TCREUR_Public/120301.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

           Thursday, March 1, 2012, Vol. 13, No. 44

                            Headlines



A U S T R I A

OESTERREICHISCHE VOLKSBANKEN: Banking Sector to Pay for Bailout


A Z E R B A I J A N

BANK OF AZERBAIJAN: Fitch Downgrades Viability Rating to 'f'


B U L G A R I A

EASTMAN KODAK: To Close Graphic Communications Unit in Bulgaria


F R A N C E

CMA CGM: Robert Yildrim Seeks Substantial Adjustments


G E R M A N Y

EUROHYPO AG: Fitch Lowers Subordinated Debt Rating to 'B+'
FRESENIUS SE: S&P Upgrades Corporate Credit Rating to 'BB+'
GRAND HOTEL: Files for Insolvency on Lack of New Investors
SOLAR MILLENNIUM: Fuerth Court Commences Insolvency Proceedings


G R E E C E

* GREECE: DSW Seeks Clarity on Treatment of Individual Investors
* GREECE: Fitch Says Downgrade No Immediate Bank Rating Impact


I T A L Y

BANCO POPOLARE: S&P Cuts Rating on Hybrid Tier 1 Debt to 'B-'


N E T H E R L A N D S

AEG POWER: S&P Affirms 'B-' Long-Term Corporate Credit Rating
CHEYNE CREDIT: Fitch Affirms Rating on Class V Notes at 'Bsf'
HYVA HOLDING: Fitch Cuts Senior Unsecured Debt Ratings to 'B+'


P O R T U G A L

REN-REDES: S&P Lowers Corporate Credit Ratings to 'BB+/B'
* PORTUGAL: Passes Bailout Review; Won't Need Second Rescue


S P A I N

CEMEX ESPANA: Fitch Rates Proposed Senior Secured Notes at 'B+'


S W E D E N

SAAB AUTOMOBILE: Brightwell Holdings Withdraws Takeover Bid


U N I T E D   K I N G D O M

CPUK FINANCE: Fitch Rates GBP280 Million Class B Notes at 'B+'
RESIDENTIAL MORTGAGE: Moody's Cuts Rating on B2 Notes to 'Caa1'
VEDANTA RESOURCES: Moody's Affirms 'Ba1' Corporate Family Rating
VIRGIN MEDIA: Fitch Assigns 'BB+' Rating to US$400-Mil. Sr. Notes


U Z B E K I S T A N

HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'


X X X X X X X X

* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22
* Upcoming Meetings, Conferences and Seminars


                            *********


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A U S T R I A
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OESTERREICHISCHE VOLKSBANKEN: Banking Sector to Pay for Bailout
---------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria's banking
sector will pay for the bailout of Oesterreichische Volksbanken
AG through a 25% increase of the nation's banking tax.

According to Bloomberg, Junior Finance Minister Andreas Schieder
said on Tuesday that a bankruptcy of Volksbanken "wasn't
impossible in the last few nights," and it would have been more
expensive for the other banks because of their joint and mutual
deposit insurance.

"Therefore I think it's a fair contribution by the banks,"
Bloomberg quotes Mr. Schieder as saying.  "What was important for
us is that our budget deficit plan remains intact and we don't
need to use the tax base for the rescue."

Mr. Schieder, as cited by Bloomberg, said that Austria aims to
sell its stake in Volksbanken until 2017.

Headquartered in Vienna, Austria, Oesterreichische Volksbanken-AG
-- http://www.volksbank.com/-- is an internationally active
commercial bank.  The Bank is divided into four business
segments: Corporates, Retail, Real Estate and Financial Markets.
The Corporates segment caters to corporate customers, mainly via
Investkredit Bank AG.  The Retail segment covers all business
areas which are executed directly with private individuals,
executed mainly by the regional Volksbanks.  The Real Estate
segment provides financing, real estate project development and
asset management for commercial real estate.  The Financial
Markets segment offers services such as exchange-rate, interest-
rate and pricing products and different forms of derivatives.
The Bank's subsidiaries include, amongst others, Investkredit
Bank AG, Volksbank International AG, Volksbank Invest
Kapitalanlagegesellschaft m.b.H., Immo Kapitalanlage AG,
Volksbank Wien, Immo-Bank AG and Investkredit Investmentbank AG.
The Bank is 58.2% owned by Volksbank Holding.


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A Z E R B A I J A N
===================


BANK OF AZERBAIJAN: Fitch Downgrades Viability Rating to 'f'
------------------------------------------------------------
Fitch Ratings has maintained International Bank of Azerbaijan's
(IBA) Long-term Issuer Default Rating (IDR) of 'BB+', Support
Rating of '3' and Support Rating Floor of 'BB+', on Rating Watch
Negative (RWN).  At the same time, the agency has downgraded
IBA's Viability Rating (VR) to 'f' from 'cc'.

The rating actions follow the steps taken by the Azerbaijan
authorities to recapitalize IBA with equity and subordinated
debt.  Fitch views these actions positively, and they increase
the probability of the bank's Long-term IDR ultimately being
affirmed at its current level.  At the same time, the agency
believes that the recapitalization measures currently envisaged
are likely to be insufficient, and has therefore maintained IBA's
ratings on RWN, reflecting the continued risk of a downgrade.

IBA's Long-term IDR is driven by potential support from the
Azerbaijan authorities, given the bank's majority state
ownership, high systemic importance, its part policy role and its
moderate size relative to the sovereign's resources.  At the same
time, the prolonged delays with the recapitalization of the bank,
its sizable minority ownership and weaknesses in corporate
governance weigh on the rating.

Fitch has been informed that on February 21 the Central Bank of
Azerbaijan (CBA) converted AZN150 million of short-term senior
facilities extended to IBA into five-year subordinated debt.  For
regulatory purposes, this instrument will be classified as Tier 1
capital, and should therefore just be sufficient to bring the
bank's regulatory capital adequacy ratio back above the minimum
12% level, for the first time since January 2010.

In addition, the bank has announced a proposed AZN100 million
equity issue, which is subject to approval at the shareholders
meeting scheduled for end-March 2012.  In anticipation of this,
the Ministry of Finance (IBA's main shareholder with a 50.2%
stake) has already transferred AZN50 million to the bank.
However, minority shareholders will have up to one year after the
shareholder meeting to purchase shares, which in Fitch's view is
likely to considerably delay completion of the issue.

Although Fitch welcomes the fact that the Azerbaijan authorities
have finally taken some concrete steps to recapitalize IBA, the
agency believes that these measures are likely to be insufficient
relative to the bank's asset quality problems.  At end-2011, IBA
reported AZN590 million of non-performing loans (NPLs, 90+ days
overdue; equal to 18% of the portfolio) and AZN550 million (16%)
of restructured/rolled over loans, while the accrued impairment
reserves in the bank's statutory accounts were only AZN325
million.  Additional losses may also arise from a AZN730 million
portfolio of promissory notes (representing exposure to mainly
Russian construction projects).

Fitch calculates that in order to fully reserve for NPLs, create
25%-50% reserves against restructured/rolled over loans and 20%
reserves against the promissory notes (the latter in line with
the impairment already recognized in the 2010 IFRS accounts), IBA
would need to create additional provisions equal to about 1.0x
core capital (including the full planned AZN100 million
injection), although the bank expects that reserves in 2011
audited IFRS accounts will be significantly less. Furthermore,
Fitch notes that some of the top 20 loans are long-term exposures
currently benefiting from grace periods on payments of both
principal and interest, and their performance is currently
uncertain.

IBA's liquidity position also remains strained, and the
contribution of AZN50 million by the Ministry of Finance only
marginally improves the bank's flexibility.  At end-January 2012,
the cushion of cash and equivalents (AZN238 million) covered
IBA's customer accounts by only 10%, a modest level considering
the concentrated deposit base.  In addition, IBA remains in
breach of certain covenants (which will not be remedied by the
recapitalization plan), entitling creditors to accelerate a
funding facility of about AZN320 million (8% of the bank's
liabilities).  However, Fitch understands that creditors may now
be more inclined to provide waivers for covenant breaches,
considering measures being taken to support the bank.  A further
potential liquidity risk is represented by a AZN500 million
facility (due in less than 90 days) from a single bank
counterparty, although this has been rolled over on a regular
basis in the past.

The downgrade of IBA's VR to 'f' reflects Fitch's view that the
recapitalization of the bank represents extraordinary and
necessary support.  In accordance with the agency's criteria, a
bank's VR may be downgraded to 'f', indicating that the bank has
failed, after either a default or the provision of external
support which was necessary to avert a default.

Fitch expects to next review IBA's ratings after the publication
of the bank's 2011 IFRS accounts, expected by end-H112, and a
full review of the bank's financial position, in particular
including its asset quality.  If Fitch believes that the current
recapitalization measures are sufficient, then the Long-term IDR
is likely to be affirmed at 'BB+', and the VR will be upgraded to
reflect the bank's current standalone profile.  However, if the
agency believes that the recapitalization is clearly
insufficient, then the Long-term IDR may remain on RWN, and the
VR could be affirmed at 'f', or only upgraded to a still low
level.  Fitch is only likely to review IBA's ratings prior to the
publication of the IFRS accounts if there is a sharp tightening
of liquidity, or the bank's recapitalization program is
materially strengthened.

The rating actions are as follows:

  -- Long-term foreign currency IDR: 'BB+', maintained on RWN
  -- Short-term foreign currency IDR: 'B', maintained on RWN
  -- Viability Rating: downgraded to 'f' from 'cc', RWN removed
  -- Support Rating: '3', maintained on RWN
  -- Support Rating Floor: 'BB+', maintained on RWN


===============
B U L G A R I A
===============


EASTMAN KODAK: To Close Graphic Communications Unit in Bulgaria
---------------------------------------------------------------
Elizabeth Konstantinova at Bloomberg News, citing Capital Daily
newspaper, reports that Eastman Kodak Co. will close its Graphic
Communications unit in Bulgaria on April 1.

According to Bloomberg, the newspaper related that the Sofia,
Bulgaria-based factory makes digital and flexographic plates most
of which were exported and employs some 180 people.

                       About Eastman Kodak

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, voluntarily filed for Chapter 11
reorganization (Bankr. S.D.N.Y. Lead Case No. 12-10202) in
Manhattan.  Subsidiaries outside of the U.S. are not included in
the filing and will continue to operate as usual.

The Company, founded in 1880 by George Eastman, was once the
world's leading producer of film and cameras.  In recent years,
Kodak has been working to transform itself from a business
primarily based on film and consumer photography to a smaller
business with a digital growth strategy focused on the
commercialization of proprietary digital imaging and printing
technologies.

Having invested significantly in research and development for
over a century, Kodak has a vast portfolio of patents.  In 1975,
Kodak scientists invented the first digital camera.  Kodak then
went on to develop a vast collection of patented technologies to
enhance digital image capture and processing, technologies that
are used in virtually every modern digital camera, smartphone and
tablet, as well as numerous other devices.  Kodak has 8,900
patent and trademark registrations and applications in the United
States, as well as 13,100 foreign patents and trademark
registrations or pending registration in roughly 160 countries.

Kodak disclosed US$5.10 billion in assets and US$6.75 billion in
liabilities as of Sept. 30, 2011.  The net book value of all
assets located outside the United States as of Dec. 31, 2011 is
US$13.5 million.

Kodak says it has "significant" legacy liabilities, which include
US$1.2 billion in non-U.S. pension liabilities, US$1.3 billion of
Other Post-Employment Benefit ("OPEB") liabilities and roughly
US$100 million in environmental liabilities.

Kodak has outstanding funded debt in an aggregate amount of
roughly US$1.6 billion, consisting primarily of roughly: (a)
US$100 million outstanding under the first lien revolving credit
facility plus an additional US$96 million in face amount of
outstanding letters of credit; (b) US$750 million in principal
amount of second lien secured notes; (c) US$400 million in
principal amount of convertible notes; and (d) US$283 million in
principal amount of other senior unsecured debt.  Kodak also has
roughly US$425 million in outstanding trade debt.

Kodak sought bankruptcy protection amid near-term liquidity
issues brought about by steeper-than-expected declines in Kodak's
historically profitable traditional businesses, and cash flow
from the licensing and sale of intellectual property being
delayed due to litigation tactics employed by a small number of
infringing technology companies with strong balance sheets and an
awareness of Kodak's liquidity challenges.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, serve as counsel to the Debtor.  FTI Consulting,
Inc., is the restructuring advisor.   Lazard Freres & Co. LLC, is
the investment banker.   Kurtzman Carson Consultants LLC is the
claims agent.  A group of second lien lenders are represented by
Akin Gump Strauss Hauer & Feld LLP.

Bankruptcy Creditors' Service, Inc., publishes EASTMAN KODAK
BANKRUPTCY NEWS.  The newsletter tracks the Chapter 11 proceeding
undertaken by affiliates of Eastman Kodak and its affiliates
(http://bankrupt.com/newsstand/or 215/945-7000).


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


CMA CGM: Robert Yildrim Seeks Substantial Adjustments
-----------------------------------------------------
Robert Wright at The Financial Times reports that Robert
Yildirim, the entrepreneur who rescued CMA CGM from insolvency,
has warned that the world's third-largest container ship operator
by capacity needs to make substantial adjustments to reflect his
influence and make it more "healthy and dynamic."

Mr. Yildirim, of Turkey's Yildirim Group, also confirmed that he
had blocked plans last year by Jacques Saade, the Lebanon-born
founder of CMA CGM, to buy up to 20 large, new ships for use
after the Panama Canal expands in 2015, the FT relates.

According to the FT, Mr. Yildirim said that while he agreed with
the principle of buying new ships, the timing -- coinciding with
a glut of ships that has sent ship earnings plummeting -- was
wrong.

Mr. Yildirim, who was speaking on the sidelines of the Marine
Money German Ship Finance Forum, invested US$500 million in CMA
CGM in November 2010, when the company faced potential
insolvency, the FT discloses.

CMA CGM's frantic ship ordering in the run-up to the 2008
financial crisis was a major factor in bringing it close to
insolvency in 2009, when container volumes fell sharply for the
first time in the industry's history, the FT recounts.

France-based CMA CGM -- http://www.cma-cgm.com/-- ships freight
PDQ.  The marine transportation company is one of the world's
leading container carriers.  Through subsidiaries it operates a
fleet of about 370 vessels that serve more than 400 ports around
the globe, and it maintains a network of about 650 facilities in
about 150 countries.  In addition to hauling containers by sea,
CMA CGM provides logistics services, arranging the transportation
of containerized freight by river, road, and rail.  The company's
tourism division arranges cruises and other travel services.
Jacques Saade founded the company in 1978.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Dec. 7,
2011, Moody's Investors Service downgraded CMA CGM's corporate
family rating (CFR) and probability of default rating (PDR) to B2
from B1. Concurrently, Moody's downgraded to Caa1 from B3 CMA
CGM's EUR325 million and US$475 million worth of senior unsecured
notes maturing in 2019 and 2017, respectively.  Moody's said the
outlook is negative.


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G E R M A N Y
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EUROHYPO AG: Fitch Lowers Subordinated Debt Rating to 'B+'
----------------------------------------------------------
Fitch Ratings has affirmed Germany-based EUROHYPO AG's and its
100%-owned Luxembourg-based subsidiary EUROHYPO Europaeische
Hypothekenbank SA's (EUROHYPO Lux) Long-term Issuer Default
Ratings (IDR) at 'A-'.  Outlooks are Stable.

Simultaneously, Fitch has downgraded EUROHYPO's subordinated debt
rating to 'B+' from 'BB+'/Rating Watch Negative and hybrid Tier 1
instruments to 'CC' from 'CCC'.

The affirmation of EUROHYPO's IDRs and Stable Outlook reflects
the agency's view that the German authorities have a very high
propensity to provide extraordinary support to the bank should
this become necessary.  This propensity reflects EUROHYPO's
interconnectivity with its ultimate parent's creditworthiness and
its large volume of issued German Pfandbriefe.  Any change in the
ratings would result from a change either in Fitch's view of the
Federal Republic of Germany's own creditworthiness or in the
agency's opinion of the authorities' propensity to provide
support.

Fitch has not assigned a Viability Rating (VR) to EUROHYPO
because of its strong integration with its ultimate parent,
Commerzbank AG (Commerzbank; 'A+'/Stable/'F1+'), which holds
EUROHYPO through its 100% subsidiary Commerzbank Inlandsbanken
Holding GmbH (IBH; not rated).  Without the various ongoing
operational support measures extended to EUROHYPO by Commerzbank,
Fitch considers that it would not be an economically viable
business.  In particular, these support measures include funding
and capital support.

The provision of around EUR86.3 billion (at end-H111) intergroup
funding from Commerzbank not only enables EUROHYPO to avoid
having to access the market, but is also provided at short-term
rates (funding is technically being rolled over), thus flattering
the interest margin.  Capital support is being provided through
the profit-and-loss transfer agreement (PLTA) between EUROHYPO
and IBH. Through the PLTA, Commerzbank has been absorbing
EUROHYPO's annual losses since 2008.

As part of the agreement in 2009 with the European Commission
(EC) on Commerzbank's state aid package, Commerzbank is supposed
to be selling EUROHYPO by end-2014.  A sale on commercial terms
is looking increasing less feasible.  Fitch is not aware that any
alternative proposal is currently being considered, but in the
agency's view, the most likely outcome will be for the EC to
agree to a revision to its state aid agreement with Germany to
resolve EUROHYPO in an orderly way either within or outside
Commerzbank. EUROHYPO temporarily ceased writing new commercial
real estate business on Commerzbank's instruction in November
2011.  This move was driven by the European Banking Authority's
(EBA) capitalisation requirement for Commerzbank.

EUROHYPO Lux's Support Rating, and thus its Long-term IDR, are
driven by institutional support from EUROHYPO due to its strong
integration within the group.  EUROHYPO Lux's ratings have
consequently been aligned with those of EUROHYPO.

The downgrade of EUROHYPO's subordinated debt rating to 'B+' from
'BB+' is the result of the implementation of Fitch's revised
criteria for regulatory capital securities issued by banks (see
"Rating Bank Regulatory Capital and Similar Securities".  Fitch
has notched these issues from Commerzbank's 'bbb-' VR and added
additional notches to the typical one-notch differential between
a VR and this debt class for the risk of non-performance and loss
severity that would occur in a potential restructuring scenario
under the umbrella of the German authorities.  This additional
notching reflects Fitch's view that it will be very difficult for
EUROHYPO to become a viable entity by end-2014 and that EUROHYPO
could face some form of resolution organized by the German
authorities.

Fitch also downgraded EUROHYPO's Capital Funding Trust I and II
hybrid instruments, which are currently non-performing, to 'CC'
from 'CCC' to reflect Fitch's view that the instruments are
unlikely to resume coupon payment for a prolonged period.

The rating actions are as follows:

EUROHYPO:

  -- Long-term IDR: affirmed at 'A-', Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A-'
  -- Senior unsecured debt: affirmed at 'A-'
  -- Subordinated debt: downgraded to 'B+' from ''BB+, Rating
     Watch Negative removed

EUROHYPO Lux:

  -- Long-term IDR: affirmed at 'A-', Outlook Stable
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating: affirmed at '1'

EUROHYPO Capital Funding Trust I/II preferred stock
(XS0169058012, DE000A0DZJZ7): downgraded to 'CC' from 'CCC'


FRESENIUS SE: S&P Upgrades Corporate Credit Rating to 'BB+'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its
long-term corporate credit rating on Germany-based health care
group Fresenius SE & Co. KGaA (FSE) and its subsidiary Fresenius
Medical Care AG & Co. KGaA (FME; together with FSE, the group).
The outlook is stable.

"At the same time, we affirmed our 'BBB-' issue rating on FME's
senior secured debt facilities--including the term loan A, term
loan B, and revolving credit facility (RCF) due 2013. We also
affirmed our 'BBB-' issue rating on FSE's senior secured debt
facilities -- consisting of senior secured term loans and RCFs
raised by subsidiaries APP Pharmaceuticals LLC, Fresenius Finance
I S.A. (Luxembourg), and Fresenius U.S. Finance I Inc. We have
revised downward to '2' from '1' the recovery ratings on all of
the above senior secured debt instruments, indicating our
expectation of substantial (70%-90%) recovery for senior secured
creditors in the event of a payment default," S&P said.

"In addition, we raised to 'BB+' from 'BB' the issue rating on
FME's and FSE's various unsecured notes. The recovery rating on
these instruments is unchanged at '3', indicating our expectation
of meaningful (50%-70%) recovery prospects in the event of a
payment default," S&P said.

"We also raised to 'BB-' from 'B+' the issue rating on FSE's
EUR600 million euro-denominated promissory notes
('Schuldscheindarlehen'). The recovery rating on these notes is
'6', indicating our expectation of negligible (0%-10%) recovery
in the event of a payment default," S&P said.

"We align the corporate credit rating on FME with that on FSE to
reflect our assessment of FME's relationship with FSE. This
includes FSE's significant influence over FME, as well as the
nature of their economic relationship," S&P said.

"The upgrade primarily reflects our view of a steady increase in
FSE's revenue diversification, profitability, and cash flow
generation, despite the adverse macroeconomic environment. The
upgrade also reflects our view that FSE and FME should be able to
successfully refinance their sizable bank facilities maturing in
2013 within the next 12 months. We understand that the group
benefits from a diversified pool of lending banks, with which the
group mostly has solid relationships. In addition, the group has
very good standing in the capital markets, as demonstrated by the
two recent large-scale issuances at favorable rates," S&P said.

"In our view, FSE should maintain a Standard & Poor's-adjusted
debt-to-EBITDA ratio of about 3x and funds from operations to
debt in the 20%-25% range over the next 12-18 months," S&P said.

"We would consider a downgrade if the group were to exhibit signs
of a less conservative financial policy--such as unexpectedly
large shareholder returns or a sizable, largely debt-financed
acquisition. We could also consider a downgrade if operating
performance were to deteriorate below our base-case scenario. In
our view, this would stem mainly from tougher reimbursement
conditions than we anticipate in the group's established markets.
Finally, a downgrade could occur if the group does not
successfully address its 2013 debt maturities within the next 12
months, as this could render liquidity 'less than adequate,' as
defined in our criteria," S&P said.

"Ratings upside appears to be limited over the next 12 months, in
our view, as the group is set to absorb increased leverage from
recent acquisitions," S&P said.

"Upside over the medium term would stem from the group's more
entrenched market position, continuing improvements in operating
performance supported by a stable and favorable reimbursement
environment, and an unchanged financial policy," S&P said.


GRAND HOTEL: Files for Insolvency on Lack of New Investors
----------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that Grand Hotel
Heiligendamm GmbH & Co. KG, or Fonds KG, filed for insolvency
with the district court in Aachen, Germany, after failing to
attract new investors for an overhaul.

Fundus-Gruppe, which controls the hotel, said in a statement on
its Web site on Tuesday that the company can no longer pay the
interest on its loans, Bloomberg relates.

"The insolvency of Fonds KG is a black day for the Grand Hotel
Heiligendamm, its stakeholders, employees and the entire region,"
Bloomberg quotes Fundus-Gruppe as saying in a statement.  "We
didn't have the time to successfully complete the restructuring."

Grand Hotel Heiligendamm GmbH & Co. KG, or Fonds KG, is a luxury
hotel on Germany's Baltic Sea coast.


SOLAR MILLENNIUM: Fuerth Court Commences Insolvency Proceedings
---------------------------------------------------------------
The Local Court of Fuerth initiated the insolvency proceedings
for Solar Millennium AG on Tuesday.  The court appointed Volker
Boehm, lawyer from Nuremberg, as insolvency administrator.  An
interim insolvency administrator was appointed last December.
Upon the initiation of insolvency proceedings, Mr. Boehm assumes
power of administration and disposal from the former Company
organs.

The search for investors for the Company will continue.  The
insolvency administrator still sees takeover opportunities for
the Flagsol GmbH subsidiary in Cologne and some of the Spanish
power plant projects, particularly Arenales.  Apparently,
investors are also interested in taking over Solar Millennium AG
as a whole, although the prospects of success are highly
uncertain in this respect.  Therefore, the Company's remaining
staff of about 40 received a notice of termination on Tuesday.

The Court appointed a creditors' committee of inspection.  The
first creditors' meeting is scheduled to take place on May 15,
2012.

Solar Millennium AG is an Erlangen-based solar company.  It had
focused on developing solar-thermal plants in Europe and the U.S.


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G R E E C E
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* GREECE: DSW Seeks Clarity on Treatment of Individual Investors
----------------------------------------------------------------
Niklas Magnusson at Bloomberg News reports that German investor
protection group DSW said Greece needs to provide clarity on the
treatment of individual investors in its debt swap or risk a
holdout that may trigger the default European leaders are trying
to prevent.

According to Bloomberg, Dusseldorf-based DSW said in an e-mailed
statement on Tuesday that Greece should treat all small investors
across the European Union equally.  So far, DSW is only aware of
plans by the Greek government to compensate Greek retail
investors for their losses, Bloomberg notes.

A voluntary restructuring of Greece's debt that includes
bondholders taking a 53.5% cut in the value of their investments
to lower the country's debt burden is part of a EUR130 billion
(US$175 billion) bailout aimed at preventing a sovereign default,
Bloomberg discloses.  DSW said that if a solution isn't reached
swiftly on the compensation of retail investors, such a credit
event may result, Bloomberg notes.  Greece, Bloomberg says, is
proceeding with the debt exchange in the coming weeks to avoid
having to fully redeem EUR14.5 billion of bonds due on March 20.

"There will almost certainly be lawsuits from investors who
rejected the debt swap if the bonds due on March 20 are not
serviced," Bloomberg quotes Marc Tuengler, DSW's managing
director, as saying.  "That could well lead to an official
default."

Juergen Kurz, a spokesman for DSW, said on Tuesday that many of
DSW's members with Greek debt holdings do not plan to take part
in the debt swap, or have delayed their decision until legal
uncertainties have been clarified, Bloomberg relates.

Mr. Kurz, as cited by Bloomberg, said that investors who don't
participate in the exchange of old bonds for new ones don't lose
anything if Greece manages to avoid a default, unlike investors
who agree to a cut in the value of their Greek sovereign debt.
He said that if Greece cancels the payment on its debt, holders
of old bonds will take part in negotiations with the Greek
government, while investors with the new bonds won't be able to
do so, Bloomberg notes.


* GREECE: Fitch Says Downgrade No Immediate Bank Rating Impact
--------------------------------------------------------------
Fitch Ratings sees no immediate impact on Greek banks' ratings
following Greece's sovereign downgrade.  This is based on Fitch's
assumption that international support from the IMF/EU/ECB will
remain during Greece's debt restructuring.

The Long-term Issuer Default Ratings (IDRs) of National Bank of
Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank and
Agricultural Bank of Greece remain on their Support Rating Floors
(SRF) at 'B-' and continue to reflect Fitch's assumption that
international support from the IMF/EU/ECB in respect of Greek
banks' re-financing, liquidity and recapitalization will remain
in place during and on completion of Greece's debt exchange.

However, Fitch continues to see downside ratings risks as
expressed by the Rating Watch Negative (RWN) on banks' Long-term
IDRs.  Greek banks remain highly sensitive to the effects on
their capital and liquidity of the new private sector involvement
(PSI Plus) Greek debt exchange offer, the credit risk profile of
Greece after the completion of PSI Plus and any reduction in the
likelihood and timeliness of international support.

Greek banks' continued extraordinary access to liquidity, either
through the Bank of Greece or the ECB remains.  As per the EU
summit statement in July 2011 and further reiterated in the EU
summit in October 2011, credit enhancement will be provided to
underpin the quality of collateral as so to allow its continued
access to Eurosystem liquidity operations by Greek banks.

Fitch believes that the additional EUR30 billion extraordinary
capital backstop facility under the second IMF/EU/ECB support
program for Greece added to the EUR10 billion under the first
program is likely to be sufficient to cover credit losses arising
from the PSI Plus exchange offer, which entails a nominal haircut
of 53.5% to the face value of Greek government bonds (GGBs).

In line with Fitch's sovereign statement on February 22 2012, the
proposal to reduce Greece's public debt burden via a debt
exchange with private creditors will, if completed, constitute a
rating default, and result in the country's IDR being lowered to
'Restricted Default' ('RD') upon completion. The ratings of GGBs
affected by the exchange will also be lowered to 'D' ('default')
at this time.

Shortly after completion of the exchange with the issue of new
securities, Greece's sovereign rating would be removed from RD
and re-rated at a level consistent with the agency's assessment
of its post-default structure and credit profile.  At that point,
Fitch will also resolve the RWN on Greek banks' IDRs and assess
if these could be above, capped or below the sovereign rating.
While this will have to be analyzed on a bank by bank basis
taking into consideration the core aspects of Fitch's ratings
criteria, key rating drivers will be Fitch's judgment on
available and timely international support and Greece's sovereign
rating post-default.

Fitch considers there remain risks upon completion of the debt
exchange, particularly as there are execution risks as to how and
when banks will receive capital support, which are not yet
certain, as well as the presence of any regulatory forbearance.

Should Greek banks' effectively receive capital support, Fitch
will upgrade banks' Viability Rating (VR) of 'f' to a rating
level commensurate with its post-supported financial strength.
However, Fitch anticipates that the VRs of Greek banks will
remain at a deeply sub-investment grade rating level to reflect
the numerous challenges they are faced with and their substantial
weak credit fundamentals.  The latter is expressed by their
precarious funding and liquidity profiles, significant asset
quality concerns and operating losses in the context of Greece's
distressed macroeconomic environment.


=========
I T A L Y
=========


BANCO POPOLARE: S&P Cuts Rating on Hybrid Tier 1 Debt to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating on
the Hybrid Tier 1 debt issued by Italy-based Banco Popolare
Societa Cooperativa SCRL (Banco Popolare; BBB-/Negative/A-3) to
'B-' from 'B'. "At the same time, we removed the rating from
CreditWatch with negative implications, where we placed it on
Dec. 7, 2011," S&P said.

"The downgrade of the hybrid instruments is based on our view of
the increased risk that Banco Popolare could defer its hybrid
coupon payments in the future. This reflects our assessment of
the bank's modest earning capacity, owing to the current weak
economic environment, and the increased pressure on its capital
after the European Banking Authority (EBA) determined a potential
EUR2.8 billion capital shortfall in its stress test for Banco
Popolare, published on Dec. 8, 2011," S&P said.

On Feb. 15, 2012, Banco Popolare completed its buyback offers to
holders of Tier 1 and Tier 2 instruments. This offer is part of
the capital strengthening actions the bank is carrying out to
meet the EBA requirement of a 9% core Tier 1 ratio by June 2012.

"Following our review of the terms and conditions of the offer
and the recent amounts bought back by Banco Popolare, we consider
this offer to be 'opportunistic,' under our hybrid criteria.
According to our criteria, we consider an offer to be
'opportunistic' when a issuer offers to exchange bonds for below
par where changes in market interest rates, other technicalities,
or market developments have caused its bonds to trade at a
discount. We believe such an offer has no credit implications for
the issuer. In our view, the impact of the offer on the bank's
core Tier 1 ratio will be limited," S&P said.

Ratings List

Downgrade; CreditWatch Action
                           To              From
Banco Popolare Societa Cooperativa SCRL
Hybrid Instruments        B-              B/Watch Neg


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


AEG POWER: S&P Affirms 'B-' Long-Term Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based power solutions provider AEG Power Solutions
B.V. to developing from positive. "At the same time, we affirmed
our 'B-' long-term corporate credit rating on AEG Power
Solutions," S&P said.

"The outlook revision reflects our lack of information on the
potential acquisition of AEG Power Solutions' ultimate parent, 3W
Power S.A., by Andrem Power S.C.A. (Andrem; not rated), the
acquisition vehicle of private equity investor Nordic Capital
Fund VII. 3W Power has entered into a transaction agreement with
Andrem that provides a framework for the implementation of the
public takeover. Andrem has entered into share purchase or tender
agreements with certain core shareholders who together hold
approximately 65% of 3W Power's voting rights," S&P said.

"According to the terms of the transaction agreement, the offer
will be conditional on the acquisition by Andrem of no less than
95% of the outstanding 3W Power shares (including all 3W Power
shares subject to the share purchase or tender agreements). The
offer will also be conditional on Andrem receiving merger control
clearance, no material decline in 3W Power's financial
performance, and other conditions," S&P said.

"We could take either a positive or a negative rating action in
the next 12 months, depending on whether the acquisition proceeds
as planned, on our assessment of the final capital structure post
acquisition, and on the underlying performance of AEG Power
Solutions," S&P said.

"If the acquisition proceeds, we anticipate a greater potential
for rating downside than upside. Following the completion of the
acquisition, our analysis would primarily depend on our
assessment of the creditworthiness of the ultimate parent,
Andrem. A rating action would also depend on the funding of the
transaction and the resulting leverage of the consolidated
entity. A negative rating action could result from a change in
the shareholder structure that increases AEG Power Solutions'
leverage and/or weakens its liquidity position," S&P said.

"Should the transaction fail to proceed, we will reassess the
credit quality of AEG Power Solutions. In this case, we could
raise the rating if the company were to post a steady improvement
in credit measures supported by stable profitability and ample
liquidity. We consider the company's ability to generate EBITDA
margins of 8%-10% on a fully adjusted basis as necessary to
support funds from operations to debt of about 10% in 2012 and
beyond on a fully adjusted gross debt basis (that is, not taking
surplus cash into account in our debt calculation). At the same
time, we anticipate that AEG Power Solutions should sustain a
debt-to-EBITDA ratio of less than 5x at all times on a fully
adjusted gross debt basis," S&P said.


CHEYNE CREDIT: Fitch Affirms Rating on Class V Notes at 'Bsf'
-------------------------------------------------------------
Fitch Ratings has affirmed all six tranches of Cheyne Credit
Opportunity CDO I B.V.'s rated notes as follows:

  -- EUR385.08m class IA F (ISIN US167059AG90): Affirmed at
     'AAAsf'; Outlook Stable

  -- EUR138.0m class IB (ISIN XS0243224911): Affirmed at 'AAAsf';
     Outlook Stable

  -- EUR40.0m class II (ISIN XS0243225215): Affirmed at 'AAsf';
     Outlook Stable

  -- EUR40.0m class III (ISIN XS0243225488): Affirmed at 'Asf';
     Outlook Stable

  -- EUR60.0m class IV (ISIN XS0243225728): Affirmed at 'BBsf';
     Outlook Stable

  -- EUR30.0m class V (ISIN XS0243226296): Affirmed at 'Bsf';
     Outlook Stable

The transaction has performed in line with the agency's
expectations since the last review in April 2011.  There have
been no further defaults, while the notes have benefited from the
de-leveraging of the deal and improvement in the credit quality
of the performing portfolio.

In terms of portfolio characteristics, the credit quality of the
performing portfolio has not significantly changed since the last
review with a portfolio weighted average rating (WAR) of 'B'/'B-
'.  'CCC' or lower rated obligors marginally increased to 10.6%
from 10% at the last review.  Fitch notes that although
refinancing risk is not imminent for many issuers, obligors rated
'B-' or below, which represent 33.34% of the portfolio, are
potentially vulnerable.

The de-leveraging of the transaction has improved the credit
enhancement (CE) levels of the senior and the mezzanine notes
since the last review.  The class IA F has been paid down to 70%
of its original balance.

All over-collateralization (OC) tests are in compliance.  Fitch
notes that the transaction accounts for defaulted assets at zero
instead of at market value or recovery estimates for the purpose
of calculating OC tests.  Fitch views this as beneficial to the
senior notes as it makes the coverage tests more effective
compared to other European CLOs in diverting proceeds to redeem
the senior notes.

The transaction's initial loss expectations and CE were higher
relative to other European CLOs due to the portfolio covenant
limits that allow up to 45% of second liens and mezzanine loans
in aggregate.  However, the current portfolio contains 1.3% of
mezzanine loans and 9.5% of second lien loans which is noticeably
lower than the allowed limits.  Fitch views this as beneficial to
the rated notes because the recovery expectations from the
predominantly senior secured portfolio are currently higher than
originally expected.


HYVA HOLDING: Fitch Cuts Senior Unsecured Debt Ratings to 'B+'
--------------------------------------------------------------
Fitch Ratings has downgraded Netherlands-based Hyva Holding
B.V.'s Long-Term Foreign-Currency Issuer Default Rating (IDR) and
senior unsecured debt ratings to 'B+' from 'BB-'.  Simultaneously
Fitch has assigned Hyva's parent, Hyva Global B.V., Long-Term
Foreign-Currency IDR and senior unsecured debt ratings of 'B+'.

The Outlook on the IDRs is Stable.

Fitch has also downgraded Hyva Global's USD senior secured notes
due 2016 to 'B+' from 'BB-'.  The notes are guaranteed by Hyva
Holding and certain restricted subsidiaries.

The downgrades reflect deterioration in Hyva's credit profile and
business volatility highlighted by the recent business slowdown
in China.  Hydraulic shipments in China slowed sharply in Q311 as
the market for heavy duty trucks was negatively affected by
tightening liquidity and other measures enacted by the Chinese
government to curb rising inflation.  As a result, revenue from
China, which accounted for nearly 40% of total revenue in 2010,
more than halved compared with Q1 and Q2.  On the other hand,
revenue in other regions, excluding Europe, continued to show
growth.

Hyva Global's EBITDA -- adjusted for the acquisition of Hyva --
for the first nine months of 2011 was EUR42.3 billion, down 12%
y-o-y, also affected by one-off items related to the acquisition.
Overall Fitch expects credit metrics to have deteriorated in 2011
as a result of the decline in profitability and rising working
capital, leading the company to record negative free cash flow.

Fitch notes that it remains unclear how long the downturn in
Chinese demand will persist. However, given the tight liquidity
of many of Hyva's customers, there may be some losses on its
receivables before any recovery in the market.  The agency
expects Hyva Global's pro forma net leverage (adjusted net
debt/operating EBITDAR) to have risen above 4x in 2011 (from 1.2x
in 2010), and to remain above 3.0x in 2012, even assuming modest
recovery in Chinese demand in H212.

The Stable Outlook is supported by the company's leading market
position in hydraulic front-end cylinders globally, geographical
diversification, and adequate liquidity.  Fitch believes that
Hyva is well-positioned to benefit from a recovery in the Chinese
market.

Fitch may consider negative rating action should Hyva Global's
net leverage rise above 3.0x and interest coverage (EBITDA/gross
interest) fall below 2.5x on a sustained basis.  Sustained
negative free cash flow could also put downward pressure on
ratings. Positive rating guidelines include net leverage below
2.0x and interest coverage above 4.0x on a sustained basis.

Hyva Global entered into a sales and purchase agreement with 3i
Group in December 2010 to acquire 100% of Hyva.  The acquisition
was finalized in April 2011.


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


REN-REDES: S&P Lowers Corporate Credit Ratings to 'BB+/B'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long- and short-
term corporate credit ratings on Portuguese utility REN-Redes
Energeticas Nacionais SGPS S.A. (REN) to 'BB+/B' from 'BBB-/A-3'.
"At the same time, we removed the ratings from CreditWatch, where
we placed them with negative implications on Dec. 8, 2011.
The outlook is negative," S&P said.

"We lowered our issue rating on REN's senior unsecured debt to
'BB+' from 'BBB-', in line with the lowering of the long-term
rating on REN. We also assigned a recovery rating of '3' to this
debt, reflecting our expectation of meaningful (50%-70%) recovery
in the event of a payment default," S&P said.

"The rating actions reflect our view of increased sovereign and
economic risks in the Republic of Portugal and factor in our view
that REN's exposure to country risk in Portugal could have
negative implications for the ratings. We also take into account
REN's new shareholding structure following its recent
privatization, and our decision to no longer consider it a
government-related entity (GRE) under our criteria," S&P said.

"The downgrade followed our downgrade of the Republic of Portugal
(BB/Negative/B) on Jan. 13, 2012. Our 'BB+' long-term rating on
REN is one notch higher than the long-term rating on Portugal.
Under our criteria, this is generally the maximum possible
differential between the ratings on a nonsovereign issuer and its
related sovereign in the European Monetary and Economic Union
(EMU, or eurozone). This is because we assess REN as having
'high' exposure to domestic country risk, based on the utility
sector's 'high' sensitivity to country risk and REN's
concentration of revenues in Portugal. In addition, we believe
the deteriorating fiscal and economic conditions in Portugal are
weighing on REN's credit profile. REN operates fully regulated
electricity and gas transmission activities and currently
originates virtually all its earnings in Portugal," S&P said.

"We rate REN one notch higher than Portugal based on our view of
the continued supportiveness of Portugal's regulatory regime for
power transmission operations and the positive implications we
see linked to REN's privatization and other privatizations
currently taking place in Portugal's utility sector," S&P said.

"The negative outlook on REN mirrors that on Portugal. Under our
criteria, the long-term rating on Portugal constrains the ratings
on REE, based on our view that REN bears 'high' exposure to
Portuguese country risk," S&P said.

"A downgrade of Portugal to 'BB-' or lower would automatically
trigger a downgrade of REN by a similar number of notches unless
we believed REN would receive timely support from its new
shareholders in case of stress. However, both State Grid
Corporation of China and Oman Oil Company currently only hold
minority stakes in REN, with short track records as REN's
shareholders," S&P said.

"We could also lower our rating on REN if it faced unexpected and
far-reaching regulatory or fiscal changes that, in our opinion,
undermine its business risk or financial risk profiles," S&P
said.

"Ratings upside is remote at this stage, and, all other things
being equal, would hinge on an upgrade of Portugal under our
criteria," S&P said.


* PORTUGAL: Passes Bailout Review; Won't Need Second Rescue
-----------------------------------------------------------
Sergio Goncalves and Daniel Alvarenga at Reuters report that
Portugal passed the third review by the European Union and the
International Monetary Fund of its EUR78 billion bailout program
on Tuesday and the country's finance minister said it would not
end up needing a second rescue like Greece.

According to Reuters, the lenders said Portugal's economic slump
will deepen this year, however, and urged more reform efforts.

Inspectors recommended the bailout's next tranche of EUR14.9
billion be paid after finding Portugal had met fiscal goals and
launched reforms to make the economy more competitive, Reuters
discloses.

Portuguese Finance Minister Vitor Gaspar said his country would
not be seeking more funding beyond the current bailout, Reuters
notes.


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


CEMEX ESPANA: Fitch Rates Proposed Senior Secured Notes at 'B+'
---------------------------------------------------------------
Fitch Ratings has assigned a rating of 'B+/RR3' to the proposed
senior secured euro and U.S. dollar notes due in 2019 of CEMEX
Espana S.A.  Both the euro and U.S. dollar notes will be
unconditionally guaranteed by CEMEX, S.A.B. de C.V. (CEMEX),
CEMEX Mexico, S.A. de C.V., and New Sunward Holding B.V.

The notes will be secured with a first priority interest over a
collateral package consisting of substantially all of the shares
of CEMEX Mexico, S.A. de C.V., Centro Distribuidor de Cemento,
S.A. de C.V., Mexcement Holdings, S.A. de C.V., Corporacion
Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd., New Sunward
Holding B.V. and CEMEX Espana, S.A.

These exchange notes are being offered to holders of CEMEX
Finance Europe B.V.'s Euro 900 million unsecured notes due in
2014 and to holders of the following perpetual securities: C-10-
Euro Capital (SPV) Limited, C8 Capital (SPV) Limited, C5 Capital
(SPV) Limited and C10 Capital (SPV) Limited.

A complete list of Fitch's ratings of CEMEX and its subsidiaries
follows at the end of this press release.

Leverage Remains High

The 'B' ratings of CEMEX and its subsidiaries reflect the
company's high leverage. CEMEX had US$18.1 billion of total debt
and US$1.2 billion of cash and marketable securities as of
Dec. 31, 2011. During 2011, CEMEX generated US$2.332 billion of
EBITDA, an increase from US$2.314 billion during 2010.  Combined,
these figures result in a leverage ratio of 7.7 times (x) and a
net leverage ratio of 7.3x.  The company's cash position was
enhanced by the receipt of US$240 million of cash from the
Venezuelan government as compensation for its nationalization of
CEMEX's subsidiary in that country.  CEMEX also received from the
Venezuelan government US$360 million of notes issued by PDVSA.
Some of these notes were monetized by the company before the end
of the year.

Anemic Outlook for U.S. Construction Activity

The recovery of the U.S. economy has been weaker than
anticipated, and the outlook remains poor.  This is a key credit
constraint upon CEMEX's ratings.  The company's EBITDA in the
U.S. has declined to a negative US$100 million during 2011 from
US$2.345 billion (on a pro forma basis as if Rinker was
consolidated) during 2006.  Many of CEMEX's operations are
located in the states that remain mired in the housing crisis.
The company has dramatically cuts its cost structure in this
market, which should result in an improved performance in 2012.

Concerns About Europe and the Mediterranean

Offsetting to a degree the loss of cash flow in the U.S. has been
the strong performance of the company's Northern European
division.  Key markets in this division include Germany and
France.  During 2011, this division generated US$416 million of
EBITDA, an increase from US$271 million in 2010.  If the
sovereign debt crisis in Europe expands during 2012, the overall
economy in many of these countries would deteriorate quickly and
could hurt the company's results.  CEMEX also has a strong
presence in the Mediterranean with its key markets being Spain
and Egypt.  Spain continues to perform poorly and political and
economic risk remains high in Egypt.  During 2011, the EBITDA
from the Mediterranean division declined to US$439 million from
US$533 million.

Mexico Remains Flagship Market; Limited EBITDA Improvement
Projected for 2012

Mexico continues to be CEMEX's key market, accounting for US$1.2
billion of EBITDA during 2011, which is relatively unchanged from
2010.  The outlook for the company's business in Mexico is
slightly positive.  Fitch projects that CEMEX will generate about
US$2.5 billion of consolidated EBITDA during 2012.  The growth in
EBITDA during 2012 is expected to be driven by the results of
cost reduction efforts taken by the company during 2011.  An
expanded crisis in Europe during 2012 would likely result in
stagnant or declining EBITDA levels.  Elevated energy prices
would also hinder the company's ability to generated US$2.5
billion of EBITDA.

Tight Covenants and High Debt Burden in 2014

CEMEX has been aggressive in reducing debt repayment risk. The
company issued about US$4.3 billion of secured notes, optional
convertible subordinated notes, and senior secured floating-rate
notes between January and July 2011. The company also sold
approximately US$225 million of assets during 2011.  As a result,
CEMEX only has amortizations of US$373 million in 2012 and US$572
million in 2013.  During 2014, the company faces USD8 billion of
debt amortizations.  About US$6.9 billion of this debt is
associated with the Financing Agreement.  Fitch expects the
company to renegotiate before 2013 the amortization schedule of
the debt associated with its Financing Agreement.  Fitch's base
case is that the company will also amend the debt covenants
associated with this Financing Agreement.  These covenants
contain a leverage ratio test that falls to 6.5x as of June 30,
2012 from 7.0x as of Dec. 31. 2011.  This test continues to
tighten during subsequent periods, declining to 5.75x by Dec. 31,
2012 and falling to 4.25 by Dec. 31, 2013.  CEMEX's funded debt
to EBITDA ratio was 6.64x during 2011.  This calculation excludes
about US$2 billion of optionally convertible subordinated debt.

Fitch currently rates CEMEX and its subsidiaries as follows:

CEMEX

  -- Issuer Default Rating (IDR) 'B';
  -- Senior unsecured notes 'B+/RR3';
  -- National scale long-term rating 'BB-(mex)';
  -- National scale short-term rating 'B (mex)'.

Cemex Espana S.A.

  -- C5 Capital (SPV) Limited, a British Virgin Island restricted
     purpose company
  -- C8 Capital (SPV) Limited, a British Virgin Island restricted
     purpose company
  -- C10 Capital (SPV) Limited, a British Virgin Island
     restricted purpose company
  -- C-10 Euro Capital (SPV) Limited, a British Virgin Island
     restricted purpose company

CEMEX Finance Europe B.V., incorporated in The Netherlands
CEMEX Finance LLC, a limited liability company incorporated in
the U.S.

CEMEX Materials Corporation, a limited liability company
incorporated in the U.S.

  -- Foreign currency IDR 'B'.
  -- CEMEX, S.A.B. de C.V., Certificados Bursatiles 'BB-(mex)';
  -- C5 Capital (SPV) Limited, USD350 million perpetual secured
     notes callable in 2011 'B+/RR3';
  -- CEMEX Finance Europe B.V., Euro 900 million, 4.75%
     guaranteed notes due in 2014 'B+/RR3';
  -- C8 Capital (SPV) Limited, USD750 million perpetual secured
     notes callable in 2014 'B+/RR3';
  -- CEMEX, S.A.B. de C.V., USD 800 million senior secured
     guaranteed notes due in 2015 'B+/RR3';
  -- C10 Capital (SPV) Limited, USD900 million perpetual secured
     notes callable in 2016 B+/RR3';
  -- CEMEX Finance LLC, USD1.750 billion, 9.5% senior secured
     guaranteed notes due in 2016 'B+/RR3';
  -- CEMEX Finance LLC, Euro 350 billion, 9.625% senior secured
     guaranteed notes due in 2017 'B+/RR3';
  -- CEMEX Espana, Euro 115 million, 8.875% senior secured
     guaranteed notes due in 2017 'B+/RR3';
  -- CEMEX, S.A.B. de C.V., USD 1.650 billion, 9% senior secured
     guaranteed notes due in 2018 'B+/RR3';
  -- CEMEX Espana, USD 1.067 billion, 9.25% senior secured
     guaranteed notes due in 2020 'B+/RR3';
  -- CEMEX Materials Corporation, USD150 million, 7.7% guaranteed
     notes due in 2025 'B+/RR3';
  -- C-10 Euro Capital (SPV) Limited, Euro 730 million perpetual
     secured notes callable in 2049 'B+/RR3'.


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


SAAB AUTOMOBILE: Brightwell Holdings Withdraws Takeover Bid
-----------------------------------------------------------
Agence France-Presse, citing Swedish daily Dagens Industri,
reports that Turkish private equity firm Brightwell Holdings has
withdrawn a bid to buy Saab Automobile owing to General Motors'
refusal to transfer licenses tied to the brand.

Brightwell Holdings board member and spokesman Zamier Ahmed told
AFP last month the private equity firm was planning a bid to
purchase all of the Swedish carmaker that filed for bankruptcy on
Dec. 19, and according to DI, the plan had been to rehire most of
Saab's old employees.

But Mr. Ahmed said its bid had faltered late on Monday due to
opposition from GM, which has blocked previous attempts to sell
the carmaker by refusing to transfer the necessary technology
licenses, AFP relates.

According to AFP, while Brightwell had presented the bid to
liquidators, not GM, and was never in contact with GM, the U.S.
firm has repeatedly made it clear that it will not transfer the
licenses to any new Saab owner.

GM first bought 50% of Saab in 1990 and fully owned it from 2000
until it sold the Swedish brand already on the brink of
bankruptcy to Dutch carmaker Spyker -- now called Swedish
Automobile -- in early 2010, AFP recounts.

Saab administrator Hans Bergqvist reiterated during a telephone
conference on Tuesday that a number of "indicative bids" had come
in for the bankrupt company, both from abroad and from within
Sweden, but would not comment on where the bids came from or
whether any potential bidders had pulled out, AFP notes.

                            About Saab

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

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

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


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


CPUK FINANCE: Fitch Rates GBP280 Million Class B Notes at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned CPUK Finance Limited's (CPUK Finance
or the issuer) senior secured notes final ratings, as follows:

  -- GBP300m class A1 fixed-rate secured notes due 2042: 'BBB';
     Outlook Stable;
  -- GBP440m class A2 fixed-rate secured notes due 2042: 'BBB';
     Outlook Stable;
  -- GBP280m class B fixed-rate secured notes due 2042: 'B+';
     Outlook Stable.

The ratings reflect the resilient operating profile of Center
Parcs (Operating Company) Limited (Center Parcs, forming the
borrower group together with four property holding companies
among others).  This is underscored by a strong financial
performance, even during periods of economic stress, resulting
from its unique offering as a leading provider of high quality
fully self-contained forest village short-break holidays in the
UK, high barriers to entry and its strong market position.
Center Parcs has high revenue visibility through advanced
bookings and stable cash generation.

It currently operates four purpose-built holiday villages in the
UK: Sherwood Forest in Nottinghamshire; Longleat Forest in
Wiltshire; Elveden Forest in Suffolk and Whinfell Forest in
Cumbria.

The ratings also reflect the structural protections (mainly
benefiting the senior ranking class A notes) which include faster
amortization than traditional whole business securitization (WBS)
through a cash sweep and a comprehensive WBS security and
covenant package, including full senior ranking asset and share
security available for the benefit of the noteholders, with the
security granted by way of the usual fixed and (qualifying)
floating security under an issuer-borrower loan structure.  In
addition, there is the ability for class A noteholders to gain
greater control earlier on in the transaction if the class A
notes are not refinanced one year past their expected maturity
(2018 in the case of class A1 notes) which would result in a
borrower event of default.

The ratings for class B notes reflect their deep subordination in
comparison to class A notes both in terms of ranking in the
priority of payments and in terms of controlling rights, their
interest deferral mechanism kicking in earlier than in
traditional WBS transactions and the fact that they do not
benefit from the liquidity facility.

The Fitch base case debt service coverage ratios (DSCRs) (minimum
of average and median DSCRs to legal final maturity of the notes)
-- at 2.1x for class A -- are more conservative than for WBS
managed pub transactions at the same rating level.  In Fitch's
view, more conservative coverage ratios are warranted due to the
holiday park industry's higher obsolescence risk and niche
product offering, which makes Center Parcs more vulnerable to any
changes in its operating environment.  For these reasons, Fitch
considers it unlikely that CPUK Finance's ratings would increase
above the 'BBB' category even in the event of outperformance.

Since assigning expected ratings the transaction's capital
structure has changed with the class A1 notes' notional amount
being increased by GBP32.5 million and the class A2 notes'
notional decreased by the same amount.  The size of the class B
note tranche was increased by GBP10 million.  Furthermore, the
note's interest rates were finally determined.  Compared to
assumptions made for assigning expected ratings, the
transaction's overall cost of debt has reduced and coverage
consequently improved slightly.


RESIDENTIAL MORTGAGE: Moody's Cuts Rating on B2 Notes to 'Caa1'
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 12 senior
notes and six junior notes in four Residential Mortgage
Securities transactions. All affected ratings are listed at the
end of this press release.

The ratings of senior notes issued by Residential Mortgage
Securities 19 Plc ("RMS19"), Residential Mortgage Securities 20
Plc ("RMS20"), Residential Mortgage Securities 21 Plc ("RMS21")
and Residential Mortgage Securities 22 Plc ("RMS22") were placed
on review for possible downgrade on October 14, 2011 following
the downgrade of Skipton Building Society from Baa1/P-2 to
Ba1/NP.

Ratings Rationale

The downgrade is driven by (i) the exposure to payment disruption
risk, (ii) the revision of collateral performance assumptions,
(iii) Moody's outlook for UK non-conforming RMBS and (iv) the
level of credit enhancement supporting the notes.

-- Payment Disruption Risk:

Homeloan Management Limited, which is part of Skipton Building
Society, acts as servicer and as a back-up cash manager in the
affected transactions. Following the downgrade of Skipton (parent
company of HML) Moody's analyzed continuity of payments in the
affected transactions following a potential disruption in
functions performed by HML.

Moody's considers current back-up servicing arrangements
insufficient to support payments in the event of servicer
disruption despite presence of a back-up servicer with investment
grade sponsor because the arrangements are not "warm". The back-
up servicer in the affected transaction is Western Mortgage
Services Ltd (NR). Parent of Western Mortgage Services Ltd is Co-
Operative Bank Plc (A3/P-2). The back-up servicer targets full
servicing function transfer in 120 days from the relevant
appointment. In absence of servicer reports the cash managers may
not be able to perform calculation necessary to process payments
in a timely fashion.

In addition, current back-up cash management arrangements are not
compliant with Moody's operational risk criteria. HML acts as a
back-up cash manager in the affected transactions. The cash
manager is Kensington Mortgage Company (KMC) (NR). Investec PLC
(Ba1/NP) is the parent of KMC. KMC delegated cash management
functions to Investec Bank PLC (Baa3/P-3). In particular, Moody's
notes that there are no automatic termination of cash manager, no
automatic appointment of back-up cash manager and the current
timeline on the transfer of cash management function does not
contain provision to address the timely payment of required
amounts.

Moody's also believes that this risk is further exacerbated for
the affected transactions because the senior notes are
denominated in another currency. A failure to make timely
payments to the swap counterparty could lead to a termination
event under the swap documentation. Moody's concludes that
maximum achievable rating for the notes in RMS20, RMS21 and RMS22
is Aa2 (sf) in consideration of this additional risk. In RMS19
the credit enhancement of 79.5% below the rated notes
sufficiently mitigates the this additional risk and the maximum
achievable rating is Aa1 (sf). Moody's notes that there is
sufficient liquidity available in all the transactions.

--- Collateral performance assumptions

Moody's has reassessed its lifetime loss expectations in RMS20,
RMS21 and RMS22 taking into account the collateral performance to
date. Although overall arrears levels in the affected deals have
been stable recently, the collateral performance has been worse
than assumed since the latest reviews in November 2010.
Collateral performance in RMS19 is in line with previous
assumptions.

As of November 2011, loans more than 360 days delinquent
(excluding outstanding repossessions) comprised 12.5% of the
outstanding principal balance in RMS20 portfolio, 11.8% in RMS21
and 11.1% in RMS22 portfolio. Only 10% of loans that were more
than 360 days delinquent as of February 2011 have improved their
performance and moved into a lower arrears bucket as of November
2011. For this reason, Moody's considers loans with delinquencies
exceeding 360 days as a proxy for additional future increases in
repossessions and resulting losses above current losses
realization trends. After considering the current amounts of
realized losses and completing a roll rate and severity analysis
for the portfolio Moody's has increased its lifetime expected
loss assumption to 4.8% from 3.6% of the original portfolio
balance in RMS20, to 6.2% from 4.9% respectively in RMS21 and to
8.3% from 6.0% respectively in RMS22. The increase of these
assumptions is the driver for the downgrade of junior notes in
RMS 20,21 and 22. Moody's did not change its MILAN assumptions
for the affected transactions.

--- Negative Outlook for UK non-conforming RMBS

Our outlook for the collateral performance of UK non-conforming
RMBS transactions in 2012 is negative. The UK economy will grow
by only 0.7% in 2012, non-conforming borrowers will be more
sensitive to the deteriorating economic environment than prime
borrowers. Most non-conforming borrowers already use interest-
only products, making it difficult for lenders to lower monthly
payments if the borrower faces a disruption to income.
Unemployment rates will rise to 8.5% in 2012 from a average of
8.0% in 2011. Rising unemployment will hurt non-conforming
borrower performance.

Factors and Sensitivity Analysis

Expected loss assumptions remain subject to uncertainty with
regards to the general economic activity, interest rates and
house prices. Lower than assumed realised recovery rates or
higher than assumed default rates would negatively affect some of
the ratings in these transactions.

Uncertainty also stems from the timing of a servicing transfer
and the credit strengths of the back-up servicer. Should a
servicing transfer take longer than expected following an
operational disruption or the credit strength of the back-up
servicers sponsors deteriorate, the rating would be negatively
affected.

As the euro area crisis continues, the rating of the structured
finance notes remain exposed to the uncertainties of credit
conditions in the general economy. The deteriorating
creditworthiness of euro area sovereigns as well as the weakening
credit profile of the global banking sector could negatively
impact the ratings of the notes. For more information please
refer to the Rating Implementation Guidance published on 13
February 2012 "How Sovereign Credit Quality May Affect Other
Ratings". Please also refer to the recent rating actions on banks
published on 15 February 2012, (please see "Moody's Reviews
Ratings for European Banks" and "Moody's Reviews Ratings for
Banks and Securities Firms with Global Capital Markets
Operations" for more information).

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

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

The principal methodology used in these ratings was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa,
published in October 2009.

Other Factors used in these rating are described in Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk published in June 2011.

List of Affected Securities

Issuer: Residential Mortgage Securities 19 Plc

   -- GBP204M A2a Notes, Downgraded to Aa1 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR183.3M A2c Notes, Downgraded to Aa1 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- MERCs Notes, Downgraded to Aa1 (sf); previously on Oct 14,
      2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Residential Mortgage Securities 20 PLC (RMS 20)

   -- GBP260.6M A2a Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR176.4M A2c Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- GBP11.5M B1a Notes, Downgraded to Ba1 (sf); previously on
      Mar 20, 2008 Downgraded to Baa3 (sf)

   -- EUR21.65M B1c Notes, Downgraded to Ba1 (sf); previously on
      Mar 20, 2008 Downgraded to Baa3 (sf)

   -- MERCs Notes, Downgraded to Aa2 (sf); previously on Oct 14,
      2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Residential Mortgage Securities 21 Plc (RMS 21)

   -- GBP150M A3a Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR254M A3c Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- GBP18M B2a Notes, Downgraded to B3 (sf); previously on
      Mar 20, 2008 Confirmed at B2 (sf)

   -- MERCs Notes, Downgraded to Aa2 (sf); previously on Oct 14,
      2011 Aaa (sf) Placed Under Review for Possible Downgrade

Issuer: Residential Mortgage Securities 22 Plc (RMS 22)

   -- GBP207.6M A3a Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- EUR105M A3c Notes, Downgraded to Aa2 (sf); previously on
      Oct 14, 2011 Aaa (sf) Placed Under Review for Possible
      Downgrade

   -- GBP15M B1a Notes, Downgraded to Ba2 (sf); previously on Mar
      20, 2008 Downgraded to Ba1 (sf)

   -- EUR13.1M B1c Notes, Downgraded to Ba2 (sf); previously on
      Mar 20, 2008 Downgraded to Ba1 (sf)

   -- GBP16M B2 Notes, Downgraded to Caa1 (sf); previously on Mar
      20, 2008 Downgraded to B3 (sf)

   -- MERCs Notes, Downgraded to Aa2 (sf); previously on Oct 14,
      2011 Aaa (sf) Placed Under Review for Possible Downgrade


VEDANTA RESOURCES: Moody's Affirms 'Ba1' Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed its corporate family
rating of Vedanta Resources plc at Ba1 and its senior unsecured
rating of Ba3. Both ratings retain a negative outlook.

Ratings Rationale

The affirmation follows the company's announcement regarding the
restructuring of its businesses to bring all its Indian-centric
operations under a single, listed holding company. The new Indian
holdco to be called Sesa-Sterlite, represents a merger of Sesa
Goa with Sterlite Industries while retaining, respectively, the
iron ore and copper smelting activities as operating divisions in
the new company. At the same time, Vedanta Resources' interests
in the recently acquired Cairn India and in Vedanta Aluminium
will be subsumed into the new holding company structure.

Moody's notes that in September 2008, Vedanta announced a
streamlining of its structure into three industry groups.
However, this initiative coincided with the global financial
crisis and was aborted fairly swiftly.

"While market conditions are presently more clement than in 2008,
Moody's does not underestimate the challenges and time required
to obtain the agreements and approvals of all the parties and
authorities involved", says Alan Greene, a Moody's Vice President
and Senior Credit Officer.

Apart from some US$180 million of savings to be made, primarily
from group tax efficiencies, there is no reduction in group debt
levels, which remain around US$16.5 billion. However, the
reduction of indebtedness by some US$5.9 billion at the thinly
capitalized parent is an improvement, achieved by pushing down
borrowings and assets to the new Indian holdco. At the same time,
the Parent company's ability to meet its outgoings will be
underpinned by the new holdco servicing an inter company
obligation, together with any dividends from the holdco or from
KCM, the main business outside the new holdco.

"In due course, the new holdco will be able to share more
effectively the rich cash flows from the zinc and oil businesses
with the weaker aluminium, power and copper refining businesses.
However, in so doing, the Parent loses its direct line of sight
to its 38.8% stake in Cairn India, the Group's most important
asset," adds Greene, who is also Lead Analyst for Vedanta.

From a creditor viewpoint, having the debt burden closer to the
operating assets makes sense, but this serves to increase
subordination risk for lenders to the parent company. Upstream
guarantees from the Indian holdco to the Parent are not permitted
by Reserve Bank of India regulations. However, the Parent will
continue to guarantee the US$2.8 billion of Cairn acquisition
facilities transferred to Sesa-Sterlite.

Moody's believes that this restructuring is a mild positive for
Vedanta in the long-term and the ratings may reflect that in due
course. In the near-term, Moody's is looking for clearer signs
that downside risks are fading. Despite the higher than expected
oil prices since December, primarily due to Middle East tensions,
Moody's would like to see further evidence of Cairn's performance
under new ownership and ideally the output from the Rajasthan
fields increasing from 125,000 towards 175,000 barrels of oil per
day (boepd) and beyond Cairn India's oil, currently providing 38%
to 41% of Group EBITDA, is a key driver of the Group, and from
which the conversion to cash flow is high. Across Vedanta's other
business sectors Moody's has trimmed back its expectations as
both India's and China's rate of growth are likely to be checked
in 2012.

Although Moody's continuously monitors its ratings, it would not
expect to have resolved Moody's operational concerns before mid-
2012 and by which time the restructuring process should also be
well advanced with any material surprises revealed, after which
the outlook could be returned to stable.

The principal methodology used in rating Vedanta Resources plc
was the Global Mining Industry Methodology published in May 2009.


VIRGIN MEDIA: Fitch Assigns 'BB+' Rating to US$400-Mil. Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Virgin Media Finance Plc's proposed
new senior note issue of US$400 million an expected rating of
'BB+ (exp)'.  Virgin Media Finance Plc is a subsidiary of UK
cable operator Virgin Media Inc. (Virgin Media).  Virgin Media
has a Long-term Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook and a Short-term IDR of 'B'.

The final rating will be contingent upon receipt of final
documents conforming to information already received by Fitch.

Virgin Media plans to use the proceeds from the new senior notes,
which mature in February 2022, together with cash on hand, to
repurchase up to US$500 million of the USD-denominated tranche of
Virgin Media's existing 9.5% senior unsecured notes due 2016.
Virgin Media currently has around US$1.6 billion-equivalent of
2016 notes outstanding denominated in USD and EUR.  This
refinancing transaction should lower ongoing interest costs for
the company, while improving the overall debt maturity profile.

The proposed new senior notes are unsecured and will rank equally
with the existing senior unsecured notes, currently rated 'BB+'
and inline with the Long-term IDR.  The company's senior secured
bank facility and senior secured bonds are rated one notch above
the IDR at 'BBB-'.  This transaction will not have any impact on
the notching of Virgin Media's instrument ratings as the mix of
secured and unsecured debt in the capital structure is not
expected to change.

Virgin Media's key strength is its "second-incumbent" qualities
in the UK and its strong market share within its geographic
footprint.  Fitch believes that Virgin Media's hybrid fibre co-
axial network should retain its superior speed advantage over the
incumbent's network for a number of years yet, a significant
contributing factor to the company's rating.  In addition, the
company is delivering strong operating leverage, growing free
cash flow despite slowing customer and revenue growth.

Virgin Media's existing instrument ratings are as follows:

  -- Virgin Media Investment Holdings senior secured bank
     facilities of 'BBB-'
  -- Virgin Media Secured Finance Plc 2018 and 2021 senior
     secured bonds of 'BBB-'
  -- Virgin Media Finance Plc 2016 and 2019 senior notes of 'BB+'


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


HAMKORBANK OJSCB: Fitch Affirms Issuer Default Rating at 'B-'
-------------------------------------------------------------
Fitch Ratings has affirmed Uzbekistan-based OJSCB Hamkorbank (HB)
and POJSEB Trustbank's (TB) Long-term Issuer Default Ratings
(IDRs) at 'B-' with Stable Outlooks.  At the same time, Fitch has
withdrawn HB's ratings.

The affirmation of the banks' IDRs at 'B-' reflects weaknesses in
Uzbekistan's operating environment, the banks' limited scale and
franchise, and their currently rapid loan growth.  The banks'
ability to service foreign currency obligations, in particular
those off balance sheet relating to foreign trade transactions,
may also be weakened by foreign exchange regulation in
Uzbekistan.

TB's ratings also reflect its significant reliance on funding
provided by the Uzbek Commodities Exchange (UCE) and other
related parties (totally 51% of non-equity funding at end-H111).
HB's exposure to foreign currency liquidity risk is currently
greater, in Fitch's view, due to its more active participation in
trade finance operations.

At the same time, the banks' IDRs also reflect their currently
reasonable financial metrics with respect to capitalization,
local currency liquidity and reported asset quality.

Profitability has also been solid through the cycle, supported by
high lending margins and fee income earned on money transfers and
trade finance. Funding is sourced primarily from local customer
deposits.

Fitch has withdrawn HB's ratings as the bank has chosen to stop
participating in the rating process.  Therefore Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for HB.

HB and TB are small Uzbek privately-owned banks.  HB was founded
in 1991 and has focused on commercial banking operations with
predominantly corporate clients in the city of Andizhan and the
densely-populated Fergana Valley.

TB was founded in 1994 and since then has remained tightly linked
with the UCE.  TB's core operations are in the city of Tashkent,
Uzbekistan's capital.

The rating actions are as follows:

OJSCB Hamkorbank

  -- Long-term foreign and local currency IDRs affirmed at 'B-',
     Outlook Stable, withdrawn
  -- Short-term foreign and local currency IDRs affirmed at 'B',
     withdrawn
  -- Viability Rating affirmed at 'b-', withdrawn
  -- Support Rating affirmed at '5', withdrawn
  -- Support Rating Floor affirmed at 'No Floor', withdrawn

POJSEB Trustbank

  -- Long-term foreign and local currency IDRs affirmed at 'B-',
     Outlook Stable
  -- Short-term foreign and local currency IDRs affirmed at 'B'
  -- Viability Rating affirmed at 'b-'
  -- Support Rating affirmed at '5'
  -- Support Rating Floor affirmed at 'No Floor'


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


* S&P's List of 2012 Global Defaults Has 18 as of Feb. 22
---------------------------------------------------------
Two corporate issuers defaulted this week, raising the 2012
global tally to 18, said an article published by Standard &
Poor's Global Fixed Income Research, titled "Global Corporate
Default Update (Feb. 16 - 22, 2012)."  The first default occurred
after U.S.-based chemical company Reichhold Industries Inc.
failed to make an interest payment on its $195 million senior
unsecured notes due on Aug. 15, 2014. The second default occurred
after ERC Ireland Finance Ltd. missed a coupon payment on its
EUR350 million floating-rate notes due on Feb. 15, 2012.

So far this year, missed payments accounted for eight defaults,
bankruptcy filings accounted for three, distressed exchanges were
responsible for two, and three defaulters were confidential. Of
the remaining defaults, one was due to a notice of acceleration
by the issuer's lender and the other was due to the company's
placement under regulatory supervision.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

April 3-5, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.
           Contact: http://www.turnaround.org/

Apr. 19-22, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 14-17, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800; http://www.abiworld.org/

Aug. 2-4, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800; http://www.abiworld.org/

November 1-3, 2012
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.
           Contact: http://www.turnaround.org/

Nov. 29 - Dec. 2, 2012
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800; http://www.abiworld.org/

April 10-12, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.
           Contact: http://www.turnaround.org/

October 3-5, 2013
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.
           Contact: http://www.turnaround.org/


                            *********

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
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written permission of the publishers.

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

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


                 * * * End of Transmission * * *