TCREUR_Public/120704.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, July 4, 2012, Vol. 13, No. 132

                            Headlines



B E L G I U M

* BELGIUM: Corporate Bankruptcies Up 3% in First Half 2012


C Y P R U S

CYPRUS POPULAR: Fitch Cuts Rating on BoC Covered Bonds to 'BB'


F R A N C E

CAPTAIN BIDCO: Moody's Affirms 'B2' Corporate Family Rating
LABCO SAS: Fitch Assigns 'B+' LT Issuer Default Rating


G E R M A N Y

WESTLB AG: North Rhine-Westphalia Signs Breakup Agreement


G R E E C E

* GREECE: Gets Remaining EUR1 Billion Bailout Tranche From EFSF


H U N G A R Y

* HUNGARY: Mandatory Liquidation Procedures Up 30% in First Half


I R E L A N D

* IRELAND: Fresh Euro-zone Deal May Help Boost Broken Banks


I T A L Y

BANCA MONTE: Fitch Cuts Preferred Stock Notes Rating to 'CCC'
BANCA POPOLARE: S&P Cuts 8.393% Tier 1 Issue Rating to 'C'


L U X E M B O U R G

KLEOPATRA LUX: Moody's Withdraws 'Caa2' Corporate Family Rating


P O L A N D

PBG SA: May Seek Government Help for Infrastructure Projects
STREAM COMMUNICATIONS: Posts US$5.55 Million Net Loss in 2011


P O R T U G A L

PORTUGAL TELECOM: Moody's Views Dividend Cut as Credit Positive


R U S S I A

VOLOGDA OBLAST: S&P Withdraws 'B' Long-Term Issuer Rating


S L O V E N I A

* SLOVENIA: May Seek Bailout to Prop Up Banks, Economists Say


S W E D E N

NOBINA AB: Moody's Downgrades CFR to 'Caa2'; Outlook Negative
NOBINA AB: S&P Cuts Long-Term Corporate Credit Rating to 'CC'


U K R A I N E

UKRAINE MORTGAGE: Fitch Affirms 'Bsf' Rating on Class B Notes


U N I T E D   K I N G D O M

HOTEL CARLTON: In Administration; Up for Sale
W YEOMANS: In Administration; Owes More Than GBP6 Million


X X X X X X X X

* EUROPE: Finland, Netherlands Oppose Deal to Save Spain & Italy
* EUROPE: Moody's Cuts Ratings on Structured Finance Securities


                            *********


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B E L G I U M
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* BELGIUM: Corporate Bankruptcies Up 3% in First Half 2012
----------------------------------------------------------
Jennifer M. Freedman at Bloomberg News, citing De Tijd, reports
that a total of 5,558 Belgian companies declared bankruptcy in
the first half of 2012, up 3% from a year earlier.

According to Bloomberg, the newspaper said that in June alone,
990 Belgian businesses went bankrupt, the worst figure for the
month in recent decades.



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C Y P R U S
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CYPRUS POPULAR: Fitch Cuts Rating on BoC Covered Bonds to 'BB'
--------------------------------------------------------------
Fitch Ratings has taken various rating actions on Cyprus Popular
Bank's (CPB, 'BB'/RWN/'B') and Bank of Cyprus' (BoC,
'BB'/RWN/'B') Cypriot covered bonds, as follows:

CPB covered bonds (Programme I): downgraded to 'BB' from
'BB+'/RWN, removed from RWN

CPB covered bonds (Programme II): affirmed at 'BBB-', removed
from RWN

BoC covered bonds (Greek cover pool): downgraded to 'BB' from
'BB+'; removed from RWN

BoC covered bonds (Cypriot cover pool): affirmed at 'BBB-',
removed from RWN

The rating actions follow Fitch's downgrade of Cyprus to
'BB+'/Negative/'B' from 'BBB-'/Negative/'F2' on June 25, 2012 and
the subsequent rating actions on the issuing institutions (see
"Fitch Downgrades Cyprus to 'BB+'; Outlook Negative" dated 25th
June 2012", "Fitch Downgrades Cypriot Banks Following Sovereign
Downgrade" dated June 27, 2012 on www.fitchratings.com).

All four covered bond programs have been removed from RWN
reflecting the resolution of the RWN on CPB's and BoC's IDRs.

CPB (Programme I) and BoC (Greek pool) are secured by Greek
residential mortgages, while CPB (Programme II) and BoC (Cypriot
pool) are secured by Cypriot residential mortgages. The four
programs represent EUR4.95 billion on aggregate of rated debt.

In line with Fitch's covered bonds rating methodology, the Long-
term Issuer Default Rating (IDR) constitutes a floor for the
rating of the covered bonds. At the same time Greece's country
ceiling (B-) caps the covered bonds rating at the IDR level. As
such, the Cypriot covered bonds issued by CPB and BoC and secured
by Greek residential mortgage loans have been downgraded to their
respective IDRs of 'BB', and no uplift for recoveries can be
granted.

Fitch has revised the Discontinuity Factor (D-Factor) for the
programs containing Cypriot assets to 100% pursuant to Cyprus'
sovereign downgrade in non-investment grade territory. As a
result, the ratings of Bank of Cyprus (Cypriot Pool) and Cyprus
Popular Bank (Programme II) covered bonds on a PD basis are
equalized with the IDRs of the corresponding issuers. Any rating
uplift can thus be assigned only on a recovery basis.

Bank of Cyprus (Cypriot Pool) and Cyprus Popular Bank (Programme
II) covered bonds benefit from an uplift of two notches above the
IDR, when giving credit for recoveries post an assumed default of
the covered bonds. Such level of expected recoveries is based on
the issuers' commitment to an increased Asset Percentage (AP) of
90% and 89% respectively. As a result, the ratings of both
programs are affirmed at 'BBB-'.

All else being equal, a downgrade of an Issuer's IDR will lead to
an equivalent downgrade of their covered bonds.



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F R A N C E
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CAPTAIN BIDCO: Moody's Affirms 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed its B2 Corporate Family
Rating for Captain BidCo SAS, the parent company of Ascometal
SAS. At the same time, it has withdrawn the provisional (P)B3
rating for EUR300 million of senior secured notes and the
provisional (P)Ba2 rating for a EUR60 million super senior
revolving credit facility following the company's decision not to
proceed with the refinancing of the bridge loan facility for the
time being. The outlook on all ratings is stable.

Ratings Rationale

Captain BidCo's recent decision to postpone the issuance of
EUR300 million of senior secured notes has no material
implications for Moody's assessment of the credit profile of the
group. The initial bank bridge facility agreement, which had an
initial maturity of one year from closing, explicitly allows an
automatic extension to permit a full 8 year term, which is in
line with the intended term of the originally planned bond. In
addition, the interest rate under the facility is capped at a
certain level, and therefore Moody's does not expect
significantly higher interest expense than what was assumed at
the time of the rating assignment.

With revenues of EUR239 million and volumes of 191,000 tonnes
sold in the first quarter of 2012, the company is in line with
Moody's expectations incorporated in the rating. With regards to
profitability, Moody's notes, however, that the company's
reporting for the first three months of 2012 contains a number of
distorting negative one-time effects which makes a final judgment
on the operating profitability and how this compares to the
company's forecasts quite difficult. Based on the information
available Moody's currently sees no material deviation from the
business plan discussed.

The B2 Corporate Family Rating continues to balance (i)
Ascometal's strong and established position in the European
engineering steel market, (ii) the company's strength in its
products and processes, (iii) the operational flexibility of its
Electric Arc Furnace based plants and (iv) the advantage of its
pricing mechanism that allows Ascometal to pass-through changes
in raw material costs with a limited time lag. However, Ascometal
is (i) heavily reliant on the cyclical automotive and truck
markets, with (ii) low sales visibility and historically highly
volatile results, and (iii) geographic concentration on a single
region within Europe. Other constraining factors are (iv) the
relatively small size of the franchise (turnover 2011 EUR969
million), (v) the still relatively low capacity utilization of
around 75% and (vi) an initially high leverage of pro-forma
debt/EBITDA close to 5.0x which makes the company vulnerable to
cyclical downturns.

Ascometal's short term liquidity position is considered to be
solid. Expected liquidity needs of approximately EUR60 million
including EUR30 million working cash required to run the business
are well covered by EUR15 million cash on hand, funds from
operations expected to exceed EUR15 million and full availability
under the company's EUR60 million revolving credit facility
(RCF), which matures in 2017. In addition, the company has access
to a EUR75 million factoring facility maturing in 2016 which
leaves headroom of about EUR25 million on average. The
expectation of some working capital release provides additional
comfort. The absence of the bridge refinancing has no impact on
the short term liquidity profile of the group as the automatic
extension of the bridge facility shifts its maturity to 2019.
Moody's notes that Captain BidCo's RCF is subject to one
financial covenant, if and when the line is drawn, set with
sufficient headroom.

The outlook on the ratings is stable. This incorporates the
expectation that the company will be able to manage its key
credit metrics within the range expected for the B2 rating
category, such as debt/EBITDA to oscillate in a range between 4.5
and 5.5x, and EBIT/interest coverage to move between a range of
1.2x and 1.7x (proforma 1.4x in 2011). However Moody's notes
macroeconomic factors weighing down the commodity steel industry
around the world with Europe facing additional challenges related
to the sovereign debt conundrum. Subsequently Moody's does not
foresee material profit improvements for Ascometal for 2012,
which positions the company weakly in the rating category. Should
the company not be able to defend its metal spread above a level
of EUR670 per ton (EUR688 seen during 2011) pressure on the
ratings will develop.

Upside rating potential could build if Ascometal would be able to
show a sustainable increase in profitability, supporting a
reduction of leverage close to a level of 4.0x Debt / EBITDA on a
sustainable basis. In addition, a B1 Corporate Family Rating
would require EBIT margin to improve towards high single digits,
EBIT / interest expense to exceed 1.7x and a material free cash
flow generation, all on a sustainable basis.

Likewise, downward pressure would build if the company were not
able to generate an EBIT margin materially above 5%, if leverage
exceeds 5.5x, if interest cover falls below 1.2x or in the case
of a material negative free cash flow. Also, any concerns with
regard to the headroom under the financial covenant could be
negative to the rating.

The principal methodology used in rating Captain BidCo SAS was
the Global Steel Industry Methodology published in January 2009.

Ascometal SAS, based in Courbevoie/France, wholly owned by
Captain BidCo SAS, is one of the largest producers of specialty
engineered steels in Europe. The company has a 10% share in the
highly fragmented European Engineering Steel market. This
position has been achieved on the back of technological
leadership in the industry with highly specialized and customized
products. During 2011, Ascometal SAS shipped 806,000 tons of
steel and generated EUR969 million of sales with around 2,189
employees (2011 average). The company operates 3 integrated EAF-
based steel plants, 4 rolling mills and 2 cold finishing centers,
all located in France. Around 87% of revenues are generated
within the EU, with the largest portion generated in France,
followed by Germany and Italy, although many of the ultimate end
products are exported to other regions of the world.


LABCO SAS: Fitch Assigns 'B+' LT Issuer Default Rating
------------------------------------------------------
Labco SAS's recent announcement confirms market rumors that a
number of unsolicited non-binding offers have been made to
acquire the company. Media reports also suggest the likely
bidders are Private Equity sponsors seeking to utilize their
under-deployed funds in an existing and stable leverage buyout
story.

Labco's current Long-term Issuer Default Rating (IDR) of 'B+'
with a Stable Outlook, reflects its high net lease adjusted
leverage of 5.5x (adjusted for acquisitions) and its current
acquisitive growth strategy. If one of these bids became more
binding Fitch would consider a rating action.

Labco's Senior Secured Notes are currently rated 'BB-' with a
recovery rating of 'RR3'.



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G E R M A N Y
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WESTLB AG: North Rhine-Westphalia Signs Breakup Agreement
---------------------------------------------------------
Matthias Inverardi at Reuters reports that German state-backed
lender WestLB AG was broken up in time to meet an EU-imposed
July 1 deadline, with its former owners hoping to draw a line
under years of losses and controversy at what was once the
country's biggest landesbank.

WestLB, whose international ambitions were cut short by a series
of trading scandals and losses that led to repeated bailouts by
its owners, will have cost taxpayers and savings banks an
estimated EUR18 billion (US$23 billion) between 2005 and 2028,
when the last of its bad assets is wound down, Retuers discloses.

North Rhine-Westphalia's government and savings banks, along with
representatives of the federal government and landesbank Helaba,
which is taking over part of WestLB's business, ended months of
haggling on Saturday to sign the agreement on WestLB's breakup,
Reuters relates.

According to Reuters, as part of the restructuring, WestLB has
been split into three parts:

- A regional bank with about EUR40 billion in assets, dubbed
   Verbundbank, will provide service to regional savings banks
   and will be taken over by Frankfurt-based Helaba, along with
   451 former WestLB employees.

- A "bad" bank, known as Erste Abwicklungsanstalt (EAA), which
   has already been working to wind down bad assets worth around
   EUR51 billion as of the end of 2011.  The EAA will also be
   tasked with winding down about 100 billion euros of additional
   assets from WestLB's final breakup, including those of
   property finance unit Westdeutsche Immobilienbank AG.

- A financial services and portfolio management company called
   Portigon, which starts business on Monday with around 3,500
   former WestLB employees, but is expected to end the year with
   less than 2,700. Staff numbers are expected to decline further
   thereafter and Portigon's sole owner, the state of North
   Rhine-Westphalia, is due to sell the business by the end of
   2016.

Portigon, Reuters says, is expected to help with the winding down
of bad assets held by the EAA, which will have only about 100
employees.

                         About WestLB AG

Headquartered in Duesseldorf, Germany, WestLB AG acts as the
central institution for the more than 100 "sparkassen," or
savings banks, in Germany's largest state, North Rhine-
Westphalia, and Brandenburg.  The bank also serves midsized
companies, public entities, multinational corporations, and
individuals in Germany and abroad.  A universal bank, WestLB
offers a range of financial services, including loans, trading,
asset management, investment banking, transaction processing,
private banking, and real estate finance.  It has about a dozen
branches in Germany, plus more than a dozen in financial capitals
in Europe and around the world.  WestLB's savings bank partners
collectively operate more than 3,000 branches.



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G R E E C E
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* GREECE: Gets Remaining EUR1 Billion Bailout Tranche From EFSF
---------------------------------------------------------------
Reuters reports that a senior government official said on Monday
Greece received the remaining EUR1 billion portion of its latest
bailout tranche which will provide some comfort to cash strapped
state coffers.

According to Reuters, the disbursement came from the European
Financial Stability Facility (EFSF), the euro zone's temporary
bailout fund, as was agreed on by finance ministers in May.



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H U N G A R Y
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* HUNGARY: Mandatory Liquidation Procedures Up 30% in First Half
----------------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidation procedures initiated
against Hungarian companies came to 12,355 in the first half of
the year, up 30% from a year earlier.

The number of mandatory liquidations in June, 2,418, was an
all-time record, MTI notes.

According to MTI, Opten, quoting analysts' opinion, said the
increase is a result of debt chains among companies exacerbated
by the economic crises, and more serious surveillance by the tax
authorities.

Opten said the number of voluntary liquidations jumped to 19,198
in the first half of this year, up 60% on the same period last
year, MTI discloses.



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I R E L A N D
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* IRELAND: Fresh Euro-zone Deal May Help Boost Broken Banks
-----------------------------------------------------------
Eamon Quinn and Charles Forelle at Dow Jones Newswires report
that the Irish government is mobilizing a campaign to seize
advantage of a fresh euro-zone agreement to allow rescue funds to
finance the currency bloc's broken banks, offering possible
relief at the source of Ireland's financial straits.

The deals struck by European leaders on Friday elicited perhaps
the loudest cheers from Ireland, which more than any other
euro-zone nation has suffered the ill effects of a tight embrace
between a country and its banks, Dow Jones relates.  There was
some expectation that Ireland would be able to retroactively use
of the provision to offload some of that burden onto the euro-
zone rescue fund, Dow Jones discloses.

Dow Jones relates that Ireland's deputy prime minister, Eamon
Gilmore, said Sunday Ireland will be "aiming high" in coming
negotiations to lighten the country's huge bank debt.

According to Dow Jones, the euro-zone agreement on bank debt has
now opened the way for Ireland to negotiate a debt-lightening
deal before the end of the year, Mr. Gilmore told Irish
broadcaster RTE Radio, saying he was "confident that we will also
succeed on this matter."

Irish authorities have argued that refinancing the banking debt
burden will help the country return to full market funding next
year and boost the country's modest economic recovery, Dow Jones
states.

Ireland has long complained that the euro zone had unfairly
forced Irish taxpayers to shoulder most of the costs of rescuing
formerly private banks when the country's bloated commercial
property market crashed from 2008, Dow Jones notes.

Ireland faces one of the world's costliest bank rescues,
amounting to about EUR63 billion (US$80 billion), or 40% of its
annual economic output, Dow Jones says.  As those bank-rescue
costs escalated, it was forced to strike a EUR67.5 billion
bailout deal with the European Union, the International Monetary
Fund and the European Central Bank, in late 2010, Dow Jones
recounts.



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I T A L Y
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BANCA MONTE: Fitch Cuts Preferred Stock Notes Rating to 'CCC'
-------------------------------------------------------------
Fitch Ratings has affirmed Banca Monte dei Paschi di Siena's
(MPS) Long-term Issuer Default Rating (IDR) at 'BBB' with a
Stable Outlook and its Short-term IDR at 'F3'. The IDR is at its
Support Rating Floor of 'BBB', which was also affirmed. The
bank's Viability Rating (VR) was downgraded to 'bb+' from 'bbb-'
and placed on Rating Watch Negative (RWN).

The rating action follows MPS's announcement on June 27, 2012,
that it would apply for about EUR1.5 billion of additional
government capital in the form of hybrid instruments. In Fitch's
opinion the decision by the Italian government to make up to EUR2
billion in fresh capital available to the bank underlines the
authorities' propensity to support MPS as Italy's third-largest
bank. The capital increase will improve the bank's capitalization
and improve its capacity to absorb losses.

However, significant pressure remains on MPS's profitability,
asset quality and funding, which Fitch does not consider in line
with an investment grade VR. The deteriorating conditions of the
domestic economy and the financial markets affect all Italian
banks, but the agency considers MPS to be relatively more
affected by external conditions because of its need to rebalance
its funding by de-leveraging during times of market stress.

Fitch expects to resolve the RWN after a review of the bank's
prospects in the context of its new business plan presented on 27
June. This review will concentrate on the potential impact of a
further deterioration of the operating environment on asset
quality, earnings and funding. In this context, the planned
reduction of operating expenses is a key component of the bank's
business plan, and its implementation will be important for the
bank to reach its target.

Furthermore, coupon payments on the new hybrids to be issued are
likely to weigh on internal capital generation. MPS's current
plans to reach its target common equity Tier 1 ratio of 8.07%
under Basel III at end-2015 include the effects of the repayment
of all but EUR475 million of government capital and a planned
capital increase of EUR1 billion once market conditions improve,
as well as the sale of some non-core assets, including the bank's
leasing business and its consumer finance subsidiary.

Fitch does not currently expect to revise the Support Rating
Floor in the event of a moderate sovereign downgrade in the
future. A material downgrade of the sovereign rating would result
in a downgrade of the Support Rating Floor, and therefore of the
Long-term IDR.

Fitch downgraded MPS's Tier 1 instruments to 'CCC' from 'B+' and
Upper Tier 2 instruments to 'B-'/RWN from 'BB-' to reflect the
increased non-performance risk. The receipt of government capital
increases the risk of the non-payment of the coupons. In the case
of the bank reporting a net loss MPS will be legally obliged not
to make coupon payments on subordinated or hybrid instruments if
their terms allow for non-payment. Fitch understands that the
exchange offer for some of MPS's outstanding subordinated and
hybrid instruments announced on June 27 will trigger mandatory
coupon payments for the next 12 months, but the agency believes
that there is heightened non-performance risk after this period.
The rating of the bank's Lower Tier 2 instruments was downgraded
by one notch to 'BB'/RWN and is sensitive to changes in the
bank's VR according to Fitch's criteria.

The ratings of Banca Antonveneta reflect potential support from
MPS given its integration into the banking group. Banca
Antonveneta's ratings are sensitive to any reduction in MPS's
propensity to provide support, which Fitch does not expect given
the announced merger of the subsidiary into MPS.

The rating actions are as follows:

MPS:

Long-term IDR: affirmed at 'BBB'; Outlook Stable
Short-term IDR and short-term senior debt: affirmed at 'F3'
VR: downgraded to 'bb+' from 'bbb-', placed on RWN
Support Rating: affirmed at '2'
Support Rating Floor: affirmed at 'BBB'
Debt issuance program (senior debt): affirmed at 'BBB'
Senior unsecured debt, including guaranteed notes: affirmed at
  'BBB'/'F3'
Lower Tier 2 subordinated debt: 'BB+', placed on RWN
Upper Tier 2 subordinated debt: downgraded to 'B-', placed on
  RWN
Preferred stock and Tier 1 notes: downgraded to 'CCC' from 'B+'

Banca Antonveneta:

Long-term IDR: affirmed at 'BBB'; Outlook Stable
Short-term IDR: affirmed at 'F3'
Support Rating: affirmed at '2'


BANCA POPOLARE: S&P Cuts 8.393% Tier 1 Issue Rating to 'C'
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its issue rating
on the EUR160 million 8.393% non-cumulative perpetual preferred
securities issued by BPM Capital Trust I and guaranteed by Italy-
based Banca Popolare di Milano SCRL to 'C' from 'CC'.

The issue has the ISIN number XS0131749623.

According to the bank, this issue has a total outstanding amount
of about EUR71 million.

The rating action follows BPM's nonpayment of dividends on this
Tier 1 hybrid instrument on the due date of July 2, 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.



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L U X E M B O U R G
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KLEOPATRA LUX: Moody's Withdraws 'Caa2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Kleopatra
Lux 1 S.a.r.l, following completion of a financial restructuring.
The financial restructuring resulted in senior lenders having
been repaid at par plus accrued interest, while second lien and
mezzanine instruments were converted into equity.

On June 29, 2012, Moody's has assigned a new B2 corporate family
rating to Kloeckner Holdings S.C.A., the new holding company for
Kl”ckner Pentaplast and reflecting the new financing structure
following the mentioned financial restructuring.

The following ratings were withdrawn:

Withdrawals:

  Issuer: Kleopatra Lux 1 S.a.r.l.

     Probability of Default Rating, Withdrawn, previously rated
     Ca/LD

     Corporate Family Rating, Withdrawn, previously rated Caa2

Outlook Actions:

  Issuer: Kleopatra Lux 1 S.a.r.l.

     Outlook, Changed To Rating Withdrawn From Stable

Ratings Rationale

Moody's has withdrawn the rating for its own business reasons.

Domiciled in Luxembourg, Kleopatra Lux 1 S.a.r.l. was the holding
company of German plastic packaging manufacturer Kloeckner
Pentaplast until a financial restructuring resulted in ownership
assumption of junior lenders led by Strategic Value Partners.



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P O L A N D
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PBG SA: May Seek Government Help for Infrastructure Projects
------------------------------------------------------------
Maciej Martewicz at Bloomberg News reports that PBG SA, which
filed for bankruptcy last month, may ask the government for help
to continue work on infrastructure projects.

PBG is considering asking Agencja Rozwoju Przemyslu SA, the
state-owned fund for developing industry, for help as "one of its
options," Bloomberg quotes Kinga Banaszak-Filipiak, a
spokeswoman, as saying in a phone interview on Monday.  She
confirmed a report in the Gazeta Wyborcza newspaper, which said
on June 30 that the company is in talks to get assistance, citing
Chief Executive Officer Wieslaw Rozacki, Bloomberg notes.

"It looks like the information about potential state help is
driving the shares up," Adrian Kyrcz, an analyst at Bank Zachodni
WBK SA, as cited by Bloomberg, said.

PBG, which 15 months ago was Poland's largest builder by market
value, has asked a court for protection from creditors and
offered to pay back at least 69% of its debt, Bloomberg relates.
The company said in a statement it had about PLN1.5 billion
(US$447 million) of debt on June 4, Bloomberg recounts.

PBG SA is Poland's third largest builder.


STREAM COMMUNICATIONS: Posts US$5.55 Million Net Loss in 2011
-------------------------------------------------------------
Stream Communications Network & Media Inc. reported a net loss of
C$5,554,705 on C$1,508,097 of revenue for the fiscal year ended
Dec. 31, 2008, compared with a net loss of C$3,107,320 on
C$7,376,978 of revenue for the fiscal year ended Dec. 31, 2007.

The results for the year 2008 is only to a limited extent
comparable to previous years, due to the Company's disposal of
shares in Stream Communications Sp. z o. o. (Stream Poland) which
is not consolidated with the Company as of Feb. 22, 2008.

Revenue decreased by 80% in the current year as compared to 2007
as result of only consolidating 2 months of revenue from Stream
Poland, whereas in previous years was a fully consolidated
subsidiary.

The Company's balance sheet at Dec. 31, 2008, showed C$3,593,751
in total assets, C3,833,030 in total liabilities, and a
shareholders' deficit of C$239,279.

"The Company has recurring operating losses, an accumulated
deficit of C$55,549,004 and negative working capital of
C$2,210,044 at Dec. 31, 2008," the Company said in the filing.
"The continuing operations of the Company are dependent upon its
ability to commence profitable operations in the future.
Therefore, as of the date these financial statements have been
prepared, there is a substantial doubt about the Group's ability
to continue as a going concern."

A copy of the Form 20-F is available for free at:

                        http://is.gd/DP8t8d

Warsaw, Poland-based Stream Communications Network & Media Inc.
provides cable TV and high-speed Internet access in Poland.

The Company has the following operating investment in
unconsolidated company:

Stream Communications Sp. z o.o. was incorporated on Oct. 26,
1999, under the laws of Poland.  At Dec. 31, 2008, the Company
owns a 48,86% interest in Stream Poland which is in the business
of operating cable television and high-speed Internet in Poland.
Stream Poland's growth is being accomplished through acquisitions
of small, independent cable TV and high-speed Internet providers
and through its own marketing efforts.  Stream Poland is located
at al. 29 Listopada 130, 31-406 Krakow, Poland.  On Feb. 22,
2008, the Company entered into an agreement with Penta, that
allowed Penta to acquire a majority stake in Stream Poland.  As
of Dec. 31, 2010, the Company's share in Stream Poland was
22,73%.  On Jan. 24, 2012, it sold the remaining share in Stream
Poland to Multimedia S.A., a Polish company.

Stream is a reporting issuer in the Province of British Columbia,
Canada and its common shares are listed for trading on the OTC BB
Pink Sheets under the trading symbol "SCNWF".



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P O R T U G A L
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PORTUGAL TELECOM: Moody's Views Dividend Cut as Credit Positive
---------------------------------------------------------------
Moody's Investors Service has said that it views as credit
positive for Portugal Telecom the company's recently announced
reduction in its shareholder remuneration policy for 2012-14 and
the extension of its refinancing until June 2016. Moody's
considers that the cut in dividends and refinancing extension
alleviate Portugal Telecom's liquidity risk and support its
deleveraging efforts.

Portugal Telecom recently announced that the company's board of
directors had approved, for fiscal years 2012, 2013 and 2014, a
cut in shareholder remuneration of approximately 50%. This
represents a cash saving of some EUR300 million per year, which
the company will use to reduce debt.

In addition, the company also announced that it has issued a
EUR250 million four-year bond, maturing in 2016 and with a 6.25%
coupon, in the Portuguese retail market.

Moody's notes that the dividend cut and refinancing extension,
together with the completed extension of Portugal Telecom's
existing EUR800 million syndicated bank loan with all
international banks, effectively pre-fund the company's
refinancing needs through June 2016. As a result, the company
will not need to access the debt markets for refinancing in the
medium term. Portugal Telecom has debt maturities of
approximately EUR1.6 billion over the next 12 months.

In addition to Portugal Telecom's liquidity risk management,
Moody's continues to closely monitor the company's performance in
the context of the negative pressures on the Portuguese economy,
as well as the company's financial ratios, which the rating
agency expects to remain relatively constrained though the new
dividend policy provides somewhat more financial headroom than
before. Moody's remains concerned about the fact that Portugal
Telecom (i) has only moderate headroom to absorb any increased
competitive and/or regulatory pressures in its domestic market;
and (ii) faces substantial challenges to restructure its
Brazilian subsidiary and place it on a path to sustainable
growth.

Though Portugal Telecom has alleviated refinancing concerns and
removed some near term risks of rating pressure, its Ba2 rating
with negative outlook reflects the business risk that the company
faces in the context of the Portuguese macro-economic environment
and a potential degree of contagion from the sovereign crisis
despite its (i) resilient, albeit highly competitive, underlying
business; (ii) leading market position; (iii) international
diversification; (iv) management's track record in executing the
company's strategy under adverse circumstances; (v) high-quality
infrastructure, which will support Portugal Telecom's revenues in
the future and help to partially mitigate the negative effects of
the weak macro environment in Portugal; and (vi) the company's
strong liquidity, with cash needs pre-funded until mid-2016.

Domiciled in Lisbon, Portugal Telecom is the leading
telecommunications operator in Portugal, servicing 4.7 million
fixed lines, which includes one million ADSL retail connections.
In addition, the operator had approximately 7.4 million mobile
phone customers in Portugal as of December 2011. Furthermore,
Portugal Telecom has operations in other countries, including
Brazil, Cape Verde, East Timor, Angola, Macau, Sao Tome and
Principe and Namibia. The company's annual revenues in 2011
amounted to EUR6.1 billion and reported EBITDA to EUR2.2 billion.



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


VOLOGDA OBLAST: S&P Withdraws 'B' Long-Term Issuer Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
issuer rating and 'ruA' Russia national scale rating on Russia's
Vologda Oblast.  The ratings were subsequently withdrawn at the
issuer's request.

"At the point of withdrawal, the outlook was stable. At the same
time, we affirmed and then withdrew our 'B' and 'ruA' issue
ratings and '3' recovery rating on the oblast's RUB2.51 billion
bond. The ratings were constrained by revenue volatility as a
result of high exposure to the steel industry, low revenue and
spending flexibility, and weak budgetary performance, in turn
leading to debt accumulation and mounting debt service.

"They were, however, supported by the high likelihood of strong
federal support and the oblast's own modest contingent
liabilities.

"At the point of withdrawal, the stable outlook reflected our
view that additional support from the federal government and
management's cost-containment agenda for 2012 would
counterbalance what we believed would be an only modest recovery
of tax and nontax revenues over the medium term," S&P said.



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


* SLOVENIA: May Seek Bailout to Prop Up Banks, Economists Say
-------------------------------------------------------------
Boris Cerni and Radoslav Tomek at Bloomberg News reports that
economists from London to Warsaw said Slovenia is headed toward
becoming the sixth euro-area nation to seek a bailout as
faltering banks strain the finances of the first post-communist
nation to adopt the common currency.

The nation, which adopted the euro in 2007, is assessing the
fiscal burden of covering the liabilities of its financial
industry after Nova Ljubljanska Banka d.d., the largest bank, got
a capital boost, Bloomberg disclsoes.  According to Bloomberg,
Premier Janez Jansa, who said on June 27 that Slovenia risks a
"Greek scenario," told reporters two days later in Brussels the
government is "doing everything to find a solution" and avoid the
need for assistance.

"It's increasingly likely that Slovenia will be the next small
economy asking for a European Union bailout, which would be
focused on the banking sector," Bloomberg quotes Michal Dybula,
an economist at BNP Paribas SA in Warsaw, as saying by phone.

The central bank has repeatedly urged Slovenia to recapitalize
its banking industry, which relies on loans from the European
Central Bank for liquidity, Bloomberg states.  Mr. Dybula, as
cited by Bloomberg, said that a plea for financial assistance
from Slovenia may emerge if European leaders don't come up with a
quick fix to the worsening debt and banking crisis.



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


NOBINA AB: Moody's Downgrades CFR to 'Caa2'; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has downgraded Nobina AB's corporate
family rating (CFR) to Caa2 from Caa1 and the probability of
default rating (PDR) to Ca from Caa3. The rating outlook is
negative. This concludes the review for downgrade that was
initiated on January 17, 2012. Nobina's EUR85 million
(approximately SEK761 million at May 31, 2012) senior secured
notes due August 1, 2012 are not rated by Moody's.

Downgrades:

  Issuer: Nobina AB

     Probability of Default Rating, Downgraded to Ca from Caa3

     Corporate Family Rating, Downgraded to Caa2 from Caa1

Outlook Actions:

  Issuer: Nobina AB

    Outlook, Changed To Negative From Rating Under Review

Ratings Rationale

The rating action was prompted by Nobina's announcement to launch
a bond exchange offer for the existing EUR85 million senior
secured notes due August 1, 2012 on June 28, 2012. Moody's
believes that the proposed exchange offer will likely constitute
a distressed exchange and the PDR of Ca anticipates this event.
Upon the closing of the exchange offer, Moody's will classify the
exchange as a limited default and may reassess the PDR and append
a /LD to it.

Nobina plans to exchange its senior secured notes for up to
SEK860 million (EUR97 million) of new 9.125% senior secured notes
due December 31, 2014 to be issued by Nobina Europe AB, an
indirect subsidiary of Nobina AB. The new secured notes will
contain among others the following preliminary terms & conditions
as announced on June 28, 2012: (i) coupon can be paid-in-kind
(11.125%) if available consolidated cash & cash equivalents of
Nobina Europe AB fall below a certain level otherwise the coupon
should be paid in cash (9.125%); (ii) any available consolidated
cash balance at Nobina Europe AB above a certain level at the end
of each fiscal year will be directed towards repayment of the
notes which replaces the amortization feature of the current
bond; (ii) issuance of detachable warrants; (iv) option to extend
maturity to July 31, 2015 subject to bondholder approval.

The exchange offer is currently set to expire on July 5, 2012.
Moody's understands that Nobina has already received an
indication from more than 80% of bondholders that they would
support the proposed bond exchange.

Although the completion of the exchange offer would extend the
maturity profile it would not result in a reduction in leverage
or an improvement in its liquidity profile.

The Caa2 CFR reflects Moody's concerns about Nobina's very
limited financial flexibility even post a successful bond
exchange. At May 31, 2012 the company had unrestricted cash on
balance sheet of only SEK90 million.

Moody's considers Nobina's capital structure to be unsustainable
without a material improvement in its liquidity sources
considering a persisting high leverage due to a high amount of
finance leases (SEK3401 million at May 31, 2012) and operating
leases (lease adjustment of SEK1,476 million in fiscal year
2011/12) and modest free cash flow generation in relation to
debt. Moody's notes that the group has access to a SEK300 million
364-day accounts receivable financing arrangement and a short-
term SEK50 million bank line with a first full draw-down made on
June 1, 2012. For the last twelve months period ending May 31,
2012, the group had adjusted debt/EBITDA of 7.1x and FCF/debt of
4.3%.

In addition, Moody's is increasingly concerned that the group's
tight liquidity situation might start to impair its competitive
position.

Other factors considered in Nobina's Caa2 rating are (i) the
company's position as the largest Nordic bus transportation group
with a significant proportion of business with local Scandinavian
communities with relatively high revenue visibility and
predictability due to limited transportation volume exposure;
(ii) the group's track record of generating positive free cash
flow albeit modest in relation to outstanding debt; (iii) but
also the group's limited scale with revenues and profit
generation being concentrated on the Swedish market and (iv) the
compression in the group's credit metrics in fiscal year 2011/12
with first signs of improvements in its profit margins in Q1
2012/13 (reported operating margin 3.5% in Q1 2012/13 compared to
3.3% in Q1 2011/12).

The negative outlook reflects the company's weak liquidity
profile even post a successful bond exchange and the expectation
that free cash flow generation will be mainly required to meet
annual principal amortization under finance leases for buses and
therefore, insufficient to materially reduce net debt.

Triggers for a Potential Downgrade/Upgrade

Further negative rating pressure could arise in case of
heightened risk of a near-term default through an unsuccessful
bond exchange offer or through a depletion of available cash
sources.

Rating upward pressure would require sustained improvements in
the company's liquidity profile and cash flow generation.

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

Nobina AB is the largest Nordic bus transportation company,
operating in Sweden, Norway, Finland and Denmark. Its revenues
for fiscal year 2011/12 (ending February 29) totaled SEK7.1
billion and were mostly generated from public bus services in
Sweden. This reflects the more advanced stage of the deregulation
in this country, where almost all local and regional bus services
have been tendered since 1989, in contrast to the situation in
Norway and Finland, where less than 50% of the traffic has been
tendered so far. In Sweden, the public bus transportation needs
of Contractual Public Transportation Associations (CPTAs) are put
up for tender via a competitive bidding process and the tenor of
such contracts is typically five to eight years. The majority of
contracts are priced with cost indexation levels adjusted on a
monthly (Denmark), quarterly (Sweden, Finland) or annual basis
(Norway).


NOBINA AB: S&P Cuts Long-Term Corporate Credit Rating to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit and senior unsecured debt ratings on Sweden-
based bus services provider Nobina AB and its subordinate holding
company Nobina Europe Holding AB to 'CC' from 'CCC+'.

The outlook is negative.  The downgrade follows Nobina's
announcement of an exchange offer for its EUR85 million senior
secured notes, a month ahead of their maturity. "We view this
exchange offer as a distressed exchange under our criteria, and
therefore tantamount to a default," S&P said.

Under the exchange offer, noteholders will be able to exchange
their holdings at par (EUR85 million) for EUR97 million (Swedish
krona [SEK] 860 million) of new notes due Dec. 31, 2014. If
Nobina has cash exceeding a certain threshold, a 9.125% coupon
will be paid in cash on the new notes. However, if cash balances
are below the threshold, the coupon will be 11.125% payment in
kind (PIK).

In addition, under the terms of the new notes, noteholders will
benefit from a cash sweep, subject to certain conditions, which
replaces the existing amortization feature. The offer includes an
incentive of detachable warrants issued on a pro-rata basis, with
an internal rate of return of 5%, subject to shareholder
approval.

If shareholders do not give their approval, the warrants will be
replaced with a PIK instrument paying 5%. Noteholders also have
the ability to extend the maturity of the notes to July 31, 2015.

"In our view, the offer is distressed rather than opportunistic
because there is a real possibility of a conventional default on
the senior secured notes over the near term. For example, Nobina
could file for bankruptcy or fall into payment default. In
addition, we consider that, as per our criteria, noteholders will
receive less value than the promise of the original securities,
notably due to the PIK element of the new notes and their
potentially slower amortization profile," S&P said.

"We currently assess Nobina's financial risk profile as 'highly
leveraged' and its business risk profile as "weak," S&P said.

"In our view, if Nobina were to successfully extend the maturity
of the notes due August 2012, as proposed under the exchange
offer, we would lower the ratings to 'SD' (Selective Default). We
believe there is a likelihood of a payment default occurring
should the exchange not proceed, which could result in us
lowering the ratings to 'D' (Default)," S&P said.

"If the exchange offer goes ahead, we will review Nobina's new
capital structure and liquidity profile on completion. We could
raise the corporate credit rating on the group to 'B-' from 'SD'
after the completion of the offer to reflect our view of the
group's "highly leveraged" financial risk profile and "weak"
business risk profile," S&P said.



=============
U K R A I N E
=============


UKRAINE MORTGAGE: Fitch Affirms 'Bsf' Rating on Class B Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the rating of the class B notes of
Ukraine Mortgage Loan Finance No.1 plc., as follows:

  Class B (ISIN: XS0285819123): affirmed at 'Bsf'; Outlook
  revised to Stable from Positive

The affirmation reflects the substantial level of credit
enhancement (CE) available to the class B notes. The Outlook has
been revised to Stable from Positive in line with the Outlook for
Ukraine's Long-term Issuer Default Rating.

The transaction comprises a portfolio of USD denominated mortgage
loans originated by PrivatBank ('B'/Stable'). The notes are
amortizing on a sequential basis and the class A notes have
already paid in full, allowing class B to start its amortization.
The CE for the class B notes has increased significantly since
closing (62.5% as of May 2012), but the rating is capped at
Ukraine's Country Ceiling ('B'). The class B notes do not benefit
from structural features to mitigate the transfer and
convertibility risk such as the possibility of the imposition of
exchange controls by the authorities that could block the
transfer of foreign currency offshore.

The gross excess spread amounts to 0.8% and is used to provision
for defaults in the collateral portfolio as well as to pay
interest on the unrated class C notes. Defaulted loans are
defined as loans in arrears by 90 days and the cumulative
defaults as at May 2012 were 3.59% of the initial balance.



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


HOTEL CARLTON: In Administration; Up for Sale
---------------------------------------------
Julian Fowler at BBC News reports that the Hotel Carlton in
Belleek has been placed in administration.

The hotel will remain open and it is hoped a new buyer can be
found, BBC notes.

According to BBC, joint administrators from accountancy firm
Cavanagh Kelly said it was decided to continue trading with a
view to selling the hotel as a going concern.  They said that all
options to fulfill existing bookings for customers are being
considered, BBC relates.

The current management and staff have been retained to run the
business, BBC discloses.

The Hotel Carlton in Belleek employs more than 20 staff.


W YEOMANS: In Administration; Owes More Than GBP6 Million
---------------------------------------------------------
Laurence Kilgannon at Insider Media reports that W Yeomans
(Chesterfield) collapsed owing unsecured creditors more than
GBP6 million.

According to Insider Media, a pre-pack deal in May safeguarded
435 jobs after a marketing campaign prior to the company's
failure had attracted only "minimal interest".

After the rejection of a time to pay arrangement by HM Revenue &
Customs and concern that the company was in breach of the terms
of its company voluntary arrangement, the administrators said the
directors approached The P&A Partnership to look into the
financial state of the business, Insider Media recounts.

A review led to a finding that the business was insolvent and
Gareth Rusling and Chris White of P&A were appointed joint
administrators of the retail chain on May 16, 2012, Insider Media
notes.

The business and assets of W Yeomans (Chesterfield), which traded
as Yeomans Outdoors, were acquired by a new company Yeomans
Outdoor Ltd., controlled by directors of W Yeomans
(Chesterfield), for GBP150,000 on appointment, Insider Media
discloses.

Despite the cash raised from the sale and a further GBP53,000 of
cash within the business at the time of the administrators'
appointment, unsecured creditors of W Yeomans (Chesterfield) are
facing a significant shortfall, Insider Media relates.

Based on figures provided by directors there will be GBP197,764
available to pay claims which total slightly more than
GBP6 million, Insider Media says.  Trade and expense creditors
account for GBP3.7 million while GBP2.3 million is owed to HMRC,
according to Insider Media.



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


* EUROPE: Finland, Netherlands Oppose Deal to Save Spain & Italy
----------------------------------------------------------------
Terhi Kinnunen at Reuters report that Finland and the
Netherlands, the euro zone's most hardline creditor states, cast
the first doubts on Monday on a European summit deal designed to
save Spain and Italy from being engulfed by the currency bloc's
debt crisis.

According to Reuters, the Finnish government told parliament that
Helsinki and its Dutch allies would block the euro zone's
permanent bailout fund buying bonds in secondary markets.

Euro zone leaders agreed last Friday that rescue funds could be
used in a "flexible and efficient manner" to lower government
borrowing costs, Reuters relates.  Their statement gave no
further detail, Reuters notes.

The 17 euro zone leaders agreed in Brussels on steps to shore up
their monetary union and bring down borrowing costs for Spain and
Italy, regarded as too big to fail but also too expensive to
rescue if they are shut out of markets, Reuters discloses.  They
gave few details on the use of the temporary EFSF and permanent
ESM rescue funds, Reuters discloses.

According to Reuters, the Finnish government said in a report to
a parliamentary committee that ESM bond buying in secondary
markets would require unanimity among euro zone members and that
seems unlikely because Finland and the Netherlands are against
it.

That is essentially true but there is a get-out clause in the
ESM's rules which states that if the European Central Bank and
European Commission feel the euro zone was under threat, then the
rescue fund could act on the basis of an 85% majority vote to do
so, Reuters states.

A Finnish proposal that Spain and Italy should issued covered
bonds, backed by state assets or future revenues, to avoid
Helsinki having to demand collateral for any bailout loans,
failed to find agreement last week, Reuters recounts.


* EUROPE: Moody's Cuts Ratings on Structured Finance Securities
---------------------------------------------------------------
Moody's Investors Service announced on July 2 that it has
downgraded the ratings of structured finance securities
indirectly exposed to the declining credit quality of certain US
and European banks with global capital market operations which
Moody's downgraded on June 21, 2012. Moody's also downgraded two
repackaged transactions linked to the credit quality of two
Spanish banks, Banco Santander S.A. and Banco Bilbao Vizcaya
Argentaria SA, which Moody's downgraded on June 25, 2012. The
rating actions affect 75 repackaged securities in Europe, and one
residential mortgage bond tranche.

A list of the Affected Credit Ratings is available at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF290300

Ratings Rationale

The reason for Moody's actions is the linkage between the ratings
of the structured finance securities and those of the banks. This
linkage is due to the exposure of the structured finance
securities to the declining credit quality of certain European
and US banks each of which acts as either the swap counterparty,
the guarantor of the securities, the issuer of collateral
securities, or the reference credit in the transaction. Each
related swap counterparty, underlying security, guarantor or
reference entity is detailed in the excel link at the beginning
of this announcement.

These transactions are generally standard repackaged transactions
or credit linked notes. In 65 of the transactions, there is a
swap embedded in the structure, whereby the swap counterparty
ultimately pays what is due under the notes. The remaining
transactions have exposure in the form of either the issuer of
the collateral, the issuer of the transaction, the guarantor or
the reference entity.

In each case the risk is strongly linked to one of the downgraded
banks in some form, and the impact of such linkage on each rating
is assessed by either an expected loss calculation by overlaying
the default risk of counterparty onto the default risk of the
referenced credit, or by passing through the rating of the
underlying entity. Each related affected entity, the role they
perform, and a description of the quantitative analysis if used
in each deal is detailed in the link at the beginning of this
announcement (see columns N, O, and Q).

Moody's notes that these transactions are subject to a high level
of macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) the acute sovereign and
banking crisis in the euro area, which is weakening the credit
profiles of banks exposed to the currency union. This crisis
accentuates challenges facing banks globally.

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. The principal methodology used
in these ratings was "Moody's Approach to Rating Repackaged
Securities" published in April 2010.

As described in the link (column Q), certain transactions utilize
expected loss calculation as described below. For these
transactions Moody's also considered various sensitivity
scenarios including a consideration of different recoveries upon
default. In all cases, the corresponding outcomes are consistent
with the rating assigned on July 2.

Moody's quantitative analysis of Repacks is designed to estimate
the expected loss "EL" borne by the Repack investor, given the
transaction structure, the Collateral and any other credit risks
arising under the transaction. To this end, Moody's relies on an
EL analysis in which we identify and attach probabilities to
events that might give rise to losses to Repack noteholders.

Moody's EL calculation assesses the probability and severity of
each possible loss-inducing event happening at discrete
(typically one-year) intervals through the life of the
transaction. The EL for each of these time points can then be
aggregated to provide a weighted-average EL for the rated notes.

For the remaining transactions, no additional cash flow analysis
or stress scenarios have been conducted (also noted in column Q
in the excel link) as the rating was directly derived from the
rating of the relevant affected entities.


                            *********

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.


                 * * * End of Transmission * * *