TCREUR_Public/120328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Wednesday, March 28, 2012, Vol. 13, No. 63

                            Headlines



C R O A T I A

BRODOSPLIT: Croatian Gov't Accepts Div Offer for 99.78% Stake


F R A N C E

* Moody's Says Coeur Defense Ruling Credit Neg. for CMBS Deals


G E R M A N Y

SOLAR MILLENNIUM: New Management Installed for US Companies


H U N G A R Y

VEGYEPSZER: Enters Into Agreement with Creditors


I R E L A N D

EMERALD MORTGAGES: Moody's Cuts Rating on EUR37.5MM C Notes to Ca
QUINN GROUP: Quinn Family Accused of "Stripping Assets" by Anglo
WATERS MUNSTER: In Receivership, Cuts 80 Jobs
* IRELAND: Small Businesses at Risk of Going Bust, Survey Reveals


I T A L Y

BANCA DEL MEZZOGIORNO: Moody's Cuts BFSR to D-; Outlook Negative


L U X E M B O U R G

SPIE BONDCO: Moody's Assigns '(P)Caa1' Rating to EUR375MM Notes
TRINSEO SA: Moody's Changes Outlook on 'B1' CFR to Negative


N E T H E R L A N D S

CARLSON WAGONLIT: S&P Raises Corporate Credit Rating to 'B+'
DTECK HOLDINGS: Fitch Affirms Issuer Default Rating at 'B'
ENDEMOL BV: Apollo, Cryte Agree to Convert Debt Into Shares
JUBILEE CDO: Fitch Cuts Rating on Class D Notes to 'CCCsf'
LYONDELLBASELL INDUSTRIES: Moody's Rates US$3BB Unsec Notes 'Ba2'


P O R T U G A L

* PORTUGAL: Town Halls at Risk of Default Amid EUR9 Billion Debt


R O M A N I A

HIDROELECTRICA SA: Moody's Changes Outlook on 'Ba1' CFR to Neg.


R U S S I A

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


S P A I N

TDA 28: S&P Withdraws 'D' Ratings on Five Note Classes


T U R K E Y

PETKIM PETROKIMYA: Fitch Downgrades Issuer Default Rating to 'B+'


U N I T E D   K I N G D O M

AMDEGA: Former Workers Win GBP250,000 at Tribunal
ARCK LLP: Goes Into Liquidation; Owes Investors Up to GBP60-Mil.
COUNTRYWIDE LAND: Ordered to Pay GBP32 Million to FSA
ICELAND FOODS: Moody's Assigns 'Ba3' CFR; Outlook Stable
GAME GROUP: Suspends Gift & Loyalty Cards After Administration

LLANDUDNO SMOAKERY: Goes Into Liquidation; 7 Workers Lose Jobs
MOTO HOSPITALITY: S&P Affirms 'B' Corporate Credit Rating
PETROPLUS HOLDINGS: Coryton Refinery Needs GBP600MM in Financing
PETROPLUS HOLDINGS: Potential Buyers to Visit Coryton Refinery
PREMIER FOODS: Moody's Lowers Corporate Family Rating to 'B3'

RANGERS FOOTBALL: No Ruling on Administrators' Ticketus Dispute
SENKAI RESTAURANT: Placed Into Creditors' Voluntary Liquidation
SIMCLAR GROUP: Founder Faces GBP3Million Court Action
WILDROSE PROPERTIES: Goes Into Administration


                            *********


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C R O A T I A
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BRODOSPLIT: Croatian Gov't Accepts Div Offer for 99.78% Stake
-------------------------------------------------------------
SeeNews reports that the Croatian government said on Thursday it
has accepted an offer from the local DIV group for 99.78% of
Split-based shipyard Brodosplit.

According to SeeNews, the government said on its Web site that at
the same time, the offers of local company Jadranska Ulaganja for
the Brodotrogir and Kraljevica shipyards have been rejected while
the same company has itself withdrawn its bid for the 3. Maj
shipyard.

SeeNews notes that the government said as part of its offer,
Samobor-based DIV seeks a total of HRK1.485 billion
(US$259 million/EUR197 million) in government aid during the
restructuring process while offering to raise the shipyard's
capital by HRK50 million over a five-year period and to inject in
the business HRK2.05 billion under eligible formats like
investment and working capital credits and resources from
strategic partners.

The restructuring plan for Brodosplit was approved by the
European Commission in early 2011, SeeNews recounts.

The Kraljevica dock will file for bankruptcy while the economy
ministry is tasked with coming up within 90 days with a new
solution for the privatisation and restructuring of Brodotrogir,
SeeNews discloses.

The economy ministry is tasked with coming up within 90 days with
a new solution for the privatization and restructuring of 3. Maj,
SeeNews says.


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


* Moody's Says Coeur Defense Ruling Credit Neg. for CMBS Deals
--------------------------------------------------------------
The recent Coeur Defense ruling from the Versailles Court of
Appeal is credit negative for commercial mortgage-backed
securities (CMBS) transactions backed by French real estate
loans, according to a new report published on March 26 by Moody's
Investors Service. However, the judgment does not affect asset-
backed securities (ABS), residential mortgage-backed securities
(RMBS) or covered bonds using securitization vehicles created by
French law.

According to the report, the court judgment has limited negative
impact on French CMBS. With respect to the Windermere XII FCT
CMBS transaction, which partly financed the Coeur Defense
building, Moody's has factored the current ruling's effect into
its latest review of the transaction. Currently, the rating
agency rates the class A notes at Baa2(sf).

The judgment passed by the Versailles Court of Appeal on  January
19, 2012, confirmed the opening of French safeguard proceedings
(Chapter 11 a la francaise) for both the French borrowing
special-purpose vehicle (SPV) that owns the Coeur Defense
property in Paris (Propco) and its Luxembourg registered holding
company (Holdco).


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


SOLAR MILLENNIUM: New Management Installed for US Companies
-----------------------------------------------------------
Solar Millennium's insolvency administrator, Volker Boehm, has
initiated a change in the management team of the insolvent
Group's US investments.  The previous Director, Chairman of the
Board of Directors and Chief Executive Officer of Solar Trust of
America LLC (STA) Uwe Schmidt was released from his offices with
immediate effect.  New management structures will be installed
both at STA as well as at Solar Millennium Inc. in the near
future.  Solar Millennium Inc. served Solar Millennium AG to
bundle her US American interests, particularly the 70% stake in
Solar Trust of America LLC and the Blythe Solar Power Project.

"We will now drive the sale of the US companies under a new
management," Mr. Boehm stated.  "The main objective is to reach
the best possible result for the creditors.  For this purpose, we
consider exploiting all available options."

At the beginning of February, Mr. Boehm sold the US business of
Solar Millennium AG to Solarhybrid.  This averted bankruptcy from
Solar Millennium's American interests in the short term.  The
rapid sale was made possible, as negotiations with Solarhybrid
had already started some months before Solar Millennium AG filed
for insolvency.  However, Solarhybrid itself was forced to file
for insolvency a few days ago, before having complied with open
contingent contractual conditions.  This is why Boehm now took
new measures to utilize Solar Millennium's companies in the US.
As a matter of precaution, Mr. Boehm had already initiated talks
with other potential investors as early as in February, which he
will now continue.

Solar Millennium AG is an Erlangen-based solar company.


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


VEGYEPSZER: Enters Into Agreement with Creditors
------------------------------------------------
MTI-Econews reports that Vegyepszer on Monday said it reached an
agreement with creditors almost a year after it filed for
bankruptcy protection.

According to MTI-Econews, under the agreement, Vegyepszer will
repay more than one-third of its lenders 48-55% of the credit it
owes.

More than half will get back over 30% of what they lent to the
company, MTI-Econews notes.

Vegyepszer is a Hungarian construction company.


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


EMERALD MORTGAGES: Moody's Cuts Rating on EUR37.5MM C Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Irish
RMBS notes issued by Emerald Mortgages No. 4 plc and Kildare
Securities limited.

All the ratings in Emerald 4 and the ratings of classes C and D
in Kildare were placed on review for possible downgrade on
December 7, 2011 due to weak and deteriorating performance.

Ratings Rationale

The rating action takes into account (i) the continued rapid
deterioration in performance of the transactions; (ii) Moody's
outlook for Irish RMBS sector; and (iii) credit quality of key
parties to the transaction as well as structural features in
place such as amount of available credit enhancement.

Key collateral assumptions revised

Emerald 4 and Kildare are performing worse than Moody's
expectations as of the latest review in July 2011. As of February
2012, loans more than 90 days in arrears have increased to 8.3%
of current balance in Emerald 4 and 5.9% in Kildare, which
constitutes an approximately 40% and 35% increase, respectively,
compared to the levels as of June 2011. Cumulative losses
realized since closing remain very low at 0.03% of original pool
balance in Emerald 4 and 0.05% in Kildare. Moody's notes that
loss realization is slow for Irish RMBS given lengthy enforcement
procedures in Ireland and moratorium imposed. For this reason,
Moody's considers loans with delinquencies exceeding 360 days as
a proxy for defaults. As of February 2012, the 360+ delinquencies
in the transactions have increased by 40% to 50% compared to June
2011, reaching 3.5% of the current pool balance in Emerald 4 and
2.7% in Kildare.

Moody's expects that the increasing unemployment and lower income
arising from the austerity measures will continue to hurt
borrower's ability to fulfil their financial obligations. In
addition to high arrears the loss severity will also be high as a
result of the oversupply of housing, lack of refinancing and
further decline in house prices, expected to be equal to
approximately 60% decline from peak to trough in the base case.
Approximately 63% of the portfolio in Emerald 4 and 56% in
Kildare is currently in negative equity. As a result Moody's has
increased the portfolio expected loss assumptions in December
2011 to 5.5% of current pool balance for Emerald 4 and 5% for
Kildare, corresponding to 3.4% of original pool balance for
Emerald 4 and 2.8% on original balance for Kildare.

During the review, Moody's has re-assessed updated loan-by-loan
information and increased its MILAN CE assumption to 22% in
Emerald 4 and maintained its MILAN CE assumption at 20% for
Kidlare.

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

Factors and Sensitivity Analysis

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

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

As the euro area crisis continues the ratings of the notes remain
exposed to the uncertainties of credit conditions in the general
economy. The deteriorating creditworthiness of euro area
sovereigns as well as the weakening credit profile of the global
banking sector could negatively impact the ratings of the notes.

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

In reviewing these 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 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 list of affected ratings:

Issuer: Emerald Mortgages No. 4 p.l.c.

    EUR1428M A Notes, Downgraded to Ba2 (sf); previously on
    Dec 7, 2011 Baa1 (sf) Placed Under Review for Possible
    Downgrade

    EUR34.5M B Notes, Downgraded to Caa3 (sf); previously on
    Dec 7, 2011 B1 (sf) Placed Under Review for Possible
    Downgrade

    EUR37.5M C Notes, Downgraded to Ca (sf); previously on
    Dec 7, 2011 Caa3 (sf) Placed Under Review for Possible
    Downgrade

Issuer: Kildare Securities limited

    US$1451.6M A2 Notes, Downgraded to Baa3 (sf); previously on
    Jul 21, 2011 Downgraded to Baa1 (sf)

    EUR1062M A3 Notes, Downgraded to Baa3 (sf); previously on
    Jul 21, 2011 Downgraded to Baa1 (sf)

    EUR96.8M B Notes, Downgraded to B1 (sf); previously on
    Mar 10, 2011 Downgraded to Baa3 (sf)

    EUR90.6M C Notes, Downgraded to Caa2 (sf); previously on
    Dec 7, 2011 B2 (sf) Placed Under Review for Possible
    Downgrade

    EUR26.55M D Notes, Downgraded to Ca (sf); previously on
    Dec 7, 2011 Caa1 (sf) Placed Under Review for Possible
    Downgrade


QUINN GROUP: Quinn Family Accused of "Stripping Assets" by Anglo
----------------------------------------------------------------
Jamie Smyth at The Financial Times reports that a Dublin court
heard on March 21 Sean Quinn, the Irish businessman, used
"devious and deceptive" means to move hundreds of millions of
euros of assets out of reach of a state-owned bank to which his
family owes EUR2.8 billion.

In a contempt of court action, Anglo Irish Bank alleged that
Mr. Quinn and two family members breached court orders by
"stripping assets" from their EUR500 million property empire, the
FT relates.

Mr. Quinn, who was once Ireland's richest man, his son,
Sean Quinn Jnr, and his nephew, Peter Quinn, could be jailed if
the court rules that they acted in contempt of court orders
issued in June and July 2011 preventing them from interfering
with the assets, the FT notes.

The three Quinn family members deny the claims, saying that any
action taken to move assets was made before Dublin's commercial
court granted the orders, the FT discloses.

The legal action is the latest in a series of court cases in
several countries taken by Anglo, which is seeking to take
possession of Quinn assets over which it claims it has security,
the FT states.

The bank claims its security over the EUR2.8 billion in loans
will be worthless unless the Quinns are restrained from
interfering with the property assets, the FT says.

Mr. Quinn founded the Quinn Group in 1973 but a multibillion-euro
gamble on Anglo's share price in 2007 and 2008 led to his
downfall, the FT discloses.  He was declared bankrupt this year
and his family have been left with EUR2.8 billion in debts,
amassed by Mr. Quinn in his gamble on the Anglo shares, according
to the FT.

The Quinn Group -- http://www.quinn-group.com/-- is a business
group headquartered in Derrylin, County Fermanagh, Northern
Ireland.  The privately owned group has ventured into cement and
concrete products, container glass, general insurance, radiators,
plastics, hotels and real estate.


WATERS MUNSTER: In Receivership, Cuts 80 Jobs
---------------------------------------------
Irish Times reports that Waters Munster Glass has gone into
receivership with the loss of 80 jobs.

The firm hoped a deal would be struck with a new buyer, according
to Irish Times.

The report notes that 41 employees had their contracts terminated
with immediate effect with the remainder losing their jobs in the
coming weeks.  The workers will only receive statutory
redundancy, Irish Times says.

Churchfield-based Waters Munster Glass worked on private
residential, shop and pub projects, as well as major commercial
and industrial projects.


* IRELAND: Small Businesses at Risk of Going Bust, Survey Reveals
-----------------------------------------------------------------
Vincent Ryan at Irish Examiner, citing a spring SME Credit Watch
Survey, reports that small businesses are in danger of going bust
because of late payments from big business and state agencies.

According to Irish Examiner, ISME Chief executive Mark Fielding
said: "The challenges for small and medium businesses in
accessing finance are being exacerbated by late payments from big
business and state agencies.  While this fact has been
acknowledged by Government in its Action Plan for Jobs, scant
action has been proposed and once more the SME sector is thrown
to the wolves."

A poll reveals that four in 10 small and medium-sized firms were
forced to wait three months or more to be paid by large companies
and government agencies since the start of the year, Irish
Examiner discloses.

"All businesses and in particular small enterprises must be
allowed to predict their cash flow with some certainty," Irish
Examiner quotes Mr. Fielding as saying.  "However, because of
abusive dominance of big business, cash flow in the entire SME
sector is drying up and this, coupled with the lack of available
and affordable credit from the bailed out banks, is putting many
small businesses at risk, with the resulting threat of closures
and job losses."


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I T A L Y
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BANCA DEL MEZZOGIORNO: Moody's Cuts BFSR to D-; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Banca del Mezzogiorno -
MedioCredito Centrale SpA (MCC) to D- from C- and the long-term
and short-term deposit ratings to Baa3/Prime-3 from A3/Prime-2.
All ratings have a negative outlook.

The rating actions conclude the review for downgrade of MCC's
ratings initiated in December 2010, when Unicredit SpA announced
the sale of its subsidiary MCC to Poste Italiane (rated A3/P-
2/negative outlook), which was concluded in August 2011. The bank
finalized its business plan and communicated its new strategy
within the Poste Italiane group in December 2011.

With the 100% acquisition of MCC, Poste Italiane is implementing
the project initiated by the Italian Ministry of Economy and
Finance, under which MCC is the vehicle for providing lending and
guarantees to SMEs in the less developed regions of Southern
Italy, while continuing its historical activity as provider of
government-subsidized funding schemes to SMEs.

Ratings Rationale

Moody's downgraded the ratings of MCC to Baa3/P-3/D-, reflecting
the bank's substantially altered risk profile stemming from its
new strategy and business model and the required transformational
reorganization, while at the same time incorporating the new
ownership structure. This rating action is independent from the
ongoing wider review for downgrade of many Italian banks'
ratings, which is instead driven by other factors, such as the
rising challenges in the operating environment and the recent
downgrade of the Italian government to A3.

Rationale for the BFSR Downgrade

MCC's revised D- standalone BFSR -- mapping to Ba3 (from Baa2
previously) on the long-term scale -- reflects its modest and
developing franchise in its targeted areas of SME lending
activities especially in the South of Italy. It also reflects
MCC's weak current and expected profitability and efficiency, and
Moody's concern about the longer-term sustainability of the
business model in the absence of parental support. This concern
stems from Moody's view that MCC has a lack of a track record and
risk management experience in loans underwriting to the SME
segment in the riskier South of Italy, while at the same time
targeting exponential growth of its loan exposures. Furthermore,
some execution risk remains with regard to the successful
implementation of the new business model. Moody's notes that
MCC's currently good liquidity and capitalization provide some
buffers, but are expected to diminish in the medium-term as the
new activities of the bank develop.

Rationale for the Long and Short-Term Deposit Ratings

The downgrade of MCC's deposit ratings to Baa3/P-3 follows the
downgrade of the standalone BFSR. The deposit ratings are
underpinned by Moody's expectation of a high probability of
parental support, resulting in a three-notch uplift from its Ba3
standalone rating.

Moody's believes that Poste Italiane's full ownership of MCC and
the support that the parent provides represent important factors
in the current ratings level. Given Poste Italiane's relatively
sound track record of creating subsidiaries and providing
support, Moody's factors into the current ratings a high
likelihood that the parent will provide capital, funding and
operational support in case of need. In addition, MCC will
benefit from the parent's brand recognition and large
distribution network and customer base to sustain primarily its
funding franchise, and to some degree also its lending
activities.

Rationale for the Negative Outlook

The negative outlook on the ratings reflects (i) the negative
outlook on the ratings of Poste Italiane; and (ii) the
uncertainties with regards to the successful implementation of
MCC's new activities and to its capacity to provide a sustainable
business model, with an adequate profitability and risk profile,
and sufficient capitalization.

The principal 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 Rome, Italy, MCC reported total consolidated
assets of EUR887.5 million at December 2011.


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L U X E M B O U R G
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SPIE BONDCO: Moody's Assigns '(P)Caa1' Rating to EUR375MM Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a (P) Caa1 rating to
EUR375 million notes due 2019 to be issued by Spie BondCo 3
S.C.A. The outlook on Spie's B2 CFR and all other ratings remains
stable.

The proceeds of the notes will be used to fully repay borrowings
outstanding under the EUR375 million Bridge Facility Agreement,
used together with senior secured bank debt to finance the
acquisition of Spie by a consortium led by Clayton, Dubilier &
Rice together with Axa Private Equity and Caisse de Depot et
placement du Quebec on August 30, 2011.

Ratings Rationale

The (P)Caa1 rating assigned to the proposed Notes reflects their
subordinated nature in Spie's capital structure, behind the B2-
rated senior secured bank debt.

During full year 2011, Spie reported a robust growth in sales and
solid profitability in line with Moody's expectations. The
revenue during the period increased to EUR4.1 billion, an 11%
increase compared to the previous year. The company's reported
EBITDA (adjusted for discontinued operations, share-based
compensation costs and non-recurring items) reached EUR242
million, leading to a 10% year-on-year growth.

The company's liquidity remains solid, supported by EUR262
million cash and cash equivalents on balance sheet and EUR200
million undrawn revolving credit facility. As of December 31,
2011 EUR18 million was drawn under the EUR100 million
acquisition/capital expenditure facility to support several
small-to-medium size acquisitions made during the period.

The stable outlook reflects Moody's expectation of the company's
successful growth strategy both through organic growth and
acquisitions and continued positive outsourcing trend in the
technical services industry.

The principal methodology used in rating Spie BondCo 3 S.C.A 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 2009.

Spie is a leading independent provider of multi-technical
services, operating primarily in Europe.


TRINSEO SA: Moody's Changes Outlook on 'B1' CFR to Negative
-----------------------------------------------------------
Moody's Investors Service affirmed the ratings of Trinseo S.A.
(B1 Corporate Family Rating) and Trinseo Materials Operating
S.C.A. (TMO). Moody's also changed the outlook on the companies
to negative from stable reflecting continued volatility in
financial performance and concerns that it may remain closer to
its covenants in 2012 than Moody's would expect for a B1 rated
entity.

"Trinseo's financial performance in the fourth quarter of 2011
was much weaker than anticipated due to the sharp decline in
commodity prices and weaker volumes, which negatively impacted
all businesses except latex.", stated John Rogers, Senior Vice
President at Moody's. "Volumes and profitability have begun to
rebound in the first quarter, but the sharp run-up in butadiene
prices in Asia could negatively impact volumes in the rubber and
latex business as the year progresses."

Rating Rationale

Trinseo's B1 CFR reflects its narrow portfolio of commodity and
quasi-commodity products, weak credit metrics, exposure to
volatile feedstock prices, its limited history as an independent
company and limited amount of cash equity. Trinseo's credit
profile is supported by leading market positions in three of its
four product lines (polycarbonates is the exception), relatively
stable volume demand in its emulsion polymers and rubber
businesses, and an experienced management team. In addition,
Trinseo has been able to maintain good liquidity, despite the
recovery in demand in the first quarter of 2012 and meaningful
feedstock increases. As of mid-March 2012, it still had almost
US$130 million of cash and full availability under its US$240
million revolver.

Due to its weak fourth quarter performance and the potential for
further volatility in its operating margins, Trinseo is weakly
positioned in the B1 category. Pro forma credit metrics for the
year ending December 31, 2011 (including Moody's standard
adjustments to financial statements) are roughly 5.4x
Debt/EBITDA, 6% Retained Cash Flow/Debt and 3% Free Cash
Flow/Debt. Moody's expects Debt/EBITDA to weaken to over 6.5x in
the first quarter of 2012.

The negative outlook reflects concerns over continued volatility
in financial performance that may cause the company to remain
closer to its covenants in the credit facility that Moody's
expects of a B1 rated entity. It also recognizes the need to fund
an equity cure to address a potential covenant violation in the
first quarter of 2012. While management has prearranged funding
for the cure, further volatility in earnings could cause the
company's financial performance to remain closer to its covenant
level than is appropriate.

When management realized how weak its fourth quarter financial
performance would be, it obtained an agreement with its sponsor
to contribute up to US$75 million in the form of an equity cure,
if and when required. The bank agreement allows a breech in the
financial covenant to be remedied by an equity injection of cash
up to the amount of the shortfall in EBITDA. As part of this
agreement, Trinseo paid a distribution to an affiliate of Bain
Capital, its sponsor, during the fourth quarter of 2011. The
funds may be used by this affiliate to provide the majority of
cash for the cure.

Moody's would likely downgrade Trinseo's rating if quarterly
EBITDA falls below US$70 million in any quarter of 2012 or if it
remains below 110% of the covenant level for two or more
consecutive quarters. Moody's could return to a stable outlook,
if it appears likely that Trinseo's financial performance will
remain over 20% above the covenant for several quarters.

Trinseo incurred over US$85 million of expenses in 2011 related
to establishing a stand-alone operating entity and transitioning
from Dow's legacy systems. Moody's views this as an unusually
large expenditure, despite the size of the company. While
management expects these costs to decline to US$16 million in
2012, the metrics cited above incorporate US$15-20 million of
additional SG&A expenses on an on-going basis. Moody's did
increase the amount of expenses it classified as one-time or
extraordinary based on data from the annual report and additional
data provided by the company.

Ratings Affirmed:

Trinseo S.A.

  Corporate Family Rating at B1

  Probability of Default Rating at B1

  Outlook changed to Negative from Stable

Trinseo Materials Operating S.C.A.

  Guaranteed Senior Secured 1st lien revolver due 2015 at B1
  (LGD3, 49%)

  Guaranteed Senior Secured 1st lien term loan due 2016 at B1
  (LGD3, 49%)

  Outlook changed to Negative from 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
US$6.2 billion for the last four quarters ending December 31,
2011.


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N E T H E R L A N D S
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CARLSON WAGONLIT: S&P Raises Corporate Credit Rating to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Netherlands-based business travel management
company Carlson Wagonlit B.V. (Carlson Wagonlit Travel; CWT) to
'B+' from 'B'. The outlook is stable.

"We also raised our issue ratings on CWT's US$850 million senior
secured facilities -- comprising a US$650 million bullet term
loan and a $161 million revolving credit facility (RCF) -- to
'B+' from 'B'. The recovery rating of '3' on these facilities
indicates our expectation of meaningful (50%-70%) recovery in the
event of a payment default," S&P said.

"In addition, we raised our issue rating on CWT's EUR285 million
senior secured floating-rate notes to 'B-' from 'CCC+'. The
recovery rating of '6' on these notes indicates our expectation
of negligible (0%-10%) recovery in the event of a payment
default," S&P said.

"The rating actions primarily reflect CWT's improvement in
operating performance and credit measures over the past year. For
the 12 months ended Dec. 31, 2011, the ratio of adjusted total
debt to EBITDA improved to about 4.2x, compared with 4.8x the
previous year, while adjusted EBITDA interest cover strengthened
to 3.1x from 2.7x. Furthermore, we anticipate that the company
will significantly improve its debt maturity schedule by
refinancing its existing debt instruments before the end of
2012," S&P said.

"In 2011, CWT posted yet another year of solid revenue growth of
11%, after 8% in 2010, and EBITDA margins stayed roughly stable
at about 14%. Coupled with positive free cash flow, this has
resulted in improved financial metrics. We now assess CWT's
financial risk profile as 'aggressive' instead of 'highly
leveraged' previously. Notwithstanding the cyclical nature of the
business and its exposure to event risk, we think that CWT's
currently strong financial metrics and adequate liquidity provide
a degree of protection against unforeseen temporary operating
setbacks that are common in the travel industry," S&P said.

"We continue to assess CWT's business risk profile as 'weak'.
This is based on our view of CWT's exposure to event risk,
cyclicality, and heavy competition in a fragmented industry.
These credit weaknesses are partly offset by CWT's position as
one of the leading global business travel managers, with good
geographic diversity and low operating leverage enabling it to
significantly reduce costs in a downturn," S&P said.

"The stable outlook reflects our belief that CWT will refinance
its existing debt instruments before the end of 2012. In
addition, we anticipate that CWT will continue to generate solid
free cash flows in the future and maintain an average ratio of
adjusted debt to EBITDA in the range of 4x-5x and adjusted EBITDA
interest coverage of 2.5x-3.0x," S&P said.

"We could lower the ratings if the refinancing failed to
materialize before year-end 2012 or if large and costly mergers
or acquisitions, or a substantial decline in operating
performance, resulted in significantly tighter covenant headroom
or a drop in adjusted EBITDA interest coverage to less than 2.5x.
We could also lower the ratings if free operating cash flow
turned negative," S&P said.

"We consider the possibility of rating upside to be remote at
this stage, given the company's acquisitive strategy and our
assessment of its business risk profile," S&P said.


DTECK HOLDINGS: Fitch Affirms Issuer Default Rating at 'B'
----------------------------------------------------------
Fitch Ratings has affirmed DTEK Holdings Limited's (DTEK) Long-
term foreign currency Issuer Default Rating (IDR) at 'B' with a
Stable Outlook and DTEK Finance B.V.'s foreign currency senior
unsecured rating at 'B' with a Recovery Rating of 'RR4'.

DTEK's Long-term foreign currency IDR is capped by Ukraine's
('B'/Stable) Country Ceiling. DTEK's Long-term local currency IDR
is rated above the sovereign at 'B+', as it excludes the transfer
and convertibility risk associated with foreign currency debt and
reflects DTEK's unconstrained stand-alone profile supported by
the comparatively stable, vertically integrated nature of its
business.

The ratings reflect DTEK's leadership in Ukraine's coal mining,
coal-fired power generation, and electricity transmission and
distribution and sales.  In 2011-2012 DTEK gained control in a
number of formerly state-owned companies following a series of
completed acquisitions.  With coal accounting for 96% of
Ukraine's total fuel power generation needs, DTEK improved its
position as Ukraine's largest integrated coal mining and power
utility.  The integration between its coal mining and power
generation segments has supported DTEK's EBITDA margins at above
20% in 2007-2011.  With installed electric capacity of 18GW at
end-2011, DTEK ranks among the largest Fitch-rated former Soviet
Union power utilities, e.g., Russia's JSC RusHydro ('BB+'/Stable,
35GW) and JSC Inter RAO UES ('BB+'/Stable, 29GW).

In H211, DTEK raised about UAH9 billion (US$1.1 billion) in new
bank borrowings for M&A and other needs, mainly from Russian
banks such as Sberbank of Russia ('BBB'/Stable/'F3') and a Bank
VTB's (JSC) ('BBB'/Stable/'F3') subsidiary, as well as from
Austria's Erste Group Bank AG ('A'/Stable/'F1') and ING Bank
Ukraine, part of ING Group ('A'/Stable/'F1').

With the consolidation of Dniproenergo completed in March 2012,
DTEK has completed its extensive M&A program.  Fitch does not
currently anticipate any significant new acquisitions for DTEK in
the medium term.

Fitch conservatively estimates that starting in 2013 (i.e., after
all newly acquired assets are consolidated) DTEK's revenues will
increase by about 5%, or broadly in line with Ukraine's GDP.
Fitch expects that DTEK's post-acquisition operating margins are
likely to decline somewhat from historic levels due to the lower
efficiency of newly acquired operating companies.  The agency
forecasts that DTEK will maintain its funds from operations (FFO)
adjusted net leverage under 2.5x after accounting for M&A and FFO
interest coverage above 3.5x in 2011-2014.

Fitch notes that DTEK's foreign-currency risk exposure is
mitigated by its export receipts, which DTEK estimates at over
US$800 million in 2011, which comfortably cover its mostly US
dollar-denominated interest and principal debt payments (61% of
all borrowings at February 1, 2012).  DTEK uses cross-currency
swaps to hedge its RUB exposure on borrowings.  Fitch notes that
a significant sustained hryvnia softening against the US dollar
and the euro would weaken DTEK's credit ratios.

Following the debt funded M&A, DTEK needs to obtain additional
sureties for the US$500 million Senior notes due 2015 issued by
DTEK Finance B.V. from its subsidiaries that account for over 10%
of DTEK group's total assets or income from continuing operations
before income taxes, extraordinary items and cumulative effect of
a change in accounting principle.  Fitch expects DTEK to execute
additional sureties in a timely manner from those acquired
companies that qualify under these provisions.

At March 1, 2012, DTEK had gross indebtedness of about UAH16
billion (US$2.1 billion), of which short-term debt was UAH1.7
billion (US$200 million).  Most debt maturities fall over 2014-
2016. DTEK's liquidity is supported by undrawn credit lines of
US$340 million from international and local banks.

The ratings actions are as follows:

DTEK

  -- Long-term foreign currency IDR: affirmed at 'B'; Outlook
     Stable
  -- Short-term foreign currency IDR: affirmed at 'B'
  -- Long-term local currency IDR: affirmed at 'B+'; Outlook
     Stable
  -- Short-term local currency IDR: affirmed at 'B'
  -- National Long-term Rating: affirmed at 'AA+(ukr)'; Outlook
     Stable

DTEK Finance B.V.

  -- Foreign currency senior unsecured rating: affirmed at 'B'
  -- Recovery Rating: affirmed at 'RR4'


ENDEMOL BV: Apollo, Cryte Agree to Convert Debt Into Shares
-----------------------------------------------------------
Martijn van der Starre at Bloomberg News reports that Apollo
Global Management and Cyrte Fund II BV agreed to take on the
majority of Endemol NV debt held by other creditors and become
the company's biggest shareholders as they'll convert the loans
into shares.

According to Bloomberg, Eric Bosman, a spokesman for Cyrte
shareholder Delta Lloyd NV said Endemol shareholders Mediaset SpA
and Goldman Sachs Group Inc. will continue to be "small
participants".

Endemol said in January, a majority representing more than two-
thirds of its lenders had agreed "in principle" on restructuring
about EUR2 billion (US$2.7 billion) in debt, Bloomberg recounts.

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


JUBILEE CDO: Fitch Cuts Rating on Class D Notes to 'CCCsf'
----------------------------------------------------------
Fitch Ratings has downgraded Jubilee CDO II B.V.'s notes, as
follows:

  -- EUR288.2m Class A1 (ISIN XS0150181278): affirmed at 'AAAsf';
     Outlook Negative

  -- EUR2.9m Class A2 (ISIN XS0150183647): affirmed at 'AAAsf';
     Outlook Negative

  -- EUR36.0m Class A-X (ISIN XS0150194768): downgraded to 'AAsf'
     from 'AAAsf'; Outlook Negative

  -- EUR45.8m Class B1 (ISIN XS0150204740): downgraded to 'BBBsf'
     from 'Asf'; Outlook Negative

  -- EUR7.5m Class B2 (ISIN XS0150210127): downgraded to 'BBBsf'
     from 'Asf'; Outlook Negative

  -- EUR15.0m Class C1 (ISIN XS0150212503): downgraded to 'Bsf'
     from 'BBsf'; Outlook Negative

  -- EUR5.0m Class C2 (ISIN XS0150215860): downgraded to 'Bsf'
     from 'BBsf'; Outlook Negative

  -- EUR11.3m Class C3 (ISIN XS0150224003): downgraded to 'Bsf'
     from 'BBsf'; Outlook Negative

  -- EUR6.6m Class D (ISIN XS0150227790): downgraded to 'CCCsf'
     from 'Bsf'; Recovery Estimate is RE0%

  -- EUR1.6m Class P Combination Notes(ISIN XS0150236437):
     affirmed at 'AAAsf'; Outlook Negative

  -- EUR2.0m Class Q Combination Notes (ISIN XS0150237328):
     downgraded to 'B+sf' from 'BBsf'; Outlook Negative

  -- EUR4.3m Class R Combination Notes (ISIN XS0150238219):
     downgraded to 'BBB+sf' from 'Asf'; Outlook Negative

  -- Class S (ISIN XS0150238649): rating withdrawn

The affirmation of the class A1, and A2 notes reflects the stable
performance of the portfolio since the last review.  Assets rated
'CCC' or below account for 11.25% of the portfolio, up from
10.46% in March 2011.  There are currently no defaulted assets in
the portfolio.

Fitch has downgraded the mezzanine and junior notes due to their
exposure to assets maturing after the legal final maturity date
of the transaction (July 15, 2015).  The share of long-dated
assets in the portfolio has almost doubled to 18.9% from 10.2% in
March 2011, despite the end of the reinvestment period in 2007.
Any assets remaining in the portfolio on the maturity date of the
transaction will be liquidated, exposing the notes to market
value risk losses if the assets trade below par.

All over-collateralization (OC) tests have been passing since
closing and cushions have been steadily improving since late
2009.  Fitch notes that the OC tests are less likely to be
breached than in other Fitch-rated CLOs as 'CCC' rated assets and
discount assets are accounted for at par in the tests.  Moreover,
the class B-2, C-2, and C-3 notes are accounted for at their
accreted value, which is less than par during most of the life of
the transaction. The interest coverage tests have never failed
but the results have been volatile.

The Negative Outlooks on all notes reflect their vulnerability to
swings in the market value of long-dated assets.  Additionally,
Fitch believes there is a material risk that existing assets
might be amended to extend their maturity in the face of the
approaching refinancing wall in the European leveraged loan
market.  This increase in the amount of long-dated assets would
likely be combined with negative rating migration for assets with
limited refinancing options.

Fitch has withdrawn the rating of the Class S combination notes.
The notes have been exchanged for their component notes and are
no longer outstanding.

Jubilee CDO II B.V. is a securitization of mainly European senior
secured loans, senior unsecured loans, second-lien loans,
mezzanine obligations and high-yield bonds.  At closing a total
note issuance of EUR471.2 million was used to invest in a target
portfolio of EUR450 million.  The portfolio is actively managed
by Alcentra Ltd.


LYONDELLBASELL INDUSTRIES: Moody's Rates US$3BB Unsec Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to US$3 billion
of new senior unsecured notes to be issued by LyondellBasell
Industries N.V. (LYB). The company plans to issue two tranches of
notes due 2019 and 2024. The size of each tranche will depend on
market conditions. Proceeds from the new notes will be used to
repay the remaining senior unsecured notes due 2017 and 2018 that
were issued upon emergence from bankruptcy in 2010 and pay
related fees and expenses. Upon repayment of the 2017 and 2018
notes, the guarantees on the new notes and the US$1 billion of
notes due 2021 will fall away. LYB also plans to refinancing its
US$2.0 billion asset-based lending facility with a US$2.0 billion
unsecured revolver that has no subsidiary guarantees. The rating
outlook is stable.

"The tender offer and consent solicitation combined with the move
to an unsecured credit facility are further steps toward an
investment grade rating" stated John Rogers Senior Vice President
at Moody's. "However, Moody's would like see more time post
bankruptcy emergence prior to moving to an investment grade
rating, especially given the large equity ownership and board
representation of Apollo and Access."

Moody's also changed the LGD assessments for the existing senior
unsecured notes to LGD4/69% from LGD4/68%.

Ratings Rationale

LyondellBasell's Ba1 Corporate Family Rating (CFR) reflects its
conservative capital structure, strong financial metrics and
solid liquidity offset by a limited operating history post-
bankruptcy, as well as concerns about its main shareholders who
have a proportionate representation on the supervisory board.
Moody's main concern is the large equity ownership (nearly 30%)
by an affiliate of Apollo Management and its leadership role on
the supervisory board of LYB, as well as the 14% ownership by
affiliates of Access Industries, LLC. Together Apollo and Access
have appointed five of the 11 supervisory board members and one
of Apollo's nominees is the Chairman of the supervisory board.
Despite some benefits afforded by the dual board structure
(Supervisory and Management boards) in The Netherlands, Moody's
would like to see a longer operating history, post bankruptcy
prior to considering a move to investment grade.

Furthermore, the Ba1 CFR considers the company's large size,
operational diversity, significant vertical integration, leading
market positions in key commodities and a management team with a
track record of conservative fiscal stewardship in the
petrochemical industry, which should provide upside to the rating
over time. Management has stated that it is seeking to achieve an
investment grade rating.

The stable outlook assumes that management will continue to
maintain a conservative balance sheet. A positive rating move
could be considered should the representation of its two largest
shareholders fall below 40% and an independent board member
becomes chairman. A potential upgrade assumes that management
policies and industry conditions remain supportive of the higher
rating.

LYB's senior unsecured rating, at Ba2, is one notch below the Ba1
CFR as it is assumed that the guarantees from subsidiaries fall
away subsequent to the repayment of the 2017 and 2018 notes.
Without the guarantees note holders are subordinated to trade
receivables at the operating subsidiaries. If LYB is upgraded to
investment grade, the notes would be upgraded by two notches.

Ratings assigned:

LyondellBasell Industries N.V.

  Guaranteed Senior Unsecured notes due 2019 and 2024
  at Ba2 (LGD 4/69%)

The principal methodology used in rating LyondellBasell was
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.

LyondellBasell Industries N.V. is one of the world's largest
independent petrochemicals companies. LYB is a leading
manufacturer of olefins, polyolefins, propylene oxide and related
derivatives; it also has a large global licensing and catalyst
business (primarily related to polyolefins production
technologies). LYB also has two refineries with a total capacity
of over 370 thousand barrels per day. LYB had revenues of roughly
US$51 billion for the year ending December 31, 2011.


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


* PORTUGAL: Town Halls at Risk of Default Amid EUR9 Billion Debt
----------------------------------------------------------------
Henrique Almeida at Bloomberg News reports that Fernando Ruas,
president of the nation's association of municipalities, said
Portugal's town halls face default amid EUR9 billion
(US$12 billion) of debt unless the government provides aid soon.

"At a company, we call it insolvency," Bloomberg quotes Mr. Ruas
as saying in a telephone interview from Lisbon on March 21.  "It
could happen that some town halls could have to restructure their
debt if the government doesn't intervene."

Mr. Ruas blamed a decline in money transfers from the government
in Lisbon to municipalities for their growing financial woes,
Bloomberg discloses.  Portugal last year became the third euro-
area country to request external aid, following Greece and
Ireland, Bloomberg recounts.  Prime Minister Pedro Passos Coelho
is cutting spending and raising taxes to meet the terms of the
EUR78 billion rescue, Bloomberg notes.

The southern European country's 308 town halls and two semi-
autonomous regions face similar issues to those of Spain, whose
regions and municipalities have been shut out of capital markets
due to the credit squeeze, leaving many bills to suppliers
unpaid, Bloomberg states.

Money-transfers from the central government to town halls are set
to decline 4.7% this year to EUR2.28 billion from a year earlier,
Bloomberg says, citing Portugal's 2012 budget.


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


HIDROELECTRICA SA: Moody's Changes Outlook on 'Ba1' CFR to Neg.
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the Ba1 long-term corporate family rating (CFR) and
probability of default rating (PDR) of Hidroelectrica S.A.

Ratings Rationale

"The change of the outlook to negative reflects our concern that
Hidroelectrica's cost structure and financial profile will be
adversely affected by the extraordinarily low hydrological
conditions persisting since 2011, growing operating costs and the
company's limited ability to renegotiate bilateral supply
contracts, which will exert significant pressure on its rating,"
says Richard Miratsky, a Moody's Vice President -- Senior Analyst
and lead analyst for Hidroelectrica. "The negative outlook also
reflects that Moody's could revise downwards our assumption of
extraordinary support from the Romanian government, given its
plan to partially privatise Hidroelectrica," adds Mr. Miratsky.

Moody's expects that the extraordinary low hydrological
conditions in 2011, which continue in Q1 2012, could have a
significant adverse impact on Hidroelectrica's financial
performance and cash flow generation. This is because the company
had to significantly increase its purchases of electricity on the
open market in 2011 to fulfil its contractual electricity
deliveries. As a result of drought conditions, Hidroelectrica's
electricity generation fell to 14.4 terawatt hours (TWh) in 2011,
down 27% from 2010, and the company forecasts output of 15 TWh in
2012, which is also significantly below its average annual
output.

Moody's notes that Hidroelectrica declared a Force Majeure in
September 2011 because of persistent drought and low water
levels, which essentially curtailed any deliveries to its long-
term clients. However, the rating agency expects Hidroelectrica's
costs to rise significantly, mainly due to the company's need to
acquire electricity at market prices set by higher-cost thermal
producers. In addition, with installed capacity of some 6,400
megawatts (MW), Hidroelectrica's generation represents around a
third of overall domestic (Romanian) electricity production. The
absence of low-cost, hydro-based energy production has pushed
electricity prices in Romania to record levels, which further
exacerbates pressures on Hidroelectrica's costs. Furthermore, the
fees for technological water, paid by Hidroelectrica, increased
by almost 400% in 2011. However, this increase is not reflected
in Hidroelectrica's tariffs, which has resulted in a significant
adverse impact on the company's profitability.

Hidroelectrica sells to the majority of its eligible
(unregulated) customers based on long-term contracts. Generally,
Moody's perceives long-term contracts as a positive and
stabilising hedging factor. However, considering Hidroelectrica's
significant exposure to volatile hydrological conditions and its
limited ability to renegotiate volume and price conditions of the
contracts -- as demonstrated by the aforementioned declaration of
Force Majeure -- the long-term contracts could represent a
significant burden on the company's financial performance.
Furthermore, these contracts are under investigation by the
European Commission, and are also being contested in court by
Hidroelectrica's main minority shareholder, Fondul Proprietatea.

Hidroelectrica reduced its capital expenditure (capex) plan for
2012; however, it continues to execute a sizeable investment
program that could exceed EUR1 billion by 2015. This program aims
to upgrade, modernize and expand the company's hydro-based
generation portfolio, which had been mainly built in the 1960-70s
and is significantly outdated and dilapidated.

Although Hidroelectrica's liquidity position is supported by the
manageable maturity profile of its long-term debt, Moody's
expects that the sizeable investment plan will significantly
increase the company's leverage and weaken its financial profile,
thereby requiring continuing unrestricted access to external
financing. The rating agency also cautions that Hidroelectrica's
liquidity position relies on continuing availability of short-
term bank facilities and the company's ability to renew those
credit lines.

Given its 100% ownership by the government of Romania,
Hidroelectrica falls within the scope of Moody's rating
methodology for government-related issuers (GRIs). In accordance
with this methodology, Hidroelectrica's rating incorporates an
uplift for potential government support to its standalone credit
quality. This is expressed by Moody's as a baseline credit
assessment (BCA) of 14 (on a scale of 1 to 21, where 1 represents
the lowest risk, and 14 is equivalent to a B1 rating). The uplift
to the BCA, currently of three notches, results from the credit
quality of its government shareholder (Government of Romania,
Baa3 stable) and the rating agency's assessment of high
probability of government support in the event of financial
distress as well as high default dependence (i.e., degree of
exposure to common drivers of credit quality).

What Could Change the Rating Down

Downward pressure could be exerted on Hidroelectrica's ratings if
its financial profile weakens significantly as a result of
significant cost pressures stemming from (i) its inability to
adjust long-term contracts in response to adverse hydrological
conditions; (ii) the need to purchase electricity at high prices
on the open market to fulfil its contractual electricity
deliveries; and (iii) its inability to reflect the significantly
increased operating costs in final tariffs and prices.
Hidroelectrica's ratings could also be negatively affected if the
company's sizeable investment plan is not adjusted to weaker cash
flow generation conditions, resulting in a significant increase
of leverage. Given the government's plan to partially privatise
Hidroelectrica in 2012, the high three-notch uplift to the BCA
could be lowered if Moody's revises downwards its assumption of
the level of extraordinary support likely to be forthcoming from
the government.

What Could Stabilise the Rating

To stabilize the outlook on Hidroelectrica's rating, Moody's
would require evidence of Hidroelectrica's ability to absorb the
adverse factors within its currently solid financial profile.
Going forward, Moody's will focus its analysis on
Hidroelectrica's ability to (i) maintain solid cash flow
generation, with particular emphasis on its ability to overcome
the significant cost pressures; (ii) successfully manage the
renegotiation of its long-term contracts; and (iii) adequately
adjust its capex plan to preserve its currently strong capital
structure and avoid a significant increase in leverage.

Principal Methodologies

The methodologies used in this rating were Unregulated Utilities
and Power Companies published in August 2009, and Government-
Related Issuers: Methodology Update published in July 2010.

Hidroelectrica S.A., a 100% government-owned pure hydropower
producer, is amongst the leading electricity generators in
Romania. With a low-cost hydropower generation fleet of 273
hydropower plants and pumping stations and total installed
capacity of more than 6,438 MW, Hidroelectrica generates around
33% of total Romanian electricity production.


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


SME BANK: S&P Assesses Stand-Alone Credit Profile at 'bb-'
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BBB+' rating to
RUB5 billion debut bonds to be placed by Russia-based open joint-
stock company, Russian Bank for Small and Medium Enterprises
Support (SME Bank) (foreign currency BBB/Stable/A-3; local
currency BBB+/Stable/A-2) on March 29, 2012.

The bonds have a 10-year maturity and a fixed interest rate paid
semi-annually. The bonds also have a put option due in two years.
The rating on the bonds is equalized with the long-term local
currency issuer credit rating on the bank.

"The ratings on SME Bank reflect our view that the bank is a
'core' subsidiary to its 100% owner, State Corporation The Bank
for Development and Foreign Economic Affairs (Vnesheconombank
[VEB]; foreign currency BBB/Stable/A-3; local currency
BBB+/Stable/A-2), which is a government-related entity (GRE)
with an 'almost certain' likelihood of support from the Russian
Federation. In addition, we classify SME Bank as a GRE that
benefits from a 'high' likelihood of extraordinary support from
its ultimate owner, the Russian Federation (foreign currency
BBB/Stable/A-3; local currency BBB+/Stable/A-2; Russia national
scale 'ruAAA'). Accordingly, we equalize the ratings on SME Bank
with those on the parent, VEB. SME Bank's stand-alone credit
profile (SACP) is 'bb-'. This is based on the bank's 'bb' anchor
and our assessment of the bank's 'moderate' business position,
'strong' capital and earnings, 'moderate' risk position, 'above
average' funding, and 'adequate' liquidity, as our criteria
define these terms," S&P said.

"In our view, SME Bank is a 'core' subsidiary of VEB. It is an
integral development-finance institution in the group and bears
almost sole responsibility for the state's program for the
development of the small and midsize enterprise (SME) sector, a
key priority for the federal government," S&P said.

In accordance with its criteria for GREs, S&P's view of a 'high'
likelihood of extraordinary government support is based on its
assessment of SME Bank's:

    "Important" role in implementing the state's public policy in
    the development of the SME sector; and

    "'Integral' link with the Russian Federation. The state's
    dominant ownership and strong oversight of the bank's
    business and financial plans will, in our view, continue over
    the next five to 10 years," S&P said.

"The bank's funding is 'above average' and its liquidity position
is 'adequate', in our opinion. We consider that SME Bank has
sustainable funding and is more resilient to loss of confidence
in the market due to the large proportion of long-term funding
provided by VEB. About 72% of liabilities come from the parent
company as of July 30, 2011. Moreover, in the event of a
liquidity squeeze, SME Bank could access the full range of
central bank funding available to licensed financial institutions
in Russia. This includes direct repurchase agreement transactions
and collateralized loans, as well as sources of liquidity through
its owner VEB and Russia's National Welfare Fund. Liquidity
ratios and market indicators for SME Bank are stronger than for
other Russian banks. Short-term liquidity sources cover short-
term debt by about 11 times," S&P said.

"The outlook on SME Bank mirrors that on its parent and the
Russian Federation, and reflects our expectation of an 'almost
certain' likelihood of extraordinary support from VEB. If the
link between SME Bank and VEB remains unchanged, the ratings and
outlook on SME Bank will likely reflect the ratings and outlook
on VEB," S&P said.

"We could lower the ratings if SME Bank's status within the VEB
group weakens, unless it receives additional direct government
support. Given its mandate, we do not expect to see government
support or the bank's SACP strengthen significantly in the medium
term," S&P said.

RATINGS SCORE SNAPSHOT
Issuer Credit Rating     FC BBB/Stable/A-3
                         LC BBB+/Stable/A-2

SACP                     bb-
Anchor                  bb
Business Position       Moderate (-1)
Capital and Earnings    Strong (+1)
Risk Position           Moderate (-1)
Funding and Liquidity   Above average and Adequate (0)

Support                  +4
GRE Support             0
Group Support           +4
Sovereign Support       0
Additional Factors       0

RATINGS LIST
New Rating

SME Bank
Senior Unsecured                        BBB+


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


TDA 28: S&P Withdraws 'D' Ratings on Five Note Classes
------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC (sf)' from 'B
(sf)' and removed from CreditWatch negative its credit rating on
TDA 28, Fondo de Titulizacion de Activos' class A notes. "We
subsequently withdrew the rating on the class A notes. At the
same time, we withdrew our 'D (sf)' ratings on the class B to F
notes," S&P said.

The rating actions follow the findings of an external audit,
initiated by the trustee. This audit concerned the noncompliance
of Credifimo, as originator, with some of its representations
under the transaction documents, which affects the eligibility
criteria of the underlying assets originated by Credifimo in this
transaction. Under the transaction documents, noncompliance of
the originator on its representations set at the closing date
should have triggered a buyback of the noncompliant loans," S&P
said.

"Given that, in our view, Credifimo is not in compliance with
some of its representations as originator in this transaction,
and given that Credifimo has not effected such buyback, our
opinion is that we are lacking sufficient information of
satisfactory quality on the underlying assets originated by
Credifimo, to continue the surveillance of this transaction, and
we have consequently withdrawn our ratings on all classes," S&P
said.

"On Nov. 28, 2011, a statement was published on the trustee's Web
site, according to which an audit on TDA 28's assets originated
by Credifimo identified incidents in the files of 1,721 loans--
equivalent to EUR173.9 million (48.9% of the aggregate
outstanding balance of the securitized portfolio including the
defaulted loans)--as not having been originated in compliance
with the representation made by the originator in the transaction
documentation regarding the origination procedures of the
mortgages. The noncompliant loans were originated by Credifimo,
which contributed 44% of the overall pool balance at closing (50%
of the outstanding portfolio balance)," S&P said.

"The loans in the portfolios originated by Credifimo have, on
average, shown weaker performance, with high delinquency and
default levels," S&P said.

"We began to see loan defaults in the transaction in July 2008.
As of the end of December 2011, the outstanding balance of
defaulted loans (defined in this transaction as loans in arrears
for more than 12 months) represented 22.37% of the current
collateral balance (17.54% of the original balance). We believe
this amount has resulted from the rollover of delinquencies that
the borrower did not cure at earlier stages," S&P said.

"In light of the high level of defaults in the securitized pool,
our rating on the class A notes is particularly sensitive to the
amount of actual and expected recoveries. The trustee currently
owns 89 unsold repossessed properties on the issuer's behalf. We
consider the recovery levels for these loans to be very low
(cumulative reported defaults were EUR80.9 million as of December
2011, and reported cumulative recoveries have totaled EUR2.6
million since closing)," S&P said.

"Due to the lack of recoveries, and the findings of the audit of
TDA 28's pool in terms of noncompliant loans, the level of
performing collateral we can give credit to in our analysis that
is available to the transaction to service the amounts due under
the notes has reduced. We calculate that the class A notes are
undercollateralized by 11.8% of their current balance. Therefore,
the credit enhancement provided by the performing balance is
negative for all classes of notes," S&P said.

"Based on the most recent data available for the transaction, our
cash flow analysis indicates that the credit enhancement
available to the class A notes is not commensurate with a 'B
(sf)' rating, as the transaction experiences interest and
principal shortfalls under all of our cash flow analysis
scenarios. We have consequently lowered our rating on the class A
notes to 'CCC (sf)' from 'B (sf)'. We have subsequently withdrawn
our 'CCC (sf)' rating, as we are lacking sufficient information
of satisfactory quality on the underlying assets originated by
Credifimo to continue the surveillance of this transaction," S&P
said.

"In April 2009, due to insufficient excess spread to cover
defaults, the issuer fully drew the reserve fund, which has
remained at zero since then. Furthermore, TDA 28 breached the
interest-deferral triggers on the class B to F notes in 2009, and
all interest has been deferred to the class A notes since then.
As a result, we lowered our ratings to 'D (sf)' on these classes
of notes in July 2009, February 2010, May 2010, and July 2010,
respectively (see 'Related Criteria And Research'). The class B
to F notes have also failed to pay interests as of the January
2012 interest payment date. We have withdrawn our 'D (sf)'
ratings on these classes," S&P said.

"TDA 28 securitizes a portfolio of residential mortgage loans
secured over properties in Spain granted by Credifimo (currently
50% of the total pool, versus 44.04% at closing) and Caixa
Terrassa (currently 50% of the total pool, versus 55.96% at
closing). Caixa Manlleu, Caixa Sabadell, and Caixa Terrassa
became Unnim as a merged entity on July 1, 2010. The transaction
closed in July 2007 with a weighted-average seasoning of 23
months," S&P said.

         STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

        http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
             To               From

TDA 28, Fondo de Titulizacion de Activos
EUR454.95 Million Mortgage-Backed Floating-Rate Notes

Rating Lowered and Removed From CreditWatch Negative;
Rating Subsequently Withdrawn

A            CCC (sf)         B (sf)/Watch Neg
             NR               CCC (sf)

Ratings Withdrawn

B            NR               D (sf)
C            NR               D (sf)
D            NR               D (sf)
E            NR               D (sf)
F            NR               D (sf)

NR - Not rated.


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


PETKIM PETROKIMYA: Fitch Downgrades Issuer Default Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Turkey-based petrochemicals producer
Petkim Petrokimya Holdings A.S.'s Long-term foreign and local
currency Issuer Default Ratings (IDRs) to 'B+' from 'BB-'.  Fitch
has also downgraded Petkim's National Long-term rating to 'A-
(tur)' from 'A+(tur)'.  The Outlook on all ratings is Stable.

The rating action reflects a downgrade of Petkim's standalone IDR
to 'B' from 'BB-' and a simultaneous one notch uplift to 'B+' for
support from State Oil Company of the Azerbaijan Republic (SOCAR;
'BBB-'/Stable), Petkim's main shareholder.

In Fitch's view, Petkim's severe underperformance in Q411
highlights the company's vulnerability in the face of cyclical
downturns and signals a further weakening in its competitive
position, at a time of reduced demand visibility and increasing
price volatility.

A further press release expanding on the rationale for this
rating action will be published at a later date.


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


AMDEGA: Former Workers Win GBP250,000 at Tribunal
-------------------------------------------------
Darlington & Stockton Times reports that former workers of Amdega
won GBP250,000 pay out.

A tribunal has awarded the amount to former workers in Darlington
because of a lack of consultation over their redundancies,
according to Darlingotn & Stockton Times.  However, the report
relates that the money will be paid out of public funds because
the company no longer exists.

Darlingotn & Stockton Times recalls that Trade union GMB,
representing nearly 60 former Amdega workers, took the company to
court after it went into administration in April last year, only
24 hours before workers were told they were losing their jobs.
The report relates that staff with up to 30 years of experience
were only given the statutory redundancy pay.

As reported in the Troubled Company Europe on April 29, 2011, the
Wall Street Journal said Amdega has gone into administration with
the potential loss of 190 jobs.  The administration of company,
which has been in business for over 130 years, was disclosed by
its owners London-based private equity firm, according to The
Journal.


ARCK LLP: Goes Into Liquidation; Owes Investors Up to GBP60-Mil.
----------------------------------------------------------------
Tom Selby at Money Marketing reports that investors could be
facing losses of up to GBP60 million following the liquidation of
Arck LLP.

Money Marketing relates that a liquidator has been appointed to
property management firm following an application by investors to
freeze the firm's assets last December. Two individuals were
arrested and bailed earlier this month following allegations of
fraud related to the firm, the report says.

Arck operated a scheme where funds obtained through IFAs,
property agents and accountants were used to facilitate foreign
property developments. Many investors used their pension savings
to invest in the scheme through Sipp firm HDSipp, the report
discloses.

According to the report, the initial complaint against Arck which
triggered the court action involves 135 people with investments
totalling GBP4.16 million in the company's Arck Estrella and
Paradise Beach property developments. The complaint was lodged
after Arck failed to repay the funds to investors on time.

Arck director Kathryn Clark is also listed as an administrator at
HDSipp. Richard Clay, another Arck director, was previously a
director at Nottingham Rugby Club. Court documents obtained by
Money Marketing show Arck bought HDSipp's offices in Nottingham
for GBP900,000 in 2006.

"Nottinghamshire Police can confirm it is investigating
allegations of fraud related to the activities of Arck LLP. Two
people, a 47-year-old man and a 49-year-old woman, were arrested
in connection with this inquiry in Nottinghamshire on March 2.
They have been interviewed by detectives and bailed pending
further enquiries," a Nottinghamshire Police spokesman told Money
Marketing.

The FSA varied HDSipp's permissions on March 2 preventing the
firm from accepting new regulated business, the report relays.

Money Marketing says the arrests follow a joint investigation by
the FSA and the Serious Fraud Office.

Arck LLP was a specialist property investment firm.


COUNTRYWIDE LAND: Ordered to Pay GBP32 Million to FSA
-----------------------------------------------------
Michael Trudeau at FTAdviser.com reports that the High Court has
found that James Kenneth Maynard, Countrywide Land Holdings and
Plateau Development & Land Limited operated a collective
investment scheme without authorization and sold plots of land
unlawfully to UK consumers.

Mr. Maynard used Regional Land and Countrywide Land Holdings as
trading names, the report says.

According to FTAdviser.com, His Honour Judge Pelling QC banned
Mr. Maynard for life from selling land for business purposes in
the UK and ordered him and Countrywide Land Holdings to pay
GBP31,896,194 to the Financial Services Authority, while Plateau,
now in liquidation, was instructed to pay GBP918,975.

A bankruptcy order was also made against Mr. Maynard, who is now
believed to be living in Northern Cyprus, the report notes.

Another individual, Wasim Minhas, the director of Plateau, has
been ordered to pay GBP75,000 to the regulator, FTAdviser.com
relates.

However, FTAdviser.com notes, the FSA has not yet identified any
assets that would enable more than a small proportion of these
payments to be made, and therefore it is unclear how much will
ultimately be returned to investors.

FTAdviser.com says the FSA is continuing to make enquiries to
trace the funds paid by investors.

Mr. Maynard, Countrywide Land Holdings and Plateau sold plots of
land across the UK with the promise that investors would make a
significant profit when the land obtained planning permission and
was sold.


ICELAND FOODS: Moody's Assigns 'Ba3' CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of Ba3 and a probability of default rating (PDR) of B1 to
Oswestry Midco, which is the parent holding company of Iceland
Foods Group. This is the first time that Moody's has assigned
ratings to Iceland.

Concurrently, Moody's has assigned a provisional (P)Ba3 rating to
Iceland's proposed first-lien senior secured credit agreement,
consisting of (i) a GBP25 million revolving credit facility due
2018; (ii) a GBP300 million term loan A facility due 2018; and
(iii) a GBP560 million equivalent term loan B facility due 2019.
The outlook on the ratings is stable. This is the first time
Moody's has assigned a rating to Iceland.

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
endeavor 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 partially finance
an organized buyback of a majority of the company's equity by
current management and a small consortium of private investors.

Ratings Rationale

"The Ba3 CFR assigned to Iceland Foods Group reflects the
company's presence in the UK food retail segment, its limited
seasonality of operations, good growth pattern over the past few
years, during which performance proved resilient to the economic
downturn in the UK, and our expectations that the company will
use its cash flows generated by its operations to improve its
financial profile in the next 24 months," says Anthony Hill, a
Moody's Vice President -- Senior Analyst and lead analyst for
Iceland.

However, Moody's notes that the rating is constrained by the
modest size of the company, its moderate diversity, with a
concentration on the competitive UK grocery sector, and a
slightly high expected pro forma adjusted debt/EBITDA ratio of
4.9x.

The food retail industry tends to perform relatively steadily
through the economic cycle and the performance of Iceland has not
suffered much during the recent economic downturn from the
pressures on consumer spending. Iceland's value-driven
proposition appeals to customers who are not able or willing to
spend much on food, all the more so in periods of constrained
household income. However, the company has not been entirely
immune to the general economic slowdown in the UK; like-for-like
sales growth has slowed in the past two years to +4.3% and +2.1%
respectively. Moody's expects mid- to low-single digit sales
growth in the coming quarters/years. The rating agency is
concerned about this expected slowdown in profitability, given
the sharp increase in debt service that this transaction will
bring for Iceland.

Offsetting this concern is Iceland's track record of debt
reduction post strategic financings and the company's strong cash
generation. The company used internally generated cash flow to
substantially reduce debt in fiscal year 2010 through scheduled
and voluntary debt repayments, bringing down its un-adjusted
gross debt to GBP60 million at the end of March 2010 from GBP323
million a year before. Moody's also notes that Iceland has
demonstrated a good level of cash conversion in the recent past,
with positive adjusted free cash flow representing 40% of
adjusted EBITDA, on average, over the three-year period through
fiscal year-end 2011.

Outlook

The stable rating outlook reflects Moody's expectation that
Iceland will maintain its current performance and strategy.
Whilst adjusted leverage after the transaction will be high for
the rating category, the rating agency expects that the company
will reduce its indebtedness over the next 18 months and maintain
its good liquidity profile.

What Could Change the Rating Up/Down

Positive pressure on the outlook and/or the rating could
materialize if Iceland maintains its good liquidity profile and
improves its financial profile such that its adjusted debt/EBITDA
ratio approaches 4.0x and its adjusted EBITDA/interest coverage
increases above 3.25x on a sustainable basis.

Moody's could downgrade the ratings if Iceland's liquidity
profile and debt protection ratios deteriorate as a result of a
weakening of its operational performance or a change in its
financial policy. Quantitatively, Moody's could consider
downgrading the ratings if Iceland's adjusted EBITDA/interest
coverage falls below 2.5x, or if its adjusted debt/EBITDA
increases towards 5.5x.

Principal Methodology

The principal methodology used in rating Iceland was the Global
Retail Industry Methodology, published in June 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Headquartered in Deeside, Flintshire, UK, Iceland Foods Group
operates a UK-wide network of food retail stores targeting the
value conscious market segment. For fiscal year-end March 31,
2011, Iceland reported revenues of approximately GBP2.4 billion.


GAME GROUP: Suspends Gift & Loyalty Cards After Administration
--------------------------------------------------------------
Mark King at theguardian reports that Game Group Plc has
suspended its gift card and loyalty card schemes after going into
administration.

The company said it would not be able to offer refunds or
exchanges for products, even those purchased before it went into
administration, according to theguardian.

The report notes that Game Group said it expects "some disruption
to [its] online services over the next few days", and confirmed
that it would not be accepting new pre-orders until further
notice and is also refusing to offer refunds for pre-order
deposits.

theguardian notes that Game Group suspended the use of its GAME
Reward Cards (points can be earned but not redeemed until further
notice), its GAMEWallet accounts (including any balance left in
the wallet), and its GAME gift cards.

Meanwhile, Daily Echo reports that 15 jobs have been axed in
Bournemouth.  Eight jobs will also be lost at both Dorchester and
Weymouth, according to Daily Echo.

Dominic Jeff at news.scotsman.com relates that
PricewaterhouseCoopers closed almost half of its UK stores with
immediate effect and making 2,100 staff redundant.  In Scotland,
17 stores were closed with a total of 132 employees affected,
news.scotsman.com relays.

news.scotsman.com notes that PwC said it was liaising with "a
number of parties" that had expressed an interest in buying part
or all of the business.  But it said that, given the difficulties
on the high street and after reviewing the operational
requirements of the chain, it had decided to close 277 stores in
the UK and Ireland, news.scotsman.coms says.  The staff will be
made redundant this week.

The remaining 333 stores, employing 2,814 people, will stay open
as normal while the administrators continue their efforts to find
a buyer for the business, news.scotsman.com adds.

PwC is assisting the affected employees with their claims for
redundancy.

As reported in the Troubled Company Reporter-Europe on March 27,
2012, The Telegraph said that Game Group has gone into
administration putting 6,000 jobs at risk after talks with its
lenders failed.  PwC has been appointed administrator to the UK
operations of Game Group, which has 609 stores under the names
Game and Gamestation, the Telegraph related.  According to the
Telegraph, "The group has faced serious cashflow and profit
issues over the recent past."  "It also has suffered from high
fixed costs, an ambitious international roll-out and fluctuating
working capital requirements.

Game Group is a video games retailer.


LLANDUDNO SMOAKERY: Goes Into Liquidation; 7 Workers Lose Jobs
--------------------------------------------------------------
Martin Williams at North Wales Weekly News reports that seven
jobs were lost after Llandudno Smoakery went into liquidation.

According to the report, Llandudno Smoakery has closed after
trading for more than 25 years.  North Wales Weekly News relates
that the firm's Builder Street West premises is now empty, though
auditors UHY Hacker Young said there has been interest in the
bespoke unit from other catering companies.

"The smokery went into liquidation last Wednesday, and seven
workers were affected," the report quotes liquidator Graham Clark
as saying.  "The business was purchased by its current owner in
2005 and moved to its new premises in 2008; more than GBP300,000
was spent on setting up there. Sadly they never managed to
generate enough income to keep it going."

Deals with supermarket giant Tesco and Selfridge's were not
enough to keep trade afloat, Mr. Clark, as cited by North Wales
Weekly News, added.

"They did not have enough of those big contracts going, they
weren't doing enough of the major stuff," he said. "As a result
they've continued to lose money over the last five years.

"There are a number of parties interested in the building as it
has modern equipment and built-in fridges and freezers. Hopefully
something will come of that," Mr. Clark said.

Llandudno Smoakery provided a wholesale and retail service for
fresh fish, shellfish, game and poultry throughout North Wales,
producing a unique range of quality foods smoked over Welsh oak.


MOTO HOSPITALITY: S&P Affirms 'B' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.
motorway services operator Moto Hospitality Ltd. to negative from
stable. "At the same time, we affirmed our 'B' long-term
corporate credit rating on Moto," S&P said.

"In addition, we affirmed our 'CCC+' issue rating on the GBP176
million second-lien notes issued by Moto Finance PLC. The
recovery rating on these notes is unchanged at '6', indicating
our expectation of negligible (0%-10%) recovery in the event of a
payment default," S&P said.

"The outlook revision reflects our view that Moto's credit
metrics have fallen below our rating guidelines for 2011 due to a
persistently adverse consumer environment. In our view, this
environment will likely prevent Moto's credit metrics from
growing back into the range we consider commensurate with the
current rating. We base our view on the drop in Standard &
Poor's-adjusted earnings relative to our forecast in the
financial year ended Dec. 28, 2011. We also forecast lower
earnings for financial 2012 than our previous projection. Moto's
performance in 2011 was impaired by a reduction in U.K. consumer
spending, flat traffic volumes on the motorways it serves, and
higher fuel prices reducing demand. As a consequence, nonfuel
like-for-like sales were down 2% and fuel volumes down 4.5% in
financial 2011," S&P said.

"Based on the draft financial accounts of Moto's ultimate parent
company Moto International Holdings Ltd. for financial 2011,
revenue was GBP864.4 million, with adjusted EBITDA of GBP79.7
million and funds from operations (FFO) of GBP18.5 million.
Although adjusted EBITDA is 10% higher than in 2010, this level
of growth is below our forecast and caused adjusted EBITDA and
FFO interest coverage to fall below our 1.5x guideline for the
'B' rating," S&P said.

"We could lower the rating if unfavorable trends in U.K.
consumers' discretionary spending, traffic volumes on motorways,
and fuel prices continue to weigh on the company's earnings such
that adjusted EBITDA interest coverage remains less than 1.5x,
and if free operating cash flow turns negative," S&P said.

"We could revise the outlook to stable if Moto's strategy to grow
EBITDA through ongoing site refurbishment and franchise
management enhances the company's earnings generation, offsets
its exposure to a flat economic environment, and causes positive
free operating cash flow and adjusted EBITDA interest coverage of
more than 1.5x," S&P said.


PETROPLUS HOLDINGS: Coryton Refinery Needs GBP600MM in Financing
----------------------------------------------------------------
According to Bloomberg News' Jim Silver, The Financial Times
reported that Steven Pearson, one of PricewaterhouseCoopers
administrators in charge of Petroplus Holdings AG's Coryton
refinery, said the plant needs GBP600 million in financing to
continue operations beyond May.

As reported by the Troubled Company Reporter-Europe on March 23,
2012, Bloomberg News, citing Reuters, reported that Fund Energy,
a company founded by former Russian energy minister Igor Yusufov,
is bidding for three Petroplus' refineries.  Reuters, which cited
an unidentified person familiar with the matter, said that the
company is seeking to buy the Swiss refiner's Cressier site in
Switzerland, Coryton plant in the U.K. and Ingolstadt facility in
Germany, Bloomberg disclosed.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


PETROPLUS HOLDINGS: Potential Buyers to Visit Coryton Refinery
--------------------------------------------------------------
Nidaa Bakhsh at Bloomberg News reports that potential buyers for
Petroplus Holdings AG's Coryton oil refinery in the U.K. will
visit the site in the coming weeks.

"There are a number of interested parties," Bloomberg quotes
Richard Howitt, an MEP for the east of England, as saying on
Tuesday by phone.  "We need to advance the bids."

Mr. Howitt said in a statement on Monday that indicative offers
from investors will have to be submitted by April 2, Bloomberg
relates.  He said that the agreement is extendable, Bloomberg
notes.

Petroplus filed for insolvency in January after lenders froze
credit lines at the end of 2011, Bloomberg discloses.  Morgan
Stanley, KKR & Co. and AtlasInvest agreed last month to supply
crude to the 220,000 barrel-a-day Coryton plant near London as
part of a so-called tolling arrangement for an initial period of
three months, according to Bloomberg.

                       Cressier Refinery

Brigitte Umbach-Spahn, the administrator at Wenger Plattner, a
law firm in Zurich, said last week in an e-mail that Final bids
for Petroplus's Cressier refinery in Switzerland must be
submitted by the end of March, Bloomberg recounts.

Based in Zug, Switzerland, Petroplus Holdings AG is Europe's
largest independent oil refiner.


PREMIER FOODS: Moody's Lowers Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has lowered to B3 from B2 the corporate
family rating (CFR) of Premier Foods plc. The outlook is
negative.

Ratings Rationale

"The downgrade of Premier Foods' CFR to B3 reflects the weak
operating performance for FY2011 and the additional debt expected
to be brought on balance sheet following the completion of the
refinancing.", says Douglas Crawford, Moody's lead analyst for
Premier Foods. "The negative outlook reflects Moody's concerns
about the ongoing effects of the weak UK consumer environment and
high promotional activity in the sector."

The group reported weak results in FY2011. Ongoing group sales of
GBP1.81 billion declined by 3%, including a fall of around 6% in
branded sales, as a result of difficult market conditions and a
competitive environment as well as customer disputes. Reported
ongoing trading profit was also affected by high expenses from
promotional activity and cost inflation, leading to a 29% decline
to GBP174 million -- a level below Moody's previous expectations.

The group has obtained consent from the relevant parties for a
re-financing package subject to final documents being signed.
This will alleviate immediate liquidity concerns and also improve
the group's debt maturity profile, with the extension of bank
debt maturities from 2013 to 2016 and the re-setting of their
maintenance covenants, together with the deferral of additional
pension deficit contributions. However, the new refinancing also
includes an additional term loan of GBP199 million arising from
the restructuring of the total interest rate swap portfolio and
the transfer on balance sheet of an upsized securitization
program of GBP120 million maturing in 2014. There is also a
requirement to repay debt with GBP330 million of proceeds from
planned disposals by June 2014, with 80% to be achieved by
December 2013. Nevertheless, despite this and taking into account
the group's planned increase in marketing spend and brand focus
in the next few years, Moody's expects leverage to remain higher
than previously forecast at above 6x in 2012 and 2013.

In view of the recent rating action, upward pressure is not
expected in the short term. However, the outlook could be
stabilized with evidence of better sales trends and profit
expectations and upward pressure could materialize if leverage
falls under 6x with RCF to Net debt improving beyond 10%.

Negative pressure on the rating could develop if earnings
deteriorate and weaken covenant headroom, or if other liquidity
concerns emerge; or if adjusted leverage continues to rise.

The principal methodology used in rating Premier Foods plc was
the Global Packaged Goods Industry Methodology published in July
2009.

Headquartered in St Albans, Premier Foods is the largest
manufacturer and distributor of food in the UK, with a focus on
ambient grocery, bread and chilled products. The company has
around 12,000 employees producing foods from around 43
facilities.


RANGERS FOOTBALL: No Ruling on Administrators' Ticketus Dispute
---------------------------------------------------------------
BBC News reports that a judge has declined to rule on whether
Rangers can rip up its season-ticket deal with Ticketus, which it
has emerged was worth more than GBP30 million.

Administrators Duff and Phelps wanted to tear up the agreement on
the basis it could discourage bidders who may want to take over
the club, BBC notes.

According to BBC, Lord Hodge said he did not have enough
information about bids for Rangers to make a ruling.

However, he declined to give Ticketus preferential treatment as
creditors, BBC states.

After a five-day hearing at the Court of Session, the judge said
Ticketus had no security over the assets of Rangers and was a
simple creditor with the same rights as others owed money by the
club, BBC relates.

Rangers' joint administrator Paul Clark, from Duff and Phelps,
welcomed Lord Hodge's decision, saying it meant that Ticketus
only had contractual rights and did not have a claim on assets,
BBC discloses.

Mr. Clark, as cited by BBC, said: "It is clear from the judgement
that, as administrators, we have the statutory right and powers
to have the company (the Club) refuse to honour the Ticketus
arrangements if such a decision would be in the interests of
creditors generally."

The Ticketus deal was struck by Rangers owner Craig Whyte during
his takeover in May last year, BBC recounts.

Mr. Whyte used money from the Ticketus deal to complete his
purchase of the Ibrox club, taking over its GBP18 million debt
from Lloyds Banking Group, BBC discloses.

Mr. Clark and David Whitehouse were appointed as administrators
over a month ago after HMRC lodged a petition over the non-
payment of about GBP9 million in PAYE and VAT following Mr.
Whyte's takeover, according to BBC.

The administrators claimed the Ticketus deal, which would give
season ticket revenues to the firm for the next three seasons,
could deter potential investors, BBC notes.

                  About Rangers Football Club

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


SENKAI RESTAURANT: Placed Into Creditors' Voluntary Liquidation
---------------------------------------------------------------
Kerstin Kuhn at Caterer and Hotelkeeper reports that Japanese
restaurant Senkai in London's Piccadilly has closed after just
six months in business, having gone into liquidation.

The Ignite Group-owned restaurant, which relaunched in September
last year having previously operated as Cocoon, has appointed
financial advisor Duff & Phelps, according to the report.

"Sadly, Senkai Restaurant Ltd has ceased trading and the company
is being placed into creditors' voluntary liquidation," a
spokeswoman for the Ignite Group told Caterer and Hotelkeeper.

Senkai featured a 125-seat dining room, a counter-top dining bar
seating 50 and a cocktail lounge for up to 50 guests.


SIMCLAR GROUP: Founder Faces GBP3Million Court Action
-----------------------------------------------------
dunfermlinepress reports that Simclar Group founder Sam Russellis
facing a GBP3 million court action over dividends.

Liquidators pursuing Mr. Russell have won the right for the case
to proceed to the next stage in the Court of Session, according
to dunfermlinepress.

The report relates that the dividends were paid from the
Ayrshire-based wing of the business to parent company, Simclar
Group, in 2007 and are being challenged as unlawful by the
liquidators, KPMG, brought in to deal with the closed-down
company, dunfermlinepress recalls.

As reported in the Troubled Company Reporter-Europe on June 29,
2011, BBC News said that Simclar Group has gone into
administration putting more than 200 jobs at risk in the process.
The administrators from Deloittes are expected to keep Simclar,
which owns operations in China and the US, running while it seeks
buyers for the business, according to BBC News.  BBC News notes
that Simclar Group ran into problems when planned launches for
new products, including an energy-saving plug, were delayed.

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.


WILDROSE PROPERTIES: Goes Into Administration
---------------------------------------------
BBC News reports that five property firms owned by the
businessman Barney Eastwood have been placed into administration.

The most recent accounts from the firms suggest that they owed
the bank more that GBP100 million, BBC discloses.

Anglo is now called the Irish Bank Resolution Corporation (IBRC)
and most of its property loans have been moved into the Irish's
governments "bad bank", the National Asset Management Agency
(NAMA), BBC notes.

It is not clear whether NAMA or IBRC appointed the
administrators, BBC states.

According to BBC, the five companies involved are: Wildrose
Properties, Wildrose Magheraleve, Wildrose Properties (3),
Wildrose Properties (7) and Wildrose Properties (16).

BBC relates that a statement from Fearghal Eastwood on behalf of
the Wildrose Group said they had been "taken aback by the
unnecessarily aggressive actions of Anglo Irish bank/IBRC".

"We have met all our obligations to them but that does not seem
to matter," it continued.

"We are taking legal advice on aspects of their dealings with
us."


                            *********

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

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

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

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


                            *********


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

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

Copyright 2012.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


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