TCREUR_Public/120222.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

         Wednesday, February 22, 2012, Vol. 13, No. 38

                            Headlines



A U S T R I A

WIENERBERGER AG: Moody's Reviews 'Ba1' CFR for Downgrade


G E R M A N Y

SCHAEFFLER AG: Moody's Rates EUR1-Bil. Term Loan Facility at 'B1'


G R E E C E

* GREECE: Gets Second Bailout After Concessions with Investors


H U N G A R Y

* HUNGARY: Construction Firms Forced Liquidation Up 38% in Jan.


I R E L A N D

ACA EURO 2007-1: S&P Raises Rating on Class E Notes to 'CCC+
EUROCREDIT VI: S&P Affirms Rating on Class E Notes at 'B+ (sf)'
FASTNET SECURITIES: Moody's Cuts Rating on A3 Certificate to 'B1'
JURYS INN: RBS May Opt for Debt-for-Equity Swap


K A Z A K H S T A N

EURASIAN NATURAL: S&P Lowers Corporate Credit Rating to 'BB-'


L A T V I A

BALTIJAS AVIACIJAS: Court to Review Finansu's Insolvency Claim


N E T H E R L A N D S

HARBOURMASTER CLO: S&P Raises Rating on Class B Notes to 'B-'
NEPTUNO CLO: S&P Raises Ratings on Two Note Classes to 'B (sf)'
NXP BV: S&P Rates US$475-Mil. Senior Secured Term Loan at 'B+'
OPERA FINANCE: S&P Cuts Ratings on Four Note Classes to 'D (sf)'
SKELLIG ROCK: S&P Raises Rating on Class D Notes to 'BB(sf)'


N O R W A Y

EKSPORTFINANS ASA: S&P Lowers Counterparty Credit Rating to 'BB+'


P O R T U G A L

RADIO E TELEVISAO: Moody's Withdraws 'B1' Corp. Family Rating


R O M A N I A

MIC.RO: Bucharest Court Approves Insolvency


S P A I N

* SPAIN: Moody's Cuts ABS Transactions Relying on ETD Receivables


S W E D E N

SAAB AUTOMOBILE: Seeks to Restart Car Production
VERISURE HOLDING: S&P Affirms 'B' Corporate Credit Rating


S W I T Z E R L A N D

CARBOFER GENERAL: Faces Creditors' Wind Up Bid


U N I T E D   K I N G D O M

AMODEO HAULAGE: Faces Liquidation Following Losses
CPP: Potential Misselling Penalties May Prompt Collapse
ROSS & BONNYMAN: Government Promises Support to Workers
TRAVELODGE LTD: Lenders Expected to Meet on Debt Restructuring
TWICKENHAM FILM: Goes Into Administration


X X X X X X X X

* Moody's Cuts Structured Finance Ratings on Three Countries


                            *********


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


WIENERBERGER AG: Moody's Reviews 'Ba1' CFR for Downgrade
--------------------------------------------------------
Moody's Investors Services has placed all ratings of Wienerberger
AG under review for possible downgrade following the group's
announcement of the debt financed acquisition of a 50% stake in
Pipelife for a total consideration of EUR232 million (EUR162
million cash consideration and EUR70 million net debt
consolidation at Pipelife) valuing Pipelife at around 6.0x 2011
EBITDA.

On Review for Possible Downgrade:

   Issuer: Wienerberger AG

   -- Probability of Default Rating, Placed on Review for
      Possible Downgrade, currently Ba1

   -- Corporate Family Rating, Placed on Review for Possible
      Downgrade, currently Ba1

   -- Junior Subordinated Regular Bond/Debenture, Placed on
      Review for Possible Downgrade, currently Ba3, LGD6, 97 %

   -- Senior Unsecured Medium-Term Note Program, Placed on Review
      for Possible Downgrade, currently (P)Ba1

   -- Senior Unsecured Regular Bond/Debenture, Placed on Review
      for Possible Downgrade, currently Ba1, LGD4, 60 %

Outlook Actions:

   Issuer: Wienerberger AG

   -- Outlook, Changed To Rating Under Review From Negative

Ratings Rationale

Wienerberger is currently weakly positioned in its Ba1 rating
category with RCF/Net debt of 14.5% on an LTM September 2011
basis versus expectations of RCF/Net debt in the high teens for
the current rating category. Wienerberger's performance has
improved during the first nine months of 2011 but not
sufficiently to restore credit metrics in line with Moody's
expectations. In addition, Moody's estimates that free cash flow
generation of Wienerberger has been break even at best for the
full year 2011 which is contrary to Moody's expectations for
maintaining the Ba1 rating. The business prospects for 2012 are
challenging and uncertain and Moody's sees increasing risk that
Wienerberger will not be able to improve metrics to restore
sufficient headroom under the Ba1 rating category.

The acquisition of Pipelife makes strategic sense for
Wienerberger as this will diversify the group's exposure away
from the highly cyclical new residential construction market. The
acquisition will be margin dilutive at the EBITDA level but
should be accretive on a ROCE basis given the lower capital
intensity of the plastic pipes business. In addition the
acquisition will be debt financed and will lead to a EUR232
million increase in gross debt post closing of the transaction
expected in Q2 2012 whilst cash flows and modest expected
dividends from Pipelife will only very gradually contribute to
the group's deleveraging. However the credit profile of
Wienerberger should not change materially on a pro-forma basis
with only a modest increase in adjusted leverage from the
acquisition.

The review process will mainly focus on (i) the assessment of the
credit profile of Wienerberger on a standalone basis based on
2011 full year results, (ii) the company's financial policy going
forward, (iii) the business prospects for Wienerberger and
Pipelife going into 2012, and (vii) the assessment of the credit
profile of the combined group.

Moody's expects to finalize the review process over the next few
weeks.

Wienerberger has a strong liquidity profile. The group had
EUR506 million of cash on balance sheet at September 30, 2011 and
EUR250 million availability under the group's revolving credit
facilities. Wienerberger has issued EUR200 million of bonds in Q1
2012, the proceeds of which have been received beginning of
February. This should be sufficient to fund the acquisition price
of EUR172 million (EUR70 million of net indebtedness will not
have to be refinanced), to cover EUR452 million of maturities
over the next twelve months and to cover other cash needs over
the next twelve months (mainly capex, working capital, dividends
and working cash).

A rating downgrade would occur if the company was unable to
generate positive free cash flows on a rolling twelve months
basis which would lead to a reduction in indebtedness, which in
turn would make it challenging for Wienerberger to achieve a
RCF/net debt ratio moving towards the 20s.

Given the review process a rating upgrade is currently unlikely
and would require positive free cash flows to be applied to debt
reduction, which would then lead to a strong recovery of the
company's leverage ratios.

Headquartered in Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's largest producer of clay
roof tiles. The group produces bricks, clay roof tiles, pavers
and clay and plastic pipes in 245 plants and operates in 27
countries worldwide and five export markets. The company's main
markets are North America (8% of 2010 sales), Germany (15%),
Benelux (23%) France (8%) and Eastern Europe (25%). Wienerberger
generated revenues of EUR 1.7 billion in fiscal year 2010.

The principal methodology used in rating Wienerberger AG was the
Global Building Materials 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.


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


SCHAEFFLER AG: Moody's Rates EUR1-Bil. Term Loan Facility at 'B1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1/loss-
given-default (LGD) 3 rating to Schaeffler's EUR1.0 billion
senior secured term loan facility C2 and a definitive B1/LGD3
rating to the group's total of EUR2.0 billion senior secured
notes following the successful bond placement and signing of a
new syndicated credit facility. The B2 corporate family rating
(CFR) and B2 probability of default rating (PDR) are not
affected. The outlook on all ratings is stable.

Ratings Rationale

The B2 corporate family rating is supported by Schaeffler's solid
business profile evidenced by (i) leading market positions in the
bearings and automotive component and systems market with number
one to three positions across the wide ranging product portfolio
in a relatively consolidated industry; (ii) its leading
mechanical engineering technology platform supporting a
competitive cost structure and the development of innovative
products; (iii) a well diversified customer base, especially in
the industrial division but also to the extent possible in the
consolidated automotive industry and a sizable aftermarket
business accounting for around 24% of revenues in 2010.

The rating also benefits from (iv) Schaeffler's proven business
model with a good track record of operating performance and
margin levels well above the automotive supplier industry
average; (v) an experienced management team as well as (vi) a
good innovative power evidenced by a high number of patents,
founded on a notable amount of R&D expenses of above 5% of
revenues per year.

The rating is constrained by (i) the combined high indebtedness
and leverage of the operating level ("Schaeffler Group" or
"Schaeffler AG") and the holding level, the latter of which also
includes the junior debt incurred by parent companies of
Schaeffler AG; (ii) the organizational and legal complexity and
evolving structure of Schaeffler in its current state as well as
(iii) Moody's expectation that debt levels will not be materially
reduced over the short to medium term as (iv) free cash flow
generation as adjusted by Moody's is anticipated to remain
negative for 2011 and 2012 mainly driven by high interest
expense, again increasing capital expenditure and dividend
payments to the holding level -- and despite very strong
operating performance.

Proceeds from the bond issue will be used to partially repay
Schaeffler's bank loans.

Debt outstanding under the company's bank loan is secured by
pledges over Continental shares held by Schaeffler AG, material
group companies, cash pool accounts and receivables. The B1
rating for the issued bonds is at the same level as the bank
debt, as these bonds rank pari passu with the debt under the new
senior facilities.

The stable outlook incorporates Moody's expectation that
Schaeffler will (i) be able to slightly exceed the 2010 operating
performance in 2011 and demonstrates further improvements
thereafter; (ii) be able to limit its cash burn in 2011 to less
than EUR350 million, to below EUR100 million in 2012 and start to
generate positive free cash flows thereafter and (iii) apply
these to debt reduction.

The ratings could be upgraded over the next 12-18 months should
Schaeffler be able to (i) further reduce its absolute debt levels
by applying free cash flows to debt reduction that would also
contribute to (ii) a sustainable reduction of its high leverage
(Debt/EBITDA) anticipated to be around 5.0x in FY 2011 and in a
more challenging environment next year to no more than 4.5x.
These performance achievements should go along with unchanged or
improved market positions and technological leadership positions.

The ratings could come under pressure in case of (i) a
significant weakening in Schaeffler's operating performance and
cash flow generation evidenced by EBIT margins below 10% and free
cash flow generation to stay negative beyond 2012; (ii) inability
to sustain its anticipated leverage of around 5.0x over the
coming years as well as (iii) weakening of its liquidity profile
including the possible failure to perform within the currently
comfortable headroom under its financial covenants.

Moody's considers Schaeffler Group's short term liquidity over
the next 12 months to be good. Based on Moody's calculation the
company has access to cash sources of more than EUR2.2 billion
comprising a cash balance of around EUR500 million (thereof a
minor portion of restricted cash), expected FFO, and two
revolving credit facilities of more than EUR1.0 billion currently
mostly undrawn. Cash uses consisting of working capital
requirements, capex, working cash for day to day needs as well as
cash needs upstreamed to the holding level for payment of taxes,
interest payment and operating/advisory costs should be fully
covered by the sources mentioned above. Given the expected
limited free cash flow generation in the next couple of years,
the ability to refinance existing debt when it comes due will be
a key challenge for Schaeffler Group. The bank loans provide for
certain financial covenants on leverage, interest coverage and
cash flow coverage as well as restrictions on Capital
expenditures and dividend payments that according to Moody's
understanding currently provide sufficient headroom.

Structural Considerations

When assessing the structure of Schaeffler's liabilities Moody's
includes the junior debt located at the level of Schaeffler
Verwaltungs GmbH and Schaeffler Holding GmbH & Co. KG. This debt
is secured by pledges over Continental shares held by Schaeffler
Verwaltungs GmbH and by the two independent banks as well as
shares in Schaeffler AG. This assessment is consistent with
Moody's approach when assessing the corporate family rating of
Schaeffler AG given the absence of a complete ring-fencing
between Schaeffler AG and its subsidiaries from the holding
level.

Moody's views the junior debt as legally and structurally
subordinated to the senior debt at Schaeffler AG level as well as
to trade claims, pension obligations and lease rejection claims
at operating entities. Based on Moody's recovery analysis the
debt outstanding under the New Senior Facilities Agreement and
the recently issued senior secured notes by Schaeffler Finance
B.V. and guaranteed on a senior basis by Schaeffler AG and
certain subsidiaries of Schaeffler AG are rated one notch above
the corporate family rating as a result of a recovery rate
calculated at 65%, higher than the group average assumed to be
50% in Moody's LGD model. Consequently, the Senior term loan
facility C2 has been assigned a B1 rating with a LGD3 at 35% and
the envisaged bonds has been assigned a B1 rating with a LGD3 at
35%.

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

Headquartered in Herzogenaurach, Germany, Schaeffler is a leading
manufacturer of rolling bearings and linear products worldwide as
well as a renowned supplier to the automotive industry. The
company develops and manufactures precision products for
everything that moves -- in machines, equipment and vehicles as
well as in aviation and aerospace applications. The group
operates under three main brands -- INA, FAG and LuK. In FY2010,
Schaeffler generated revenues of approx. EUR9.5 billion.


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


* GREECE: Gets Second Bailout After Concessions with Investors
--------------------------------------------------------------
James G. Neuger and Jonathan Stearns at Bloomberg News report
that debt-stricken Greece won a second bailout after European
governments wrung concessions from private investors and tapped
into European Central Bank profits to shield the euro area from a
precedent-setting default.

According to Bloomberg, finance ministers awarded EUR130 billion
(US$173 billion) in aid, engineered a central-bank profits
transfer and coaxed investors into providing more debt relief in
an exchange meant to tide Greece past a March bond repayment.

The assistance brings to at least EUR386 billion the sums spent
or committed to save Greece, Ireland and Portugal from
bankruptcy, and to insulate Europe from a ruinous financial
cascade that might endanger the 13-year-old monetary union,
Bloomberg says.

European officials also held out the prospect of boosting the
backstop for future fiscal emergencies to EUR750 billion from a
planned limit of EUR500 billion when a permanent aid fund is
paired with the temporary fund starting in July, Bloomberg
discloses.

Frustrated with Greece's inability to meet two years of targets
for cutting the deficit and selling off state assets, donor
countries also insisted on more control over how Greece spends
the money, Bloomberg notes.

According to Bloomberg, a special account will be set up that
gives priority to keeping Greece solvent before releasing money
for the country's budget.


=============
H U N G A R Y
=============


* HUNGARY: Construction Firms Forced Liquidation Up 38% in Jan.
---------------------------------------------------------------
Realdeal.hu reports that Opten, which compiles information on
companies, told MTI that creditors and suppliers launched
liquidation procedures against 384 construction industry
companies in January, 38% more than in the same month a year
earlier.

The number of construction companies that went under voluntary
liquidation rose 42% to 302, the report discloses.

Opten said there were 817 new construction companies established
in Hungary in January, up 44% from the monthly average in 2011,
Realdeal.hu reports.


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I R E L A N D
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ACA EURO 2007-1: S&P Raises Rating on Class E Notes to 'CCC+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
ACA Euro CLO 2007-1 PLC's class A-1T, A-1R, A-2, B, C, D, and E
notes.

"The rating actions follow our assessment of the transaction's
performance and take into account recent developments in the
transaction," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report dated Jan. 16, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our counterparty
criteria, and our cash flow criteria," S&P said.

"From our analysis, we have observed that the credit quality of
the portfolio has improved since we last reviewed the
transaction. We have also observed a decrease in the proportion
of defaulted assets (those rated 'CC', 'SD' [selective default],
and 'D') and in the proportion of assets that we consider to be
rated in the 'CCC' category ('CCC+', 'CCC', and 'CCC-') to 4.63%
from 7.38%," S&P said.

"Credit enhancement for all classes of notes and the weighted-
average spread earned on the collateral pool have increased,
which in our view supports higher ratings on the class A-1T, A-
1R, A-2, B, C, D, and E notes. We have also observed from the
trustee report that the par value test results for all classes
have improved," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated tranche. In
our analysis, we have used the reported portfolio balance,
weighted-average spread, and weighted-average recovery rates that
we consider to be appropriate. We have incorporated various cash
flow stress scenarios, using alternative default patterns,
levels, and timings for each liability rating category (i.e.,
'AAA', 'AA', and 'BBB' ratings), in conjunction with different
interest rate stress scenarios," S&P said.

"Taking into account our credit and cash flow analyses and our
counterparty criteria, we consider the credit enhancement
available to the class A-1T, A-1R, A-2, B, C, D, and E notes to
be commensurate with higher rating levels. We have therefore
raised our ratings on these classes of notes," S&P said.

"Although our cash flow analyses indicate a higher rating level
for the class E notes, we have raised our rating on the class E
notes to 'CCC+', as our analysis show the rating is constrained
at that level by our largest obligor default test," 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

ACA Euro CLO 2007-1 PLC
EUR400 Million Floating-Rate Notes

Ratings Raised

A-1T        AA+ (sf)       AA (sf)
A-1R        AA+ (sf)       AA (sf)
A-2         AA+ (sf)       A+ (sf)
B           A+ (sf)        BBB+ (sf)
C           BBB (sf)       BB+ (sf)
D           BB- (sf)       CCC+ (sf)
E           CCC+ (sf)      CCC- (sf)


EUROCREDIT VI: S&P Affirms Rating on Class E Notes at 'B+ (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Eurocredit CDO VI PLC's class C notes, and class V and W
combination notes. "At the same time, we have affirmed our
ratings on the class A-R, A-T, B, D, and E notes," S&P said.

Ratings Details
                                Notional
                        Current    as of             OC as of
      Rating   Rating  notional Apr.2010     Current Apr.2010
Class to       from       (mil.    (mil. DEF  OC (%)      (%)
                           EUR)     EUR)
A-R   AA-(sf)  AA-(sf)   104.69    97.82   N   31.91    32.23
A-T   AA-(sf)  AA-(sf)   205.99   206.36   N   31.91    32.23
B     A(sf)    A(sf)      33.50    33.50   N   24.57    24.76
C     BBB+(sf) BBB-(sf)   30.00    30.00   Y   18.01    18.08
D     BB+(sf)  BB+(sf)    24.00    24.00   Y   12.75    12.73
E     B+(sf)   B+(sf)     20.00    20.00   Y    8.37     8.28
Sub   NR       NR         57.50    57.50  NA    0.00     0.00

NR -- Not rated.
DEF -- Deferrable interest.
NA -- Not applicable.
OC -- Overcollateralization = (performing assets balance + cash
      balance + recovery on defaulted assets - tranche balance
      [including tranche balance of all senior tranches]) /
      (performing assets balance + cash balance + recovery on
      defaulted obligations). GBP amounts were converted to EUR
      at the applicable spot rate.

"In our opinion, the overcollateralization available to each of
the rated notes has remained largely unchanged since our review
in April 2010," S&P said.

However, S&P believes that the transaction has benefited from:

-- Positive rating migration of the performing portfolio;

-- Shorter time to maturity; and

-- An increase in the performing portfolio weighted average
    spread to 3.44%, from 3.03% in April 2010.

Combination Notes
                         Current         Rated
                           rated       balance   Stated
       Rating   Rating   balance   as of April   coupon
Class  to       from       (mil.    2010 (mil.      (%)   DEF
                            EUR)          EUR)
V      BB+(sf)  BB-(sf)     8.08          8.68     1.50     Y
W      BB-(sf)  B+(sf)      7.38          8.34     1.00     Y

DEF--Deferrable interest.

The combination notes initially comprised of:

-- Class V: EUR4.0 million in principal of class C notes, and
    EUR6.0 million in principal of class E notes; and

-- Class W: EUR1.0 million in principal of class D notes, and
    EUR9.0 million in principal of class E notes.

"Since our review in April 2010, we note that the rated balance
of class V and W combination notes decreased by EUR0.60 million
and EUR0.95 million," S&P said.

Each of the components of the combination notes is paying current
interest.

"We subjected the rated notes to various cash flow scenarios
incorporating different default patterns, as well as exchange
rate and interest rate curves, to determine each tranche's break-
even default rate at each rating level," S&P said.

Key Model Assumptions
Collateral balance (mil. EUR)   456.80
Weighted-average spread (%)       3.44
AAA WARR (%)                        39
AA WARR (%)                         44
A WARR (%)                          48
BBB WARR (%)                        52
BB WARR (%)                         62
B/CCC WARR (%)                      65
Performing portfolio WAR             B
Modeled WAL (years)               4.49

Collateral balance = performing assets balance + cash balance +
recovery on defaulted assets.
GBP amounts were converted to EUR at the current spot rate.
Bps--Basis points.
WARR--Weighted-average recovery rate.
WAR--Weighted-average rating.
WAL--Weighted-average life.

"Merrill Lynch & Co., Inc. (A-/Negative/A-2) guarantees the
obligations of Merrill Lynch International Bank Ltd. (not rated)
as options provider. We have reviewed the options provider's
downgrade provisions, and in our opinion, they do not comply with
our 2010 counterparty criteria. Therefore, for the class A-R and
A-T notes, we conducted our cash flow analysis assuming
simultaneous non-performance of Merrill Lynch International
Bank and its guarantor," S&P said.

"In view of the developments, and as a result of our credit and
cash flow analysis, we consider that the credit enhancement
available to the class C notes, and the class V and W combination
notes, is now commensurate with higher ratings. We have therefore
raised our ratings on these classes," S&P said.

"Our credit and cash flow analysis showed that the credit
enhancement available to each of the class A-R, A-T, B, and D
notes is still commensurate with the current ratings. Therefore,
we have affirmed our ratings on the class A-R, A-T, B, and D
notes," S&P said.

"The class E rating was constrained by the application of the
largest obligor default test, a supplemental stress test we
introduced as part of our criteria update. None of the ratings
was affected by the largest industry default test, another of our
supplemental stress tests," S&P said.

"Following our application of the largest obligor default test,
we have affirmed the rating on class E notes," S&P said.

Eurocredit CDO VI is a cash flow collateralized loan obligation
(CLO) transaction that closed in December 2006. The portfolio of
loans to primarily speculative-grade corporate firms is managed
by Intermediate Capital Managers Ltd.

            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        Rating
            To            From

Eurocredit CDO VI PLC
EUR520 Million Senior and Secured Deferrable Floating-Rate Notes

Ratings Raised

C           BBB+ (sf)     BBB- (sf)
V Combo     BB+ (sf)      BB- (sf)
W Combo     BB- (sf)      B+ (sf)

Ratings Affirmed

A-R         AA- (sf)
A-T         AA- (sf)
B           A (sf)
D           BB+ (sf)
E           B+ (sf)


FASTNET SECURITIES: Moody's Cuts Rating on A3 Certificate to 'B1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Irish
RMBS notes issued by Fastnet Securities 4 Ltd:

   -- EUR2080M A1 Certificate, Downgraded to Ba1 (sf); previously
      on Dec 7, 2011 Baa2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR2080M A2 Certificate, Downgraded to Ba3 (sf); previously
      on Dec 7, 2011 Baa2 (sf) Placed Under Review for Possible
      Downgrade

   -- EUR2080M A3 Certificate, Downgraded to B1 (sf); previously
      on Dec 7, 2011 Baa2 (sf) Placed Under Review for Possible
      Downgrade

Ratings Rationale

The rating action takes into account (i) the continued rapid
deterioration in performance of the transaction; and (ii) Moody's
negative outlook for Irish RMBS.

Key collateral assumptions revised

Fastnet 4 is performing worse than Moody's expectations as of the
latest review in July 2011. As of February 2012, loans more than
90 days in arrears have increased to 10.7% of current balance
compared to 6.7% as of June 2011. Cumulative losses realized
since closing remain negligible at less than 0.01% of original
pool balance. Moody's notes that loss realization is slow for
Irish RMBS given lengthy enforcement procedures in Ireland and
moratorium imposed. For this reason, Moody's considers loans with
delinquencies exceeding 360 days as a proxy for defaults. As of
February 2012, the 360+ delinquencies in the transaction have
increased to 4.15% of the outstanding pool balance, more than
double the level of 1.97% observed in June 2011.

Moody's expects that the increasing unemployment and lower income
arising from the austerity measures will continue to hurt
borrower's ability to fulfill their financial obligations. In
addition the loss severity will also be high as a result of the
oversupply of housing, lack of refinancing and further decline in
house prices, expected to be equal to approximately 60% from peak
to trough in the base case. Approximately % of the portfolio is
currently in negative equity. As a result Moody has increased the
portfolio expected loss assumption to 4.4% of original pool
balance, corresponding to 6% of current balance, and increased
the MILAN Aaa CE assumption to 27.5%.

Class A1 , A2 and A3 notes are paying sequentially switching to
pro-rata payment only in case of enforcement. The ratings of
these notes take into account their relative position in the
waterfall as well as the probability of a missed interest payment
triggering a switch to a pro-rata repayment.

Factors and Sensitivity Analysis

Expected loss assumptions remain subject to uncertainties with
regard to general economic activity, interest rates and house
prices. Lower than assumed realised recovery rates or higher than
assumed default rates, would negatively affect the ratings in
these transactions. A further deterioration in the credit quality
of the key transaction party Irish Life & Permanent plc ("IL&P",
Ba2 on review for possible downgrade/NP) could also lead to
rating downgrades in the transaction.

The new Irish personal insolvency legislation proposed in January
could also have a negative impact on the rating of the notes as
it might lead to a write-down of the mortgage debt supporting the
notes (see Moody's special report Proposed Irish Legislation
Opens Door To Widespread Debt Forgiveness published in February
2012).

As the euro area crisis continues the rating of the notes remain
exposed to the uncertainties of credit conditions in the general
economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of the notes.
For more information please refer to the Rating Implementation
Guidance published on 13 February 2012 "How Sovereign Credit
Quality May Affect Other Ratings" and the special comment
published on 19 of January 2012 "Why Global Bank Ratings Are
Likely to Decline in 2012".

The principal methodology used in this rating was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in October 2009. Please see the Credit Policy page on
www.moodys.com a copy of this methodology.

In reviewing this transaction, Moody's used ABSROM to model the
cash flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.


JURYS INN: RBS May Opt for Debt-for-Equity Swap
-----------------------------------------------
According to The Scotsman, Royal Bank of Scotland is weighing up
a debt-for-equity swap with cash-strapped Jurys Inn that City
sources believe could see lenders write down as much as
GBP250 million of borrowings.

Together with other lenders to the chain, Allied Irish Banks
(AIB) and the Irish Banking Resolution Corporation (IBRC), the
Scottish bank is understood to be considering three plans to
restructure Jurys's GBP650 million of debt, the Scotsman notes.

This could involve the existing owners, the Oman Investment Fund,
the investment arm of the Sultan of Oman, and Dublin-based
private equity firm Avestus Capital, injecting new money into the
business; one or all of the three main bank lenders swapping debt
for equity with or without an accompanying cash injection from
management; or, much less likely, a sale, the Scotsman says.

RBS currently has no equity in Jurys Inn, which has 32 three-star
hotels in Ireland, Britain and the Czech Republic, the Scotsman
states.

Jurys Inn is an Irish hotelier.


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


EURASIAN NATURAL: S&P Lowers Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Kazakhstan-based mining group Eurasian
Natural Resources Corp. PLC (ENRC) to 'BB-' from 'BB'. "We
affirmed the 'B' short-term rating on ENRC. The outlook is
negative," S&P said.

"The downgrade reflects our expectation that ENRC's debt will
increase substantially because of its planned US$1.25 billion
acquisition of assets in Congo, and its very ambitious capital
expenditure program for 2012 and 2013. It also reflects our
assessment of company's financial policy as 'very aggressive' and
its liquidity as 'less than adequate.' Consequently, we have
changed our assessment of ENRC's financial risk profile to
'aggressive' from 'significant,'" S&P said.

"According to our revised base-case scenario, ENRC's adjusted
debt should increase substantially in 2012 to about US$5.5
billion as the result of a planned acquisition of copper assets
in Congo for a total US$1.25 billion -- US$750 million on closing
and US$500 million in three years -- and a massive capital
expenditure program of about US$3 billion for 2012. We are also
factoring in the acquisition of Kazakh coal producer Shubarkol
(not rated) for about US$0.7 billion, which has yet to be agreed
upon but, in our view, is likely. We also include about $0.5
billion of payments related to previous acquisitions, and
dividends of about US$0.3 billion," S&P said.

"Our base-case scenario also factors in weaker profits and cash
flow from operations in 2012, based on lower prices for ENRC's
key commodities in the current uncertain macro environment," S&P
said. S&P's price assumptions are:

-- US$1.1/pound (lb) for ferrochrome in 2012 and 2013;

-- US$100/ton realized price for iron ore concentrate;

-- US$0.95/lb for aluminium in 2012 and 2013; and

-- US$3.25/lb for copper in 2012, falling to US$3.00/lb in 2013.

"The negative outlook reflects the possibility that we could
lower the rating in the next year or so, if ENRC's debt exceeded
US$5.5 billion in 2013 and if FFO to debt declined to closer to
20%. We think this could happen if further substantial negative
free operating cash flow was not offset by significantly better
market conditions than our base-case expectations, or by
management actions like disposals or capital increases. Further
weakening of liquidity and new corporate governance issues could
also trigger a negative action," S&P said.

"We might change the outlook to stable, if we believed that
ENRC's adjusted debt had stabilized at US$5.5 billion or below,
and FFO to debt was consistently about 30%. An improvement of
liquidity to 'adequate' would also be required for us to revise
the outlook to stable," S&P said.


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


BALTIJAS AVIACIJAS: Court to Review Finansu's Insolvency Claim
--------------------------------------------------------------
The Baltic Course reports that the Riga District Court has
accepted for review an insolvency claim from Finansu
restrukturizacijas risinajumi Ltd. against the former minority
shareholder of Latvian national airline airBaltic - Baltijas
aviacijas sistemas (BAS).

Citing Firmas.lv, Baltic Course relates that Finansu
restrukturizacijas risinajumi was established in 2007, but since
December 2008, it is fully owned by Armands Strods, who is also
sole board member.  It was previously owned by a Janis Jasans,
and after that by Inpo 7 Ltd., connected to ex-PM Andris Skele,
the report notes citing LETA.

Baltijas Aviacijas Sistemas is the private shareholder of the
Latvian national airline airBaltic.


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


HARBOURMASTER CLO: S&P Raises Rating on Class B Notes to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Harbourmaster CLO 11 B.V.'s class A3, A4, and B notes. "At the
same time, we have affirmed our ratings on the class X, A1, and
A2 notes," S&P said.

"The rating actions follow our performance review of the
transaction and the application of our 2010 counterparty
criteria," S&P said.

"Since our last review in March 2010, we have observed a
relatively positive rating migration of the underlying portfolio.
According to our data, defaulted and 'CCC' rated assets have
decreased to 2.4% from 4%, and to 7.3% from 8.5%," S&P said.

"At the same time, the credit enhancement available to each class
of notes has slightly improved following an increase in the
aggregate collateral balance to EUR491 million from EUR484
million. None of the classes has amortized (apart from class X,
in accordance with its schedule), as the transaction is still in
its reinvestment period. The class A4 par value test has been in
breach since November 2011, due to the recent increase in 'CCC'
rated assets in the underlying portfolio. The other tests are in
compliance," S&P said.

"Positive factors in our analysis include the reduction of the
weighted-average life and the increase of the weighted-average
spread to 3.31% from 2.64%, following the continuous reinvestment
of redemption proceeds into assets that pay greater margins," S&P
said.

"We have subjected the transaction's capital structure to a cash
flow analysis to determine the break-even default rate for each
rated class. We used the portfolio balance that we consider to be
performing, the reported weighted-average spread, and the
weighted-average recovery rates that we consider to be
appropriate. We 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 rate stress scenarios," S&P said.

"Non-euro assets denominated in U.S. dollars and British pounds
sterling account for about 14% of the underlying portfolio, and
the resulting foreign currency risk is hedged via perfect asset
swaps with Bank of America N.A. (A/Negative/A-1) and Credit
Suisse International (A+/Negative/A-1) as swap counterparties. We
have also stressed the transaction's sensitivity to and reliance
on the swap counterparties, especially for senior classes of
notes rated higher than the swap counterparties, by applying
foreign exchange stresses to the notional amount of non-euro
assets. Our analysis showed that the class X and A1 notes could
withstand a 'AAA' stress under these conditions and class A2
notes could withstand a 'AA+' stress," S&P said.

"Therefore, and in accordance with our analysis, we have raised
our ratings on the class A3, A4 and B notes to levels that
appropriately reflect the current levels of credit enhancement,
the portfolio credit quality, and the transaction's performance,"
S&P said.

"We have also observed that the credit support available to the
class X, A1 and A2 is commensurate with their current ratings,
and we have therefore affirmed our ratings on these notes," S&P
said.

Harbourmaster CLO 11 is a cash flow collateralized loan
obligation (CLO) transaction backed primarily by leveraged loans
to speculative-grade corporate firms. Geographically, the
portfolio is concentrated in Germany, France, the Netherlands,
and the U.K., which together account for about 60% of the
portfolio. Harbourmaster CLO 11 closed in May 2008 and is managed
by Harbourmaster Capital Ltd.

            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

Harbourmaster CLO 11 B.V.
EUR485.2 Million Floating-Rate Notes

Ratings Raised

A3         A+ (sf)           A- (sf)
A4         BB+ (sf)          B+ (sf)
B          B- (sf)         CCC- (sf)

Ratings Affirmed

X          AAA (sf)
A1         AAA (sf)
A2         AA+ (sf)


NEPTUNO CLO: S&P Raises Ratings on Two Note Classes to 'B (sf)'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Neptuno CLO I B.V.'s class B-1, B-2, C, E-1, E-2 notes, and Y
combination notes. "At the same time, we have lowered our ratings
on the class A-T and A-R notes. Additionally, we have affirmed
our ratings on the class D notes and Z combination notes," S&P
said.

"Neptuno I is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in May 2007 and its
reinvestment period ends in November 2014. The transaction is
managed by Bankia S.A.," S&P said.

"The rating actions follow our credit and cash flow analysis to
assess the transaction's performance, using data from the latest
available trustee report, dated December 2011. We have taken into
account recent developments in the transaction and reviewed it
under our counterparty criteria," S&P said.

"We note that the overcollateralization test results for all
classes of notes have improved significantly since our previous
review of this transaction. Since then, the weighted-average
spread earned on the collateral pool has also increased," S&P
said.

"Additionally, our analysis indicates that the weighted-average
maturity of the portfolio has decreased. We have also observed a
general improvement in the portfolio's credit quality. For
instance, assets rated in the 'CCC' category ('CCC+', 'CCC', and
'CCC-') have decreased to 11.27% of the portfolio balance from
12.81% at our previous review. We have also seen a decrease in
assets that we consider to be defaulted (i.e., debt obligations
of obligors rated 'CC', 'SD' [selective default], or 'D') to
1.18% from 3.16% of the portfolio's balance. In our view, these
factors have resulted in lower scenario default rates (SDRs) for
all rating categories," S&P said.

"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate for each rated class,
which we then compared with its SDR to determine the rating level
for each class of notes. In our analysis, we used the reported
portfolio balance that we considered 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-rate stress
scenarios," S&P said.

"At closing, Neptuno I entered into several derivative
obligations, to purchase non-euro-denominated assets and also to
mitigate the associated risk of currency movements. The purchase
of non-euro-denominated assets may be funded by advances from the
class A-R variable funding notes," S&P said.

"We consider that the documentation for these derivatives do not
fully reflect our counterparty criteria. At same time, we
consider that the replacement language relating to the class A-R
notes does not fully reflect our collateralized debt obligation
(CDO) criteria," S&P said.

"As such, we have conducted our cash flow analysis assuming that
the transaction does not benefit from support from the
derivatives. Based on our analysis, and taking into account the
replacement language in the transaction documents relating to the
class A-R notes, we have lowered our credit ratings on the class
A-T and A-R notes to 'A+ (sf)' from 'AA (sf)'--the equivalent of
our long-term issuer credit rating on the counterparty," S&P
said.

"In our view, our cash flow analysis and the reduction in our
SDRs indicate that the credit enhancement available to the class
B, C, and E notes is commensurate with higher rating levels than
we previously assigned. We have therefore raised to 'A+ (sf)'
from 'A- (sf)' and removed from CreditWatch positive our ratings
on the class B-1 and B-2 notes, raised to 'BBB+ (sf)' from 'BBB
(sf)' and removed from CreditWatch positive our rating on the
class C notes, and raised to 'B (sf)' from 'B- (sf)' our ratings
on the class E-1 and E-2 notes," S&P said.

"Although several positive indicators show an improvement in the
transaction's overall performance since our previous 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 and removed from
CreditWatch positive our 'BB+ (sf)' rating on the class D notes,"
S&P said.

"The improvements we have seen in the transaction's performance
since our previous review have benefited the class E notes to the
extent that we consider to be commensurate with higher ratings
than we previously assigned. We have therefore raised to 'B (sf)'
from 'B- (sf)' our ratings on the class E-1 and E-2 notes," S&P
said.

"The class Y combination notes comprise of Neptuno CLO I's class
C and subordinated notes. We have raised to 'BBB+ (sf)' from
'BBB- (sf)' our rating on the class Y notes to reflect the
effects that the transaction's performance has had on the class C
notes," S&P said.

"The class Z combination notes comprise Neptuno CLO I's
subordinated notes and also hold 'Obligation Assimilable du
Tresor' -- securities issued by the French treasury -- as
components. On Jan. 13, 2012, we lowered to 'AA+ (sf)' from 'AAA
(sf)' our rating on the class Z combination notes, following our
downgrade of the Republic of France. We have affirmed our 'AA+
(sf)' rating on these notes, to reflect our unchanged rating on
the Republic of France," 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
Neptuno CLO I B.V.
EUR512.081 Million Senior Secured Fixed- and Floating-Rate
Revolving, and Deferrable Notes

Ratings Lowered

A-T               A+ (sf)           AA (sf)
A-R               A+ (sf)           AA (sf)

Ratings Raised And Removed from CreditWatch Positive

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

Ratings Raised

E-1               B (sf)            B- (sf)
E-2               B (sf)            B- (sf)
Y Combo           BBB+ (sf)         BBB- (sf)

Rating Affirmed and Removed From CreditWatch Positive

D                 BB+ (sf)          BB+ (sf)/ Watch Pos

Rating Affirmed

Z Combo           AA+ (sf)


NXP BV: S&P Rates US$475-Mil. Senior Secured Term Loan at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue rating
to the proposed $475 million incremental senior secured term loan
(the Tranche B loan) due March 2019, issued by Dutch
semiconductor manufacturer NXP B.V. (B+/Stable/--) and its
subsidiary NXP Funding LLC (together, NXP). The issue rating on
the Tranche B loan is in line with the corporate credit rating on
NXP B.V. "We have also assigned a recovery rating of '4' to the
Tranche B loan, indicating our expectation of average (30%-50%)
recovery prospects in the event of a payment default," S&P said.

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

"At the same time, we affirmed our 'B+' issue rating on NXP's
senior secured debt facilities. The recovery rating on these
facilities remains unchanged at '4', indicating our expectation
of average (30%-50%) recovery prospects in the event of default,"
S&P said.

"We also affirmed the 'BB' issue rating on NXP's super senior
debt, which includes a EUR458 million forward-start facility. The
'1' recovery rating on this debt remains unchanged, reflecting
our expectation of very high (90%-100%) recovery for debtholders
in the event of a payment default," S&P said.

"We understand that NXP will use the proceeds of the Tranche B
loan, along with drawings on the group's revolving credit
facility, to fully refinance its euro- and U.S. dollar-
denominated unsecured notes," S&P said.

"Our issue rating on NXP's euro- and U.S. dollar-denominated
unsecured notes is unchanged at 'B'. The recovery rating on the
unsecured notes is '5', reflecting our expectation of modest
(10%-30%) recovery for debtholders in the event of a payment
default. We expect to withdraw these ratings when the unsecured
notes are repaid," S&P said.

                          Recovery Analysis

"We understand that the Tranche B loan due 2019 will benefit from
the same terms and conditions as the existing US$1 billion senior
secured loan (US$995 million outstanding as of Jan. 1, 2012) due
April 2017," S&P said.

"Recovery prospects for the Tranche B loan are supported by our
assumption that, in a default, the group would be reorganized
rather than liquidated. This reflects our view that NXP would
retain sufficient intellectual property and customer
relationships for a sustainable business model," S&P said.

"In order to determine recoveries, we simulate a default
scenario. Under our hypothetical scenario, we envisage, among
other things, declining revenues as a result of a significant
macroeconomic and industry slowdown, a significant drop in
operating margins, and meaningful capital expenditure and
research and development commitments," S&P said.

"We have revised our hypothetical year of default to 2016, from
2015 previously, as we assume that NXP will be unable to
refinance debt maturing that year. We have revised our
assumptions for the default scenario because we believe that the
proposed transaction (the Tranche B loan and associated
refinancing) largely mitigates refinancing risks in 2015. We
assume that the EUR458 million forward-start facility due 2015
would be refinanced and would remain outstanding at our simulated
point of default," S&P said.

"At our hypothetical point of default in 2016, EBITDA would
decline to about US$440 million," S&P said.

"We estimate the stressed enterprise value at the point of
hypothetical default to be approximately US$2.48 billion
(assuming proportionate consolidation of NXP's subsidiary Systems
on Silicon Manufacturing Co. Pte. Ltd. [SSMC]), based on a
combination of market-multiple and discounted cash flow
approaches. We value the core NXP business, other nonguarantors,
and NXP's 62% stake in SSMC separately when determining the
overall value of the group. We assign a stressed enterprise value
to SSMC at a higher multiple than we do to the remaining NXP
operations," S&P said.

"After taking these factors into account and deducting the costs
of enforcement and other priority liabilities of about US$275
million, we arrive at a net enterprise value of about US$2.21
billion. We assume that the group would have repaid the super
senior notes maturing in 2013, before our hypothetical default,
and therefore super senior debt would comprise only the EUR458
million forward-start facility, which we assume would be
refinanced in full in 2015," S&P said.

"With about US$3.05 billion outstanding at default for senior
secured debtholders, we see recovery within the 30%-50% range,
translating into a recovery rating of '4' on the various senior
secured debt instruments," S&P said.

Ratings List

New Rating

NXP B.V.
NXP Funding LLC
Senior Secured Debt                    B+
  Recovery Rating                       4

Ratings Affirmed

NXP B.V.
NXP Funding LLC
Super Senior Secured Debt              BB
  Recovery Rating                       1
Senior Secured Debt                    B+
  Recovery Rating                       4
Senior Unsecured Debt                  B
  Recovery Rating                       5


OPERA FINANCE: S&P Cuts Ratings on Four Note Classes to 'D (sf)'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' its credit
ratings on Opera Finance (Uni-Invest) B.V.'s class A, B, C, and D
notes.

"The rating actions follow the issuer's announcement that it has
not received the principal payment due on the senior loan and
accordingly did not have sufficient funds to repay the principal
balance on the Feb. 15, 2012 note maturity date," S&P said.

"In September 2011, we lowered our ratings on the class A, B, and
C notes to 'CCC- (sf)' and affirmed the 'CCC- (sf)' rating on the
class D notes to reflect our expectation that the issuer would
not meet its obligations under the notes at note maturity. As the
issuer did not make payment on the notes on the due date, we have
lowered our ratings on the class A, B, C, and D notes to 'D
(sf)'," S&P said.

Opera Finance (Uni-Invest) is a single-loan transaction secured
on 201 assets, which are office, retail, industrial, and
residential properties throughout the Netherlands.

            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            Rating
            To                From

Opera Finance (Uni-Invest) B.V.
EUR1,008.9 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

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


SKELLIG ROCK: S&P Raises Rating on Class D Notes to 'BB(sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all rated classes of notes in Skellig Rock B.V.

Specifically, S&P has:

   -- raised its ratings on the class C, D, and E notes; and

   -- affirmed its ratings on the class A-1, A-2a, A-2b, A-3, and
      B notes.

"The rating actions follow our assessment of the transaction's
performance--using data from the latest available trustee report
dated Dec. 30, 2011--and a cash flow analysis. We have taken into
account recent transaction developments and applied our 2010
counterparty criteria," S&P said.

"Our analysis indicates that the credit enhancement available for
all the rated classes of notes has increased since we took rating
action in the transaction on Feb. 24, 2010. In our opinion, this
is due to an increase in the portfolio's aggregate collateral
balance, as a result of higher recoveries than previously assumed
on assets that we considered to be defaulted (i.e., rated 'CC',
'SD' [selective default], or 'D'). From the December 2011 trustee
report, we have observed an improvement in the coverage tests,
which are all currently passing, and also an increase in the
weighted-average spread to 3.24% from 2.79%," S&P said.

"In addition, our analysis indicates that the portfolio's
weighted-average maturity has decreased since our February 2010
review. Together with a general improvement in the portfolio's
credit quality--such as a decrease in assets rated 'CCC+', 'CCC',
or 'CCC-' to 5.82% from 11.95% -- these factors have resulted in
a reduction of our scenario default rates (SDRs) for all rating
categories in our analysis of this transaction," S&P said.

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

"From our analysis, 13.24% of the performing assets are non-euro-
denominated, and are hedged under specific cross-currency swap
agreements. In our opinion, the documentation for these cross-
currency swaps does not fully reflect our 2010 counterparty
criteria. Hence, our cash flow analysis has considered scenarios
where the currency swap does not perform and where, as a result,
the transaction is exposed to changes in currency rates," S&P
said.

"Our credit and cash flow analyses, without giving credit to the
cross-currency swap counterparties, indicate that the credit
enhancement available to the class A1, A-2a, A-2b, A-3, and B
notes is at a level that is commensurate with our current ratings
on these notes. We have therefore affirmed our ratings on these
notes," S&P said.

"Based on our credit and cash flow analyses, we consider that the
credit enhancement available to the class C, D, and E notes is
now consistent with higher ratings than previously assigned. We
have therefore raised our ratings on all these classes of notes.
As our ratings on these notes are lower than those on the cross-
currency swap counterparties in the transaction, they are not
constrained by our ratings on the cross-currency swap
counterparties," S&P said.

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

Skellig Rock is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. It closed in November 2006 and
is managed by GSO Capital Partners International LLP.

            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

Skellig Rock B.V.
EUR425 Million Secured Fixed-Rate, Floating-Rate, and
Subordinated Notes

Class                  Rating
            To                      From

Ratings Raised

C           BBB+ (sf)               BBB- (sf)
D           BB+ (sf)                B+ (sf)

Ratings Affirmed

A1          AA+ (sf)
A2a         AAA (sf)
A2b         AA+ (sf)
A3          AA+ (sf)
B           A+ (sf)


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


EKSPORTFINANS ASA: S&P Lowers Counterparty Credit Rating to 'BB+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on Norway-based Eksportfinans ASA to
'BB+' from 'BBB+' and its short-term counterparty credit rating
to 'B' from 'A-2'. The outlook is negative. "At the same time we
removed the ratings from CreditWatch, where they were placed with
negative implications on Nov. 24, 2011. Eksportfinans' stand-
alone credit profile (SACP) is 'bb+'," S&P said.

"At the same time, we lowered our issue rating on Eksportfinans'
subordinated debt to 'BB' from 'BBB'," S&P said.

"We further lowered our rating on Eksportfinans' junior
subordinated debt to 'B+', three notches below the SACP and in
line with our revised criteria on junior subordinated debt and
hybrid instruments. The wider notching of the ratings on
Eksportfinans' junior subordinated debt is driven by the lowering
of the SACP to 'bb+', a point at which the minimum notching
increases to three notches from two," S&P said.

"Eksportfinans' business is being wound down following a decision
by the Norwegian government on Nov. 18, 2011 to terminate the
company's responsibility for government-subsidized export credits
(CIRR-loans). After discussions with the Norwegian authorities,
we are of the view that there is little current government
willingness to provide additional extraordinary government
support to Eksportfinans. As a result, we have changed our view
of the likelihood that the government would provide extraordinary
support to Eksportfinans to 'low' from 'moderate' in accordance
with our criteria for government-related entities (GREs). We now
view Eksportfinans as having a limited public policy role with a
limited link to the Norwegian government," S&P said.

"Our ratings on Eksportfinans reflect what we view as its 'weak'
business position, 'very strong' capital and earnings, 'weak'
risk position, 'below-average' funding, and 'adequate' liquidity,
as our criteria define those terms," S&P said.

In accordance with S&P's criteria for GREs, its rating approach
is based on its view of Eksportfinans':

* "Limited" link to the government. This is based on the
   Norwegian government's indication that it is not willing to
   commit any support to Eksportfinans beyond its 15% ownership
   stake.

* "Limited importance" to the government. This stems from
   Eksportfinans historic, but discontinued, role as provider of
   government-subsidized export financing.

"As of year-end 2010, 16% of Eksportfinans' total assets,
amounting to NOK215 billion (EUR27.5 billion at NOK7.81 to EUR1),
related to public policy export credits. We will no longer
analyze, or refer to, Eksportfinans as a GRE," S&P said.

"The negative outlook reflects our view that Eksportfinans will
remain reliant on its highly complex funding structure without
either the possibility of new business or the potential for
government support," S&P said.


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


RADIO E TELEVISAO: Moody's Withdraws 'B1' Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn Radio e Televisao de
Portugal S.A.'s (RTP)'s B1 corporate family rating (CFR) and
probability of default rating (PDR).

Ratings Rationale

Moody's has withdrawn the ratings for its own business reasons.

The rating of the EUR800 million bank credit facility was
previously withdrawn upon prepayment thereof.

Radio e Televisao de Portugal S.A. (RTP) is a corporation, duly
incorporated under domestic law, and therefore subject to
standard Portuguese commercial law. RTP is 100% owned by the
Portuguese state through the General Directorate of Treasury and
Finance, and has operated Portugal's public service broadcasting
channels under a concession from the government since 1996.


=============
R O M A N I A
=============


MIC.RO: Bucharest Court Approves Insolvency
-------------------------------------------
Romania Insider reports that the Bucharest court has approved the
insolvency of Mic.ro.

According to Romania Insider, RVA Insolvency Specialists was
named judiciary administrator for the company.

As reported by the Troubled Company Reporter-Europe on Feb. 16,
2012, Business Review related that Mic.ro filed for insolvency on
Feb. 14.  Mic.ro stores have been facing difficulties for several
months now due to outstanding debts to suppliers and banks,
Business Review disclosed.  Among the company's suppliers that
have asked for Mic.ro Retail's insolvency are Romaqua Borsec,
Dorna Lactate, Dr. Oetker, Vel Pitar, Ocean Fish and more
recently Tiriac Auto, the company owned by local businessman Ion
Tiriac, Business Review noted.

Mic.ro is a retailer owned by Romanian businessman Dinu Patriciu.


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


* SPAIN: Moody's Cuts ABS Transactions Relying on ETD Receivables
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ABS transactions
that rely on the performance of Spanish and Portuguese
electricity tariff deficit (ETD) receivables to the highest
achievable structured finance ratings for their respective
country:

- To Aa2(sf) from Aaa(sf) for Spanish transactions

- To Baa1(sf) from A2(sf) for Portuguese transactions

The downgrades reflect the lowering of the highest achievable
structured finance ratings for several European countries on
February 17, 2012.

Spanish transactions

Issuer: Alectra Finance p.l.c.

   -- EUR1197.05M A Notes, Downgraded to Aa2 (sf); previously on
      Apr 15, 2010 Assigned Aaa (sf)

Issuer: Bliksem Funding Limited

   -- EUR200M A Notes, Downgraded to Aa2 (sf); previously on
      July 22, 2008 Assigned Aaa (sf)

Issuer: Delta SPARK Limited 2008-1

   -- EUR1289.5M A Notes, Downgraded to Aa2 (sf); previously on
      Sep 30, 2008 Definitive Rating Assigned Aaa (sf)

Issuer: Rayo Finance Ireland (No.1) Limited

   -- EUR75M Series 1 Notes, Downgraded to Aa2 (sf); previously
      on Oct 20, 2008 Assigned Aaa (sf)

   -- EUR507.633303M Series 2 Notes, Downgraded to Aa2 (sf);
      previously on Oct 20, 2008 Assigned Aaa (sf)

   -- EUR269.30872M Series 3 Notes, Downgraded to Aa2 (sf);
      previously on Mar 26, 2009 Assigned Aaa (sf)

   -- EUR439.269808M Series 4 Notes, Downgraded to Aa2 (sf);
      previously on Jul 24, 2009 Assigned Aaa (sf)

Portuguese transactions

Issuer: (EnergyOn No. 2) Tagus - Sociedade de Titulariza‡ao de
Creditos, S.A.

   -- EUR440.65M A Notes, Downgraded to Baa1 (sf); previously on
      Nov 18, 2011 Downgraded to A2 (sf)

Issuer: Tagus - Sociedade de Titularizacao de Creditos, S.A.

   -- EUR1253.45M A1 Notes, Downgraded to Baa1 (sf); previously
      on Nov 18, 2011 Downgraded to A2 (sf)

Ratings Rationale

-- Lower maximum achievable structured finance ratings

The lowering of the highest achievable ratings was prompted by
the rating sovereign downgrades of the Government of Spain (to A3
from A1) and the Government of Portugal (to Ba3 from Ba2) on 13
February 2012 ("Moody's adjusts ratings of 9 European sovereigns
to capture downside risks").

The highest structured finance rating achievable is the rating
beyond which structural features or credit enhancement provided
by any domestic party cannot mitigate the impact of severe events
and the level of uncertainty surrounding such events. The changes
that have been announced reflect an increase in the probability
of severe economic stress or even default, which, although in
most cases extremely low, create a level of uncertainty that is
inconsistent with structured finance rating levels higher than
the new levels that have been set. The highest achievable
structured finance rating may be revised further downwards if the
likelihood of those events were to increase.

-- ETD transactions rated at the highest achievable structured
   finance rating

Moody's considers the rating of the notes to be linked to the
rating of the government in their respective country of issuance.
As the transactions are exposed to some of the economic and
fiscal challenges reflected in the ratings of the governments in
their jurisdiction, they are subject to the maximum achievable
rating that Moody's applies to other structured finance
transactions.

The risk of very severe fiscal or macroeconomic stress scenarios
emerging in which the government is led to increase significantly
the tax burden on consumers; or consumers' ability to service
electricity bills becomes severely impaired, creates the
potential for politically motivated changes to the terms of the
tariff deficit repayment mechanism underlying the transactions.
Moody's considers the risk of such scenarios to be linked to
sovereign ratings.

-- High quality receivables backing the notes

Moody's considers the nature of the assets that the notes rely on
in these transactions to be of high quality. The receivables that
secure payments on the notes are essentially claims on the
Spanish or Portuguese electricity system. These claims, and their
specific repayments mechanisms, were set by specific legislation.
The repayment mechanisms encompass the duties of the various
parties, which include the regulator, and provide for the
obligation to reflect the recovery of past ETDs in the annual
costs of the electric system. For most transactions, these annual
costs also include ETD amounts not paid in previous years for any
reason ("true up" mechanism).

As such, payments under the transactions primary rely on the
ability of the Spanish electricity sector to generate sufficient
revenues during the transaction horizon to repay the receivables
backing the notes in full. In this respect, Moody's notes that
the annuity payments related to the recovery of the receivables
backing the notes has a limited contribution to the total costs
of the electricity system in Portugal (about 3%) and Spain (about
5%), according to 2011 figures.

However, in Spain, the actual revenues of the electric system
have chronically been lower than its costs, which puts pressure
on the contribution of EDT annuities to end-users' electricity
bills (for more details, see "Moody's: Spanish electricity tariff
deficit-backed ABS exposed to sovereign-related credit risk", on
15 December 2011).

-- COUNTERPARTY EXPOSURES

The ETD-backed transactions are also exposed to counterparty
risks. In particular, payments on the notes depend on the
performance of swap counterparties or other external parties that
are responsible for paying some of the issuer expenses. As such,
the ratings of the transactions are also linked to the ratings of
these counterparties or the execution of delinking provisions
upon rating trigger breaches.

In addition, the Portuguese ETD-backed transactions are
specifically exposed to the role of the collection agent, EDP
Distribui‡ao - Energia, S.A., which is a subsidiary of Energias
de Portugal, S.A. (EDP, Ba1/Non-Prime), as potential provider of
liquidity to maintain timely payments in the event of collections
from the electricity system falling temporarily under the yearly
target set by the regulator. However, several structural
mechanisms limit the likelihood and potential incidence of such
exposure (for more details, see "Moody's downgrades EnergyOn 1
and 2, Portuguese electricity tariff deficit ABS", 18 November
2011).

-- Methodology Approach and Assumption Sensitivity

Moody's rating methodology for the tariff electricity
transactions considers the strength of the specific legislation
enacted to set forth the regulatory claims and the repayment
mechanisms, the creditworthiness and strategic role of key
counterparties. For further information on the rating approach,
please see the new issue report publicly available for these
transactions on Moody's website.

Key modeling assumptions, sensitivities, cash-flow analysis and
stress scenarios on the assets underlying the notes have not been
updated as the downgrade has been primarily driven by the
lowering of the maximum achievable structured finance ratings in
the relevant country. The most stressful scenario considered in
Moody's analysis envisions a change to the terms of the
receivables repayment mechanism, resulting from the economic and
fiscal challenges reflected in the rating of the sovereigns.
Therefore, a potential change in the sovereign ratings would
negatively affect the credit risk of the transactions.


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


SAAB AUTOMOBILE: Seeks to Restart Car Production
------------------------------------------------
Jurjen van de Pol at Bloomberg News reports that Hans Bergqvist
and Anne-Marie Pouteaux, Saab Automobile's administrators, said
the carmaker still aims for car production to resume.

According to Bloomberg, the administrators aim for a tentative
sale decision by the end of February.

As reported by the Troubled Company Reporter-Europe on Feb. 21,
2012, Bloomberg News related that Svenska Dagbladet, citing
Zhejiang Youngman Lotus Automobile Co. CEO Pang Qingnian,
disclosed that Youngman made a revised offer for Saab on Feb. 14.
Svenska Dagbladet said other sources put the bid amount at about
SEK2 billion, Bloomberg noted.

                            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.


VERISURE HOLDING: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Verisure Holding AB, an intermediate
holding company created for the purpose of acquiring Sweden-based
residential security services provider Securitas Direct AB. The
outlook is stable.

"At the same time, we affirmed our 'B' issue rating on the EUR600
million first-lien senior secured notes series A, issued by
Verisure Holding. The first-lien senior secured notes series A
comprise fixed-rate notes and floating-rate notes. The recovery
rating on these notes is '3', indicating our expectation of
meaningful (50%-70%) recovery in the event of a payment default,"
S&P said.

"In addition, we affirmed our 'CCC+' issue rating on the EUR271.5
million second-lien senior secured notes series B (reduced from
the initial proposed amount of EUR321.5 million), borrowed by
Verisure Holding. The recovery rating on these notes is '6',
indicating our expectation of negligible (0%-10%) recovery
prospects in the event of a payment default," S&P said.

"The affirmations follow the completion of Verisure Holding's
placement of senior secured notes and our review of the final
documentation for these notes," S&P said.

"The rating on Verisure Holding reflects our view of the
company's high leverage after its acquisition of 100% of
Securitas Direct for about Swedish krona (SEK) 21 billion in
September 2011. Verisure Holding is owned by the current
management team and private equity firms Bain Capital and Hellman
& Friedman, which bought the company from EQT Partners (not
rated)," S&P said.

"The rating on Verisure Holding also reflects Securitas Direct's
high exposure to the Spanish market, which is currently facing
economic challenges. In addition, Securitas Direct is exposed to
the risk of reputational damage in the event of poor service
standards. It is also exposed to the risk of customer losses over
the long term if it fails to incorporate the latest technological
advancements into its products," S&P said.

"These constraints are partially offset by the group's leading
position in the residential alarm monitoring market in its key
geographic markets of Spain, Sweden, and Norway (where it
generates the bulk of its revenues); its portfolio of good-
quality customers; resilient cash flow generation; and adequate
liquidity," S&P said.

"In our view, Securitas Direct is likely to continue to post
high-single-digit revenue growth as the penetration level for
residential security alarm services in Europe increases. The
rating anticipates a steady reduction in debt to EBITDA from its
current high point of almost 10x (including preferred equity
certificates and shareholder loans), to about 9x by the end of
2012," S&P said.

"In light of the group's currently high leverage and material PIK
debt in the capital structure, we see rating upside as limited.
Over the medium term, rating upside depends on the group's
ability to deleverage. We anticipate that the extent and pace of
deleveraging will depend largely on the aggressiveness of
management's growth plans," S&P said.

"A downgrade could result from a more aggressive customer
acquisition strategy than in our base case; a substantial
increase in cancellation rates; a longer payback period for new
customers; increased capital spending; weakened liquidity; or
slower deleveraging than we anticipate," S&P said.


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


CARBOFER GENERAL: Faces Creditors' Wind Up Bid
----------------------------------------------
Reuters reports that creditors are moving to recover hefty debts
from Swiss-registered and Russian-owned steel and coal trader
Carbofer General Trading, threatening a once-major spot market
player with liquidation, although the company itself says such
talk is premature.

Reuters says Carbofer grew rapidly from its start up 2004 to
generate revenues of $4 billion in 2008 during the coal boom that
year, becoming one of the most active firms in the spot market,
trading thermal coal and steel raw materials, particularly in the
Indian market.  But a mixture of tight credit conditions and
unsuccessful deals has shrunk the company over the past two years
from a few hundred employees to a skeleton staff of around 10,
including four traders.

Piero Piccolo, the chief executive officer of Carbofer General
Trading, when asked by Reuters if liquidation was imminent said:
"Liquidation talk is premature, we're still looking around (for
an investor) . . . the decision has not been taken yet."

Creditors said last week they were looking to recoup debts of
nearly $30 million, Reuters reports.

According to Reuters, two of Carbofer's creditors said they have
had no communication with the company for months and were now
frustrated enough to consider pursuing its winding-up as a last
effort to be repaid.

"We have court orders from Singapore against Carbofer for over
$20 million," the report quotes S.S. Bhatia, Executive Director
of Bhatia International, Carbofer's single biggest creditor, as
saying.  "We will have to pursue their liquidation, to see what
assets they have to try our level best to recover our money."

Norwegian shipping firm Western Bulk is bringing a UK High Court
action this week to claim $6 million after Carbofer's shipping
subsidiary, Carbofer Maritime Trading, broke a long-term charter
contract, two senior Western Bulk executives told Reuters.

"A week ago we got the ship back from Carbofer's Copenhagen
subsidiary but Lugano (CGT) didn't pay what they had guaranteed,"
the report quotes a source at the company as saying.  "They have
defaulted on the contract and we are pursuing them," the source
told Reuters.

Based in Lugano, Switzerland, Carbofer General Trading S.A.
engages in the distribution of steel and raw materials.  Carbofer
General Trading S.A. operates as a subsidiary of Carbofer Group
S.A.


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


AMODEO HAULAGE: Faces Liquidation Following Losses
--------------------------------------------------
Commercial Motor reports that Amodeo Haulage is set to go into
creditors' voluntary liquidation after three difficult years of
trading wiped out its "substantial surplus".

According to Commercial Motor, the company is expected to be
wound up following a meeting of creditors on Feb. 28.

The firm is part of holding company Amodeo Group, along with Mike
Amodeo (Contractors), and according to Begbies Traynor all three
businesses have now ceased trading with 26 employees made
redundant, Commercial Motor notes.

Peter Dewey, partner at Begbies Traynor, said that the group
suffered in the current economic climate and its impact on the
construction sector, Commercial Motor relates.

"Turnover had been dropping and was no longer enough to cover
overheads," Commercial Motor quotes Mr. Dewey as saying.  "This
had been a very good business which until April 2009 was
operating at a substantial surplus, but nearly three years of
losses have wiped that out.

Amodeo Haulage is a Cardiff-based construction haulier.


CPP: Potential Misselling Penalties May Prompt Collapse
-------------------------------------------------------
Gill Plimmer and Alexandra Stevenson at The Financial Times
report that CPP, the credit card insurer, has warned it could go
bust within weeks after the Financial Services Authority
indicated it was likely to impose one of the stiffest penalties
yet for misselling.

In a sign of the increasingly tough stance adopted by regulators,
the FSA has warned that it could force CPP to pay customers who
bought its credit-card protection product hundreds of millions of
pounds of compensation in claims that could date back to the
regulator's birth in 2005, the FT discloses.

According to the FT, people familiar with the matter said that
the York-based group also has been asked to abolish its automatic
renewals policy, so that customers are forced to actively buy
credit card protection every year.

The FT relates that Paul Stobart, chief executive, warned this
would be "massively financially damaging" to the company.  "The
risk is the whole business is brought down," the FT quotes
Mr. Stobart as saying.

Shares in the company were suspended on Monday, Feb. 20, at 103p,
valuing the company at just GBP176 million -- well below its peak
market capitalization of GBP561 million hit last February, the FT
relates.

CPP, as cited by the FT, said it was in talks with the FSA with
the aim of agreeing a compromise deal within weeks.  The FT notes
that although CPP can appeal the decision, Mr. Stobart warned a
long-running process could "in this case be too late [for the
business]."

Mr. Stobart warned that more than 1,969 jobs in 16 countries were
at risk, including 1,000 in York, as a result of the discussions,
the FT discloses.  The group's UK business accounts for more than
70% of revenues, more than three-quarters of which comes from
renewals, the FT notes.


ROSS & BONNYMAN: Government Promises Support to Workers
-------------------------------------------------------
The Courier.co.uk reports that a government task force is to set
up a Forfar event in a bid to help the workers hit by the
collapse of town firm Ross & Bonnyman.

According to the report, the town was last week rocked by
confirmation that the Roberts Street company had plunged into
liquidation leaving 80 staff facing a bleak future.

The company, one of Forfar's longest standing manufacturing
businesses, was a one-time market leader in the tail lift field,
with a near GBP8 million turnover in 2009, the report relays.

However, it is thought a failure to quickly restructure following
the sale of its commercial vehicle parts division last year
played a key part in its collapse, according to Courier.co.uk.

Liquidators have expressed the hope that a sale of the assets and
business will be achievable, but the uncertainty facing the
workforce was raised at Holyrood on Feb. 16 and drew a promise of
support for those facing the dole queue, the report adds.

Based in Forfar, Scotland, Ross & Bonnyman engages in the design
and manufacture of lifting solutions.


TRAVELODGE LTD: Lenders Expected to Meet on Debt Restructuring
--------------------------------------------------------------
Katie Linsell and Patricia Kuo at Bloomberg News report that
lenders to Travelodge Ltd. were set to meet in London yesterday
about restructuring the company's debt.

According to Bloomberg, two people with knowledge of the
situation said that the restructuring may include a debt-for-
equity swap.

Hedge funds Avenue Capital Group LLC and GoldenTree Asset
Management LP underwrote a new GBP60 million (US$95 million) loan
to Travelodge, Bloomberg relates.

Travelodge is owned by Dubai International Capital LLC, the
Persian Gulf emirate's private-equity firm, which borrowed to
fund its US$1.3 billion purchase of the hotel chain in 2006.

Bloomberg notes that the people said the the New York-based funds
were set to meet yesterday with other Travelodge senior lenders.

The financing from Avenue Capital and Goldentree will ease
immediate concerns about Travelodge's liquidity, Bloomberg says,
citing a DIC spokeswoman in London, who declined to be identified
citing company policy.

Travelodge Ltd. a U.K. budget hotel chain.  It runs more than 460
hotels in Britain, Ireland and Spain.


TWICKENHAM FILM: Goes Into Administration
-----------------------------------------
Contractmusic.com reports that Twickenham Film Studios has gone
into administration.

The studio which was due to celebrate its centenary next year,
will be gradually wound down by June, Contractmusic.com
discloses.

According to Contractmusic.com, Gerald Krasner, who is handling
the administration, told the BBC that the business has lost money
over the past three years and added: "I doubt it will be retained
as a film studio.  We are selling it on.  Everyone will then be
paid in full."

Twickenham Film Studios is one of Britain's top film studios.


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


* Moody's Cuts Structured Finance Ratings on Three Countries
------------------------------------------------------------
Moody's Investors Service has lowered the highest achievable
structured finance rating in (i) Italy, to Aa2(sf) from Aaa(sf);
(ii) Portugal, to Baa1(sf) from A2(sf); and (iii) Spain, to
Aa2(sf) from Aaa(sf). The lowering of these highest achievable
structured finance ratings was prompted by the downgrade of the
ratings of those sovereigns on February 13, 2012.

POTENTIAL SCOPE AND LIKELY IMPACT: ALL AFFECTED STRUCTURED
FINANCE TRANSACTIONS WILL BE REVIEWED

Moody's decision to lower the highest achievable structured
finance rating will likely impact all outstanding (i) Italian and
Spanish structured finance tranches currently rated above
Aa2(sf); and (ii) Portuguese tranches currently rated above
Baa1(sf), except in very limited circumstances. The rating agency
will announce information on the specific transactions impacted
as soon as practicable.

HIGHEST ACHIEVABLE STRUCTURED FINANCE RATINGS CHANGED

The highest achievable structured finance ratings (i) are set at
or below the relevant country ceiling except in very limited
circumstances; and (ii) will generally not exceed the sovereign
bond rating by more than a limited number of notches.

The highest structured finance rating achievable is the rating
beyond which structural features or credit enhancement provided
by any domestic party cannot mitigate the impact of severe events
and the level of uncertainty surrounding such events. The changes
that have been announced reflect an increase in the probability
of severe economic stress or even default, which, although in
most cases extremely low, create a level of uncertainty that is
inconsistent with structured finance rating levels higher than
the new levels that have been set. The highest achievable
structured finance rating may be revised further downwards if the
likelihood of those events were to increase.

A simultaneous decline in a government's fiscal position and in
the strength of its banking system can contribute to (i) a
significant deterioration in asset performance; (ii) increased
market value risk; (iii) reduced financing availability; and (iv)
a decrease in the number of viable transaction counterparties in
structured finance transactions.

Currently, the highest structured finance rating that Moody's
expects to be achievable is B1(sf) in Greece, A1(sf) in Ireland,
Aa2(sf) in Italy, Baa1(sf) in Portugal, and Aa2(sf) in Spain,
whilst the respective sovereign ratings are Ca, Ba1, A3, Ba3 and
A3. In other European Union (EU) countries, Aaa(sf) is, in
principle, presently achievable. Although some exceptions may be
found, the highest achievable rating for covered bond programmes
is generally Aa2 in Italy, Baa1 in Portugal and Aa2 in Spain,
regardless of any higher level presented by the Timely Payment
Indicator cap.

MINIMUM CREDIT ENHANCEMENT LEVELS MAY BE REDUCED

In several countries that are subject to unusual and rapidly
evolving financial and economic stress, Moody's has established
minimum levels of credit enhancement, which, together with a
robust structure, are needed to qualify for the highest
structured finance rating achievable in those countries. In light
of the new highest achievable structured finance ratings, Moody's
is currently reviewing the commensurate minimum credit
enhancement levels necessary to achieve the new lower ratings and
will make an announcement in due course.

Moody's bases minimum credit enhancement levels on a
determination of how severely asset performance might deteriorate
during a severe event, factoring in (i) likely volatility of
performance; (ii) projected recoveries for the asset type during
a future period of stress; (iii) the rating of the sovereign; and
(iv) the transaction ratings. Given the significant challenges
faced by the governments of Italy, Portugal and Spain, and the
weak macroeconomic outlook in those regions, the debt-repayment
capacity of consumers and small and medium enterprises (SMEs)
will become increasingly strained. Losses from additional risks
such as set-off, commingling or other deal specific factors will
need to be considered over and above these minimum levels.

Moody's discusses the relationship between sovereign and
structured finance ratings in its rating implementation guidance
"How Sovereign Credit Quality May Affect Other Ratings,"
published February 2012 and its special report "Assessing the
Impact of the Eurozone Sovereign Debt Crisis on Structured
Finance Transactions," published in April 2011.

OTHER DEVELOPMENTS NEGATIVELY AFFECTING EUROPEAN STRUCTURED
FINANCE TRANSACTIONS IN THE NEAR FUTURE DESCRIBED

Moody's has identified several other developments that could
exert negative pressure on European structured finance ratings in
the near future.

On February 15, 2012, Moody's placed on review for downgrade the
ratings of multiple European and Global banks, and Securities
Firms with Global Capital Markets Operations (please see "Moody's
Reviews Ratings for European Banks" and "Moody's Reviews Ratings
for Banks and Securities Firms with Global Capital Markets
Operations" for more information). The creditworthiness and
therefore the ability of entities eligible to act as transaction
parties may decline following the conclusion of the rating
agency's review. Depending upon the magnitude of any downgrade of
the relevant transaction counterparties (such as servicers, cash
managers, liquidity banks, account banks or swap counterparties),
the effect on the related structured finance transactions could
be significant. Any deterioration in the credit quality of
transaction parties may also lead to increased risks of set-off
and commingling in some transactions.

Furthermore, as discussed in Moody's special report "Rating Euro
Area Governments Through Extraordinary Times -- An Updated
Summary," published in October 2011, the rating agency is
reassessing the euro area's single 'country ceiling,' which
currently implies that the debt of any euro area entity,
regardless of its country of domicile, could potentially achieve
a Aaa rating (unless it is subject to the highest achievable
ratings as described above or other ratings ceilings imposed for
analytical reasons). Moody's will consider reintroducing
individual country ceilings for some or all euro area members,
which could affect further the maximum structured finance rating
achievable in those countries.

Moody's is also continuing to consider the impact of the
deterioration of sovereigns' financial condition and the
resultant asset portfolio deterioration on mezzanine and junior
tranches of structured finance transactions.

ALL AFFECTED EUROPEAN STRUCTURED FINANCE TRANSACTIONS WILL BE
REVIEWED

Moody's will review all ratings of affected structured finance
transactions and announce any rating actions in the coming weeks,
in the following order:

* Structured finance ratings that are pass-through to the
  recently downgraded sovereign's ratings or the ratings of
  affected banks

* Structured finance ratings that are directly linked to the
  banks' ratings that are affected by rating actions

* Structured finance ratings in Italy, Portugal and Spain,
  including those tranches rated below the highest achievable
  structured finance rating

* In the event of transaction counterparty downgrades, structured
  finance transactions that are indirectly exposed to the credit
  quality of counterparties performing operational roles or
  providing financial support

Moody's will continue to approach its credit analyses of
structured finance transactions on a case-by-case basis for each
country that comes under stress. While conditions that weaken the
sovereign, the economy and banking sector can be similar, the
consequences for structured finance transactions are never
identical.


                            *********

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.


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