TCREUR_Public/120315.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 15, 2012, Vol. 13, No. 54



* CYPRUS: Moody's Cuts Government Bond Ratings to 'Ba1'


TOTALBANKEN A/S: Auditors Express Going Concern Doubt


CMA CGM: Moody's Downgrades Corporate Family Rating to 'B3'
PERNOD RICARD: Fitch Affirms 'B' Short-Term Issuer Default Rating
YPSO FRANCE: Moody's Assigns Definitive 'B2' CFR; Outlook Stable


SCHLECKER: More Than 10 Potential Investors Express Interest


TITLOS PLC: Moody's Cuts Rating on EUR5100MM A Notes to 'C(sf)'
* GREECE: Fitch Upgrades Long-Term Issuer Default Ratings to 'B-'


SZENNA PACK: To Restart Production Following Exal Rescue


EIRCOM GROUP: Advice Capital Mulls Suit Over Missed Payment
EIRLES TWO: S&P Reinstates 'B' Rating on Series 340 Notes
OMEGA CAPITAL: S&P Affirms 'BB' Rating on EUR100MM Senior Swap
SIMCLAR AYRSHIRE: Ex-Director to Come Under Court Scrutiny


PRIVATBANK AS: Moody's Cuts Bank Financial Strength Rating to 'E'


TRINSEO OPERATING: Moody's Withdraws Rating on New $450MM Notes


ENDEMOL BV: Lenders Agree to Debt Restructuring Deal
MOLECULAR THERAPEUTICS: May Face Bankruptcy if Forbion Sale Fails


CTC MEDIA: S&P Affirms 'BB-/B' Corporate Credit Ratings
NEW FORWARDING: Moody's Assigns 'B1' Senior Unsecured Rating
* RUSSIA: Moody's Says Oil & Gas Firm Performance to Remain Solid

U N I T E D   K I N G D O M

DUCHESS I: S&P Affirms 'CCC-' Rating on Class B Notes
NORD ANGLIA: Moody's Rates New $325MM Sr. Secured Notes at (P)B2
NORD ANGLIA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
PREMIER FOODS: Gets Unanimous Consent for Refinancing Scheme
TAYLOR WIMPEY: Moody's Upgrades Corporate Family Rating to 'B1'


* EUROPE: Commissioner to Propose Bank Restructuring Legislation
* Moody's Says Distressed Exchanges to Remain Prominent in EMEA
* Upcoming Meetings, Conferences and Seminars



* CYPRUS: Moody's Cuts Government Bond Ratings to 'Ba1'
Moody's Investors Service has downgraded Cyprus's government bond
ratings by one notch to Ba1 from Baa3 and has assigned a negative
outlook to the ratings. The rating agency has also downgraded
Cyprus's short-term rating to Not-Prime from Prime-3. The rating
action concludes the review for downgrade that Moody's initiated
on November 4, 2011.

The key drivers for the rating action are:

1.) The increased risk that the Cypriot government would have to
provide renewed financial support to the country's banks because
of their exposure to the Greek government and economy, and the
commensurate impact of such measures on the government's own
financial strength.

2.) The likely impact on market confidence in Cyprus stemming
from these banking-sector concerns, as well as broader
uncertainties about Europe's macroeconomic prospects and
institutional frameworks. Overall, the fragile market confidence
in Cyprus, which has already led to a loss of access to
international debt markets, is likely to continue, with a high
potential for further shocks to funding conditions for the
sovereign and the domestic banks.

The rating action has been limited to one notch in
acknowledgement of the positive developments in Cyprus since
Moody's placed the country's rating on review for downgrade in
November 2011. In particular, Moody's notes that the Cypriot
government has now passed a large-scale fiscal consolidation
program, which contains a greater number of structural changes to
public-sector expenditure than had been anticipated. These
measures are likely to enable the country to achieve a deficit
reduction of around three percentage points of GDP in 2012.
Moreover, the recently confirmed presence of substantial gas
reserves in the Cypriot Exclusive Economic Zone of the Levant
Basin is also a positive development. Although the government is
likely to realise some one-off revenue gains from the sale of
licenses to tap these gas reserves, it will probably take nearly
a decade for the sovereign to realise the most significant and
sustained benefits.

Moody's decision to assign a negative outlook is a reflection of
the very significant risks that continue to emanate from the
ongoing Greek sovereign crisis and that will continue to
challenge Cyprus over the next 18-24 months.

Ratings Rationale

The main driver of Moody's one-notch downgrade of Cyprus's
government bond rating is the high risk that a government-
financed capital injection into the Cypriot banking system will
be needed in view of the banks' significant exposure to Greece
and the ongoing deterioration of the Greek sovereign debt crisis.
On March 2, 2012, Moody's downgraded Greece's sovereign bond
ratings to C, reflecting the rating agency's expectation that
investors will experience losses in excess of 70% on their Greek
government debt holdings. Moody's also believes that the risk of
a Greek sovereign default, even after the debt exchange has been
completed, remains high. Such an event would place an even higher
level of stress on the capital position of the Cypriot banks than
was anticipated at the time of Moody's last rating action in

The stress facing Cypriot banks is not only driven by their Greek
sovereign debt holdings, but also by the heightened asset quality
pressure stemming from their significant loan books in Greece as
well as the domestic macroeconomic challenges facing Cypriot
banks. Moody's stress tests on Cypriot banks now imply much
higher potential capital replenishment needs for rated banks
compared to Moody's previous exercises. According to the rating
agency's base case, which includes losses on Greek government
bonds under the private sector involvement (PSI) plan and asset
quality deterioration in both Cyprus and Greece, the banks would
need a capital increase equivalent to more than 20% of GDP in
order to return to their current level of Tier-1 capital. Some of
this capital need is included in the current recapitalization
plans of the banks that are based on the EBA recapitalization
exercise. However, Moody's believes that there is a very material
risk that the private sector will not be able to provide all the
capital needed, which would probably have to be financed by an
increase in government debt. The Ba1 rating therefore
incorporates an assumption that the Cypriot government could need
to contribute capital support equivalent to around 5-10% of GDP.

Looking ahead, Moody's believes that stresses in the Cypriot
banking system, combined with adverse external conditions and
fragile confidence in the private sector, will constrain growth
potential in the next few years, adding to the fiscal
consolidation challenges facing the government. Although the
government seems well positioned to achieve significant progress
this year, unfavorable economic conditions present implementation
risks in 2013 and beyond.

The second driver underlying the rating action is the fragile
financial environment, which increases Cyprus's susceptibility to
financial and macroeconomic shocks given the concerns about the
banking system that have been identified above. To date, the
Cypriot government remains shut out of international markets,
though it can still access domestic markets at a higher cost of
funding. Although the government's financing needs have been
largely met for 2012 through a bilateral loan from the Russian
state, there is uncertainty over how the government's 2013
funding needs of more than EUR2 billion will be met. As a euro
area member, Cyprus could potentially access the European
Financial Stability Facility (EFSF)/European Stability Mechanism
(ESM). However, the government's decision to instead meet its
2012 financing needs via a loan from Russia implies that it may
be reluctant to tap EU financing, possibly due to the
conditionality that will accompany it.


The banking sector will be the most important driver of Cyprus's
sovereign rating and outlook. Moody's says that the sovereign
rating will likely be affected in the event of a material change
in the probability or impact of a further deterioration in
Cypriot banks' positions in Greece. Cyprus's Ba1 rating would
likely withstand a modest capital injection from the government
of between 5-10% of GDP into one or more banks. However, if
recapitalization needs are much larger than this, then this could
warrant further downgrades.

Apart from banking-sector-related issues, upward pressure could
gradually be exerted on the rating if the Cypriot government is
able to (i) implement large-scale structural reforms in its
social transfer system and the public-sector wage bill, and (ii)
record significant and lasting cost savings.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.


TOTALBANKEN A/S: Auditors Express Going Concern Doubt
According to Bloomberg News' Frances Schwartzkopff, the NASDAQ
OMX Copenhagen stock exchange said that Totalbanken A/S was
transferred to the observation list after the bank's auditors in
its 2011 earnings report drew attention to the significant
uncertainty about the bank's ability to remain a going concern.

Totalbanken A/S is a local bank in Denmark.  The Bank services
private and business customers on the island of Fyn.  Totalbanken
offers a variety of services including deposits, savings account,
pension savings and insurance products, and Internet banking.
The Bank also grant mortgages and personal loans and provides
financial consulting services.


CMA CGM: Moody's Downgrades Corporate Family Rating to 'B3'
Moody's Investors Service has downgraded CMA CGM's corporate
family rating (CFR) to B3 from B2, and the probability of default
rating (PDR) to Caa1 from B2. Concurrently, Moody's has
downgraded to Caa2 from Caa1 CMA CGM S.A.'s EUR325 million and
US$475 million worth of senior unsecured notes maturing in 2019
and 2017, respectively. All the company's ratings remain on
review for further downgrade.

Ratings Rationale

"[The] rating action was triggered primarily by the publication
of CMA CGM's FY 2011 results, which are weaker than Moody's
expectations and not in line with the guidance that Moody's
previously set out for the company to remain in the B2 rating
category," says Marco Vetulli, a Moody's Vice President -- Senior
Credit Officer and lead analyst for CMA CGM. "The rating action
also reflects the company's announcement that it intends to
extend a proposal to its banks regarding the restructuring of
part of its debt," adds Mr. Vetulli. CMA CGM's weaker-than-
expected results partially reflect the poor performance of the
container shipping industry during 2011. This was caused by the
oversupply of vessels on the water, which resulted in freight
rates being cut to a very low level as well as high bunker costs
that could not be passed on to customers.

During 2011, the highly competitive structure of the shipping
industry and concerns over increased capacity coming on stream
exerted pressure on operators to maintain or expand their market
shares. Operators did this by lowering their freight rates, which
has made it difficult for these companies, including CMA CGM, to
pass on the material cost increases despite good traffic volumes.

However, Moody's continues to acknowledge that CMA CGM has a
sound business profile with solid market shares globally, as well
as a distinctive position in some secondary, more profitable
shipping lanes. CMA CGM also successfully strengthened its
capital base early in 2011 and sold certain assets recently.
Moreover, its limited order-book, limits its financial needs for
capital spending in the near future. The current B3 CFR
incorporates Moody's assumption that, as a result of the
reduction of capacity on the main trade lanes that is currently
under way, freight rates could recover over the coming months as
the volume of traffic increases, in line with the seasonal
pattern of the industry.

One side-effect of CMA CGM's negative performance during 2011 is
a significant reduction in its liquidity headroom. This has
driven the company to proactively approach its bank lenders to
discuss a restructuring of its debt for 2012 and 2013. A
restructuring of CMA CGM's debt could help the company in
maintain a cash buffer sufficient to better withstand the
business volatility of the industry.

The two notch downgrade of the probability-of-default rating
(PDR) to Caa1, which is now one notch lower than the corporate
family rating of B3, reflects Moody's view that the weakening of
CMA CGM's liquidity has significantly increased its probability
of default. Moody's also changed its estimate of mean family
recovery rate to 65% , versus 50% normally utilized, given the
fact that Moody's believes recovery would be higher than
previously factored in the ratings also as a reflection that a
default through a debt restructuring could imply limited losses
for creditors.

Moody's acknowledges that CMA CGM has obtained in November 2011
approval from its lenders to waive the covenant test due at year-
end 2011. However, in the rating agency's view, the coming
quarters will remain challenging for the company if the current
market conditions do not to improve substantially. The current B3
rating factors in Moody's assumption that CMA CGM's financing
structure is expected to remain sustainable if the expected
recovery in cash-flows materializes in 2012.

The review process will mainly focus on (i) the sustainability of
the recent improvement in freight rates (ii) CMA CGM's capability
to improve its financial performance during 2012 compared with
2011's; (iii) the liquidity of the company in the next few months
and (iv) the main terms and conditions under which the debt-
restructuring process would be finalized.


Given that CMA CGM's ratings are on review for downgrade, Moody's
does not expect upward rating pressure at this point. Downward
pressure on the rating could result from (i) a lack of short-term
improvement in market conditions leading to CMA CGM's financial
leverage failing to decrease below 7.0x; or (ii) the company's
EBIT/interest expense coverage failing to increase materially
above 1.0x, both by the end of 2012. Further downward pressure on
the ratings could result from liquidity pressures and/or if the
company were to fail to restore headroom under covenants.


  Issuer: CMA CGM S.A

     Probability of Default Rating, Downgraded to Caa1 from B2

     Corporate Family Rating, Downgraded to B3 from B2

     Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
     LGD4, 63 % from Caa1

     Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
     LGD4, 63 % from Caa1

All the company's ratings remain on review for further downgrade.

Principal Methodologies

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

Headquartered in Marseilles, France, CMA CGM S.A. is the third-
largest container shipping company in the world (measured in
twenty-foot equivalent units, or TEU). CMA CGM recorded of
US$14.9 billion in 2011, and employed approximately 18,100
employees worldwide. As of December 2011, CMA CGM's fleet
amounted to 394 container ships (303 chartered-in and 91 owned),
with a total capacity of 1.345 million TEU.

PERNOD RICARD: Fitch Affirms 'B' Short-Term Issuer Default Rating
Fitch Ratings has affirmed Pernod Ricard's Long-term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+' and the
Short-term IDR at 'B'.  The Outlook remains Positive.

The affirmation reflects Pernod's strong operational and
competitive profile, its solid free cash flow (FCF) generation,
the progress achieved in alleviating refinancing risk for its
lumpy July 2013 debt maturities, as contrasted by a still high

While Pernod's leading position in the resilient and cash
generative spirits industry place the company in the investment
grade category, its leverage is high compared to peers among
other issuers rated 'BB+' and 'BBB-' in Fitch's EMEA Retail,
Leisure and Consumer Products rating portfolio.

Pernod's recent results for H112 to December 2011 were strong,
with organic revenue and profit growth of 11% and 17%
respectively, reflecting underlying solid demand for premium and
above-premium priced western-style spirits in North America and
developing markets.  This healthy performance was only partially
helped by one off benefits that are likely to be reversed in the
second half of the year, namely associated with a build up of
stocks in France ahead of an excise duty increase introduced in
January 2012 and an earlier Chinese New Year.

Thanks to bond issuance activity of US$2.5 billion in January
2012 and Fitch's projection of prospective annual projected FCF
generation in the region of EUR500 million for FY12 (FY ending
June 2012), FY13 and FY14, Fitch calculates that refinancing risk
up until June 2014 has now reduced to approximately up to EUR1.5
billion of term debt to be issued over the coming 24 months and
to the renewal of the company's core EUR1.5 billion current
revolving facility that expires in July 2013.  Fitch views this
as a manageable level of refinancing risk.

With the publication of H112 results, management has also
reiterated that net debt/ EBITDA should be close to 3.9x (equal
to a net lease and factoring adjusted debt/ operating EBITDAR --
also as monitored by Fitch -- of approximately 4.0x - 4.2x) by
end June 2012, which would hit the previously targeted level of
"close to 4.0x".  Management has however not quantified its
target leverage beyond that date and has also been guiding to the
possibility of tactical bolt-on acquisitions.

Pernod's Long-term IDR could be upgraded once lease- and
factoring-adjusted net leverage has fallen to 4.0x or below and
is likely to be maintained at no more than 3.5x - 4.0x on a
sustainable basis.  This level represents the higher-end of the
leverage that the agency considers appropriate for a 'BBB-'
rating for Pernod.  Therefore Fitch would expect the company to
continue to demonstrate a prudent approach to M&A activity and
financial policies consistent with the necessary headroom for any
bolt on acquisition spending.  Other conditions for an upgrade
are the evidence of continuing strong EBITDA margin and free cash
flow generation.

Conversely, an increase of lease- and factoring-adjusted leverage
to above 5.0x for example as a result of M&A activity, a severe
contraction of FCF and profitability or the emergence of major
liquidity concerns could result in a negative rating action or,
at least, a stabilization in the rating Outlook.

YPSO FRANCE: Moody's Assigns Definitive 'B2' CFR; Outlook Stable
Moody's Investors Service assigned a definitive B2 corporate
family rating ("CFR") and B3 probability of default rating
("PDR") to Ypso France S.A.S. ("Numericable" or "the Company").
Concurrently, Moody's assigned a definitive B2 rating to the EUR
360.2 million senior secured notes ("the Notes") maturing in 2019
issued by Numericable Finance & Co. S.C.A. The rating outlook is

Ratings Rationale

The final terms of the Notes are mostly in line with the drafts
reviewed for the provisional ratings assignments. However, the
new revolving credit facility ("RCF") is sized at EUR65 million
instead of EUR75 million. Moody's also notes that the bond
indenture allows the Company to raise additional subordinated
debt if its pro-forma consolidated leverage ratio is less than
5.25x or less than 4.75x prior or after the anniversary date of
the issuance of the Notes. Given Numericable's opening leverage,
this does not impact current ratings, but may limit the potential
for upwards rating migration should the company deleverage.

The stable outlook reflects Moody's expectations that
Numericable's Debt to EBITDA will be maintained below 5.5x and
free cash flow generation remains positive. Moody's does not
expect near-term upward pressure on the ratings, although this
could result if on a sustained basis: (i) the Company displays
good execution of its business plan with positive operating
momentum; (ii) leverage were to fall below 5.0x; and (iii) free
cash flow generation improves. Conversely, downward rating
pressure could evolve if on a sustained basis: (i) operating
performance was to materially weaken; (ii) leverage began
trending towards 6.0x; and (iii) free cash flow generation
deteriorated. These metrics incorporate Moody's usual

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

Numericable, based in Marne-la-Vallee, France, is a cable network
operator providing TV, internet and telecommunication services
throughout France. The company's sole operations remain in France
following the disposal of Coditel (its Benelux business) in
June 2011. In the financial year ending December 31, 2010,
Numericable generated on a pro-forma basis (excluding the Coditel
operations) EUR844 million and EUR441 million of revenues and
EBITDA respectively, as reported by the company based on French
GAAP financial statements.


SCHLECKER: More Than 10 Potential Investors Express Interest
Angela Cullen at Bloomberg News, citing Die Welt, reports that
more than 10 potential investors have expressed an interest in
German retailer Schlecker, spanning private equity and strategic
bidders, Die Welt reported, citing the drugstore chain's
insolvency administrator Arndt Geiwitz.

According to Bloomberg, the German newspaper said that Schlecker
insolvency administrator Arndt Geiwitz plans to compile a
shortlist of potential buyers from the parties at the end of this

The newspaper said that almost 12,000 people, mostly women, are
set to lose their jobs this month as 2,400 Schlecker outlets
close, Bloomberg notes.

Schlecker is a German drugstore chain.


TITLOS PLC: Moody's Cuts Rating on EUR5100MM A Notes to 'C(sf)'
Moody's Investor Service has taken the following actions on Greek
government-related structured finance transactions, following the
downgrade of Greek sovereign debt ratings to C from Ca on
March 2, 2012:

1. The rating of the notes issued by Titlos plc has been
   downgraded to C(sf) from Ca(sf)

2. The rating of Ariadne S.A. Secured Notes has been downgraded
   to Ca(sf) from Caa1(sf), which concludes the review for
   downgrade initiated on July 29, 2011.

Moody's did not take action on any other Greek structured finance
transaction. The highest achievable rating for Greek structured
finance transactions remains B1(sf).

Ratings Rationale

Moody's took rating actions on two transactions that are directly
linked to the creditworthiness of the Greek government:

-- Titlos

The downgrade of the notes issued by Titlos, which are backed by
a swap relying on payments by the Greek government, reflects the
Greek sovereign rating downgrade of March 2, 2012. Moody's
understands that the Hellenic swap representing rights to receive
payments from the Greek government, which serves as collateral
for this transaction, is not part of the debt exchange package
proposed by the Greek government. However, Moody's considers the
main risk driver of this transaction to be Greek sovereign risk
and as such that its ultimate rating should closely mirror that
of the Greek government. After the debt exchanges have been
completed and a new Memorandum of Understanding between the
European Union (EU) and the Greek government has been finalized
and published, Moody's will re-assess the credit risk profile and
ratings of any outstanding or new securities issued by the Greek
government. At that time, Moody's will also reassess the ratings
of the notes issued by Titlos.

-- Ariadne

The rating action on Ariadne, a transaction backed by Greek
lottery receivables and an effective payment guarantee from the
Greek government, also reflects the Greek sovereign rating
downgrade. Ariadne's rating is now one notch above that of the
Greek government, as the government guarantee would only be
called to the extent that payments from both the receivables and
the reserve fund (liquidity reserve), which is held at Citibank
N.A. (A1/P-1, on review for downgrade), were insufficient to
repay the notes. While collections from the receivables have not
always entirely covered periodic payments due on the transaction,
any shortfall has thus far been covered using proceeds from the
liquidity reserve. As such, the guarantee has not been called to
date. Moody's has taken into account both the likelihood of a
call on the guarantee and the potential size of losses should a
call on the guarantee not be fully successful. However, in
addition to the risks associated with a potential call on the
guarantee, Moody's has considered the risk that the collections
on the lottery receivables become subject to operational or legal
challenges in the context of a sovereign default, contributing to
the strong rating linkage between the transaction and the Greek

-- Rating Methodologies

Moody's methodology for rating Titlos considers a full linkage to
the rating of Greece, and any other risk related to the specific
transaction structure.

While Moody's methodology for rating Ariadne is primarily based
on the effective guarantee of the Greek government rather than on
the value of the lottery receivables backing the notes, it also
considers some of the benefit due to proceeds from both the
receivables and the reserve fund.

-- Assumption sensitivity

Key modelling assumptions, sensitivities, cash-flow analysis and
stress scenarios on the assets underlying the notes have not been
updated as the downgrade has been primarily driven by the rating
linkage considerations in the context of the Greek sovereign
rating downgrade. The most stressful scenario considered in
Moody's analysis envisions a change to the terms of the
receivables repayment mechanism or those of the government
support, resulting from the economic and fiscal challenges
reflected in the rating of the sovereign. New developments, which
would undermine either the embedded sovereign support for these
transactions or the legal strength of the receivables underlying
the transactions, would be credit negative for the transactions.

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.

Issuer: Titlos plc

    EUR5100M A Notes, Downgraded to C (sf); previously on Jul 29,
    2011 Downgraded to Ca (sf)

Issuer: Ariadne S.A. Secured Notes

    EUR650M A Notes, Downgraded to Ca (sf); previously on Jul 29,
    2011 Caa1 (sf) Placed Under Review for Possible Downgrade

* GREECE: Fitch Upgrades Long-Term Issuer Default Ratings to 'B-'
Fitch Ratings has upgraded Greece's Long-term foreign and local
currency Issuer Default Ratings (IDRs) to 'B-' with Stable
Outlooks from 'Restricted Default' (RD).  The Short-term foreign
currency IDR has been upgraded to 'B' from 'C' and the Country
Ceiling affirmed at 'AAA'.

Fitch has withdrawn the ratings on the bonds issued by the
Republic and governed by Greek law and assigned 'B-' ratings to
Greece's new government bonds created as a result of the private
sector involvement (PSI) debt exchange.  Issue ratings for
securities not eligible for the bond exchange are also upgraded
to 'B-' from 'C'.  The issue ratings on foreign-law bonds will
remain 'C' pending settlement on April 11.
The rating actions follow the official confirmation of a 96%
participation in the distressed debt exchange (DDE) and the
initial exchange of EUR177 billion of Greek-law bonds for new
securities.  In accordance with Fitch's statement on June 6, 2011
and the agency's distressed debt exchange (DDE) criteria (August
12, 2011), the completion of the exchange has cured the rating
default event.

Fitch says the DDE and the losses imposed on bondholders have
significantly improved Greece's debt service profile and reduced
the risk of a recurrence of near-term repayment difficulties on
the new Greek government securities.  The agency considers that
significant and material default risk remains in light of the
still very high level of indebtedness post-PSI and the profound
economic challenges faced by Greece, as reflected in the low
speculative grade rating of 'B-'.  However, in Fitch's view,
there is a limited margin of safety for debt service on the new
securities over a 12 to 24 month horizon, reflected in the Stable

Post-default, debt service should be moderate. The effective
interest rate on public debt is estimated to have fallen to less
than 4% from 5.5%, while substantive amortization payments have
been pushed out to 2020 and beyond.  Nonetheless, the capacity
for continued payment remains vulnerable to deterioration in the
political and economic environment.

Fitch expects the new EU-IMF program will be fully funded (ie.
not reliant on Greece regaining access to term finance from the
market), in contrast to the first Greek Loan Facility, providing
a limited margin of safety for bondholders.  Moreover, as a
result of the significant writedowns to face value, Fitch
estimates that private bondholders now account for barely 30% of
the stock of public debt (compared to 64% pre-PSI), while the
interest rate on the new PSI bonds will be just 2% in 2013-15,
rising to 3% in 2016-20.  In Fitch's opinion, these
considerations limit the potential gain that could be derived
from any future restructuring of private sector bond holdings and
underline the burden that could fall on official creditors.

Lower interest payments, allied with further fiscal
consolidation, are projected to bring down the fiscal deficit
from around 9.5% of GDP in 2011 to 4.5% in 2012.  Further
reductions thereafter will depend upon the political willingness
and ability to sustain and implement structural and fiscal
reforms under the auspices of an EU-IMF program, as well as on
the highly uncertain evolution of the Greek economy.  In any
event, the public debt/GDP ratio will rise initially towards
170%, as the government assumes new liabilities to fund the DDE
and recapitalize the banking system, while further adjustments of
prices and wages will lead to a continued decline in nominal GDP
until 2014.

Fitch notes that while it is possible to discern a downward
trajectory of the public debt/GDP ratio to around 120% by 2020 as
targeted by the EU/IMF, this outcome is very sensitive to
assumptions regarding the implementation of fiscal austerity and
economic growth.  The current government has completed a long
list of 'prior actions'.  However, their implementation is likely
to prove very challenging for any administration, while Greece's
ability to sustain primary surpluses of 4.5% of GDP from 2014
onwards is untested.  Moreover, in the near term, the prospect of
a general election and uncertainty over the composition and
commitment of a new government to the EU-IMF program also poses a
significant risk.  Nonetheless, the sustainability of the public
finances and ultimately Greece's membership of the eurozone
depends upon the implementation and effectiveness of structural
and fiscal reforms in laying a foundation for a sustained
economic recovery.

Future rating actions will be driven by Greece's performance
against the parameters of the new EU-IMF program and the
sovereign's capacity and willingness to honor its restructured
debt obligations.  A broadly successful program, including the
maintenance of substantial fiscal surpluses, concerted structural
reforms and demonstrable economic recovery would put upward
pressure on the ratings.  Conversely, EU-IMF program failure,
reflecting potential political and economic shocks, and renewed
debt service difficulties would be likely to lead to a downgrade
of Greece's sovereign ratings.


SZENNA PACK: To Restart Production Following Exal Rescue
MTI-Econews reports that regional daily Somogyi Hirlap said on
Wednesday Szenna Pack, which was recently bought by a unit of US
peer Exal Corporation, will soon restart production.

According to Econews, the paper said that some of the troubled
company's six production lines need another 1-2 months of
maintenance before they can relaunch.

Econews reported earlier that US-based extruded aluminium can
maker Exal Corporation reached an agreement to acquire Szenna
Pack for EUR14 million and pay off some of its debts late last

Family-owned Szenna Pack filed for bankruptcy protection in July
because of a poorly-timed investment, Econews recounts.

Szenna Pack is a Hungarian aerosol can maker.


EIRCOM GROUP: Advice Capital Mulls Suit Over Missed Payment
Donal O'Donovan at Irish Independent reports that Danish fund
manager Advice Capital, which is owed EUR14 million, is
threatening legal action against Eircom Group over a missed
interest payment.

Advice Capital holds a 4% share in Eircom's EUR350 million of
floating rate notes (FRN), Irish Independent discloses.

The FRNs are among the riskiest elements of Eircom's EUR3.75
billion of debt, Irish Independent notes.  They are expected to
be totally wiped out if Eircom files for examinership in the
coming weeks, Irish Independent states.

Advice Capital said Eircom should have tried to broker a
consensual debt restructuring -- including a one-off EUR155
million payout to FRN holders such as itself, Irish Independent

Over the past week, Advice Capital has written to Eircom, its
shareholders and representatives of the four lender groups
trapped in long-running debt negotiations, Irish Independent

Advice Capital, as cited by Irish Independent, said its proposal
could achieve a EUR1 billion debt reduction without a court-
supervised insolvency process.  It said it is not too late to
conclude such a deal, according to Irish Independent.

If the demand for a negotiated settlement is ignored, the Danish
investor said it will take legal action in respect of its missed
interest payment, Irish Independent notes.

Headquartered in Dublin, Ireland, Eircom Group -- is an Irish telecommunications company,
and former state-owned incumbent.  It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.

EIRLES TWO: S&P Reinstates 'B' Rating on Series 340 Notes
Standard & Poor's Ratings Services reinstated its 'B (sf)' credit
rating on Eirles Two Ltd.'s series 340 notes. "We have
subsequently raised the rating to 'BBB (sf)' on this leveraged
super senior (LSS) tranche. This transaction is an LSS
collateralized debt obligation (CDO) with spread-based triggers,"
S&P said.

"On Dec. 20, 2010, the original scheduled maturity date, we
withdrew the rating in error; when the transaction was
restructured, the maturity date was extended to Dec. 20, 2012. ,
we have therefore reinstated our rating on the notes at the
rating level at which we withdrew it," S&P said.

"We have subsequently raised the rating following an observed
tightening of the weighted-average spread (WAS) of the portfolio
of reference entities and the reduced time to maturity, which has
led to an increase in the trigger spread level," S&P said.

"In our opinion, these positive factors lower the probability
that this specific spread-based LSS transaction will breach its
portfolio spread triggers. Consequently, we have raised the
rating," S&P said.

"LSS transactions reference both credit and market-value risks
associated with their underlying portfolios. These transactions
have a market-value trigger based on the weighted-average
portfolio spread and portfolio losses at a given point in time.
If breached, this would lead to an 'unwind event,' where the
notes may become immediately repayable. If the notes are unwound,
investors may suffer a mark-to-market loss on their investment,"
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:

Ratings List

Class                  Rating
              To                     From

Eirles Two Ltd.
S$144 Million Fixed-Rate Leveraged Super Senior Credit-Linked
Notes Series 340

Rating Reinstated and Subsequently Raised

              B (sf)                 NR
              BBB (sf)               B (sf)

NR--Not rated.

OMEGA CAPITAL: S&P Affirms 'BB' Rating on EUR100MM Senior Swap
Standard & Poor's Ratings Services raised its credit ratings on
five classes of spread-trigger leveraged super senior (LSS)
notes. At the same time, we affirmed our rating on one class of
LSS notes.

"All of these transactions are leveraged super senior
collateralized debt obligations (CDOs). LSS transactions
reference both credit and market-value risks associated with
their underlying portfolios. These transactions have market-value
triggers, based on weighted-average portfolio spread and
portfolio losses at a given point in time. If breached, this
would lead to an 'unwind event,' where the notes may become
immediately repayable. If the notes are unwound, investors may
suffer a mark-to-market loss on their investment," S&P said.

"The upgrades reflect positive movements in two key transaction
variables. Firstly, we have observed a tightening of the
weighted-average spread (WAS) of the portfolio of reference
entities. Secondly, as the time to maturity reduces, we have seen
increased spread-trigger levels. (Each of these classes of notes
has a scheduled maturity date in 2012 and a significantly high
spread-trigger level)," S&P said.

"In our opinion, these positive factors lower the probability
that these specific spread-based LSS transactions will breach
their portfolio spread-triggers. Consequently, we have raised our
ratings in five transactions to investment-grade," S&P said.

"We have affirmed our rating in one transaction, in light of an
increase in the portfolio WAS, a smaller distance between the
portfolio WAS and the trigger spread level, and a longer time to
maturity (in December 2013). In our opinion, this rating will
remain at speculative-grade because we consider the transaction
more likely to breach its portfolio spread-triggers, and possibly
vulnerable to spread-widening before maturity," 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:

Ratings List

Class                   Rating
               To                  From

Ratings Raised

Chess II Ltd.
EUR20 Million Secured Leveraged Super Senior
Credit-Linked Fixed-Rate Notes Series 22

               BBB (sf)            BB (sf)

Eirles Two Ltd.
EUR105 Million Class A Floating-Rate Leveraged
Super Senior Secured Credit-Linked Notes Series 207

A              A (sf)              BB (sf)

Eirles Two Ltd.
EUR30 Million Fixed-Rate Credit-Linked Leveraged
Super Senior Secured Series 213

               A (sf)              BB (sf)

Eirles Two Ltd.
JPY3.9 Billion Fixed Rate Leveraged Super Senior
Secured Credit-Linked Notes Series 341

               BBB (sf)            B (sf)

Omega Capital Investments PLC
EUR100 Million Secured Floating-Rate Notes
(Highway Series 1) Series 12

C7E-1          A (sf)              BB (sf)

Rating Affirmed

Credit Default Swap
EUR100 Million Leveraged Super Senior
Swap Risk Rating (Between Calyon FIM and
Calyon CPM)

               BBsrp (sf)

SIMCLAR AYRSHIRE: Ex-Director to Come Under Court Scrutiny
The Herald reports that Scottish electronics entrepreneur
Sam Russell will come under courtroom scrutiny next month in an
action involving liquidators seeking the recovery of GBP3 million
dividends paid by his Simclar Ayrshire business.

Mr. Russell and two other former directors of the Simclar
Ayshire, which was closed in 2007, are named in an action
launched by liquidators who took control after the company's
operations were shut down with the loss of 420 jobs the Herald

Experts from PricewaterhouseCoopers have been pursuing the action
since 2009, the Herald recounts.  They have challenged the
lawfulness of a GBP3 million dividend declared by the firm,
payable to the parent Simclar Group, in June 2006, the Herald

After two years of procedural wrangling, the case will finally
come to a head next month, the Herald says.

Following a hearing in the Court of Session on Tuesday, Lord
Hodge said the case could proceed to the stage in which evidence
will be considered by the court, the Herald relates.

The court was told two partners in Grant Thornton, Robert Hannah
and Toby Rintoul, have refused requests to provide statements,
according to the Herald.  The accountancy firm audited the
Simclar Group accounts for the years from 2006 to 2009, the last
it has filed, the Herald recounts.

Lord Hodge has allowed 10 days for a proof before answer during
which Mr. Russell's account of events will be put under the
microscope, the Herald discloses.

However, in June last year he placed Simclar Group into
administration with the loss of 138 jobs at its plant in
Dunfermline, the Herald relates.

Two months later Mr. Russell was criticized by John Park, MSP for
Mid Scotland and Fife, for spurning a GBP10,000 offer from
Scottish Enterprise to fund work on a survival plan in May, the
Herald recounts.

According to the Herald, Mr. Russell said: "They could not have
done anything; they certainly could not have saved jobs.  It was
so far down the line when they came in."

In the company's accounts for 2009, Simclar Group, as cited by
the Herald, said: "The company and certain of its directors are
the subject of a claim by the liquidators of Simclar (Ayrshire).
This claim is being defended vigorously."

Dunfermline-based Simclar Group supplies wiring, looms and sheet
metal products to major electronics firms.  Simclar Group was
formed in May 2001 and is the parent company of a subcontract
manufacturing group with operations in the UK, USA, Mexico and
China.  The UK operations supply a number of blue chip customers,
including Bombardier and Alexander Dennis.


PRIVATBANK AS: Moody's Cuts Bank Financial Strength Rating to 'E'
Moody's Investors Service has downgraded PrivatBank AS's
standalone bank financial strength rating (BFSR) to E from E+
with a stable outlook, mapping to Caa1 on the long term scale
(previously B3). The long term deposit rating was downgraded to
B3 from B2 and placed on review for downgrade. The Not Prime
short term rating was unaffected.

Rating Rationale

The rating action concludes the review for downgrade initiated on
October 25, 2011 based on concerns related to (i) the failure of
a planned LVL66 million capital raising in 2011; (ii) capital
depletion following further losses in H1 2011; and (iii)
deteriorating asset quality with problem loans increasing to 52%
of gross loans at H1 2011 (YE 2010: 40%). It also opens a new
review, solely applicable to the supported long term rating,
whereby Moody's will reassess the level of support from the
bank's Ukrainian parent.

The downgrade of PrivatBank's ratings reflects the bank's
weakened loan quality profile, earning power and capitalisation
levels. Moody's understand that further losses and impairments
since end-June 2011 have further depleted capital levels with
little indication of a reversal of this trend in the near future.
With problem loans currently at around 50% of gross loans and
provision cover under 50% of problem loans, combined with
extremely low or negative net interest income, there is the
potential for further capital depletion from the end-June Tier I
figure of 9.4%

Moody's believes that whist the Latvian economy benefitted from a
significant austerity plan and house price correction
comparatively early compared to its European peers and has been
experiencing a recovery, it is still an export-oriented economy
and therefore vulnerable to the impact of the current European
sovereign crisis. This, combined with stubbornly high structural
unemployment and high indebtedness levels, will make it hard for
PrivatBank to improve its profitability and increase capital
levels without a further capital injection.

The decision to place the long term ratings on review is related
to Moody's intention to further analyze the potential for support
from the bank's Ukrainian parent, Privatbank Commercial Bank CJSC
(B3/NP/D-). This follows the failure of the capital raising in
2011 which was effectively blocked by the Latvian regulator due
to concerns about the proposed increased direct shareholdings of
PrivatBank's two ultimate individual owners. It also reflects
Moody's concerns that the Latvian regulator is increasingly
trying to limit high levels of non-domestic business by Latvian
banks, a key part of PrivatBank's strategy and of importance to
the Ukrainian parent as a conduit into Europe.

PrivatBank's long-term deposit rating of B3 is based on the
standalone rating of Caa1 and includes a one-notch uplift due to
Moody's assessment of a moderate probability of parental support
from Ukraine's Privatbank Commercial Bank CJSC (B3/NP/D-), which
owns 75% of the bank's capital, but has around 98% of voting
rights. However, Moody's does not factor in any systemic support
in accordance with Moody's low system-support guidelines for

What Could Bring The Rating - Up

An upgrade of the current BFSR would likely be predicated on: (i)
decline in problem loan levels; (ii) sustained improvement in
profitability; (iv) an increase in capital levels; and/or (iii) a
more diversified ownership structure.

Given the review for downgrade on the long term deposit rating,
an upgrade is unlikely at this time.

What Could Bring The Rating - Down

PrivatBank's BFSR could be negatively affected following: (i)
further weakening in the bank's core earnings; (ii) a further
deterioration in the bank's asset quality or borrower
concentration; and/or (iii) further falls in capitalisation

A downgrade of the bank's long term deposit rating could occur
if: (i) PrivatBank's BCA were to be downgraded; (ii) parental
support from the Ukrainian parent bank was to be assessed as less
forthcoming; and/or (iii) the parent's ratings were downgraded.

Principal Methodologies

The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007.

Headquartered in Riga, Latvia, PrivatBank reported total
consolidated assets of around LVL268 million (EUR377 million) at
end-September 2011.


TRINSEO OPERATING: Moody's Withdraws Rating on New $450MM Notes
Moody's Investors Service has withdrawn the rating for Trinseo
Operating Materials S.C.A.'s planned $450 million senior
unsecured notes issuance. Its parent company, Trinseo S.A., has
postponed the issuance until further notice. All other ratings
for Trinseo and its subsidiary remain in effect and were
unchanged, including the Corporate Family Rating (B1) and the
guaranteed senior secured revolver and term loan ratings (B1).
The outlook is stable.

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

Trinseo S.A. is the world's largest producer of styrene butadiene
(SB) latex, the largest European producer of synthetic rubber
(solution styrene butadiene rubber -- SSBR), the third largest
global producer of polystyrene and a leading producer of
polycarbonate resins and blends. Trinseo had revenues of roughly
$6.2 billion for the last four quarters ending September 30,


ENDEMOL BV: Lenders Agree to Debt Restructuring Deal
Andrew Edgecliffe-Johnson and Anousha Sakoui at The Financial
Times report that lenders to Endemol have agreed a deal that
looks set to smooth the path of a debt for equity restructuring
that will leave lenders led by Apollo Global Management in charge
of the company.

According to the FT, Barclays, two people familiar with the deal
said that Endemol's biggest lender, had been opposed to the
proposed reorganization because it wanted cash rather than equity
for its share of the debt, but has agreed to sell its entire
interest to Apollo.

The FT relates that the people said the agreement, giving
Barclays 58 cents on the dollar, will give Apollo 28 per cent of
Endemol's equity once the restructuring is complete, placing it
ahead of Cyrte, the Dutch holding company that manages
investments for Jon de Mol, Endemol's co-founder.

The FT notes that people with knowledge of the process expect
Endemol's debt burden to be cut by 80%, to about EUR550 million.
That would leave existing shareholders with less than 50% of its
equity, the FT states.

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

MOLECULAR THERAPEUTICS: May Face Bankruptcy if Forbion Sale Fails
According to SeeNews, Dutch investor group VEB said Monday on its
Web site that Molecular Therapeutics will go bankrupt within a
month if shareholders do not agree soon to the proposed sale to
major owner Forbion.

Molecular Therapeutics is a Dutch biotechnology firm.


CTC MEDIA: S&P Affirms 'BB-/B' Corporate Credit Ratings
Standard & Poor's Ratings Services revised its outlook on U.S.-
registered Russian broadcaster CTC Media Inc. to stable from
positive. "At the same time, we affirmed the 'BB-' long-term and
'B' short-term corporate credit ratings on CTC Media, as well as
the 'ruAA-' Russia national scale rating," S&P said.

"The outlook revision reflects CTC Media's weaker-than-
anticipated performance in the second half of 2011 and our
revised base-case operating scenario for 2012," S&P said.

"While the TV advertising market in Russia showed 18% growth in
2011, CTC Media's like-for-like revenues increased by only 13% in
the same period. This did not allow the company to improve its
business position in the Russian media market, which was the
prerequisite for an upgrade," S&P said.

"We believe that CTC has reached its critical scale for a niche
entertainment channel and would be unlikely to significantly
improve its audience share in 2012, due to competition from
smaller free-to-air and pay-tv channels," S&P said.

"In our revised base-case assessment for 2012, we assume that CTC
Media will post low-single-digit revenue growth. We expect the
Russian advertising market to be negatively affected by the
weakening macroeconomic conditions, saturation of consumption in
various segments of the fast-moving consumer-goods sector, and
further limitation on beer advertising," S&P said.

"The ratings on CTC Media reflect our view of its exposure to the
cyclical advertising market in one country, its modest market
position, and limited revenue diversification. The uncertainties
related to Russia's complex regulatory environment, and
restrictions on ownership of media companies also constrain the
ratings," S&P said.

"We consider these risks to be somewhat moderated by the
company's robust operating performance and sound capital
structure. Resilient profitability and a strong cash-generative
profile also support the ratings," S&P said.

"The stable outlook reflects our expectation that CTC Media will
perform in line with or better than the advertising market in
Russia, protect its market share in free-to-air TV (which can be
received without a subscription or a decoder), and keep
generating stable cash flows," S&P said.

"Our base-case scenario for a 'BB-' rating includes the
assumption that the Russian advertising market will grow only
modestly in 2012, as a result of weakening macroeconomic
conditions. It also includes our expectation that CTC Media will
maintain the audience shares of its channels at current levels,
and that debt leverage will be consistently less than 2.0x," S&P

"Ratings upside is remote, as it would require primarily a
significantly stronger market position in Russia, which we
consider would be difficult to achieve in the next 12 months.
Diversification into non-advertising-related segments, and
expansion to other markets, which would reduce concentration on
the flagship CTC channel, could also support a positive rating
action. To be commensurate with higher ratings, the company's
financial profile would need to remain supportive, which would
include 'adequate' liquidity and a debt-to-EBITDA ratio of less
than 2.0x on a sustainable basis," S&P said.

"We would lower the ratings on CTC Media if the company's
leverage exceeded our expectations as a result of acquisitions or
financial policy decisions. Downside would not likely be driven
by the changes in the business characteristics, as it would
require a steep fall in earnings and cash flows, which we do not
anticipate in the next 12 months," S&P said.

NEW FORWARDING: Moody's Assigns 'B1' Senior Unsecured Rating
Moody's Investors Service has assigned a definitive senior
unsecured B1 rating with a positive outlook and a Loss Given
Default (LGD) assessment of LGD4/69% to New Forwarding Company's
two issuances of 10.0% p.a. domestic bonds (RUB5 billion each)
due 2015.

Ratings Rationale

Moody's definitive rating on these debt obligations affirms the
provisional rating assigned on February 14, 2012. Moody's rating
rationale was set out in a press release issued on that date.

New Forwarding Company is a Russian wholly owned subsidiary of
Cyprus-domiciled Globaltrans Investment PLC (Globaltrans; Ba3
positive). Globaltrans guarantees the bonds under suretyship.

The positive outlook on the assigned bond ratings mirrors the
positive outlook on Globaltrans' Ba3 corporate family rating
(CFR). New Forwarding Company's bond ratings could be considered
for an upgrade over the next 12-18 months should Globaltrans' CFR
be upgraded. Such an outcome will be subject to Globaltrans (i)
demonstrating sustainably strong financial metrics, with
debt/EBITDA below 2.0x, retained cash flow (RCF)/net debt above
35% and solidly positive free cash flow; (ii) maintaining an
EBITA margin above 25%; and (iii) retaining its strong market

Negative pressure would be exerted on the bond ratings if
Globaltrans' CFR is downgraded, which could occur in the event of
(i) Globaltrans' debt/EBITDA increasing above 2.5x and RCF/net
debt declining below 30% on a sustainable basis; and (ii)
material deterioration in Globaltrans' liquidity or market

Principal Methodology

Globaltrans' 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 Globaltrans' core industry
and believes Globaltrans' ratings are comparable to those of
other issuers with similar credit risk. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Globaltrans is one of the largest private railway transportation
groups operating in Russia, with a fleet of 49,529 railcars as of
June 2011. In 2010, it transported around 64 million tonnes of
various cargos and generated revenue of US$1.4 billion and USD490
million of EBITDA (adjusted by Moody's). The group's customers
are large Russian blue-chip companies operating mainly in the
metals and mining, and oil and oil products industries.
Globaltrans is a public company that has been listed on the
London Stock Exchange since 2008.

* RUSSIA: Moody's Says Oil & Gas Firm Performance to Remain Solid
As a result of financial flexibility built up over the past two
years, rated Russian integrated oil and gas companies will be
able to accommodate volatility in oil prices and other emerging
challenges in 2012 within their current rating categories, says
Moody's Investors Service in a Special Comment published on
March 13.

"In 2011, rated Russian players continued to demonstrate strong
operating and financial results, underpinned by elevated oil
prices," says Victoria Maisuradze, an Associate Managing Director
in Moody's Corporate Finance Group and author of the report.
"Indeed, operating profits are likely to remain stable in 2012 as
an increased tax and tariff burden will offset the benefits of
high crude oil prices," explains Ms Maisuradze. "All issuers have
stable outlooks and our outlook for the sector is stable."

Nevertheless, developing reserves in new regions remains a major
challenge as traditional production areas deplete. Moody's notes
that nearly all rated Russian players remain competitive with
global peers in terms of reserves, production, and in particular
on Finding and Development (F&D) costs. However, in the longer
term, Moody's would expect this historical advantage to narrow as
Russian players face rising costs in sustaining production at
mature fields and developing reserves in challenging new regions.
Russia's desire to exploit its offshore reserves is likely to
translate into new alliances with international majors with
expertise in this area.

The new "60/66" oil product export duty regime aims to spur
upstream investment and upgrades of outdated Soviet-era
refineries. However, Moody's believes the positive effects on
upstream investment of the new tax system, which came into effect
last October, will be relatively limited and that additional tax
breaks will be required to encourage the development of reserves
in remote regions. Tighter controls by the state over the pace of
refinery upgrades are likely to stimulate a ramp-up in downstream
capital expenditure (capex) in the Russian integrated oil and gas
industry. However, Moody's considers that Moody's rated issuers
have a significant degree of financial flexibility to accommodate
an increase in capex.

Historically, taxes on gas producers have been relatively low
compared with those on oil producers to compensate players for
low regulated domestic prices. However, as the government
proceeds with its domestic gas price liberalization program, it
is imposing higher taxes on producers. Moody's notes that the tax
change will mainly hit OSJC Gazprom (Baa1 stable), as the rate it
pays will more than double in 2012 and the company could be
subject to further hikes in 2013 and 2014, whereas the rate for
independent producers is likely to remain around the 2011 level
during this period.

Conservative financial policies and deleveraging efforts over the
past two years have helped boost the financial flexibility of
Moody's-rated Russian integrated oil and gas companies. Most
issuers have increased the headroom in their existing rating
categories, enabling them to accommodate additional debt to fund
capex and/or M&A deals. Proven good access to funding provides
additional comfort, particularly in view of the volatile
conditions in capital markets globally.

U N I T E D   K I N G D O M

DUCHESS I: S&P Affirms 'CCC-' Rating on Class B Notes
Standard & Poor's Ratings Services affirmed its credit ratings on
all Duchess I CDO S.A.'s classes of notes.

"The class A-1 and A-2 notes benefit from a note policy provided
by Assured Guaranty (Europe) Ltd. (AA-/Stable), guaranteeing the
scheduled payments on these classes. We have therefore affirmed
our 'AA- (sf)' ratings on these classes of notes," S&P said.

"The affirmation of our rating on the class B notes follows our
credit and cash flow analysis of the transaction using data from
the latest available trustee report, dated Jan. 23, 2012. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria,"
S&P said.

"We note from the trustee report that the overcollateralization
test for the class A notes is currently passing at its required
level, and that the overcollateralization test for the class B
notes is not currently passing. At the same time, the reported
weighted-average spread earned on Duchess I CDO's collateral pool
has increased to 3.2% from 2.7% since our last review," S&P said.

"In addition, our analysis indicates that the portfolio's
weighted-average maturity has decreased further since our last
review, to 3.5 years from 4.9 years, which has lowered the
scenario default rates calculated by our CDO Evaluator model. The
trustee report also demonstrates that the proportion of defaulted
assets (rated 'CC', 'SD' [selective default], and 'D') in the
pool has remained the same at 1.28%, since our last review. Also,
the amortization of the class A-1 and A-2 notes has caused the
credit enhancement available to these notes to slightly increase
to 7.6% from 6.6%," S&P said.

"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for the class B notes. In
our analysis, we used the reported portfolio balance that we
consider to be performing (of the balance of assets rated 'CCC-'
or above), the weighted-average spread of 3.2%, and the weighted-
average recovery rates that we consider to be appropriate. We
incorporated various cash flow stress scenarios using our
standard default p0atterns, levels, and timings for each rating
category that we assume for all of the classes of notes, in
conjunction with different interest rate and exchange rate stress
scenarios," S&P said.

"We have observed from our analysis that the credit support
available to the class B notes remains commensurate with our
'CCC-' rating. We have therefore affirmed our rating on the class
B notes," S&P said.

"About 32% of the assets in the transaction's portfolio are
non-euro-denominated. To mitigate the risk of foreign-exchange-
related losses, the issuer has entered into asset swap agreements
throughout the life of the transaction. Under our 2010
counterparty criteria, our analysis of the swap counterparty and
the associated documentation indicates that it can support the
current 'CCC-(sf)' rating on the class B notes. Hence, we have
applied no additional foreign-exchange-related stresses to these
notes," S&P said.

Duchess I CDO is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. Babson Capital Europe Ltd. manages the
transaction, which closed in June 2001.

             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:

Rating List

Class           Rating

Duchess I CDO S.A.
EUR1 Billion Fixed-, Floating-Rate, and Income Notes

Ratings Affirmed

A-1             AA- (sf)
A-2             AA- (sf)
B               CCC- (sf)
C               NR

NR--not rated.

NORD ANGLIA: Moody's Rates New $325MM Sr. Secured Notes at (P)B2
Moody's Investors Service has assigned a provisional (P)B2
corporate family rating (CFR) and probability of default rating
(PDR) to Nord Anglia Education (UK) Holdings plc, which is the
parent holding company of Nord Anglia Education Limited ("Nord
Anglia Education" or "company"). Concurrently, Moody's has also
assigned a (P)B2 rating to Nord Anglia Education's proposed $325
million senior secured notes due 2017. The outlook on the ratings
is stable. This is the first time Moody's has assigned a rating
to Nord Anglia Education.

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

Proceeds from the transaction will be used to refinance existing
debt and a portion of shareholder loans. Moody's understands that
the remainder of Nord Anglia Education's shareholder loans will
be converted to common equity.

Ratings Rationale

"Our (P)B2 CFR reflect our view that, as a provider of
international schools for expatriates and affluent local
families, with the level of students ranging from pre-school
through secondary school and sixth form college, the company
holds a stable incumbent position within the premium education
market, which benefits from some price inelasticity, strong
operating margins, revenue predictability, and high barriers to
entry," says Anthony Hill, a Moody's Vice President -- Senior
analyst and lead analyst for Nord Anglia Education.

However, Moody's notes that Nord Anglia Education's expected pro
forma adjusted debt/EBITDA of 6.0x, is high for the B2 rating
category. Moody's expects that Nord Anglia Education will reduce
its leverage over time, but notes that, given its relatively
small scale and limited track record in its niche markets, the
company could face margin pressure in the coming quarters at its
operations in China, Europe, and the Middle East as governments,
corporates, and expatriate families are faced with ongoing budget
austerity. Risk of increased margin pressure is especially true
for Nord Anglia Education's Learning Services division where most
contracts provide high levels of customer flexibility, and not
revenue certainty.

Moody's does not consider Nord Anglia Education's liquidity
position to be particularly strong given the company's seasonal
working capital variations. With $88 million of cash at year-end
August 2011, Moody's would expect the company to be able to
largely cover working capital swings and its maintenance capital
expenditure via cash flow generation, and so make minimal use of
its new $20 million revolving credit facility. However, Nord
Anglia Education's annual liquidity headroom -- prior to the
major seasonal cash receipts for tuition payment -- is tight.


The stable outlook reflects Moody's expectation that Nord Anglia
Education will continue to exhibit modest top-line growth,
generate positive cash flow, and rapidly reduce leverage over the
coming quarters/years. It also assumes that the company will not
engage in any material debt-funded M&A activity.


Moody's could upgrade the ratings if Nord Anglia Education is
able to (i) reduce adjusted leverage sustainably and comfortably
below 5.0x; and (ii) improve EBITDA minus capex coverage of
interest expenses such that it rises above 2.5x.

Moody's could downgrade the ratings if Nord Anglia Education's
credit metrics do not improve as projected. This would include
debt/EBITDA not falling towards 6.0x, and/or EBITDA minus capex
coverage of interest expenses failing to rise above 1.2x by
August 2012. Any pressure on the company's liquidity profile
could also exert negative pressure on the ratings.

The principal methodology used in rating Nord Anglia Education
(UK) Holdings plc was the Global Business & Consumer Service
Industry Rating Methodology published in October 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June.

NORD ANGLIA: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to U.K.-domiciled Nord Anglia Education
(UK) Holdings PLC (Nord Anglia Education). The outlook is stable.

"We also assigned our 'B' long-term debt rating to Nord Anglia
Education's proposed US$325 million senior secured bond issue
with an expected tenor of five years. We have assigned a recovery
rating of '4' to the bond, indicating our expectation of
'average' (30%-50%) recovery for bondholders in the event of a
payment default.

"We understand that the bond is not underwritten by the
arrangers. The ratings on the pending bond issue are subject to
the successful issuance of this instrument and our review of
final documentation. Any change in the amount, terms, or
conditions of the bond issue would have to be reviewed by
Standard & Poor's and could affect the current ratings on the
bond. While in our view the pending refinancing, if successful,
will likely improve Nord Anglia Education's debt maturity profile
and support its liquidity position, we expect that the underlying
corporate credit rating on the company will remain at 'B'," S&P

Nord Anglia Education is a provider of private education and
education services in Asia, Europe, and the Middle East, with
annual revenues of about US$250 million and EBITDA of about US$60
million for the year ended Aug. 31, 2011. It operates K-12
private schools in the premium segment, where it generates about
80% of revenues and EBITDA. It also provides educational services
to governments and educational authorities.

"The rating on Nord Anglia Education reflects its 'highly
leveraged' financial risk profile and 'fair' business risk
profile, according to our classifications," S&P said.

"We view the rating as constrained by Nord Anglia Education's
highly leveraged capital structure, exposure to China, an
aggressive financial policy fostering external growth, an
underperforming Learning Services division, and exchange rate
risks. Tempering these negative factors, however, are the growing
demand for private education, good earnings and cash flow
visibility, a relatively low exposure to economic cycles, and the
ability to generate positive free operating cash flow," S&P said.

"As of Nov. 30, 2011, Nord Anglia Education's adjusted debt--
including US$357 million of shareholder loans which we treat as
financial liabilities--exceeded its adjusted EBITDA by about
10x," S&P said.

"The stable outlook reflects our opinion that Nord Anglia
Education should be able, under its current capital structure, to
maintain adequate covenant headroom and sufficient financial
flexibility to meet its debt-service requirements. Despite, the
high leverage, these debt service needs are relatively moderate,
taking into account the high share of accruing interest expense,"
S&P said.

"We anticipate that Nord Anglia Education will continue to derive
positive organic top-line growth and reported EBITDA margins in
excess of 25%. This is based on continued positive dynamics for
private schools in the premium segment in general and continued
growth of expatriate numbers driving demand for private schools
in Nord Anglia Education's key market China, in particular.
Moreover, we expect that the company will sustain positive free
cash flow (FOCF) generation even in a less benign economic
environment," S&P said.

PREMIER FOODS: Gets Unanimous Consent for Refinancing Scheme
Premier Foods' has received unanimous consent for its refinancing
scheme resolves one of the key concerns that Fitch had at the
time of the last downgrade to 'B+' with a Negative Outlook on 19
January.  However, while the announcement is a positive credit
development, certain challenges remain that prevent us from
stabilizing the rating outlook in the near-term.

"We believe management still faces strong operating challenges
and needs to show it can meet deleveraging targets before we
consider changing the rating outlook back to Stable.  Premier
Foods must overcome pricing pressure and weak UK consumer
sentiment this year as it embarks on a planned brand investment
program. As mentioned in our March 2 commentary Winners and
Losers Emerging in European Packaged Food[J1], brands that
maintain a steady pace of advertising and innovation through the
downturn typically show positive organic revenue growth and
market share improvements.  Premier Foods therefore needs to
demonstrate the relevance of its product ranges to retailers and
consumers alike and that sustained pricing and negotiation power
towards the major supermarkets can translate into improving
profit margins.  As a result, evidence of the success of Premier
Foods' brand investment program will require several quarters of
stable-to-improving revenues and margins before the Negative
Outlook can be removed," Fitch said.

"While we have not seen any documentation relating to the
refinancing package, the additional term loan of GBP200 million,
relating to the interest rate swap portfolio, should not lead to
a material increase in lease-adjusted net debt/EBITDAR.  This is
because we already treat much of the interest rate swap portfolio
as debt.  Overall, the banking agreement, once signed, should
eliminate any refinancing risk until 2015/16 and those
surrounding covenant compliance issues.  This will provide much
needed breathing space for the management to tackle the business
operational turnaround and boost marketing investments in the key

"Lease-adjusted net debt/EBITDAR is, however, still expected to
be higher than 5x for at least 2012 and possibly 2013, with
meaningful deleveraging difficult to achieve through disposals at
sufficiently high multiples.  Organic deleveraging by generating
positive free cash flow is expected to remain low due to the
turnaround program taking 12-18 months to make any potential
positive impact," Fitch said.

TAYLOR WIMPEY: Moody's Upgrades Corporate Family Rating to 'B1'
Moody's Investors Service upgraded Taylor Wimpey plc ("Taylor
Wimpey") Corporate Family Rating (CFR) to B1 from B2, the
Probability of Default Rating to B1 from B2 and the instrument
rating of its GBP250 million 10.375% senior unsecured notes due
2015 to B1 from B2. The loss given default assessment is LGD4.The
rating outlook is stable.

Ratings Rationale

Taylor Wimpey is a leading, publicly quoted UK homebuilder with
some small operations in Spain.

The rating action follows a dramatic reduction in Taylor Wimpey's
debt quantum in the second half of 2011, from the sales proceeds
of its North American business, which has resulted in
considerable improvement in Taylor Wimpey's leverage and interest
coverage. Leverage, as measured by adjusted debt/total
capitalization, and interest coverage, as measured by adjusted
EBIT/interest expense, are estimated at 21.6% and 2.2x on the
basis of preliminary FY2011 accounts from 38.3% and 1.6x in
FY2010 respectively, thus supporting the upgrade to B1 from B2.
Note all financial ratios are calculated using data that has been
adjusted by Moody's.

Taylor Wimpey's B1 rating reflects the company's solid
competitive position and scale, as measured by number of houses
sold, total revenues and tangible net worth. Its operations
benefit strongly from economies of scale.

In addition, management has optimized sales prices with a change
in product mix, reduced operating costs and built its order book.
This has resulted in company-reported operating profits rising by
an estimated 81% to GBP159.5 million and company-reported
operating cash flows (before working capital movements) growing
by 174% to GBP 147.8 million in its continuing businesses in the
UK and Spain. The B1 rating is further underpinned by the company
having produced positive free cash flow in all but one of the
years from 2006 through 2011.

Taylor Wimpey's liquidity remains adequate following the
refinancing of all of its debt in December 2010 and there is
currently good headroom under its financial covenants.

Moody's believes there is uncertainty related to the UK
homebuilding industry outlook, particularly in light of (i) the
agency's revised 2012 GDP growth forecasts for the UK of between
0.0% and 1.0%; and (ii) the fact that mortgage lending remains at
stubbornly low levels. Nonetheless, Moody's outlook for Taylor
Wimpey's ratings is stable because the company's financial
metrics are expected to remain at improved levels given the
extent of its deleveraging in 2011 combined with increased gross
margins and positive cash flow generation.

The current ratings and outlook assume that Taylor Wimpey will
maintain an adequate liquidity profile, including ample covenant
headroom at all times, but do not factor in any transformational

Positive pressure on the ratings could occur if Taylor Wimpey's
profitability continues to ameliorate on the back of supportive
industry conditions, thereby improving its credit metrics (as
adjusted by Moody's) with, inter alia, adjusted debt/total
capitalization remaining sustainably below 45% and interest cover
(EBIT/interest expense + capitalized interest) rising sustainably
above 3.0x.

Downward pressure on the ratings could arise from a failure to
maintain an adequate liquidity risk profile, or if the company
were to experience operating underperformance or negative free
cash flow generation for an extended period of time that caused
adjusted debt/total capitalization to trend above 50% or interest
cover to fall below 2.5x.

The principal methodology used in rating Taylor Wimpey was the
Global Homebuilding Industry Methodology published in March 2009.

Taylor Wimpey plc, headquartered in High Wycombe,
Buckinghamshire, England, reported consolidated revenues and net
income of GBP1.8 billion and GBP105 million respectively for the
financial year ending December 31, 2011.


* EUROPE: Commissioner to Propose Bank Restructuring Legislation
Jonathan Stearns and Jim Brunsden at Bloomberg News report that
EU Financial Services Commissioner Michel Barnier said the
European Union intends to propose legislation before August on
winding down or restructuring failed banks after pushing back the
initial timetable because of the euro-area debt crisis.

"I intend to present it in the coming weeks," Bloomberg quotes
Mr. Barnier as saying in an interview on Tuesday in Strasbourg,
France.  "I am continuing my consultations.  It's almost ready."

The draft legislation, which will need the support of EU
governments and the European Parliament, may include writing down
or converting bondholders' stakes to bolster the financial
position of crisis-hit lenders, Bloomberg discloses.  The
European Commission, the 27-nation EU's regulatory arm, had
planned to make its proposal last September, Bloomberg notes.

The last meeting of the college of EU commissioners before the
summer recess this year is due to be held on July 25, Bloomberg
says, citing the Brussels-based commission.

* Moody's Says Distressed Exchanges to Remain Prominent in EMEA
Distressed exchanges are likely to continue to represent a
prominent proportion of total defaults among non-financial
corporates in the Europe, Middle East & Africa region (EMEA)
region in 2012-13, says Moody's Investors Service in a Special
Comment published on March 13.

"While we expect that distressed exchanges will continue to
represent a significant proportion of total defaults among non-
financial corporates in EMEA, Moody's default rate forecasting
model currently projects a trailing 12-month non-financial
corporate default rate in the region of approximately 3% at the
end of 2012, which is not materially higher than that in 2011,"
say Lola Cavanilles and Gunjan Dixit, analysts in Moody's
Corporate Finance Group and co-authors of the report.

Given the improved liquidity profiles of many Moody's-rated
speculative-grade EMEA corporates, the rating agency believes
that few defaults will be prompted by immediate liquidity
shortfalls. Likewise, as European jurisdictions generally
continue to lack established, trusted and speedy court debt-
restructuring processes, the rating agency believes that the
incidence of bankruptcies will remain limited by the desire of
parties to achieve consensual out-of-court restructurings.

In addition, Moody's anticipates that excessively leveraged
companies may use material cash positions to voluntarily address
their untenable capital structures ahead of an approaching wall
of debt maturities in 2013-14.

Moreover, Moody's notes that, should bond prices fall, companies
with unsustainable capital structures may be forced by creditors,
or voluntarily tempted, to buy back debt at significant discounts
to par, which will help these issuers to avoid a payment default
in the near future.

Moody's defines a distressed exchange as an exchange whereby an
issuer offers creditors a new or restructured debt, or a new
package of securities, cash or assets, that imply a loss relative
to the original promise and that has the effect of allowing the
issuer to avoid a payment default or bankruptcy filing.

* Upcoming Meetings, Conferences and Seminars

April 3-5, 2012
     TMA Spring Conference
        Grand Hyatt Atlanta, Atlanta, Ga.

Apr. 19-22, 2012
     Annual Spring Meeting
        Gaylord National Resort & Convention Center,
        National Harbor, Md.
           Contact: 1-703-739-0800;

July 14-17, 2012
     Southeast Bankruptcy Workshop
        The Ritz-Carlton Amelia Island, Amelia Island, Fla.
           Contact: 1-703-739-0800;

Aug. 2-4, 2012
     Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay, Cambridge, Md.
           Contact: 1-703-739-0800;

November 1-3, 2012
     TMA Annual Convention
        Westin Copley Place, Boston, Mass.

Nov. 29 - Dec. 2, 2012
     Winter Leadership Conference
        JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
           Contact: 1-703-739-0800;

April 10-12, 2013
     TMA Spring Conference
        JW Marriott Chicago, Chicago, Ill.

October 3-5, 2013
     TMA Annual Convention
        Marriott Wardman Park, Washington, D.C.


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

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

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

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


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

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