TCREUR_Public/120120.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

          Friday, January 20, 2012, Vol. 13, No. 15

                            Headlines



C R O A T I A

CREDO BANKA: Court Commences Bankruptcy Proceedings


D E N M A R K

WELLTEC A/S: Moody's Assigns 'B1' Corporate Family Rating
WELLTEC A/S: S&P Assigns 'BB-' Long-Term Corporate Credit Rating


F R A N C E

FCC PARTIMMO: Fitch Affirms Rating on M2 Tranche at 'BBsf'
LEJABY: Alain Prost to Take Over Business


G E R M A N Y

FRESENIUS MEDICAL: Moody's Rates US$1500-Mil. Notes at '(P) Ba2'
FRESENIUS MEDICAL: S&P Assigns 'BB' Rating to Sr. Unsec. Notes
KABEL DEUTSCHLAND: Fitch Rates Proposed US$500-Mil. Loan at 'BB+'
* GERMANY: No Forced Recapitalization in Bank Rescue Legislation


G R E E C E

* GREECE: May Reach Debt Deal with Creditors by End of the Week


I C E L A N D

GLITNIR BANK: Priority Creditors Set to Receive $850 Million


I R E L A N D

BROOKLANDS EURO: Fitch Lowers Rating on Class A-3 Notes to 'Dsf'
CORDATUS LOAN: S&P Raises Rating on Class E Notes to 'BB(sf)'
QUARTZ CDO: S&P Lowers Rating on EUR30-Mil. Notes to 'CCC-'


L A T V I A

LATVIJAS KRAJBANKA: KPMG Baltics Releases Bank Financ'l Statement


L U X E M B O U R G

GEO TRAVEL: Moody's Assigns 'B2' Corporate Family Rating


N E T H E R L A N D S

E-MAC NL 2004-II: Fitch Affirms Rating on Class E Notes at 'Bsf'
ENDEMOL BV: Nears Debt Restructuring Deal with Creditors
PANTHER CDO I: Fitch Affirms 'CCC' Rating on Class III Notes
PANTHER CDO IV: Fitch Affirms 'CC' Rating on Class C Notes
PANTHER CDO V: Fitch Affirms 'CC' Ratings on Two Note Classes

WOOD STREET: S&P Lowers Rating on Class E Notes Rating to 'CCC+'


P O R T U G A L

METROPOLITANO DE LISBOA: S&P Lowers Corp. Credit Rating to 'CCC+'
OCCIDENTAL COMPANHIA: S&P Cuts Counterparty Credit Rating to 'BB'
PARTICIPACOES PUBLICAS: S&P Cuts Issuer Credit Rating to 'BB-'


R U S S I A

RUSHYDRO JSC: Fitch Affirms Senior Unsecured Rating at 'BB+'


S W E D E N

NOBINA AB: Moody's Puts 'B3' CFR Under Review for Downgrade
NORCELL SWEDEN: Moody's Assigns B1 Rating to SEK3.5-Bil. Sr Notes
NORCELL SWEDEN: Moody's Assigns Caa1 Rating to EUR287-Mil. Notes
SAAB AUTOMOBILE: Youngman May Make Fresh Bid Next Week


S W I T Z E R L A N D

PETROPLUS HOLDINGS: S&P Lowers Issuer Credit Ratings to 'CC'


T U R K E Y

CALIK HOLDING: Fitch Puts 'B-' IDR on Rating Watch Negative


U Z B E K I S T A N

UZBEKINVEST AS: Moody's Affirms 'B1' IFSR; Outlook Stable


U N I T E D   K I N G D O M

BRITISH AIRWAYS: Moody's Issues Summary Credit Opinion
HEIDELBERGER: To Cut 2K Jobs to Meet Profits Target
LIFE & STYLE: Ex-Directors May Face Suit Over "Misspent Monies"
PEACOCKS: In Administration, 10,000 Jobs at Risk
PLYMOUTH ARGYLE: New Owner Reveals Team's Worst Financial State

SABLE INT'L: Moody's Assigns (P)Ba2 Rating to US$350-Mil. Notes


X X X X X X X X

* EUROPE: IMF to Raise Up to US$500 Billion in Additional Lending
* S&P Withdraws 'D' Ratings on Four EU Synthetic CDO Tranches
* BOOK REVIEW: The Outlaw Bank


                            *********


=============
C R O A T I A
=============


CREDO BANKA: Court Commences Bankruptcy Proceedings
---------------------------------------------------
SeeNews reports that the commercial court in Croatia's Split has
started bankruptcy proceedings for Credo Banka.

According to SeeNews, news daily Business.hr reported on Tuesday
that a court hearing to examine creditor claims is scheduled for
March 22.

Croatia's central bank said in December it had decided to seek
bankruptcy proceedings for Credo Banka after revoking the bank's
license over serious irregularities in operations, SeeNews
recounts.

Credo banka d.d. provides banking services to individual and
corporate customers in the Republic of Croatia and
internationally.  It has four branches in Sinj, Rijeka, Zagreb,
and Slavonski Brod, as well as nine sub-offices in Split,
Matulji, Novalja, and Trogir. Credo banka d.d. was founded in
1993 and is headquartered in Split, Croatia.


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


WELLTEC A/S: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a B1 Corporate Family
Rating (CFR) and a Ba3 Probability of Default Rating (PDR) to
Welltec A/S. Moody's has also assigned a provisional (P)B1 rating
to the company's proposed US$325 million senior secured notes due
2019. The outlook on the ratings is stable. This is the first
time that Moody's has rated Welltec.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon closing of the transaction and a
conclusive review of the final documentation, Moody's will
endeavor to assign definitive ratings to Welltec. A definitive
rating may differ from a provisional rating.

Ratings Rationale

Headquartered in Allerod, Denmark, Welltec is an oil and gas
services company specializing in well intervention using
proprietary equipment developed, tested and manufactured in-
house. The company's services improve well production performance
and increase the amount of recoverable oil and gas reserves in
reservoirs. For the twelve months ended December 30, 2010, it
reported revenues and operating profit of approximately DKK 927
million and DKK258 million, respectively (or approximately $160
million and US$44 million respectively).

"Despite operating in a volatile industry, the company has
consistently grown revenues and maintained high profitability
margins. Welltec's lightweight and agile proprietary technology
--- which is seemingly protected by the company's strong
commitment to innovation -- will continue to provide a leadership
position in their niche markets. However, the company is small,
and a relatively high adjusted leverage of 4.0x for the
transaction is expected," says Douglas Crawford, a Moody's Vice
President and Senior Analyst.

Welltec's ratings reflect (i) high financial leverage -- Moody's
expects adjusted leverage to be 4.0x for the transaction; (ii) a
relatively limited scale -- Moody's expects year-end 2011
revenues and EBITDA to be around $200 million and $100 million
respectively; (iii) limited revenue visibility -- which exerts
ongoing pressure to secure new and repeat business at comparable
margin levels; and (iv) a volatile operating environment -- which
is dominated by very large and well resourced competitors.

However, Welltec's ratings are supported by (i) the company's
strong position as a niche provider of technologically advanced
well services and upstream solutions around the globe; (ii) its
strengthening customer diversification and high degree of
customer retention; (iii) the recurring and non-discretionary
character of its service offering; and (iv) a track record of
growing revenues and solid profitability levels, with EBITDA
margins consistently above 40%.

The proceeds of the Notes will be used primarily to refinance
existing debt, and also make a special distribution to
shareholders. At the close of the proposed transaction, Moody's
understands that Welltec will have approximately US$53 million of
available cash and an undrawn US$20 million revolving credit
facility (RCF) that matures in 2017. Under these assumptions, and
Moody's expectation of ongoing free cash flow generation, the
company's liquidity should be sufficient despite a business plan
that calls for steady capital expenditures.

At close, Moody's expects the company's debt capital structure to
consist of US$6.0 million in capitalized lease commitments, the
undrawn RCF of US$20 million, and US$325 million senior secured
notes. Although the RCF ranks super senior, its relatively small
size results in the senior secured notes being rated at the same
level as the CFR. The RCF also has a sole covenant relating to
consolidated interest coverage. The Ba3 PDR, a notch higher than
the PDR, reflects Moody's view that the debt structure is
essentially bond-only.

The stable rating outlook is based on Moody's expectation that
Welltec will be able to maintain its profitability levels and
generate free cash flow. This should enable the company to
maintain an adequate liquidity position and reduce adjusted
leverage to below 4.0x Debt/EBITDA.

Positive pressure on Welltec's rating could materialize if there
were a reduction in leverage, supported by an increase in profits
such that adjusted Debt/EBITDA declines, on a sustainable basis,
to below 3.50x.

Negative pressure could develop on Welltec's rating if adjusted
EBIT/Interest declines below 2.0x, adjusted debt/EBITDA rises
above 4.0x, or if free cash flow turns negative.

The principal methodology used in rating Welltec was the Global
Oilfield Services Rating 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.


WELLTEC A/S: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Danish robotic well intervention
service provider Welltec A/S. The outlook is stable.

"At the same time, we assigned our 'BB-' debt rating to the
company's proposed $325 million secured notes issue. The recovery
rating on this instrument is '4', indicating our expectation of
average (30%-50%) recovery prospects in the event of a payment
default," S&P said.

"The proposed debt and recovery ratings are subject to our
satisfactory review of the final documentation," S&P related.

"The rating on Welltec reflects our view of the company's 'weak'
business risk profile, with a niche position in robotic well
interventions, and its 'significant' financial risk profile," S&P
said.

"Our assessment of Welltec's 'weak' business risk profile takes
into account the small size of the company; the relatively narrow
service offering; and, in contrast to many competitors in the oil
field services sector, the lack of medium- to long-term contract
visibility. Offsetting these constraints to some extent are
Welltec's market-leading position; the patent protection over
much of the technology it uses, which creates a barrier to entry;
and the company's healthy growth prospects and above-average
profitability," S&P said.

"Our view of Welltec's 'significant' financial risk profile
factors in the company's moderate leverage, less capital-
intensive business model than peers, low maintenance capital
expenditures (capex), and our projected continued positive free
operating cash flow (FOCF)," S&P said.

"In our view, Welltec has a strong niche position in robotic well
intervention, some insensitivity to market conditions, and a
prudent financing policy. We anticipate that the company should
maintain a reported EBITDA margin of more than 45%, supported by
a relatively low and adaptable cost base. We forecast fully
adjusted net debt to EBITDA at year-end 2012 of about 3.5x, and
FFO to debt of about 15%-20%. (The latter metric reflects our
adjustment to expense development costs in line with our
criteria.) We anticipate that FOCF will continue to be
comfortably positive," S&P said.

"Downward rating pressure could arise if margins were to
deteriorate, with FOCF turning substantially negative and FFO to
debt falling to less than 15%. This could occur due to structural
market conditions, such as a new pricing environment following
new entrants or competing alternative technologies," S&P said.

"Rating upside could arise should revenue growth meaningfully
exceed our expectations, along with sustained above-average
profitability and steady, sustained debt reduction," S&P said.


===========
F R A N C E
===========


FCC PARTIMMO: Fitch Affirms Rating on M2 Tranche at 'BBsf'
----------------------------------------------------------
Fitch Ratings publishes the ratings on all tranches of FCC
Partimmo 10/01, FCC Parimmo 07/02, FCC Partimmo 10/02, FCC
Partimmo 05/03, FCC Partimmo 11/03, FCC Zebre One, FCC Zebre Two
and FCC Zebre 2006-1 as follows:

  -- FCC Partimmo 10/01 - CDE8 class A affirmed at 'AAAsf';
     Outlook Stable;

  -- FCC Partimmo 07/02 - CDE9 class A affirmed at 'AAAsf';
     Outlook Stable;

  -- FCC Partimmo 10/02 - CDE10 class A affirmed at 'AAAsf';
     Outlook Stable;

  -- FCC Partimmo 05/03 - CDE11 part P affirmed at 'AAAsf';
     Outlook Stable;

  -- FCC Partimmo 11/03 - CDE12 part P affirmed at 'AAAsf';
     Outlook Stable;

  -- FCC Zebre One class A affirmed at 'AAAsf'; Outlook Stable;

  -- FCC Zebre Two part P affirmed at 'AAAsf'; Outlook Stable;

  -- FCC Zebre 2006-1 part P affirmed at 'AAAsf'; Outlook Stable;

  -- FCC Zebre 2006-1 part M1 affirmed at 'BBBsf'; Outlook
     Stable;

  -- FCC Zebre 2006-1 part M2 affirmed at 'BBsf'; Outlook Stable;

The ratings published reflect the wide credit support available
to the notes, as well as the stable performance the underlying
pools have shown since inception. Notes issued in the FCC
Partimmo (Partimmo) and FCC Zebre Series (Zebre) are backed by
loans that have been originated by Credit Foncier de France
('A+'/Negative/'F1+').

The Partimmo Series, Zebre One and Two comprise of senior class A
notes, with credit enhancement provided by subordinate classes of
unrated notes.  Meanwhile, Zebre 2006-1 comprises three rated
tranches and one subordinated, collateralized unrated note.  The
notes in the Partimmo Series and Zebre One redeem pro rata and
are subject to a trigger that would switch the amortization to
sequential once the subordinated notes' factor falls below 2%.
The note amortization on Zebre Two and Zebre 2006-1 is purely
sequential.

All the transactions have a reserve fund that can be used to
cover for both principal and interest shortfalls and they all
currently remain on target.  Due to the transactions' high
deleveraging, the support provided by the reserve funds is in the
range of 21.7% and 32.3%, with the exception of Zebre 2006-1
which has a reserve fund that is at 5.1% of the note balance.

Loans with more than six missed instalments are classified as
defaulted and their outstanding balance is fully provisioned for
using gross excess spread generated by the underlying pool.

Transactions that were originated between 2001 and 2002 are now
highly deleveraged, with pool factors currently standing at
10.2%, 15.0%, 15.8% of the original balances of Partimmo 10/01,
07/02 and 10/02 respectively.  Due to the high seasoning of the
underlying assets, cumulative gross defaults are increasing at a
slow pace, with total defaults at 1.2% (Partimmo 10/01), 1.28%
(Partimmo 10/02) and 1.48% (Partimmo 07/02) of the original
portfolio balance.  More recent transactions show slightly higher
levels of cumulative defaults: 1.8%, 1.5%, 1.8%, 2.6% and 1.2% of
initial balance of Partimmo 05/03, 11/03, Zebre One, Two and
2006-1 respectively.  The excess spread generated by the pools
has been sufficient to cover for period gross defaults that have
occurred since close, thereby preventing reserve fund draws.

In late 2008, some of the securitized floating rate loans were
subject to modifications, some of which included a cap on the
increase in rates for variable rate loans.  The modifications
made to the portfolios led to the amendment of the documentation
to ensure that the selected loans remain eligible.  In order to
limit the level of risk exposure on M1 and M2 junior notes of
Zebre 2006-1, CFF committed to paying the FCC any capital loss
incurred as a result of the loan modification in certain interest
and inflation rate scenarios.  As a result, the notes are deemed
to be dependant on the credit-worthiness of CFF which is why in
Fitch's analysis of the transaction, these tranches are subject
to a rating cap linked to CFF's long-term rating.


LEJABY: Alain Prost to Take Over Business
-----------------------------------------
According to Bloomberg News' John Simpson, Le Figaro, citing a
decision by a commercial court in Lyon, reported that Lejaby is
being taken over by Alain Prost, the former Formula 1 racing
driver, in partnership with Isalys, a Tunisian Lejaby
subcontractor.

As reported by the Troubled Company Reporter-Europe on Dec. 27,
2011, SeeNews related that the commercial court of Lyon launched
liquidation procedures for Lejaby.  The court authorized the
company to continue activity until Jan. 20, SeeNews disclosed.

Lejaby is a French lingerie maker.  It is a unit of Austrian
sector company Palmers.


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


FRESENIUS MEDICAL: Moody's Rates US$1500-Mil. Notes at '(P) Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Ba2
rating to the following proposed bond issuances of finance
companies wholly owned by Fresenius Medical Care AG & Co. KGaA:
in total US$1500 million worth of senior unsecured notes to be
issued by Fresenius Medical Care US Finance II, Inc. and FMC
Finance VIII S.A.

FME, together with Fresenius Medical Care Deutschland GmbH and
the intermediate holding company Fresenius Medical Holdings, Inc.
guarantees the notes, a structure which is in line with
outstanding bonds. The senior unsecured notes are expected to be
used to finance the acquisition of Liberty Dialysis holdings Inc,
to refinance existing debt and for general corporate purposes.
Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings
to the proposed senior unsecured notes. Definitive ratings and
assigned LGDs may differ from provisional ones.

Ratings Rationale

"The (P) Ba2 rating on the new senior unsecured notes, which is
one notch below the company's corporate family rating (CFR) and
is to be issued at the level of the financing subsidiaries
reflects the instrument's relative position in the capital
structure of FME," says Alex Verbov, a Moody's Vice President and
lead analyst for FME. "The notes benefit from a downstream senior
guarantee by FME, and upstream guarantees by Fresenius Medical
Care Holdings Inc. and Fresenius Medical Care Deutschland GmbH,
in line with the outstanding senior unsecured notes of various
finance issuers in the group," adds Mr. Verbov. FME's Ba1
Corporate Family Rating (CFR) is supported by (i) its absolute
scale, vertical integration and a very strong market position as
a leading global provider of dialysis products and private
dialysis services; (ii) continued favorable industry growth
trends and recurring noncyclical nature of its revenues; (iii)
high profitability levels; and (iv) good financial flexibility.
The rating is constrained by (i) FME's relatively high adjusted
financial leverage of around 3.6x (Moody's definition)on a
proforma basis including the effect of FME's recent acquisitions;
(ii) the company's exposure to tightening healthcare budgets,
potential regulatory changes, changes in the payer mix or
government investigations , which could have an impact on the
FME's profitability; (iii)a pure-play focus on the dialysis
market, albeit operating through the whole value chain; (iv) high
regional concentration on the key US market; (v) a recently
increasing appetite for acquisitions to complement organic
growth, which are to a large degree debt financed resulting in
continued reliance on access to capital markets; and (vi) a
financial policy which at times of increased acquisition activity
can lead to short term liquidity pressures.

The issuance of the proposed notes primarily provides funding for
the recently announced acquisition of Liberty Dialysis Holdings
Inc. which marks the largest of a series of transactions
completed in 2011. The acquisition is valued at US$1.7 billion
and expected to close in Q1 2012, as previously announced.

Assignments:

   Issuer: Fresenius Medical Care US Finance II, Inc

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba2,
      LGD5, 71%

   Issuer: FMC Finance VIII S.A. (Luxembourg)

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba2,
      LGD5, 71%

Upgrades:

   Issuer: FMC Finance VII S.A.

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      71% from LGD5, 76%

   Issuer: Fresenius Medical Care Finance VI S.A., Lux

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      71% from LGD5, 76%

   Issuer: Fresenius Medical Care US Finance, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      71% from LGD5, 76%

   Issuer: FMC Finance VIII S.A. (Luxembourg)

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      71% from LGD5, 76%

   Issuer: Fresenius Medical Care US Finance II, Inc

   -- Senior Unsecured Regular Bond/Debenture, Upgraded to LGD5,
      71% from LGD5, 76%

   Issuer: Fresenius Medical Care AG & Co. KGaA

   -- Senior Secured Bank Credit Facility, Upgraded to LGD2, 20%
      from LGD2, 21%

The Ba2 (LGD5, 71%) rating for the proposed issuance of over
US$1500 million worth of senior unsecured notes is rated two
notches below the Baa3 (LGD 2, 20%) rating for the group's US$3.9
billion worth of senior credit facilities and one notch below
FME's Ba1 CFR.

While following the issuance of the proposed bonds Moody's LGD
model would support an upgrade of the Senior Secured bank credit
facilities by one notch (i.e. to Baa2), Moody's decided to keep
this rating unchanged at Baa3. This is supported by the currently
weak positioning of the Ba1 corporate family rating due to the
elevated leverage following recent debt-financed acquisition
activity, as well as relatively short maturity of the existing
bank lines which come due in 2013 and would therefore require
refinancing over next 12 months with currently limited visibility
as to the exact amounts and the sustainable split of secured vs.
unsecured debt going forward.

The credit facilities, guaranteed on a senior basis by major
intermediary holding and selected operating companies, are
secured by a share pledge of some of the group's operating
subsidiaries and importantly by a springing lien on substantially
all assets, which becomes effective if FME's senior secured debt
rating deteriorates below the Ba3 category. The ratings of the
senior unsecured notes, on the other hand, reflect the effective
subordination of these instruments to the extent of the value of
the collateral securing the US$ 3.9 billion credit facilities.

Moody's also notes that while the senior unsecured notes benefit
from downstream guarantees of FME as well as from upstream
guarantees by Fresenius Medical Care Deutschland GmbH and
Fresenius Medical Care Holdings Inc., the latter is an
intermediary holding company with limited direct cash generation.

In Moody's view, downward rating pressure would likely be the
result of: (i) unfavorable reimbursement changes in core markets
or changes in payer mix, affecting the group's profit generation;
(ii) an increase in financial leverage, evidenced by a
debt/EBITDA ratio sustainably above 3.5x and a CFO/debt ratio
below 15%; (iii) failure to ensure adequate funding to cover
short term debt maturities as well as pending acquisitions or
(iv) material litigation.

Given the strategy of FME to grow the business externally an
upgrade of the rating is currently unlikely. A rating upgrade
would require a change in the financial policy of FME towards
lower external growth and a change in the management of short
term liquidity. In addition it would require enhanced regional
diversification, which appears somewhat challenging in the medium
term, profitability at current levels (EBIT-margin in the high
teens) and the generation of positive free cash flow applied to
debt reduction contributing to gradual improvements in leverage
towards 3.0 times debt/EBITDA and CFO/ debt approaching 20%.

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

FME is the world's leading provider of dialysis products and
dialysis services, with LTM 2011 revenues of US$12.6 billion as
of end of September 2011. The company is a vertically integrated
player with operations as a dialysis service provider, a dialysis
product manufacturer for its own dialysis clinics and a supplier
of dialysis products to external dialysis service providers. FME
is controlled by Fresenius SE & Co. KGaA (rated Ba1, stable),
which owns slightly more than 30% of the company but controls
100% of the general partner of FME, given FME's legal status as a
Kommanditgesellschaft auf Aktien (KGaA; partnership limited by
shares).


FRESENIUS MEDICAL: S&P Assigns 'BB' Rating to Sr. Unsec. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue rating
to the proposed U.S. dollar- and euro-denominated senior
unsecured notes to be issued by subsidiaries of German health
care group Fresenius Medical Care AG & Co. KGaA (FMC;
BB/Positive/--).

"We understand that FMC expects the issue proceeds to be over
$1,500 million. The U.S. dollar denominated tranches are to be
issued by Fresenius Medical Care US Finance II Inc, while the
euro denominated tranche is to be issued by FMC Finance VIII S.A.
The issue ratings are in line with the corporate credit rating on
FMC. We have also assigned a recovery rating of '3' to the notes,
indicating our expectation of meaningful (50%-70%) recovery in
the event of a payment default," S&P said.

"The ratings are subject to our satisfactory review of the final
documentation," S&P said.

"At the same time, we affirmed the 'BBB-' issue rating on FMC's
senior secured debt facilities. The '1' recovery rating on these
instruments remains unchanged, reflecting our expectation of very
high (90%-100%) recovery for debt holders in the event of a
payment default. We also affirmed the 'BB' issue ratings on the
existing senior unsecured debt facilities. The '3' recovery
rating on this debt remains unchanged, reflecting our expectation
of meaningful (50%-70%) recovery for debtholders in the event of
a payment default," S&P said.

"We understand that FMC will use the proceeds of the proposed
notes issuance to finance the acquisition of Liberty Dialysis
Holdings Inc. (not rated), repay short-term debt, and for other
general corporate purposes," S&P said.

The terms of the proposed issuance are similar to those governing
the company's previous unsecured bond issues.

"Recovery prospects for the proposed notes are supported by our
expectation that, in a default, the company would be reorganized
rather than liquidated," S&P said.

"We have revised the timing of the hypothetical payment default
compared with our previous analysis, and assumed that the default
would occur in 2017. Our estimate is based on the assumption that
debt maturing prior to 2017 will largely be refinanced with
similar ranking instruments. Recovery prospects for unsecured
creditors are sensitive to the refinancing conditions of the
senior secured bank debt. We will accordingly revise our
assumptions once the refinancing arrangements are defined," S&P
said.

"Our scenario leads to a default in 2017, with EBITDA declining
to about $1,190 million," S&P said.

"At our hypothetical point of default, we value FMC at about
$7,240 billion using a market multiple approach. Both EBITDA at
default and our enterprise value at default are higher than our
previous assumption, based on the increased size of the business
and higher debt levels resulting from the Liberty acquisition,"
S&P said.

"We deduct from this stressed enterprise value priority
liabilities of about $2,140 million. The residual value fully
covers the outstanding senior secured loans and pre-petition
interest, which underpins our recovery rating of '1' (90%-100%
recovery) on this debt," S&P said.

The recovery prospects for the various unsecured debt
instruments, including the proposed notes, are in the 50%-70%
range, leading to a recovery rating of '3' on these instruments.


KABEL DEUTSCHLAND: Fitch Rates Proposed US$500-Mil. Loan at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Kabel Deutschland Vertrieb and Service
GmbH's (KDG) proposed US$500 million Senior Secured Term Loan a
'BB+' rating.  The new instrument will be used for refinancing.
It will help extend the company's debt maturity profile and
reduce its 2014 refinancing exposure without any impact on
leverage.
The new term loan will be issued by KDG as a tranche under the
existing Senior Credit Facilities, and will benefit from the same
covenants and security package. The instrument's maturity is
February 2019.

Fitch upgraded KDG's Long-term Issuer Default Rating (IDR) to
'BB' from 'BB-' and assigned a Stable Outlook on November 14,
2011.  KDG's senior secured rating was affirmed at 'BB+'.  KDG's
upgrade was driven by its improving operating and financial
profile and its significant deleveraging which Fitch expects to
continue.

The Outlook is Stable reflecting KDG's high lease-adjusted
leverage and still relatively low broadband market share.  The
rating may potentially benefit from a tighter leverage target at
below 3x net debt/EBITDA and a significant reduction in lease
payments which is not expected in the near term.  A rise in
leverage to above 5x funds from operations (FFO)/ adjusted net
leverage on a sustained basis is likely to trigger a negative
rating action.

KDG has solid growth prospects helped by its expansion into the
broadband segment.  A combination of super-fast broadband speeds,
not achievable by peers, and moderate pricing provides a window
of opportunity to make heavy inroads into competitors' market
shares.  Broadband has been a key contributor to revenue growth
and improving margins.

However, the German broadband market is already mature with 26.8m
broadband accounts at end-Q311 implying 67% household
penetration.  KDG entered the broadband market at a relatively
late stage, and while its broadband growth has been impressive it
was from a low base, and is likely to begin declining quickly in
relative terms.

KDG's broadband expansion will be supported by its superior
network infrastructure.  As of mid-January 2012 approximately 71%
of the company's network was upgraded to DOCSIS 3.0, which is
capable of providing super-fast speeds of up to 100 Mbit/sec.
The company expects this share to reach 100% by December 2012.

KDG benefits from a stable basic TV subscriber base which
generates almost utility-type revenues.  This is enhanced by the
company's expansion into the Premium-TV segment with a positive
impact on average revenue per user.  The cable industry's share
in TV distribution has been relatively stable at above 50% and is
unlikely to come under significant pressure.

The company is strongly profitable with an EBITDA margin at 43.6%
in FY 2010/11. Its margins are likely to continue improving, a
positive impact of its larger scale.  In spite of a relatively
high capex spend due to network upgrades and investment into new
customer equipment, KDG has already achieved robust free cash
flow (FCF) generation, with a pre-dividend FCF margin of 13.3% in
FY 2010/11 which is strong for its rating category.

KDG significantly delevered to a 3.7x net debt/adjusted last-12-
months EBITDA (company definition) at end-September 2011. The
management expect this metric to drop to below 3.5x, within a
targeted range of between 3.0x and 3.5x, by end-March 2012 which
Fitch estimates as highly probable.  However, further
deleveraging is unlikely as Fitch expect KDG to remain
shareholder-friendly, diverting all FCF to equity holders.

KDG is paying high leases, mostly for the use of Deutsche Telekom
AG's ('BBB+'/Stable) infrastructure which inflates its lease-
adjusted metrics.  In the 2011/12 financial year the company will
start paying higher cash taxes with a negative impact on FFO
adjusted leverage.

All of KDG's debt is secured. At 'BB+' its senior secured rating
is notched up from the IDR reflecting the likely stronger senior
secured creditors' rights in a hypothetical liquidation/debt
acceleration scenario.

KDG does not publish its financials. Instead, it is covenanted to
ensure the publication of the consolidated and stand-alone
financials of Kabel Deutschland Holding AG (KDH), its listed
parent.  In Fitch's view, the publication of this set of
financials conforms to a robust information disclosure for KDG as
long as there are no significant changes in KDH's stand-alone
obligations, assets or operating activities at the holdco level.


* GERMANY: No Forced Recapitalization in Bank Rescue Legislation
----------------------------------------------------------------
Brian Parkin at Bloomberg News reports that Economy Minister
Philipp Roesler said Germany's revived bank rescue legislation
does not contain provisions that allow the government to force
lenders to recapitalize.

The provisions for banks that may become enmeshed in insolvency
risks will be "completely voluntary," Bloomberg quotes
Mr.  Roesler as saying.  Germany at the end of 2010 closed its
bank rescue fund for new applicants only to decide to revive it
last year amid fears that the debt crisis may spread to banks,
Bloomberg notes.


===========
G R E E C E
===========


* GREECE: May Reach Debt Deal with Creditors by End of the Week
---------------------------------------------------------------
Peter Coy at Bloomberg News reports that Greece and its private
creditors are beginning a final push to renegotiate debt as a
member of the investor group said they are likely to get cash and
securities with a market value of about 32 cents per euro of
government bonds.

"I'm highly confident the deal will get done," Bruce Richards,
chief executive officer of New York-based Marathon Asset
Management LP, said in a telephone interview Tuesday with
Bloomberg Businessweek.  According to Bloomberg, a finance
ministry official said that the government may forge a deal by
the end of this week after talks resumed in Athens yesterday.

Marathon Asset, which has US$10 billion under management, is on
the committee of 32 private creditors formed in November to
negotiate with Greece, the International Monetary Fund, and the
European Union, Bloomberg discloses.  It's not a member of the
smaller steering committee directly involved in negotiations,
Bloomberg notes.  The talks, under the auspices of the Institute
of International Finance, broke off Jan. 13 resumed yesterday
with Greek Prime Minister Lucas Papademos and Finance Minister
Evangelos Venizelos, Bloomberg states.

Mr. Richards, as cited by Bloomberg, said he expects Greece won't
make a EUR14.5 billion (US$18.5 billion) bond repayment scheduled
for March 20, and that a deal with creditors will be in place
before then.  He said that investors who agree will probably be
paid the new package of cash and bonds shortly after that date,
Bloomberg notes.

According to Bloomberg, there are still obstacles to concluding
what negotiators term a "consensual restructuring."  Official
lenders may object if they conclude that the deal would be too
expensive for Greece, forcing the country to go back for more
official support later, Bloomberg says.

"I can only tell you the negotiations are continuing," Bloomberg
quotes Frank Vogl, an IIF spokesman, as saying.  "I can't tell
you whether they'll be successful."  The IIF, a global
association of financial institutions, is chaired by Josef
Ackermann, the CEO of Deutsche Bank AG.

Mr. Ackermann, the chairman of IIF, said that they have two weeks
to reach an agreement, Bloomberg notes.  He said he still expects
a debt deal will be reached, though can't rule out the
possibility of failure, Bloomberg recounts.

IIF Managing Director Charles Dallara, and Jean Lemierre, a
special adviser to the chairman of BNP Paribas (BNP) SA, are
leading the negotiations for the creditors, Bloomberg discloses.


=============
I C E L A N D
=============


GLITNIR BANK: Priority Creditors Set to Receive $850 Million
------------------------------------------------------------
According to Bloomberg News' Omar R. Valdimarsson, Reykjavik-
based news service Visir, reports that Glitnir Bank hf's priority
creditors will be paid ISK106 billion (US$850 million) by the end
of February under a proposal from the failed lender's winding-up
committee.

Visir, as cited by Bloomberg, said that about 60% of the sum will
be held in escrow until disputes over claims have been resolved.
Visir reported that Glitnir's payments will be made in the
Icelandic, Norwegian, U.S., U.K. currencies as well as euros,
according to Bloomberg.

                       About Glitnir Banki

Headquartered in Reykjavik, Iceland, Glitnir banki hf --
http://www.glitnir.is/-- offers an array of financial services
to corporation, financial institutions, investors and
individuals.

Judge Stuart Bernstein of the U.S. Bankruptcy Court for
the Southern District Court of New York granted Glitnir
permission to enter into a proceeding under Chapter 15 of the
U.S. bankruptcy code on January 6, 2008


=============
I R E L A N D
=============


BROOKLANDS EURO: Fitch Lowers Rating on Class A-3 Notes to 'Dsf'
----------------------------------------------------------------
Fitch Ratings has downgraded Brooklands Euro Referenced Linked
Notes 2002-2 Ltd's Class A-3 notes (XS0159842284) to 'Dsf' from
'Csf'.  The downgrade follows credit events valuations that led
to writedowns on the notes.


CORDATUS LOAN: S&P Raises Rating on Class E Notes to 'BB(sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Cordatus Loan Fund I PLC's class VFN, A-1, A-2, B, C, and E
notes. "At the same time, we affirmed our rating on the class D
notes," S&P said.

"Cordatus Loan Fund I is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
January 2007 and its reinvestment period ends in January 2014.
The transaction is managed by CVC Cordatus Group Ltd.," S&P said.

"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
in addition to our cash flow analysis. We have taken into account
recent developments in the transaction and reviewed it under our
2010 counterparty criteria," S&P said.

"We note from the October 2011 trustee report that the
overcollateralization test results for all classes of notes have
improved significantly since our last rating review in April
2010, and are currently passing at their required levels. At the
same time, the weighted-average spread earned on the collateral
pool has also increased," S&P said.

"In addition, our analysis indicates that the weighted-average
maturity of the portfolio since our April 2010 review has
decreased, which has led to a reduction in our scenario default
rates (SDRs) for all rating categories. We have also observed a
general improvement in the credit quality of the portfolio, such
as a decrease in assets rated 'CCC'. From our analysis, 'CCC'
rated assets currently account for 4.12% of the portfolio's
performing asset balance, versus 9.86% at our previous review,"
S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class, which
we then compared against its respective SDR to determine the
rating level for each class of notes. In our analysis, we used
the reported portfolio balance that we consider to be performing,
the weighted-average spread, and the weighted-average recovery
rates that we considered appropriate. We incorporated various
cash flow stress scenarios using our standard default patterns,
levels, and timings for each rating category assumed for all
classes of notes, in conjunction with different interest stress
scenarios," S&P said.

"In our view, the reduction in our SDRs, together with our cash
flow analysis, indicates that the credit enhancement available to
the class VFN, A-1, A-2, B, C, and E notes is commensurate with
higher rating levels than previously assigned. The higher rating
levels on the class VFN, A-1, A-2, and B notes are also
consistent with the application of our 2010 counterparty
criteria. (As the C, D, and E notes are not rated any higher than
the counterparties in this transaction, the counterparty criteria
are not applicable in these cases)," S&P said.

"Although several positive indicators show an improvement in the
overall performance of the transaction since our last rating
review, our analysis indicates that the level of credit
enhancement available for the class D notes is currently unable
to withstand our stress scenarios and probabilities of default at
the 'BBB' category rating level. We have therefore affirmed our
'BB+ (sf)' rating on the class D notes," S&P related.

"None of these classes of notes were constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs)," S&P said.

          Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com

Ratings List

Class                    Rating
                  To                From

Cordatus Loan Fund I PLC
EUR416.25 Million, GBP22.635 Million Secured Floating-Rate Notes
and Subordinated Notes

Ratings Raised

VFN               AA+ (sf)          AA (sf)
A1                AA+ (sf)          AA (sf)
A2                AA+ (sf)          AA (sf)
B                 A+ (sf)           A- (sf)
C                 BBB+ (sf)         BBB (sf)
E                 BB (sf)           B+ (sf)

Rating Affirmed

D                 BB+ (sf)


QUARTZ CDO: S&P Lowers Rating on EUR30-Mil. Notes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC-(sf)' from
'CCC (sf)' its credit rating on Quartz CDO (Ireland) PLC's EUR30
million fixed-rate secured substitutable portfolio credit-linked
notes series 5. "We subsequently withdrew our rating on the
notes, as they have been terminated," S&P said.

The downgrade to 'CCC- (sf)' follows synthetic rated
overcollateralization (SROC) results of 98.4554%, which indicates
that the current credit enhancement may not be sufficient to
maintain the current rating.

"We subsequently withdrew our rating on the notes following
confirmation from the trustee of the termination of the
transaction," S&P said.

Quartz CDO (Ireland)'s series 5 is a European synthetic
collateralized debt obligation (CDO), which closed on Sept. 1,
2004.

            Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

       http://standardandpoorsdisclosure-17g7.com


===========
L A T V I A
===========


LATVIJAS KRAJBANKA: KPMG Baltics Releases Bank Financ'l Statement
-----------------------------------------------------------------
KPMG Baltics published a financial statement of insolvent AS
Latvijas Krajbanka for the period from Dec. 23 to Dec. 31, 2011.
This report represents the bank's financial situation on Dec. 31,
2011, as well as provides information on the recovered assets,
including property and insolvency costs for the reporting period.

The financial statement of MAS Latvijas Krajbanka reflects that
on Dec. 31, 2011, the bank's asset value was LVL423,328,446, but
the bank's liabilities were LVL562,734,473.  Consequently, the
bank's equity is negative, whereby liabilities exceeded assets by
LVL139,406,027.

The financial statement also shows that the loss for the year of
account is LVL205,926,958.  They consist mainly of extra
provisions made for loans, correspondent accounts with balances
that are not retrievable, investment properties and real estate
held for sale, as well as investments in subsidiaries.

The largest creditor of Latvijas Krajbanka at the moment is the
Deposit Guarantee Fund, which the bank owes LVL335,475,662. The
amount of deposits in Latvijas Krajbanka at the moment is
LVL203,260,139.  During the period from Dec. 23 to Dec. 31, 2011,
there were retrieved LVL973,682.

"The financial statement made by KPMG Baltics is composed
according to the International Financial Reporting Standards and
the principles of precaution. It should be stressed that this is
not a liquidation balance sheet of the bank but it is built on
the basis of continuation of activity," KPMG Baltics said.

The financial statement of MAS Latvijas Krajbanka for the period
from Dec. 23 to Dec. 31, 2011 was published according to the law
in the newspaper Latvijas Vestnesis on Jan. 12, 2012.  It is an
obligation of KPMG Baltics as insolvency administrator of AS
Latvijas Krajbanka to submit such financial statement for
publication in newspaper Latvijas Vestnesis in 10 first days of
each month.

As reported in the Troubled Company Reporter-Europe in Dec. 27,
2011, Bloomberg News, citing the Baltic News Service, said
Latvijas Krajbanka AS, the lender suspended by bank regulators on
Nov. 21, was declared insolvent by a Latvian court.  The Riga-
based newswire disclosed that Janis Brazovskis, the deputy head
of the bank regulator, said the bank's liabilities exceeded
assets by about LVL100 million (US$187.7 million), Bloomberg
related.

Headquartered in Riga, Latvia, AS Latvijas Krajbanka provides
commercial banking services to businesses and private individuals
in Latvia and the markets of the Commonwealth of Independent
States.  As of Dec. 31, 2009, AS Latvijas Krajbanka had 115
customer service centers and 190 automated teller machines.  AS
Latvijas Krajbanka is a subsidiary of AS banka Snoras.


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


GEO TRAVEL: Moody's Assigns 'B2' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a definitive B2 Corporate
Family Rating (CFR) and Probability of Default Rating (PDR) to
GEO Travel Finance SCA Luxembourg ('ODIGEO' or 'the company'). At
the same time, Moody's has also assigned a definitive Caa1 rating
and Loss Given Default (LGD) assessment of LGD6 to the
EUR175 million 10.375% senior unsecured notes due 2019 issued by
ODIGEO.

Ratings Rationale

Moody's definitive rating assignments are in line with the
provisional ratings assigned on April 12, 2011. Moody's rating
rationale was set out in a press release issued on that date. The
final terms of the notes are in line with the drafts reviewed for
the provisional ratings assignments.

The notes proceeds, together with the amounts borrowed under term
loans A and B (EUR340 million), as well as an equity contribution
of EUR175 million, were used together to fund the transaction to
form the rated entity. The transaction costs included notably the
acquisition cost for Opodo from Amadeus (rated Baa3, stable), for
a total cash consideration of EUR421.5 million, which received
regulatory approval and was consummated on June 30, 2011. The
notes proceeds were originally held in an escrow account pending
regulatory approval, and were released from the escrow account to
GEO on the closing of the transaction.

Since completion of the acquisition of Opodo, ODIGEO now consists
of Opodo, as well as eDreams (acquired by Permira in August
2010), and Go Voyages (acquired by AXA Private Equity in May
2010). As such it is the largest on-line travel agency (OTA) in
Europe in the flight segment, and the third largest in Europe all
products included (after Expedia and Priceline). ODIGEO's market
penetration is particularly strong in its key markets of France,
Spain, Italy, Germany and Scandinavia. The ratings and outlook
reflect this strong position in the European on-line travel
market, and the expectation that this market will continue to
grow at least in line with the overall travel market. ODIGEO's
revenue structure is largely fee-based, and hence viewed as less
exposed to yields than the airline industry. Nevertheless, the
ratings are also constrained by the company's relatively small
scale; and barriers to entry to the industry which are deemed
moderate.

The company's liquidity is solid, based on the reported cash
balance of EUR85 million as of September 2011, as well as its
EUR140 million committed revolving credit facility (RCF), which
was fully undrawn at that date. Moody's notes nevertheless that
c.EUR50 million of the RCF remains committed as collateral for
the company's operational guarantees to IATA; and that a degree
of the cash balance also reflects the transitory nature of cash
received from clients and passed on to suppliers. The company's
liquidity is supported by its positive free cash flow generation
potential, albeit subject to seasonal working capital swings, in
line with the travel industry. The RCF and term loans contain
four financial covenants for interest cover, leverage, debt
service cover and capex (the first two of which were first tested
in September 2011), and for which Moody's expects headroom to
remain comfortable.

On a pro forma basis for the transaction, and based on recurring
pro forma EBITDA for 2010, Moody's estimates that gross adjusted
leverage was c.4.8x at the time of the notes issuance. Moody's
estimates that this metric remains largely unchanged based on
reported debt of EUR488.7 million as of September 2011 (under
IFRS, which excludes financing costs), and last twelve month
recurring EBITDA of EUR107.9 million. The company states that its
performance has benefitted from its internationalization strategy
as well as new products and services, and synergies, but
mitigated by events in North Africa (notably at Go Voyages) and
the generally weaker economic environment. In this regard Moody's
believes that the current economic backdrop in Europe poses a
degree of risk to the company's and industry profitability.
Moody's notes also that the recurring EBITDA reported is before
significant non-recurring items (eg. transaction and other fees),
which Moody's would not necessarily adjust for, and Moody's
expects these to impact earnings in the current financial year as
well.

The stable outlook factors in the rating agency's expectation
that the leverage metric will remain below 5x over the medium
term. The ratings also factor in sustained positive free cash
flow generation and a strong liquidity profile. Upward pressure
on the rating or outlook could occur if the leverage metric were
to trend below 4x on a sustainable basis. Conversely, downward
pressure on the rating or outlook could occur if leverage were to
be sustained above 5x, or if concerns were to develop about
liquidity. In this regard there is limited headroom within the
current rating category. Moody's notes, in addition, that as all
sub-entities have or will change their fiscal year-end to March,
the company's first full year audited accounts will be available
as of March 2012.

The company's debt capital structure consists principally of the
senior secured credit facilities of EUR340 million, and the
senior unsecured notes of EUR175 million. The RCF and term loans
are secured on substantially all assets of the operating
subsidiaries, and guaranteed by subsidiaries representing at
least 85% of group sales and EBITDA. Under the terms of an
intercreditor agreement, this security ranks ahead of the
security for the high yield notes. On the basis of this
structural subordination, the notes are rated Caa1 (LGD6), two
notches below the CFR.

The principal methodology used in rating ODIGEO was "Business and
Consumer Service Industry Rating Methodology ", published in
October 2010. Other methodologies used include Loss Given Default
for Speculative-Grade Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009.

GEO Travel Finance SCA Luxembourg was registered in Luxembourg on
15 February 2011. It became an operating company upon completion
of the acquisition of Opodo in June 2011, which was then merged
with Go Voyages and eDreams. On a pro forma basis for this
acquisition for 2010, ODIGEO would have generated revenue margin
and pro forma recurring EBITDA of EUR303 million and EUR106.3
million (including EUR1.8 million annualised income from a new
GDS contract), respectively.


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


E-MAC NL 2004-II: Fitch Affirms Rating on Class E Notes at 'Bsf'
----------------------------------------------------------------
Fitch Ratings has confirmed four E-MAC NL transactions' ratings:
E-MAC NL 2004-I B.V. (E-MAC NL 2004-I), E-MAC Program III B.V.
Compartment NL 2008-I (E-MAC NL 2008-I), E-MAC Program II B.V.
Compartment NL 2008-IV (E-MAC NL 2008-IV), E-MAC NL 2004-II B.V.
(E-MAC NL 2004-II) ahead of the put option in January 2012.

The transactions' noteholders hold a put option to have their
notes redeemed upon exercising their rights on and after the
first put dates.  The agency understands that the MPT provider
(CMIS Nederland B.V.) for E-MAC NL 2004-I, E-MAC NL 2004-II and
E-MAC NL 2008-I and servicing advance optionholder (RBS plc) for
E-MAC NL 2008-IV will not grant servicing advances to the
issuers, which are required in order to redeem the notes.  As a
result, none of the notes will be redeemed and the transactions
will continue to operate as before, with the addition of the
extension margins, which rank subordinate to the reserve fund in
the priority of payments.

With the exception of E-MAC NL 2004-II, which has its first put
option date in January 2012, the transactions passed their first
put dates without any note redemption.  The agency expects the
interest deficiency ledgers in these transactions to gradually
build up, as the excess revenue remains insufficient to cover the
payments due on the extension margins.  In Fitch's opinion,
failure to pay the extension margin would not constitute an event
of default.

Fitch also understands that the trustees for both E-MAC 2004-I
and E-MAC 2008-I held noteholders meetings in December 2011 to
vote on several extraordinary resolutions, including to amend the
definition of event of default and initiate legal proceeding
against the MPT provider.  Subsequent meetings are scheduled in
January 2012.  The agency believes the conclusion of the meetings
may have an effect on the transactions once the voting is
completed.

The rating actions are as follows:

E-MAC NL 2004-I B.V.

  -- Class A (ISIN XS0188806870): confirmed at 'AAAsf'; Outlook
     Stable
  -- Class B (ISIN XS0188807506): confirmed at 'AA+sf'; Outlook
     Stable
  -- Class C (ISIN XS0188807928): confirmed at 'A-sf'; Outlook
     Stable
  -- Class D (ISIN XS0188808819): confirmed at 'BBB-sf'; Outlook
     Stable

E-MAC Program III B.V. Compartment NL 2008-I

  -- Class A1 (ISIN XS0348427955): confirmed at 'AAAsf'; Outlook
     Stable
  -- Class A2 (ISIN XS0344800957): confirmed at 'AAAsf'; Outlook
     Stable
  -- Class B (ISIN XS0344801765): confirmed at 'AAsf'; Outlook
     Stable
  -- Class C (ISIN XS0344801922): confirmed at 'Asf'; Outlook
     Negative
  -- Class D (ISIN XS0344802060): confirmed at 'BBsf'; Outlook
     Negative

E-MAC Program II B.V. Compartment NL 2008-IV

  -- Class A (ISIN XS0355816264): confirmed at 'AAAsf'; Outlook
     Stable
  -- Class B (ISIN XS0355816421): confirmed at 'AAsf'; Outlook
     Stable
  -- Class C (ISIN XS0355816694): confirmed at 'Asf'; Outlook
     Stable
  -- Class D (ISIN XS0355816934): confirmed at 'BBsf'; Outlook
     Negative

E-MAC NL 2004-II B.V.

  -- Class A (ISIN XS0207208165): confirmed at 'AAAsf'; Outlook
     Stable
  -- Class B (ISIN XS0207209569): confirmed at 'A+sf'; Outlook
     Stable
  -- Class C (ISIN XS0207210906): confirmed at 'BBB+sf'; Outlook
     Stable
  -- Class D (ISIN XS0207211037): confirmed at 'BBBsf'; Outlook
     Negative
  -- Class E (ISIN XS0207264077): confirmed at 'Bsf'; Outlook
     Negative


ENDEMOL BV: Nears Debt Restructuring Deal with Creditors
--------------------------------------------------------
Agence France Press reports that Endemol said Thursday it had
outlined an agreement with most of its creditors to restructure
debts of more than EUR2 billion.

"A significant majority, representing more than two-thirds of
lenders, have reached agreement in principle regarding a
restructuring of the Group's capital structure," AFP quotes a
company statement as saying.  "In the coming weeks, the company
and its lenders will continue discussions and work towards
finalizing documents for the legal implementation of a successful
restructuring."

The company has been in talks with its banks for several months
to restructure its more than EUR2 billion (US$2.5 billion) debt,
AFP relates.

A report last December in Italian business daily Il Sole 24 Ore
said a number of the company's creditors had plans to take it
over and sell it, AFP notes.

The Netherlands-based Endemol -- http://www.endemol.com/-- 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.


PANTHER CDO I: Fitch Affirms 'CCC' Rating on Class III Notes
------------------------------------------------------------
Fitch Ratings has affirmed Panther CDO I B.V. (Panther I)'s
notes, as follows.

  -- Class I (XS0124334763): affirmed at 'AAAsf'; Outlook Stable

  -- Class II (XS0124334847): affirmed at 'BBsf'; Outlook revised
     to Stable from Negative

  -- Class III (XS0124335497): affirmed at 'CCsf'

The transaction is a cash flow securitization of bonds, loans and
structured finance assets.  Since the last review in February
2011, the 'CCC' and below bucket has increased to 14% of the
portfolio from 11%.  However, this is mitigated by the continued
deleveraging of the transaction, which has led to increased
credit enhancement levels for all classes of notes.  Corporate
and leveraged finance assets make up 79% of the portfolio, with
structured finance assets at 21%.

Fitch believes that a material risk for the transaction is that
the portfolio assets' maturity may extend beyond their reported
weighted average expected life, and this was taken into account
in the agency's analysis.  Fitch further notes that there is a
21% bucket of long-dated assets (i.e. assets maturing after the
deal's maturity in February 2016), which exposes Panther I to
market risk if the long-dated assets have to be sold prior to the
deal's maturity.

All the over-collateralization tests and the senior interest
coverage (IC) test are passing. However, the Class III IC test is
being breached.  This is due largely to the high fixed coupon
being paid by Class III.  The low IC means that principal
proceeds have been used to maintain the Class III's interest
current.  This principal leakage may continue on future payment
dates and if so, this would be detrimental to Class III and Class
II's levels of credit support.

The affirmation of the notes and the revision of Class II's
Outlook to Stable from Negative reflect the improved levels of
credit enhancement due to the transaction deleveraging, which has
offset some of the portfolio deterioration.  The ratings of the
Class II and III at 'BBsf' and 'CCsf', respectively, also reflect
the market value risk from the long-dated assets and the
structural principal leakage due to Class III's high fixed
interest coupon.


PANTHER CDO IV: Fitch Affirms 'CC' Rating on Class C Notes
----------------------------------------------------------
Fitch Ratings has affirmed Panther CDO IV B.V.'s notes, as
follows:

  -- EUR236.9m class A1 (ISIN XS0276065124): affirmed at 'BBBsf',
     Outlook Negative

  -- EUR34.0m class A2 (ISIN XS0276066361): affirmed at 'Bsf',
     Outlook Negative

  -- EUR29.5m class B (ISIN XS0276068730): affirmed at 'CCCsf'

  -- EUR19.1m class C (ISIN XS0276070553): affirmed at 'CCsf'

The affirmation reflects the portfolio's stable performance.
Assets rated 'CCC' or below have increased marginally to 22.9% of
the portfolio notional, compared to 22.8% at the last review in
January 2011.  The value of defaulted assets in the portfolio has
declined to EUR0.9 million from EUR2.8 million.  The transaction
has deleveraged modestly since January 2011, allowing for the
accumulation of additional credit enhancement for the rated
notes.

All over-collateralization tests have been failing since late
2009, although there was gradual improvement during 2011.  The
interest coverage tests have never experienced a shortfall.

Fitch believes that a material risk for the transaction is that
the underlying assets' maturity may extend beyond their reported
weighted average expected life.  The agency incorporated this
extension risk into its analysis of the portfolio.

Fitch assigned a Negative Outlook to the class A1 and A2 notes
because of the notes' sensitivity to any further deterioration in
the sizable 'CCC' and below bucket.

Panther CDO IV B.V. is a managed cash arbitrage securitization of
a diverse pool of assets, including high-yield bonds, property B-
notes, private placements, investment grade asset-backed
securities, non-investment grade asset-backed securities, senior
loans, second lien loans and mezzanine loans.  The portfolio
notional is split between structured finance assets (currently
51%), leveraged loans (35%) and corporate bonds (14%).  The
collateral is managed by Prudential M&G Investment Management
Limited.


PANTHER CDO V: Fitch Affirms 'CC' Ratings on Two Note Classes
-------------------------------------------------------------
Fitch Ratings has affirmed Panther CDO V B.V. (Panther V)'s
notes, as follows.

  -- Class A1 (XS0308593671): affirmed at 'Asf'; Outlook revised
     to Stable from Negative

  -- Class A2 (XS0308594059): affirmed at 'BBsf'; Outlook revised
     to Stable from Negative

  -- Class B (XS0308594489): affirmed at 'Bsf'; Outlook revised
     to Stable from Negative

  -- Class C (XS0308594729): affirmed at 'CCCsf'

  -- Class D (XS0308595296): affirmed at 'CCsf'

  -- Class E (XS0308595536): affirmed at 'CCsf'

The transaction is a cash flow securitization of bonds, loans and
structured finance assets.  The affirmation of the notes and
revision of the Outlooks to Stable from Negative reflect the
stable performance of the portfolio since the last review in
February 2011.  The 'CCC' and below bucket has decreased to 16%
of the portfolio from 19%.  Defaults currently stand at EUR9.6
million compared to EUR15.3 million in February 2011.  The over-
collateralization (OC) tests have improved since the last review
in February 2011, where all except the Class E and additional
reinvestment OC tests are currently passing.  All the interest
coverage tests are passing.  There has been some limited
deleveraging of the transaction since the last review, which has
led to some modest increase in credit enhancement levels for all
classes of notes.

Corporate and leveraged finance assets make up 49% of the
portfolio with structured finance assets at 51%.  The two largest
structured finance sectors are CMBS (21% of portfolio) and RMBS
(20%).  Of the CMBS assets, CMBS B-notes make up 7% of the
portfolio.  The composition of the lowly-rated assets, which
primarily comprise CMBS, RMBS and CDO assets with low recovery
expectations, is reflected in the ratings of the mezzanine and
junior notes.

Fitch believes that a material risk for the transaction is that
the portfolio assets' maturity may extend beyond their reported
weighted average expected life, and this was taken into account
in the agency's analysis.


WOOD STREET: S&P Lowers Rating on Class E Notes Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Wood Street CLO VI B.V.'s class A2, B, and C notes; lowered its
ratings on the class D and E notes; and affirmed its rating on
the class A1 notes.

"The rating actions follow our credit and cash flow analysis of
the transaction, using data from the latest available trustee
report (dated Nov. 25, 2011)," S&P said.

"The trustee report shows that all classes of notes are currently
passing the transaction's overcollateralization tests, and that
the reported weighted-average spread earned on the collateral
pool has increased since our previous review of the transaction.
However, it also shows that the percentage of portfolio assets
that we treat as defaulted (i.e., debt obligations of obligors
rated 'CC', 'SD' [selective default], or 'D') in our analysis has
increased in the same period, which has caused the credit
enhancement available to all classes of notes to decrease," S&P
said.

"We have also observed a decrease in the portfolio's weighted-
average maturity, which has resulted in lower scenario default
rates across all rating levels in our analysis," S&P related.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. In our analysis, we have used the portfolio balance
that we considered to be performing (i.e., of assets rated 'CCC-'
or above), the reported weighted-average spread, and the
weighted-average recovery rates that we considered to be
appropriate. We have incorporated various cash flow stress
scenarios using our standard default patterns, levels, and
timings for each rating category assumed for each class of notes,
in conjunction with different interest stress scenarios," S&P
said.

"Our analysis indicates that the credit support available to the
class A2, B, and C notes is now commensurate with higher ratings,
and thus we have raised our ratings on these notes," S&P related.

"The application of our largest obligor default test has
constrained our ratings on the class D and E notes, and we have
lowered them accordingly. The test aims to measure the effect on
ratings of defaults of a specified number of the largest obligors
in the portfolio, assuming 5% recoveries, at each rating level.
We introduced this supplemental stress test in our 2009 criteria
update for corporate collateralized debt obligations (CDOs)," S&P
said.

"Approximately 17% of the assets in the transaction's portfolio
are non-euro-denominated. Because all liabilities are denominated
in euros, the issuer has entered into cross-currency swap
agreements throughout the life of the transaction, to mitigate
the risk of foreign-exchange-related losses. Our analysis of the
swap counterparties and the swap documentation indicates that
they are not consistent with our 2010 counterparty criteria. To
assess the potential impact on our ratings, we have assumed that
the transaction does not benefit from the currency swaps. We
concluded that, in this scenario, both the class A1 and A2 notes
would achieve 'AA+ (sf)' rating levels. We have therefore
affirmed our rating on the class A1 notes and raised our rating
on the class A2 notes. Under our criteria, our ratings on the
class B to E notes are supported by our ratings on the swap
counterparties. Hence, we have applied no additionally foreign-
exchange-related stresses to these classes of notes," S&P said.

"Wood Street CLO VI is a cash flow collateralized loan obligation
(CLO) transaction that securitizes loans to speculative-grade
corporate firms. The transaction closed in August 2007 and is
managed by Alcentra Ltd.," S&P said.

             Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:

        http://standardandpoorsdisclosure-17g7.com

Rating List

Class               Rating
             To               From

Wood Street CLO VI B.V.
EUR325.8 Million Senior Secured Floating-Rate Notes

Ratings Raised

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

Ratings Lowered

D            B+ (sf)          BB+ (sf)
E            CCC+ (sf)        B+ (sf)

Ratings Affirmed

A1          AA+ (sf)


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


METROPOLITANO DE LISBOA: S&P Lowers Corp. Credit Rating to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and nonguaranteed issue ratings on Portuguese
state-owned subway company Metropolitano de Lisboa E.P. (Metro)
to 'CCC+' from 'B-'. The outlook is negative. "At the same time,
we removed the ratings from CreditWatch with negative
implications, where they were placed on Dec. 7, 2011. The outlook
is negative," S&P said.

The downgrade follows a similar action on the Republic of
Portugal (BB/Negative/B) on Jan. 13, 2012.

"The Republic of Portugal is the 100% owner of Metro, which we
consider to be a government-related entity (GRE). In accordance
with our criteria for rating GREs, we believe that there is a
'very high' likelihood that Metro would receive timely and
sufficient extraordinary support from the Portuguese government
in the event of financial distress," S&P said.

"We continue to assess Metro's stand-alone credit profile at
'cc'," S&P said.

S&P's opinion of a "very high" likelihood of support reflects its
view that Metro:

  -- Plays a "very important" role for the Portuguese government
     through its public policy mandate; and

  -- Has a "very strong" link with its full owner, the Portuguese
     government.

The negative outlook reflects the possibility that Portugal's
financial capacity to support Metro could diminish further.

"We could lower our ratings on Metro if we see that Portugal's
credit profile continues to weaken and believe that the
government may encounter obstacles to continue to provide Metro
with funds to repay debt," S&P said.

"Conversely, we would revise the outlook on Metro to stable from
negative, if we see that Portugal's credit profile improves and
that, in turn, the government has an increased ability to provide
Metro with funds to face all its liquidity needs," S&P said.


OCCIDENTAL COMPANHIA: S&P Cuts Counterparty Credit Rating to 'BB'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
following insurers (and certain related operating subsidiaries
and certain holding companies) and removed them from CreditWatch
with negative implications (where they were placed on Dec. 9,
2011):

    Allianz SpA,
    Caisse Centrale de Reassurance (CCR),
    Mapfre Group,
    Millenniumbcp-Ageas Group, and
    Nacional de Reaseguros S.A. (Nacional).

"We lowered the ratings on Allianz SpA, Mapfre Group, and
Millenniumbcp-Ageas Group by two notches and CCR and Nacional by
one notch. The outlooks are negative," S&P said.

S&P lowered the ratings on these insurers (and certain related
operating subsidiaries and certain holding companies) by one
notch and kept them on CreditWatch negative:

    Societa Cattolica di Assicurazione (Cattolica),
    Generali Group, and
    Unipol Group.

"We affirmed the ratings on the following insurers and removed
them from CreditWatch," S&P said. The outlooks are negative:

    Allianz PLC,
    Aviva Insurance (Europe) SE,
    AXA Insurance Ltd.,
    Irish Public Bodies Mutual Insurances Ltd. (IPB),
    RSA Insurance Ireland Ltd. (RSA Ireland),
    Pozavarovalnica Sava d.d., and
    Triglav Group.

"We have not yet completed our review of the effect of the
sovereign actions on Allianz Group, Aviva Group, Axa Group, and
CNP Group and have therefore not taken any rating action on these
groups," S&P said.

"The rating actions follow our recent sovereign rating actions:
we lowered our ratings on nine of the 17 eurozone member
countries and affirmed our ratings on a further seven eurozone
countries. We also removed the sovereign ratings from CreditWatch
negative," S&P said.

"The bias of our insurance ratings in the eurozone and Europe as
a whole remains negative. Of our ratings, approximately 30% have
negative outlooks or are on CreditWatch with negative
implications, 64% have stable outlooks, and 6% positive outlooks
or are on CreditWatch with positive implications," S&P said.

"Our recent commentary 'European Insurance Credit Trends: Third-
Quarter 2011 Market Movements Take Their Toll On Insurers'
Capital Adequacy,' published on Nov. 4, 2011, explained the
factors underpinning our views. Our more-recent negative update
to Europe's economic growth prospects and the heightened credit
risk reflected in our Jan. 13, 2012 sovereign actions only serve
to compound the difficulties that insurers face. In our view,
these factors are likely to result in predominantly negative
rating actions over the medium term," S&P said.

"Our rating actions can be categorized according to the criteria
used in taking the action," S&P said.

     Government-Related Entities in France and Slovenia

"We lowered the long-term ratings on France-based CCR by one
notch under our government-related entities criteria. The outlook
is negative. We affirmed the ratings on Slovenia-based Triglav
Group and SAVA with a negative outlook. In our opinion, the
likelihood of timely and sufficient extraordinary government
support in the event of financial distress is 'almost certain' in
the case of CCR, 'high' in the case of Triglav Group, and
'moderately high' in the case of SAVA," S&P said.

        Domestic Insurers in Portugal, Spain, and Italy

"We lowered ratings on Portugal-based Millenniumbcp-Ageas Group
and Spain-based Mapfre Group by two notches. The outlooks on
Mapfre's U.S. subsidiaries are stable; all others are negative.
We lowered the ratings on Italy-based Unipol Group and Cattolica
and Spain-based Nacional by one notch. The ratings on Unipol
remain on CreditWatch, following Unipol's announcement of its
intention to initially acquire 51.287% shares in Premafin HP SpA,
Fondiaria-SAI SpA's holding company, and ultimately merge it with
Fondiaria-SAI SpA, Milano Assicurazioni SpA, and Unipol
Assicurazioni SpA. The ratings on Cattolica remain on CreditWatch
negative pending a more detailed review of its capital adequacy,"
S&P said.

"These ratings are at the same level as the local sovereign--they
are constrained under our insurer country risk criteria. Our
criteria use the local currency sovereign rating as a proxy for
country risk. The local currency sovereign rating limits the
ratings on these companies, either because their assets include
material amounts of domestic sovereign debt, domestic bank debt,
or domestic bank deposits, or because they have a largely
domestic customer base," S&P said.

"The ratings on Italy-based Allianz SpA were lowered by two
notches. The ratings are not constrained at the Italian local
currency sovereign rating level under our criteria 'Nonsovereign
Ratings That Exceed EMU Sovereign Ratings: Methodology And
Assumptions,' published on June 14, 2011. However, under these
criteria, we cap our ratings on 'core' insurance subsidiaries
with 10% exposure or higher to the jurisdiction of domicile at
three notches above our rating on the related sovereign," S&P
said.

                    Domestic Insurers in Ireland

"The ratings on Ireland-based Allianz PLC, RSA Ireland, AXA
Insurance Ltd., Aviva Insurance (Europe) SE, and IPB were
affirmed and remain at the same level as the local sovereign,
where they are constrained under our insurer country risk
criteria," S&P said.

          Insurers That Operate Across the Eurozone
     or Have a High Level of Exposure to Eurozone Risks

"The ratings on Generali were lowered by one notch and remain on
CreditWatch negative, except for Generali USA Life Reassurance
Co., which has a stable outlook, and Generali's Germany-based
bank, Deutsche Bausparkasse Badenia AG, which is remaining on
CreditWatch negative with no change to the rating. Because of
Generali's diverse businesses in higher-rated eurozone sovereign
countries, the ratings on Generali may be up to three notches
above the Italian local currency sovereign rating, which would
otherwise constrain it under our June 14, 2011 criteria. Thus,
when we lowered the sovereign rating by two notches, we lowered
the rating on Generali by one notch. The rating remains on
CreditWatch because we could lower it by a further notch to
reflect the aggregate effects of exposure to eurozone sovereign
debt, related bank debt and deposits, the resulting potential
impact on capital adequacy (which is already stretched), and the
impact of the expected slowdown in economic activity in the
eurozone. We expect to complete our review of the impact of
these risk factors on Generali's ratings within the next four
weeks," S&P said.

"Certain other European insurance groups (Allianz, Axa, Aviva,
and CNP) are also exposed to the aggregate effects of these risk
factors, like Generali. We are still reviewing the impact of
these risk factors on these groups and have therefore not taken
any rating action on them . We took action on Generali because
our criteria implied a direct rating action as a result of the
sovereign actions, but no such implication applies to Allianz,
Axa, Aviva, and CNP. We could, however, lower the ratings on
these insurers by one notch," S&P said.

"The rating actions we have taken, in their turn, affect certain
holding companies, 'core,' and 'strategically important'
operating subsidiaries, as well as certain short-term ratings and
issue ratings on these insurers," S&P said.

"We expect to resolve the remaining CreditWatch actions within
four weeks (except for Unipol, which may be up to three months).
Upon resolution, individual ratings may be lowered by one notch
or may be affirmed, except for Unipol and Cattolica, where there
is additional downside risk," S&P said.

Ratings List
CreditWatch/Outlook Action
                               To               From
Allianz SpA
Counterparty Credit Rating     A+/Negative/--   AA/Watch Neg/--

Allianz PLC
Counterparty Credit Rating     BBB+/Negative/-- BBB+/Watch Neg/--

Aviva Insurance (Europe) SE
Counterparty Credit Rating     BBB+/Negative/-- BBB+/Watch Neg/--

AXA Insurance Ltd.
Counterparty Credit Rating     BBB+/Negative/-- BBB+/Watch Neg/--

CCR
Caisse Centrale de Reassurance
Counterparty Credit Rating     AA+/Negative/--   AAA/Watch Neg/--

GENERALI GROUP
Assicurazioni Generali SpA
Alleanza Toro S.p.A
Generali (U.S. branch)
AachenMuenchener Lebensversicherung AG
AachenMuenchener Versicherung AG
Advocard Rechtsschutzversicherung AG
Central Krankenversicherung AG
Cosmos Lebensversicherungs AG
Cosmos Versicherung AG
Envivas Krankenversicherung AG
Generali Deutschland Pensionskasse AG
Generali Lebensversicherung AG
Generali Versicherung AG (Germany)
Generali Versicherung AG (Austria)
Generali IARD
Generali Vie
INA ASSITALIA SpA
Counterparty Credit Rating     A+/Watch Neg/--  AA-/Watch Neg/--

Generali Holding Vienna AG
Generali Rueckversicherung AG
Counterparty Credit Rating     A-/Watch Neg/--  A/Watch Neg/--

Deutsche Bausparkasse Badenia AG
Counterparty Credit Rating     A/Watch Neg/A-1  A/Watch Neg/A-1

Ceska pojistovna a.s.
Counterparty Credit Rating     A/Watch Neg/--   A+/Watch Neg/--

Generali USA Life Reassurance Co.
Counterparty Credit Rating     A/Stable/--      A+/Watch Neg/--


IRISH PUBLIC BODIES
Irish Public Bodies Mutual Insurances Ltd.
Counterparty Credit Rating     BBB+/Negative/-- BBB+/Watch Neg/--


MAPFRE GROUP
Mapfre S.A.
Counterparty Credit Rating     BBB+/Negative/-- A/Watch Neg/--

Mapfre Global Risks, Compania Internacional
de Seguros y Reaseguros S.A.
Mapfre Re, Compania de Reaseguros, S.A.
Counterparty Credit Rating     A/Negative/--    AA-/Watch Neg/--

Mapfre U.S.A. Corp.
Counterparty Credit Rating     BBB-/Stable/--   BBB+/Watch Neg/--

Citation Insurance Co. (MA)
Commerce Insurance Co.
Counterparty Credit Rating     A-/Stable/--     A+/Watch Neg/--

MILLENNIUMBCP-AGEAS GROUP
Ocidental Companhia Portuguesa de Seguros de Vida S.A.
Ocidental Companhia Portuguesa de Seguros S.A.
Medis Companhia Portuguesa de Seguros de Saude, S.A.
Counterparty Credit Rating     BB/Negative/--   BBB-/Watch Neg/--

NACIONAL
Nacional de Reaseguros S.A.
Counterparty Credit Rating     A/Negative/--    A+/Watch Neg/--

SAVA
Pozavarovalnica Sava d.d.
Counterparty Credit Rating     A-/Negative/--   A-/Watch Neg/--

RSA IRELAND
RSA Insurance Ireland Ltd.
Counterparty Credit Rating     BBB+/Negative/-- BBB+/Watch Neg/--

CATTOLICA
Societa Cattolica di Assicurazione
Counterparty Credit Rating     BBB+/Watch Neg/-- A-/Watch Neg/--

TRIGLAV GROUP
Triglav Insurance Co. Ltd.
Triglav Re, Reinsurance Co. Ltd.
Counterparty Credit Rating     A/Negative/--    A/Watch Neg/--

UNIPOL GROUP
Unipol Assicurazioni SpA
Counterparty Credit Rating     BBB+/Watch Neg/-- A-/Watch Neg/--

Unipol Gruppo Finanziario SpA
Counterparty Credit Rating     BBB-/Watch Neg/-- BBB/Watch Neg/--

N.B. This list does not include all ratings affected.


PARTICIPACOES PUBLICAS: S&P Cuts Issuer Credit Rating to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issuer credit
ratings on Portugal-based Participacoes Publicas (SGPS) S.A.
(PARPUBLICA) to 'BB-' from 'BB'. The ratings remain on
CreditWatch negative, where they were initially placed on Dec. 7,
2011.

"At the same time, we affirmed the recovery rating at '3',
indicating an estimated 50%-70% recovery of principal by
bondholders," S&P said.

"The downgrade reflects the lowering of the ratings on Republic
of Portugal (BB/Negative/B) on Jan. 13, 2012. In accordance with
our criteria for government-related entities (GREs, see
section), we believe that there is a 'very high' likelihood of
extraordinary and timely government support for PARPUBLICA. As
indicated in table 5 of the GRE criteria, when Portugal's ratings
are lowered by two notches, PARPUBLICA's ratings are lowered by
one notch," S&P said.

"The 'very high' likelihood of extraordinary government support
is based on our assessment of PARPUBLICA's very strong link with
its 100% owner, the Portuguese government, and reflects our view
of the close operational link between the two in the absence of
an explicit and timely guarantee of PARPUBLICA's debt. The
government exerts significant influence on PARPUBLICA's strategic
and operational activities, including: approving its budgets and
financial plans; appointing its main managerial bodies; and
deciding which assets should be transferred to PARPUBLICA or
privatized. While the government does not provide an explicit and
timely guarantee for PARPUBLICA's debt, credit support comes from
PARPUBLICA's legal status; it is subject to article 501 of the
Portuguese Companies Code, which establishes that a parent is
legally responsible for the liabilities of its fully-owned
subsidiaries. We understand that creditors of the subsidiary can
seek to enforce their claims against the parent from 30 days
after the subsidiary defaulting. The outgoing government has
confirmed its commitment to this obligation, but heightened
liquidity constraints could further pressure the government's
cash flow, and therefore potentially weaken the sovereign's
ability to support PARPUBLICA in a timely fashion," S&P said.

"Our assessment of PARPUBLICA's 'very important' role--as
Portugal's entity for holding, managing, and privatizing key
participations on behalf of the government -- remains unchanged.
We may reassess our view in the next three years as we expect the
government's privatization plans will diminish PARPUBLICA's role.
We anticipate that PARPUBLICA could be either wound up completely
or play only a limited role as manager of the government's real
estate assets, once the privatization plans are completed, which
is unlikely to be before 2013," S&P said.

"PARPUBLICA's SACP remains at 'b'. PARPUBLICA had EUR4.8 billion
of reported debt at year-end 2010, after it issued EUR887 million
in exchangeable bonds in September 2010. These are due Sept. 28,
2017, and are redeemable in ordinary shares of Galp Energia SGPS,
S.A. (GALP), a Portuguese refining and marketing oil and gas
company. Given the adverse market conditions, there has been no
further issuance," S&P said.

PARPUBLICA's portfolio of equity stakes in Portuguese entities is
moderately diversified, and it is already highly leveraged with a
loan-to-value (LTV) ratio of about 61% at year-end 2010, from 46%
at the end of 2009. The LTV ratio would only decline if
PARPUBLICA were to receive new assets or retain a significant
portion of cash payments from future privatizations.

"PARPUBLICA is also the sole owner of Transportes Aereos de
Portugal TAP holdings (TAP; not rated), the ailing national
Portuguese airline with net debt and leasing commitments at an
estimated EUR1.1-EUR1.2 billion at year-end 2010. This contingent
liability further weighs on PARPUBLICA's SACP, in our view," S&P
said.

"The various senior unsecured notes issued by PARPUBLICA are
rated 'BB-', in line with the corporate credit rating on the
company. The recovery ratings are '3', indicating our expectation
of meaningful (50%-70%) recovery in the event of a payment
default. In accordance with our criteria, although debt coverage
exceeds the 50%-70% range at this stage, the recovery ratings on
senior unsecured notes are capped at '3'," S&P said.

"The issue and recovery ratings are supported by PARPUBLICA's
valuable portfolio composed of companies of satisfactory credit
quality such as REN-Redes Energeticas Nacionais SGPS S.A. (REN),
GALP, Aguas de Portugal (AdP), and ANA (Aeroportos de Portugal).
The ratings are constrained by the notes' unsecured nature and
weak documentary protection against further debt raising," S&P
said.

"We note that the Portuguese government has embarked on a program
of privatization of a number of assets. In particular, PARPUBLICA
has already sold 21.35% of Energias de Portugal S.A. (EDP) (of
its 25.04%) and the proceeds of the sale are not yet distributed.
We also note that REN is in the process of being disposed. Our
analysis assumes that a significant share of the proceeds of
these sales will be devoted by the company to repay some of its
debt obligations. Failure to do so could diminish recovery
expectations for bondholders, and hence trigger a downgrade of
the company's recovery and issue ratings," S&P said.

"In order to determine recoveries, we simulate a default
scenario. Our hypothetical scenario includes a decline in the
portfolio value of about 60% from the current level, combined
with a marked decrease of dividend inflows to PARPUBLICA from
subsidiaries. This scenario would lead to a default in 2014,
triggered by the group's inability to refinance its EUR500
million unsecured bonds maturing that year. We are therefore
assuming that a significant part of the proceeds of the sale of
EDP's shares will be partly kept at PARPUBLICA level in order to
fully repay the EUR1.0 billion put option maturing in December
2012," S&P said.

"After simulating a 60% decline in asset value, we estimate that
the company's stressed portfolio value at the point of default
would be about EUR1.9 billion. After deducting priority
liabilities comprising mainly enforcement costs, we estimate the
residual value available to unsecured debtholders at about EUR1.8
billion. At default, we assume EUR2.3 billion of senior unsecured
notes outstanding (including the notes and six months of
prepetition interest)," S&P said.

"In accordance with our criteria, the recovery ratings on the
unsecured notes are capped at '3', although debt coverage exceeds
the 50%-70% range at this stage. Our criteria states that
unsecured debt issued by corporate entities with a corporate
credit rating of 'BB-' or higher are generally capped at '3'.
This is to account for the risk that their recovery prospects run
a greater risk of being impaired by the issuance of additional
priority or pari passu debt prior to default," S&P said.

"PARPUBLICA is based and headquartered in Portugal. We consider
Portugal to be a relatively creditor-friendly jurisdiction for
senior secured creditors," S&P said.

"The CreditWatch placement reflects our view of the uncertainties
regarding funds available for PARPUBLICA to fulfill its financial
obligation related to the put option on a EUR1 billion exchange
bond exercisable in December 2012. If PARPUBLICA can maintain a
sufficient part of the privatization receipts from the sale of
EDP and REN shares, or from receiving committed funds from the
state treasury, we may remove the ratings from CreditWatch. If
the prospect for repayment remains unclear we will likely lower
PARPUBLICA's SACP, which may lead us to lower the ratings by up
to two notches," S&P related.


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


RUSHYDRO JSC: Fitch Affirms Senior Unsecured Rating at 'BB+'
------------------------------------------------------------
Fitch Ratings has revised three Russian corporates' Outlooks to
Stable from Positive and affirmed their ratings and those of one
other company.

The rating actions follow Fitch's revision of the Russian
Federation's Outlook to Stable from Positive and the affirmation
of its Long-term foreign and local currency Issuer Default
Ratings (IDRs) at 'BBB' on January 16, 2012.

The corporate rating actions are as follows:

OAO Gazprom

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Positive
  -- Long-term local currency IDR: affirmed at 'BBB'; Outlook
     revised to Stable from Positive
  -- Short-term foreign currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable
  -- Foreign currency senior unsecured rating: affirmed at 'BBB'
  -- Gaz Capital S.A.'s debt issuance programme is affirmed at
     'BBB'.
  -- Gazprom ECP SA's commercial paper programme is affirmed at
     'F3'.
  -- OOO Gazprom Capital's debt issuance programme is affirmed at
     'BBB' and 'AAA(rus)'.

The standalone Outlook on Gazprom's Long-term IDRs are viewed by
Fitch as Positive, but are constrained to Stable by the
sovereign, given the company's asset concentration in Russia and
majority state-ownership.  Gazprom's ratings continue to reflect
its standalone profile.

JSC Russian Railways (RZD)

  -- Long-term foreign currency IDR: affirmed at 'BBB'; Stable
     Outlook
  -- Long-term local currency IDR: affirmed at 'BBB'; Stable
     Outlook
  -- Short-term foreign currency IDR: affirmed at 'F3'
  -- Short-term local currency IDR: affirmed at 'F3'
  -- National Long-term rating: affirmed at 'AAA(rus)'; Outlook
     Stable
  -- National senior unsecured rating: affirmed at 'AAA(rus)'
  -- Foreign currency senior unsecured rating: affirmed at 'BBB'
  -- Local currency senior unsecured rating: affirmed at 'BBB'

RZD continues to benefit from strong links with the Russian
state.  Fitch previously de-aligned the ratings of RZD from those
of Russia, largely due to the absence of direct government
guarantees for RZD's debt.  Fitch continues to view RZD's
standalone business and financial profile as commensurate with
the mid-'BBB' rating category.

JSC RusHydro

  -- Long-term foreign currency IDR: affirmed at 'BB+'; Outlook
     revised to Stable from Positive
  -- Local Currency Long-term Issuer Default Rating: affirmed at
     'BB+'; Outlook revised to Stable from Positive
  -- National Long-term rating: affirmed at 'AA(rus)'; Outlook
     revised to Stable from Positive
  -- Senior unsecured rating: affirmed at 'BB+'

RusHydro's ratings are notched down by two levels from the
sovereign's due to its state ownership, the strategic importance
of the company to the state, and its reliance on investment
funding from the state.  Fitch assesses RusHydro's standalone
creditworthiness in the mid-'BB' rating category.

Sukhoi Civil Aircraft JSC (SCAC)

  -- Long-term foreign currency IDR: affirmed at 'BB'; Outlook
     revised to Stable from Positive
  -- Long-term local currency IDR: affirmed at 'BB'; Outlook
     revised to Stable from Positive
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Short-term local currency IDR: affirmed at 'B'
  -- Senior unsecured rating: affirmed at 'BB'
  -- National Long-term rating: affirmed at 'AA-(rus)'; Outlook
     revised to Stable from Positive
  -- National Short-term rating: affirmed at 'F1+(rus)'

Sukhoi Civil Aircraft JSC (SCAC)'s ratings are driven by the
strong links to its ultimate majority shareholder (75% minus one
share), the Russian Federation, and the strategic nature of its
flagship product, the Super Jet 100 (SSJ100), to the state.  The
ratings of SCAC are notched down from those of the sovereign as a
result of purely verbal representations from state officials
regarding the support SCAC can rely on from the Russian
government for additional equity injections over and above what
has already been contributed.


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


NOBINA AB: Moody's Puts 'B3' CFR Under Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and the probability of default rating (PDR) of
Nobina AB to B3. All ratings were placed under review for
downgrade.

Downgrades:

   Issuer: Nobina AB

   -- Probability of Default Rating, Downgraded to B3 from B2

   -- Corporate Family Rating, Downgraded to B3 from B2

Outlook Actions:

   Issuer: Nobina AB

   -- Outlook, Changed To Rating Under Review From Negative

Ratings Rationale

The rating action was prompted by heightened refinancing risk
associated with the approaching maturity of Nobina's EUR85
million (approximately SEK768 million) senior notes due in August
2012. A successful refinancing of the notes in the current market
environment remains challenging, in Moody's view. Nobina's
internal liquidity sources consisting of cash on balance sheet of
SEK159 million at 30 November 2011 are insufficient to redeem the
bond.

The review will focus on Nobina's ability to refinance the
upcoming debt maturity within the next three months. Nobina might
eventually consider an exchange offer for the senior notes.
Moody's understands, that the group's shareholder and noteholder
base is largely aligned, which might help to reduce the
associated execution risk. However, in Moody's view an exchange
offer could result in impairments to the position of Nobina's
noteholders. Moody's does not rate the EUR85 million senior
notes.

The group's operating performance in the third quarter of fiscal
year 2011/12 (ending 28 February) was below Moody's expectation
of a gradually improving profitability compared to the first half
2011/12. The group reported an operating profit of SEK60 million;
a decrease of SEK41 million y-o-y. Profitability continued to be
negatively affected by contract migration, operating
inefficiencies as well as declining passenger demand affecting
its interregional traffic company Swebus. On the positive side,
the company generated a positive free cash flow (FCF) of SEK164
million in the quarter benefiting from a reversal of the seasonal
working capital build-up. Cash on balance sheet improved to
SEK159 million compared to the previous quarter but remains
relatively low compared to Nobina's historical levels.

Overall, LTM (last twelve months) credit metrics such as
debt/EBITDA of 6.3x and interest cover (EBIT/interest expense) of
0.7x at 30 November 2011 remained relatively stable.

The B3 rating assumes that Nobina can maintain stable operating
performance and remain free cash flow positive in the fourth
quarter 2011/12. Operating profit in the fourth quarter 2011/12
could benefit from a lower contract migration rate and no
material extraordinary costs compared to around SEK60 million in
the previous year due to severe winter conditions. However,
weaker demand for interregional traffic and weak prospects for
Denmark and Norway might offset some of the expected
improvements. Overall, this should result in a stable reported
EBIT margin of around 3.5%, positive FCF generation and stable
debt/EBITDA in fiscal year 2011/12.

In the absence of any committed long-term revolving credit
facilities, the company's liquidity is limited to available cash
on balance sheet of SEK159 million at November 30, 2011 and
operating cash flow generation. These cash sources are currently
insufficient to cover short-term debt maturities of SEK1,107
million, of which SEK768 million relate to the senior notes due
August 1, 2012 and the remaining portion to short-term financial
leasing liabilities, and seasonal swings in working capital and
capex needs.

We note that the company has a 364 days agreement to sell
receivables in the amount of SEK300 million with a finance
company, under which SEK46 million were outstanding at
November 30, 2011, which Moody's does not consider for the
purpose of Moody's liquidity analysis because of their short term
nature.

TRIGGERS FOR A POTENTIAL DONWGRADE/UPGRADE

Further rating pressure could arise in case of the company's
inability to successfully refinance the EUR85 million senior
notes due August 2012 within the next three months and in case of
impairments to the position of noteholders as a result of an
exchange offer, which could qualify for a distressed exchange.
Other drivers for rating downward pressure would be an unexpected
erosion of the company's operating performance.

Rating upward pressure could arise in case of (i) a successful
refinancing of the senior notes supporting improvements in the
group's weak liquidity profile;(ii) a track record of a more
consistent financial policy and liquidity management; and (iii)
stable operating performance, evidenced by debt/EBITDA below
6.0x, (EBITDA-Capex)/interest materially above 1.0x and positive
free cash flow generation.

Other factors considered in Nobina's B3 rating are (i) the
company's position as the largest Nordic bus transportation group
with a significant proportion of business with local Scandinavian
communities with relatively high revenue visibility and
predictability due to limited transportation volume exposure;
(ii) the group's track record of improving operating performance
from the lows in 2007, which was supported by the defensive
character of the public bus transportation industry; (iii) but
also the group's limited scale with revenues and profit
generation being concentrated on the Swedish market.

Nobina AB is the largest Nordic bus transportation company,
operating in Sweden, Norway, Finland and Denmark. Its revenues
for fiscal year 2010/11 (ending February 28) totaled SEK6.5
billion and were mostly generated from public bus services in
Sweden. This reflects the more advanced stage of the deregulation
in this country, where almost all local and regional bus services
have been tendered since 1989, in contrast to the situation in
Norway and Finland, where less than 50% of the traffic has been
tendered so far. In Sweden, the public bus transportation needs
of Contractual Public Transportation Associations (CPTAs) are put
up for tender via a competitive bidding process and the tenor of
such contracts is typically five to eight years. The majority of
contracts are priced with cost indexation levels adjusted on a
monthly (Denmark), quarterly (Sweden, Finland) or annual basis
(Norway).

Nobina AB 's ratings were assigned by evaluating factors that
Moody's considers relevant to the credit profile of the issuer,
such as the company's (i) business risk and competitive position
compared with others within the industry; (ii) capital structure
and financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Nobina AB 's core industry
and believes Nobina AB 's ratings are comparable to those of
other issuers with similar credit risk.


NORCELL SWEDEN: Moody's Assigns B1 Rating to SEK3.5-Bil. Sr Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1/ LGD3
rating to the SEK 3.5 billion of senior secured notes (due 2018)
issued by Norcell Sweden Holding 3 AB (publ).

Norcell Sweden Holding 3 AB (publ) ('Issuer') is a wholly owned
subsidiary of Norcell Sweden Holding 2 AB (publ) ('Norcell' or
'the group') which is the holding company of Nordic Cable
Acquisition Company Sub-Holding AB ('Com Hem' or 'the company')
and carries a B2 corporate family rating (CFR) and probability-
of-default rating (PDR). The B1 rating for the senior secured
bonds is in line with the existing B1 ratings assigned to the
senior secured bank debt at Norcell Sweden Holding 3 AB.

Ratings Rationale

The senior secured notes are pari-passu with the senior secured
bank debt and certain hedging obligations and are secured against
the same collateral and carry the same guarantees as for the bank
debt. The B1 rating of the senior secured bank debt and the
senior secured notes is one notch higher than the group's CFR,
given this debt is cushioned by the presence of senior unsecured
debt in the capital structure.

The principal methodology used in rating Norcell Sweden Holding 2
AB 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.

Norcell is the holding company of Com Hem, which is the largest
cable operator in Sweden with revenues of SEK4.3 billion in 2010.


NORCELL SWEDEN: Moody's Assigns Caa1 Rating to EUR287-Mil. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a definitive Caa1 rating to
the EUR287 million of Senior Notes (due 2019) issued by Norcell
Sweden Holding 2 AB (publ).

Ratings Rationale

Norcell Sweden Holding 2 AB (publ) is a holding company of Nordic
Cable Acquisition Company Sub-Holding AB ('Com Hem' or 'the
company') and carries a B2 corporate family rating (CFR). The
Caa1 rating for the Senior Notes reflects its structural and
contractual subordination to the senior secured credit facilities
(rated B1) and the senior secured notes (rated B1) both issued by
Norcell Sweden Holding 3 AB (publ), which is the direct wholly
owned subsidiary of the Issuer.

The principal methodology used in rating Norcell Sweden Holding 2
AB 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.

Norcell is a holding company of Com Hem, which is the largest
cable operator in Sweden with revenues of SEK4.3 billion in 2010.


SAAB AUTOMOBILE: Youngman May Make Fresh Bid Next Week
------------------------------------------------------
Simon Johnson at Reuters reports that Chinese group Zhejiang
Youngman Lotus Automobile could make a fresh bid for failed
Swedish carmaker Saab next week.

According to Reuters, the Chinese group remains interested and is
prepared to make an offer, which one of the sources with
knowledge of the situation said would be worth several billion
Swedish crowns.

A second source with knowledge of the process confirmed that a
bid was likely next week, Reuters relates.

Neither would say how Youngman would get round GM's objections,
Reuters notes.  The lawyer representing Youngman has said that
the firm would seek to develop technology not controlled by GM,
according to Reuters.

Both sources said there were risks to a bid because receivers
were preparing to sell parts of Saab's business to engineering
firm Semcon, Reuters recounts.  The sources, as cited by Reuters,
said that would leave little for a buyer interested in continuing
to build cars.

"The big danger is that Saab and Semcon have agreed a deal with
the receiver over large parts of Saab Automobile that would make
it impossible for anyone to buy Saab as a whole," Reuters quotes
the second source as saying.

Last week, Saab's receivers put the Saab car museum up for sale
to bring in cash to keep the company ticking over until possible
bids for the carmaker could be placed, Reuters recounts.

Reuters relates the second source said receivers have yet to
provide information about exactly what assets are for sale.

"You don't know if the brand rights are for sale . . . if the
technology is for sale.  There is no information available,"
Reuters quotes the source as saying.

GM has said it would be difficult to support a sale of Saab that
hurts GM's position in China and other key markets, Reuters
discloses.

Without GM's technology licenses and production contract,
analysts have said, Saab would be unable to continue in its
present form, Reuters notes.

                           About Saab

Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft
Company), was founded in 1937 as an aircraft manufacturer and
revealed its first prototype passenger car 10 years later after
the formation of the Saab Car Division.  In 1990, Saab
Automobile AB was created as a separate company, jointly owned by
the Saab Scania Group and General Motors, and became a wholly-
owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V.
was renamed Swedish Automobile N.V. (Swan) on June 15, 2011.

Saab Automobile AB currently employs approximately 3,700 staff in
Sweden, where it operates production and technical development
facilities at its headquarters in Trollhattan, 70 km north of
Gothenburg.  Saab Cars North America is located in Royal Oak,
Michigan employing approximately 50 people responsible for sales,
marketing and administration duties for the North American
market.

On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab
Automobile AB (Saab Automobile), Saab Automobile Tools AB and
Saab Powertrain AB filed for bankruptcy with the District Court
in Vanersborg, Sweden.  After having received the recent position
of GM on the contemplated transaction with Saab Automobile,
Youngman informed Saab Automobile that the funding to continue
and complete the reorganization of Saab Automobile could not be
concluded.  The Board of Saab Automobile subsequently decided
that the company without further funding will be insolvent and
that filing bankruptcy is in the best interests of its creditors.
Swan does not expect to realize any value from its shares in Saab
Automobile and will write off its interest in Saab Automobile
completely.


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


PETROPLUS HOLDINGS: S&P Lowers Issuer Credit Ratings to 'CC'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term issuer
credit ratings on Switzerland-based refiner Petroplus Holding AG
to 'CC' from 'CCC+'. "At the same time we lowered our long-term
issue ratings on senior unsecured notes totaling US$1.6 billion
and a US$150 million convertible bond issued by finance
subsidiary Petroplus Finance Ltd. (Bermuda) to 'C' from 'CCC'.
The recovery ratings of '5' on all rated instruments remain
unchanged," S&P said.

The ratings remain on CreditWatch, where they were placed with
negative implications on Dec. 29, 2011.

"The rating actions reflect our increased concerns about
Petroplus' liquidity position and our view that the likelihood of
a near-term payment default has increased following an
announcement by the company that access to all of its credit
lines under a secured credit facility has been suspended. We
understand that Petroplus has met with its lenders but that no
long-term solution has yet been reached. Instead, a temporary
agreement has been agreed under the secured facility which will
allow operations at two of the company's refineries to continue,
but only at reduced run rates. We believe this is a temporary
solution to allow Petroplus to seek agreement with any other
parties that may provide the company with supplies of crude to
the two refineries or alternative liquidity. As the two key
refineries still in action are currently running at much reduced
capacity (45%-55% of nameplate capacity) and three other
refineries are being temporarily shut down, we now believe a
payment default could occur in the near term. This is because we
take the view that the company's limited ongoing operations will
not cover its high fixed costs and interest payments due in
March, April and May 2012," S&P said.

"Petroplus posted adjusted clean EBITDA of only US$30 million
(adjusted for inventory impact, non-recurring emission rights,
and inventory write downs) in the third quarter of 2011. We
understand the results for the quarter were negatively impacted
by unfavorable crude differentials and very weak margins. In the
first nine months of 2011, we estimate that debt to EBITDA was
above 8x and funds from operations to debt was very low.
Petroplus' own market indicator after variable operating costs
points to a further weakening of operating results in the fourth
quarter of 2011. The indicator decreased from $1.53 per barrel in
the third quarter to only US$1.3 in the fourth," S&P related.

"As a result of the temporary shutdown of three refineries and
reduced run rates at the remaining two, we assess Petroplus'
business risk profile as 'vulnerable'. The company's financial
profile remains 'highly leveraged' and its liquidity 'weak'. This
reflects the company's exposure to the highly competitive
northwest European refining environment, the current deep
cyclical downturn, the company's below-average profitability, and
its currently very weak credit metrics," S&P said.

"We plan to resolve or update the CreditWatch placement when we
have further information on the availability of existing or new
bank lines or other sources of liquidity. In any event, we aim to
affirm the ratings or take a further rating action within 90
days," S&P said.

"If Petroplus is unable to source alternative sufficient funding
in a timely fashion and is unable to fund its operations, we see
a risk that the company could seek court protection from its
creditors. We would likely see this as a default under our
criteria. If, on the other hand, Petroplus can agree terms
with its lenders or otherwise address the immediate funding gap,
we could affirm the ratings or adjust them to reflect the revised
liquidity and funding outlook," S&P said.


===========
T U R K E Y
===========


CALIK HOLDING: Fitch Puts 'B-' IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Calik Holding A.S.'s Long-term foreign
and local currency 'B-' Issuer Default Ratings (IDR) and 'BB-
(tur)' National Long-term rating on Rating Watch Negative (RWN).
The agency has also placed Globus Capital Finance S.A.'s US$200
million 8.5% 2012 senior unsecured notes, which are guaranteed by
Calik, 'B-' rating with a Recovery Rating of 'RR4' on RWN.

Fitch has additionally placed Calik's subsidiary, GAP Guneydogu
Tekstil A.S.'s (GAP), 'BB-(tur)' National Long-term rating on
RWN.  Fitch applies its Parent and Subsidiary Linkage Rating
Methodology to this rating and highlights the strong linkage
between Calik and GAP, which justifies the equalization of both
entities' National Long-term rating.  Simultaneously, these
ratings have been withdrawn.  The agency will no longer provide
ratings or analytical coverage for GAP.  The company's ratings
are no longer considered by Fitch to be relevant to the agency's
coverage.

The RWN reflects the upcoming re-financing risk of the US$200
million Eurobond coming due (of which US$50 million was already
bought back by the company in 2010).  Fitch assumes that Calik
will need to get additional bank lines or external funding to
meet the maturity, which, to Fitch's knowledge, have yet to be
put in place.

The Sabah-ATV media asset is still thinly capitalized,
considering the competitive market it is in, and its current and
projected working capital needs.  Calik took on US$750 million
bank debt in April 2008 to finance this acquisition.  The sector
was severely negatively impacted in 2009 and the division
generated negative operating profit.  Operating margins and
advertising revenues improved in 2010, mainly on the broadcasting
front, bringing Turkuvaz Media's operating margin of to 9.7%.

The US$750 million acquisition loans at the Media division level
are starting to amortize by US$100 million per year from 2011.
Fitch believes the ability of the media business to service its
debt obligations on its own remains challenging in the
intermediate term and the media division could require cash
injection from the rest of the Calik group if it is not sold.

Excluding all media business-related debt, which is non-recourse
to Calik, and financial debt related to subsidiaries in the
regulated financial sector, Calik's net leverage ratio is still
high with net debt/EBITDA of 6x at FYE10.


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


UZBEKINVEST AS: Moody's Affirms 'B1' IFSR; Outlook Stable
---------------------------------------------------------
Moody's has affirmed its global scale insurer financial strength
rating on Uzbekinvest a.s. at B1. The outlook is stable.

Uzbekinvest is a State-owned insurer in Uzbekistan with the
mission of `Assisting in stimulation of foreign investments
attraction into the economy of Uzbekistan and growth of export
potential through reliable insurance protection against
political, natural and combined risks'. However, provision of
this insurance is only a small part of the business, with direct
insurance within the domestic market comprising the vast majority
of premium.

Uzbekinvest was established in April 1994, and reorganized into
the national import-export insurer in February 1997. Uzbekinvest
also provides political risk insurance through a fully owned
subsidiary in the UK. The company is 100% owned by the Republic
of Uzbekistan through a 83.3% direct shareholding and 16.7%
through the National Bank for Foreign Economic Activity of the
Republic of Uzbekistan (B2/NP/Stable BFSR:E+).

Ratings Rationale

The affirmation of Uzbekinvest's B1 financial strength rating
reflects the company's dominant position in Export-Credit
insurance and continued strong position in domestic insurance
provision. Its ownership by the State provides competitive
advantage and the State guarantee of export-credit risks are
viewed positively, as is Uzbekinvest's relationship with Chartis
both locally and in the UK based joint-venture Chartis
Uzbekinvest Ltd. which provides underwriting and other technical
support. Furthermore, Moody's notes that although capitalization
and asset quality have deteriorated in the last three years,
following withdrawal of capital from its UK-based company, they
remain supportive of the rating at its current level. In
particular, Uzbekinvest's capitalization continues to be
extremely strong in relation to insurance risk.

Moody's added that upward rating pressure may evolve over time
from (i) continued improvements in underwriting and risk
management systems and controls or (ii) through improvements in
the Uzbekistan economic environment.

On the other hand, the rating may experience downward pressure
from (i) a change in the relationship with Chartis, in particular
in respect of reductions in the provision of local underwriting
and other technical support in Uzbekistan, (ii) significant
deterioration in the Uzbekistan economic environment and, (iii)
significant changes to the investment policy, particularly if
there are significant shifts to lower-rated bonds or increased
local equity/property market investments, or a significant
decrease of level of high quality assets held in the UK
subsidiary.

As of December 31, 2010, Uzbekinvest had total assets of
UZB200.4 billion (US$122.2 million) and gross written premium of
UZB25.6 billion (US$15.6 million). Net Income (before minorities)
reported for 2010 was UZB5.3 billion (US$ 3.2 million).

The principal methodology used in this rating was Moody's Global
Rating Methodology for Property and Casualty Insurers published
in May 2010.


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


BRITISH AIRWAYS: Moody's Issues Summary Credit Opinion
------------------------------------------------------
This release represents Moody's Investors Service's summary
credit opinion on British Airways Plc and includes certain
regulatory disclosures regarding its ratings. This release does
not constitute any change in Moody's ratings or rating rationale
for British Airways Plc.

Moody's current ratings on British Airways Plc and its affiliates
are:

  Long Term Corporate Family (foreign currency) ratings of B1

  Probability of Default ratings of B1

  Senior Unsecured (domestic currency) ratings of B2; LGD5 - 74

  BACKED Long Term IRB/PC (foreign currency) ratings of B2

British Airways Finance (Jersey) L.P.

  BACKED Preferred Stock (foreign currency) ratings of B3; LGD6-
  94

Ratings Rationale

BA's B1 CFR (positive outlook) generally reflects its strong base
at Heathrow, its international network and its oneworld alliance
membership. It further takes into consideration the company's
recent resurgence in profitability in the year to June 2011, in
spite of higher fuel prices, following two years of operating
losses in FY2009-10.

The positive outlook reflects Moody's view that metrics are
currently strong for the B1 rating, while factoring in the
potential for a degree of volatility over the medium term.
Moody's ratings assume the continuation of a strong liquidity
profile, with no substantial weakening in the financial profile
of IAG which could require support from BA. Should BA manage to
sustain its adjusted gross leverage metric below 6 times in
coming quarters, this could result in further upward pressure on
the rating. Although not expected at this time, should earnings
deteriorate with gross leverage trending above 6 times, this
would likely result in negative pressure on the rating or
outlook.

The principal methodology used in these ratings was the Global
Passenger Airlines Industry Methodology published in March 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 Please see the Credit Policy page on
http://www.moodys.com/for a copy of these methodologies.

British Airways, based in Harmondsworth, United Kingdom, is
Europe's third largest airline carrier, and flying to over 150
destinations world-wide. For the twelve months to June 2011, the
company reported revenues of c.GBP9.5 billion. Following a merger
with Iberia in January 2011, BA now reports as part of
International Consolidated Airlines Group S.A. ('IAG', not
rated), which was incorporated as a Spanish company with its
shares trading on both the London and Spanish Stock Exchanges.


HEIDELBERGER: To Cut 2K Jobs to Meet Profits Target
---------------------------------------------------
Richard Weiss at Bloomberg News reports that Heidelberger
Druckmaschinen AG plans to cut as many as 2,000 jobs globally to
help it meet earnings targets.

The manufacturer said it aims to save EUR180 million
(US$229 million) by reducing capacity over the next two years,
according to Bloomberg.  Heidelberger is targeting operating
profit before one-time items of EUR150 million in the fiscal year
ending March 2014, the report says.

According to Bloomberg, Heidelberger is suffering as the volume
of printed material is shrinking and banks curtail financing of
machinery among small and mid-sized customers.  The report
relates that the slump led competitor Manroland AG to enter
insolvency and bids are being received for different divisions.
Heidelberger said the financial struggle of a competitor is
making customers more cautious, Bloomberg relays.

"As expected, the economic uncertainties have made the industry
more reluctant to invest and resulted in weaker demand," the
company said.  "The interim insolvency of a competitor is
exacerbating this situation."

Bloomberg notes that the company said sales in the quarter ended
Dec. 31 were little changed from the previous period at about
EUR630 million, with the order intake falling 4.2%.  The
operating loss narrowed to EUR19 million, from EUR26 million a
year earlier, the report discloses.

Around 1,200 jobs in Germany will go, with the remainder being
cut abroad, reports Bloomberg.  The move will reduce production
capacity by around 15%.  The company had 15,666 employees as of
Dec. 31.

                  About Heidelberger Druckmaschinen

Based in Heidelberg, Germany, Heidelberger Druckmaschinen AG
manufactures sheet fed offset printing presses.  The company
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.

                            *     *     *

As reported in the Troubled Company Reporter-Europe on Nov. 14,
2011, Moody's Investors Service 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
positive.


LIFE & STYLE: Ex-Directors May Face Suit Over "Misspent Monies"
---------------------------------------------------------------
David Bartlett at Liverpool Echo reports that the former
directors of homewares and fashion chain Life & Style could face
court action over possible "misspent monies".

The Echo relates that the administrators of Life & Style revealed
in their latest report that money may have been "incorrectly
used" prior to the company's collapse last year.

The firm was run by Elaine McPherson, business partner Suresh
Ruia, and six other directors, the Echo says.

By law, the administrators are required to submit a report to the
Insolvency Service into the conduct of company directors in the
three years before the firm's collapse, says the Echo.

"I am not at liberty to discuss the content of this report with
any other party than the Insolvency Service," wrote administrator
Simon Bonney of RSM Tennon in a letter to creditors, according to
the Echo.

"In proceeding with our investigations into the trading of the
company prior to our appointment, certain matters have arisen
which suggest the joint administrators may be able to take action
against various parties for the repayment of monies which were
incorrectly used.

"These investigations are ongoing and, if necessary, we will
commence court action in order to secure payment of company
funds."

The other directors of the company were James Rylatt, Kevin
Rylatt, Michael Basso, Martin Barlow, Emma Browne, and Linda
John, the report discloses.

According to the Echo, Mr. Bonney also revealed that the new
owners of the company are yet to pay any of the GBP1.5m price
agreed when Life and Style was sold in August.

As reported in the Troubled Company Reporter-Europe on June 13,
2011, PropertyWeek.com said that Life & Style has collapsed into
administration due to poor trading.  RSM Tenon directors
Simon Bonney, Peter Hughes-Holland, and Tom MacLennan have been
appointed as administrators, according to propertyWeek.com

RSM Tenon wants to sell the business as a going concern but have
already been forced to close 22 outlets and make 274 staff
redundant, according to housewareslive.net.

Life & Style is a fashion and homewares retailer company.


PEACOCKS: In Administration, 10,000 Jobs at Risk
------------------------------------------------
Island FM reports that Peacocks has fallen into administration
putting almost ten thousand jobs are at risk but as the Alliance-
based branch is a franchise, it is unclear what the future holds
for local staff.

KPMG is acting as administrator to the company, which owns 611
stores and 49 concessions across the UK, according to Island FM.
The report relates that there is no immediate threat as all
stores will stay open as the business looks for a buyer.

MarketWatch reports that The Sunday Telegraph published that
Peacocks debt talks stalled with banks.

The Sunday Telegraph said that the firm's future hangs in the
balance amid a series of complex talks between equity and debt
holders, according to MarketWatch.

MarketWatch relays that unnamed sources told the newspaper said
that the key issue is whether banks, led by Goldman Sachs Group
Inc. GS, Barclays PLC and Royal Bank of Scotland Group PLC
RBS.LN, are willing to take a reduction on the debt they are
owed.

The source said the retailer had approximately GBP647 million of
borrowings reported at the end of April 2010, MarketWatch notes.

The Sunday Times reported, without citing sources, that Goldman
Sachs had been expected to become its biggest shareholder via a
debt-for-equity swap, MarketWatch discloses.  However, it is now
thought that Barclays and Royal Bank of Scotland may become the
majority owners, MarketWatch relates.

MarketWatch discloses that Bon Marche, the retailer with 200
shops, which is part of Peacock Group, is likely to be sold as
early as this week, The Sunday Telegraph and The Sunday Times
said, without citing sources.

Sun European Partners, a turnaround specialist, is in pole
position to buy Bon Marche, The Sunday Times said, MarketWatch
adds.

Peacocks has over 70 franchise stores overseas, including in
Russia and Romania.  It also owns the Bonmarche discount chain.
Goldman Sachs and a group of six hedge funds bought the chain for
about GBP400 million, according to the FT.


PLYMOUTH ARGYLE: New Owner Reveals Team's Worst Financial State
---------------------------------------------------------------
Yahoo! Eurosport reports that Plymouth Argyle Football Club owner
James Brent has admitted the financial state of the club when he
took over was the worst he has come across in his long business
career.

With debts in excess of GBP20 million and liquidation looming
ever larger on the horizon, the report relates, Mr. Brent
conceded the Pilgrims were within days of going bust.  And the
London-based businessman, who acquired Argyle in October,
credited the fans for keeping the Devon outfit's head above water
long enough to ensure his purchase could go through, according to
Yahoo! Eurosport.

"I had never seen any business as close to liquidation. The club
was beyond the edge of the cliff and hanging there for some
unknown reason. It should have been liquidated, by every sort of
metric I've seen. It was beyond saving," Yahoo! Eurosport quotes
Mr. Brent as saying.

Mr. Brent, as cited by Yahoo! Eurosport, added: "Largely because
of the passion of the fans, it was pulled back and it was saved.
It had a combination of huge debts compared to its assets base
and it had a very substantial cash trade losses going on.

"Going from Championship through League One to League Two
incurred a lot of wages, a lot of three-year contracts.

"The cash trade losses were huge, the debts were huge and you've
got this football creditor arrangement which means you can't
clear out the debts like you would do in a conventional company."

As reported in the Troubled Company Reporter-Europe on Nov. 1,
2011, Sky Sports News said Plymouth Argyle's administrators have
approved a deal that will see James Brent's Akkeron Group take
over the beleaguered club.  Under the deal, Plymouth City Council
will buy Home Park stadium for GBP1.6 million from Mr. Brent, who
will use the money to help fund the club, according to Sky Sports
News.

                       About Plymouth Argyle

Plymouth Argyle Football Club, commonly known as Argyle, or by
their nickname, The Pilgrims, is an English professional football
club based in Central Park, Plymouth.  It plays in Football
League One, the third division of the English football league
system.

The TCR-Europe reported on March 8, 2011, that the High Court
placed Plymouth Argyle Football Club into administration.
Brendan Guilfoyle, Christopher White and John Russell of The P&A
Partnership have been appointed as administrators.  The TCR-
Europe, citing The Guardian, reported on March 3, 2011, that
Plymouth Argyle directors have been warned that the club needs an
injection of around GBP3 million if it is not to be placed into
administration.  The P&A Partnership has been trying to sell the
debt-crippled Pilgrims since they were plunged into
administration, according to Plymouth Herald.


SABLE INT'L: Moody's Assigns (P)Ba2 Rating to US$350-Mil. Notes
---------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba2 rating to the
US$350 million Senior Secured Notes due 2020 being issued by
Sable International Finance Limited ('Sable' or the 'Issuer'; an
indirect subsidiary of Cable and Wireless Communications Plc,
"CWC").

At the same time, Moody's has affirmed CWC's Ba2 corporate family
(CFR) and probability-of-default (PDR) ratings, and the B1 rating
of GBP200 million unsecured notes (due 2019) at Cable & Wireless
International Finance BV (an indirect subsidiary of CWC). The
ratings outlook remains negative.

CWC expects to use the net proceeds of the proposed issuance to
repay its senior unsecured GBP200 million notes due August 2012
at Cable & Wireless Limited (a direct subsidiary of CWC), and a
portion of amounts drawn under the bank revolving credit
facilities (US$600 million due 2016) at Sable.

Ratings Rationale

This transaction will result in the replacement of junior debt
with debt that is more senior within CWC's capital structure.
Consequently leading to the weak positioning of the Ba2 rating
for the existing US$350 million senior secured notes (due 2017)
and the (P)Ba2 rating for the proposed notes at Sable. The
ratings for the senior secured notes at Sable remain sensitive to
small changes within CWC's capital structure. For instance, if
CWC incurs additional debt at its operating subsidiaries in the
near term (incremental or for re-financing portions of
outstanding debt at Sable), such that the debt outstanding at the
subsidiaries approaches US$400 million on a sustained basis,
downward rating pressure could develop on the ratings for the
secured notes at Sable. This will solely be a result of the
increased proportion of senior ranking debt within CWC's capital
structure.

CWC has no debt maturities before 2016. The senior most ranking
debt of the company comprises the debt at its operating
subsidiaries (US$331 million of debt outstanding as of September
30, 2011). This is followed by the Senior Secured Notes and the
bank facilities at Sable. The junior ranking debt primarily
comprises of the unsecured notes at Cable & Wireless
International Finance BV (due 2019).

The proposed US$350 million Notes benefit from the same security
and guarantees as the existing senior secured Notes at Sable.
They will be secured by a first-ranking lien over all of the
shares of the Issuer and the 'pledgor' guarantors - Sable Holding
Limited, CWI Group Limited and Cable and Wireless (West Indies)
Limited. They are guaranteed by Cable & Wireless Communications,
Cable & Wireless Limited in addition to the 'pledgor' guarantors.
The Notes at Sable stipulate a debt incurrence covenant of
Consolidated Non-Guarantor Leverage Ratio at CWC of less than
0.75 to 1 and the Consolidated Senior Secured/Non-Guarantor
Leverage Ratio at CWC of less than 3.00 to 1. Any debt incurrence
at CWC is also subject to the financial covenants stipulated in
the bank facilities at Sable. Moody's Notes that CWC's financial
policy remains focused at maintaining the group's reported Net
Debt/ EBITDA between 1.0x to 2.0x on a consolidated basis and
between 1.5x to 2.5x on a proportionate basis.

While the Senior Secured Notes are pari-passu with the bank debt
at Sable, subject to certain exceptions, the holders of the Notes
at Sable will have limited ability to instruct the security
trustee to enforce the security. The intercreditor agreement
contains a standstill on the ability of the trustee or holders of
the Senior Secured Notes to take enforcement action in respect of
the indenture, the Notes or the security documents.

CWC's Ba2 CFR remains supported by (i) its improved business risk
profile post completion of the demerger of Cable & Wireless
Worldwide plc in 2010; (ii) company's market leading positions in
20 of the 27 markets in which it offers mobile services, 25 of
the 27 markets in which it offers fixed line services and 26 of
the 29 markets in which it offers broadband; (iii) its product
and geographic diversification; and (iv) good liquidity profile
with track record of steady cash upstream from the operating
entities.

The rating remains constrained by (i) the company's aggressive
dividend policy that currently results in negative free cash
flow; (ii) the operational challenges in its core Caribbean unit;
(iii) the competitive nature of company's markets; (iv) the
uncertainty related to the execution of company's future
investment/ divestment strategy; and (v) the presence of emerging
market risk in some countries of operations.

The negative outlook reflects the continued challenging operating
environment for CWC particularly in the Caribbean as well as the
fairly aggressive dividend policy of the company which is likely
to translate into materially negative free cash flow in
FY2011/12.

What Could Change the Rating - Down

Downward pressure on the ratings could develop if (i) performance
in Panama, Macau and / or Monaco & Islands deteriorates and
operating results in the Caribbean division remain weak; (ii) the
company remains meaningfully free cash flow (as calculated by
Moody's post capex and dividends) negative in FY2012/13 and
beyond; and/ or (iii) if the company's consolidated Gross Debt to
EBITDA ratio (as adjusted by Moody's) approaches 3.0x or its
proportionate Gross Debt to EBITDA ratio (as adjusted by Moody's)
trends towards 4.0x on a sustained basis.

The ratings for the senior secured notes at Sable remain
sensitive to small changes within CWC's capital structure.
Downward rating pressure could also develop on the ratings for
the secured notes at Sable with the incurrence of indebtedness at
the operating subsidiaries level, such that the total outstanding
debt at the subsidiaries approaches US$400 million on a sustained
basis.

What Could Change the Rating - Up

The ratings could be upgraded (i) once the company returns to
positive free cash flow at a group level including dividend
payments on a sustained basis and (ii) company's consolidated
Gross Debt to EBITDA ratio (as adjusted by Moody's) trends below
2.0x or its proportionate Gross Debt/ EBITDA ratio is around or
below 3.0x. The company's size and level of regulatory/political
risk constrain the rating.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the Notes. A definitive rating may
differ from a provisional rating.

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

Headquartered in London, CWC is an operator of full-service
telecommunications businesses providing mobile, broadband and
domestic and international fixed line services, as well as
offering enterprise solutions and managed services in Caribbean,
Panama, Macau and Monaco & Islands


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


* EUROPE: IMF to Raise Up to US$500 Billion in Additional Lending
-----------------------------------------------------------------
Sandrine Rastello at Bloomberg News reports that the
International Monetary Fund said it aims to raise as much as
US$500 billion to be made available for lending, including about
US$200 billion already pledged by European nations.

"Based on staff's estimate of global potential financing needs of
about US$1 trillion in the coming years, the Fund would aim to
raise up to US$500 billion in additional lending resources,"
Bloomberg quotes the IMF as saying in an e-mailed statement.


* S&P Withdraws 'D' Ratings on Four EU Synthetic CDO Tranches
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
19 European synthetic collateralized debt obligation (CDO)
tranches.

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

    The issuer has fully repurchased and cancelled the notes,
    The notes have been redeemed earlier,
    The notes have paid down in full, and
    The principal amount of the notes is reduced to zero.

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

"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on four tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," S&P related.

             Standard & Poor's 17g-7 Disclosure Report

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.

If applicable, the Standard & Poor's 17g-7 Disclosure Reports
included in this credit rating report, are available at:

         http://standardandpoorsdisclosure-17g7.com


* BOOK REVIEW: The Outlaw Bank
------------------------------
Authors: Jonathan Beaty and S. C. Gwynne
Publisher: Beard Books, Washington, D.C. 2004 (reprint of book
published by Random House in 1993). 399 pages.
List Price: $34.95 trade paper, ISBN 1-58798-146-7.

Toward the end of their labyrinthine study of an international
financial scam running over 20 years, the authors are prophetic:
"Since none of the rules [allowing for the BCCI scam] have
changed, there is nothing to prevent other BCCIs from springing
up in the artfully created regulatory gaps.  And no one in
authority wants the rules to change."  The BCCI scam which was
disclosed in the early 1990s prefigured the scams in the field of
finance and investing that have come to light in 2008 and are
continuing to be reported and investigated.  The $20 million
involved in the BCCI scandal made it the biggest financial
scandal in history up to the 1990s.  The investigative reporters
Beaty and Gwynne see that BCCI and the worldwide network of
individuals at all levels of private business and government
became exposed because of their excesses.  If they had been less
greedy and a little more discreet, the BCCI operation could
likely have continued indefinitely.  But this is how such
scandals usually come to an end--the greed becomes
uncontrollable, those involved become reckless.  Beaty and Gwynne
track how BCCI originated, how it grew phenomenally, and how it
came apart at the seams.

BCCI stands for Bank of Credit and Commerce.  The Pakistani Agha
Hasan Abedi founded the bank in 1972.  Promoting it as the Third
World's first multinational bank, he was soon getting involvement
from sponsors and investors throughout the Middle East and in the
United States.  Bert Lance, Jimmy Carter's short-lived budget
director, and Clark Clifford, at the time legendary Washington
D.C. "fixer", were early sponsors profiting from BCCI's growth
and connections.

The book grew from the authors reporting on the unfolding BCCI
scandal for Time magazine.  This account has more dimensions than
even a long-running investigative journalism report given much
space in a news periodical could hope to deal with.  With
unparalleled maneuverability to expose the story from their
association with the major news magazine Time and consummate
investigative journalism skills, Beaty and Gwynne accomplish the
best account possible of the mind-boggling scandal.  But as their
prophecy near the end implies, there is no neat conclusion nor
sense of finality to the story.  Some of the perpetrators and
some of the enablers such as Clifford have faced prosecution and
have plea bargained or been found guilty.  But rather than been
brought to accountability, nearly all those involved have been
instead dispersed to become involved in other enterprises whose
bases and aims are bound to be suspect.  Several of the key
players who provided much of the inside information to the dogged
authors are given pseudonyms so as not to put them at risk for
reprisals by any of the dozens of persons involved in BCCI who
are going about their lives as if nothing had happened.

The book is not a reworking or even simple expansion of the
authors' investigative journalism for Time magazine.  Even those
familiar with the BCCI story will find the book engaging.  With
the colorful characters continually popping up, the high
financial states, international scope, and touches of danger, it
reads like a gripping espionage novel.

Both authors were leaders in investigative reporting in their
careers at Time magazine.  Now retired, Jonathan Beaty is writing
a book on the CIA and Middle East arms dealing. S. C. "Sam"
Gwynne was an international banker at one time, and is now
executive editor of Texas Monthly Magazine.


                            *********

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

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

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

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


                            *********


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

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

Copyright 2012.  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 Peter Chapman at 240/629-3300.


                 * * * End of Transmission * * *