TCREUR_Public/120628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, June 28, 2012, Vol. 13, No. 128

                            Headlines



B E L G I U M

BELFIUS BANK: Moody's Lowers Subordinated Debt Rating to 'B1'
DEXIA CREDIT: Moody's Cuts Subordinated Debt Rating to 'Caa2'


F I N L A N D

AIR FINLAND: Files for Bankruptcy; Terminates Operations


F R A N C E

GROUPAMA SA: S&P Lowers Counterparty Credit Rating to 'BB'


G E R M A N Y

GLOBAL SOLAR: German Subsidiary Files for Insolvency Process
KLEOPATRA LUX: S&P Lowers Corporate Credit Rating to 'SD'
TITAN EUROPE 2006-3: S&P Cuts Ratings on 4 Note Classes to 'CCC-'


I R E L A N D

EURPRICE: High Court Appoints Provisional Liquidator
MAZARONE LTD: Danske Bank Appoints Receiver; Owes EUR55 Million


I T A L Y

BANCA MONTE: Seeks EUR3.4BB From Government to Plug Capital Gap
BANCA POPOLARE: S&P Lowers Rating on EUR300-Mil. 9% Notes to 'C'


K A Z A K H S T A N

BTA BANK: To Pay Creditor-Appointed Directors in Advance


N E T H E R L A N D S

MAYFAIR EURO I: S&P Affirms 'CC' Ratings on Three Note Classes


P O L A N D

PMB BIALYSTOK: Declared Bankrupt Following Supply Problems


P O R T U G A L

CIMPOR CIMENTOS: S&P Cuts Long-Term Corp. Credit Rating to 'BB'


R O M A N I A

FORTUS: Declared Bankrupt by Targu-Mures Court


R U S S I A

BANK URALSIB: S&P Affirms 'BB-/B' Counterparty Credit Ratings
RUSFINANCE BANK: Moody's Cuts Currency Deposit Ratings to 'Ba1'


S P A I N

* SPAIN: Can't Finance Itself at Current Rates, PM Says


T U R K E Y

CALIK HOLDING: S&P Affirms 'B/B' Corporate Credit Ratings


U N I T E D   K I N G D O M

EXPRO HOLDINGS: S&P Raises Long-Term Corp. Credit Rating to 'B-'
NO.1 GROUP: Placed in Provisional Liquidation
PORTSMOUTH FC: Creditors Back Balram Chainrai's CVA Proposal
RMI ENGINES: High Court Winds Up Two Engine Companies
RMJM LTD: Faces Wind-Up Petition in Scottish Courts

SKIPTON BUILDING: Moody's Provides Update on Darrowby No. 1 plc
SOUTH LONDON HEALTHCARE: Likely To Be Put Into Administration


X X X X X X X X

* S&P Takes Various Rating Actions on 48 European CDO Tranches
* Upcoming Meetings, Conferences and Seminars


                            *********


=============
B E L G I U M
=============


BELFIUS BANK: Moody's Lowers Subordinated Debt Rating to 'B1'
-------------------------------------------------------------
Moody's Investors Service has downgraded Belfius Bank SA/NV's
subordinated debt to B1 from Baa2 and the backed junior
subordinated debt issued by Belfius Financing Company to B2(hyb)
from Ba2(hyb) previously. This results from the removal of
systemic support for these securities. Both ratings have a
positive outlook.

These actions conclude the review of those ratings initiated on
November 29, 2011.

Ratings Rationale

The downgrades of Belfius Bank's subordinated debt rating to B1
and Belfius Financing Company's backed junior subordinated rating
to B2(hyb) reflect Moody's view that systemic support is less
likely to be extended to subordinated instruments going forward.
The subordinated and the junior subordinated debt are now
positioned one and two notches respectively below the bank's
adjusted standalone credit assessment of ba3 (equivalent to its
standalone credit assessment in the absence of cooperative and
parental support).

The positive outlook reflects the positive outlook on Belfius
Bank's standalone Bank Financial Strength Rating (BFSR) of D-
/ba3.

What Could Move The Ratings Up/Down

An upgrade of both Belfius Bank's subordinated debt and Belfius
Financing Company's backed junior subordinated debt ratings would
be triggered by an upgrade of the bank's standalone credit
assessment. A downgrade of these securities would result from a
downgrade of the bank's standalone credit assessment.

Principal Methodologies

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.


DEXIA CREDIT: Moody's Cuts Subordinated Debt Rating to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Dexia Credit Local
(DCL)'s subordinated debt to Caa2 with a stable outlook,
previously B3 on review for downgrade. This results from the
removal of systemic support for this debt class.

This action concludes the review of this rating initiated on
November 29, 2011.

Ratings Rationale

The downgrade of DCL's subordinated debt reflects Moody's view
that systemic support for the subordinated debt of French banks
may no longer be sufficiently predictable or reliable to warrant
incorporating uplift into Moody's ratings. DCL's subordinated
debt is consequently positioned one notch below DCL's standalone
credit assessment of caa1.

The stable outlook reflects the stable outlook on DCL's E/caa1
standalone Bank Financial Strength Rating (BFSR).

What Could Move The Ratings Up/Down

An upgrade of DCL's subordinated debt rating as a result of the
upgrade of DCL's BFSR is highly unlikely given that the
institution is expected to be in run-off. A downgrade of the
subordinated debt rating could be triggered by a lower mapping of
DCL's standalone credit assessment within the E BFSR category.

Principal Methodologies

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
and Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012.



=============
F I N L A N D
=============


AIR FINLAND: Files for Bankruptcy; Terminates Operations
--------------------------------------------------------
Bill Lumley at DFNIonline.com reports that Air Finland has
terminated all operations and filed for bankruptcy.

The carrier, which flew 400,000 passengers annually, blamed high
fuel prices and low usage as the reasons for grounding the fleet,
DFNIonline.com discloses.

Air Finland was a Helsinki-based charter airline.  The airline
began operations in 2003.  The airline's inflight retail
operation was operated by concessionaire Inflight Service Europe
(IFS) and included an online webstore.  Air Finland focused on
leisure flights to major European leisure destinations in Crete,
Greece, Portugal, Spain, Turkey and Dubai, serving tour operators
and travel agents.



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


GROUPAMA SA: S&P Lowers Counterparty Credit Rating to 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit and financial strength ratings on France-
based insurer Groupama S.A. and its guaranteed subsidiaries to
'BB' from 'BBB-', and on strategically important subsidiary
Groupama Gan Vie to 'BB-' from 'BB+'. "We also lowered the long-
and short-term counterparty ratings on banking subsidiary
Groupama Banque to 'BB/B' from 'BBB-/A-3'. We removed these
ratings from CreditWatch with negative implications, where we
placed them on Dec. 9, 2011. The outlooks are negative," S&P
said.

"At the same time, we lowered our issue ratings on Groupama's
hybrid instruments to 'B' from 'BB', and removed them from
CreditWatch negative, where we placed them on the same date," S&P
said.

"The downgrade follows our reassessment of Groupama's business
and financial profiles in light of management's actions to
improve capital adequacy. These actions mainly consist of
reducing the insurer's exposure to equity and property risks, as
well as the sale of several group entities. This includes the
sale of Groupama Seguros and of GAN Eurocourtage's brokerage
business, which the group announced on June 19, 2012, and June 8,
2012. We understand that Groupama is also planning to sell
Groupama Insurance U.K. Ltd. We consider that these actions,
though positive, are unlikely to restore Groupama's capital
adequacy to levels supportive of an investment-grade rating over
the coming year, according to our risk-based capital adequacy
criteria," S&P said.

"In addition, we believe there is a risk that adverse capital
market conditions, which have deteriorated since our previous
CreditWatch update on March 20, 2012, may constrain execution of
management actions and dampen their impact. Groupama still
retains a significant exposure to equities and Southern European
sovereign bonds," S&P said.

"We view Groupama's financial flexibility as 'marginal,'
according to our criteria. We believe its main sources for
financial flexibility are proceeds from the asset sales. In 2011,
the group's financial flexibility benefited from two transactions
entered into with Caisse des Dep“ts et Consignations. We believe
that Groupama's ability to raise new debt is limited, given the
low market value of its existing issues," S&P said.

"In our view, Groupama's good competitive position, adequate
operating earnings, and strong liquidity continue to support the
ratings," S&P said.

"We rate Groupama's hybrid instruments 'B', a standard three
notches below our long-term ratings on Groupama, according to our
criteria for rating speculative-grade issuers' hybrid capital.
Our issue ratings reflect our expectation that Groupama will be
willing to continue paying coupons on all of its hybrid
instruments, and our view that its ability to pay isn't
constrained by any external or liquidity factors," S&P said.

"The outlook is negative, reflecting our view that the adverse
economic and capital market conditions may further constrain
Groupama's capital adequacy and transformational initiatives,"
S&P said.

"We could lower the ratings if Groupama's capital adequacy or
regulatory solvency margin don't improve as a result of
management actions over the coming year, or if its competitive
positions in French non-life and life deteriorate," S&P said.

"We could revise the outlook to stable if management fully
implements its planned actions, resulting in a stabilization of
Groupama's financial profile," S&P said.



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


GLOBAL SOLAR: German Subsidiary Files for Insolvency Process
------------------------------------------------------------
Becky Beetz at pv magazine reports that U.S.-based Global Solar
Energy, Inc's German subsidiary, Global Solar Energy Deutschland
GmbH has applied for insolvency proceedings.

"High" inventories, "collapsing" prices and "significant"
European feed-in tariff reductions have been cited as the main
reasons, the report says.

According to pv magazine, GSED the filed for insolvency with the
Charlottenburg District Court on June 25.  Lawyer Christian
Kohler-Ma has been appointed provisional liquidator, the report
relays.

pv magazine says Global Solar added that it will still continue
production at its Tucson, Arizona plant, which has a
manufacturing capacity of 40 MWp.  The Berlin-Adlershof-based
manufacturing operations, meanwhile, will be closed down.  It is
not known at this time how many employees will be affected, the
report notes.

Global Solar Energy, Inc., manufactures Copper Indium Gallium
diSelenide (CIGS) Photovoltaic (PV) cells and modules. The
company is headquartered in Tucson, Arizona.


KLEOPATRA LUX: S&P Lowers Corporate Credit Rating to 'SD'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German packaging manufacturer
Kleopatra Lux 1 S.a.r.l (known as Kloeckner Pentaplast) to 'SD'
(Selective Default) from 'CC'.

"The downgrade follows Kloeckner Pentaplast's implementation of a
debt restructuring led by investment firm Strategic Value
Partners and the junior lender group. The debt restructuring
involved the repayment of all outstanding senior term loans at
par plus accrued interest, a debt-to-equity swap on second-lien
and mezzanine debt, and a write-off of preferred equity
certificates. Such debt restructuring constitutes a selective
default under our criteria, as the total value that the junior
lenders received was less than par," S&P said.

"The debt restructuring took place just before the expiration of
Kloeckner Pentaplast's covenant waiver period on June 22, 2012.
The group breached its financial covenants on the Dec. 31, 2011,
and March 31, 2012, test dates, but obtained waivers from its
lenders for these two quarters to allow the group and its
stakeholders time to consider possible solutions," S&P said.

"The restructuring has reduced Kloeckner Pentaplast's debt and
reset its financial covenants, which has improved its liquidity
profile. We will therefore raise our rating on Kloeckner
Pentaplast as expeditiously as possible after completing a
forward-looking review. This review will take into account any
benefits realized from the restructuring, as well as any other
interim developments," S&P said.

"Market conditions were more difficult than Kloeckner Pentaplast
expected in 2011, particularly in the first half of that year.
The group's operating margins deteriorated due to major increases
in input costs--specifically, for polyethylene terephthalate
(PET)--and energy costs. Margins have also been adversely
affected by ongoing restructuring activities across the group's
European operations. This restructuring is now complete, and
therefore we anticipate some improvement in the Standard and
Poor's-adjusted EBITDA margin this year," S&P said.

"We consider these weaknesses to be only partly offset by
Kloeckner Pentaplast's niche leading market positions in Europe
and North America for polyvinylchloride-based and PET-based rigid
film. The group also has broad geographic diversity and a diverse
customer base," S&P said.


TITAN EUROPE 2006-3: S&P Cuts Ratings on 4 Note Classes to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Titan Europe 2006-3 PLC's class A notes, and lowered and removed
from CreditWatch negative its ratings on the class B, C, D, E,
and X notes. "Our rating on the class A notes remains on
CreditWatch negative for reasons explained below. At the same
time, we have affirmed our ratings on the class F, G, and H
notes. We have subsequently withdrawn our rating on the class X
notes," S&P said.

"Titan Europe 2006-3 is a pan-European commercial mortgage-backed
securities (CMBS) transaction that closed in June 2006. It was
initially secured against 18 loans, seven of which have repaid.
The remaining 11 loans in the pool are secured by 31 commercial
properties in Germany, France, Belgium, Luxembourg, and the
Netherlands, across various sectors," S&P said.

"The outstanding note balance has reduced to EUR647.36 million
from EUR943.7 million at closing. Losses on underlying loans
total EUR81.65 million, which Elavon Financial Services Ltd. as
the cash manager has applied to the notes as net accrued interest
(NAI) amounts. This means that the affected classes of notes (so
far the class E, F, G, and H notes) are no longer entitled to
full interest, and that the principal losses will only be
realized once all of the loans have been worked out," S&P said.

"We have based the rating actions on our expectation of interest
shortfalls on the notes affected by the NAI amounts, and on our
view of potential recoveries on the remaining loans," S&P said.

       EXPECTED NEAR-TERM INTEREST SHORTFALLS DUE TO LOAN LOSSES

                   SQY Shopping Centre Loan

"We previously took rating actions in this transaction on May 4,
2011. At that time, we expected an EUR80 million loss on the SQY
Shopping Centre Loan, following the sale of the single property
backing the loan--a shopping center in St Quentin on Yvelines, 20
km west of Paris," S&P said.

"On the April 2012 interest payment date (IPD), the cash manager
applied EUR81.6 million of losses to the notes as NAI amounts.
This followed the decision by Hatfield Philips International Ltd.
as special servicer not to pursue legal action against the
original valuer of the property after investigations into a
negligence claim against the valuer in light of the asset value
decline since origination. As a result, the class F to H notes
will pay no further interest, while the class E notes will pay
reduced interest," S&P said.

"To reflect our expectation of a shortfall on the upcoming July
2012 IPD, we have lowered to 'CCC- (sf)' and removed from
CreditWatch negative our rating on the class E notes. For the
same reason, we have affirmed our 'CCC- (sf)' rating on the class
F notes. We expect to lower to 'D (sf)' our ratings on the class
E and F notes when these interest shortfalls materialize," S&P
said.

"We have also affirmed our 'D (sf)' ratings on the class G and H
notes, as they continue to experience interest shortfalls. These
shortfalls have been occurring every quarter since the July 2009
IPD as a result of special servicing fees, as they cannot be
drawn from the liquidity facility. Following the application of
the NAI amounts, we consider that the special servicing fees are
likely to cause the class C and D notes to suffer interest
shortfalls from the July 2012 IPD. As a result, we have also
lowered to 'CCC- (sf)' and removed from CreditWatch negative our
ratings on these classes of notes. Similar to the class E and F
notes, we will lower to 'D (sf)' our ratings on the class C and D
notes after the July 2012 IPD, if the interest shortfalls
materialize as expected," S&P said.

     Weserstrasse Loan (EUR63.3 Million, 8.67% Of The Pool)

"At the time of our May 4, 2011 rating action, we noted that the
marketability of the property backing the Weserstrasse loan had
significantly deteriorated following the sole tenant's
departure," S&P said.

"The property was since sold in December 2011 for EUR50 million,
versus a securitized loan balance of EUR109 million atthe sale
date. To date, the cash manager has paid EUR47.9 million of the
sale proceeds to the issuer. We understand, however, that final
recovery will only occur after the borrower has received a final
tax assessment from the German tax authority (expected by the end
of June 2012). This could trigger the release of some further
funds to pay down the notes but we do not expect this amount to
be substantial," S&P said.

"In conclusion, we expect losses of approximately EUR63.3 million
on this loan to be applied as NAI amounts, potentially on the
July 2012 IPD. This would result in a further reduction of
interest payable on the class D notes," S&P said.

  Six Further Loans (Together EUR282.75 Million, 44% Of The Pool)

"In the medium term, we also expect losses to be realized on six
of the other remaining loans in the transaction. With such losses
applied to the notes as NAI amounts, we consider that this will
result in interest shortfalls on the class B notes, and further
interest shortfalls on the C notes," S&P said. The six loans in
question are:

    Quelle Nurnberg loan (EUR92.9 million, 14.34% of the pool):
    Since the sole tenant's insolvency in June 2009, the mixed-
    use property in Quelle, Germany, backing the loan has not
    been re-let or sold. Jones Lang LaSalle valued the property
    at EUR12.5 million in January 2010--reflecting an 88% market
    value decline since the previous valuation in January 2009,
    and a loan-to-value (LTV) ratio of 745%. Formal insolvency
    proceedings against the borrower commenced in November 2011,
    when Hatfield Philips International as the special servicer
    appointed an insolvency administrator. The insolvency
    administrator and the special servicer have agreed on a
    memorandum of understanding, which will be the basis of a
    potential property sale. "We note that Elavon Financial
    Services has already drawn EUR11 million under the liquidity
    facility following the tenant's default, which may offset any
    sale proceeds. We therefore expect a full loss on this loan,"
    S&P said.

    Twin Square (Prater) loan (EUR13.95 million, 2.17% of the
    pool): The loan has been in special servicing with Hatfield
    Phillips International since it went into standstill after
    failing to repay at maturity in January 2011. The special
    servicer has agreed a borrower-led sale of the office
    property in Diegem, Belgium, backing the loan; this agreement
    will be active during the course of 2012. The special
    servicer commissioned an updated valuation of the property in
    December 2010, which was EUR17.59 million, representing an
    LTV ratio of 79.85%. The current sole tenant, Elia
    Engineering, has an option to break the lease in December
    2012, with six months' notice. "We understand that the tenant
    has requested to extend its lease break option by a further
    year, until December 2013, as it intenda to move once a new
    bespoke building has been built. Therefore, after December
    2013, we expect that the property will likely become vacant.
    We note the high office space vacancy rate in Diegem; we
    therefore consider that any new lease agreement would likely
    follow a long void period, and would incorporate rent
    incentives and a lower gross rental rate to secure a new
    tenant. We expect that this loan will suffer losses of about
    EUR6 million to EUR8 million following a property sale," S&P
    said.

    Syrdall Business Park loan (EUR35.98 million, 5.5% of the
    pool): The loan, secured by an office property in Munsbach,
    Luxembourg, has been in special servicing with Hatfield
    Phillips International since it failed to repay at maturity
    in April 2011. The special servicer commissioned an updated
    valuation of the property, which was EUR35.57 million in June
    2011, representing an LTV ratio of 101.14%. An initial
    marketing of the property at EUR52 million in early 2012
    attracted no interest from potential buyers. "We understand
    that the special servicer intends to replace the current
    asset manager once the sales agency contract expires, with
    the intent of marketing at a more realistic price level. We
    expect about EUR5 million to EUR8 million of losses on this
    loan," S&P said.

    "AS Watson loan (EUR23.63 million, 3.66% of the pool): The
    loan, secured by an office property comprising two buildings
    with parking spaces in Renswoude, the Netherlands, has been
    in special servicing with Hatfield Philips International
    since it failed to repay at maturity in April 2011. The
    special servicer has agreed a borrower-led consensual sale.
    Jones Lang LaSalle last valued the property in August 2011 at
    EUR15 million, representing an LTV ratio of 158.14%. We
    understand that the property is due be marketed imminently,
    with a view to sell by the end of 2012. In our opinion, this
    loan may suffer losses of about EUR20 million," S&P said.

    Riverstate Office loan (EUR48.8 million, 7.54% of the pool):
    This loan, secured on an office building in Amsterdam, has
    been in special servicing with Hatfield Philips International
    since it failed to repay at maturity in April 2011. The
    special servicer has reported that it is still exploring a
    final work-out strategy and looking with Drivers Jonas
    Deloitte at potential sale options, either as a development
    opportunity for alternative uses. The current value of
    EUR29.6 million is dated November 2010 and represents an LTV
    ratio of 165%. "We consider that this loan may suffer losses
    of EUR25 million to EUR30 million," S&P said.

    Monnet loan (EUR69.29 million, 10.38% of the pool): This
    loan, backed by two warehouses and six offices in and North
    Rhine, Germany, and in Brussels has been in special servicing
    with Hatfield Philips International since it breached the
    debt service coverage ratio covenant in September 2009.
    Furthermore, the loan failed to repay at maturity in April
    2012. The latest valuation from March 2011 was EUR27.4
    million, representing an LTV ratio of 244.6%. The special
    servicer has reported that its current workout plan is to
    implement property management strategies and sell the
    remaining properties in the next 18 months. Given distressed
    market conditions, we anticipate losses of EUR50 million to
    EUR60 million on this loan," S&P said.

"In conclusion, the combined loss expectation on these six loans
contribute to our view of ongoing interest shortfalls due to the
application of NAI amounts up to the class B notes. We have
therefore lowered to 'CCC- (sf)' and removed from CreditWatch
negative our rating on the class B notes," S&P said.

  CURRENT PERFORMING LOANS (EUR301.9 MILLION, 46.59% OF THE POOL)

       The Target Loan (EUR234.2 million, 36.14% Of The Pool)

"The largest performing loan is the Target loan, which is
scheduled to mature in July 2013. It is secured by 15 mixed-use
(predominantly office) properties in the suburbs of Paris, and in
four cities in the south of France (Aix en Provence, Toulouse,
Valbone, and Moirans). The properties were part of a sale-and-
leaseback transaction with Thales S.A. (BBB+/A-2/Stable), a
French company that designs and builds electronic systems and
provides services for the aerospace, defense, transportation, and
security markets. Thales still occupies many of the properties,
which are large and specialized in terms of the space they
provide. The latest valuation of the properties was EUR287.24
million in December 2010, representing an LTV ratio of 81.54%. We
anticipate that this loan will be difficult to refinance and may
result in some losses if it is enforced after maturity in a
default scenario. This is due to the secondary nature of the
properties, current distressed commercial property market in
Europe, and concentration of commercial real estate loans
maturing in 2013 when the risk of a spike in distressed
properties coming to market is set to increase," S&P said.

Kurhaus Hotel, Matrix Data, And Stage Loans (EUR74.84 Million,
10.45% Of The Pool)

"The three remaining smaller loans in the transaction--Kurhaus
Hotel, Matrix Data, and Stage--are due to mature between January
2013 and July 2016. All three are performing and we do not
currently expect them to experience principal losses," S&P said.

CREDIT DETERIORATION AND RISK OF LIQUIDITY FACILITY EVENT OF
DEFAULT

"In our view, the actual and expected losses in eight of the 11
loans backing this transaction have heightened the risk of
ultimate nonpayment of principal on the class A notes. To reflect
this risk, we have lowered our rating on this class of notes to
the speculative-grade level of 'BB+ (sf)'. We do not currently
foresee interest shortfalls on the class A notes. However, the
potential exists that shortfalls could result if the liquidity
facility provider, HSBC Bank PLC (AA-/Stable/A-1+), were to call
a liquidity facility event of default--thus deeming the liquidity
facility balance immediately payable if no agreement is made to
remedy the event of default. Considering this risk--given such
developments in Titan Europe 2006-1 PLC and Titan Europe 2006-2
PLC--our rating on the class A notes in this transaction remains
on CreditWatch negative, where we placed them on May 17, 2012,"
S&P said.

"Our ratings on the class B to E notes are no longer on
CreditWatch negative because they are now at 'CCC- (sf)', and
thus already reflect our opinion of the increased likelihood that
losses will occur in the near term," S&P said.

"As the class X notes rank pari passu with the class A notes, we
have lowered to 'BB+ (sf)' and removed from CreditWatch negative
our rating on this class of notes. We have subsequently withdrawn
this rating, in line with our criteria for rating interest-only
securities. This is because for interest-only securities that
reference either the entire property pool of a transaction or an
amortization schedule or formula, we maintain our ratings until
all principal--and interest-paying classes of notes rated 'AA-'
or higher have been retired or downgraded below that rating
level--at which time we withdraw such interest-only ratings," S&P
said.

            POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European commercial mortgage-backed securities (CMBS).
However, these criteria are under review," S&P said.

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

"On June 4, we published a request for comment (RFC) outlining
our proposed criteria changes for CMBS Global Property Evaluation
Methodology. The proposed criteria do not significantly change
Standard & Poor's longstanding approach to deriving property net
cash flow (S&P NCF) and value (S&P Value). We therefore
anticipate very limited impact for European outstanding ratings
when the updated CMBS Global Property Evaluation Methodology
criteria are finalized," S&P said.

"However, because of its global scope, the proposed CMBS Global
Property Evaluation Methodology does not include certain market-
specific adjustments. An application of these criteria to
European transactions will therefore be published when we release
our updated rating criteria," S&P said.

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

           STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an property-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

Titan Europe 2006-3 PLC
GBP943.7 Million Commercial Mortgage-Backed Floating-Rate Notes

Class      Rating                   Rating
           To                       From

Rating Lowered, Removed From CreditWatch Negative, and Withdrawn

X          BB+ (sf)                 AA (sf)/Watch Neg
           NR                       BB+ (sf)

Rating Lowered and Remaining On CreditWatch Negative

A          BB+ (sf)/Watch Neg       AA (sf)/Watch Neg

Ratings Lowered and Removed From CreditWatch Negative

B          CCC- (sf)                BB(sf)/Watch Neg
C          CCC- (sf)                B (sf)/Watch Neg
D          CCC- (sf)                B- (sf)/Watch Neg
E          CCC- (sf)                CCC (sf)/Watch Neg

Ratings Affirmed

F          CCC- (sf)
G          D (sf)
H          D (sf)

NR-Not rated.



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


EURPRICE: High Court Appoints Provisional Liquidator
----------------------------------------------------
Tim Healy at Independent.ie reports that the High Court has
appointed a provisional liquidator to discount store chain
Eurprice.

The directors of Eurprice, which has eight stores mainly in the
South East, are seeking to have the company wound up because it
is no longer able to compete with rivals operating a similar
business model, Independent.ie discloses.

The court heard that the company is hopeful that the provisional
liquidator will be able to sell the business and save the jobs,
Independent.ie notes.

According to Independent.ie, on Tuesday at the High Court,
Ms. Justice Mary Laffoy said she was satisfied to appoint
Insolvency Practitioner and Chartered Accountant Kieran McCarthy
-- kieran.mccarthy@hughesblake.ie -- of Hughes Blake as
provisional liquidator.

The company, the Judge noted, was insolvent and unable to pay its
debts as they fall due, Independent.ie relates.

According to Independent.ie, counsel said the company was seeking
the appointment of a provisional liquidator in order to secure
Eurprice's stock.  Counsel also asked the court to grant the
provisional liquidator powers allowing him to keep the shops open
so the stock could be sold in an orderly fashion in the best
interests of the company's creditors, Independent.ie discloses.

In the event of a firesale, counsel said it was estimated that
nothing close to the true value of the stock could be realised,
Independent.ie relates.  The court was further asked to grant Mr.
McCarthy the power to advertise the business for sale,
Independent.ie notes.

The Judge in agreeing to grant those powers to Mr. McCarthy,
adjourned the matter to a date next month, Independent.ie
discloses.

Eurprice with a registered address at The Moyne Business Park,
Enniscorthy, Co Wexford, specialises in selling goods ranging for
cosmetics, confectionery and stationary at the cheapest end of
the price spectrum.  It operated stores in Carlow Kilkenny,
Tallaght, Waterford, Wexford, Enniscorthy and Gorey.  It was set
up in 2004 and its directors are John Hamill, Anna Hamill and
Therese Hunt.


MAZARONE LTD: Danske Bank Appoints Receiver; Owes EUR55 Million
---------------------------------------------------------------
Irish Examiner reports that Danske Bank has appointed a receiver
to two property firms that Bernard McNamara resigned from as a
director last year.

Danske Bank, which owns Irish National Bank, has appointed Declan
McDonald of PriceWaterhouseCoopers as receiver to Dublin-based
Mazarone Ltd., Irish Examiner relates.

Its most recent accounts show that the firm had bank debts
totalling EUR47.8 million, Irish Examiner discloses.

The other directors are listed as Mr. McNamara's business partner
and well-known hotelier, Jerry O'Reilly, David Courtney and Eamon
Shields, Irish Examiner states.

The returns show that Mazarone made a loss of over EUR380,000
last year, Irish Examiner notes.

As a result of last year's loss, Marazone's losses widened to
EUR42 million, Irish Examiner states.

The figures show that at the end of last May, Mazarone owed
Mr. McNamara EUR2.8 million, Irish Examiner says.

The company's total amount owed to creditors stood at
EUR55 million, Irish Examiner states.

Danske Bank has also appointed Mr. McDonald as receiver to
another firm, Brettar Ltd., where Mr. O'Reilly is a director,
Irish Examiner relates.

The latest accounts show that Brettar had bank loans totalling
EUR9 million, with accumulated losses of EUR8 million at the end
of March, Irish Examiner discloses.



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


BANCA MONTE: Seeks EUR3.4BB From Government to Plug Capital Gap
---------------------------------------------------------------
Sonia Sirletti and Elisa Martinuzzi at Bloomberg News report that
Banca Monte dei Paschi di Siena SpA, Italy's oldest bank, plans
to seek EUR3.4 billion (US$4.3 billion) of government money to
plug a capital gap uncovered by European regulators.

According to Bloomberg, the Siena, Italy-based lender said in a
statement on Wednesday that the lender also may seek to raise a
further EUR1 billion from private investors.  The bank, the
country's third biggest by assets, will also offer to swap
subordinated for senior debt securities maturing in 2015 to
bolster capital, Bloomberg discloses.

Monte Paschi is raising the money after failing to close the
EUR3.3 billion shortfall identified by the European Banking
Authority, Bloomberg says.  Fabrizio Viola, who joined as chief
executive officer in January, failed to find private funding to
meet the European Banking Authority's requirement to bolster its
core Tier 1 capital ratio to 9%, prompting the lender to seek a
government rescue as it plans to cut cost and assets in coming
years, Bloomberg relates.

The lender, as cited by Bloomberg, said it plans to repay about
EUR3 billion of the government aid by 2015.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Feb, 7,
2012, Moody's Investors Service placed on review for downgrade
the Baa1/Prime-2 senior debt and deposit ratings as well as the
D+ standalone bank financial strength rating (BFSR, mapping to
Baa3 on the long-term rating scale) of Banca Monte dei Paschi di
Siena (MPS).

Moody's said that the key drivers for the BFSR review are:

i) the uncertainty in the bank's plan to meet its regulatory
    capital shortfall calculated by the European Banking
    Authority (EBA).  Moody's notes that the bank's plan to raise
    the EUR3.3 billion mandated by EBA to reach the 9% Core Tier
    1 capital ratio includes joint ventures and disposals, which
    may be challenging to implement in the current environment
    and which carry some execution risk;

ii) MPS' weak internal capital generation capacity, which would
    allow it to meet such increased capital requirements or to
    absorb external shocks from its own earnings.  This weak
    organic capital generation capacity is becoming more
    prevalent as Moody's expects pressure on asset quality and
    earnings to increase for MPS as a result of the overall
    challenging macroeconomic outlook in Italy, thus increasing
    the possibility that MPS may require capital support from
    third parties.


BANCA POPOLARE: S&P Lowers Rating on EUR300-Mil. 9% Notes to 'C'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its issue rating on
the EUR300 million 9% perpetual subordinated fixed/floating rate
notes issued by Italy-based Banca Popolare di Milano SCRL (BPM;
BBB-/Watch Neg/A-3) to 'C' from 'CC'. The issue has the ISIN
number XS0372300227. According to the bank, this issue has a
total outstanding amount of about EUR195 million.

The rating action follows BPM's nonpayment of interest on its
EUR300 million 9% perpetual subordinated fixed/floating rate
notes on the due date of June 25, 2012.

On May 29, 2012, BPM announced the suspension of interest and
dividend payments on its two Tier 1 hybrid debt issues, including
this one.

The suspension is allowed under the terms and conditions of these
instruments because BPM reported a net loss at the end of 2011,
and did not distribute any dividends to shareholders, or offer to
buy back preference shares, in the previous 12 months.

"As a result of that announcement, on May 31, 2012 we lowered the
rating on these instruments to 'CC' from 'B'," S&P said.



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


BTA BANK: To Pay Creditor-Appointed Directors in Advance
--------------------------------------------------------
Nariman Gizitdinov at Bloomberg News reports that BTA Bank, the
Kazakh lender that plans to restructure its debt for the second
time in as many years, will pay directors assigned by creditors
in advance.

Remuneration for the first six months will be paid before the
work has been completed, as recommended by BTA's steering
committee, Bloomberg says, citing the minutes of an extraordinary
meeting of the state-run lender's shareholders published on
Tuesday on the Kazakh stock exchange Web site.  The minutes show
that shareholders voted unanimously for the measure June 21 in
Almaty, Bloomberg notes.

Sergey Babayan and Jacek Brzezinski were selected as directors
representing the interests of creditors on BTA's board after two
previous representatives resigned following BTA's failure to make
a January interest payment on its July 2018 dollar bonds,
Bloomberg recounts.

According to Bloomberg, the central bank's financial oversight
committee said on Tuesday in a monthly report on its Web site
that BTA's net loss for the year jumped to KZT1.308 trillion
(US$8.8 billion) as of June 1 from KZT711 billion a month
earlier.

As reported by the Troubled Company Reporter-Europe on June 19,
2012, Dow Jones Newswires related that BTA Bank on June 15 began
formal discussions with the steering committee of its creditors
on the proposed restructuring of US$4.98 billion of its debt.

                          About BTA Bank

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



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


MAYFAIR EURO I: S&P Affirms 'CC' Ratings on Three Note Classes
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
the class A, B, C-1, and C-2 notes issued by Mayfair Euro CDO I
B.V.

Mayfair Euro CDO I is a cash flow collateralized bond obligation
(CBO) transaction that securitizes bonds to investment- and
speculative-grade bond corporate firms.

"The rating actions follow our assessment of the transaction's
performance, the credit support provided by Assured Guaranty
(Europe) Ltd. (AA-/Stable) to the class A notes, and the
application of our relevant criteria for transactions of this
type," S&P said.

"For our review of the transaction's performance, we used data
from the trustee report (dated May 18, 2012), in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction, and have applied our 2012
counterparty criteria as well as our cash flow criteria," S&P
said.

"From our analysis, we note that there has been considerable
deleveraging of the class A notes since our previous transaction
update. According to the trustee report, the current outstanding
balance of the class A notes is EUR18.678 million, down from
EUR64.869 million as reported in our previous review. By
contrast, the class B and C notes have continued to defer
interest, therefore, the credit enhancement available to these
notes remains negative," S&P said.

"The affirmations on the class B, C-1, and C-2 notes at 'CC (sf)'
reflect our view that the tranches remain highly vulnerable to
nonpayment," S&P said.

"The class A notes benefit from a financial guarantee insurance
policy from Financial Assured Guaranty (Europe) Ltd. Under the
terms of the insurance policy, the insurer guarantees the timely
payment of interest and the ultimate principal repayment of the
class A notes. We have therefore affirmed our 'AA- (sf)' rating
on the class A notes," 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

Mayfair Euro CDO I B.V.
EUR317.7 Million Fixed and Floating-Rate Notes

Ratings Affirmed

A         AA- (sf)
B         CC (sf)
C-1       CC (sf)
C-2       CC (sf)



===========
P O L A N D
===========


PMB BIALYSTOK: Declared Bankrupt Following Supply Problems
----------------------------------------------------------
Poland A.M. reports that PMB Bialystok has been declared bankrupt
despite recording a turnover of more than PLN300 million two
years ago.

Creditors have 30 days to submit claims, Poland A.M. says.

According to Poland A.M., Marek Pendras, PMB's court supervisor,
told Puls Biznesu, "PMB has supply problems, and workers are on
standby.  The management is promising that production will resume
shortly, but the company will be facing significant layoffs."

Poland A.M. relates that an anonymous source told the newspaper
PMB's problems were no secret, and that the issues included
excessive hiring, as well as inefficient management of production
and price policy, with a discrepancy between sales prices and
production costs.

PMB Bialystok's bankruptcy is part of a wider trend hitting the
meat industry, with meat firm Zaklady Miesne MAT also having gone
bankrupt less than two months ago, Poland A.M. notes.

PMB Bialystok is a Polish meat production company.



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


CIMPOR CIMENTOS: S&P Cuts Long-Term Corp. Credit Rating to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Portugal-based cement manufacturer
Cimpor Cimentos de Portugal S.G.P.S. S.A. (Cimpor) to 'BB' from
'BBB-' and its short-term rating to 'B' from 'A-3'. The ratings
remain on CreditWatch negative, where they were placed on April
3, 2012.

"The downgrade follows the announcement and settlement of
Brazilian holding company Camargo Correa S.A.'s (CCSA's; BB/Watch
Neg/--) successful takeover of Cimpor from the majority of
existing shareholders. The CCSA group currently owns about 73% of
Cimpor directly and, due to a joint shareholder agreement with
Votorantim, has a total voting stake of 94.1%. We understand that
Camargo and Votorantim are currently working on a separate
agreement for the acquisition of Votorantim's stake, possibly
through an asset swap," S&P said.

"We are equalizing the rating on Cimpor with that on its new
parent Camargo, in line with our criteria on rating parents and
their subsidiaries. This is because we assess CCSA as having
weaker credit quality than Cimpor and believe that Cimpor will be
fully incorporated into the Camargo's cement operations
(Intercement). We believe this gives Camargo direct access to
Cimpor's assets, along with control of cash and dividend payouts.
It will also enable Camargo direct the group's future strategy,"
S&P said.

"CCSA has acquired the shares through Intercement Austria Holding
GmbH (not rated). We note that of the remainder of the stake,
0.9% is owned by Cimpor in the form of Treasury shares and about
5.0% is held by undisclosed investors," S&P said.

"The ratings on Cimpor reflect our view that it will continue to
report strong profitability. This is supported by Cimpor's strong
presence in emerging markets and solid positions in low-cost,
often highly consolidated, markets," S&P said.

"Rating constraints include Cimpor's limited size compared with a
number of its peers and its geographic concentration in Spain,
Portugal, and Brazil. Further constraining the rating are the
company's exposure to volatility in emerging markets, the
construction industry's cyclicality and commoditization, and high
energy and capital intensity," S&P said.

"We expect to resolve the CreditWatch placement after we have
more clarity on the impact of the takeover on Camargo's and
Cimpor's debt and have more details on the potential effects of
Cimpor's integration, if the deal successfully goes through," S&P
said.



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


FORTUS: Declared Bankrupt by Targu-Mures Court
----------------------------------------------
SeeNews reports that Casa de Insolventa Transilvania, one of
Fortus' administrators, said a court in the Romanian city of
Targu-Mures declared Fortus bankrupt.

According to SeeNews, Casa de Insolventa Transilvania said in a
statement that the court rejected a restructuring plan proposed
by the company's administrators.

Fortus had a net loss of RON40.5 million (US$11.3 million/EUR9
million) and about 1,140 employees in 2010, SeeNews says, citing
the latest available information, published on the finance
ministry's Web site.

Fortus is a Romanian local heavy equipment manufacturer.



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


BANK URALSIB: S&P Affirms 'BB-/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russia-
based Bank URALSIB (OJSC) to negative from stable. The 'BB-'
long-term and 'B' short-term counterparty credit ratings were
affirmed.

"The outlook revision reflects our concerns regarding further
possible deterioration of Bank URALSIB's financial profile and
business position. The bank's underlying profitability has
declined, as seen in the fall of the preprovision income-to-
adjusted-assets ratio to 0.76% in 2011, after an average 2.06%
over the past five years, and a rise in the cost-to-income ratio
to 86.7% in 2011 compared with a five-year average of 70.6%.
Pressure on margins, although a slight rebound is underway, and a
higher cost base weigh on structural profitability," S&P said.

"The bank reported a net loss of Russian ruble (RUB) 4.2 billion
(about $140 million) in 2011, also owing to an increased
provisioning burden. This constrains internal capital generation
capabilities and impedes business growth. Bank URALSIB is
gradually losing its market share in systemwide customer deposits
and loans, demonstrating less growth than the market average,
which threatens its business stability, in our view," S&P said.

"The risk-adjusted capital (RAC) ratio decreased as of year-end
2011 in line with our expectations to 4.7% from 5.3% as of year-
end 2010. We forecast that it will be in the 'weak' category, as
defined in our criteria, at 3%-5% over the next 18-24 months,
given planned annual loan growth of 15% and no capital
injections. A decrease in total adjusted capital by about RUB7
billion was fuelled by a total loss of RUB4.2 billion, charitable
contributions on behalf of a shareholder (RUB900 million), an
increasing stake in the nonbank subsidiary Sport Venture Moscow
(RUB1.9 billion), and dividend payouts (RUB1.5 billion)," S&P
said.

"We consider that the main shareholder's decision to allocate
capital for noncore banking purposes while the bank is making
losses and, in our view, weakly capitalized could be detrimental
to the bank's financial profile and business prospects. This
could weaken the bank's business position to 'moderate' from the
current 'adequate', which is the main risk reflected in our
negative outlook," S&P said.

"The affirmation of the 'BB-/B' ratings on Bank URALSIB reflects
our unchanged view of the 'bb' anchor for a commercial bank
operating in Russia and the bank's 'adequate' business position,
'weak' capital and earnings, 'moderate' risk position, 'average'
funding, and 'adequate' liquidity. Bank URALSIB's stand-alone
credit profile (SACP) is 'b+'," S&P said.

"The long-term counterparty credit rating is one notch higher
than the bank's SACP, reflecting our current view of Bank
URALSIB's 'moderate systemic importance' under a 'supportive'
regime. We classify the Russian government as 'supportive'
because of its positive track record during the recent financial
market turmoil of stabilizing the banking system," S&P said.

"Although Bank URALSIB's customer deposits represent only
somewhat more than 1% of total systemwide deposits, given the
concentration of the Russian banking system, we consider this
share to be relatively material. Consequently, we consider that
Bank URALSIB's failure would result in a loss of confidence in
the Russian banking system. For this reason, we believe there is
a 'moderate' likelihood that the Russian government would support
Bank URALSIB in a stressful situation," S&P said.

"The negative outlook reflects our concerns regarding further
possible worsening of Bank URALSIB's financial profile and
business position on the back of further decisions of the major
shareholder," S&P said.

"We could lower the ratings if there were further weakening of
the bank's financial performance, reflected in worsening of the
business position assessment, as well as further deterioration in
business stability, with a significant loss of market share. We
could also take a negative rating action if there were a
significant drop in capitalization, with the RAC ratio falling to
lower than 3%, although this not our base-case scenario. Material
deterioration in the risk position, with reported nonperforming
loans and credit losses significantly higher than the system
average; significant deposit outflow; or a liquidity shortage
would also trigger a negative rating action," S&P said.

"We could consider revising the outlook to stable if we saw
sustained, positive profitability; maintenance of capitalization
at current levels; a sustained relatively stable market position;
and asset-quality indicators not worse than the market average,"
S&P said.


RUSFINANCE BANK: Moody's Cuts Currency Deposit Ratings to 'Ba1'
---------------------------------------------------------------
Moody's Interfax Rating Agency has taken the following multiple
actions on the national scale ratings (NSRs) of three Russian
subsidiaries of Societe Generale: Rosbank, DeltaCredit Bank and
Rusfinance Bank. Moody's Interfax downgraded the long-term NSR of
Rusfinance Bank to Aa1.ru from Aaa.ru. At the same time, the
Aaa.ru long-term NSRs of Societe Generale's other two Russian
subsidiaries -- Rosbank and DeltaCredit Bank -- were confirmed.
The Aaa.ru NSR of Rosbank's local currency senior unsecured debt
was also confirmed.

The rating actions on Rosbank, DeltaCredit and Rusfinance
conclude the reviews of these banks' NSRs initiated by Moody's
Interfax on December 16, 2011.

Ratings Rationale

According to Moody's Interfax, the reviews of the NSRs of
Rosbank, DeltaCredit and Rusfinance initiated on December 16,
2011 were triggered by Moody's Investors Service's reviews of the
banks' global scale ratings following the downgrade of their
ultimate parent, Societe Generale.

Moody's Interfax explained that Moody's review of global local
and foreign currency deposit ratings of Rosbank and DeltaCredit
resulted in a downgrade of both banks' deposit ratings to Baa3,
from Baa2. As the global scale ratings are mapped to NSRs, and
Baa3 global scale ratings can only be mapped to an NSR of Aaa.ru,
the review of Rosbank's and DeltaCredit's NSRs has been concluded
with the confirmation of these banks' NSRs at Aaa.ru.

At the same time, Moody's review of global local and foreign
currency deposit ratings of Rusfinance resulted in their
downgrade to Ba1, from Baa3. As the global scale ratings of Ba1
can only be mapped to an NSR of Aa1.ru, the review of
Rusfinance's NSR has been concluded with the downgrade of this
rating to Aa1.ru, from Aaa.ru.

Principal Methodologies

The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology, published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: Global Methodology, published in March 2012 and Mapping
Moody's National Scale Ratings to Global Scale Ratings published
in March 2011.

National Scale Ratings

The ratings are Moody's Interfax Rating Agency's National Scale
Ratings (NSRs) which are intended as relative measures of
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks. NSRs differ from Moody's global scale ratings in that they
are not globally comparable with the full universe of Moody's
rated entities, but only with NSRs for other rated debt issues
and issuers within the same country. NSRs are designated by a
".nn" country modifier signifying the relevant country, as in
".ru" for Russia.

About Moody's And Moody's Interfax

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).



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


* SPAIN: Can't Finance Itself at Current Rates, PM Says
-------------------------------------------------------
The Telegraph reports that Spanish Prime Minister Mariano Rajoy
has warned the company's cannot finance itself for long at the
high rates it now pays on the markets.

If Spain, the eurozone's fourth biggest economy, is shut out of
the markets it could lead to a full-blown bailout for the country
with unfathomable consequences for the 17-nation eurozone, the
Telegraph states.

"We cannot finance ourselves for a long time at prices like those
we are now paying," Mr. Rajoy, as cited by the Telegraph, said as
the yield on Spanish government 10-year bonds traded at more than
6.8%.

It comes as the Bank of Spain said the country's recession
deepened in the second quarter, the Telegraph relates.

Investors are deeply concerned over Spain's banking sector, which
has been thrown a EUR100 billion rescue loan by the eurozone to
fix balance sheets heavily exposed to the collapsed real estate
sector, the Telegraph discloses.

Markets also are skeptical of Spain's targets of slashing the
public deficit at a time of recession and with unemployment at
24.4% -- the highest in the industrialized world -- in the first
quarter, the Telegraph says.

Even the IMF has said it doubts Spain can meet its goal of
slashing the deficit to from 8.9% of economic output last year to
5.3% this year and 3% in 2013, the Telegraph notes.



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


CALIK HOLDING: S&P Affirms 'B/B' Corporate Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term corporate credit ratings and 'trBBB-/trA-3' long- and
short-term Turkey national scale ratings on Turkey-based
conglomerate Calik Holding A.S., and removed the ratings from
CreditWatch with positive implications, where it placed them on
May 8, 2012. "At the same time, we withdrew our 'B' issue rating
and recovery rating of '4' on the company's proposed $350 million
unsecured notes due in 2017, as we understand the parent company
has postponed its issuance plans, due to unattractive capital
market conditions. The outlook is stable," S&P said.

"When we assigned our 'B/B' ratings to Calik, it was our
understanding that the company was in well-advanced talks with
interested parties with a view to selling its media arm, and that
the company would use a sizable portion of the proceeds to reduce
its debt. We estimated that the financial benefits of the
transaction would more than compensate for the negative impact on
the business risk profile of the loss in earnings
diversification, creating momentum for a positive rating action,"
S&P said.

"Calik has not divested Turkuvaz over our CreditWatch horizon,
leaving our business and financial risk profiles on the group
unchanged," S&P said.

"The ratings also reflect our perception of the high risks
associated with operating in Turkey (foreign currency
BB/Stable/B; local currency BBB-/Stable/A-3) and some of its
neighboring countries, where the majority of Calik's investments
are located and most of its revenues generated. The ratings are
also constrained by our view of the company's asset portfolio,
which includes activities that are still in their development
phase, and therefore have limited capacity to generate cash flow
for now. Management's appetite for strategic investments in
highly diverse, unproven, or unstable businesses is negative for
the ratings, because it may stretch organizational and financial
capacity. We consider these negative factors to be partially
offset by Calik's overall satisfactory track record in developing
its businesses over the past few years, with sustained revenue
growth--both organic and through acquisitions--and margin
improvement. We note the synergies and cross-selling
opportunities between the real estate, construction, energy, and
banking businesses. In addition, the company benefits from a
strong brand image and well-established industrial and banking
connections in Turkey and the broader region, which is a strong
asset when it comes to winning large contracts and concessions
and securing their financing," S&P said.

"The outlook is stable, reflecting our view that Calik's
subsidiaries will report top-line growth and resilient margins in
2012 and 2013, and that the group will post adjusted metrics well
placed within the highly leveraged financial risk profile
category. In particular, we would expect a ratio of funds from
operations (FFO) to debt above 10% and of debt to EBITDA below
5x," S&P said.

"Since some of Calik's activities are still in their development
phase, we believe a positive revision of the company business
risk profile to 'fair' from 'weak' is unlikely in the next 12
months. We might consider a positive rating action if we saw a
marked improvement in credit metrics. For example, we would be
looking for the establishment of a track record of FFO to debt
above 15%," S&P said.

"Any deterioration in Calik's financial profile could trigger a
negative rating action. This could come primarily from the
company's failure to establish its liquidity firmly as 'less than
adequate,' leading to a downward revision to the 'weak' category.
We would also view negatively increased leverage, resulting, for
instance, from higher industrial outlays or weaker working
capital performance than we currently anticipate under our base-
case scenario, or net debt financed, sizable acquisitions," S&P
said.



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


EXPRO HOLDINGS: S&P Raises Long-Term Corp. Credit Rating to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K.-based oil field services company Expro
Holdings U.K. 3 Ltd. to 'B-' from 'CCC+'. "At the same time, we
removed the ratings from CreditWatch, where they were placed with
positive implications on March 30, 2012. The outlook is
negative," S&P said.

In addition, S&P assigned:

- its 'BB-' issue rating to the US$160 million super senior
   revolving credit facility (RCF) issued for Expro Holdings
   U.K. 4 Ltd. (not rated). The recovery rating on the RCF is
   '1+', reflecting our expectation of full (100%) recovery for
   creditors in the event of a payment default.

- its 'B' issue rating to Expro's US$992 million senior secured
   term loan D. The recovery rating on the loan is '2',
   reflecting its expectation of substantial (70%-90%) recovery
   in an event of default.

- its 'B' issue rating to the US$992 million senior secured
   notes due 2016, issued by Expro Finance Luxembourg S.C.A..

- its 'CCC+' issue rating to the US$914 million mezzanine loan
   outstanding for Expro Holdings U.K. 4. The recovery rating on
   the loan is '5', reflecting our expectation of modest (10%-
   30%) recovery in an event of default.

"The upgrade follows Expro's recent US$408 million repurchase at
par of its senior secured notes due 2016, which the company
financed using proceeds from the sale of its Connectors and
Measurements (C&M) division. The rating action also takes into
account our view of Expro's improved liquidity, which we
currently assess as 'adequate;' and the company's extended debt
maturity profile, which, despite still very high leverage,
supports our view that the likelihood of default over our rating
horizon of 18-24 months is limited," S&P said.

"However, while the company remained in compliance with its
financial covenants for the year ended March 31, 2012 (financial
2012), and is likely to remain so in financial 2013, we believe
covenant headroom may erode in financial 2014 when the covenants
start to tighten sharply under our conservative base-case
scenario," S&P said.

"In our opinion, EBITDA growth may not be sufficiently strong to
cover the substantial interest burden associated with Expro's
high leverage, and generate enough operating cash flow to cover
the substantial capital required for growth. In our view, very
strong EBITDA growth will be necessary to avoid erosion in
covenant headroom in two to three years," S&P said.

"We could take a negative rating action if Expro's FOCF failed to
improve in the next 12-18 months, leading to weaker liquidity and
headroom under financial covenants falling below 15%. Weakening
shareholder support or even more aggressive financial policies
could also have a negative impact on the rating," S&P said.

"We do not foresee an upgrade in the near to medium term, but any
ratings upside would likely result from a more prudent balance
sheet, coupled with stabilized and positive FOCF resulting from
returns accruing from the increased investment in the business,"
S&P said.


NO.1 GROUP: Placed in Provisional Liquidation
---------------------------------------------
John Robertson at The Shetland Times reports that Shetland
Electrical Services is to be sold after its Elgin-based parent
company, The No.1 Group Limited, succumbed to cashflow problems.

The report says the No.1 Group has been forced into provisional
liquidation after bad debts from customers reached GBP1.6
million.

No details of its prospective new owner have been released, the
report notes.

According to the report, the provisional liquidator, Michael Reid
of Aberdeen-based Meston Reid & Co, said around 30 jobs would be
saved by the sale of SES and the division in Elgin, North
Electrical Services.

The Shetland Times relates that Mr. He said the No.1 Group had
been left under serious financial strain when a major client went
into liquidation with unpaid invoices totalling GBP550,000. Over
the past 12 months, the company had also been left owed money
from two large contracts, the report relates.

The directors took steps recently to create agreements to sell
SES and NES. Aberdeen Mechanical Services in Aberdeen and
Inspired Interiors in Buckie are still available for sale with 32
jobs at stake.

Shetland Electrical Services is based at Rudda Park, Sound, and
carries out electrical, plumbing and heating work around
Shetland, recently branching out with a bathroom showroom.


PORTSMOUTH FC: Creditors Back Balram Chainrai's CVA Proposal
------------------------------------------------------------
BBC Sport reports that Portsmouth's creditors have voted in favor
of Balram Chainrai's Company Voluntary Arrangement proposal at
Monday's meeting at Fratton Park.

According to BBC Sport, Mr. Chainrai now has 28 days to make good
on the proposal, and start the process of bringing the club out
of administration.

If Mr. Chainrai takes Portsmouth over, the PST can do a deal with
him directly to buy the club, BBC Sport says.

Alternatively, if the PST put a better bid together within the 28
days, then administrator Trevor Birch can choose them to take the
club forward, irrespective of the creditors' decision, BBC Sport
notes.

They accepted an offer of two pence in the pound from Mr.
Chainrai's company, Portpin, BBC Sport discloses.

The Hong Kong businessman formerly owned the club in 2010-11 and
is personally owed about GBP19 million, BBC Sport states.

In total, however, the club is currently GBP58 million in debt
after previous owners Convers Sports Initiatives went into
administration, BBC Sport discloses.

And because Mr. Chainrai ceded exclusivity at the meeting, Mr.
Birch now has the freedom to choose a different offer if he feels
it is better, BBC Sport notes.

                   About Portsmouth Football

Portsmouth Football Club Ltd. -- http://www.portsmouthfc.co.uk/
-- operated Portsmouth FC, a professional soccer team that plays
in the English Premier League.  Established in 1898, the club
boasted two FA Cups, its last in 2008, and two first division
championships.  Portsmouth FC's home ground is at Fratton Park;
the football team is known to supporters as Pompey.  Dubai
businessman Sulaiman Al-Fahim purchased the club from Alexandre
Gaydamak in 2009.  A French businessman of Russian decent,
Gaydamak had controlled Portsmouth Football Club since 2006.

Portsmouth Football Club entered administration for the second
time in two years on Feb. 17, 2010, with Trevor Birch, Ian Gould
and Bryan Jackson of PKF (UK) LLP appointed joint administrators.

In 2010, Portsmouth entered administration as a Premiership club
with UHY Hacker Young partners Andrew Andronikou, Peter Kubik and
Michael Kiely appointed administrators, Accountancy Age recalled.
In March 2011, Geoff Carton-Kelly and David Hudson, partners at
Baker Tilly, were appointed liquidators, Accountancy Age said.


RMI ENGINES: High Court Winds Up Two Engine Companies
-----------------------------------------------------
RMI Engines Ltd and Revolution Motor Spares Ltd have been wound
up in the High Court following an investigation by Company
Investigations of The Insolvency Service.

Investigators found that RMI Engines, based at Boundary
Industrial Estate, Bolton, Greater Manchester, and Revolution
Motor Spares, based in Bury, Greater Manchester, sold engines
which did not match the description given to their customers,
some of which were also faulty.

Both companies took money from customers' debit and credit cards
before the engines were delivered. They also failed to honour
warranties and some refunds were not paid.

The High Court heard that the two companies were controlled by
the same group of people who attempted to conceal the identities
of those in control of the company. In addition, RMI Engines Ltd
used fictitious names when dealing with members of the public in
telephone calls and correspondence and when signing court
documentation to disguise the identity of its sales team.

RMI Engines Ltd generated sales of GBP272,491 before it was
closed down, while Revolution Motor Spares Ltd had few sales.

The companies carried on a similar business to that conducted by
Engine World Ltd which went into liquidation on December 22,
2011. When Engine World Ltd ceased to trade, RMI Engines Ltd took
over that business and continued to trade in the same
objectionable manner.

Alex Deane, Investigations Supervisor, Company Investigations
Manchester said, "These companies were profiting from the sale of
goods that were either faulty, did not match the sales
description or did not exist. Closing down such unscrupulous
businesses protects the public and sends a strong message that
The Insolvency Service will pursue dishonest companies through
the courts and close them down."

The petitions to wind up RMI Engines Ltd and Revolution Motor
Spares Ltd were presented by the Secretary of State on March 19,
2012, under Section 124A of the Insolvency Act 1986. Additionally
on March 19, 2012, the Secretary of State presented an
application for an order that a Provisional Liquidator be
appointed over RMI Engines Ltd and the Court made such an order
on that date.

On June 15, 2012, at the hearing of the winding up petitions, the
Court on the Secretary of State's application, granted orders
that both companies be compulsorily wound up and the Official
Receiver was appointed as liquidator of RMI Engines Ltd and
Revolution Motor Spares Ltd.


RMJM LTD: Faces Wind-Up Petition in Scottish Courts
---------------------------------------------------
Mark Wilding at bdonline.co.uk reports that RMJM Ltd's former PR
firm has lodged a petition with the Scottish courts to have the
troubled architecture practice put into compulsory liquidation.

The Big Partnership submitted a petition for a winding-up order
in Edinburgh's Court of Session at the start of this month, the
report notes.

According to the report, The Big Partnership is one of several
creditors pursuing the practice for unpaid fees.  bdonline.co.uk
relates that transport architect Pascall and Watson revealed this
week that it is owed around GBP200,000 by RMJM for work on the
Domodedovo airport project in Moscow.

The report relates that Pascall and Watson said it has started
legal action in an attempt to recover the unpaid fees and has a
meeting with RMJM next week to see if an agreement can be
reached.

Based in Edinburgh, the United Kingdom, RMJM, Ltd. provides
architectural services.  It offers architecture, art
commissioning, environmental graphics, landscape architecture,
preservation architecture, visualization, sustainable design,
urbanism, master planning, interior design, and research and
development services.


SKIPTON BUILDING: Moody's Provides Update on Darrowby No. 1 plc
---------------------------------------------------------------
Moody's Investors Service stated on June 26 that the assignment
by Skipton Building Society of substitute loans following the
repurchase of loans due to the breach of representations and
warranties, will not, in and of themselves and at this time,
result in a reduction or withdrawal of the current rating of the
notes issued by Darrowby No. 1 Plc (the "Issuer" and the notes
issued by the Issuer, the "Notes").

As per the Mortgage Sale Agreement, the sale of substitute loans
following the repurchase of loans due to the breach of
representations and warranties can only be made by Skipton as
seller if it is rated at least P-2 as of the substitution date.
On October 7, 2011, the long-term deposit and short-term ratings
of Skipton were downgraded to Ba1/Not Prime from Baa1/P-2,
therefore resulting in a rating trigger breach under the Mortgage
Sale Agreement.

In response to such breach, the Seller proposes that
substitutions be still allowed in spite of their non-prime short-
term rating (the "Proposal"). In order to mitigate the claw back
risk following an insolvency event of Skipton as Seller, Skipton
will provide monthly solvency certificates before any new loans
are purchased by the Issuer.

In determining the impact of the Proposal on the current Moody's
rating of the Notes, Moody's considered, among other things, the
risk of clawback following a potential seller insolvency.

Moody's believed that the amendment did not have an adverse
effect on the credit quality of the securities such that the
Moody's ratings were impacted. Moody's did not express an opinion
as to whether the amendment could have other, non credit-related
effects.

Moody's rating addresses only the credit risks associated with
the transaction. Other non-credit risks have not been addressed,
but may have significant effect on yield and/or other payments to
investors. The affirmation of Moody's rating should not be taken
to imply that there will be no adverse consequences for investors
since in some cases such consequences will not impact the rating.

The principal methodology used in this rating was Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa
published in June 2012.

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


SOUTH LONDON HEALTHCARE: Likely To Be Put Into Administration
-------------------------------------------------------------
News Shopper reports that South London Healthcare NHS Trust
(SLHT) is set to be put in special measures as Health Secretary
Andrew Lansley seeks to turn around its dire finances.

News Shopper says the trust, which runs the Princess Royal
University Hospital in Farnborough, Queen Mary's Hospital in
Sidcup and the Queen Elizabeth Hospital in Woolwich, has been
criticised over standards of care and has run up debts of more
than GBP150 million over the past three years.

Its chief executive was informed on June 25 that the trust is
likely to be put into the "unsustainable providers regime"
introduced by the last Labour government but never before used,
according to the report.

News Shopper relates that Mr. Lansley sent a letter as the first
step in the legal process towards installing a special
administrator using the powers.

If an administrator is installed they will take over the board
and recommend measures to the health secretary to put the trust's
finances on a sustainable basis, the report relays.

According to News Shopper, the announcement about the threat of
administration came less than a fortnight after SLHT announced
its chief executive Dr. Chris Streather is stepping down next
month (July).

Jo Johnson MP held an emergency meeting with the health secretary
on Monday night following the news about administration, the
report relays.

News Shopper adds that the trust, which has been losing
GBP1 million a week, is set to be the first in the country to be
put under the control of a special administrator tasked with
putting it on a viable footing.

South London Healthcare NHS Trust is the product of the merger of
three smaller hospital trusts - Queen Mary's Sidcup NHS Trust
(QMS), Queen Elizabeth Hospital NHS Trust (QEH) and Bromley
Hospitals NHS Trust (BHT) - to create a single hospital on
several sites.   SLHT provides a full range of high quality NHS
health care to the people of South East London and more
specifically to the communities living in the London Boroughs of
Bexley, Bromley and Greenwich.



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


* S&P Takes Various Rating Actions on 48 European CDO Tranches
--------------------------------------------------------------
After running its month-end SROC (synthetic rated
overcollateralization) figures, Standard & Poor's Ratings
Services took various credit rating actions on 48 European
synthetic collateralized debt obligation (CDO) tranches.

Specifically, S&P has:

- Placed on CreditWatch negative its ratings on five tranches;

- Placed on CreditWatch positive its ratings on 13 tranches;

- Removed from CreditWatch negative its ratings on two tranches;
   and

- Affirmed its ratings on 28 tranches.

A full list of the rating actions is accessible for free at:

                      http://is.gd/naUOuA

"The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the May 2012 month-end run. We will
publish these SROC figures in the SROC report covering May 2012,
which is imminent. The Global SROC Report provides SROC and other
performance metrics on over 800 individual CDO tranches," S&P
said.

"For those transactions where our September 2009 criteria are not
applicable, we have run our analysis on the appropriate Evaluator
models (versions 2.7 and 4.1)," S&P said.

"For the transactions where our September 2009 criteria apply,
our analysis has been run on Evaluator version 6.0. For
transactions run on version 6.0, the ratings list includes the
top obligor and industry test SROCs at the current rating level.
The 'largest obligor default test' assesses whether a CDO tranche
has sufficient credit enhancement to withstand specified
combinations of underlying asset defaults based on the ratings on
the assets, with a flat recovery of 5%. The 'largest industry
default test' assesses whether the CDO tranche rated 'AAA' to
'AA-' has sufficient credit enhancement to withstand the default
of all obligors in the transaction's largest industry, with a
flat recovery of 17%," S&P said.

"In addition, we have affirmed our ratings on the tranches for
which credit enhancement is, in our opinion, still at a level
consistent with their current ratings," 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


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

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

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

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

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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                 * * * End of Transmission * * *