TCREUR_Public/120229.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 29, 2012, Vol. 13, No. 43

                            Headlines



F R A N C E

PHOTOWATT INT'L: French Court Authorizes EDF to Buy Assets
REXEL SA: Moody's Raises Corporate Family Rating to 'Ba2'


G E R M A N Y

ADAM OPEL: General Motors May Acquire 7% Stake in Peugeot
SCHLECKER: Employees to Face Difficulty Finding Jobs
TUI AG: Moody's Affirms Corporate Family Rating at 'B3'
* New German Insolvency Law Rules to Facilitate Restructurings


G R E E C E

* GREECE: Germany Approves EUR130 Billion Bailout
* GREECE: S&P Downgrades Sovereign Credit Ratings to 'SD'


I C E L A N D

KAUPTHING BANK: Explores Options for Strategic Direction


I R E L A N D

OAK HILL: S&P Raises Rating on Class E Notes to 'BB (sf)'
TITAN EUROPE: Moody's Reviews B2 Rating on B Cert. for Downgrade
WOOD PRINTCRAFT: In Receivership, Cuts 60++ Jobs


K A Z A K H S T A N

BTA BANK: Asks UK Court to Debar Former Chairman


L U X E M B O U R G

GELDILUX-TS-2007: S&P Keeps 'B-' Rating on Class E Notes


N E T H E R L A N D S

GATEWAY II: S&P Raises Rating on Class B-2 Notes to 'B (sf)'
HALCYON STRUCTURED: S&P Raises Rating on Class D Notes to 'BB+'


R U S S I A

VNESHECONOMBANK: S&P Assesses Stand-Alone Credit Profile at 'bb'


S L O V E N I A

MARIBOR ARCHDIOCESE: Last-Owned Firms Enters Receivership


S P A I N

CAJA INGENIEROS: Fitch Affirms Rating on Class C Notes at 'BB+sf'
IM CAJAMAR: Fitch Assigns 'CCC' Rating to EUR210MM Class B Notes
* SPAIN: Grants Highway Operators' Request for Aid


U N I T E D   K I N G D O M

ALBURN REAL: S&P Lowers Ratings on Two Note Classes to 'CCC-'
CARMS CONSTRUCTION: To Enter Into Voluntary Liquidation
GEMGARTO 2011-1: S&P Withdraws 'BB+' Rating on Class B2 Notes
JUST FOR FUN: Shuts Down Business, 40 Jobs Axed
MALCOLM SCOTT: Firms Goes Into Administration

MF GLOBAL: UK Unit Makes First Distribution to Clients
PORT VALE: In the Brink of Administration After Unpaid Tax Bill
PREMIER FOODS: Nears Debt Refinancing Deal with Lenders
RANGERS FOOTBALL: Plus Stock Exchange Imposes GBP50,000 Fine
TOBACCO GROUP: Moody's Issues Summary Credit Opinion

V&J SUPERBIKES: Set to Go Into Administration
WESTMODE LTD: Goes Into Liquidation; Axes at Least 30 Jobs


                            *********


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F R A N C E
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PHOTOWATT INT'L: French Court Authorizes EDF to Buy Assets
----------------------------------------------------------
ATS Automation Tooling Systems Inc. announced that in a decision
rendered on Monday, the Commercial Court of Vienne (France) has
authorized EDF Energies Nouvelles Reparties (EDF ENR), a
subsidiary of the EDF group which is dedicated to renewable
energies, to purchase Photowatt International SAS (PW) assets out
of bankruptcy and continue its operations.  According to EDF
ENR's offer, the entire workforce of PW will be transferred to a
newly established subsidiary of EDF ENR together with PW assets,
or redeployed within the EDF group.  From March 1, 2012, EDF
ENR's subsidiary will be the new operator of PW's assets and ATS
will no longer have solar business operations in France.

The confirmation of a new operator for the Photowatt France
business along with the preservation of jobs is a major step in
the French bankruptcy process and will conclude the recovery
proceeding phase ("redressement judiciaire").  The court-
appointed officers in charge of the matter will now proceed to
finalize the bankruptcy proceedings of PW.  While ATS will
continue to monitor the proceedings, this ends ATS's operating
support of PW.

ATS continues to advance opportunities related to its formal sale
process to divest its Ontario-based solar operations.  Management
expects that, if completed, the proceeds from the divestiture
will exceed the cash outflows related to the bankruptcy process
in France.

Photowatt France is a solar panel maker.  It is a subsidiary of
Canada's ATS Automation Tooling Systems.


REXEL SA: Moody's Raises Corporate Family Rating to 'Ba2'
---------------------------------------------------------
Moody's Investors Service has upgraded Rexel SA's Corporate
Family Rating (CFR) to Ba2 from Ba3 and Probability of Default
Rating (PDR) to Ba2 from Ba3. Concurrently, Moody's upgraded to
Ba2 from Ba3 the ratings on Rexel's EUR650 million senior
unsecured notes (due in 2016) and EUR500 million senior unsecured
notes (due in 2018). The short-term rating of the company's
EUR500 million commercial paper program remains NP. The outlook
on all ratings is stable.

Ratings Rationale

"The upgrade to Ba2 reflects Moody's recognition of the company's
improved operating performance and solid cash generation
resulting in deleveraging throughout 2011", says Douglas
Crawford, Moody's lead analyst for Rexel. "The upgrade also
assumes that the company will maintain these current financial
metrics."

The Ba2 CFR reflects Rexel's strong business risk profile as a
leading global distributor of low voltage electrical products
with a substantial revenue base. The company's business profile
is further supported by strong market positions in various
European countries, with either number one or two market rankings
in most Western European and North American countries.

The ratings also reflect the uncertainty about the pace at which
credit metrics might improve given the global macroeconomic
uncertainties prevailing and the late-cycle nature of the
industry in which Rexel operates. However, the rating also
incorporates the positive steps taken by Rexel to improve its
margins, as evidenced in both 2010 and 2011 results; as well as
its debt reduction and the strong intention to reach investment
grade status.

In 2011, the company's reported revenue increased 6%, mainly as a
result of organic growth, with 1.7% due to higher copper prices.
Rexel experienced organic growth in all major regions driven by
industrial end-markets, which has accelerated in all regions in
2H2011. This, combined with improved purchasing conditions in
Europe and continued cost-cutting translated into a 20% increase
in reported "adjusted EBITA" despite headwinds from lower margins
associated with an increased share of large projects in North
America. Moreover free cash flow as reported by the company
before interest and tax of EUR601 million was higher than Moody's
expected. Net debt/EBITDA (as adjusted by Moody's) fell from 4.3x
to 3.8x and is now within the parameters previously outlined to
upgrade the rating.

Moody's expects that these positive trends will continue through
2012, leading to slight deleveraging through growth in EBITDA.
However, Moody's believes that free cash flow generation in 2012
will be lower than in 2011, mainly because of increased dividend
payments. Moody's also anticipates that much of Rexel's free cash
flow may be applied to ongoing bolt-on M&A activity rather than
further debt reduction.

The stable outlook reflects Moody's expectations that the current
trends in Rexel's markets remain favorable and assumes that the
group will maintain adequate liquidity going forward, underpinned
by EUR1.3 billion of undrawn credit facilities and EUR414 million
cash and equivalents on balance sheet net of overdrafts. The
stable outlook also reflects Moody's expectation that the company
will refrain from any material share repurchases and/or
acquisition activity over the medium-term.

Positive rating pressure could develop if market conditions lead
to net leverage (as adjusted by Moody's) falling below 3.5x on a
sustained basis while maintaining RCF/net debt well above 20%.
Negative rating pressure could quickly materialize if net
leverage (as adjusted by Moody's) rises to over 4x or RCF/net
debt falls below 15%. Also, a large debt-financed acquisition or
material share repurchases could impact the company's rating
given current macroeconomic uncertainties.

The principal methodology used in rating Rexel SA was the Global
Distribution & Supply Chain Services Industry Methodology
published in November 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Rexel is a leading global distributor of low voltage products.
For 2011, it reported total sales and EBITA of EUR12.7 billion
and EUR720 million respectively. Although Rexel is listed, with a
market capitalization of EUR4.1 billion, about 71% is owned by a
group of private equity sponsors, predominantly Clayton Dubilier
& Rice, Eurazeo and Merrill Lynch Global Private Equity. A
shareholders' agreement (that expires in 2012) allows these three
parties together to appoint eight members of Rexel's Supervisory
Board.


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G E R M A N Y
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ADAM OPEL: General Motors May Acquire 7% Stake in Peugeot
---------------------------------------------------------
Aaron Kirchfeld, Jackie Simmons, Jeff McCracken and Zijing Wu at
Bloomberg News report that PSA Peugeot Citroen (UG) may announce
as soon as this week plans to sell a stake of about 7% in the
French carmaker to General Motors Co. (GM) as part of a
development alliance.

According to Bloomberg, people familiar with the matter said that
the deal would involve a standstill agreement by which GM would
not take a greater holding in the Paris-based carmaker without
permission.  The people said that Peugeot may offer additional
shares through a rights issue as part of the transaction,
Bloomberg relates.

GM, the world's largest carmaker, is looking for ways to turn
around its unprofitable Opel brand, while Peugeot is seeking to
stem a growing debt load, Bloomberg says.

The people said on Monday that no final agreement has been
reached on the GM-Peugeot alliance and the size of the stake
could change, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Feb. 20,
2012, Bloomberg News related that GM, which posted a record
annual profit of US$9.19 billion for 2011, said more cost cuts
are coming for its money-losing Europe unit after the last
turnaround plan failed to end losses there.  The automaker's
Europe business, including the Opel brand, lost US$747 million
last year before taxes and interest, Bloomberg disclosed.
Bloomberg noted that while that's an improvement from US$1.95
billion lost in 2010, it's not break-even as Detroit-
based GM had planned until November when it pulled back the
forecast as the European outlook worsened.  While GM has gained
ground in the U.S., Ruesselsheim, Germany-based Opel and sister
brand Vauxhall in the U.K. have continued to lose market share
under pressure from competitors such as Volkswagen AG and Hyundai
Motor Co., Bloomberg stated.  A drawn-out rescue effort in the
wake of GM's bankruptcy, including an aborted sale, also soured
consumers on the brand, Bloomberg said.

Adam Opel GmbH -- http://www.opel.com/-- is General Motors
Corp.'s German wholly owned subsidiary.  Opel started making cars
in 1899.  Opel makes passenger cars (including the Astra, Corsa,
and Vectra) and light commercial vehicles (Combo and Movano).
Its high-performance VXR range includes souped-up versions of
Opel models like the Meriva minivan, the Corsa hatchback, and the
Astra sports compact.  Opel is GM's largest subsidiary outside
North America.


SCHLECKER: Employees to Face Difficulty Finding Jobs
----------------------------------------------------
According to Bloomberg News' Julie Cruz, Berliner Zeitung, citing
Federal Labor Agency data, reported that employees of Schlecker
will have difficulty finding jobs because almost 300,000 people
are looking for work in the retail industry.

Bloomberg relates that the newspaper, citing the agency, said
about 24,000 sales positions were available at the end of
January.

Berliner Zeitung disclosed that Schlecker has about 32,000
employees, Bloomberg notes.

As reported by the Troubled Company Reporter-Europe on Feb. 7,
2012, Schlecker went into administration.  The restructuring
measures necessary at Schlecker in Germany could not be
implemented within the time schedule set, and planned interim
financing could not be found.  Further restructuring will now be
continued as part of the insolvency proceedings.  In this,
Schlecker is seeking an insolvency plan procedure and the
retention of the company as a whole.  At the moment, agreement
has been reached with the key suppliers, ensuring that business
operations can be continued without restrictions.  Schlecker has
been undergoing comprehensive restructuring since the middle of
2010, and has already introduced a large number of measures.  The
insolvency manager was positive about the company's prospects for
the future.

Schlecker is Germany's biggest drugstore chain.


TUI AG: Moody's Affirms Corporate Family Rating at 'B3'
-------------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating (CFR) and Probability of Default Rating (PDR) of TUI AG;
and the unsecured rating and the subordinated ratings at Caa1 and
Caa2, respectively. The outlook is changed to positive from
stable.

Ratings Rationale

"T[he] rating action reflects Moody's view that, over time, both
the financial metrics and liquidity profile of TUI AG should be
strengthened by the further gradual inflow of proceeds from the
company's previous divestment of Hapag-Lloyd, as well as by an
eventual initial public offering of that entity," says Richard
Morawetz, a Moody's Vice President -- Senior Credit Officer and
lead analyst for TUI AG. As agreed with Hapag-Lloyd's other
shareholder, the Albert Ballin Consortium, on February 14, 2012,
TUI AG will further reduce its shareholding in the shipping
company to around 22% from 38.4% as of December 2011. TUI AG's
hybrid capital of EUR350 million in Hapag-Lloyd will also be
redeemed. These transactions are expected to result in an inflow
of EUR700 million to TUI AG by June 2012. TUI AG has indicated
that it will use the proceeds to repay debt and potentially to
reinvest in the tourism business over time.

In addition, the rating action reflects Moody's view that, over
time, TUI AG will monetize its remaining 22% stake in Hapag-
Lloyd, either through an initial public offering (IPO) or a sale
to third parties, thereby fully divesting its interests in the
shipping company. At this time, however, Moody's believes there
remains uncertainty as regards the group's structure going
forward.

Assuming a full paydown of debt using the EUR700 million in
proceeds, TUI AG's gross adjusted leverage would fall to around
6.2x on a pro forma basis from 6.6x as of FYE2011 (to September).
Moody's had previously indicated that upward pressure on the
rating would occur if the metric were to approach 6.0x.
Nevertheless, Moody's notes that September represents a low point
for TUI AG's borrowing, which increased in the quarter to
December 2011 on account of a seasonal increase in the group's
working capital. The rating agency further notes that the first
quarter of FY2012 saw a year-on-year decline in TUI AG's earnings
as a result of events in North Africa, albeit the group continues
to expect a modest growth in its year-on-year underlying earnings
in FY2012. However, Moody's has not factored any earnings growth
into the positive outlook.

In Moody's view, the receipt of further proceeds from Hapag-Lloyd
and its shareholders will enhance TUI AG's liquidity, which the
rating agency believes remains adequate beyond a 12-month horizon
at the holding company level. The holding company's main
maturities are the EUR244 million of notes due December 2012 and
EUR430 million of debt relating to exchangeable notes due April
2013. In addition, by redeeming the latter financial debt, TUI AG
would increase its legal ownership in TUI Travel by around 12%
while its current voting rights would remain unchanged. Moody's
liquidity analysis assumes that TUI Travel would not require any
liquidity support from TUI AG; TUI Travel's only bonds mature in
2014 and 2017.

The B3 CFR reflects TUI's leading market positions in its core
tourism segment, with earnings that have remained quite resilient
in spite of operating in a sector that is highly dependent on
discretionary spending. The positive outlook reflects Moody's
expectation that TUI AG's consolidated group metrics will improve
over time. This view is based on the group's plan to use the
pending EUR700 million in proceeds from the reduction of its
shareholding in Hapag-Lloyd to repay debt at the holding company.
In addition, the outlook reflects Moody's view that TUI AG's
metrics will further benefit from the eventual sale of the
group's remaining stake in Hapag-Lloyd.

What Could Change The Rating Up/Down

Moody's would consider upgrading TUI AG's rating if the group's
gross adjusted leverage were to remain close to 6.0x, with the
company retaining significant cash balances to address pending
debt maturities. An upgrade would further require that liquidity
at the holding company remains solid beyond a 12-month horizon.
The outlook would likely be stabilized if group earnings were to
deteriorate significantly and gross leverage were to again
approach 7.0x, or if liquidity were to weaken. While not
currently expected in view of the positive outlook and recent
events, the rating could be lowered if there were a significant
deterioration in operating performance in TUI AG's core tourism
business, or in liquidity.

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

TUI AG, headquartered in Hanover, Germany, is Europe's largest
integrated tourism group, and currently retains a stake of around
38% in Hapag-Lloyd, which is a leading provider of container
shipping services. In FY2011 (to September), TUI AG reported
revenues and underlying EBITA from continuing operations of
EUR17.5 billion and EUR600 million, respectively.


* New German Insolvency Law Rules to Facilitate Restructurings
--------------------------------------------------------------
On March 1, 2012, new German insolvency law rules will come into
effect which are intended to facilitate and promote debtor-in-
possession proceedings and the use of restructuring plans and
debt-equity swaps. In addition, the new insolvency law will
introduce new rules to enhance creditor autonomy and control, in
particular over the appointment of the insolvency administrator.
When it comes into effect the new insolvency law is likely to
drastically change the rule set for insolvency proceedings in
Germany, increasing the number of plan proceedings versus
liquidations and making distressed investment targets more
attractive to financial investors. It will also further align
German insolvency rules to international standards, in particular
to US Chapter 11 proceedings.

With its new rules the German legislator has reacted to
increasing criticism among German insolvency law experts about
the unwieldy German legal environment for company restructurings.
Over the past years there have been several cases of German
distressed companies that have relocated their centre of main
interest (COMI) to the United Kingdom to make use of a legal
environment which was perceived to be more restructuring friendly
to debtors and major creditors.

A full text copy of K&L Gates report can be viewed at no charge
at http://bankrupt.com/misc/K&LGates_Report.pdf


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* GREECE: Germany Approves EUR130 Billion Bailout
-------------------------------------------------
Louise Armitstead at The Telegraph reports that German
politicians approved the EUR130 billion (GBP110 million) bail-out
for Greece but remained unconvinced by Angela Merkel's warning
that abandoning Greece would be "incalculable and therefore
irresponsible".

The Bundestag voted through the rescue funds with a large
majority, the Telegraph relates.  But Ms. Merkel was shown tough
political and public opposition to any more support, just a day
after the G20 demanded German backing for the eurozone firewalls,
the Telegraph notes.

Over the weekend, the G20 finance minister said they would refuse
to grant the eurozone more funds via the International Monetary
Fund (IMF) until they were shown "the colour of the eurozone's
money first", the Telegraph  recounts.  The G20 pushed the
decisions back to the European Union leaders, who meet in
Brussels on Thursday, the Telegraph discloses.

According to the Telegraph, Jose Manuel Barroso, European
Commission president, said the leaders would decide to boost the
bail-out funds -- the EFSF and its replacement the European
Stability Mechanism (EMS) -- but later in March, not this week.

Germany is the biggest contributor to the bail-out funds, the
Telegraph notes.  Ms. Merkel's official position has been to
insist that the "firewall" fund already has enough funding, the
Telegraph says.  However, in a speech before the vote, Ms, Merkel
admitted to the Bundestag there were "no guarantees" the second
bail-out would work, according to the Telegraph.


* GREECE: S&P Downgrades Sovereign Credit Ratings to 'SD'
---------------------------------------------------------
Standard & Poor's Ratings Services on Feb. 27 said that it has
lowered its 'CC' long-term and 'C' short-term sovereign credit
ratings on the Hellenic Republic (Greece) to 'SD' (selective
default).

"Our recovery rating of '4' on Greece's foreign-currency issue
ratings is unchanged. Our country transfer and convertibility
(T&C) assessment for Greece, as for all other eurozone members,
remains 'AAA'," S&P said.

"We lowered our sovereign credit ratings on Greece to 'SD'
following the Greek government's retroactive insertion of
collective action clauses (CACs) in the documentation of certain
series of its sovereign debt on Feb. 23, 2012.  The
effect of a CAC is to bind all bondholders of a particular series
to amended bond payment terms in the event that a predefined
quorum of creditors has agreed to do so.  In our opinion,
Greece's retroactive insertion of CACs materially changes the
original terms of the affected debt and constitutes the launch of
what we consider to be a distressed debt restructuring.  Under
our criteria, either condition is grounds for us to lower our
sovereign credit rating on Greece to 'SD' and our ratings on the
affected debt issues to 'D'.

"As we have previously stated, we may view an issuer's unilateral
change of the original terms and conditions of an obligation as a
de facto restructuring and thus a default by Standard & Poor's
published definition. Under our criteria, the definition of
restructuring includes exchange offers featuring the issuance of
new debt with less-favorable terms than those of the original
issue without what we view to be adequate offsetting
compensation. Such less-favorable terms could include a reduced
principal amount, extended maturities, a lower coupon, a
different payment currency, different legal characteristics that
affect debt service, or effective subordination.

"We do not generally view CACs (to the extent that they are
included in an original issuance) as changing a government's
incentive to pay its obligations in full and on time. However, we
believe that the retroactive insertion of
CACs will diminish bondholders' bargaining power in an upcoming
debt exchange. Indeed, Greece launched such an exchange offer on
Feb. 24, 2012.

"If the exchange is consummated (which we understand is scheduled
to occur on or about March 12, 2012), we will likely consider the
selective default to be cured and raise the sovereign credit
rating on Greece to the 'CCC' category, reflecting our forward-
looking assessment of Greece's creditworthiness. In this context,
any potential upgrade to the 'CCC' category rating would inter
alia reflect our view of Greece's uncertain economic growth
prospects and still large government debt, even after the debt
restructuring is concluded.

"If a sufficient number of bondholders do not accept the exchange
offer, we believe that Greece would face an imminent outright
payment default. This is because of its lack of access to market
funding and the likely unavailability of additional official
financing. The revised financial assistance program provided by
most of the eurozone governments and the Stand-By Credit
Arrangement with the International Monetary Fund are predicated
on a successful exchange offer.

"Our T&C assessment for Greece, as for all other eurozone
members, is 'AAA'. A T&C assessment reflects our view of the
likelihood of a sovereign restricting nonsovereign access to
foreign exchange needed to satisfy the nonsovereign's debt-
service obligations. Our T&C assessment for Greece expresses our
view of the low likelihood of the European Central Bank
restricting nonsovereign access to foreign currency needed for
debt servicing.

"If Greece were to withdraw from eurozone membership (which is
not our base-case assumption) and introduce a new local currency,
we would reevaluate our T&C assessment on Greece to reflect our
view of the likelihood of the Greek sovereign and its central
bank restricting nonsovereign access to foreign exchange needed
for debt service. Contrary to the current case, in this scenario,
the euro would be a foreign currency, and the Bank of Greece
would no longer be part of the European System of Central Banks.
As a result, under our criteria, the T&C assessment can be at
most three notches above the foreign-currency sovereign credit
rating."


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KAUPTHING BANK: Explores Options for Strategic Direction
--------------------------------------------------------
Creditors of Kaupthing who have expressed their opinions support
a prompt composition and the return of value to creditors as soon
as possible.  In line with that feedback, Kaupthing and its
advisors have been working in close consultation with the the
Informal Creditors Committee on the preparation of a composition
proposal.  Many of the issues that arise in connection with such
a proposal have been and remain under review by Kaupthing and its
advisors including commercial (asset review and potential capital
instruments), legal (composition procedures and implications,
international composition recognition, securities law,
structuring, licensing), tax and accounting matters.  The
Winding-up Committee would now like to begin a search for
directors who would be nominated for election to Kaupthing's
board of directors as part of any such potential composition
proposal.

In order to create a framework for recruiting the best-qualified
candidates for the Board of Directors, Kaupthing has, with the
consent of the ICC, engaged an independent international
consultant to produce a report for the Winding-up Committee on
the proposed terms of reference for such Board of Directors.  A
key aspect of those terms of reference will be the intended
future strategic direction for Kaupthing since Kaupthing may
require individual directors with varied expertise and experience
depending on its planned future course.  In his report, the
Independent Consultant has set out four potential strategies for
Kaupthing.

                      About Kaupthing Bank

Headquartered in Reykjavik, Kaupthing Bank --
http://www.kaupthing.com/-- is Iceland's largest bank and among
the Nordic region's 10 largest banking groups.  With operations
in more than a dozen countries, the bank offers a range of
services including retail banking, corporate finance, asset
management, brokerage, private banking, treasury, and private
wealth management.  Kaupthing was created by the 2003 merger of
Bunadarbanki and Kaupthing Bank.  In October 2008, the Icelandic
government assumed control of Kaupthing Bank after taking similar
measures with rivals Landsbanki and Glitnir.

As reported by the Troubled Company Reporter-Europe, on Nov. 30,
2008, Olafur Gardasson, assistant for Kaupthing Bank hf, filed a
petition under Chapter 15 of title 11 of the United States Code
in the United States Bankruptcy Court for the Southern District
of New York commencing the Debtor's Chapter 15 case ancillary to
the Icelandic Proceeding and seeking recognition for the
Icelandic Proceeding as a "foreign main proceeding" under the
Bankruptcy Code and relief in aid of the Icelandic Proceeding.


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OAK HILL: S&P Raises Rating on Class E Notes to 'BB (sf)'
---------------------------------------------------------
Standard & Poor's Ratings Services raised all of its credit
ratings in Oak Hill European Credit Partners I PLC.

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

"Since our previous review of the transaction, in March 2010, we
have observed a positive ratings migration in the underlying
portfolio. Assets that are defaulted, those that we rate in the
'CCC' category (i.e., 'CCC+', 'CCC', or 'CCC-') have decreased to
1.3% from 2.1%, and to 2.3% from 10.4%," S&P said.

"At the same time, the level of credit enhancement available to
each class of notes has decreased slightly. This is because the
aggregate collateral balance has dropped marginally to EUR431.9
million from EUR432.6 million. None of the classes of notes has
paid down, as the transaction has not yet entered its
amortization period, scheduled to begin in August 2012. All of
the transaction's coverage tests are currently passing, except
for the threshold test, which only affects the reinvestment of
certain proceeds," S&P said.

"Positive factors in our analysis include the reduction of the
weighted-average life of the assets in the portfolio, and the
significant increase of their weighted-average spread to 3.48%
from 2.91%, 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 of notes. We used the portfolio balance that we
considered to be performing (i.e., rated 'CCC' or above), the
reported weighted-average spread, and the weighted-average
recovery rates that we considered 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.

"While the notes pay in euro, non-euro-denominated assets
(denominated in British pounds sterling) account for about 5% of
the underlying portfolio," S&P said.

"The resulting foreign-exchange risk is hedged via perfect asset
swaps with Deutsche Bank AG (A+/Negative/A-1) as swap
counterparty. We have also stressed the transaction's sensitivity
to and reliance on the swap counterparties, especially for senior
classes of notes, which are rated higher than the swap
counterparty, by applying foreign-exchange stresses to the
notional amount of non-euro-denominated assets. Under these
conditions, our analysis indicates that the class A and B notes
could withstand 'AAA' and 'AA' stress scenarios," S&P said.

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

Oak Hill European Credit Partners I is a cash flow collateralized
loan obligation (CLO) transaction, backed primarily by leveraged
loans to speculative-grade corporate firms. Geographically, the
portfolio is mainly concentrated in the U.S., Germany, France,
the Netherlands, and the U.K., which together account for about
75% of the portfolio (excluding cash). Oak Hill European Credit
Partners I closed in July 2006 and is managed by Oak Hill
Advisors (Europe), 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

Class               Rating
            To                  From

Oak Hill European Credit Partners I PLC
EUR466 Million Secured and Deferrable Floating-Rate Notes

Ratings Raised

A           AAA (sf)            AA+ (sf)
B           AA (sf)             AA- (sf)
C-1         A (sf)              BBB+ (sf)
C-2         A (sf)              BBB+ (sf)
D           BBB (sf)            BB+ (sf)
E           BB (sf)             B- (sf)
Q Combo     A- (sf)             BBB- (sf)
S Combo     A+ (sf)             A (sf)


TITAN EUROPE: Moody's Reviews B2 Rating on B Cert. for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade 3 classes of Notes issued by Titan Europe 2006-1 p.l.c.

   -- EUR433.76M A Certificate, Aa2 (sf) Placed Under Review for
      Possible Downgrade; previously on Aug 3, 2011 Downgraded to
      Aa2 (sf)

   -- EUR112.05M B Certificate, B2 (sf) Placed Under Review for
      Possible Downgrade; previously on Jul 1, 2010 Downgraded to
      B2 (sf)

   -- X Certificate, Aa2 (sf) Placed Under Review for Possible
      Downgrade; previously on Aug 3, 2011 Downgraded to Aa2 (sf)

The Class C, Class D, and Class E Notes are not affected by this
rating action. Moody's does not rate the Class F, Class G and the
Class H Notes.

Ratings Rationale

The review is triggered by the notice issued by the Issuer on 23
February 2012. It states that the Issuer has received a letter
from the Liquidity Facility Provider asserting that - inter alia-
(i) a Liquidity Facility Event of Default is outstanding, (ii)
the facility commitment is cancelled, (iii) no further drawings
can be made under the facility and (iv) the amounts outstanding
under the facility are due and payable. The Issuer also states
that it conducts an independent review of the matter to determine
its response.

One of Moody's main concerns is that a cancellation of the
Liquidity Facility can lead to a non-payment of interest on all
classes of Notes on the next IPD in April 2012. The cancellation
of the Liquidity Facility might trigger a claim of the Liquidity
Facility provider against the Issuer to fully repay the Liquidity
Facility on the April 2012 IPD. Historic quarterly interest
income levels of the Issuer have been below the outstanding
amount of the Liquidity Facility. If a repayment of the
outstanding Liquidity Facility is required on the next IPD, it is
possible that a non-payment of interest on all classes of Notes
occurs, unless further principal proceeds are received by the
Issuer that can be used to pay interest on the Notes. Even
without an immediate repayment of the Liquidity Facility, the
Issuer Income might be insufficient to fully make interest
payments on the Notes, given the underperformance of the KQ loan
and the Mangusta loan.

Moody's will conclude on the review once the consequences of the
notice are fully understood and communicated. The new ratings
will mostly depend on (i) whether or not the Liquidity Facility
will be finally cancelled; and (ii) in case the Liquidity
Facility is cancelled, how the repayment mechanics will look
like.

The key parameters in Moody's analysis are the default
probability of the securitized loans (both during the term and at
maturity) as well as Moody's value assessment for the properties
securing these loans. Moody's derives from those parameters a
loss expectation for the securitized pool.

In general, Moody's analysis reflects a forward-looking view of
the likely range of commercial real estate collateral performance
over the medium term. From time to time, Moody's may, if
warranted, change these expectations. Performance that falls
outside an acceptable range of the key parameters such as
property value or loan refinancing probability for instance, may
indicate that the collateral's credit quality is stronger or
weaker than Moody's had anticipated when the related securities
ratings were issued. Even so, a deviation from the expected range
will not necessarily result in a rating action nor does
performance within expectations preclude such actions. There may
be mitigating or offsetting factors to an improvement or decline
in collateral performance, such as increased subordination levels
due to amortization and loan re- prepayments or a decline in
subordination due to realised losses.

Primary sources of assumption uncertainty are the current
stressed macro-economic environment and continued weakness in the
occupational and lending markets. Moody's anticipates (i) delayed
recovery in the lending market persisting through 2013, while
remaining subject to strict underwriting criteria and heavily
dependent on the underlying property quality, (ii) strong
differentiation between prime and secondary properties, with
further value declines expected for non-prime properties, and
(iii) occupational markets will remain under pressure in the
short term and will only slowly recover in the medium term in
line with anticipated economic recovery. Overall, Moody's central
global macroeconomic scenario is for a material slowdown in
growth in 2012 for most of the world's largest economies fueled
by fiscal consolidation efforts, household and banking sector
deleveraging and persistently high unemployment levels. Moody's
expects a mild recession in the Euro area.

As noted in Moody's comment 'Rising Severity of Euro Area
Sovereign Crisis Threatens Credit Standing of All EU Sovereigns'
(28 November 2011), the risk of sovereign defaults or the exit of
countries from the Euro area is rising. As a result, Moody's
could lower the maximum achievable rating for structured finance
transactions in some countries, which could result in rating
downgrades.

Rating Methodology

The methodologies used in this rating were Moody's Approach to
Real Estate Analysis for CMBS in EMEA: Portfolio Analysis (MORE
Portfolio) published in April 2006 and Update on Moody's Real
Estate Analysis for CMBS Transaction in EMEA published in June
2005.

Other Factors used in this rating are described in European CMBS:
2012 Central Scenarios published in February 2012.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated August 3, 2011. The last Performance Overview for
this transaction was published on November 14, 2011.

No cash flow analysis or stress scenarios have been conducted as
the rating was directly derived from the Notice dated February
23, 2012.


WOOD PRINTCRAFT: In Receivership, Cuts 60++ Jobs
------------------------------------------------
Irish Times reports that Wood Printcraft has gone into
receivership with the loss of more than 60 jobs.

Workers at Wood Printcraft in Coolock were told the firm is being
placed in receivership, according to Irish Times.

The report relates that staff said the vast majority have been
let go immediately, while a skeleton staff will work until the
end of the week to finish existing jobs.  Wood Printcraft was
placed in examinership in 2010, Irish Times recalls.

Wood Printcraft is a 175-year-old Dublin printing company


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


BTA BANK: Asks UK Court to Debar Former Chairman
------------------------------------------------
Dow Jones' Daily Bankruptcy Review reports that Kazakhstan's BTA
Bank Friday asked England's High Court to pass an order
preventing its former chairman, Mukhtar Ablyazov, from defending
one of the biggest cases of alleged embezzlement ever heard in
the United Kingdom.

                          About BTA Bank

BTA Bank AO (BTA Bank JSC), formerly Bank TuranAlem AO --
http://bta.kz/-- is a Kazakhstan-based financial institution,
which is involved in the provision of banking and financial
products for private and corporate clients.

The BTA Group is one of the leading banking groups in the
Commonwealth of Independent States and has affiliated banks in
Russia, Ukraine, Belarus, Georgia, Armenia, Kyrgyzstan and
Turkey.  In addition, the Bank maintains representative offices
in Russia, Ukraine, China, the United Arab Emirates and the
United Kingdom.  The Bank has no branch or agency in the United
States, and its primary assets in the United States consist of
balances in accounts with correspondent banks in New York City.

As of November 30, 2009, the Bank employed 5,043 people inside
and 4 people outside Kazakhstan.  It has no employees in the
United States.  Most of the Bank's assets, and nearly all its
tangible assets, are located in Kazakhstan.

JSC BTA Bank, also known as BTA Bank of Kazakhstan, commenced
insolvency proceedings in the Specialized Financial Court of
Almaty City, Republic of Kazakhstan.  Anvar Galimullaevich
Saidenov, the Chairman of the Management Board of BTA Bank, then
filed a Chapter 15 petition (Bankr. S.D.N.Y. Case No. 10-10638)
on Feb. 4, 2010, estimating more than US$1 billion in assets and
debts.

On March 9, 2010, the Troubled Company Reporter-Europe reported
that JSC BTA Bank was granted relief in the U.S. under Chapter 15
when the bankruptcy judge in New York recognized the Kazakh
proceeding as the "foreign main proceeding."  Consequently,
creditor actions in the U.S. were permanently halted, forcing
creditors to prosecute their claims and receive distributions
in Kazakhstan.

In the U.S., the Foreign Representative is represented by Evan C.
Hollander, Esq., Douglas P. Baumstein, Esq., and Richard A.
Graham, Esq. -- rgraham@whitecase.com -- at White & Case LLP in
New York City.

The Specialized Financial Court of Almaty approved BTA Bank's
debt restructuring on Aug. 31, 2010, trimming its obligations
from US$16.7 billion to US$4.2 billion, and extending its longest
maturity dates to 20 year from eight.  Creditors who hold 92
percent of BTA's debt approved the restructuring plan in May.
BTA reportedly distributed US$945 million in cash to creditors
and new debt securities including Us$5.2 billion of recovery
units (representing an 18.5% equity stake) and US$2.3 billion of
senior notes on Sept. 1, 2010.  BTA forecasts profit of slightly
more than US$100 million in 2011, Chief Executive Officer Anvar
Saidenov told reporters in Almaty.


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


GELDILUX-TS-2007: S&P Keeps 'B-' Rating on Class E Notes
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its 'A (sf)' credit rating on Geldilux-TS-
2007 S.A.'s class A notes. All other rated classes of notes are
unaffected.

"The rating action on the class A notes follows our recent rating
action on Unicredit Bank AG in its capacity as originator," S&P
said.

"Geldilux-TS-2007 was originated by Unicredit Bank (A/Negative/A-
1). The securitized assets are short-term loans, advanced under
the bank's euro-loan program, to preferred clients from various
business segments. The majority of borrowers are small and
midsize enterprises (SMEs). During the replenishment period
ending on March 8, 2012, loans from the bank's euro-loan
portfolio are added to the Geldilux portfolio on a random
selection mechanism, subject to the replenishment conditions set
out in the transaction documents. The loans have a maximum
maturity of 368 days and feature a bullet repayment of both
interest and principal. These loans are within the framework of a
client's working capital facility or term facility offered by
Unicredit Bank," S&P said.

The ratings on the class B to E notes, and the rating on the
class F liquidity notes are unaffected.

         Potential Effects of Proposed Criteria Changes

"We have taken's rating actions based on our criteria for rating
European SME securitizations. However, these criteria are under
review," S&P said.

"As highlighted in the Jan. 17 Request For Comment, we are
soliciting feedback from market participants with regard to
proposed changes to our criteria for rating European SME
collateralized loan obligations (CLOs). We will evaluate
the market feedback, which may result in further changes to the
criteria. As a result of this review, our future criteria for
rating European SME CLOs may differ from our current criteria.
The criteria change may affect the ratings on all outstanding
notes in this transaction," S&P said.

"Until such time that we adopt new criteria for rating European
SME securitizations, we will continue to rate and surveil these
transactions using our existing criteria (see 'Related Criteria
And Research')," 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

Geldilux-TS-2007 S.A.
EUR2.104.5 Billion Credit-Linked Floating-Rate Notes

Rating Affirmed and Removed From CreditWatch Negative

A           A (sf)                 A (sf)/Watch Neg

Ratings Unaffected

B           BBB (sf)
C           BB (sf)
D           B (sf)
E           B- (sf)
Liquidity
notes       A (sf)


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


GATEWAY II: S&P Raises Rating on Class B-2 Notes to 'B (sf)'
------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all rated classes of notes in Gateway II Euro CLO B.V.
(previously named Hudson CLO 1 B.V.).

Specifically, S&P has:

* Raised its ratings on the class A-3, B-1, and B-2 notes; and

* Affirmed its ratings on the class A-1R, A-1E, and A2 notes.

"The rating actions follow our assessment of the transaction's
performance--using data from the latest available trustee report
dated Jan. 9, 2012--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 April 16, 2010. In our opinion, this
is due to an increase in the portfolio's aggregate collateral
balance, as a result of higher recoveries than we previously
assumed on assets that we considered to be defaulted (i.e., rated
'CC', 'SD' [selective default], or 'D'). From the January 2012
trustee report, we have observed an improvement in the coverage
tests and also an increase in the weighted-average spread to
3.43% from 2.86%," S&P said.

"In addition, our analysis indicates that the portfolio's
weighted-average maturity has decreased since our April 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 7.99% from 9.77% -- these factors have resulted in a
reduction of our scenario default rates 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 of
notes. 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, we have observed that British pound sterling-
denominated assets currently compose 18.55% of the performing
portfolio. These assets are naturally hedged by the class A-1R
sterling liabilities, with any mismatches hedged by options. In
our opinion, the documentation for the options agreement does not
fully reflect our 2010 counterparty criteria. Hence, in our cash
flow analysis, we also considered scenarios where the options
provider does not perform and where, as a result, the transaction
may be exposed to greater currency risk," S&P said.

"Our credit and cash flow analysis, without giving credit to the
options provider, indicates that the credit enhancement available
to the class A-1E, A-1R, and A-2 notes is at a level that we
consider to be commensurate with our current ratings on these
notes. We have therefore affirmed our ratings on these classes of
notes," S&P said.

"In our opinion, the credit enhancement level available to the
class A-3, B-1, and B-2 notes is now commensurate with higher
ratings than previously assigned, taking into account our credit
and cash flow analysis. We have therefore raised our ratings on
these classes of notes. As the updated ratings on these notes are
lower than that on the options provider in the transaction, they
are not constrained by our rating on the options provider," S&P
said.

"None of our ratings on the notes was constrained by the
application of our 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.

Gateway II Euro CLO is a managed cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. It closed in April 2007 and is
managed by Pramerica Investment Management 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

Gateway II Euro CLO B.V. (previously named Hudson CLO 1 B.V.)
EUR413 Million Floating-Rate Notes

Class                  Rating
            To                      From

Ratings Raised

A-3         BBB+ (sf)               BB+ (sf)
B-1         BB+ (sf)                B+ (sf)
B-2         B (sf)                  CCC- (sf)

Ratings Affirmed

A-1E        AA+ (sf)
A-1R        AA+ (sf)
A-2         A+ (sf)


HALCYON STRUCTURED: S&P Raises Rating on Class D Notes to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Halcyon Structured Asset Management European CLO 2007-
1 B.V.'s outstanding EUR519.82 million notes.

Specifically, S&P:

* Raised its ratings on the class C and D notes; and

* Affirmed its ratings on the VFN and class A1, A2, B, and E
   notes.

"The rating actions follow our assessment of the transaction's
performance, taking 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. 11, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our counterparty
criteria, as well as 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. For example, we have observed a decrease in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') to 4.53% from 9.73%. We have
also observed an increase in the proportion of defaulted assets
(those rated 'CC', 'SD' [selective default], and 'D')," S&P said.

"Our analysis indicates that credit enhancement for all classes
of notes has not improved since we last reviewed the transaction.
However, the weighted-average spread earned on the collateral
pool has increased, and our analysis also indicates that the
weighted-average maturity of the portfolio since our last
transaction update has decreased, which has led to a reduction in
our scenario default rates (SDRs) for all rating categories," 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.

At closing, Halcyon Structured Asset Management European CLO
2007-1 entered into derivative obligations to mitigate currency
risks in the transaction.

"We consider that the documentation for these derivatives does
not fully reflect our counterparty criteria. We conducted our
cash flow analysis assuming that the transaction does not benefit
from support from the derivatives. After conducting these cash
flow analyses, we have concluded that the ratings on the VFN and
the class A1 and A2 notes can be maintained at their current
rating levels. We have therefore affirmed our ratings on these
classes of notes," S&P said.

"Taking into account our credit and cash flow analyses, the
available credit enhancement supports higher ratings on the class
C and D notes. We have therefore raised our ratings on the class
C notes to 'BBB (sf)' from 'BBB- (sf)', and the class D notes to
'BB+ (sf)' from 'BB (sf)'," S&P said.

"We also affirmed our rating on the class B and E notes, to
reflect our view that these tranches have adequate credit support
to maintain their current rating levels. These affirmations are
commensurate with our cash flow stresses," 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

Halcyon Structured Asset Management European CLO 2007-1 B.V.
EUR600 Million Senior Secured Variable-Funding Floating-Rate
Notes

Ratings Raised

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

Ratings Affirmed

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


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


VNESHECONOMBANK: S&P Assesses Stand-Alone Credit Profile at 'bb'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB' rating to a
US$3 billion program of medium-term bonds to be placed by Russia-
based The Bank for Development and Foreign Economic Affairs
(Vnesheconombank or VEB; foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2). "At the same time, we rated the
program's first series, worth US$500 million, which was placed on
Feb. 21 and 22, 2012," S&P said.

"The first series has a three-year maturity and a fixed 3.3%
interest rate paid semiannually. It also has a put option due in
a year," S&P said.

The ratings on the bonds are equalized with the foreign currency
issuer credit rating on VEB.

"The ratings on VEB are, in turn, equalized with those on the
Russian Federation (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2; Russia national scale 'ruAAA'),
reflecting our view of an 'almost certain' likelihood that the
Russian government would provide timely and sufficient
extraordinary support to VEB if necessary," S&P said.

"As a result, VEB's foreign currency credit rating is three
notches higher than its stand-alone credit profile (SACP), which
we currently assess as 'bb'. It is based on the 'bb' anchor and
our assessment of the bank's 'strong,' business position,
'moderate' capital and earnings, 'moderate' risk position, 'above
average' funding, and 'adequate' liquidity, as our criteria
define these terms," S&P said.

"VEB relies on long-term funding (both domestic and
international) and has a limited amount of on-demand deposits.
Therefore, we expect the debt service due within the next 12
months (excluding Central Bank of Russia deposits, which are
regularly rolled over) to be well covered by the bank's available
cash during 2012. VEB retains unhindered access to funding from
the central bank and National Wealth Fund (NWF), and good access
to foreign capital markets," S&P said.

"The stable outlook on VEB mirrors that on the Russian
Federation. Future rating actions, positive or negative, on VEB
will likely follow those on the sovereign, assuming that the
institution's fundamentals and public policy functions remain
unchanged," S&P said.

"We could lower VEB's local currency rating over the next two
years -- even if the local currency sovereign rating remains
unchanged -- if VEB's link with the government weakens; for
example, if VEB loses its special legal status as a state company
or most of the prominent government members leave the supervisory
board. We could also lower the ratings if the government reduces
VEB's role as a prime development institution, or significantly
scales down its interventions into the domestic economy. We do
not currently expect either scenario to occur, but should both
take place, it could lead us to lower VEB's foreign currency
rating," S&P said.


===============
S L O V E N I A
===============


MARIBOR ARCHDIOCESE: Last-Owned Firms Enters Receivership
---------------------------------------------------------
Slovenian Press Agency reports that all of the financial firms
owned by the Maribor Archdiocese are in receivership as of
Feb. 27, as the Maribor District Court launched proceedings to
this effect at Zvon Ena.

Creditors have until May 28 to register their claims.


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


CAJA INGENIEROS: Fitch Affirms Rating on Class C Notes at 'BB+sf'
-----------------------------------------------------------------
Fitch Ratings has affirmed Caja Ingenieros TDA 1, Fondo de
Titulizacion de Activos, a Spanish RMBS, as follows:

  -- Class A2 (ISIN ES0364376014): Affirmed at 'AAsf'; Outlook
     Stable;
  -- Class B (ISIN ES0364376022): Affirmed at 'A+sf'; Outlook
     Stable;
  -- Class C (ISIN ES0364376030): Affirmed at 'BB+sf'; Outlook
     Stable.

The affirmations reflect the stable performance of the pool,
which remains in line with Fitch's expectations at the time the
rating was assigned in March 2011.

The underlying portfolio comprises loans originated at branch
level by Caja de Credito de los Ingenieros Sociedad Cooperativa
de Credito (Caja de Ingenieros, unrated), a cooperative bank.
The underlying borrowers are associate members of the cooperative
and hold an account with the bank.  The bank solely originates
loans through its network of retail branches.

The notes are amortizing sequentially, allowing for further
credit enhancement (CE) build-up on the rated notes.  The fully
funded reserve fund of EUR24 million also provides credit support
to the rated notes.  As of the November 2011 interest payment
date, CE available to the notes stood at 15% for class A2 (12.9%
at closing) while it was 12.7% (10.9%) and 10.4% (8.9%) for class
B and C, respectively.

To date the transaction has seen low arrears levels, mainly
limited to up to four months.  As of December 2011, loans in
arrears by more than one month remained below 0.4% of the current
pool balance, while less than 0.05% were reported as greater than
two months.  The issuer has no reported loans in arrears by more
than three months, and therefore no defaults (defined as loans in
arrears by more than 12 months).

Fitch understands that the borrowers included in the pool are
mainly employed individuals, with above-average affordability
ratios.  This would explain the low volume of arrears seen to
date. Fitch also believes that borrower accounts held with a
cooperative bank, allow for closer monitoring of mortgage
payments, as well as a faster intervention at the early arrears
stage Fitch does not expect sudden deterioration in pool
performance in the near term and for this reason the notes'
ratings are affirmed with a Stable Outlook.

Fitch acknowledges that Banco Cooperativo Espanol (BCE; 'BBB+'/
Negative/'F2') acts as the transaction bank account and paying
agent.  According to Fitch's structured finance counterparty
criteria, the loss of a 'A'/'F1' rating, which is typically
needed to maintain at least a 'AA-sf' ratings on structured
finance notes, means that the bank can no longer perform these
roles in the transaction, without implementing remedial actions
as outlined in the transaction documentation.

Fitch understands that the transaction parties have initiated
action to mitigate such counterparty exposures.  The agency will
closely monitor the progress of implementation of remedial
actions and will provide further commentary in the upcoming
weeks.


IM CAJAMAR: Fitch Assigns 'CCC' Rating to EUR210MM Class B Notes
----------------------------------------------------------------
Fitch Ratings has assigned IM CAJAMAR EMPRESAS 4, FTA's notes
final ratings, as follows:

  -- EUR840m Class A notes (ISIN ES0347454003): 'A-sf'; Outlook
     Stable
  -- EUR210m Class B notes (ISIN ES0347454011): 'CCCsf'; 'RE50%'
  -- EUR94.5m Class C notes (ISIN ES0347454029): Not rated

The ratings are based on the quality of the collateral, the
underwriting and servicing of the portfolio loans, the integrity
of the transaction's legal and financial structure, the isolation
of counterparty risk provided by the structure, available credit
enhancement (CE) and the management company's administrative
capabilities.  Fitch has assigned a recovery estimate (RE) in the
range of 40% to 60% for the class B notes, which results in a
mid-point RE of 50%.

The ratings address payment of interest on the notes according to
the terms and conditions set in the documentation and repayment
of principal by final maturity of the transaction in September
2048.

The transaction is a granular cash flow securitization of a
static portfolio of secured (44% of preliminary pool) and
unsecured (56% of preliminary pool) loans granted to small- and
medium-sized enterprises (SMEs) and self-employed individuals
(SEIs) located in Spain for the purpose of financing business
activities, originated and serviced by Cajamar Caja Rural,
Sociedad Cooperativa de Credito (Cajamar, 'BBB+'/Negative/'F2').
portfolio is concentrated in farming & agriculture (31.5%) in
Andalucia (44%) and Murcia (31%).  Fitch's analysis was based on
a preliminary portfolio dated January 16, 2012.   agency has
confirmed that there are no material differences between the
final and preliminary pool.

The class A notes benefit from CE in the form of subordination
(20%) and a cash reserve fund of 9%.  The reserve fund is only
available to provide liquidity to the notes during the life of
the transaction, and to redeem any outstanding amounts of the
notes at maturity. CE for the Class B notes is provided by the
reserve fund.

Fitch applied its "Rating Criteria for European Granular
Corporate Balance-Sheet Securitisations (SME CLOs)".  Fitch has
given credit in its analysis to the better performance of SEIs
compared to SMEs, which has been observed in the analysis of
historical data provided by the originator and in the performance
of previous SME CLO securitizations of loans originated by
Cajamar.

The agency has applied forward-looking probability of defaults
(PD) based on a 90 days past due default assumption segmented by
type of obligor (ie 1.8% for SEIs and 3.7% for SMEs), which
results in a weighted average forward-looking annual PD for the
portfolio of 3.5%.  This compares with the Spanish average PD
estimated by Fitch of 3.75% for non real estate exposures.

The transaction has low exposure to the real estate and building
and material sectors (7.4% of preliminary pool).  However, to
capture Fitch's negative outlook for those economic activities,
the agency has applied a forward-looking annual PD of 8% to such
obligors.

The originator provided vintage recovery data for 2006-2011. The
observed recovery rates (RRs) were lower than the RRs calculated
by the agency.  Therefore the final recovery assumptions were
adjusted to the originator's historical experience Fitch has
applied commercial property market value decline assumptions to
productive land in the pool.  Fitch has credited the better
evolution of prices for undeveloped land related to agriculture
and farming, as this is productive land and is not linked to real
estate and development industries.

Fitch has assumed a 20% base case cure rate (between 90 days past
due status and actual foreclosures) for the assets in the
portfolio which is derived from the cure rates observed in the
historical data provided by the originator. The assumed cure rate
was lower for higher stress scenarios.

In Fitch's view, obligor concentration is not a credit concern as
the top 1 risk group represents 1%, top 10 represent less than 5%
and only 3 obligors account for more than 0.50% of the pool.
Obligor concentration risk is captured in the analysis using
Fitch's portfolio credit model.

In terms of counterparty exposures, Fitch considers the structure
provides adequate mitigants against potential deterioration
against Cajamar and Banco Santander, as reinvestment account and
treasury account providers.  Rating triggers have been included
in the transaction documents in line with Fitch's Structured
Finance Counterparty Criteria.

Fitch believes the potential commingling risk for the transaction
in the event of Cajamar as collateral servicer suffering any type
of disruption, to be immaterial.  This is considering that
payments made by the borrowers will be placed in the reinvestment
account on a daily basis, thus reducing to the minimum the volume
of collections that could commingle with the insolvency state of
the defaulted servicer to a minimum. In the event of the servicer
becoming insolvent, the asset collections and transfers to the
reinvestment account are likely to be interrupted while
alternative arrangements are made.  However, Fitch takes comfort
from the cash reserve fund available to the issuer and that it
can only be used to cover for potential interest shortfalls
during the life of the transaction and only for potential
principal shortfalls at final maturity date.

The structure has no interest rate swap and noteholders are
exposed to basis and reset risk on the floating part of the
portfolio and interest rate risk on the sub portfolio paying a
fixed rate of interest (17%).  Fitch captured these risks within
its credit analysis.


* SPAIN: Grants Highway Operators' Request for Aid
--------------------------------------------------
Angeline Benoit at Bloomberg News, citing Cinco Dias, reports
that Spain's Development Ministry has responded favorably to
banks' request for aid to prevent highway operators going
bankrupt.

According to Bloomberg, Cinco Dias said that the government is
considering a plan to compensate highway operators' falling
income as traffic is lower than forecast.

Bloomberg relates that Cinco Dias said the aid would enable the
companies repay banks around EUR3 billion (US$4 billion) in
loans.


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


ALBURN REAL: S&P Lowers Ratings on Two Note Classes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Alburn Real Estate Capital Ltd.'s class A, B, and C notes. "At
the same time, we affirmed our ratings on the class D and E
notes," S&P said.

"The rating actions follow our review of the loan backing the
transaction. We believe the creditworthiness of the loan has
deteriorated since our last review. The loan is currently secured
by 45 secondary-quality commercial properties located throughout
the U.K. The portfolio consists of office (72.8% of the latest
valuation), industrial (17.5%), shopping center (7.50%), and
retail properties (2.20%)," S&P said.

The current whole-loan balance is GBP195.6 million, which
includes a GBP11.8 million in B-notes. The legal final maturity
date of the Alburn Real Estate Capital transaction is October
2016, compared with a loan maturity date in October 2013.

"Since origination in 2007, the portfolio net rental income has
dropped by 12%. The portfolio has a weak lease profile, with a
short weighted-average remaining lease term of 3.75 years.
Roughly 44% of the income is due to mature before the loan
maturity in October 2013. Despite the credit that could be given
to the re-letting of the vacant space, we believe a further
decline of Alburn Real Estate Capital's net income is inevitable
in the next 12 to 18 months," S&P said.

A full, updated valuation in April 2011 resulted in a breach of
the loan's loan-to-value (LTV) ratio covenants. Because the
borrower didn't cure the breaches, the loan was declared to be in
default in May 2011.

"In September 2011, CBRE Ltd. reported a new valuation of
GBP124.75 million, representing a market value decline of 50%
since Day 1. This has resulted in a senior LTV ratio of 147.35%
and a whole-loan LTV ratio of 156.8%. The note balance is
GBP183.8 million and the class A notes alone have a balance of
GBP121.6 million," S&P said.

"Given the leverage profile of the loan, in November 2011, the
loan servicer (N M Rothschild & Sons) indicated its intention to
enforce the loan and dispose the assets. If the loan were
enforced now, it would likely crystallize swap breakage costs of
about GBP15 million, according to the loan servicer. The breakage
costs would reduce the ultimate proceeds allocated to the notes
because they rank senior to any amounts due under the notes.
Based on the valuation in September 2011, and the latest estimate
of swap breakage costs, losses could affect up to the class A
notes," S&P said.

"In December 2011, the junior lender, exercising its right to
appoint a special loan servicer to service the whole loan,
nominated Hatfield Phillips International Ltd. Despite these
events, the loan hasn't yet been transferred to special
servicing," S&P said.

"In its January 2012 report, the servicer indicated it decided to
suspend taking any further action regarding loan enforcement to
give the junior lender and the special servicer reasonable time
to fulfill the various conditions and requirements," S&P said.

"We believe the recoveries achievable on the portfolio, in line
with CBRE's valuation in September 2011, would result in losses
for the class B to E notes, whether enforcement is progressed or
delayed. Based on this valuation, the only situation in which the
class A notes would not suffer losses is a scenario where swap
breakage costs would be equal to zero. However, we believe
enforcement prior to the loan maturity date remains a likely
scenario, and we therefore consider the creditworthiness of the
class A notes has deteriorated since our last review," S&P said.

"In view of these factors, we have lowered our ratings on the
class A to C notes, and affirmed our 'CCC-' ratings on the class
D and E notes," S&P said.

Alburn Real Estate Capital closed in February 2007, with a total
issuance of GBP188.05 million. The legal final maturity is in
October 2016.

        Potential Effects of Proposed Criteria Changes

"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8, 2011, Advance Notice of Proposed
Criteria Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions," S&P said.

"Subsequently, we will consider market feedback before publishing
our updated criteria. Our review may result in changes to the
methodology and assumptions we use when rating European CMBS, and
consequently, it may affect both new and outstanding ratings on
European CMBS transactions," S&P said.

"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," 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

Alburn Real Estate Capital Ltd.
GBP188.05 Million Commercial Mortgage-Backed Floating-Rate Notes

Class              Rating
            To                   From

Ratings Lowered

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

Ratings Affirmed

D           CCC- (sf)
E           CCC- (sf)


CARMS CONSTRUCTION: To Enter Into Voluntary Liquidation
-------------------------------------------------------
South Wales Evening Post reports that Carms Construction Ltd,
formerly known as Machynys Homes Construction, is going into
liquidation with six people being made redundant.

The company has instructed liquidators Harris Lipman LLP to help
place the company into liquidation, the report says.

A meeting between members and creditors will be held on March 8,
when the company will officially be handed over for voluntary
liquidation, according to the Evening Post.

The report notes that the company said in a statement the
separate company Machynys Homes, which sold the properties, would
not be affected.

"The directors of Carms Construction Limited have instructed
Harris Lipman LLP to assist with placing the company into
creditors voluntary liquidation," the company said.

Carms Construction Ltd is a construction company.


GEMGARTO 2011-1: S&P Withdraws 'BB+' Rating on Class B2 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its preliminary
credit ratings on Gemgarto 2011-1 PLC's class A1, M1, M2, B1, and
B2 notes.

The withdrawals are due to the postponement of the transaction's
closing date.

Kensington Mortgage Company Ltd. originated the nonconforming
first-ranking residential mortgages secured over properties in
England and Wales, which were expected to back the notes.

Ratings List

Class                Rating
                 To         From

Gemgarto 2011-1 PLC
GBP200 Million Mortgage-Backed Floating-Rate Notes, and
GBP4 Million Non-Mortgage Backed Notes

Preliminary Ratings Withdrawn

A1               NR         AAA (sf)
M1               NR         AA  (sf)
M2               NR         A (sf)
B1               NR         BBB (sf)
B2               NR         BB+ (Sf)
R                NR         NR

NR--Not rated.


JUST FOR FUN: Shuts Down Business, 40 Jobs Axed
-----------------------------------------------
Matt Smith at the Daily Echo reports that the directors of Just
for Fun chain of shops in Hampshire have started closing down the
business with the loss of around 40 jobs.

Two stores in Queen's Way, Southampton and Upper Brook Street,
Winchester have already closed.  Staff at a third at Hedge End
Trade Park said it would be closing within weeks after it staged
a closing down sale, the Echo relates.

The firm has also stopped taking any more orders for costume hire
or purchase on its Web site, says the Echo.

According to the report, the family run and owned firm, which was
established 38 years ago, had grown into a thriving business with
the three branches and an increasingly popular worldwide mail
order department run from a Hedge End despatch centre.  It
offered nearly 10,000 individual items to buy online.

The company offered a one-stop shop for all manner of fancy dress
costumes and accessories and even sold a range of outfits for
dogs.

But company directors and founders, brothers Geoff and Peter
Richards, said the "dire economic climate" was to blame for the
closure and having taken advice had decided to move the company
into voluntary trading, the report relays.

Daily Echo notes that the finances of the firm will be laid bare
to creditors at a meeting on March 7 when they will be asked to
agree to put the company into voluntary liquidation.

The brothers have appointed London-based Accura Accountants
Business Recovery Turnaround, the report adds.

Just for Fun -- http://www.justforfun.co.uk/-- sells fancy dress
costumes, accessories, decorations, balloons and party supplies.


MALCOLM SCOTT: Firms Goes Into Administration
---------------------------------------------
news.scotsman.com reports that the Scottish Conservatives have
dismissed the impact of one of their leading donor's companies
going into administration.

Firms belonging to the Scottish party's former treasurer Malcolm
Scott have reportedly gone into administration, which was
described by opponents as a "major blow" to Scottish Tory leader
Ruth Davidson, according to news.scotsman.com.

The report notes that Mr. Scott was the biggest donor to the
party following Lord Laidlaw withdrawing his support after the
failure to win more than one Westminster seat in 2010.

However, news.scotsman.com says party sources said he had been
replaced as treasurer by James Stewart, who was a major funder in
Ms. Davidson's leadership campaign.  A party source said: "We
don't want to comment on Malcolm Scott's difficulties if they are
true, but there has been a change in recent months in the party's
organization."


MF GLOBAL: UK Unit Makes First Distribution to Clients
------------------------------------------------------
The joint special administrators of MF Global UK have confirmed
that they started making interim distribution payments to those
with agreed client money claims on February 10, 2012, according
to an updated posted in the administrators' Web site.

The first wave of settlements affects up to 600 clients with
estimated claims of US$12 million, with a second wave of
settlements starting from next week, affecting another 1,300
clients with estimated claims of US$19 million.

To receive an interim distribution payment, clients must agree
the balance represents their entire claim against MF Global UK
and must enter into a settlement agreement, which provides an
indemnity to repay any amounts received in excess of the client's
entitlement.  The special administrators are urging clients who
meet the interim distribution requirements to complete the bank
confirmation form without which they are unable to transfer
money.   More detailed information on making claims is available
at: http://www.kpmg.co.uk/mfglobaluk

The special administrators will continue to make interim payments
of 26c in the $1 as and when client money claims are agreed.

                          About MF Global

New York-based MF Global (NYSE: MF) -- http://www.mfglobal.com/
-- is one of the world's leading brokers of commodities and
listed derivatives.  MF Global provides access to more than 70
exchanges around the world.  The firm is also one of 22 primary
dealers authorized to trade U.S. government securities with the
Federal Reserve Bank of New York.  MF Global's roots go back
nearly 230 years to a sugar brokerage on the banks of the Thames
River in London.

MF Global Holdings Ltd. and MF Global Finance USA Inc. filed
voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 11-
15059 and 11-5058) on Oct. 31, 2011, after a planned sale to
Interactive Brokers Group collapsed.  As of Sept. 30, 2011, MF
Global had $41,046,594,000 in total assets and $39,683,915,000 in
total liabilities.  It is easily the largest bankruptcy filing so
far this year.

Judge Honorable Martin Glenn presides over the Chapter 11 case.
J. Gregory Milmoe, Esq., Kenneth S. Ziman, Esq., and J. Eric
Ivester, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, serve
as bankruptcy counsel.  The Garden City Group, Inc., serves as
claims and noticing agent.  The petition was signed by Bradley I.
Abelow, Executive Vice President and Chief Executive Officer of
MF Global Finance USA Inc.

MFGH's subsidiaries MF Global Capital LLC, MF Global FX
Clear LLC and MF Global Market Services, LLC filed for bankruptcy
protection on December 19, 2011.

The Securities Investor Protection Corporation commenced
liquidation proceedings against MF Global Inc. to protect
customers.  James W. Giddens was appointed as trustee pursuant to
the Securities Investor Protection Act.  He is a partner at
Hughes Hubbard & Reed LLP in New York.

Jon Corzine, the former New Jersey governor and co-CEO of
Goldman Sachs Group Inc., stepped down as chairman and chief
executive officer of MF Global just days after the bankruptcy
filing.  Seven directors of MF Global Holdings resigned from
their posts on Nov. 28, 2011.

U.S. regulators are investigating about $633 million missing from
MF Global customer accounts, a person briefed on the matter said
Nov. 3, according to Bloomberg News.

The New York Stock Exchange has removed MFGI securities from
listing.

Bankruptcy Creditors' Service, Inc., publishes MF GLOBAL
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by MF Global Holdings and other insolvency and
bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


PORT VALE: In the Brink of Administration After Unpaid Tax Bill
---------------------------------------------------------------
The Sentinel reports that Port Vale appear to be on the brink of
going into administration after being sanctioned for failing to
pay a tax bill.

The latest in a series of financial setbacks has fans fearing
that after more than 130 years, the club is edging towards a
second fight for survival, according to The Sentinel.  The report
relates that Vale's latest financial woe prompted the Football
League to impose a transfer embargo.

The Sentinel discloses that in recent weeks, Vale have missed a
GBP19,616 installment on their GBP2.25 million city council loan,
been sued by their Essex-based shirt sponsor Harlequin Property
over the repayment of a GBP125,000 loan, and taken out a
GBP277,000 mortgage on Vale Park with Gibraltar-based Continental
Solutions.

The Sentinel says that they are also in dispute with the Milton
Keynes-based company who produce the match day programs, and the
American sponsor of their tour to the United States last summer.

The report relays that Vale fans feared administration was
inevitable, and wanted to take the hit of a points deduction as
soon as possible so the club could start to rebuild.

The report notes that the club has not revealed the amount of
current debt to the tax man.

Shareholders will get the chance to oust Vale's board at an
Extraordinary General Meeting on Tuesday, March 13, the same day
the club is holding its Annual General Meeting, The Sentinel
adds.


PREMIER FOODS: Nears Debt Refinancing Deal with Lenders
-------------------------------------------------------
EADT24 reports that Premier Foods is thought to be on the brink
of agreeing new bank loans that will secure its future.

According to EADT24, part-nationalized Royal Bank of Scotland and
Lloyds are among the lenders expected to renew GBP1 billion of
loans and extend Premier's repayment deadline for a further three
years beyond the current deadline in 2013.

Heavily indebted Premier has been brought to the brink by debts
incurred on an expansion spree that saw it buy RHM, the firm
behind Hovis bread, for GBP1.2billion in 2007 having acquired
Campbell's UK and Irish business, adding Oxo, Batchelors,
Homepride and Fray Bentos, the year before, EADT24 relates.

According to reports, the banks will ask that the proceeds of
several disposals planned by Premier are used to fund some
repayments before the new 2016 deadline, EADT24 discloses.

Premier has already signaled the potential sale of some of its
brands as it looks to focus on eight "power" brands, including
Oxo and Bisto, EADT24 notes.

It is understood that the majority of Premier's 28 lenders are
supportive of the debt deal, although one or two have
reservations which could prolong negotiations for another few
weeks, according to EADT24.

Premier Foods plc is United Kingdom-based company engaged in food
manufacturing, processing and distribution.


RANGERS FOOTBALL: Plus Stock Exchange Imposes GBP50,000 Fine
------------------------------------------------------------
Martyn McLaughlin at The Scotsman reports that Rangers have been
fined GBP50,000 by the Plus stock exchange for failing to
disclose that owner Craig Whyte had been disqualified as a
company director, a fact the controversial businessman on Sunday
night dismissed as an "irrelevance".

The venture capitalist was disqualified in 2000 for seven years,
but Rangers did not announce that fact until November 30 -- six
weeks after the Insolvency Service had confirmed it in a BBC
documentary, the Scotsman discloses.

In the latest blow to its parlous financial state, the club was
on Sunday issued with the fine and a public censure following an
investigation by the stock exchange, which suspended trading in
the club's shares last month because of its failure to publish
audited accounts, the Scotsman relates.

According to the Scotsman, James Godwin, director of regulation
at Plus, said the Glasgow club's delay in confirming Mr. Whyte's
disqualification was evidence of its "deliberate, negligent or
reckless" attitude to stock exchange rules.

The fine comes as the club's administrators, Duff & Phelps, are
expected to announce cuts to the playing and backroom staff as
part of a cost-cutting drive, the Scotsman notes.

As reported by the Troubled Company Reporter-Europe, BBC News
related that Rangers appointed administrators on Feb. 14, with
Her Majesty's Revenue and Customs pursuing an unpaid GBP9 million
tax bill accrued since Mr. Whyte assumed control at Ibrox last
May.

                  About Rangers Football Club

Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club.  The Company has launched its own
Internet television station, RANGERSTV.tv.  The station combines
the use of Internet television programming alongside traditional
Web-based services.  Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary.  The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action.  Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.


TOBACCO GROUP: Moody's Issues Summary Credit Opinion
----------------------------------------------------
The following release represents Moody's Investors Service's
summary credit opinion on Imperial Tobacco Group PLC (Imperial)
and includes certain regulatory disclosures regarding its
ratings. This release does not constitute any change in Moody's
ratings or rating rationale for Imperial.

Moody's current ratings on Imperial Tobacco Group PLC and its
affiliates are:

Imperial Tobacco Group PLC

- Long Term Issuer rating of Baa3

Imperial Tobacco Finance PLC

- Backed Senior Unsecured domestic currency ratings of Baa3

- Backed Senior Unsecured foreign currency ratings of Baa3

- Backed Senior Unsecured MTN foreign currency ratings of (P)Baa3

Ratings Rationale

Moody's has recently updated the credit opinion for Imperial.
Please see the issuer page on Moody.com for the most current
publication.

Imperial's Baa3 rating reflects relatively weak credit metrics,
in line with a Ba rating, which, however, are partially offset by
a mix of solid investment-grade characteristics, such as
Imperial's size, geographic spread, leading market positions in
selected countries and strong cash generation. Moody's has noted
significant improvements in Imperial's key financial ratios over
the past three financial years, following its acquisition of
Altadis in 2008. However, Moody's current rating factors in
Moody's expectation that Imperial will further strengthen its
financial leverage and maintain its cash flow coverage ratios
compared to financial year-end (FYE) September 2011 levels.
Moody's rating also reflects Moody's expectation that Imperial
will be able to not only maintain, but moderately expand its top
line and profitability, offsetting the ongoing decline in
cigarette consumption in mature markets through price increases
and expanding into emerging markets. However, Moody's notes that
Imperial might remain more challenged than its peers to maintain
its existing market share, as a result of its weaker presence in
high-growth emerging markets.

The stable outlook reflects the ongoing improvement in Imperial's
key credit metrics since the Altadis acquisition and Moody's
expectation that these will further strengthen, although
moderately, over the short term. The outlook also reflects
Moody's expectation that Imperial will continue to offset
regional volume decline through price increases and growth in
emerging markets.

Positive pressure on Imperial's rating could arise if the group
were to reduce its debt/EBITDA ratio to below 3.0x and improve
its RCF/net debt ratio to around 15% on a sustainable basis. In
addition, before Moody's was to consider an upgrade, Imperial
would need to demonstrate resilient operating performances.
Negative pressure on Imperial's ratings could arise from a
weaker-than-expected operating performance or a sizeable debt-
financed acquisition. Such developments could be reflected by the
group's debt/EBITDA ratio remaining above 3.5x and RCF/net debt
well below the mid-teens in percentage terms for a prolonged
period of time.

Imperial Tobacco Group PLC (Imperial) is the fourth-largest
international tobacco company in the world in terms of revenues
and volumes, reporting tobacco net revenues of around GBP6.9
billion during FYE 2011. Distribution fees from logistics
activity for both tobacco and non-tobacco products during FYE
2011 stood at GBP0.9 billion. However, Imperial's logistics
operations make only a small contribution to group operating
profit (c. 6%) as a result of the relatively low profitability of
these services. Imperial sells cigarettes, fine-cut tobacco,
papers, cigars and snus across the world, in both mature and
emerging markets, and has significant market shares in cigarettes
and fine-cut tobacco specific markets such as the UK and Spain,
where the group is market leader.

The principal methodology used in these ratings was the Global
Tobacco Industry Methodology published in November 2010.


V&J SUPERBIKES: Set to Go Into Administration
---------------------------------------------
thisisthewestcountry.co.uk reports that V&J Superbikes has closed
its doors and is set to enter administration.

V&J Superbikes shut earlier this month along with another branch
in Taunton town center, according to thisisthewestcountry.co.uk.
The report relates that the site was operated as a franchise with
motorbike manufacturer Honda and had traded for about a decade,
describing itself as 'the UK's premier Honda and Kasawaki
dealer'.

Director David Hopgood told Motorcycle News magazine: "After the
conclusion of our partnership with Honda and some very tough
trading conditions the directors of V&J Superbikes have taken the
very difficult decision to begin the appointment of Milsted
Langdon as administrators," thisisthewestcountry.co.uk notes.

The report notes that a spokesman for Milsted Langdon said they
had been approached to act as administrators and they were
hopeful the appointment would be made later this week.

"We can confirm V&J has ceased trading.  Anyone who has put down
a deposit on a new Honda should contact us and they will process
the case on a case-by-case basis," the report quoted a Honda
spokesman as saying.

V&J Superbikes is a major motorbike dealer in Bridgwater.


WESTMODE LTD: Goes Into Liquidation; Axes at Least 30 Jobs
----------------------------------------------------------
Swindon Advertiser reports that Westmode Ltd has folded with the
loss of at least 30 jobs.  The company ceased trading on Monday,
and all the workers lost their jobs, the report relates.

An answerphone message at the firm this week confirmed it had
gone into liquidation and referred queries to the administrators,
according to Adver.

Adver says former members of staff who answered the door at
Westmode's HQ in Sycamore House on the Swindon Road confirmed
they had lost their jobs but declined to comment further.

Based in Stratton St Margaret, Westmode Ltd was an excavation and
groundwork contractor.  The company operated across the region,
including Wiltshire, Bristol, Oxford, Portsmouth and Southampton.
It employed at least 30 people.


                             *********

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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