to the FT, Tony Bates, finance director at Yell said
that the company's GBP2.6 billion in debt is trading at 30 to 40%
of par, which the company estimates it can bring down by GBP250
million through a buy-back.

Yell's biggest concern remained its narrowing banking covenants,
which it said were being renegotiated with over 300 lenders, the
FT notes.  Once this was done, it would use its spare cash to buy
back debt, the FT states.

"The practical reality is that as covenants tighten we will have
to manage it quite closely . . .  we're making a proposal that
says we want to focus on managing the strategy," the FT quotes
Mr. Bates as saying.

The company says that it will not breach its covenants at the end
of the financial year in March 2012, the FT notes.  By then, the
covenants stipulate that net debt should not be more than 5.72
times earnings before interest, tax, depreciation and
amortization, according to the FT.

On current full year forecasts, the ratio will be 5 times, the FT
discloses.  Under the covenants, the ratio narrows to 4.6 times
by March 2013, the FT states.

Two years ago, Yell paid down debt through an equity offering,
the FT recounts.  Mr. Bates, as cited by the FT, said it was
unlikely to do so again in the near term.

                         About Yell Group

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

                         *     *     *

As reported by the Troubled Company Reporter-Europe on Aug 26,
2011, Standard & Poor's Ratings Services lowered its corporate
credit rating on U.K.-based classified directories publisher Yell
Group PLC to 'CCC+' from 'B-'.  The outlook remains negative.
"We believe Yell is likely to breach one specific covenant within
the next few quarters, absent any remedies," said Standard &
Poor's credit analyst Carlo Castelli.


* BOND PRICING: For the Week November 7 to November 11, 2011

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

BA CREDITANSTALT        5.470     8/28/2013      EUR      58.00
BAWAG                   5.400     2/12/2023      EUR      69.91
BAWAG                   5.310     2/12/2023      EUR      69.37
BAWAG                   5.430     2/26/2024      EUR      66.63
HAA-BANK INTL AG        5.250    10/27/2015      EUR      62.50
HAA-BANK INTL AG        5.270      4/7/2028      EUR      61.16
IMMOFINANZ              4.250      3/8/2018      EUR       3.55
KOMMUNALKREDIT          4.900     6/23/2031      EUR      42.50
KOMMUNALKREDIT          5.430     2/13/2024      EUR      54.00
OESTER VOLKSBK          5.270      2/8/2027      EUR      57.06
OESTER VOLKSBK          4.160     5/20/2025      EUR      71.90
OESTER VOLKSBK          4.810     7/29/2025      EUR      62.38
OESTER VOLKSBK          4.750     4/30/2021      EUR      69.93
OESTER VOLKSBK          4.170     7/29/2015      EUR      64.00
RAIFF ZENTRALBK         5.470     2/28/2028      EUR      64.55
RAIFF ZENTRALBK         5.500    12/29/2023      EUR      70.26
RAIFF ZENTRALBK         4.500     9/28/2035      EUR      51.21
RAIFF ZENTRALBK         5.730    12/11/2023      EUR      72.08

ECONOCOM GROUP          4.000      6/1/2016      EUR      19.40
IDEAL STANDARD I       11.750      5/1/2018      EUR      65.75
IDEAL STANDARD I       11.750      5/1/2018      EUR      64.67

CYPRUS GOVT BOND        4.625      2/3/2020      EUR      67.66
CYPRUS GOVT BOND        6.000      6/9/2021      EUR      73.81
CYPRUS GOVT BOND        5.350      6/9/2020      EUR      71.22
CYPRUS GOVT BOND        4.600     2/26/2019      EUR      69.73
CYPRUS GOVT BOND        4.600    10/23/2018      EUR      69.91
CYPRUS GOVT BOND        4.600     4/23/2018      EUR      70.17
CYPRUS GOVT BOND        5.100     1/29/2018      EUR      72.41
CYPRUS GOVT BOND        4.500     9/28/2017      EUR      70.31
CYPRUS GOVT BOND        4.500      4/2/2017      EUR      71.02
CYPRUS GOVT BOND        4.500     2/15/2017      EUR      71.20
CYPRUS GOVT BOND        4.500      1/4/2017      EUR      71.43
CYPRUS GOVT BOND        4.500     10/9/2016      EUR      71.92
CYPRUS GOVT BOND        4.500     7/11/2016      EUR      72.48
CYPRUS GOVT BOND        5.000      6/9/2016      EUR      73.38
CYPRUS GOVT BOND        4.500      6/2/2016      EUR      72.77
CYPRUS GOVT BOND        4.500     3/30/2016      EUR      73.21
CYPRUS GOVT BOND        4.500      1/2/2016      EUR      73.90
CYPRUS GOVT BOND        4.750     12/2/2015      EUR      73.19
CYPRUS GOVT BOND        3.750     11/1/2015      EUR      72.70
CYPRUS GOVT BOND        4.750     9/30/2015      EUR      73.65
MARFIN POPULAR          4.350    11/20/2014      EUR      47.88
REP OF CYPRUS           4.375     7/15/2014      EUR      75.78
REP OF CYPRUS           4.750     2/25/2016      EUR      69.72

FIN-DANISH IND          4.910      7/6/2021      EUR      55.88
KOMMUNEKREDIT           0.500    12/14/2020      ZAR      47.30
KOMMUNEKREDIT           0.500      2/3/2016      TRY      73.08

MUNI FINANCE PLC        0.500     4/27/2018      ZAR      61.31
MUNI FINANCE PLC        0.250     6/28/2040      CAD      24.65
MUNI FINANCE PLC        0.500    11/10/2021      NZD      63.24
MUNI FINANCE PLC        0.500    11/25/2020      ZAR      49.62
MUNI FINANCE PLC        0.500    11/21/2018      ZAR      66.70
MUNI FINANCE PLC        0.500    11/16/2017      TRY      67.82
MUNI FINANCE PLC        0.500     3/17/2025      CAD      62.69
MUNI FINANCE PLC        1.000     6/30/2017      ZAR      68.11
MUNI FINANCE PLC        0.500     12/6/2016      TRY      74.00
MUNI FINANCE PLC        0.500    10/27/2016      ZAR      73.79
MUNI FINANCE PLC        0.500    10/27/2016      TRY      67.34
MUNI FINANCE PLC        0.500     4/26/2016      ZAR      73.92
TALVIVAARA              4.000    12/16/2015      EUR      74.15

AIR FRANCE-KLM          4.970      4/1/2015      EUR      11.22
ALCATEL-LUCENT          5.000      1/1/2015      EUR       2.74
ALTRAN TECHNOLOG        6.720      1/1/2015      EUR       4.69
ASSYSTEM                4.000      1/1/2017      EUR      20.36
ATOS ORIGIN SA          2.500      1/1/2016      EUR      50.69
BNP PARIBAS             2.890     5/16/2036      JPY      64.55
CALYON                  6.000     6/18/2047      EUR      19.31
CALYON                  5.800    10/29/2029      USD      71.77
CAP GEMINI SOGET        1.000      1/1/2012      EUR      42.10
CAP GEMINI SOGET        3.500      1/1/2014      EUR      39.11
CGG VERITAS             1.750      1/1/2016      EUR      26.69
CLUB MEDITERRANE        5.000      6/8/2012      EUR      12.02
CLUB MEDITERRANE        6.110     11/1/2015      EUR      17.19
CMA CGM                 8.875     4/15/2019      EUR      40.57
CMA CGM                 8.500     4/15/2017      USD      43.25
CMA CGM                 8.875     4/15/2019      EUR      39.67
CMA CGM                 8.500     4/15/2017      USD      40.31
CNP ASSURANCES          6.000     9/14/2040      EUR      68.14
CNP ASSURANCES          6.875     9/30/2041      EUR      70.28
CREDIT AGRI CIB         5.450     11/9/2030      USD      66.47
CREDIT AGRI CIB         4.910     11/3/2030      USD      62.50
CREDIT AGRI CIB         5.350    10/29/2030      USD      65.60
CREDIT AGRI CIB         5.300    10/22/2030      USD      65.31
CREDIT AGRI CIB         5.400     12/9/2030      USD      65.89
CREDIT AGRI CIB         6.000    12/23/2030      USD      68.83
CREDIT AGRI CIB         5.250    10/18/2030      USD      64.83
CREDIT AGRI CIB         5.300    10/12/2030      USD      63.00
CREDIT AGRI CIB         6.050     1/14/2031      USD      71.84
CREDIT AGRI CIB         5.300     10/7/2030      USD      65.19
CREDIT AGRI CIB         4.850     9/17/2030      USD      60.99
CREDIT AGRI CIB         5.270      8/5/2030      USD      65.24
CREDIT AGRI CIB         5.850     6/30/2031      USD      69.43
CREDIT AGRI CIB         5.830     6/30/2031      USD      69.24
CREDIT AGRI CIB         5.950     1/19/2031      USD      70.95
CREDIT AGRI CIB         5.650     6/10/2031      USD      67.59
CREDIT AGRI CIB         5.610     6/15/2031      USD      67.19
CREDIT AGRI CIB         6.220     3/17/2031      USD      73.20
CREDIT AGRI CIB         5.880      4/8/2031      USD      71.30
CREDIT AGRI CIB         6.150     2/11/2031      USD      72.41
CREDIT AGRI CIB         5.690    11/26/2030      USD      68.71
CREDIT AGRI CIB         5.080    11/23/2030      USD      63.00
CREDIT AGRI CIB         5.850     5/27/2031      USD      69.52
CREDIT AGRICOLE         4.500    12/22/2019      EUR      70.18
CREDIT LOCAL FRA        3.750     5/26/2020      EUR      59.51
DEXIA CRED LOCAL        4.550      4/2/2020      EUR      64.15
DEXIA CRED LOCAL        5.037      8/4/2020      EUR      65.75
DEXIA CRED LOCAL        4.110     9/18/2018      EUR      67.53
DEXIA CRED LOCAL        4.500     2/25/2020      EUR      63.87
DEXIA MUNI AGNCY        1.000    12/23/2024      EUR      62.72
EURAZEO                 6.250     6/10/2014      EUR      56.65
EUROPCAR GROUPE         9.375     4/15/2018      EUR      63.13
EUROPCAR GROUPE         9.375     4/15/2018      EUR      63.00
FAURECIA                4.500      1/1/2015      EUR      22.26
FONCIERE REGIONS        3.340      1/1/2017      EUR      73.40
GROUPAMA SA             7.875    10/27/2039      EUR      44.96
INGENICO                2.750      1/1/2017      EUR      43.05
MAUREL ET PROM          7.125     7/31/2015      EUR      17.29
MAUREL ET PROM          7.125     7/31/2014      EUR      18.41
NEXANS SA               4.000      1/1/2016      EUR      58.31
NOVASEP HLDG            9.750    12/15/2016      USD      43.00
ORPEA                   3.875      1/1/2016      EUR      44.51
PAGESJAUNES FINA        8.875      6/1/2018      EUR      72.33
PAGESJAUNES FINA        8.875      6/1/2018      EUR      72.08
PEUGEOT SA              4.450      1/1/2016      EUR      24.81
PIERRE VACANCES         4.000     10/1/2015      EUR      69.95
PUBLICIS GROUPE         1.000     1/18/2018      EUR      48.70
PUBLICIS GROUPE         3.125     7/30/2014      EUR      37.02
SOC AIR FRANCE          2.750      4/1/2020      EUR      20.55
SOCIETE GENERALE        5.860     4/26/2031      USD      69.72
SOCIETE GENERALE        5.920     3/17/2031      USD      70.05
SOCIETE GENERALE        5.910     3/16/2031      USD      69.96
SOCIETE GENERALE        6.010     3/15/2031      USD      70.92
SOCIETE GENERALE        5.940     3/14/2031      USD      70.25
SOCIETE GENERALE        5.860     3/11/2031      USD      69.49
SOCIETE GENERALE        5.900     3/10/2031      USD      69.88
SOITEC                  6.250      9/9/2014      EUR       7.52
TEM                     4.250      1/1/2015      EUR      51.74
THEOLIA                 2.700      1/1/2041      EUR       8.84

BAYERISCHE HYPO         5.000    12/21/2029      EUR      73.13
BAYERISCHE LNDBK        4.500      2/7/2019      EUR      72.79
BHW BAUSPARKASSE        5.640     1/30/2024      EUR      66.43
BHW BAUSPARKASSE        5.600     4/14/2023      EUR      68.82
BHW BAUSPARKASSE        5.450     2/20/2023      EUR      68.05
COMMERZBANK AG          4.000    11/30/2017      EUR      36.57
COMMERZBANK AG          5.000    10/30/2017      EUR      73.46
COMMERZBANK AG          5.000     3/30/2018      EUR      36.11
COMMERZBANK AG          5.000     4/20/2018      EUR      36.20
COMMERZBANK AG          6.300     3/15/2022      EUR      66.63
COMMERZBANK AG          6.360     3/15/2022      EUR      66.78
COMMERZBANK AG          6.460     6/24/2022      EUR      66.81
DEUTSCHE HYP HAN        5.300    11/20/2023      EUR      68.33
DRESDNER BANK AG        6.210     6/20/2022      EUR      65.51
DRESDNER BANK AG        5.700     7/31/2023      EUR      59.99
DRESDNER BANK AG        7.160     8/14/2024      EUR      65.65
DRESDNER BANK AG        7.350     6/13/2028      EUR      62.85
DRESDNER BANK AG        6.180     2/28/2023      EUR      62.54
DRESDNER BANK AG        6.375      5/8/2018      EUR      74.99
DRESDNER BANK AG        5.290     5/31/2021      EUR      62.69
DRESDNER BANK AG        6.000     2/25/2020      EUR      69.99
DRESDNER BANK AG        6.550     4/14/2020      EUR      72.36
EUROHYPO AG             6.490     7/17/2017      EUR       4.00
EUROHYPO AG             5.110      8/6/2018      EUR      67.25
EUROHYPO AG             3.830     9/21/2020      EUR      54.00
EUROHYPO AG             5.560     8/18/2023      EUR      57.00
GOTHAER ALLG VER        5.527     9/29/2026      EUR      70.95
HAPAG-LLOYD             9.750    10/15/2017      USD      74.00
HAPAG-LLOYD             9.750    10/15/2017      USD      70.38
HECKLER & KOCH          9.500     5/15/2018      EUR      60.50
HECKLER & KOCH          9.500     5/15/2018      EUR      61.10
HEIDELBERG DRUCK        9.250     4/15/2018      EUR      64.64
HEIDELBERG DRUCK        9.250     4/15/2018      EUR      63.38
HSH NORDBANK AG         4.375     2/14/2017      EUR      53.53
IKB DEUT INDUSTR        4.500      7/9/2013      EUR      63.01
L-BANK FOERDERBK        0.500     5/10/2027      CAD      51.92
LB BADEN-WUERTT         5.250    10/20/2015      EUR      27.45
LB BADEN-WUERTT         2.800     2/23/2037      JPY      39.09
PRAKTIKER BAU-UN        5.875     2/10/2016      EUR      69.99
Q-CELLS                 6.750    10/21/2015      EUR       1.12
QIMONDA FINANCE         6.750     3/22/2013      USD       1.50
RHEINISCHE HYPBK        6.600     5/29/2022      EUR      65.25
SOLARWORLD AG           6.375     7/13/2016      EUR      68.67
SOLARWORLD AG           6.125     1/21/2017      EUR      66.61
STYROLUTION GRP         7.625     5/15/2016      EUR      73.57
TAG IMMO AG             6.500    12/10/2015      EUR       7.62
TUI AG                  5.500    11/17/2014      EUR      55.72
TUI AG                  2.750     3/24/2016      EUR      37.92

ATHENS URBAN TRN        4.851     9/19/2016      EUR      29.47
ATHENS URBAN TRN        4.057     3/26/2013      EUR      39.11
ATHENS URBAN TRN        4.301     8/12/2014      EUR      27.95
ATHENS URBAN TRN        5.008     7/18/2017      EUR      32.13
FAGE DAIRY IND          7.500     1/15/2015      EUR      73.50
FAGE DAIRY IND          7.500     1/15/2015      EUR      73.50
HELLENIC REP I/L        2.300     7/25/2030      EUR      21.74
HELLENIC REP I/L        2.900     7/25/2025      EUR      19.00
HELLENIC REPUB          5.200     7/17/2034      EUR      27.13
HELLENIC REPUB          5.000     3/11/2019      EUR      54.88
HELLENIC REPUB          6.140     4/14/2028      EUR      30.63
HELLENIC REPUB          2.125      7/5/2013      CHF      45.00
HELLENIC REPUB          4.590      4/8/2016      EUR      27.75
HELLENIC REPUB          4.625     6/25/2013      USD      73.75
HELLENIC REPUBLI        4.300     3/20/2012      EUR      41.87
HELLENIC REPUBLI        5.250     5/18/2012      EUR      37.88
HELLENIC REPUBLI        5.250     6/20/2012      EUR      59.50
HELLENIC REPUBLI        1.000     6/30/2012      EUR      57.38
HELLENIC REPUBLI        4.100     8/20/2012      EUR      36.75
HELLENIC REPUBLI        4.600     5/20/2013      EUR      30.97
HELLENIC REPUBLI        4.506     3/31/2013      EUR      41.68
HELLENIC REPUBLI        7.500     5/20/2013      EUR      33.17
HELLENIC REPUBLI        5.300     3/20/2026      EUR      23.71
HELLENIC REPUBLI        4.600     9/20/2040      EUR      25.62
HELLENIC REPUBLI        4.500     9/20/2037      EUR      25.58
HELLENIC REPUBLI        3.900      7/3/2013      EUR      30.25
HELLENIC REPUBLI        4.427     7/31/2013      EUR      37.00
HELLENIC REPUBLI        4.000     8/20/2013      EUR      29.32
HELLENIC REPUBLI        4.520     9/30/2013      EUR      33.13
HELLENIC REPUBLI        6.500     1/11/2014      EUR      30.39
HELLENIC REPUBLI        4.500     5/20/2014      EUR      30.36
HELLENIC REPUBLI        4.500      7/1/2014      EUR      33.13
HELLENIC REPUBLI        3.985     7/25/2014      EUR      30.33
HELLENIC REPUBLI        5.500     8/20/2014      EUR      30.25
HELLENIC REPUBLI        4.113     9/30/2014      EUR      31.37
HELLENIC REPUBLI        3.700     7/20/2015      EUR      28.67
HELLENIC REPUBLI        6.100     8/20/2015      EUR      29.54
HELLENIC REPUBLI        3.702     9/30/2015      EUR      31.04
HELLENIC REPUBLI        3.700    11/10/2015      EUR      30.13
HELLENIC REPUBLI        3.600     7/20/2016      EUR      28.91
HELLENIC REPUBLI        4.020     9/13/2016      EUR      31.44
HELLENIC REPUBLI        4.225      3/1/2017      EUR      31.61
HELLENIC REPUBLI        5.900     4/20/2017      EUR      27.15
HELLENIC REPUBLI        4.300     7/20/2017      EUR      26.55
HELLENIC REPUBLI        4.600     7/20/2018      EUR      26.25
HELLENIC REPUBLI        6.000     7/19/2019      EUR      26.88
HELLENIC REPUBLI        5.161     9/17/2019      EUR      26.86
HELLENIC REPUBLI        6.500    10/22/2019      EUR      28.16
HELLENIC REPUBLI        6.250     6/19/2020      EUR      27.67
HELLENIC REPUBLI        5.900    10/22/2022      EUR      25.83
HELLENIC REPUBLI        4.700     3/20/2024      EUR      25.20
NATL BK GREECE          3.875     10/7/2016      EUR      55.11

CALYON FIN GUER         6.000      9/4/2029      USD      72.63
CREDIT AGRICOLE         5.600     2/25/2030      USD      69.22

AIB MORTGAGE BNK        5.000      3/1/2030      EUR      47.24
AIB MORTGAGE BNK        4.875     6/29/2017      EUR      74.58
AIB MORTGAGE BNK        5.580     4/28/2028      EUR      52.97
AIB MORTGAGE BNK        5.000     2/12/2030      EUR      47.28
ALLIED IRISH BKS        5.625    11/12/2014      EUR      72.97
ALLIED IRISH BKS       12.500     6/25/2035      GBP      32.00
ALLIED IRISH BKS        4.000     3/19/2015      EUR      74.22
ANGLO IRISH BANK        4.000     4/15/2015      EUR      73.67
BANESTO FINANC          5.000     3/23/2030      EUR      66.49
BANK OF IRELAND         4.473    11/30/2016      EUR      60.00
BANK OF IRELAND        10.000     2/12/2020      EUR      50.25
BANK OF IRELAND        10.000     2/12/2020      GBP      37.25
BANK OF IRELAND         5.600     9/18/2023      EUR      42.00
BK IRELAND MTGE         5.760      9/7/2029      EUR      53.25
BK IRELAND MTGE         5.360    10/12/2029      EUR      50.32
BK IRELAND MTGE         5.400     11/6/2029      EUR      50.57
BK IRELAND MTGE         5.450      3/1/2030      EUR      50.40
DEPFA ACS BANK          4.900     8/24/2035      CAD      68.54
DEPFA ACS BANK          0.500      3/3/2025      CAD      40.99
DEPFA ACS BANK          5.125     3/16/2037      USD      69.33
EBS BLDG SOCIETY        4.000     2/25/2015      EUR      74.06
IRISH LIFE PERM         4.000     3/10/2015      EUR      72.94
UT2 FUNDING PLC         5.321     6/30/2016      EUR      57.85

BANCA MARCHE            5.125     5/14/2024      ITL      68.57
BANCA MARCHE            3.900     8/17/2020      EUR      69.29
BANCA MARCHE            4.300      1/4/2020      EUR      73.56
BANCA MARCHE            3.700      9/1/2020      EUR      68.13
BANCA MARCHE            4.000      7/9/2020      EUR      70.17
BANCA MARCHE            3.600    11/12/2020      EUR      66.84
BANCA MARCHE            4.000     1/10/2021      EUR      68.45
BANCA MARCHE            4.000     5/26/2021      EUR      67.35
BANCA MARCHE            4.700     8/16/2021      EUR      71.91
BANCA MARCHE            4.360      1/4/2022      ITL      68.62
BANCA MARCHE            5.500     9/16/2030      EUR      62.54
BANCA POP LODI          5.250      4/3/2029      EUR      64.41
BANCA POP MILANO        3.100     9/30/2017      EUR      74.40
BANCA POP MILANO        3.500     6/30/2018      EUR      73.62
BANCA POP MILANO        4.500     4/18/2018      EUR      74.93
BANCA POP MILANO        3.250     6/30/2017      EUR      74.17
BANCA POP MILANO        4.000     4/23/2020      EUR      70.17
BANCA POP VICENT        4.970     4/20/2027      EUR      67.01
BANCO POPOLARE          6.000     11/5/2020      EUR      69.98
BANCO POPOLARE          6.375     5/31/2021      EUR      69.94
BP CIVIDALE             3.180     5/19/2020      EUR      71.93
BTPS                    4.000      2/1/2037      EUR      67.93
BTPS                    5.000      8/1/2039      EUR      74.91
BTPS                    5.000      9/1/2040      EUR      74.69
BTPS                    5.000      8/1/2034      EUR      75.44
BTPS I/L                2.100     9/15/2021      EUR      71.81
BTPS I/L                2.600     9/15/2023      EUR      71.71
BTPS I/L                3.100     9/15/2026      EUR      71.18
BTPS I/L                2.350     9/15/2035      EUR      62.05
BTPS I/L                2.550     9/15/2041      EUR      61.63
CASSA RISP CENTO        4.500     9/12/2015      EUR      74.50
CASSA RISP FERRA        3.400     9/17/2017      EUR      61.75
CASSA RISP FERRA        4.500     11/2/2020      EUR      56.25
CASSA RISP FERRA        4.575      2/2/2017      EUR      68.50
CASSA RISP FERRA        4.000      9/2/2015      EUR      73.88
CASSA RISP FERRA        3.000     1/18/2015      EUR      74.50
CASSA RISP FERRA        3.500      3/5/2016      EUR      69.13
CASSA RISP FERRA        4.000     11/2/2016      EUR      67.50
CASSA RISP FERRA        4.000      8/5/2015      EUR      74.25
COMUNE DI MILANO        4.019     6/29/2035      EUR      73.90
DEXIA CREDIOP           4.790    12/17/2043      EUR      66.02
INTESA SANPAOLO         2.882     4/20/2020      EUR      70.19
MONTE DEI PASCHI        5.750     9/30/2016      GBP      65.99
REP OF ITALY            4.850     6/11/2060      EUR      63.46
REP OF ITALY            2.000     9/15/2062      EUR      43.39
REP OF ITALY            2.200     9/15/2058      EUR      47.95
REP OF ITALY            1.850     9/15/2057      EUR      41.24
REP OF ITALY            2.870     5/19/2036      JPY      46.87
REP OF ITALY            5.200     7/31/2034      EUR      71.70
REP OF ITALY            4.490      4/5/2027      EUR      67.99
REP OF ITALY            2.850      9/1/2022      EUR      76.38
REP OF ITALY            2.750    11/11/2018      EUR      73.64
SEAT PAGINE            10.500     1/31/2017      EUR      60.00
SEAT PAGINE            10.500     1/31/2017      EUR      60.13
SEAT PAGINE            10.500     1/31/2017      EUR      60.01
SEAT PAGINE            10.500     1/31/2017      EUR      60.25
TELECOM ITALIA          5.250     3/17/2055      EUR      60.47
UGF ASSICURAZION        5.660     7/28/2023      EUR      65.26
UNICREDIT SPA           6.700      6/5/2018      EUR      69.29
UNICREDIT SPA           5.000     4/21/2021      EUR      69.68
UNICREDIT SPA           5.050     4/25/2022      EUR      67.60
UNICREDIT SPA           5.160     6/14/2020      EUR      72.77
UNICREDIT SPA           6.040      3/3/2023      EUR      72.37
UNICREDITO ITALI        5.000      2/1/2016      GBP      65.00
UNICREDITO ITALI        4.750     4/12/2027      EUR      69.26

ARCELORMITTAL           7.250      4/1/2014      EUR      23.35
CONTROLINVESTE          3.000     1/28/2015      EUR      67.58
ESPIRITO SANTO F        6.875    10/21/2019      EUR      52.50
LIGHTHOUSE INTL         8.000     4/30/2014      EUR      18.25
LIGHTHOUSE INTL         8.000     4/30/2014      EUR      18.79
UBI BANCA INT           8.750    10/29/2012      EUR      71.46

APP INTL FINANCE       11.750     10/1/2005      USD       0.01
BK NED GEMEENTEN        0.500     6/22/2021      ZAR      44.85
BK NED GEMEENTEN        0.500     3/17/2016      TRY      72.17
BK NED GEMEENTEN        0.500     4/27/2016      TRY      71.59
BK NED GEMEENTEN        0.500     5/25/2016      TRY      71.22
BK NED GEMEENTEN        0.500     6/22/2016      TRY      70.82
BK NED GEMEENTEN        0.500     9/15/2016      TRY      69.67
BK NED GEMEENTEN        0.500      3/3/2021      NZD      66.65
BK NED GEMEENTEN        0.500     5/12/2021      ZAR      45.26
BK NED GEMEENTEN        0.500     2/24/2025      CAD      62.18
BK NED GEMEENTEN        0.500     3/29/2021      NZD      66.40
BLT FINANCE BV          7.500     5/15/2014      USD      39.50
BLT FINANCE BV          7.500     5/15/2014      USD      39.38
BRIT INSURANCE          6.625     12/9/2030      GBP      57.15
CEMEX FIN EUROPE        4.750      3/5/2014      EUR      74.04
DEXIA FUNDING           5.875      2/9/2017      GBP      59.76
EDP FINANCE BV          4.125     6/29/2020      EUR      74.84
ELEC DE CAR FIN         8.500     4/10/2018      USD      58.80
FINANCE & CREDIT       10.500     1/25/2014      USD      60.49
FRIESLAND BANK          4.210    12/29/2025      EUR      66.15
INDAH KIAT INTL        12.500     6/15/2006      USD       0.01
ING BANK NV             4.200    12/19/2035      EUR      71.89
IVG FINANCE BV          1.750     3/29/2017      EUR      73.68
KBC IFIMA NV            8.500      2/7/2025      USD      67.85
LEHMAN BROS TSY         4.870     10/8/2013      USD      33.00
MARFRIG HLDG EUR        8.375      5/9/2018      USD      68.00
NATL INVESTER BK       25.983      5/7/2029      EUR      14.37
NED WATERSCHAPBK        0.500     3/11/2025      CAD      61.58
NIB CAPITAL BANK        4.510    12/16/2035      EUR      56.01
POLYSINDO FIN           9.375     7/30/2007      USD       0.01
PORTUGAL TEL FIN        4.500     6/16/2025      EUR      65.36
Q-CELLS INTERNAT        5.750     5/26/2014      EUR      23.31
Q-CELLS INTERNAT        1.375     2/28/2012      EUR      40.00
RABOBANK                0.500    11/26/2021      ZAR      50.12
RABOBANK                0.500    10/27/2016      ZAR      74.23
RBS NV EX-ABN NV        2.910     6/21/2036      JPY      66.54
SIDETUR FINANCE        10.000     4/20/2016      USD      68.00
SNS BANK                4.580     3/20/2026      EUR      73.30
SNS BANK                6.250    10/26/2020      EUR      58.15
SNS BANK                6.625     5/14/2018      EUR      69.98
SRLEV NV                9.000     4/15/2041      EUR      63.21

EKSPORTFINANS           0.500      5/9/2030      CAD      47.10
KOMMUNALBANKEN          0.500     5/25/2016      ZAR      73.98
KOMMUNALBANKEN          0.500     5/25/2018      ZAR      61.68
KOMMUNALBANKEN          0.500     7/29/2016      ZAR      72.84
KOMMUNALBANKEN          0.500     7/29/2016      TRY      69.56
KOMMUNALBANKEN          0.500     7/26/2016      ZAR      73.13
NORSKE SKOGIND          7.125    10/15/2033      USD      43.63
NORSKE SKOGIND          7.125    10/15/2033      USD      43.63
NORSKE SKOGIND          6.125    10/15/2015      USD      63.13
NORSKE SKOGIND          7.000     6/26/2017      EUR      52.89
NORSKE SKOGIND         11.750     6/15/2016      EUR      63.38
NORSKE SKOGIND         11.750     6/15/2016      EUR      64.13
NORSKE SKOGIND          6.125    10/15/2015      USD      63.13
RENEWABLE CORP          6.500      6/4/2014      EUR      59.09

BANCO COM PORTUG        5.625     4/23/2014      EUR      68.08
BANCO COM PORTUG        4.750     6/22/2017      EUR      67.05
BANCO COM PORTUG        3.750     10/8/2016      EUR      67.10
BANCO COM PORTUG        9.250    10/13/2014      EUR      74.01
BANCO ESPIRITO          4.600     1/26/2017      EUR      67.00
BANCO ESPIRITO          6.875     7/15/2016      EUR      69.40
BANCO ESPIRITO          6.160     7/23/2015      EUR      70.63
BANCO ESPIRITO          4.600     9/15/2016      EUR      68.92
BANCO ESPIRITO          3.875     1/21/2015      EUR      70.00
BRISA                   4.500     12/5/2016      EUR      70.04
CAIXA GERAL DEPO        4.750     3/14/2016      EUR      71.63
CAIXA GERAL DEPO        5.980      3/3/2028      EUR      52.50
CAIXA GERAL DEPO        5.320      8/5/2021      EUR      56.25
CAIXA GERAL DEPO        4.250     1/27/2020      EUR      65.16
CAIXA GERAL DEPO        4.400     10/8/2019      EUR      69.36
CAIXA GERAL DEPO        5.500    11/13/2017      EUR      70.13
CAIXA GERAL DEPO        4.455     8/20/2017      EUR      62.88
CAIXA GERAL DEPO        3.875     12/6/2016      EUR      68.28
CAIXA GERAL DEPO        4.900    10/13/2016      EUR      68.88
CAIXA GERAL DEPO        4.570     8/12/2016      EUR      67.50
CAIXA GERAL DEPO        5.380     10/1/2038      EUR      50.72
CAIXA GERAL DEPO        5.090      6/8/2016      EUR      70.13
CAIXA GERAL DEPO        5.165      7/8/2016      EUR      69.88
CAIXA GERAL DEPO        4.750     2/14/2016      EUR      73.98
METRO DE LISBOA         5.750      2/4/2019      EUR      62.50
METRO DE LISBOA         7.300    12/23/2025      EUR      70.79
METRO DE LISBOA         4.799     12/7/2027      EUR      54.08
METRO DE LISBOA         4.061     12/4/2026      EUR      56.15
MONTEPIO GERAL          5.000      2/8/2017      EUR      61.88
PARPUBLICA              4.191    10/15/2014      EUR      65.38
PARPUBLICA              3.567     9/22/2020      EUR      47.88
PARPUBLICA              4.200    11/16/2026      EUR      47.13
PARPUBLICA              3.500      7/8/2013      EUR      75.38
PORTUGAL (REP)          3.500     3/25/2015      USD      69.83
PORTUGAL (REP)          3.500     3/25/2015      USD      69.83
PORTUGUESE OT'S         4.375     6/16/2014      EUR      75.32
PORTUGUESE OT'S         6.400     2/15/2016      EUR      74.89
PORTUGUESE OT'S         4.200    10/15/2016      EUR      68.12
PORTUGUESE OT'S         3.600    10/15/2014      EUR      73.37
PORTUGUESE OT'S         4.450     6/15/2018      EUR      60.18
PORTUGUESE OT'S         4.750     6/14/2019      EUR      59.18
PORTUGUESE OT'S         4.800     6/15/2020      EUR      59.29
PORTUGUESE OT'S         3.850     4/15/2021      EUR      57.50
PORTUGUESE OT'S         4.350    10/16/2017      EUR      63.27
PORTUGUESE OT'S         3.350    10/15/2015      EUR      71.40
PORTUGUESE OT'S         4.950    10/25/2023      EUR      57.50
PORTUGUESE OT'S         4.100     4/15/2037      EUR      49.98
REFER                   5.875     2/18/2019      EUR      57.75
REFER                   4.047    11/16/2026      EUR      53.73
REFER                   4.250    12/13/2021      EUR      41.50
REFER                   4.675    10/16/2024      EUR      46.50
REFER                   4.000     3/16/2015      EUR      41.00

APK ARKADA             17.500     5/23/2012      RUB       0.38
ARIZK                   3.000    12/20/2030      RUB      50.06
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      10.69
MIRAX                  17.000     9/17/2012      RUB      12.01
MOSMART FINANS          0.010     4/12/2012      RUB       1.81
NOK                    12.500     8/26/2014      RUB       5.00
PROMPEREOSNASTKA        1.000    12/17/2012      RUB       0.01
PROTON-FINANCE          9.000     6/12/2012      RUB      65.00
RBC OJSC                7.000     4/23/2015      RUB      65.01
RBC OJSC                3.270     4/19/2018      RUB      37.00
RBC OJSC                7.000     4/23/2015      RUB      65.56
SAHO                   10.000     5/21/2012      RUB       3.00
SATURN                  8.500      6/6/2014      RUB       1.00
SEVKABEL-FINANS        10.500     3/27/2012      RUB       3.40
TERNA-FINANS            1.000     11/4/2011      RUB      15.00

AYT CEDULAS CAJA        4.250    10/25/2023      EUR      70.73
AYT CEDULAS CAJA        3.750     6/30/2025      EUR      62.03
AYT CEDULAS CAJA        4.750     5/25/2027      EUR      68.47
AYT CEDULAS CAJA        3.750    12/14/2022      EUR      67.49
AYUNTAM DE MADRD        4.550     6/16/2036      EUR      74.87
BANCAJA                 1.500     5/22/2018      EUR      63.37
BANCO BILBAO VIZ        6.025      3/3/2033      EUR      64.12
BANCO BILBAO VIZ        4.500     2/16/2022      EUR      74.40
BANCO POP ESPAN         5.702    12/22/2019      EUR      73.38
BBVA SUB CAP UNI        2.750    10/22/2035      JPY      43.63
CAJA CASTIL-MAN         1.500     6/23/2021      EUR      58.58
CAJA MADRID             4.125     3/24/2036      EUR      70.47
CEDULAS TDA 6 FO        4.250     4/10/2031      EUR      56.96
CEDULAS TDA 6 FO        3.875     5/23/2025      EUR      62.27
CEDULAS TDA A-5         4.250     3/28/2027      EUR      62.07
CEMEX ESPANA LUX        8.875     5/12/2017      EUR      73.74
CEMEX ESPANA LUX        8.875     5/12/2017      EUR      73.88
COMUN AUTO CANAR        4.200    10/25/2036      EUR      68.52
COMUN AUTO CANAR        3.900    11/30/2035      EUR      65.34
COMUNIDAD BALEAR        4.063    11/23/2035      EUR      70.08
COMUNIDAD MADRID        4.300     9/15/2026      EUR      74.39
GEN DE CATALUNYA        2.965      9/8/2039      JPY      49.85
GEN DE CATALUNYA        4.220     4/26/2035      EUR      59.53
GEN DE CATALUNYA        4.690    10/28/2034      EUR      64.89
GEN DE CATALUNYA        2.750     3/24/2016      CHF      61.58
GEN DE CATALUNYA        2.355    11/10/2015      CHF      78.05
GEN DE CATALUNYA        2.315     9/10/2015      CHF      78.39
GEN DE CATALUNYA        2.125     10/1/2014      CHF      72.20
GENERAL DE ALQUI        2.750     8/20/2012      EUR      62.54
IM CEDULAS 5            3.500     6/15/2020      EUR      73.00
INSTIT CRDT OFCL        2.570    10/22/2021      CHF      66.62
INSTIT CRDT OFCL        3.250     6/28/2024      CHF      64.39
JUNTA ANDALUCIA         4.250    10/31/2036      EUR      67.41
JUNTA ANDALUCIA         3.065     7/29/2039      JPY      53.17
JUNTA ANDALUCIA         3.170     7/29/2039      JPY      54.52
JUNTA LA MANCHA         3.875     1/31/2036      EUR      61.50
JUNTA LA MANCHA         2.810    10/14/2022      JPY      66.97
MAPFRE SA               5.921     7/24/2037      EUR      64.98
SACYR VALLEHERM         6.500      5/1/2016      EUR      75.45
SPANISH GOV'T           4.200     1/31/2037      EUR      72.10

SWEDISH EXP CRED        2.000     12/7/2011      USD      10.41
SWEDISH EXP CRED        2.130     1/10/2012      USD       9.96
SWEDISH EXP CRED        6.500     1/27/2012      USD       7.65
SWEDISH EXP CRED        8.000     1/27/2012      USD       3.75
SWEDISH EXP CRED        7.500     2/28/2012      USD       8.66
SWEDISH EXP CRED        7.000      3/9/2012      USD       9.91
SWEDISH EXP CRED        7.000      3/9/2012      USD      10.42
SWEDISH EXP CRED        9.750     3/23/2012      USD       8.22
SWEDISH EXP CRED        0.500     1/25/2028      USD      57.11
SWEDISH EXP CRED        0.500    12/17/2027      USD      57.51
SWEDISH EXP CRED        0.500     8/26/2021      AUD      64.36
SWEDISH EXP CRED        0.500     8/25/2021      ZAR      44.28
SWEDISH EXP CRED        0.500     9/30/2016      ZAR      72.33
SWEDISH EXP CRED        0.500     9/20/2016      ZAR      72.49
SWEDISH EXP CRED        0.500     8/26/2016      ZAR      73.01
SWEDISH EXP CRED        0.500     8/25/2016      ZAR      72.99
SWEDISH EXP CRED        0.500     6/29/2016      TRY      68.82
SWEDISH EXP CRED        0.500     6/14/2016      ZAR      74.37
SWEDISH EXP CRED        0.500     9/29/2015      TRY      73.09
SWEDISH EXP CRED        7.500     6/12/2012      USD       8.20
SWEDISH EXP CRED        9.250     4/27/2012      USD       7.50

CRED SUIS NY            9.000    10/12/2012      USD      22.48
CRED SUIS NY            8.000    11/16/2012      USD      56.80
CYTOS BIOTECH           2.875     2/20/2012      CHF      66.46
UBS AG                  9.640    11/14/2011      USD      10.55
UBS AG                 10.530     1/23/2012      USD      35.91
UBS AG                  8.380     3/20/2012      USD      32.03
UBS AG                  8.720     3/20/2012      USD      26.79
UBS AG                  9.250     3/20/2012      USD      11.34
UBS AG                 10.070     3/23/2012      USD      27.66
UBS AG                 12.350     3/27/2012      USD      23.65
UBS AG                 13.300     5/23/2012      USD       3.57
UBS AG                 13.700     5/23/2012      USD      11.14
UBS AG                 14.000     5/23/2012      USD       7.00
UBS AG                 10.960     7/20/2012      USD      22.40
UBS AG                 11.760     7/31/2012      USD      25.45
UBS AG                 12.040     7/31/2012      USD      34.60
UBS AG                  9.500     8/10/2012      USD      27.82
UBS AG                 15.240     8/23/2012      USD      27.47
UBS AG                 10.910      9/7/2012      USD      41.08
UBS AG                 10.200     10/1/2012      USD      71.89
UBS AG                 10.500    10/15/2012      USD      67.33
UBS AG                 10.000     8/23/2013      USD      14.14
UBS AG JERSEY           3.220     7/31/2012      EUR      37.15
UBS AG JERSEY          10.140    12/30/2011      USD      14.50

ABBEY NATL TREAS        5.000     8/26/2030      USD      62.15
ALPHA CREDIT GRP        4.500     6/21/2013      EUR      56.88
ALPHA CREDIT GRP        3.250     2/25/2013      EUR      61.13
ALPHA CREDIT GRP        5.500     6/20/2013      EUR      61.63
ALPHA CREDIT GRP        6.000     6/20/2014      EUR      51.75
ALPHA CREDIT GRP        4.000    11/16/2012      EUR      68.25
ALPHA CREDIT GRP        4.400     2/12/2013      EUR      64.25
BAKKAVOR FIN 2          8.250     2/15/2018      GBP      69.23
BAKKAVOR FIN 2          8.250     2/15/2018      GBP      69.63
BANK OF SCOTLAND        2.359     3/27/2029      JPY      70.41
BANK OF SCOTLAND        2.408      2/9/2027      JPY      74.73
BARCLAYS BK PLC         8.550     1/23/2012      USD      10.60
BARCLAYS BK PLC        10.350     1/23/2012      USD      26.18
BARCLAYS BK PLC         9.250     1/31/2012      USD       9.42
BARCLAYS BK PLC        12.950     4/20/2012      USD      23.45
BARCLAYS BK PLC        13.050     4/27/2012      USD      25.83
BARCLAYS BK PLC         8.000     6/29/2012      USD       9.68
BARCLAYS BK PLC        10.000     7/20/2012      USD       8.34
BARCLAYS BK PLC         7.000     7/27/2012      USD       8.87
BARCLAYS BK PLC        11.500     7/27/2012      USD       8.02
BARCLAYS BK PLC         9.400     7/31/2012      USD       9.07
BARCLAYS BK PLC        10.800     7/31/2012      USD      24.61
BARCLAYS BK PLC         9.000     8/28/2012      USD      10.39
BARCLAYS BK PLC         9.250     8/31/2012      USD      31.83
BARCLAYS BK PLC         9.500     8/31/2012      USD      22.20
BARCLAYS BK PLC         8.000     9/11/2012      USD       9.56
BARCLAYS BK PLC         8.000     9/11/2012      USD       9.85
BARCLAYS BK PLC         8.000     9/28/2012      USD       9.78
BARCLAYS BK PLC         9.000     10/1/2012      USD       9.28
BARCLAYS BK PLC        14.000     10/1/2012      USD       9.65
BARCLAYS BK PLC         8.500    10/16/2012      USD       9.84
BARCLAYS BK PLC         9.000    10/16/2012      USD      10.68
BARCLAYS BK PLC         5.000      6/3/2041      USD      70.93
BRADFORD&BIN BLD        4.910      2/1/2047      EUR      66.38
CEVA GROUP PLC         10.000     6/30/2018      EUR      55.88
CEVA GROUP PLC          8.500     6/30/2018      EUR      52.00
CO-OPERATIVE BNK        5.750     12/2/2024      GBP      71.54
CO-OPERATIVE BNK        5.875     3/28/2033      GBP      67.57
EFG HELLAS PLC          5.400     11/2/2047      EUR       9.38
EFG HELLAS PLC          4.375     2/11/2013      EUR      55.50
EFG HELLAS PLC          6.010      1/9/2036      EUR      33.38
EMPORIKI GRP FIN        5.000     12/2/2021      EUR      17.88
EMPORIKI GRP FIN        5.100     12/9/2021      EUR      17.50
EMPORIKI GRP FIN        5.000     12/2/2021      EUR      17.88
EMPORIKI GRP FIN        4.350     7/22/2014      EUR      33.38
EMPORIKI GRP FIN        4.000     2/28/2013      EUR      54.13
ENTERPRISE INNS         6.875     2/15/2021      GBP      63.24
ENTERPRISE INNS         6.875      5/9/2025      GBP      63.16
ENTERPRISE INNS         6.500     12/6/2018      GBP      69.42
ENTERPRISE INNS         6.375     9/26/2031      GBP      62.25
ESSAR ENERGY            4.250      2/1/2016      USD      68.30
EX-IM BK OF UKRA        5.793      2/9/2016      USD      72.00
F&C ASSET MNGMT         6.750    12/20/2026      GBP      65.04
GALA ELECTRIC CA       11.500      6/1/2019      GBP      71.17
GALA ELECTRIC CA       11.500      6/1/2019      GBP      72.24
GRAINGER PLC            3.625     5/17/2014      GBP      74.93
HBOS PLC                5.374     6/30/2021      EUR      69.89
HBOS PLC                4.500     3/18/2030      EUR      60.37
HBOS PLC                4.375    10/30/2019      EUR      73.00
INEOS GRP HLDG          7.875     2/15/2016      EUR      71.99
INEOS GRP HLDG          7.875     2/15/2016      EUR      70.63
LBG CAPITAL NO.1        7.975     9/15/2024      GBP      72.03
LBG CAPITAL NO.1        6.439     5/23/2020      EUR      71.83
LBG CAPITAL NO.2        6.385     5/12/2020      EUR      71.67
LBG CAPITAL NO.2        8.500      6/7/2032      GBP      70.92
LOUIS NO1 PLC          10.000     12/1/2016      EUR      60.75
LOUIS NO1 PLC          10.000     12/1/2016      EUR      60.75
LOUIS NO1 PLC           8.500     12/1/2014      EUR      68.25
MATALAN                 9.625     3/31/2017      GBP      50.50
MATALAN                 9.625     3/31/2017      GBP      50.80
MAX PETROLEUM           6.750      9/8/2013      USD      53.63
NEW HOSPITALS ST        1.777     2/26/2047      GBP      58.84
NOMURA BANK INTL        0.800    12/21/2020      EUR      72.68
NORTH HOUSING           8.750     5/11/2037      GBP     143.30
NORTHERN ROCK           4.574     1/13/2015      GBP      70.50
NORTHERN ROCK           5.750     2/28/2017      GBP      56.88
OTE PLC                 7.250      4/8/2014      EUR      66.83
OTE PLC                 4.625     5/20/2016      EUR      57.77
OTE PLC                 5.000      8/5/2013      EUR      70.39
PIRAEUS GRP FIN         4.000     9/17/2012      EUR      62.64
PRIVATBANK              5.799      2/9/2016      USD      65.00
PUNCH TAVERNS           8.374     7/15/2029      GBP      58.33
PUNCH TAVERNS           5.883    10/15/2026      GBP      68.37
ROYAL BK SCOTLND        4.625     9/22/2021      EUR      64.01
ROYAL BK SCOTLND        2.300    11/26/2024      JPY      74.51
ROYAL BK SCOTLND        4.692      6/9/2025      EUR      58.47
SPIRIT ISSUER           5.472    12/28/2028      GBP      68.07
TXU EASTERN FNDG        6.450     5/15/2005      USD       0.13
UNIQUE PUB FIN          6.542     3/30/2021      GBP      69.75
UNIQUE PUB FIN          5.659     6/30/2027      GBP      61.33


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

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  Go to 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, 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.

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