TCREUR_Public/120910.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

          Monday, September 10, 2012, Vol. 13, No. 180

                            Headlines



B U L G A R I A

VIVACOM AD: Gets UK Court Approval for Debt Restructuring Plan


F R A N C E

BELVEDERE SA: Expects Creditors to Approve Debt Plan


G E R M A N Y

COREALCREDIT BANK: Fitch Affirms 'bb' Viability Rating
FORCE TWO: S&P Lowers Ratings on Two Note Classes to 'CCC-'
FRESENIUS SE: Moody's Confirms 'Ba1' Corp. Family Rating
UBS 3 SECTOR: Faces Liquidation After High Redemption Requests
UNITYMEDIA HESSEN: Moody's Rates EUR650MM Sr. Unsec. Notes (P)Ba3

* GERMANY: Corporate Insolvencies Down 3.1% in First Half 2012


H U N G A R Y

* HUNGARY: To Forgo Financial-Support Package


I R E L A N D

MARQUETTE CLO: Moody's Raises Ratings on 2 Note Classes to 'B1'
TITAN EUROPE 2006-3: S&P Cuts Ratings on 2 Note Classes to 'D'
TITAN EUROPE 2006-5: S&P Cuts Rating on Class C Notes to 'D'


I T A L Y

SEAT PAGINE: Completes Financial Restructuring


L U X E M B O U R G

PROLOGIS EUROPEAN: Prologis Inc. Takes Control of Assets


N E T H E R L A N D S

AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative
STORK HOLDING: Moody's Withdraws 'B2' Corporate Family Rating
STORK TECHNICAL: Moody's Rates EUR272.5MM Sr. Secured Notes 'B3'


N O R W A Y

DRILL RIGS: Moody's Rates US$750MM Senior Secured Notes '(P)B2'
DRILL RIGS: S&P Rates US$750 Million Senior Secured Notes 'B'


P O L A N D

POLIMEX: Obtains PLN45 Million Rescue Loan From ARP


P O R T U G A L

BANCO SANTANDER: Moody's Downgrades Ratings on Covered Bonds


S P A I N

ACCESOS DE MADRID: May File for Bankruptcy & Suspend Payments
CAIXA GALICIA II: Fitch Cuts Rating on Class D Notes to 'Bsf'
CAJA GRANADA 1: Fitch Affirms 'Bsf' Rating on Class D Notes


T U R K E Y

ASYA KATILIM: Fitch Affirms 'B+/B' IDRs; Outlook Stable
* TURKEY: S&P Assigns 'BB' Ratings to Sukuk Lease Certificates


U N I T E D   K I N G D O M

ATRIUM EUROPEAN: S&P Raises Corporate Credit Ratings From 'BB+/B'
RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes
RESIDENTIAL MORTGAGE: Fitch Rates GBP4MM Class B2 Notes 'BBsf'


X X X X X X X X

* S&P Cuts Ratings on 9 CDO Tranches to 'D', Withdraws Ratings
* EUROPE: Moody's Says Emission Trading Scheme Risks Manageable
* BOND PRICING: For the Week September 3 to September 7, 2012


                            *********


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


VIVACOM AD: Gets UK Court Approval for Debt Restructuring Plan
--------------------------------------------------------------
Isabell Witt at Reuters reports that Vivacom obtained UK court
approval to proceed with a EUR1.7 billion (US$2.1 billion) debt
restructuring, ending two years of wrangling with lenders and
failed attempts to sell the company.

According to Reuters, under a deal approved by Mr. Justice Vos in
a hearing at the High Court in London, Russia's second biggest
bank VTB Capital and Bulgaria's Corporate Commercial Bank (CCB)
are buying over 70% of Vivacom and existing lenders are writing
off EUR1 billion of debts.

Vivacom had breached the terms on its debt covenants in 2010
after a drop in performance, putting the company in the hands of
its lenders and setting off a lengthy scrap over its assets,
Reuters recounts.  Attempts to sell the business to third parties
including Turkish mobile phone company Turkcell and Dubai's Oger
Telecom failed, Reuters notes.

PineBridge Investments, part of Hong Kong telecoms and media
tycoon Richard Li's business empire, will lose its 94% control
and investment in Vivacom, trade name of Bulgarian
Telecommunications Co (BTC), which is the third largest mobile
operator in Bulgaria, Reuters discloses.

Over 90% of Vivacom's lenders approved the terms of the
restructuring at hearings in August, Reuters relates.

According to Reuters, as part of the restructuring, VTB and CCB
will inject EUR130 million to partially repay the company's debt
in exchange for a combined 73% stake, reducing its debt to around
EUR588 million.

Senior lenders, which include RBS, Deutsche Bank, UBS and
UniCredit, will keep 21%, Reuters says.  Junior lenders will also
obtain options in the company's shares, but will write down their
debt claims, Reuters states.

Vivacom AD is a Bulgarian phone company.



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


BELVEDERE SA: Expects Creditors to Approve Debt Plan
----------------------------------------------------
Alice Cannet and Matthieu Protard at Reuters report that loss-
making Belvedere said on Thursday the company is confident that
its creditors will approve a plan submitted in August to repay
its debt and would consider all options including a tie-up with a
larger rival to achieve this.

Belvedere is on its third attempt to emerge from court protection
from creditors, with whom it has been battling for four years,
Reuters notes.

According to Reuters, approval of the plan, which Belvedere's
creditors' committee has already tentatively signed off on, would
allow the group to shed its EUR534 million (US$673 million) debt
burden, possibly through a debt-for-equity swap.

The company's court-appointed legal administrator Frederic
Abitbol said in an interview that he believes that two-thirds of
the holders of its Floating Rate Notes -- which account for the
vast majority of its outstanding debt -- would vote to approve
the reimbursement plan, Reuters relates.

The plan includes a preferred scenario under which one or more of
its major brands would be sold and another if no agreement can be
reached on sales, which would see Belvedere's debt be entirely
converted into shares, Reuters discloses.

Belvedere Chief Executive Krzysztof Trylinski told Reuters the
company has received interest for assets it values at over
EUR1 billion but so far the offers have fallen short of what it
was hoping to receive.

The creditors are slated to decide formally on Belvedere's
proposals during a vote to be held on September 18 and 19,
Reuters states.

The plan calls for Belvedere's debt to be converted to equity if
it fails to sell a major asset by March 2013, Reuters says.

Belvedere SA -- http://www.belvedere.fr/-- is a France-based
company engaged in the production and distribution of beverages.
The Company's range of products includes vodka and spirits,
wines, and other beverages, under such brands as Sobieski,
William Peel, Marie Brizard, Danzka and others.  Belvedere SA
operates through its subsidiaries, including Belvedere Czeska,
Belvedere Scandinavia, Belvedere Baltic, Belvedere Capital
Management, Sobieski SARL and Sobieski USA, among others.  It is
present in a number of countries, such as Poland, Lithuania,
Bulgaria, Denmark, France, Spain, Russia, Ukraine, the United
States and others.  In addition, the Company holds a minority
stake in Abbaye de Talloires, involved in the hotel and wellness
center.



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


COREALCREDIT BANK: Fitch Affirms 'bb' Viability Rating
------------------------------------------------------
Fitch Ratings has affirmed COREALCREDIT BANK AG's Long-term
Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook.  At
the same time, the agency affirmed the Viability Rating (VR) at
'bb'.

RATING DRIVERS AND SENSITIVITIES - IDRS, SUPPORT RATING AND
SUPPORT RATING FLOOR

The affirmation of COREALCREDIT's IDRs, Support Rating and
Support Rating Floor (SRF) reflects Fitch's view that
COREALCREDIT's active Pfandbrief issuer status results in a high
probability of support from the German public authorities.
Although Fitch does not consider COREALCREDIT to be a
systemically important bank, it believes that support would be
forthcoming to safeguard the standing of Pfandbriefe as an asset
class and, by extension, of their issuers.

The Stable Outlook reflects Fitch's view that the probability of
support for Pfandbrief issuers is likely to remain strong in the
short to medium term under most reasonable scenarios.

Fitch's ratings do not factor in any potential support from the
bank's owner, Lone Star Fund LSF5 German Investments, L.P., a
special purpose vehicle managed by a private equity investor,
Lone Star, into its ratings.

The bank's IDRs, Support Rating and SRF are sensitive to
developments within the regulatory and legal framework, either in
Germany or at a pan-European level. Any changes in the agency's
view of support would result in downgrades of the bank's IDRs,
Support Rating and SRF.  These ratings are also sensitive to any
change in Fitch's view of the ability of the German authorities
to provide support, which would be signaled by a downgrade of the
sovereign rating.

RATING DRIVERS AND SENSITIVITIES - VR

The affirmation of the VR reflects the bank's progress in
improving its risk profile, its good capitalization and prudent
positioning as a commercial real estate (CRE) lender in a
relatively stable domestic environment.  At the same time, it
reflects the bank's exposure to the cyclical CRE market, the need
to further improve its recurring profitability and its still
high, albeit rapidly declining, NPL portfolio.

The VR is sensitive to the bank's progress in further improving
its recurring earnings and reducing risk.  Fitch would upgrade
the VR if the bank demonstrates a track record of sustainably
improved core profitability and a significant work-out of the NPL
portfolio to a more manageable level.  Downward pressure on the
VR could arise from stresses in the German property market and
large single credit events.

Fitch acknowledges the substantial and continued improvement of
COREALCREDIT's risk and earnings profile since the onset of the
restructuring process in 2005.  The bank has reduced its non-core
public-sector portfolio by around half since end-2008.  The GIIPS
exposure of EUR350.8m or 50% of Fitch core capital at end-H112 is
significantly below the levels observed at the bank's peers.  The
run-down of the non-core portfolio will benefit from substantial
maturities from 2013 to 2015.

COREALCREDIT's legacy NPL loan book continues to benefit from the
industry experience of Hudson Advisors Germany GmbH, an affiliate
of Lone Star that services the bank's NPLs. Coupled with the sale
of several tranches in 2011 and H112, the NPL portfolio
(including sub-performing loans) had shrunk by almost half at
end-July 2012 since end-2008.  The bank's plan to eliminate its
remaining legacy NPL book position by end-2013 appears somewhat
ambitious, although Fitch does not expect any material losses to
arise from the book.  The asset quality of the CRE assets
originated in the past few years appears satisfactory.

The bank's reported earnings continue to be distorted by one-off
items.  Adjusted for these items, Fitch views the bank's
profitability as only modest.  The agency expects that it will
improve in the medium term as the legacy, low-margin assets are
replaced with selective, higher-margin, albeit limited, new CRE
business.

The bank's business model relies on wholesale funding, with the
Pfandbrief market the primary funding source.  The unsecured
private placements backed by the deposit protection fund (ESF), a
voluntary scheme set up by German private sector banks, coupled
with limited senior unsecured issuance should, in Fitch's view,
be sufficient to support the refinancing of the bank's non-cover-
pool-eligible assets and its Pfandbrief pool's over-
collateralization.

The agency views the bank's capitalization as good (Fitch core
capital of 16.6% at end-2011), but notes that its business model
requires relatively high absolute levels of capital without which
a focus on more granular lending activities would be necessary,
with far-reaching implications for its business model.

SUBORDINATED DEBT

COREALCREDIT's subordinated debt is rated one notch below its VR
to reflect the subordinated ranking of its investors. Its rating
has thus been affirmed in line with the VR and is broadly
sensitive to the same considerations as the VR.

The rating actions are as follows:

  -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable
  -- Short-term IDR: affirmed at 'F3'
  -- VR: affirmed at 'bb'
  -- Support Rating: affirmed at '2'
  -- SRF: affirmed at 'BBB-'
  -- Subordinated notes: affirmed at 'BB-'

The ratings of the covered bonds are unaffected by the rating
actions.


FORCE TWO: S&P Lowers Ratings on Two Note Classes to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
FORCE Two Limited Partnership's (FORCE Two) class A, B, C, D, and
E notes.

"The downgrades follow our performance review of the FORCE Two
transaction using the latest available investor report of July
2012 and portfolio data provided to us by the investment advisor.
The downgrades reflect that the credit enhancement available to
the rated notes is no longer sufficient to support the previous
ratings," S&P said.

"We have observed further deterioration in the credit quality of
the portfolio comprising profit participation arrangements
(PPAs). Since our previous review of the transaction on June 1,
2011, FORCE Two has experienced one principal deficiency event
(PDE) with regards to the largest obligor in the portfolio with a
principal balance of EUR12.5 million (6.50% of the current
outstanding liabilities). The current balance of the principal
deficiency ledger (PDL) -- which represents the aggregate
notional amount of principal deficiencies incurred in the
portfolio minus all amounts used to redeem the notes -- is
EUR14.45 million, compared with a PDL balance of EUR7.30 million
at our previous review. As a consequence, the credit enhancement
available to the rated notes has reduced," S&P said.

"In order to reduce the PDL balance, the issuer continued to use
available proceeds to repay the notes on each quarterly payment
date in order of seniority starting with the class A notes. This
has resulted in a further reduction in the class A notes'
outstanding principal amount by EUR5.38 million since our
previous review. The current outstanding balance of the class A
notes is about 84.67% of its initial balance. However, this
repayment was insufficient to compensate for the negative effect
of the additional PDE on the available credit enhancement," S&P
said.

"In light of the current balance of the PDL compared to the
amounts that have been available to the issuer to cure the PDL to
date, as well as the time remaining until the assets mature in
September and October 2013, it is unlikely in our view that the
issuer will be able to substantially reduce the balance of the
PDL. We note that since closing the issuer has only been able to
fully cure the PDL once in January 2009," S&P said.

"Furthermore, as of the latest investor report of July 2012,
about 15.82% of the remaining portfolio, exclusive of PDEs, falls
into the bottom three non-default internal rating categories '13'
to '15' of IKB Deutsche Industriebank AG (IKB; not rated). Of
those assets, 10% currently carry an IKB internal grade of '15',
one level above IKB's default ratings of '16' to '19'. These
assets have not triggered a PDE to date, but given their low
ranking, are vulnerable to doing so in our view. Therefore, the
full repayment of the class C, D, and E notes requires support
from assets that currently fall into the bottom three IKB non-
default rating categories of '13' to '15'," S&P said.

"There are currently 41 obligors remaining in the portfolio. The
largest obligor, which accounts for about 6.21% of the remaining
portfolio amount, has an IKB internal rating of '15'. The 10
largest obligors make up about 39.8% of the remaining portfolio
balance. Consequently, in our view, the rated notes are exposed
to significant idiosyncratic risk resulting from single obligor
defaults and our ratings in this transaction are therefore more
sensitive to single obligor defaults than those in transactions
with more granular portfolios," S&P said.

"We have analyzed the effect of defaults of the largest obligors
in the portfolio. In this analysis, we first calculate the
performing balance of the assets, excluding PDEs and repayments.
In the next step, we look at top obligor concentrations and
evaluate the net effect of subsequent defaults on the performing
balance. Finally, we examine whether the post-default balance
is sufficient to cover the current outstanding balance of the
notes (taking into account all note repayments that have been
effected since closing). Given the subordinated nature of the
issuer's claims under the PPAs, in our analysis we have assumed a
recovery rate of zero for the PPAs that have triggered a PDE. Our
analysis of the obligor coverage levels indicates that the
coverage levels have reduced such that they are no longer
commensurate with the previous ratings on the notes," S&P said.

"All assets in the portfolio have bullet maturities either in
September 2013 or December 2013. This exposes the FORCE Two
transaction to significant refinancing risk. In particular, in
our opinion, weaker borrowers may have difficulties refinancing
their debt, which could lead to additional defaults," S&P said.

"FORCE Two is a German small and midsize enterprise (SME)
collateralized loan obligation (CLO) transaction. The underlying
collateral comprises the issuer's payment claims against German
SMEs under PPAs. If the company becomes insolvent, the issuer's
claims under the PPAs will be subordinated to the claims of all
other creditors of the company, but will rank ahead of the
shareholders' claims," S&P said.

RATINGS LIST

Class      Rating           Rating
           To               From

FORCE Two Limited Partnership
EUR214.5 Million Fixed- and Floating-Rate Notes

Ratings Lowered

A          BB- (sf)         BB+ (sf)
B          B- (sf)          B+ (sf)
C          CCC+ (sf)        B (sf)
D          CCC- (sf)        CCC+ (sf)
E          CCC- (sf)        CCC (sf)


FRESENIUS SE: Moody's Confirms 'Ba1' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service has confirmed Fresenius SE & Co. KGaA's
Ba1 corporate family rating (CFR) as well as the Baa3 senior
secured bank rating and the Ba1 senior unsecured long term
rating. The outlook on the ratings is stable.

At the same time Moody's has withdrawn the (P)Ba1 ratings for the
senior secured bank facilities that were put in place to finance
the failed bid for Rhoen Klinikum AG (Rhoen).

This rating action concludes the review on Fresenius' ratings
that was initiated on April 26, 2012 when Fresenius announced an
offer to acquire Rhoen.

Ratings Rationale

The rating confirmation of Fresenius' ratings follows its
announcement on September 3, 2012, that Fresenius will not be
pursuing a revised bid for Rhoen, having failed to secure the
required 90% approval in its initial bid in June 2012. This
announcement eliminates significant uncertainty and the risk that
Fresenius' leverage would increase to a level that would not be
commensurate anymore with a Ba1 rating, hence the rating
confirmation at the previous level of Ba1.

FSE's Ba1 corporate family rating is well positioned and is
supported by (i) the group's sizeable, and with recent
acquisitions further increasing scale as a global provider of
healthcare services and medical products, as well as the
recurring nature of a large part of its revenue and cash flow
base; (ii) its segmental diversification within the healthcare
market, supported by strong positions in its four segments, which
will be improved even further with the recently announced
acquisition of Fenwal which is entirely financed from proceeds of
an equity issue in May 2012; (iii) its track record of accessing
both equity and debt markets to support its acquisition growth
and refinancing needs, and of successfully deleveraging following
large acquisition peaks; and (iv) the attractive valuation of
FSE's 31% stake in its dialysis subsidiary Fresenius Medical Care
("FME").

The ratings are constrained by (i) FSE's leverage, with an
estimated debt/EBITDA ratio of 3.6x on a group basis (Moody's
adjusted); (ii) the group's exposure to regulatory changes,
reimbursement and pricing pressure from governments and
healthcare organizations worldwide; (iii) by relatively weak
structural liquidity profile driven by the need to continuously
refinance its debt, despite adequate short term liquidity
cushion; and (iv) a track record of aggressive acquisition
strategy.

Structural Considerations

FSE's debt (and that of its financing conduits) is structurally
subordinated to the debt of FME with regard to FME's cash flows
and assets. However, FSE's lenders benefit from a higher degree
of business diversification and directly from the cash flows
generated by its other operating subsidiaries, Helios and Kabi.
FSE's senior secured package also includes various tranches of
credit facilities, which are secured by share pledges of some of
the group's intermediate holding companies or operating
companies, as well as pledge of the assets of Fresenius Kabi USA,
Inc. formerly APP Pharmaceuticals, Inc. Therefore, Moody's
notches these tranches up by one notch against the CFR. FSE's
unsecured bonds are rated at the same level as the CFR. These
unsecured bonds have been issued at the level of non-operating
finance subsidiaries Fresenius Finance B.V. and Fresenius US
Finance II, Inc. and benefit from senior guarantees from
Fresenius Kabi AG and Fresenius ProServe GmbH and from the
holding company Fresenius SE & Co. KGaA.

Liquidity

Fresenius manages the liquidity needs of its 31% controlled, but
fully consolidated subsidiary Fresenius Medical Care ("FME")
under a service contract and all transaction between the two
companies are based on arms-lengths arrangements. Hence, Moody's
analyzes the liquidity profile of FSE on a standalone basis
considering access to FME's cash and or credit lines to be
temporary only and likely not available in a period of liquidity
stress.

Fresenius' short term liquidity position is considered relatively
weak, given high refinancing requirements in the beginning of
2013. The group had around EUR1 billion (EUR473 million excluding
FME) of cash and cash equivalents on-balance sheet as of the end
of June 2012, in addition to EUR952 million from equity raising
invested in German Treasury Notes, which is to be largely used to
pay for the acquisition of Fenwal by the end of 2012.
Furthermore, Fresenius (excluding FME) benefits from largely
undrawn revolving credit and bilateral facilities of around
EUR1.1 billion. This liquidity compares to about EUR1,030 million
of debt due in the next four quarters until June 2013.
Considering the track record and expectation of continuing free
cash flows after dividends, all of these liquidity sources should
be available to cover non-operating liquidity needs, especially
debt maturities. However, around EUR500 million of senior notes
are due in January 2013. The rating incorporates Moody's
expectation that Fresenius will address the refinancing of these
sizeable debt maturities in due course.

Fresenius' Ba1 rating anticipates a stable performance and
leverage improvements through earnings growth and relatively
modest debt reduction. Though management is expected to favorably
consider small acquisition opportunities, Moody's expects that
FSE would -- in the case of M&A activity -- maintain metrics
commensurate with the Ba1 rating. Moody's notes positively the
equity funded nature of the most recent acquisition of Fenwal,
although it needs to be viewed in the context of the failed bid
for Rhoen, for which the equity funding was primarily raised. The
stable outlook also incorporates the expectation that FSE's
dividend policy will remain unchanged. As a result debt/EBITDA of
the consolidated group should stay well below 4 times and
CFO/debt well above 15%. Moody's also notes that previous
difference in leverage metric between Fresenius and FME has been
eliminated following FME's recent transactions and acquisition of
Liberty for US$1.7 billion funded in Q1/2012 as well as Helios,
Fresenius' hospital subsidiary, purchases of Damp/KKD. Moody's
currently estimates that these elevated leverage metrics of
around 3.6x (as adjusted by Moody's) will remain relatively
stable for the next 12 months, significantly reducing scope for
sizeable transactions at both FSE and FME. Moody's notes that
both the level of recent activity and continued high reliance on
currently volatile capital markets are indicative of FSE's
relatively aggressive financial policy.

What Could Change the Rating

Moody's would consider an upgrade to investment grade only upon a
significant change in financial strategy that would target
debt/EBITDA below 3.0 times, equivalent to reported net
debt/EBITDA (management's measure) well below 2.5 times.

The ratings could be subject to downwards pressure if Fresenius'
leverage metrics weaken as exemplified by a debt/EBITDA exceeding
4.0x or CFO to debt falling towards the low teens. Large debt
financed acquisitions or negative free cash flows, materially
reducing the prospect of deleveraging could also be drivers of a
downward rating migration.

Fresenius SE & Co. KGaA is a global healthcare group providing
products and services for dialysis, the hospital and the medical
care of patients at home. It is a holding company whose major
assets are investments in group companies and intercompany
financing arrangements. Around 56% of group sales and EBIT are
generated by Fresenius Medical Care (Ba1 Corporate Family Rating,
stable Outlook), which is fully consolidated into the FSE group,
although only 31% owned, based on managerial control and a
particular ownership legal structure. Fresenius other operations,
which are majority or fully-owned, are Fresenius Kabi (infusion
therapy, intravenously administered generic drugs and clinical
nutrition), Fresenius Helios (operating private hospitals in
Germany) and Fresenius Vamed (77% owned, hospital and other
healthcare facilities projects and services). Based on the
trailing 12 months figures as per 30 June 2012, the group
reported revenues of EUR17.7 billion

The methodologies used in these ratings were Global Healthcare
Service Providers published in December 2011, and Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.


UBS 3 SECTOR: Faces Liquidation After High Redemption Requests
--------------------------------------------------------------
Property Investor Europe reports that UBS Real Estate, the German
property fund manager of the giant Swiss banking group, will
liquidate its EUR496 million UBS (D) 3 Sector Real Estate
European open-ended fund.

UBS said that liquidity was not high enough to re-open for
redemptions after the two-year maximum closure period, PEI notes.

UBS closed the fund in October 2010, PEI recounts.  Since then,
it sold six assets worth some EUR153 million, or 23% of total
volume, to raise sufficient liquidity for re-opening, PEI
discloses.  UBS said in a statement, liquidity is still not high
enough to serve all redemption requests, PEI relates.

In July, the fund held 21 assets worth some EUR496 million, 40%
of which in Spain and 18% in Germany, according to PEI.  The
fund's assets are now transmitted to the depot bank CACEIS which
will take care of selling the remaining assets and distribute
half-yearly pay-outs to investors, PEI says.


UNITYMEDIA HESSEN: Moody's Rates EUR650MM Sr. Unsec. Notes (P)Ba3
-----------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to the EUR650
million senior secured notes issued by Unitymedia Hessen GmbH &
Co. KG ('Unitymedia Hessen') and Unitymedia NRW GmbH (Unitymedia
NRW), subsidiaries of Unitymedia KabelBW GmbH ('UM-KBW'). The
proceeds of the issuance will be used to redeem the EUR395.9
million aggregate principal amount of the senior secured floating
rate notes (due 2018) at Unitymedia Hessen and Unitymedia NRW and
the remainder will be used for general corporate purposes.

This transaction leads to a marginal increase in UM KBW's gross
leverage but does not change UM-KBW's corporate family rating
(CFR) at B1. The (P) Ba3 rating on the proposed notes reflects
the fact that they will be effectively pari-passu with the
existing senior secured notes (rated Ba3) at Unitymedia Hessen
and Unitymedia NRW. The rating for the senior secured notes is
one notch higher than the group CFR due to the presence of
unsecured debt in the capital structure which is rated at B3.

UM-KBW is an indirect subsidiary of Liberty Global Inc. ('LGI';
rated Ba3/ Stable).

Ratings Rationale

The notes will be secured by the same collateral that secures the
UM-KBW's existing senior secured notes and guaranteed on a senior
basis by the guarantors of existing senior secured notes. The
same security and guarantees also apply to the EUR80 million
super senior revolving credit facility (which has priority for
repayment in an enforcement situation) of UM-KBW and its recently
upsized senior credit facility of EUR337.5 million (from
EUR312.5 million).

At the issue date, the EUR650 million senior secured notes will
be secured by (i) share pledges of all the capital stock of
Unitymedia Management GmbH, Unitymedia Hessen Verwaltung GmbH,
Unitymedia Hessen and Unitymedia NRW, (ii) a pledge over claims
under certain domination and/or profit and loss absorption
agreements by Unitymedia Hessen Verwaltung GmbH, Unitymedia
Management GmbH and Unitymedia NRW, (iii) with respect Unitymedia
Hessen, Unitymedia NRW, UM-KBW, Unitymedia Management GmbH and
Unitymedia Hessen Verwaltung GmbH, (a) an account pledge covering
certain cash accounts, (b) security assignments of receivables
and insurance claims and (c) a pledge over claims under certain
intercompany loans and (iv) security transfers of substantially
all of the other material tangible assets of Unitymedia Hessen
and Unitymedia NRW (other than the service level agreements).

Moody's notes that on August 24, 2012, Unitymedia Hessen sold its
shares in UPC Germany Holdings GmbH to Unitymedia Hessen's
subsidiary, UPC Germany NewCo GmbH. In addition, the following
mergers were also recently completed: (i) UPC Germany Holdings
GmbH merged into UPC Germany NewCo GmbH; (ii) UPC Germany HC1
merged into KBW; and (iii) Kabel Baden-Wurttemberg Verwaltungs-
GmbH merged into KBW.

Before October 31, 2012 or the date on which the existing senior
secured notes and UM-KBW's revolving credit facilities are
secured by the assets of KBW (as defined in the indenture), the
proposed notes will also be secured by -- (i) share pledges of
all the capital stock of UPC Germany NewCo GmbH and KBW, (ii)
pledges over claims under certain intercompany loans by KBW,
(iii) account pledges covering certain cash accounts by each of
UPC Germany NewCo GmbH and KBW, (iv) security assignments of
receivables and insurance claims by KBW and (v) security
transfers of substantially all of the other material tangible
assets of KBW (other than the service level agreements). The same
collateral will also secure the existing revolving credit
facility, senior credit facility and the senior secured notes.
The Ba3 rating on the existing senior secured notes and the (P)
Ba3 rating on the proposed notes therefore reflects that they
will be effectively pari-passu in status.

The B1 CFR for UM-KBW -- incorporates (i) the scale benefits and
the future growth potential of the combined group; and (ii)
Moody's expectation of moderate cost synergies combined with the
potential negative impact of concessions (leading to increased
competition for delivery of basic cable TV services to multi-
dwelling units) imposed by the Federal Cartel Office at the time
of KBW's acquisition by LGI.

The rating also factors in the (i) high leverage of UM-KBW, with
Moody's adjusted Gross Debt/ EBITDA of 5.5x on a 2011 pro-forma
basis; and (ii) the relatively high capex requirements (27% of
2011 sales on a combined basis) and interest costs which
significantly limit the company's free cash flow generation.

UM-KBW's B1 CFR is strongly positioned in the rating category.
The stable outlook is based on Moody's expectation that the solid
operating momentum will be maintained.

What Could Change the Rating -- UP

UM-KBW's CFR could come under upward pressure with a visible
improvement in its free cash flow generation with its leverage on
a Gross Debt to EBITDA basis (as adjusted by Moody's) trending
towards 5.0x on a sustained basis.

What Could Change the Rating -- DOWN

Negative pressure is likely in case of an increase in leverage
towards 6.0x Gross Debt to EBITDA (as adjusted by Moody's) and/or
material negative free cash flow on a sustained basis.

The principal methodology used in rating Unitymedia Hessen GmbH &
Co. KG and Unitymedia NRW GmbH was the Global Cable Television
Industry Methodology published in July 2009. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

UM KBW is the second largest cable operator in Germany by
subscribers. The company generated revenues and 'adjusted'
reported EBITDA of EUR1.6 billion and EUR964 million respectively
in 2011 on a pro-forma basis.


* GERMANY: Corporate Insolvencies Down 3.1% in First Half 2012
--------------------------------------------------------------
Deutsche Welle, citing the National Statistics Office (Destatis),
reports that fewer German companies filed for insolvency in the
first six month of 2012, compared with the same period last year.

According to Deutsche welle, district courts registered a total
of 14,776 corporate insolvencies between January and June,
marking a 3.1% dip from levels reached in the first half of 2011.

But while the number of bankruptcies dipped tangibly, outstanding
claims by creditors exploded, Deutsche Welle notes.

Destatis spoke of EUR28.3 billion (US$35.85 billion) in open
receivables, an 80% increase year-on-year, Deutsche Welle
discloses.

"The fact that liabilities soared despite the decline in the
number of insolvencies can be explained by the bankruptcy of more
bigger and economically more important companies," Deutsche Welle
quotes Destatis as saying in a statement.



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


* HUNGARY: To Forgo Financial-Support Package
---------------------------------------------
Gergo Racz, Gordon Fairclough and Veronika Gulyas at The Wall
Street Journal report that Hungary's premier on Thursday said his
government wouldn't agree to conditions sought by the European
Union and International Monetary Fund in exchange for a
financial-support package, saying the country would rather forgo
help than cut pensions or ease banking taxes.

Prime Minister Viktor Orban's tough remarks - a sharp shift from
more conciliatory comments he made Wednesday - jolted investors,
pushing down Hungary's currency, the forint, and driving up
yields on government debt, as well as the cost of insuring it
against default, the Journal relates.

According to the Journal, Mr. Orban, who on Wednesday had
predicted a financing deal could be struck in the autumn, said
Hungary would make alternative suggestions to the two lenders,
who have urged Budapest to look for lasting solutions to its
budget problems rather than rely on short-term measures.

The Journal notes that an official involved in the talks between
Hungary and the EU and IMF, said the IMF hasn't made specific
demands of Hungary and hasn't asked for pension cuts.  Instead,
the official said, lenders offered suggestions on policy changes
that could help revive growth in a country now in recession,
according to the Journal.



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


MARQUETTE CLO: Moody's Raises Ratings on 2 Note Classes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the
following notes issued by Marquette US/European CLO, P.L.C.:

U.S.$103,905,000 Class A-1A Senior Secured Floating Rate Dollar
Notes Due 2020 (current outstanding balance of $103,898,990),
Upgraded to Aaa (sf); previously on November 21, 2011 Upgraded to
Aa1 (sf);

U.S.$11,545,000 Class A-1B Senior Secured Floating Rate Dollar
Notes Due 2020, Upgraded to Aa2 (sf); previously on November 21,
2011 Upgraded to A2 (sf);

EUR86,151,000 Class A-2 Senior Secured Floating Rate Euro Notes
Due 2020 (current outstanding balance of EUR 86,146,512),
Upgraded to Aa1 (sf); previously on November 21, 2011 Upgraded to
Aa3 (sf);

U.S.$2,550,000 Class B-1 Senior Secured Floating Rate Dollar
Notes Due 2020, Upgraded to A2 (sf); previously on November 21,
2011 Upgraded to Baa1 (sf);

EUR7,500,000 Class B-2 Senior Secured Floating Rate Euro Notes
Due 2020, Upgraded to A2 (sf); previously on November 21, 2011
Upgraded to Baa1 (sf);

U.S.$10,000,000 Class C-1 Secured Floating Rate Dollar Notes Due
2020, Upgraded to Baa3 (sf); previously on November 21, 2011
Upgraded to Ba1 (sf);

EUR7,937,000 Class C-2 Secured Floating Rate Euro Notes Due 2020,
Upgraded to Baa3 (sf); previously on November 21, 2011 Upgraded
to Ba1 (sf);

U.S.$9,500,000 Class D-1 Secured Floating Rate Dollar Notes Due
2020, Upgraded to B1 (sf); previously on November 21, 2011
Upgraded to B2 (sf);

EUR7,540,000 Class D-2 Secured Floating Rate Euro Notes Due 2020,
Upgraded to B1 (sf); previously on November 21, 2011 Upgraded to
B2 (sf).

Ratings Rationale

According to Moody's, the rating actions taken on the notes
reflect the benefit of the end of the deal's reinvestment period
in July 2012. In consideration of the reinvestment restrictions
applicable during the amortization period, and therefore limited
ability to effect significant changes to the current collateral
pool, Moody's analyzed the deal assuming a higher likelihood that
the collateral pool characteristics will continue to maintain a
positive buffer relative to certain covenant requirements. In
particular, the deal is assumed to benefit from higher spread
levels compared to the levels assumed at the last rating action
in November 2011. Moody's also notes that the transaction's
reported collateral quality and overcollateralization ratios are
stable since the last rating action.

Due to the impact of revised and updated key assumptions
referenced in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011, key model inputs used by
Moody's in its analysis, such as par, weighted average rating
factor, diversity score, and weighted average recovery rate, may
be different from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool to have a
performing par and principal proceeds balance of US$296 million,
defaulted par of US$3.2 million, a weighted average default
probability of 19.05% (implying a WARF of 2893), a weighted
average recovery rate upon default of 48.9%, and a diversity
score of 52. The default and recovery properties of the
collateral pool are incorporated in cash flow model analysis
where they are subject to stresses as a function of the target
rating of each CLO liability being reviewed. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. In each case, historical and market
performance trends and collateral manager latitude for trading
the collateral are also factors.

Marquette US/European CLO, P.L.C., issued in July 2006, is a
multicurrency collateralized loan obligation backed primarily by
a portfolio of senior secured loans denominated in US Dollars,
Euros, and Pound Sterling.

The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Approach to Rating Collateralized Loan Obligations"
rating methodology published in June 2011

In addition to the base case analysis described above, Moody's
also performed sensitivity analyses to test the impact on all
rated notes of various default probabilities. Below is a summary
of the impact of different default probabilities (expressed in
terms of WARF levels) on all rated notes (shown in terms of the
number of notches' difference versus the current model output,
where a positive difference corresponds to lower expected loss),
assuming that all other factors are held equal:

Moody's Adjusted WARF -- 20% (2314)

Class A-1a: 0
Class A-1b: +1
Class A-2 +1
Class B: +2
Class C: +2
Class D: +1
Class E: +2

Moody's Adjusted WARF + 20% (3472)

Class A-1a: 0
Class A-1b: -2
Class A-2: -1
Class B: -2
Class C: -1
Class D: -1
Class E: -2

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of upcoming speculative-grade debt maturities,
which may create challenges for issuers to refinance. CLO notes'
performance may also be impacted by 1) the manager's investment
strategy and behavior and 2) divergence in legal interpretation
of CLO documentation by different transactional parties due to
embedded ambiguities.

Sources of additional performance uncertainties are described
below:

1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.

2) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to be
defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of recoveries
and the manager's decision to work out versus sell defaulted
assets create additional uncertainties. Moody's analyzed
defaulted recoveries assuming the lower of the market price and
the recovery rate in order to account for potential volatility in
market prices.

3) Exposure to credit estimates: The deal is exposed to a large
number of securities whose default probabilities are assessed
through credit estimates. In the event that Moody's is not
provided the necessary information to update the credit estimates
in a timely fashion, the transaction may be impacted by any
default probability stresses Moody's may assume in lieu of
updated credit estimates.

4) Currency exposure: The deal has significant exposure to non-
USD denominated assets. Volatilities in foreign exchange rate
will have a direct impact on interest and principal proceeds
available to the transaction, which may affect the expected loss
of rated tranches. Furthermore, a higher amortization speed, in
either the USD or Euro denominated assets, exposes the
transaction to foreign currency risk because the principal
proceeds have to be converted at the spot exchange rate to pay
down the pro-rata liabilities, which are denominated in USD and
Euros. Moody's modeled additional scenarios assuming different
amortization profiles for the USD and Euro denominated assets.


TITAN EUROPE 2006-3: S&P Cuts Ratings on 2 Note Classes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-3 PLC's class E and F notes to 'D (sf)'. The
class A, B, C, D, G, and H notes are unaffected by the rating
actions.

"On the April 2012 interest payment date (IPD), the issuer
applied a non-accruing interest (NAI) on the class E and F notes.
Therefore, the principal balance used for calculating interest
accrued on these classes of notes has reduced," S&P said.

The latest cash manager report declares that, as a result, the
issuer paid reduced interest to the class E and F noteholders on
the July 2012 IPD.

"We have the lowered our ratings on the class E and F notes to 'D
(sf)' from 'CCC- (sf)', to reflect these interest shortfalls in
accordance with our criteria for rating commercial mortgage-
backed securities (CMBS) transactions in the face of interest
shortfalls," S&P said.

"Titan Europe 2006-3 is a pan-European CMBS transaction,
currently backed by 11 loans that are secured by 31 properties in
Germany, France, Belgium, Luxembourg, and the Netherlands. The
transaction closed in June 2006 and is scheduled to mature in
July 2016," S&P said.

             POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently,
it may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

"On June 4, we published a Request For Comment 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 and value. We therefore anticipate 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 monitor 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 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 Reports
included in this credit rating report are available at:

           http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
          To                    From

Titan Europe 2006-3 PLC
EUR943.751 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

E         D (sf)                CCC- (sf)
F         D (sf)                CCC- (sf)

Ratings Unaffected

A         BB+ (sf)/Watch Neg
B         CCC- (sf)
C         CCC- (sf)
D         CCC- (sf)
G         D (sf)
H         D (sf)


TITAN EUROPE 2006-5: S&P Cuts Rating on Class C Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit rating on
Titan Europe 2006-5 PLC's class C notes to 'D (sf)'. "At the same
time, we have lowered and kept on CreditWatch negative our
ratings on Titan Europe 2006-5's class A1 and X notes. These
ratings are no longer on CreditWatch negative for counterparty
reasons, but remain on CreditWatch for credit reasons. The class
A2, A3, B, D, E, and F notes are unaffected by 's rating
actions," S&P said.

"On the July 2012 interest payment date (IPD), there was an
interest shortfall on the class C notes, due to an increase in
special servicing fees that cannot be funded by liquidity
facility drawings. We consider that the shortfall on the class D
notes is likely to continue," S&P said.

"In addition, we expect principal losses on this class of notes,"
S&P said.

"Our ratings in this transaction address timely payment of
interest and payment of principal not later than the legal
maturity date (July 2019). In accordance with our criteria for
rating CMBS transactions in the face of interest shortfalls, we
have lowered our rating on the class C notes to 'D (sf)' from
'CCC- (sf)'," S&P said.

"On Jan. 31, 2012, we placed our ratings on the class A1 and X
notes on CreditWatch negative for counterparty reasons. This
followed our lowering to 'AA-' from 'AA' of our long-term rating
on HSBC Bank PLC, the liquidity facility provider. The rating
actions on the class A1 and X notes resolve this CreditWatch
negative placement," S&P said.

"The liquidity facility agreements in this transaction do not
incorporate a counterparty replacement framework in line with our
2012 counterparty criteria. Under these criteria, without the
incorporation of replacement mechanisms or equivalent remedies in
terms of the agreement with the counterparty, and if there are no
other mitigating factors, our ratings on supported securities
would generally be no higher than our long-term rating on the
counterparty," S&P said.

"As a result, we have lowered to 'AA- (sf)' from 'AA (sf)' our
ratings on the class A1 and X notes. Our ratings on these notes
are no longer on CreditWatch negative for counterparty reasons,
but remain on CreditWatch negative for credit reasons," S&P said.

"Titan Europe 2006-5 is a pan-European CMBS transaction,
currently backed by seven loans that are secured by 32 properties
in Germany. The transaction closed in December 2006 and is
scheduled to mature in July 2019," S&P said.

             POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

"We have taken the rating actions based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.

"As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria
Change, our review may result in changes to the methodology and
assumptions we use when rating European CMBS, and consequently,
it may affect both new and outstanding ratings on European CMBS
transactions," S&P said.

"On June 4, we published a Request For Comment 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 and value. We therefore anticipate 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 monitor 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 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 Reports
included in this credit rating report are available at:

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class              Rating
          To                    From

Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered And Remaining On CreditWatch Negative[1]

A1        AA- (sf)/Watch Neg    AA (sf)/Watch Neg
X         AA- (sf)/Watch Neg    AA (sf)/Watch Neg

Rating Lowered

C         D (sf)                CCC- (sf)

Ratings Unaffected

A2        A+ (sf)/Watch Neg
A3        A- (sf)/Watch Neg
B         BB+ (sf)/Watch Neg
D         D (sf
E         D (sf)
F         D (sf)

[1]These ratings are no longer on CreditWatch for counterparty
reasons, but remain on CreditWatch negative for credit reasons.



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


SEAT PAGINE: Completes Financial Restructuring
----------------------------------------------
The restructuring of the financial indebtedness of Seat Pagine
Gialle S.p.A. has been successfully achieved on Sept. 6, with the
completion of the refinancing of the senior facilities agreement
entered into on May 25, 2005 between, among others, the Company
and The Royal Bank of Scotland plc, Milan branch.

The new facilities agreement comprises a new senior term facility
of up to approximately EUR596 million and a new revolving
facility of up to EUR90 million.  Both facilities have been fully
utilised to refinance the existing exposure under the facilities
agreement dated May 25, 2005.  In addition, the Company procured
delivery to the paying agent of the amounts to be paid as
interest with respect to the "EUR550,000,000 10 1/2% Senior
Secured Notes due 2017" (ISIN: XS0482702395; XS0482720025) and to
the "EUR200,000,000 10 1/2% Senior Secured Notes due 2017" (ISIN:
XS0546483834; XS0546484303).  The interest payment will be made
by the paying agent to holders, with a record date of
September 6, 2012.

With respect to the provisions of the "Terms and Conditions of
the warrant ordinary shares Seat Pagine Gialle S.p.A." (ISIN
IT0004845589) and to the "Terms and Conditions of the warrant
saving shares Seat Pagine Gialle S.p.A." (ISIN IT0004845597), the
Company announces that the "Restructuring Effective Date" falls
on September 6, 2012.

The financial restructuring of the Company that has been now
completed has been implemented within a recovery plan under
article 67, paragraph 3, letter (d) of the Italian insolvency law
and successfully closes today after 18 months of work in which
the Company's management and structures and its advisors, among
which Rothschild, Facchini Rossi Scarioni, Linklaters LLP and
Giliberti Triscornia Pappalettera & Associati, have been
continuously engaged in one of the most important and complex
debt restructuring transactions ever carried out in Italy.  The
Company has expressed its full satisfaction and appreciation to
all parties involved, in remembrance of the late Chief Executive
Officer, Alberto Cappellini, who has led such restructuring
process until March this year.

The restructuring allows the Company to proceed with evolving
towards a  business model oriented in the digital field,
continuing to represent one of the most important and interesting
player in the Italian industrial scenario.

                        About SEAT Pagine

SEAT Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an
Italy-based company that operates multimedia platform for
assisting in the development of business contacts between users
and advertisers.  It is active in the sector of multimedia
profiled advertising, offering print-voice-online directories,
products for the Internet and for satellite and ortophotometric
navigation, and communication services such as one-to-one
marketing.  Its products include EuroPages, PgineBianche,
Tuttocitta and EuroCompass, among others.  Its activity is
divided into four divisions: Directories Italia, operating
through, Seat Pagine Gialle; Directories UK, through TDL
Infomedia Ltd. and its subsidiary Thomson Directories Ltd.;
Directory Assistance, through Telegate AG, Telegate Italia Srl,
11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl,
Telegate Media AG and Prontoseat Srl, and Other Activitites
division, through Consodata SpA, Cipi SpA, Europages SA, Wer
liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS.



===================
L U X E M B O U R G
===================


PROLOGIS EUROPEAN: Prologis Inc. Takes Control of Assets
--------------------------------------------------------
Prologis, Inc. on Sept. 6 disclosed that it assumed 100% control
of ProLogis European Properties' (PEPR) assets and liabilities.
PEPR was a Luxembourg closed-ended investment fund.

PEPR completed its delisting from the Luxembourg Stock Exchange
and NYSE Euronext Amsterdam.  Preferred unitholders received
EUR6.030316 per unit.  Ordinary unitholders received EUR6.55 per
unit.

"We are excited to be ahead of schedule on assuming 100% control
of PEPR's assets, and we will commence work on the
recapitalization of this portfolio," said Guy F. Jaquier, CEO,
Private Capital, Prologis.

The assets Prologis received from PEPR's liquidation include 210
distribution facilities covering 48.4 million square feet (4.5
million square meters) across 11 European countries.  Occupancy
in the portfolio was above market average at 93.2% with a diverse
customer base.

Prologis, Inc. is an owner, operator and developer of industrial
real estate, focused on global and regional markets across the
Americas, Europe and Asia.



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


AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based engineered power solutions provider AEG Power
Solutions B.V. to negative from stable. "At the same time, we
affirmed our 'B-' long-term corporate credit rating on the
company," S&P said.

"The outlook revision follows the downward revision by AEG Power
Solutions' parent 3W Power S.A. of its earnings expectations for
2012 to the low end of the previously published range of EUR430
to EUR460 million revenues and 9%-11% EBITDA margin. This follows
weak results that AEG Power Solutions reported in the first half
of 2012," S&P said

"The weak results reflect a combination of unfavorable factors
constraining AEG Power Solution's operating performance. In our
view, the downside risks for the rating have now increased. As
such, we estimate that there is a one-in-three chance that the
company's credit metrics could be lower than those we forecast in
our 2012 and 2013 base-case scenario. We believe that
overcapacity in the polysilicon market and weak conditions in
developed economies such as Germany, combined with pricing
pressure in emerging markets such as India, will preclude AEG
Power Solutions improving profitability and cash generation in
the short term," S&P said.

"The company reported negative EBITDA in the first quarter of
2012 and only EUR2 million for the six months ended June 2012.
The reduction in polysilicon demand and delays in customer orders
due to economic uncertainty and difficulties in financing
projects could lead to financial results dropping below the
already downward adjusted management's expectations," S&P said.

"In our base-case credit scenario, we estimate that AEG Power
Solutions will generate about EUR30 million in Standard & Poor's-
adjusted EBITDA in 2012, a 38% decline year-on-year. We base our
forecast on some recovery in the company's Renewable Energy
Solutions segment, supported by new orders in the second and
third quarters of 2012, as well as stable performance in the
Energy Efficient Solutions segment, which has benefited from the
management's cost-control measures. If debt remains at the same
level as it was on June 30, 2012 (adjusted debt of EUR135
million) this will result in debt to EBITDA of 4.8x and funds
from operations (FFO) to debt of 10%. These figures are in line
with the minimum guideline ratios for the rating. If, under an
alternative scenario, we incorporate constraints arising from an
uncertain business environment for subsequent quarters, credit
ratios could drop to levels that are below the rating
guidelines," S&P said.

"We believe that AEG Power Solutions' cash flow generation will
suffer from pressure on earnings, and that the company will post
negative free operating cash flow (FOCF) in 2012, comparable
with, or slightly better than, negative EUR16 million in 2011. We
anticipate that trading conditions will remain difficult in 2013
and that AEG Power Solutions' earnings and cash generation could
weaken further," S&P said.

"The negative outlook reflects a one-in-three chance that we
could lower the rating on AEG Power Solutions over the next 12
months if the downside risks to the company's performance weaken
credit ratios to below our guidelines for the 'B-' rating. We
consider the ratio of adjusted FFO to debt of about 10% to be
commensurate with the current rating, as long as liquidity
remains 'adequate' under our criteria," S&P said.

"We could revise the outlook to stable if AEG Power Solutions'
business position strengthens over the near term. Such
strengthening would be evident from a material increase in the
company's contract base, and stable revenues and operating
profitability in line with the levels in 2011. In our opinion,
AEG Power Solutions' ability to generate sufficient cash flow in
order to post an FFO-to-debt ratio comfortably in the teens on a
sustainable basis, coupled with reliable prospects of positive
FOCF, would be a pre-requisite of an outlook revision to stable,"
S&P said.

"Alternatively, we could lower the rating if economic conditions
weaken further and/or if debt-financed activities hamper
earnings, liquidity and, subsequently, credit measures, leading
to negative FOCF and FFO to debt of materially less than 10% for
a prolonged time," S&P said.


STORK HOLDING: Moody's Withdraws 'B2' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating (CFR) and probability of default rating (PDR) of Stork
Holding B.V.

Ratings Rationale

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

Moody's B2 CFR on Stork Technical Services Topco B.V, and B3
rating on the EUR272.5 million Notes due 2017 at Stork Technical
Services Holdco B.V. are unaffected by this rating action.

Headquartered in the Netherlands, the Stork Group generated
revenues of EUR1.6 billion in 2011 on an unaudited basis.

The rating has been disclosed to the rated entity or its
designated agent(s) and issued with no amendment resulting from
that disclosure.


STORK TECHNICAL: Moody's Rates EUR272.5MM Sr. Secured Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating to
Stork Technical Services Holdco B.V.'s (STS, or the company)
recent EUR272.5 million of senior secured notes due 2017.

Moody's has also assigned a definitive B2 to the CFR and PDR. The
ratings outlook remains negative.

Ratings Rationale

In mid-August 2012 STS reduced the size of its proposed EUR315
million senior secured notes issuance to EUR272.5 million, and
changed the maturity of the notes from 2019 to 2017. "Despite the
reduced leverage resulting from the lower debt amount of the
modified transaction, STS continues to be exposed to a very
challenging market environment, especially in Europe, the
company's principal market, which represented around 75% of
financial year 2011 sales," says Anthony Hill, a Moody's Vice
President -- Senior Analyst and lead analyst for STS.

For the financial year ended 2011, STS recorded a 3% decline in
revenue to EUR950 million (excluding RBG Holdings, the UK-based
maintenance service provider acquired by STS in 2011). This
reflects customers' cautiousness in committing to new larger-
scale contracts, as well as weak economic activity resulting in
increased competition for remaining contracts. Moody's expects
the weak macroeconomic environment in Europe to continue to make
trading conditions difficult for STS in the short to medium term.

However, more positively, the B2 CFR also reflects that, as a
leading provider of asset integrity services, STS holds well-
established positions in Europe, with attractive entry positions
in Americas, Middle East and Asia. STS benefits from the
contractual nature of part of its business and long-lasting
customer relationships (generally between five and 30 years), and
a knowledge of its client base that helps to ensure revenue
stream stability. Moody's also notes positively STS's integration
of RBG Holdings. In the rating agency's view, the corporation
will broaden the service range of STS, giving the company a
stronger footing in oil and gas.

Moody's considers STS to have an adequate liquidity profile given
(1) cash balances post-transaction of EUR32 million; (2) a
committed and largely undrawn revolving credit facility (RCF) of
EUR100 million; and (3) sufficient headroom under covenants, set
with 40% headroom. However, Moody's also expects that (1) the
company's cash flow will remain near zero for the financial year
ending 2012; and (2) it will utilize approximately EUR40 million
of the RCF to replace existing performance guarantees and surety
bonds.

The negative outlook reflects the potential that STS's rating
could experience downward pressure over the coming months as a
result of deterioration in some of its core European markets.

What Could Change The Rating Up/Down

Given the negative outlook, Moody's does not expect upward
pressure on the rating in the near term. However, the ratings
outlook could stabilize if STS were to (1) solidly, and
consistently, generate positive free cash flow; (2) exhibit a
Moody's-adjusted debt/EBITDA ratio of below 4.5x; and (3)
maintain a ratio of Moody's-adjusted EBITDA minus capital
expenditure (capex)/interest expense of 2.0x.

Moody's is primarily concerned about STS's profitability
prospects given the ongoing harsh trading environment. Indeed, a
downgrade could result if STS's profitability profile were to
weaken. Other triggers for a downgrade could include (1) Moody's-
adjusted debt/EBITDA rising above 5.0x; (2) Moody's-adjusted
EBITDA minus capex/interest expense falling below 1.5x; or (3) a
weakening liquidity profile due to, or in addition to, tightening
of covenant headroom.

The principal methodology used in rating Stork Technical Services
Holdco B.V. and Stork Technical Services Topco B.V was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Stork Technical Services Topco B.V., headquartered in the
Netherlands, is a provider of asset integrity services to the oil
and gas, chemical and refining, and power sectors. For the
financial year ended December 31, 2011 STS reported combined
unaudited revenues of EUR1.3 billion.



===========
N O R W A Y
===========


DRILL RIGS: Moody's Rates US$750MM Senior Secured Notes '(P)B2'
---------------------------------------------------------------
Moody's Investors Service assigned a (P)B2 rating to the new
US$750 million senior secured notes to be issued by Drill Rigs
Holdings Inc., a subsidiary of Ocean Rig UDW Inc. Moody's also
upgraded the group's probability of default rating (PDR) to B2,
in-line with the B2 corporate family rating (CFR), as well as the
rating on the US$500 million senior unsecured notes to Caa1. The
outlook was revised from negative to stable.

Moody's issues provisional ratings in advance of the final sale
of securities. Upon closing of the transaction and a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings. A definitive rating may differ from a
provisional rating.

Ratings Rationale

The rating actions follow the announcement by Ocean Rig of a
planned debt refinancing. This comprises the issuance of the new
notes to fully repay the US$488 million outstanding on the
existing US$1.04 billion senior secured credit facility maturing
in September 2013. Excess cash from the refinancing will be used
for financing offshore drilling rigs.

The affirmation of the CFR at B2, reflects the improvements in
Ocean Rig's business profile, a continued strong ultra-deepwater
market and improved liquidity post the refinancing, mitigated by
very high current adjusted gross leverage of nearly 7.0x and
higher than Moody's expectations. Over the last year, the company
has announced numerous medium-term contract and letter of intent
awards on its existing rigs and two of those under construction.
This has resulted in all of the operational rigs apart from the
Eirik Raude and one of the rigs under construction being
contracted out through 2014, leading to a contract backlog of
US$4.8 billion compared to US$1.8 billion at the time of the
initial rating.

The PDR has been upgraded one notch to B2, in-line with the CFR,
to account for the removal in April from Ocean Rig's credit
facilities of cross default clauses with DryShips Inc (unrated
but which was constraining the PDR), and an expected family
recovery rate of 50% as is typical for structures with both bank
and bond debt.

The (P)B2 rating on the new secured notes reflects that they will
be secured by first liens on the Leiv Eiriksson and Eirik Raude
and all other assets of Drill Rigs. However, the instrument
rating is in-line with the CFR as access to funds from
enforcement on the other seven rigs can only be gained through
the parent guarantee from Ocean Rig, ranking the claims of the
new notes on those rigs equal with the other credit facilities in
relation to rigs that they do not have first lien security on and
the unsecured bonds. The upgrade of the US$500 million unsecured
bonds to Caa1 is in-line with Moody's loss-given default approach
given the new capital structure and a PDR of B2. The new notes
have standard high-yield incurrence covenants including those on
restricted payments, debt incurrence and liens but no financial
covenants.

In H1 2012, revenue increased 81% year-on-year (YoY) as the two
new drillships became operational. However, profitability was
impacted by the transition of all the rigs, apart from the
Poseidon, to new contracts that resulted in costs associated with
idle times, acceptance testing, mobilization and BOP upgrades as
well as higher than expected operating costs on the Leiv
Eiriksson, Corcovado and Mykonos. In consequence, adjusted gross
leverage for the last-twelve months to June 30, 2012 is nearly
7.0x, higher than Moody's expected, and very high given the
capital intensive, highly cyclical nature of the offshore
contract drilling sector. Moody's expects this to fall towards
6.0x by year end 2012 as most rigs will be operating on the same
contract throughout this time. However, the company is unlikely
to deleverage in 2013 as it intends to draw down on a US$1.35
billion loan facility, that is currently in the process of
syndication, to finance the delivery payments of the three rigs
under construction.

Moody's views Ocean Rig's liquidity as adequate for its short-
term needs assuming the completion of the new notes issuance as
outlined. This will both address next year's bank debt maturity
and provide about an additional US$250 million in cash to the
USD191 million already on the balance sheet as of H1 2012.
Following the proposed refinancing, absent the US$177 million in
yearly amortization payments, the next debt maturities are not
until 2016. Moody's assumes positive free cash flow in 2013,
absent the US$1.3 billion in delivery payments for the new rigs,
which Moody's expects to be financed with the loan currently
under syndication.

The stable outlook reflects Moody's view that the completion of
the proposed financing will remove near-term liquidity risks,
supported by the company's contract backlog and a positive
operating environment outlook.

The company's high leverage dampens the prospect of an early
upgrade to the CFR. However, the CFR could face positive pressure
if inter alia, the construction of the new rigs are completed on
time and to budget, and adjusted gross debt to EBITDA is
materially and sustainably below 4x. Conversely, the CFR could
face downward pressure if adjusted gross debt to EBITDA stays
above 6x on a sustained basis or if the conditions for a stable
outlook are not met.

The principal methodology used in rating Ocean Rig UDW Inc and
Drill Rigs Holdings Inc was the Global Oilfield Services Rating
Industry Methodology published in December 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.


DRILL RIGS: S&P Rates US$750 Million Senior Secured Notes 'B'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to the proposed US$750 million senior secured notes due 2017 to
be issued by Drill Rigs Holding Inc., a subsidiary of offshore
drilling company Ocean Rig UDW Inc. (B/Stable/--). "The recovery
rating on the proposed notes is '3', indicating our expectation
of meaningful (50%-70%) recovery in the event of a payment
default," S&P said.

The issue and recovery ratings on the proposed US$750 million
senior secured notes are subject to final documentation.

"At the same time, our recovery rating on the US$500 million
senior unsecured notes issued by Ocean Rig UDW Inc. remains
unchanged at '6', reflecting our expectation of negligible (0%-
10%) recovery prospects in an event of default," S&P said.

"The recovery rating on the new notes is underpinned by their
first ranking pledge over substantially all the assets of the
issuer Drill Rigs Holdings Inc., including the drilling units
Eirik Raude and Leiv Eirikson which have a combined book value of
US$1.2 billion. The notes also benefit from a guarantee from
parent company Ocean Rig UDW Inc. and subsidiaries under Drill
Rigs Holdings Inc. and a pledge over the shares of the issuer,
Drill Rigs Holdings Inc. and of its subsidiaries. The recovery
rating is constrained at the '3' level by the uncertain
jurisdictional exposure at the point of hypothetical default, as
the rigs could be located in countries with weaker insolvency
regimes, which could make it difficult to enforce the
noteholders' claim on the rigs or the shares of the issuer. We
understand that the notes' documentation allows the issuance of
only US$50 million of additional notes with the benefit of the
notes' collateral," S&P said.

"The proceeds of the new notes will be devoted to refinancing the
existing US$400 million credit facility due 2013 located at Drill
Rigs Holdings Inc., which originally financed the construction of
rigs Eirik Raude and Leiv Eirikson. The excess proceeds will
result in additional corporate liquidity. The recovery ratings on
the existing 9.5% senior notes carry a recovery rating of '6' due
to the notes' unsecured and unguaranteed nature and the fact that
virtually all other group debt is secured by assets, thereby
creating contractual and structural subordination for these
notes," S&P said.

"In line with our criteria, to determine recoveries, we simulated
a hypothetical default scenario. In this scenario, we assumed
material delays in finding charters for some of the company's new
vessels and much lower rates as certain charters on existing rigs
expire. This would lead to difficulty in financing the $1.3
billion remaining capital expenditure for the three seventh-
generation hull drillships under construction to be delivered in
2013 and/or for the potential $2 billion financing in 2014 and
2015 if the company exercises its option to build three
additional drillships. We assume a default in late 2014 triggered
by this financing risk, although recovery prospects would not be
substantially affected if the default occurred in 2013. Using a
discrete asset valuation, we estimate that, at the point of
default, the stressed value of the security that provides the
collateral for the notes would be approximately $600 million,"
S&P said.

"We also assumed administrative costs at 10% and added six months
of prepetition interests to the amount of notes outstanding at
the point of default. On this basis, we calculate coverage for
the new notes at the very high end of the 50%-70% range," S&P
said.

RATINGS LIST
New Rating
Drill Rigs Holdings Inc.
Senior Secured
  US$750 mil nts due 12/31/2017*        B
   Recovery Rating                      3

Ratings Affirmed
Ocean Rig UDW Inc.
Senior Unsecured
  Local Currency                        CCC+
  Recovery Rating                       6

*Guaranteed by Ocean Rig UDW Inc.



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


POLIMEX: Obtains PLN45 Million Rescue Loan From ARP
---------------------------------------------------
Adrian Krajewski at Reuters reports that Polimex won a lifeline
loan from state-owned development agency ARP.

Polimex is the largest of dozens of Polish construction companies
facing financial trouble after bidding for cut-price contracts to
build roads for the Euro 2012 soccer championship Poland co-
hosted with Ukraine, Reuters notes.

Reuters relates that the state agency said it would lend Polimex
PLN45 million (US$13.6 million), less than a third of the total
aid the company planned to ask of the state agency.

Polimex fired Chief Executive Konrad Jaskola on Aug. 10, after
creditors agreed to waive interest payments for four months to
give the company time to restructure its PLN2.5 billion debt,
Reuters recounts.

His replacement, Oppenheim, who joined from Austrian builder
Strabag, said his priorities were agreeing a debt deal with banks
and bondholders and finding new investors to buy a stake, Reuters
notes.

Polimex is a Polish construction company.



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


BANCO SANTANDER: Moody's Downgrades Ratings on Covered Bonds
------------------------------------------------------------
Moody's Investors Service has downgraded to Baa3 from Baa1 the
covered bonds issued by Banco Santander Totta S.A. (BST; Ba1, on
review for downgrade; BFSR D-/BCA ba3, Not Prime). These covered
bonds remain on review for downgrade.

The rating action was prompted by Moody's adjustment of the
highest achievable covered bond ratings in Portugal to Baa3, in
turn prompted by the adjustment of the country risk ceiling in
Portugal to Baa3 that caps the highest achievable covered bond
ratings in Portugal at the same level.

Please click on this link
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF297013for
the List of Affected Credit Rating. This list is an integral part
of this Press Release and identifies the affected transaction.

Ratings Rationale

The adjustment of the highest achievable covered bond ratings was
prompted by the adjustment of the country risk ceiling in
Portugal to Baa3 on September 5, 2012.

Moody's expects to maintain the review on BST's covered bonds,
pending (1) the final rating action on (or confirmation of) BST's
Ba1 rating; and (2) a determination of the over-collateralization
levels that would be consistent with any downgraded issuer
rating, in conjunction with the issuers' willingness to provide
further over-collateralization, if necessary.

Key Rating Assumptions/Factors

Covered bond ratings are determined after applying a two-step
process: an expected loss analysis and a TPI framework analysis.

EXPECTED LOSS: Moody's determines a rating based on the expected
loss on the bond. The primary model used is Moody's Covered Bond
Model (COBOL), which determines expected loss as (1) a function
of the issuer's probability of default (measured by the issuer's
rating); and (2) the stressed losses on the cover pool assets
following issuer default. Please click the link
http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF297013for
detailed information on over-collateralization, cover pool
losses, collateral risk, market risk and collateral score of the
BST covered bond program.

TPI FRAMEWORK: Moody's assigns a "timely payment indicator"
(TPI), which indicates the likelihood that timely payment will be
made to covered bondholders following issuer default. The effect
of the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating. This level
is determined by (1) the relationship between the TPI, which is
currently deemed by Moody's to be "Very Improbable" for the
covered bonds of BST; and (2) the senior debt ratings of the
banks supporting these covered bonds. However, Moody's highlights
that there are many factors that might influence the application
of TPIs, in particular for sub-investment-grade-rated issuers.

For further details on cover pool losses, collateral risk, market
risk, collateral score and TPI Leeway across covered bond
programs rated by Moody's please refer to "Moody's EMEA Covered
Bonds Monitoring Overview", published quarterly. These figures
are based on Moody's most recent modeling (based on the latest
data that has been analyzed by Moody's) and are subject to change
over time. These numbers are typically updated quarterly in
Performance Overviews published by Moody's.

Sensitivity Analysis

The robustness of a covered bond rating largely depends on the
issuer's credit strength.

A multi-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (1) a sovereign downgrade
that negatively affects both the issuer's senior unsecured rating
and the TPI; (2) a multi-notch downgrade of the issuer; or (3) a
material reduction of the value of the cover pool.

As the euro area crisis continues, the ratings of covered bonds
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 covered
bonds. For more information please refer to the Rating
Implementation Guidance published on February 13, 2012 "How
Sovereign Credit Quality May Affect Other Ratings". Furthermore,
as discussed in Moody's special report "Rating Euro Area
Governments Through Extraordinary Times -- An Updated Summary,"
published in October 2011, Moody's is considering reintroducing
individual country ceilings for some or all euro area members,
which could affect further the maximum structured finance rating
achievable in those countries. Moody's is also continuing to
consider the impact of the deterioration of sovereigns' financial
condition and the resultant asset portfolio deterioration in
covered bond transactions.

Rating Methodology

The principal methodology used in this rating was "Moody's Rating
Approach to Covered Bonds", published in July 2012.



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


ACCESOS DE MADRID: May File for Bankruptcy & Suspend Payments
-------------------------------------------------------------
Angeline Benoit at Bloomberg News, citing Expansion reports that
Accesos de Madrid may file for bankruptcy and suspend payments
around Sept. 15 as it is unable to repay a syndicated loan of
EUR600 million maturing this month.

According to Bloomberg, the newspaper said that shareholders of
the company include Abertis Infraestructuras SA, Sacyr
Vallehermoso SA, Bankia SA, and Actividades de Construccion y
Servicios SA.

The newspaper said that Spain's government owes the company
around EU80 million, Bloomberg notes.

Accesos de Madrid is a toll road operator.


CAIXA GALICIA II: Fitch Cuts Rating on Class D Notes to 'Bsf'
-------------------------------------------------------------
Fitch Ratings has affirmed seven and downgraded one tranche of
AyT Colateral Global Hipotecario Caixa Galicia (Galicia) I and
II, a series of Spanish RMBS.  The agency has also removed four
tranches from Rating Watch Negative (RWN).

The removal of the RWN follows the implementation of remedial
actions on ineligible counterparties.  In July 2012, the role of
account bank and paying agent was transferred to Barclays Bank
Plc ('A'/Stable/'F1') from Confederacion Espanola de Cajas de
Ahorros ('BBB'/Negative/'F3') in both deals.

The downgrade of Galicia II's class D note and the Negative
Outlooks on the mezzanine and junior notes in both deals relate
to the weaker performance of the assets observed over the past 12
months.

As of the January and April 2012 investor reports, the portion of
loans in arrears by more than three months as a percentage of
collateral balance had risen to 1% and 1.4% compared with 0.6%
and 0.5% 12 months ago in Galicia I and II, respectively.

The performance of Galicia II has been marginally weaker than
that of Galicia I with higher arrear levels and more, albeit
still low, cumulative defaults (0.2% of initial collateral
balance compared with 0.1%).  The higher provisioning
requirements have put pressure on the transaction in the past,
resulting in reserve fund draws as the excess spread generated
was insufficient to clear period defaults.

With the arrear levels in both deals trending upwards and recent
macro-economic statistics suggesting a negative outlook for the
Spanish housing market, Fitch believes that credit enhancement
levels for the junior and mezzanine notes are likely to come
under pressure.  These concerns are reflected by the downgrade of
the class D notes to 'Bsf' and the Negative Outlooks on the
junior and mezzanine notes in both deals.

The rating actions are as follows:

AyT Colaterales Caixa Galicia I:

  -- Class A (ES0312273289) affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ES0312273297) affirmed at 'Asf'; Outlook Negative;
     Off RWN
  -- Class C (ES0312273305) affirmed at 'BBB-sf'; Outlook revised
     to Negative from Stable
  -- Class D (ES0312273313) affirmed at 'BB-'; Outlook revised to
     Negative from Stable

AyT Colaterales Caixa Galicia II:

  -- Class A (ES0312273404) affirmed at 'AA-sf'; Outlook
     Negative; Off RWN
  -- Class B (ES0312273412) affirmed at 'Asf'; Outlook Negative;
     Off RWN
  -- Class C (ES0312273420) affirmed at 'BBB-sf'; Outlook revised
     to Negative from Stable
  -- Class D (ES0312273438) downgraded to 'Bsf' from 'BB-sf';
     Outlook revised to Negative from Stable


CAJA GRANADA 1: Fitch Affirms 'Bsf' Rating on Class D Notes
-----------------------------------------------------------
Fitch Ratings has taken rating actions on AyT Caja Granada 1 and
AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario CAJA Granada (AyT CGH Caja Granada).

Fitch placed the class A and B notes of Ayt CGH Caja Granada on
RWN on 3 April 2012, following the downgrade of Confederacion
Espanola de Cajas de Ahorros (CECA; 'BBB'/Negative/'F3').  The
bank acted as the account bank and was replaced on 17 July 2012
by Barclays Bank plc ('A'/Stable/'F1').  In line with the
agency's structured finance counterparty criteria, Barclays Bank
plc is deemed an eligible counterparty to support structured
finance ratings of at least 'AA-sf'.

Both Caja Granada I's and AyT CGH Caja Granada's pool comprises
residential loans originated and serviced by Caja General de
Ahorros de Granada, part of Banco Mare Nostrum S.A.
('BB+'/Stable/'B'). The downgrade of Banco Mare Nostrum S.A. to
sub-investment grade has increased the payment interruption risk,
which would be triggered by the default of the servicer.  For
this reason, Fitch placed AyT Caja Granada 1's class A notes on
RWN on 11 July 2012 and maintained Ayt CGH Caja Granada's A and B
notes on RWN.  To mitigate the increased risk of payment
interruption and liquidity shortfalls, Banco Mare Nostrum S.A.
has informed Fitch of its intention to fund a deposit which would
cover six months' worth of interest payments on the class A notes
for both transactions. The proposal is in its early stages, and
documentation is yet to be finalized.  For this reason the agency
is maintaining the notes on RWN pending completion of remedial
actions.

The affirmation of the notes rated 'BBBsf' and below reflects the
asset performance, which remains in line with Fitch's
expectations, as well as the sufficient level of credit support
available to the rated notes.

As of June 2012, loans in arrears by more than three months stood
at 2.5% and 6% of the outstanding pool balances of Ayt CGH Caja
Granada and Ayt Caja Granada 1, respectively.  Cumulative gross
defaults, defined as loans in arrears by more than 18 months,
were 0.61% (Ayt CGH Caja Granada) and 1.63% (Ayt Caja Granada 1)
of the initial pool balance.  For the past year, defaults
generated by the two pools have been fully provisioned using
excess spread produced by the structure, as well as recoveries
received on defaulted loans.  Given the pipeline of late stage
arrears, Fitch expects the excess spread to remain sufficient for
provisioning purposes, and does not expect to see reserve fund
draws in the next 12-18 months.  However, the agency remains
sceptical about the servicer's ability to maintain such a high
level of future recoveries, especially in the current market
environment.  For this reason, the agency has affirmed the
ratings of the mezzanine and junior notes with Negative Outlooks.

The rating actions are as follows:

AyT Caja Granada 1:

  -- Class A (ISIN ES0312212006) 'AA-sf'; maintained on Rating
     Watch Negative (RWN)
  -- Class B (ISIN ES0312212014) affirmed at 'BBBsf'; Outlook
     Negative
  -- Class C (ISIN ES0312212022) affirmed at 'BBsf'; Outlook
     Negative
  -- Class D (ISIN ES0312212030) affirmed at 'Bsf'; Outlook
     Negative

AyT CGH Caja Granada:

  -- Class A (ES0312273164) 'AA-sf'; maintained on Rating Watch
     Negative (RWN)
  -- Class B (ES0312273172) 'Asf'; maintained on Rating Watch
     Negative (RWN)
  -- Class C (ES0312273180) affirmed at 'BBsf'; Outlook Negative
  -- Class D (ES0312273198) affirmed at 'Bsf'; Outlook Negative


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


ASYA KATILIM: Fitch Affirms 'B+/B' IDRs; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Turkey-based Asya Katilim Bankasi
A.S.'s (Bank Asya) Long-term foreign currency and local currency
Issuer Default Ratings (IDR) at 'B+' with Stable Outlook, Short-
term foreign and local currency IDRs at 'B', National Long-term
rating at 'A-(tur)' with Stable Outlook, Viability Rating at
'b+', Support Rating at '5' and Support Rating Floor at 'NF'.
Fitch has simultaneously withdrawn all the ratings.

The ratings have been withdrawn as the agency will no longer have
sufficient information to maintain the ratings due to the
issuer's decision to stop participating in the rating process.

Fitch will no longer provide ratings or analytical coverage of
the issuer.


* TURKEY: S&P Assigns 'BB' Ratings to Sukuk Lease Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue credit
ratings to the proposed U.S. dollar Sukuk Lease Certificates to
be issued by Hazine Mustesarligi Varlik Kiralama Anonim Sirketi
(the issuer), a special-purpose vehicle (SPV) wholly owned by the
Republic of Turkey (foreign currency, BB/Stable/B).

"We believe the transaction aims to raise funds in accordance
with the Islamic principles of 'ijara' (leasing). The assets
underlying the lease will be state-owned buildings and land in
Turkey. Under the transaction, the state will sell a pool of
property assets to the issuer," S&P said.

"The issuer will hold the assets in its own name and for the
benefit of the certificate holders. The state is to act as
servicing agent to maintain the assets. The issuer will lease
back the assets to the state, which will make regular rental
payments to the issuer. These will be the basis for periodic
distribution payments payable on the lease certificates. The
rental payment obligation ranks pari passu with other unsecured
and unsubordinated obligations of the state," S&P said.

"On maturity (dissolution), the state will purchase the lease
assets from the issuer at the relevant exercise price, as
specified in the purchase undertaking. The purchase price in
connection with this sale funds the dissolution amount that is
payable to the certificate holders," S&P said.

"In our view, the two key rating factors underpinning the rating
on the sukuk are the rental payments to be made by the state,
which ensure payment of the periodic distribution amounts, and
the obligation that the state has to repurchase the underlying
assets, which ensures payment of the dissolution amount to
certificate holders. The rating on the sukuk is equalized with
our rating on the senior unsecured debt of Turkey. Standard &
Poor's considers that Turkey has a strong incentive to consider
the performance of the lease certificates to be as important as
its conventional debt, because the rationale for the transaction
is to raise funds in accordance with Islamic principles, rather
than to separate the state's own obligations from those of the
issuer," S&P said.



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


ATRIUM EUROPEAN: S&P Raises Corporate Credit Ratings From 'BB+/B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long- and short-
term corporate credit ratings on Jersey-based real estate company
Atrium European Real Estate Ltd. (Atrium) to 'BBB-/A-3' from
'BB+/B'. The outlook is stable.

"The upgrade reflects the higher proportion of income-producing
retail property assets in Atrium's asset base, which led us to
revise our assessment of its business risk profile to
'satisfactory' from 'fair,'" S&P said.

"We anticipate that the share of development activities should
remain slightly lower than 20% of Atrium's asset base going
forward, with a strong focus on the extension and refurbishment
of existing sites. We estimate that the delivery of the extension
projects in Plock and Gdynia, Poland, should result in Atrium's
standing investments representing more than 80% of its EUR2.7
billon total portfolio value and generating funds from operations
(FFO) in excess of EUR100 million by the end of 2014, under our
base-case scenario. We view revenue from development activities
as more volatile than passive rent collection, as it is exposed
to construction and letting risks. An increasing part of Atrium's
recurring income comes from mature real estate assets, which
should continue supporting cash flow stability. Atrium's
portfolio of 37 development projects, valued at EUR567.5 million
as of June 30, 2012, mainly consists of landbank and extensions
of existing assets, which we view as less risky than greenfield
or brownfield projects. We also take a positive view of the
company's stated target to reduce development to a maximum of 10%
of its total portfolio's market value over the long term," S&P
said.

"The upgrade also incorporates the fact that Atrium's
profitability has stabilized thanks to local efficiency
improvements and better rent collection overall. This has
resulted in a Standard & Poor's-adjusted EBITDA margin reaching
the 60%-70% range, which we believe falls within our guidance for
a retail real estate investment trust (REIT) with a
'satisfactory' business risk profile. Under our base-case
scenario, we anticipate that Atrium's EBITDA interest coverage
ratio will remain higher than 3x over the next two years. We
believe that Atrium's strong presence in growing markets like
Poland (38% of gross rental income as of June, 30, 2012) and
Russia (27%), where retailers currently outperform the subdued
European market, is a key competitive advantage over the medium
term. We think that low vacancy and healthy growth rates reported
by international retailers in those countries should support the
resilience of Atrium's recurring income over the short term,
although they could become more vulnerable to the economic crisis
in the longer term," S&P said.

"Offsetting these strengths, we note Atrium's slightly higher
percentage of development activities relative to other investment
grade-rated European REITs and we continue to regard its
geographic diversity as relatively modest," S&P said.

"Additionally, we think Atrium's ownership and management
structures have stabilized after a period of corporate change. We
also view the company's financial policy as moderate, reflecting
its publicly stated target of a reported loan-to-value (LTV)
ratio remaining below 30%, which we view as commensurate with an
'intermediate' financial risk profile," S&P said.

"The stable outlook reflects our view of positive trends in
Atrium's operating metrics and low debt relative to its peers,
which support the ratings," S&P said.

"We believe Atrium should be able to pursue its growth strategy
in key markets, while maintaining EBITDA interest coverage and
adjusted LTV ratios above 3x and below 40%, respectively. We also
expect Atrium's ratio of debt to debt and equity to remain
modest, standing well below 50%," S&P said.

"We could raise the ratings if Atrium significantly diversified
its market exposures, generated a track record of raising
unsecured debt, and maintained a sufficient liquidity cushion to
meet any unexpected shortfalls in income or cost overruns in its
development projects," S&P said.

"We could lower the ratings if we saw unexpected changes in
discretionary spending or shareholding structure that could limit
the funding options open to the company. We would consider a
rebound in the share of development activities to more than 20%
of Atrium's total portfolio value or a sharp deterioration of the
environment in its key markets to be a significant increase in
the group's business risk. This might prompt us to consider a
rating review. Consumer confidence in Central and Eastern Europe,
and
specifically retail sector performance in Atrium's main markets,
remain the principal operating risks that could affect Atrium's
interest cover and other debt metrics," S&P said.


RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to Residential Mortgage Securities 26 PLC's (RMS
26) class A1, M1, M2, B1, and B2 notes. "At the same time, the
issuer will also issue unrated class R1, R2, and R3 notes," S&P
said.

"The notes will be collateralized by a pool of first-ranking
mortgage loans--comprising nonconforming residential and buy-to-
let residential--secured against property located in England,
Scotland, and Wales. Of the collateral pool, Kensington Mortgage
Co. Ltd. (KMC) originated 61.0%, Money Partners Ltd. 7.5%, and
Paratus AMC (formerly known as GMAC-RFC Ltd.) 31.5%. The Paratus
AMC originated portfolio was later purchased by Investec Bank PLC
(Investec), with legal title transferred to KMC. All loans were
originated during or before 2007, with 37.8% of the portfolio
previously included in Residential Mortgage Securities 16 PLC,
Residential Mortgage Securities 17 PLC, and Residential Mortgage
Securities 18 PLC," S&P said.

The collateral pool was originated during or before 2007. All the
loans are floating-rate and 58.15% are self-certified. The
portfolio has a weighted-average indexed current loan-to-value
ratio of 74.16%.

RMS 26 will be the 25th transaction to carry the RMS banner. In
addition, KMC originated Kensington Mortgage Securities PLC's
series 2007-1 and four transactions under the Money Partners
Securities banner. Investec acted as seller in the Landmark
Mortgage Securities No.1 PLC, Landmark Mortgage Securities No.2
PLC, and Gemgarto 2012-1 PLC transactions.

"On the closing date, the issuer will issue the rated class A1,
M1, M2, B1, and B2 notes. At the same time, the issuer will also
issue unrated class R1, R2, and R3 notes. We understand that the
issuer will use the class R1, R2, and R3 notes, among other
things, to fund the reserve fund to 3.5% of the collateralized
note balance at closing and will redeem them from residual
interest income. We understand that the reserve fund is expected
to increase to 5% of the collateralized note balance at closing
and will be nonamortizing," S&P said.

"KMC will act as mortgage administrator for all of the loans in
the transaction. However, it will delegate its functions to
Homeloan Management Ltd. (HML), which has been designated as
back-up administrator. KMC will continue to act as special
servicer for the collateral pool. KMC is a wholly owned
subsidiary of Investec (not rated) and HML is a wholly owned
subsidiary of Skipton Building Society. We rank HML as ABOVE
AVERAGE as a primary
mortgage servicer and we do not currently rank KMC's servicing
function," 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 Standard & Poor's 17g-7 Disclosure Report included in this
credit rating report is available at:

      http://standardandpoorsdisclosure-17g7.com/947.pdf

RATINGS LIST

Residential Mortgage Securities 26 PLC
Up To GBP200 Million Mortgage-Backed Floating-Rate Notes and TBD
Non-Mortgage-Backed Notes

Class         Prelim.          Prelim.
              rating            amount
                              (mil. GBP)

A1            AAA (sf)           150.0
M1            AA (sf)             24.0
M2            A (sf)              14.0
B1            BBB (sf)             8.0
B2            BB (sf)              4.0
R1            NR                   TBD
R2            NR                   TBD
R3            NR                   TBD

NR-Not rated.
TBD-To be determined.


RESIDENTIAL MORTGAGE: Fitch Rates GBP4MM Class B2 Notes 'BBsf'
--------------------------------------------------------------
Fitch Ratings has assigned Residential Mortgage Securities 26
plc's RMBS notes expected ratings, as follows:

  -- GBP150,000,000 Class A: 'AAAsf(EXP)', Outlook Stable
  -- GBP24,000,000 Class M1 : 'AAsf(EXP)', Outlook Stable
  -- GBP14,000,000 Class M2: 'Asf(EXP)', Outlook Stable
  -- GBP8,000,000 Class B1: 'BBBsf(EXP)', Outlook Stable
  -- GBP4,000,000 Class B2: 'BBsf(EXP)', Outlook Stable

The final ratings are subject to the receipt of final documents
conforming to information already received.

The notes are backed by seasoned non-prime mortgages originated
pre-2008 by Kensington Mortgages Company Limited (KMC: 61%),
Money Partners Limited (7.5%) and GMAC-RFC (31.5%).

The expected ratings are based on the quality of the underlying
collateral, available credit enhancement (CE), the servicing
capabilities of Homeloan Management Limited (HML), and the
financial and legal structure.

CE for the class A1 note totals 28.5% provided by the
subordination of the class M1, M2, B1 and B2 notes (25.0%), a
non-amortizing reserve fund (3.5%), fully funded at closing
(rising to 5% after closing), and excess spread.  The class A1
notes will receive interest and principal payments.  The M1, M2,
B1, and B2 notes do not pay interest and the expected ratings
opine on the issuer's ability to repay principal by the
transaction's legal final maturity.

Fitch was provided with a loan-by-loan data template and all
relevant fields were provided in the data tape with the exception
of prior mortgage arrears and builder deposits.  No adjustment
was applied for the absence of data on prior mortgage arrears as
data was provided for CCJs and prior bankruptcies/Individual
Voluntary Arrangements.  KMC was able to provide the year of
construction for properties in the portfolio. Fitch assumed that
any properties built within two years of the date of origination
of the loan benefited from a builders deposit and applied a 5%
downward adjustment to their valuations.

Extensive performance data was provided on KMC loans originated
pre-2005 (37.9%) which were previously held in the RMS16, 17 and
18 plc transactions which were called in June and August of 2011.
Investec Capital Markets (the arranger) was unable to provide
historic performance data for the GMAC originated loans, since
the collateral was only purchased by Investec in 2011.  As a
consequence, Fitch utilized performance information from similar
collateral originated by GMAC in other Fitch-rated securitization
transactions.

Loan-level data on sold repossessions of KMC-originated loans,
consisting of 4,904 loans sold between 2008 and 2011, was
provided by KMC.  Sold repossession data provided for a previous
transaction using GMAC-originated loans was used as a proxy for
the GMAC-originated loans.

To analyze CE levels, Fitch evaluated the collateral using its
default model, details of which can be found in the reports
entitled "EMEA Residential Mortgage Loss Criteria" dated June 7,
2012 and 'EMEA Criteria Addendum -- United Kingdom -- Mortgage
Loss and Cash Flow Assumptions', dated August 9, 2012.

Fitch modeled the transaction cash flows using default and loss
severity assumptions indicated by the default model under various
recession timings, prepayment speeds, and interest rates.  The
cash flow tests showed that the rated class of notes could
withstand loan losses at a level corresponding to the related
stress scenario without incurring any principal loss or interest
shortfall and can retire principal by legal final maturity.



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


* S&P Cuts Ratings on 9 CDO Tranches to 'D', Withdraws Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
25 European synthetic collateralized debt obligation (CDO) and
cash tranches.

For the full list of S&P's rating actions, see 'List Of European
Synthetic CDO And Cash Tranche Rating Withdrawals At Sept. 6,
2012.'

S&P has withdrawn its ratings on these tranches for different
reasons, including:

-- The issuer has fully repurchased and cancelled the notes,
-- The notes have been redeemed earlier,
-- The notes have matured on the scheduled maturity date, and
-- The principal amount of the notes has been reduced due to
    losses.

"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P said.

"We have lowered to 'D (sf)' and subsequently withdrawn our
ratings on nine tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination date for these tranches. The ratings lowered to
'D (sf)' will remain at 'D (sf)' for a period of 30 days before
the withdrawals becomes effective," 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 Reports
included in this credit rating report are available at:

              http://standardandpoorsdisclosure-17g7.com


* EUROPE: Moody's Says Emission Trading Scheme Risks Manageable
---------------------------------------------------------------
Changes introduced under the third phase of the European
Emissions Trading System (EU ETS) are unlikely to significantly
affect the EMEA building materials industry in the short to
medium term, but revised rules concerning carbon dioxide (CO2)
allowance allocations could lead to lower windfall profits
starting in 2013, says Moody's Investors Service in a Special
Comment published on Sept. 6. The third phase of the EU ETS is
set to start in 2013.

The new report is entitled "European Building Materials: Third
Phase of Emissions Trading Scheme Brings Manageable Risks".

The EU ETS, a cap-and-trade system, which allocates allowances
for CO2-emitting plants, will allow exemptions for sectors
'exposed to carbon leakage', such as the building materials
industry, at least until the end of 2014. While there will be a
reduction in allocations under phase III, companies will continue
to receive 100% of their allowances at no cost. Carbon leakage is
the risk that domestic industries turn to imports or relocate
production to countries outside the scope of the ETS. At the end
of 2014, the European Commission is also set to review the list
of sectors that face the risk of carbon leakage.

"While in our view, the likelihood of the building materials
industry losing its 'exposed to carbon leakage' status is low,
such a change in EU regulation could lead to a substantial under-
allocation that pushes up prices for CO2 allowances," says
Stanislas Duquesnoy, a Moody's Senior Credit Officer - Vice
President and lead analyst for European building materials
companies. "The need to purchase additional allowances under such
a scenario would therefore pressure the margins of all cement
producers and is unlikely to be fully offset by higher cement
prices."

A sustained price increase to above EUR30-EUR35 per ton could
force European producers to reduce domestic production and shift
production to countries outside the EU ETS. Cement imports from
regions not covered by the EU ETS would become more attractive if
companies are unable to pass on the increases in CO2 prices to
their customers. In such a scenario, producers with import
terminals at shorelines (among the building materials companies
that Moody's rates, these include Italcementi SpA (Ba1 negative)
and Lafarge SA (Ba1 stable) at the Mediterranean Sea) or
waterways in Europe, as well as producers with cement plants
close to shorelines in regions not covered by the EU ETS, could
have an advantage. However, given current low carbon prices and
the expectations for phase III, such a scenario remains very
unlikely at least until the end of 2014.

If the European Commission were to decide to reduce free
allocation levels, Moody's considers that Lafarge and Italcementi
would be in a better position than some of their peers because
they would continue to benefit from a good supply of free
allowances (largely a reflection of their weak capacity
utilisation in Southern Europe). Italcementi, in particular,
accumulated a substantial number of allowances during phase II of
the EU ETS, which it has not sold. Producers of light-side
materials, such as gypsum, mortars and insulation products, and
companies with strong distribution businesses, such as CRH plc.
(Baa2 stable) and Compagnie de Saint-Gobain (Baa2 stable), would
also not be materially affected because their diversified
operations include products that are less CO2-intensive and lower
the companies' overall CO2 emissions.

In the future, Moody's does not expect further substantial gains
in CO2 emissions efficiency among European building materials
companies. Further reductions in CO2 emissions at European cement
plants will be difficult and costly to achieve. Producers have
already reduced the clinker content -- clinker is the most
energy-intensive and therefore highest CO2-producing constituent
of cement -- as much as technically possible and have optimized
the energy mix of their plants to address rising energy costs.


* BOND PRICING: For the Week September 3 to September 7, 2012
--------------------------------------------------------------

Issuer                 Coupon     Maturity  Currency    Price
------                 ------     --------  --------    -----

AUSTRIA
-------
A-TEC INDUSTRIES         2.750    5/10/2014      EUR     24.88
A-TEC INDUSTRIES         8.750   10/27/2014      EUR     24.88
IMMOFINANZ               4.250     3/8/2018      EUR      4.02
RAIFF CENTROBANK         7.646    1/23/2013      EUR     50.38
RAIFF CENTROBANK         9.876    1/23/2013      EUR     49.48
RAIFF CENTROBANK         9.558    1/23/2013      EUR     67.95
RAIFF CENTROBANK         9.304    1/23/2013      EUR     70.46
RAIFF CENTROBANK         8.920    1/23/2013      EUR     74.39
RAIFF CENTROBANK         7.965    1/23/2013      EUR     53.49
RAIFF CENTROBANK         9.200    7/24/2013      EUR     74.71
RAIFF CENTROBANK        11.134    7/24/2013      EUR     71.52

BELGIUM
-------
ECONOCOM GROUP           4.000     6/1/2016      EUR     22.12
TALVIVAARA               4.000   12/16/2015      EUR     71.46

FRANCE
------
AIR FRANCE-KLM           4.970     4/1/2015      EUR     11.67
ALCATEL-LUCENT           5.000     1/1/2015      EUR      2.56
ALTRAN TECHNOLOG         6.720     1/1/2015      EUR      5.36
ASSYSTEM                 4.000     1/1/2017      EUR     23.02
ATOS ORIGIN SA           2.500     1/1/2016      EUR     56.48
CAP GEMINI SOGET         3.500     1/1/2014      EUR     38.44
CGG VERITAS              1.750     1/1/2016      EUR     32.21
CLUB MEDITERRANE         6.110    11/1/2015      EUR     18.55
EURAZEO                  6.250    6/10/2014      EUR     55.11
FAURECIA                 4.500     1/1/2015      EUR     20.96
INGENICO                 2.750     1/1/2017      EUR     50.60
MAUREL ET PROM           7.125    7/31/2014      EUR     18.32
MAUREL ET PROM           7.125    7/31/2015      EUR     17.26
NEXANS SA                4.000     1/1/2016      EUR     57.67
NEXANS SA                2.500     1/1/2019      EUR     69.64
ORPEA                    3.875     1/1/2016      EUR     47.26
PEUGEOT SA               4.450     1/1/2016      EUR     23.48
PIERRE VACANCES          4.000    10/1/2015      EUR     74.62
PUBLICIS GROUPE          1.000    1/18/2018      EUR     53.38
SOC AIR FRANCE           2.750     4/1/2020      EUR     20.96
SOITEC                   6.250     9/9/2014      EUR      8.21
TEM                      4.250     1/1/2015      EUR     54.01

GERMANY
-------
BAYERISCHE LNDBK         3.200    10/1/2012      EUR     24.41
BNP EMIS-U.HANDE         8.500   12/28/2012      EUR     69.14
BNP EMIS-U.HANDE        10.500   12/28/2012      EUR     47.06
BNP EMIS-U.HANDE         9.500   12/31/2012      EUR     73.03
BNP EMIS-U.HANDE         9.500   12/31/2012      EUR     66.69
BNP EMIS-U.HANDE         7.750   12/31/2012      EUR     57.44
COMMERZBANK AG          19.500    9/27/2012      EUR     69.13
COMMERZBANK AG          19.750    9/27/2012      EUR     72.54
COMMERZBANK AG          19.500    9/27/2012      EUR     74.95
COMMERZBANK AG          28.750    9/27/2012      EUR     66.22
COMMERZBANK AG          21.500    9/27/2012      EUR     73.13
COMMERZBANK AG           7.700    9/28/2012      EUR     43.34
COMMERZBANK AG           9.000    10/1/2012      EUR     52.94
COMMERZBANK AG           9.000   10/29/2012      EUR      6.93
COMMERZBANK AG           8.000    11/5/2012      EUR     56.32
COMMERZBANK AG          11.500    11/5/2012      EUR     66.46
COMMERZBANK AG          10.000    11/5/2012      EUR     53.85
COMMERZBANK AG           8.500   12/17/2012      EUR     73.02
COMMERZBANK AG           8.000   12/27/2012      EUR     45.25
COMMERZBANK AG           7.000   12/27/2012      EUR     70.37
COMMERZBANK AG          13.000   12/28/2012      EUR     62.60
COMMERZBANK AG          21.250   12/31/2012      EUR     72.47
COMMERZBANK AG          10.750    3/21/2013      EUR     72.30
COMMERZBANK AG          14.500    3/21/2013      EUR     68.70
COMMERZBANK AG          18.750    3/21/2013      EUR     74.96
COMMERZBANK AG          18.500    3/21/2013      EUR     65.40
COMMERZBANK AG          14.000     8/5/2013      EUR     73.46
COMMERZBANK AG           8.400   12/30/2013      EUR     15.65
DEUTSCHE BANK AG        12.000    8/31/2012      EUR     66.10
DEUTSCHE BANK AG        12.000    8/31/2012      EUR     73.30
DEUTSCHE BANK AG         9.000    8/31/2012      EUR     74.00
DEUTSCHE BANK AG        20.000    9/28/2012      EUR     74.20
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     73.50
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     63.10
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     75.00
DEUTSCHE BANK AG         9.000   12/20/2012      EUR     62.80
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     51.20
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     69.00
DEUTSCHE BANK AG         8.000   12/20/2012      EUR     44.50
DEUTSCHE BANK AG         7.000   12/20/2012      EUR     68.70
DEUTSCHE BANK AG         9.000   12/20/2012      EUR     72.00
DEUTSCHE BANK AG        15.000   12/20/2012      EUR     53.40
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     57.50
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     72.90
DEUTSCHE BANK AG        12.000   12/20/2012      EUR     36.60
DEUTSCHE BANK AG        10.000   12/20/2012      EUR     73.10
DEUTSCHE BANK AG         7.000   12/20/2012      EUR     74.70
DEUTSCHE BANK AG        12.000     4/2/2013      EUR     74.20
DZ BANK AG              19.500    9/14/2012      EUR     58.67
DZ BANK AG              12.500    9/14/2012      EUR     69.80
DZ BANK AG              10.750    9/14/2012      EUR     72.92
DZ BANK AG              10.500    9/14/2012      EUR     39.77
DZ BANK AG               5.000    9/14/2012      EUR     59.49
DZ BANK AG               8.000    9/14/2012      EUR     47.17
DZ BANK AG               8.250    9/14/2012      EUR     64.13
DZ BANK AG               8.500    9/14/2012      EUR     44.54
DZ BANK AG               9.500    9/14/2012      EUR     66.93
DZ BANK AG               9.500    9/14/2012      EUR     72.94
DZ BANK AG              10.000    9/14/2012      EUR     65.62
DZ BANK AG               7.250    9/14/2012      EUR     74.54
DZ BANK AG               6.250    9/14/2012      EUR     51.82
DZ BANK AG              10.000    9/14/2012      EUR     66.74
DZ BANK AG               5.850    9/14/2012      EUR     55.28
DZ BANK AG               7.500    9/14/2012      EUR     64.27
DZ BANK AG              23.000    9/28/2012      EUR     66.47
DZ BANK AG              22.000    9/28/2012      EUR     69.27
DZ BANK AG              17.000    9/28/2012      EUR     73.34
DZ BANK AG              15.500    9/28/2012      EUR     71.40
DZ BANK AG              16.500    9/28/2012      EUR     72.89
DZ BANK AG               4.500    10/5/2012      EUR     67.59
DZ BANK AG               5.700    10/5/2012      EUR     64.65
DZ BANK AG               7.600    10/5/2012      EUR     73.61
DZ BANK AG               8.300    10/5/2012      EUR     59.52
DZ BANK AG               7.000   10/12/2012      EUR     46.10
DZ BANK AG               7.000   10/12/2012      EUR     67.70
DZ BANK AG               8.000   10/12/2012      EUR     70.27
DZ BANK AG               9.500   10/12/2012      EUR     56.39
DZ BANK AG               8.000   10/12/2012      EUR     40.91
DZ BANK AG              15.000   10/26/2012      EUR     74.34
DZ BANK AG              15.000   10/26/2012      EUR     74.95
DZ BANK AG              16.000   10/26/2012      EUR     73.48
DZ BANK AG              18.000   10/26/2012      EUR     72.89
DZ BANK AG              19.000   10/26/2012      EUR     69.60
DZ BANK AG              22.000   10/26/2012      EUR     66.50
DZ BANK AG              20.000   11/23/2012      EUR     66.60
DZ BANK AG               5.000   12/14/2012      EUR     64.31
DZ BANK AG               9.750   12/14/2012      EUR     63.88
DZ BANK AG               5.000   12/21/2012      EUR     68.07
DZ BANK AG               6.000     1/2/2013      EUR     70.01
DZ BANK AG              15.500    1/11/2013      EUR     59.09
DZ BANK AG              14.000    1/11/2013      EUR     53.61
DZ BANK AG              12.500    1/25/2013      EUR     55.77
DZ BANK AG              19.000    1/25/2013      EUR     68.57
DZ BANK AG              10.250     2/8/2013      EUR     74.25
DZ BANK AG              14.000    2/22/2013      EUR     72.71
DZ BANK AG              10.750    2/22/2013      EUR     72.00
DZ BANK AG              11.000    2/22/2013      EUR     74.88
DZ BANK AG              11.000     3/8/2013      EUR     74.57
DZ BANK AG              13.500     3/8/2013      EUR     74.67
DZ BANK AG              13.750     3/8/2013      EUR     58.84
DZ BANK AG              10.000     3/8/2013      EUR     70.18
DZ BANK AG              18.500    3/22/2013      EUR     74.07
DZ BANK AG              11.250    3/22/2013      EUR     70.63
DZ BANK AG              20.000    3/22/2013      EUR     70.79
DZ BANK AG               9.750     4/2/2013      EUR     74.63
DZ BANK AG              17.000    4/26/2013      EUR     24.60
DZ BANK AG              15.750    4/26/2013      EUR     58.28
DZ BANK AG              14.500    4/26/2013      EUR     74.08
GOLDMAN SACHS CO        15.000    9/26/2012      EUR     74.60
GOLDMAN SACHS CO        16.000   12/28/2012      EUR     74.80
GOLDMAN SACHS CO        15.000   12/28/2012      EUR     69.90
GOLDMAN SACHS CO        18.000    3/20/2013      EUR     73.50
GOLDMAN SACHS CO        18.000    6/26/2013      EUR     73.50
HSBC TRINKAUS           25.500    9/28/2012      EUR     63.19
HSBC TRINKAUS           25.500    9/28/2012      EUR     71.57
HSBC TRINKAUS           27.500    9/28/2012      EUR     65.73
HSBC TRINKAUS           29.000    9/28/2012      EUR     66.42
HSBC TRINKAUS           29.500    9/28/2012      EUR     57.38
HSBC TRINKAUS            8.000    9/28/2012      EUR     62.94
HSBC TRINKAUS           11.000    9/28/2012      EUR     60.03
HSBC TRINKAUS           13.000    9/28/2012      EUR     67.64
HSBC TRINKAUS           15.500    9/28/2012      EUR     61.98
HSBC TRINKAUS           18.000    9/28/2012      EUR     55.12
HSBC TRINKAUS           18.500    9/28/2012      EUR     74.90
HSBC TRINKAUS           19.000    9/28/2012      EUR     70.22
HSBC TRINKAUS           19.500    9/28/2012      EUR     70.13
HSBC TRINKAUS           20.000    9/28/2012      EUR     62.56
HSBC TRINKAUS           20.000    9/28/2012      EUR     57.43
HSBC TRINKAUS           24.000    9/28/2012      EUR     70.37
HSBC TRINKAUS           24.000    9/28/2012      EUR     64.06
HSBC TRINKAUS           25.000    9/28/2012      EUR     65.72
HSBC TRINKAUS           29.500    9/28/2012      EUR     72.08
HSBC TRINKAUS           17.500   10/26/2012      EUR     72.82
HSBC TRINKAUS           16.000   11/23/2012      EUR     73.82
HSBC TRINKAUS           18.000    3/22/2013      EUR     72.51
HSBC TRINKAUS           18.500    3/22/2013      EUR     61.07
HSBC TRINKAUS           19.000    3/22/2013      EUR     67.82
HSBC TRINKAUS           19.500    3/22/2013      EUR     66.22
HSBC TRINKAUS           20.000    3/22/2013      EUR     71.32
HSBC TRINKAUS           22.500    3/22/2013      EUR     72.99
HSBC TRINKAUS           17.500    3/22/2013      EUR     71.32
HSBC TRINKAUS           17.500    3/22/2013      EUR     67.72
HSBC TRINKAUS           15.500    3/22/2013      EUR     63.80
HSBC TRINKAUS           15.000    3/22/2013      EUR     74.24
HSBC TRINKAUS           14.000    3/22/2013      EUR     61.99
HSBC TRINKAUS           13.000    3/22/2013      EUR     65.16
HSBC TRINKAUS           10.500    3/22/2013      EUR     65.35
HSBC TRINKAUS           22.000    3/22/2013      EUR     59.19
HSBC TRINKAUS           22.000    3/22/2013      EUR     65.12
HSBC TRINKAUS           10.500    3/22/2013      EUR     68.93
HSBC TRINKAUS            8.500    3/22/2013      EUR     67.22
HSBC TRINKAUS            8.000    3/22/2013      EUR     69.04
HSBC TRINKAUS            7.500    3/22/2013      EUR     73.26
HSBC TRINKAUS           23.500    3/22/2013      EUR     66.11
HSBC TRINKAUS           24.000    3/22/2013      EUR     68.01
HSBC TRINKAUS           21.000    3/22/2013      EUR     61.34
HSBC TRINKAUS           24.000    3/22/2013      EUR     74.42
HSBC TRINKAUS           26.500    3/22/2013      EUR     63.41
HSBC TRINKAUS           27.000    3/22/2013      EUR     51.73
HSBC TRINKAUS           21.000    3/22/2013      EUR     69.66
HSBC TRINKAUS           17.500    3/22/2013      EUR     74.85
HSBC TRINKAUS           17.500    3/22/2013      EUR     73.36
HSBC TRINKAUS           27.500    3/22/2013      EUR     43.79
HSBC TRINKAUS           16.500    6/28/2013      EUR     72.23
HSBC TRINKAUS           30.000    6/28/2013      EUR     47.92
HSBC TRINKAUS           26.000    6/28/2013      EUR     48.12
HSBC TRINKAUS           25.500    6/28/2013      EUR     55.26
HSBC TRINKAUS           23.500    6/28/2013      EUR     66.74
HSBC TRINKAUS           22.500    6/28/2013      EUR     56.28
HSBC TRINKAUS           21.500    6/28/2013      EUR     69.11
HSBC TRINKAUS           21.000    6/28/2013      EUR     74.21
HSBC TRINKAUS           19.500    6/28/2013      EUR     71.92
HSBC TRINKAUS           19.500    6/28/2013      EUR     65.45
HSBC TRINKAUS           19.000    6/28/2013      EUR     61.51
HSBC TRINKAUS           18.500    6/28/2013      EUR     69.81
HSBC TRINKAUS           18.500    6/28/2013      EUR     73.09
HSBC TRINKAUS           17.500    6/28/2013      EUR     74.31
HSBC TRINKAUS           17.500    6/28/2013      EUR     69.79
HSBC TRINKAUS           16.500    6/28/2013      EUR     67.81
HSBC TRINKAUS           16.500    6/28/2013      EUR     63.04
HSBC TRINKAUS           16.000    6/28/2013      EUR     74.06
HSBC TRINKAUS           14.000    6/28/2013      EUR     65.10
HSBC TRINKAUS           12.500    6/28/2013      EUR     64.64
HSBC TRINKAUS           11.000    6/28/2013      EUR     74.91
HSBC TRINKAUS           10.500    6/28/2013      EUR     69.50
HSBC TRINKAUS           10.000    6/28/2013      EUR     67.63
HSBC TRINKAUS            8.500    6/28/2013      EUR     69.19
HSBC TRINKAUS            8.000    6/28/2013      EUR     73.09
HSBC TRINKAUS            6.000    6/28/2013      EUR     73.19
LB BADEN-WUERTT          4.000    9/28/2012      EUR     40.37
LB BADEN-WUERTT         10.000    9/28/2012      EUR     70.89
LB BADEN-WUERTT         10.000    9/28/2012      EUR     66.27
LB BADEN-WUERTT          8.000    9/28/2012      EUR     52.88
LB BADEN-WUERTT          8.000    9/28/2012      EUR     15.69
LB BADEN-WUERTT          8.000    9/28/2012      EUR     43.83
LB BADEN-WUERTT          8.000    9/28/2012      EUR     48.21
LB BADEN-WUERTT          8.000    9/28/2012      EUR     61.23
LB BADEN-WUERTT          8.000    9/28/2012      EUR     31.15
LB BADEN-WUERTT          8.000    9/28/2012      EUR     62.44
LB BADEN-WUERTT          7.500    9/28/2012      EUR     66.30
LB BADEN-WUERTT          7.000    9/28/2012      EUR     70.35
LB BADEN-WUERTT          6.000    9/28/2012      EUR     34.37
LB BADEN-WUERTT          6.000    9/28/2012      EUR     58.65
LB BADEN-WUERTT          6.000    9/28/2012      EUR     18.13
LB BADEN-WUERTT          6.000    9/28/2012      EUR     69.52
LB BADEN-WUERTT          6.000    9/28/2012      EUR     71.30
LB BADEN-WUERTT          6.000    9/28/2012      EUR     50.02
LB BADEN-WUERTT          6.000    9/28/2012      EUR     53.80
LB BADEN-WUERTT          5.000    9/28/2012      EUR     65.94
LB BADEN-WUERTT          4.000    9/28/2012      EUR     68.25
LB BADEN-WUERTT          4.000    9/28/2012      EUR     22.11
LB BADEN-WUERTT          4.000    9/28/2012      EUR     59.87
LB BADEN-WUERTT          4.000    9/28/2012      EUR     62.61
LB BADEN-WUERTT         10.000   10/26/2012      EUR     40.56
LB BADEN-WUERTT         10.000   10/26/2012      EUR     69.36
LB BADEN-WUERTT         10.000   10/26/2012      EUR     45.52
LB BADEN-WUERTT         10.000   10/26/2012      EUR     51.67
LB BADEN-WUERTT         10.000   10/26/2012      EUR     71.65
LB BADEN-WUERTT         10.000   10/26/2012      EUR      5.08
LB BADEN-WUERTT         10.000   10/26/2012      EUR     52.69
LB BADEN-WUERTT         10.000   10/26/2012      EUR     12.95
LB BADEN-WUERTT         10.000   10/26/2012      EUR     71.72
LB BADEN-WUERTT          7.500   10/26/2012      EUR     45.83
LB BADEN-WUERTT          7.500   10/26/2012      EUR     56.39
LB BADEN-WUERTT          7.500   10/26/2012      EUR     49.94
LB BADEN-WUERTT          7.500   10/26/2012      EUR     57.86
LB BADEN-WUERTT          7.500   10/26/2012      EUR     13.73
LB BADEN-WUERTT          7.500   10/26/2012      EUR      5.49
LB BADEN-WUERTT          5.000   10/26/2012      EUR     58.00
LB BADEN-WUERTT          5.000   10/26/2012      EUR     65.63
LB BADEN-WUERTT          5.000   10/26/2012      EUR     64.14
LB BADEN-WUERTT          5.000   10/26/2012      EUR     54.77
LB BADEN-WUERTT          5.000   10/26/2012      EUR     15.49
LB BADEN-WUERTT          5.000   10/26/2012      EUR      5.83
LB BADEN-WUERTT         10.000   11/23/2012      EUR     59.75
LB BADEN-WUERTT         10.000   11/23/2012      EUR     67.88
LB BADEN-WUERTT         10.000   11/23/2012      EUR     37.08
LB BADEN-WUERTT         10.000   11/23/2012      EUR     74.77
LB BADEN-WUERTT         10.000   11/23/2012      EUR     62.60
LB BADEN-WUERTT         10.000   11/23/2012      EUR     13.72
LB BADEN-WUERTT         10.000   11/23/2012      EUR     62.30
LB BADEN-WUERTT         10.000   11/23/2012      EUR     43.04
LB BADEN-WUERTT         10.000   11/23/2012      EUR     61.13
LB BADEN-WUERTT         10.000   11/23/2012      EUR     70.15
LB BADEN-WUERTT         10.000   11/23/2012      EUR     52.32
LB BADEN-WUERTT          7.500   11/23/2012      EUR     67.76
LB BADEN-WUERTT          7.500   11/23/2012      EUR     68.27
LB BADEN-WUERTT          7.500   11/23/2012      EUR     40.90
LB BADEN-WUERTT          7.500   11/23/2012      EUR     47.45
LB BADEN-WUERTT          7.500   11/23/2012      EUR     74.17
LB BADEN-WUERTT          7.500   11/23/2012      EUR     69.55
LB BADEN-WUERTT          7.500   11/23/2012      EUR     70.84
LB BADEN-WUERTT          7.500   11/23/2012      EUR     14.47
LB BADEN-WUERTT          7.500   11/23/2012      EUR     57.25
LB BADEN-WUERTT          7.500   11/23/2012      EUR     67.17
LB BADEN-WUERTT          5.000   11/23/2012      EUR     54.28
LB BADEN-WUERTT          5.000   11/23/2012      EUR     47.65
LB BADEN-WUERTT          5.000   11/23/2012      EUR     65.18
LB BADEN-WUERTT          5.000   11/23/2012      EUR     74.32
LB BADEN-WUERTT          5.000   11/23/2012      EUR     15.96
LB BADEN-WUERTT         15.000   11/23/2012      EUR     52.12
LB BADEN-WUERTT         10.000   11/23/2012      EUR     61.99
LB BADEN-WUERTT         10.000     1/4/2013      EUR     51.71
LB BADEN-WUERTT         10.000     1/4/2013      EUR     49.92
LB BADEN-WUERTT         10.000     1/4/2013      EUR     36.72
LB BADEN-WUERTT         10.000     1/4/2013      EUR     14.71
LB BADEN-WUERTT         10.000     1/4/2013      EUR     63.97
LB BADEN-WUERTT          5.000     1/4/2013      EUR     62.36
LB BADEN-WUERTT          5.000     1/4/2013      EUR     16.38
LB BADEN-WUERTT          5.000     1/4/2013      EUR     62.63
LB BADEN-WUERTT          5.000     1/4/2013      EUR     45.18
LB BADEN-WUERTT          7.500     1/4/2013      EUR     55.31
LB BADEN-WUERTT          7.500     1/4/2013      EUR     39.25
LB BADEN-WUERTT          7.500     1/4/2013      EUR     67.63
LB BADEN-WUERTT          7.500     1/4/2013      EUR     15.08
LB BADEN-WUERTT          7.500     1/4/2013      EUR     63.14
LB BADEN-WUERTT          7.500     1/4/2013      EUR     67.56
LB BADEN-WUERTT          7.500     1/4/2013      EUR     62.33
LB BADEN-WUERTT          5.000     1/4/2013      EUR     72.03
LB BADEN-WUERTT          7.500     1/4/2013      EUR     50.86
LB BADEN-WUERTT         10.000     1/4/2013      EUR     61.96
LB BADEN-WUERTT         10.000     1/4/2013      EUR     61.89
LB BADEN-WUERTT          5.000     1/4/2013      EUR     50.03
LB BADEN-WUERTT         10.000     1/4/2013      EUR     57.77
LB BADEN-WUERTT         10.000    1/25/2013      EUR     58.61
LB BADEN-WUERTT          5.000    1/25/2013      EUR     70.89
LB BADEN-WUERTT          5.000    1/25/2013      EUR     21.73
LB BADEN-WUERTT          5.000    1/25/2013      EUR     62.91
LB BADEN-WUERTT          7.500    1/25/2013      EUR     63.88
LB BADEN-WUERTT          7.500    1/25/2013      EUR     59.90
LB BADEN-WUERTT          7.500    1/25/2013      EUR     65.77
LB BADEN-WUERTT          7.500    1/25/2013      EUR     19.90
LB BADEN-WUERTT         10.000    1/25/2013      EUR     70.52
LB BADEN-WUERTT         10.000    1/25/2013      EUR     19.00
LB BADEN-WUERTT         10.000    1/25/2013      EUR     64.86
LB BADEN-WUERTT         10.000    1/25/2013      EUR     54.15
LB BADEN-WUERTT         10.000    1/25/2013      EUR     70.72
LB BADEN-WUERTT         10.000    1/25/2013      EUR     71.23
LB BADEN-WUERTT         15.000    2/22/2013      EUR     55.53
LB BADEN-WUERTT         20.000    2/22/2013      EUR     74.51
LB BADEN-WUERTT          7.500    2/22/2013      EUR     71.21
LB BADEN-WUERTT         10.000    2/22/2013      EUR     64.36
LB BADEN-WUERTT          8.000    3/22/2013      EUR     69.58
LB BADEN-WUERTT         10.000    3/22/2013      EUR     67.88
LB BADEN-WUERTT         15.000    3/22/2013      EUR     72.08
LB BADEN-WUERTT         15.000    3/22/2013      EUR     64.25
LB BADEN-WUERTT         11.000    6/28/2013      EUR     68.64
LB BADEN-WUERTT          7.000    6/28/2013      EUR     72.05
LB BADEN-WUERTT          5.000    6/28/2013      EUR     59.72
LB BADEN-WUERTT          7.500    6/28/2013      EUR     72.46
LB BADEN-WUERTT          9.000    6/28/2013      EUR     69.59
LB BADEN-WUERTT         10.000    6/28/2013      EUR     63.78
LB BADEN-WUERTT         10.000    6/28/2013      EUR     69.17
LB BADEN-WUERTT         10.000    6/28/2013      EUR     74.25
LB BADEN-WUERTT          7.500    6/28/2013      EUR     59.15
LB BADEN-WUERTT          8.000    7/26/2013      EUR     73.84
LB BADEN-WUERTT          9.000    7/26/2013      EUR     73.35
LB BADEN-WUERTT          8.000    8/23/2013      EUR     73.44
LB BADEN-WUERTT          9.000    8/23/2013      EUR     73.57
LB BADEN-WUERTT         10.000    8/23/2013      EUR     71.42
LB BADEN-WUERTT         12.000    8/23/2013      EUR     69.73
LB BADEN-WUERTT         11.000    9/27/2013      EUR     69.96
LB BADEN-WUERTT          9.000    9/27/2013      EUR     70.25
LB BADEN-WUERTT          7.000    9/27/2013      EUR     71.96
MACQUARIE STRUCT         9.750    9/28/2012      EUR     48.50
MACQUARIE STRUCT        12.750    9/28/2012      EUR     71.15
MACQUARIE STRUCT         9.250    9/28/2012      EUR     72.22
MACQUARIE STRUCT        11.500    9/28/2012      EUR     39.89
MACQUARIE STRUCT        10.750    9/28/2012      EUR     70.77
MACQUARIE STRUCT        10.000    9/28/2012      EUR     70.62
MACQUARIE STRUCT         9.000    9/28/2012      EUR     53.64
MACQUARIE STRUCT        18.000   12/14/2012      EUR     50.28
Q-CELLS                  6.750   10/21/2015      EUR      0.73
QIMONDA FINANCE          6.750    3/22/2013      USD      4.50
SOLON AG SOLAR           1.375    12/6/2012      EUR      0.53
TAG IMMO AG              6.500   12/10/2015      EUR      8.61
TUI AG                   5.500   11/17/2014      EUR     72.24
TUI AG                   2.750    3/24/2016      EUR     54.16
VONTOBEL FIN PRO        17.100    9/28/2012      EUR     61.06
VONTOBEL FIN PRO        17.450    9/28/2012      EUR     72.94
VONTOBEL FIN PRO        18.100    9/28/2012      EUR     60.24
VONTOBEL FIN PRO        18.800    9/28/2012      EUR     69.34
VONTOBEL FIN PRO        18.900    9/28/2012      EUR     63.98
VONTOBEL FIN PRO        19.000    9/28/2012      EUR     48.60
VONTOBEL FIN PRO        19.250    9/28/2012      EUR     57.46
VONTOBEL FIN PRO        20.000    9/28/2012      EUR     60.52
VONTOBEL FIN PRO        20.400    9/28/2012      EUR     64.88
VONTOBEL FIN PRO        20.750    9/28/2012      EUR     54.56
VONTOBEL FIN PRO        20.950    9/28/2012      EUR     43.92
VONTOBEL FIN PRO        21.350    9/28/2012      EUR     65.52
VONTOBEL FIN PRO        21.500    9/28/2012      EUR     43.98
VONTOBEL FIN PRO        21.550    9/28/2012      EUR     54.20
VONTOBEL FIN PRO        21.550    9/28/2012      EUR     74.22
VONTOBEL FIN PRO        21.900    9/28/2012      EUR     71.34
VONTOBEL FIN PRO        23.100    9/28/2012      EUR     72.44
VONTOBEL FIN PRO        23.300    9/28/2012      EUR     71.18
VONTOBEL FIN PRO        25.050    9/28/2012      EUR     64.34
VONTOBEL FIN PRO        25.700    9/28/2012      EUR     51.54
VONTOBEL FIN PRO        26.050    9/28/2012      EUR     72.68
VONTOBEL FIN PRO        27.550    9/28/2012      EUR     37.24
VONTOBEL FIN PRO        28.700    9/28/2012      EUR     44.44
VONTOBEL FIN PRO         8.200    9/28/2012      EUR     64.36
VONTOBEL FIN PRO         8.200    9/28/2012      EUR     59.60
VONTOBEL FIN PRO         8.250    9/28/2012      EUR     73.38
VONTOBEL FIN PRO         9.050    9/28/2012      EUR     69.44
VONTOBEL FIN PRO         9.400    9/28/2012      EUR     51.54
VONTOBEL FIN PRO         9.700    9/28/2012      EUR     66.50
VONTOBEL FIN PRO         9.700    9/28/2012      EUR     62.42
VONTOBEL FIN PRO         9.950    9/28/2012      EUR     63.58
VONTOBEL FIN PRO        10.400    9/28/2012      EUR     67.76
VONTOBEL FIN PRO        10.600    9/28/2012      EUR     58.24
VONTOBEL FIN PRO        10.600    9/28/2012      EUR     73.26
VONTOBEL FIN PRO        10.850    9/28/2012      EUR     51.34
VONTOBEL FIN PRO        11.050    9/28/2012      EUR     64.64
VONTOBEL FIN PRO        11.100    9/28/2012      EUR     73.46
VONTOBEL FIN PRO        11.200    9/28/2012      EUR     73.20
VONTOBEL FIN PRO        11.250    9/28/2012      EUR     62.84
VONTOBEL FIN PRO        11.550    9/28/2012      EUR     58.20
VONTOBEL FIN PRO        11.900    9/28/2012      EUR     64.92
VONTOBEL FIN PRO        12.100    9/28/2012      EUR     74.58
VONTOBEL FIN PRO        12.350    9/28/2012      EUR     49.22
VONTOBEL FIN PRO        12.800    9/28/2012      EUR     59.60
VONTOBEL FIN PRO        13.100    9/28/2012      EUR     53.76
VONTOBEL FIN PRO        13.350    9/28/2012      EUR     74.68
VONTOBEL FIN PRO        13.950    9/28/2012      EUR     46.30
VONTOBEL FIN PRO        14.150    9/28/2012      EUR     60.18
VONTOBEL FIN PRO        14.450    9/28/2012      EUR     66.84
VONTOBEL FIN PRO        14.500    9/28/2012      EUR     54.72
VONTOBEL FIN PRO        14.550    9/28/2012      EUR     60.14
VONTOBEL FIN PRO        14.600    9/28/2012      EUR     47.26
VONTOBEL FIN PRO        14.650    9/28/2012      EUR     72.04
VONTOBEL FIN PRO        15.000    9/28/2012      EUR     73.48
VONTOBEL FIN PRO        15.150    9/28/2012      EUR     63.90
VONTOBEL FIN PRO        15.250    9/28/2012      EUR     72.72
VONTOBEL FIN PRO        15.550    9/28/2012      EUR     70.96
VONTOBEL FIN PRO        15.700    9/28/2012      EUR     64.42
VONTOBEL FIN PRO        16.200    9/28/2012      EUR     67.40
VONTOBEL FIN PRO        16.400    9/28/2012      EUR     61.68
VONTOBEL FIN PRO        16.800    9/28/2012      EUR     65.70
VONTOBEL FIN PRO        16.850    9/28/2012      EUR     47.38
VONTOBEL FIN PRO        16.850    9/28/2012      EUR     70.62
VONTOBEL FIN PRO        16.900    9/28/2012      EUR     74.08
VONTOBEL FIN PRO        28.900    9/28/2012      EUR     37.34
VONTOBEL FIN PRO         7.350    9/28/2012      EUR     72.30
VONTOBEL FIN PRO         7.900    9/28/2012      EUR     74.86
VONTOBEL FIN PRO         5.006   12/28/2012      EUR     67.96
VONTOBEL FIN PRO        21.200   12/31/2012      EUR     61.90
VONTOBEL FIN PRO        21.200   12/31/2012      EUR     73.78
VONTOBEL FIN PRO        24.700   12/31/2012      EUR     40.82
VONTOBEL FIN PRO         7.900   12/31/2012      EUR     66.32
VONTOBEL FIN PRO         7.850   12/31/2012      EUR     74.94
VONTOBEL FIN PRO        24.900   12/31/2012      EUR     47.50
VONTOBEL FIN PRO        26.050   12/31/2012      EUR     70.72
VONTOBEL FIN PRO         7.400   12/31/2012      EUR     59.46
VONTOBEL FIN PRO        27.600   12/31/2012      EUR     39.12
VONTOBEL FIN PRO        28.250   12/31/2012      EUR     37.22
VONTOBEL FIN PRO         8.400   12/31/2012      EUR     74.58
VONTOBEL FIN PRO        10.500   12/31/2012      EUR     36.14
VONTOBEL FIN PRO        11.000   12/31/2012      EUR     73.40
VONTOBEL FIN PRO        11.000   12/31/2012      EUR     66.16
VONTOBEL FIN PRO         8.950   12/31/2012      EUR     71.64
VONTOBEL FIN PRO        10.150   12/31/2012      EUR     73.42
VONTOBEL FIN PRO        10.050   12/31/2012      EUR     60.42
VONTOBEL FIN PRO         9.650   12/31/2012      EUR     72.92
VONTOBEL FIN PRO         9.400   12/31/2012      EUR     66.34
VONTOBEL FIN PRO         9.400   12/31/2012      EUR     68.56
VONTOBEL FIN PRO         9.250   12/31/2012      EUR     49.78
VONTOBEL FIN PRO        18.900   12/31/2012      EUR     58.12
VONTOBEL FIN PRO        18.850   12/31/2012      EUR     45.50
VONTOBEL FIN PRO        18.200   12/31/2012      EUR     74.64
VONTOBEL FIN PRO        17.300   12/31/2012      EUR     71.12
VONTOBEL FIN PRO        17.100   12/31/2012      EUR     44.88
VONTOBEL FIN PRO        17.050   12/31/2012      EUR     60.50
VONTOBEL FIN PRO        16.950   12/31/2012      EUR     62.36
VONTOBEL FIN PRO        16.850   12/31/2012      EUR     59.22
VONTOBEL FIN PRO        16.700   12/31/2012      EUR     64.40
VONTOBEL FIN PRO        16.450   12/31/2012      EUR     70.20
VONTOBEL FIN PRO        16.150   12/31/2012      EUR     62.56
VONTOBEL FIN PRO        15.250   12/31/2012      EUR     63.20
VONTOBEL FIN PRO        14.950   12/31/2012      EUR     66.28
VONTOBEL FIN PRO        14.450   12/31/2012      EUR     65.38
VONTOBEL FIN PRO        14.300   12/31/2012      EUR     67.20
VONTOBEL FIN PRO        14.300   12/31/2012      EUR     53.94
VONTOBEL FIN PRO        14.100   12/31/2012      EUR     73.38
VONTOBEL FIN PRO        14.000   12/31/2012      EUR     70.38
VONTOBEL FIN PRO        13.550   12/31/2012      EUR     55.22
VONTOBEL FIN PRO        13.500   12/31/2012      EUR     66.20
VONTOBEL FIN PRO        13.150   12/31/2012      EUR     74.02
VONTOBEL FIN PRO        13.050   12/31/2012      EUR     67.26
VONTOBEL FIN PRO        12.900   12/31/2012      EUR     72.86
VONTOBEL FIN PRO        12.800   12/31/2012      EUR     50.20
VONTOBEL FIN PRO        12.650   12/31/2012      EUR     61.66
VONTOBEL FIN PRO        12.650   12/31/2012      EUR     63.08
VONTOBEL FIN PRO        12.550   12/31/2012      EUR     70.64
VONTOBEL FIN PRO        12.250   12/31/2012      EUR     67.48
VONTOBEL FIN PRO        12.150   12/31/2012      EUR     74.04
VONTOBEL FIN PRO        12.000   12/31/2012      EUR     63.14
VONTOBEL FIN PRO        11.950   12/31/2012      EUR     68.62
VONTOBEL FIN PRO        11.950   12/31/2012      EUR     61.26
VONTOBEL FIN PRO        11.850   12/31/2012      EUR     65.90
VONTOBEL FIN PRO        11.800   12/31/2012      EUR     67.48
VONTOBEL FIN PRO        11.750   12/31/2012      EUR     68.78
VONTOBEL FIN PRO        11.700   12/31/2012      EUR     58.80
VONTOBEL FIN PRO        11.600   12/31/2012      EUR     70.76
VONTOBEL FIN PRO        11.450   12/31/2012      EUR     59.86
VONTOBEL FIN PRO        11.400   12/31/2012      EUR     71.18
VONTOBEL FIN PRO         9.200   12/31/2012      EUR     70.70
VONTOBEL FIN PRO        13.650     3/1/2013      EUR     48.90
VONTOBEL FIN PRO        10.100     3/8/2013      EUR     72.20
VONTOBEL FIN PRO        11.650    3/22/2013      EUR     74.36
VONTOBEL FIN PRO        13.700    3/22/2013      EUR     58.86
VONTOBEL FIN PRO        14.000    3/22/2013      EUR     67.64
VONTOBEL FIN PRO        14.500    3/22/2013      EUR     56.34
VONTOBEL FIN PRO        15.250    3/22/2013      EUR     56.82
VONTOBEL FIN PRO        16.850    3/22/2013      EUR     55.20
VONTOBEL FIN PRO        18.500    3/22/2013      EUR     53.96
VONTOBEL FIN PRO        20.900    3/22/2013      EUR     71.42
VONTOBEL FIN PRO        21.750    3/22/2013      EUR     73.66
VONTOBEL FIN PRO        12.200    3/22/2013      EUR     61.08
VONTOBEL FIN PRO        11.850    3/22/2013      EUR     60.14
VONTOBEL FIN PRO        11.150    3/22/2013      EUR     67.18
VONTOBEL FIN PRO        10.750    3/22/2013      EUR     63.98
VONTOBEL FIN PRO        10.300    3/22/2013      EUR     72.58
VONTOBEL FIN PRO         8.850    3/22/2013      EUR     71.26
VONTOBEL FIN PRO         8.550    3/22/2013      EUR     64.48
VONTOBEL FIN PRO         6.000    6/28/2013      EUR     58.50
VONTOBEL FIN PRO         8.000    6/28/2013      EUR     73.64
VONTOBEL FIN PRO         4.000    6/28/2013      EUR     42.22
VONTOBEL FIN PRO         7.389   11/25/2013      EUR     43.60
VONTOBEL FIN PRO         5.100    4/14/2014      EUR     36.90
WGZ BANK                 8.000   12/20/2012      EUR     69.91
WGZ BANK                 7.000   12/20/2012      EUR     71.99
WGZ BANK                 8.000   12/21/2012      EUR     74.38
WGZ BANK                 5.000   12/28/2012      EUR     67.47
WGZ BANK                 4.000   12/28/2012      EUR     72.90
WGZ BANK                 6.000   12/28/2012      EUR     62.80
WGZ BANK                 7.000   12/28/2012      EUR     58.81
WGZ BANK                 8.000   12/28/2012      EUR     55.36

GUERNSEY
--------
BCV GUERNSEY             8.020     3/1/2013      EUR     60.58
BKB FINANCE              8.900    9/27/2012      CHF     55.31
BKB FINANCE             11.400    11/8/2012      CHF     70.42
BKB FINANCE              8.350    1/14/2013      CHF     47.79
EFG FINANCIAL PR        10.260    8/31/2012      EUR     74.37
EFG FINANCIAL PR        12.000     9/3/2012      EUR     65.32
EFG FINANCIAL PR        12.250     9/3/2012      CHF     71.34
EFG FINANCIAL PR        10.500     9/3/2012      CHF     46.91
EFG FINANCIAL PR         9.500     9/4/2012      USD     44.41
EFG FINANCIAL PR         9.600     9/4/2012      USD     55.10
EFG FINANCIAL PR         7.000     9/7/2012      EUR     62.35
EFG FINANCIAL PR         7.250     9/7/2012      EUR     64.62
EFG FINANCIAL PR         8.500     9/7/2012      USD     35.91
EFG FINANCIAL PR         7.000     9/7/2012      CHF     43.33
EFG FINANCIAL PR         9.000    9/10/2012      CHF     48.09
EFG FINANCIAL PR        11.000    9/10/2012      EUR     72.92
EFG FINANCIAL PR        10.000    9/10/2012      EUR     66.56
EFG FINANCIAL PR        11.000    9/10/2012      EUR     70.07
EFG FINANCIAL PR        11.000    9/17/2012      USD     70.64
EFG FINANCIAL PR        10.000    9/21/2012      USD     47.90
EFG FINANCIAL PR        10.750    9/25/2012      CHF     58.35
EFG FINANCIAL PR        11.000    9/25/2012      USD     73.61
EFG FINANCIAL PR        11.250    9/25/2012      CHF     51.85
EFG FINANCIAL PR        12.000    9/25/2012      EUR     71.89
EFG FINANCIAL PR        11.250    9/25/2012      EUR     73.80
EFG FINANCIAL PR        10.250    9/25/2012      CHF     73.37
EFG FINANCIAL PR        10.000    10/1/2012      CHF     52.56
EFG FINANCIAL PR         9.930    10/3/2012      EUR     23.97
EFG FINANCIAL PR        10.620    10/3/2012      USD     24.23
EFG FINANCIAL PR        12.500   10/11/2012      CHF     52.66
EFG FINANCIAL PR        20.000   10/11/2012      CHF     20.40
EFG FINANCIAL PR        18.000   10/11/2012      EUR     67.03
EFG FINANCIAL PR        12.500   10/11/2012      GBP     67.47
EFG FINANCIAL PR        12.250   10/11/2012      EUR     67.44
EFG FINANCIAL PR        12.000   10/11/2012      USD     68.41
EFG FINANCIAL PR        11.500   10/11/2012      CHF     67.03
EFG FINANCIAL PR        17.250   10/12/2012      CHF     63.60
EFG FINANCIAL PR        10.000   10/17/2012      EUR     73.53
EFG FINANCIAL PR        12.000   10/19/2012      USD     60.16
EFG FINANCIAL PR        13.750   10/24/2012      USD     61.00
EFG FINANCIAL PR         6.250   10/25/2012      CHF     59.88
EFG FINANCIAL PR        13.250   10/26/2012      CHF     53.70
EFG FINANCIAL PR        12.000   10/26/2012      CHF     63.99
EFG FINANCIAL PR        11.250   10/26/2012      CHF     53.03
EFG FINANCIAL PR        21.000   10/26/2012      USD     21.61
EFG FINANCIAL PR        20.500   10/26/2012      EUR     21.35
EFG FINANCIAL PR        20.000   10/26/2012      CHF     21.04
EFG FINANCIAL PR        17.000   10/26/2012      EUR     48.83
EFG FINANCIAL PR        16.750   10/26/2012      CHF     22.33
EFG FINANCIAL PR        13.250   10/26/2012      EUR     56.25
EFG FINANCIAL PR         9.330   10/29/2012      USD     45.20
EFG FINANCIAL PR        13.080    11/5/2012      CHF     71.40
EFG FINANCIAL PR        11.050    11/8/2012      USD     46.00
EFG FINANCIAL PR         6.000   11/12/2012      EUR     50.98
EFG FINANCIAL PR         6.000   11/12/2012      CHF     49.81
EFG FINANCIAL PR        14.500   11/13/2012      EUR     70.71
EFG FINANCIAL PR        12.500   11/13/2012      EUR     71.83
EFG FINANCIAL PR        14.750   11/13/2012      CHF     72.09
EFG FINANCIAL PR        17.000   11/13/2012      EUR     54.08
EFG FINANCIAL PR        12.750   11/13/2012      CHF     22.11
EFG FINANCIAL PR        13.000   11/13/2012      CHF     69.91
EFG FINANCIAL PR        10.500   11/13/2012      CHF     54.33
EFG FINANCIAL PR        13.000   11/13/2012      CHF     21.65
EFG FINANCIAL PR        14.000   11/13/2012      USD     22.08
EFG FINANCIAL PR        10.500   11/13/2012      CHF     54.23
EFG FINANCIAL PR        12.750   11/13/2012      CHF     66.91
EFG FINANCIAL PR        12.830   11/19/2012      CHF     67.06
EFG FINANCIAL PR        14.800   11/20/2012      EUR     56.78
EFG FINANCIAL PR         9.400   11/20/2012      EUR     70.53
EFG FINANCIAL PR         8.300   11/20/2012      CHF     58.13
EFG FINANCIAL PR         8.000   11/20/2012      CHF     52.85
EFG FINANCIAL PR         8.000   11/20/2012      CHF     70.52
EFG FINANCIAL PR         7.000   11/20/2012      CHF     67.05
EFG FINANCIAL PR        11.500   11/20/2012      EUR     53.90
EFG FINANCIAL PR        11.250   11/27/2012      CHF     55.93
EFG FINANCIAL PR        12.000   11/27/2012      USD     74.42
EFG FINANCIAL PR        12.250   11/27/2012      EUR     73.91
EFG FINANCIAL PR        13.250   11/27/2012      CHF     71.65
EFG FINANCIAL PR        14.500   11/27/2012      CHF     72.22
EFG FINANCIAL PR        14.500   11/27/2012      CHF     29.91
EFG FINANCIAL PR        14.500   11/27/2012      EUR     72.37
EFG FINANCIAL PR        16.000   11/27/2012      EUR     49.75
EFG FINANCIAL PR         9.750    12/3/2012      CHF     71.09
EFG FINANCIAL PR        13.750    12/6/2012      CHF     71.46
EFG FINANCIAL PR         8.500   12/14/2012      CHF     71.66
EFG FINANCIAL PR        10.250   12/14/2012      CHF     73.92
EFG FINANCIAL PR        12.750   12/14/2012      CHF     70.78
EFG FINANCIAL PR        14.250   12/14/2012      EUR     59.60
EFG FINANCIAL PR        14.250   12/14/2012      GBP     71.29
EFG FINANCIAL PR        17.500   12/14/2012      EUR     52.43
EFG FINANCIAL PR         9.300   12/21/2012      CHF     56.58
EFG FINANCIAL PR        10.900   12/21/2012      CHF     57.12
EFG FINANCIAL PR        12.600   12/21/2012      CHF     57.70
EFG FINANCIAL PR        12.250   12/27/2012      GBP     60.79
EFG FINANCIAL PR         8.830   12/28/2012      USD     54.97
EFG FINANCIAL PR        10.000     1/9/2013      EUR     54.40
EFG FINANCIAL PR         9.000    1/15/2013      CHF     41.75
EFG FINANCIAL PR        11.250    1/15/2013      GBP     65.82
EFG FINANCIAL PR        10.250    1/15/2013      CHF     20.74
EFG FINANCIAL PR        13.000    1/15/2013      CHF     67.00
EFG FINANCIAL PR        12.500    1/15/2013      CHF     43.28
EFG FINANCIAL PR        16.500    1/18/2013      CHF     74.45
EFG FINANCIAL PR         5.800    1/23/2013      CHF     43.99
EFG FINANCIAL PR        15.000     3/1/2013      CHF     67.39
EFG FINANCIAL PR        10.000     3/6/2013      USD     73.51
EFG FINANCIAL PR        10.750    3/19/2013      USD     73.30
EFG FINANCIAL PR        10.500    3/21/2013      EUR     73.27
EFG FINANCIAL PR         8.000     4/2/2013      CHF     71.57
EFG FINANCIAL PR        16.000     4/4/2013      CHF     33.04
EFG FINANCIAL PR         7.530    4/16/2013      EUR     71.74
EFG FINANCIAL PR         7.000    4/19/2013      EUR     60.74
EFG FINANCIAL PR        12.000    4/26/2013      CHF     66.73
EFG FINANCIAL PR         6.500    8/27/2013      CHF     44.56
EFG FINANCIAL PR         8.400    9/30/2013      CHF     55.82
EFG FINANCIAL PR        19.000    10/3/2013      GBP     70.37
EFG FINANCIAL PR         8.160    4/25/2014      EUR     71.60
EFG FINANCIAL PR         5.850   10/14/2014      CHF     50.37
SARASIN CI LTD           6.000     6/9/2014      EUR     70.74
ZURCHER KANT FIN         9.250    11/9/2012      CHF     54.09
ZURCHER KANT FIN        17.000    2/22/2013      EUR     59.10
ZURCHER KANT FIN         7.340    4/16/2013      CHF     59.68

ICELAND
-------
KAUPTHING                0.800    2/15/2011      EUR     26.50

LUXEMBOURG
----------
ARCELORMITTAL            7.250     4/1/2014      EUR     22.18
ESPIRITO SANTO F         9.750   12/19/2025      EUR     67.20

NETHERLANDS
-----------
BLT FINANCE BV          12.000    2/10/2015      USD     24.88
KPNQWEST NV             10.000    3/15/2012      EUR      0.13
LEHMAN BROS TSY         14.900    9/15/2008      EUR     17.88
LEHMAN BROS TSY         23.300    9/16/2008      USD     17.88
LEHMAN BROS TSY          7.375    9/20/2008      EUR     17.88
LEHMAN BROS TSY         18.250    10/2/2008      USD     17.88
LEHMAN BROS TSY          7.250    10/6/2008      EUR     17.88
LEHMAN BROS TSY         16.000    10/8/2008      CHF     17.88
LEHMAN BROS TSY         10.000   10/22/2008      USD     17.88
LEHMAN BROS TSY          8.000   10/23/2008      USD     17.88
LEHMAN BROS TSY          5.000   10/24/2008      CHF     17.88
LEHMAN BROS TSY          6.000   10/24/2008      EUR     17.88
LEHMAN BROS TSY          7.500   10/24/2008      USD     17.88
LEHMAN BROS TSY         16.000   10/28/2008      USD     17.88
LEHMAN BROS TSY         13.150   10/30/2008      USD     17.88
LEHMAN BROS TSY         16.000    11/9/2008      USD     17.88
LEHMAN BROS TSY         14.100   11/12/2008      USD     17.88
LEHMAN BROS TSY         10.442   11/22/2008      CHF     17.88
LEHMAN BROS TSY          7.000   11/28/2008      CHF     17.88
LEHMAN BROS TSY         16.000   12/26/2008      USD     17.88
LEHMAN BROS TSY         13.432     1/8/2009      ILS     17.88
LEHMAN BROS TSY          7.750    1/30/2009      EUR     17.88
LEHMAN BROS TSY         11.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY         13.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY         10.000    2/16/2009      CHF     17.88
LEHMAN BROS TSY          0.500    2/16/2009      EUR     17.88
LEHMAN BROS TSY          9.000    3/17/2009      GBP     17.88
LEHMAN BROS TSY          7.000    4/14/2009      EUR     17.88
LEHMAN BROS TSY          3.850    4/24/2009      USD     17.88
LEHMAN BROS TSY          4.000    4/24/2009      USD     17.88
LEHMAN BROS TSY         16.200    5/14/2009      USD     17.88
LEHMAN BROS TSY          8.000    5/22/2009      USD     17.88
LEHMAN BROS TSY         10.000    5/22/2009      USD     17.88
LEHMAN BROS TSY          8.000    5/22/2009      USD     17.88
LEHMAN BROS TSY         13.500     6/2/2009      USD     17.88
LEHMAN BROS TSY         17.000     6/2/2009      USD     17.88
LEHMAN BROS TSY         15.000     6/4/2009      CHF     17.88
LEHMAN BROS TSY          9.000    6/13/2009      USD     17.88
LEHMAN BROS TSY          5.500    6/15/2009      CHF     17.88
LEHMAN BROS TSY          5.750    6/15/2009      CHF     17.88
LEHMAN BROS TSY         10.000    6/17/2009      USD     17.88
LEHMAN BROS TSY         11.000    6/29/2009      EUR     17.88
LEHMAN BROS TSY          8.500     7/6/2009      CHF     17.88
LEHMAN BROS TSY          4.500     8/2/2009      USD     17.88
LEHMAN BROS TSY          8.000     8/3/2009      USD     17.88
LEHMAN BROS TSY         16.800    8/21/2009      USD     17.88
LEHMAN BROS TSY          7.500    9/13/2009      CHF     17.88
LEHMAN BROS TSY          8.800   12/27/2009      EUR     17.88
LEHMAN BROS TSY          1.750     2/7/2010      EUR     17.88
LEHMAN BROS TSY          7.000    2/15/2010      CHF     17.88
LEHMAN BROS TSY         11.750     3/1/2010      EUR     17.88
LEHMAN BROS TSY          4.000    5/30/2010      USD     17.88
LEHMAN BROS TSY          6.000    7/28/2010      EUR     17.88
LEHMAN BROS TSY          6.000    7/28/2010      EUR     17.88
LEHMAN BROS TSY         10.500     8/9/2010      EUR     17.88
LEHMAN BROS TSY          4.000   10/12/2010      USD     17.88
LEHMAN BROS TSY         14.900   11/16/2010      EUR     17.88
LEHMAN BROS TSY          9.300   12/21/2010      EUR     17.88
LEHMAN BROS TSY          9.300   12/21/2010      EUR     17.88
LEHMAN BROS TSY          8.000   12/31/2010      USD     17.88
LEHMAN BROS TSY          4.000     1/4/2011      USD     17.88
LEHMAN BROS TSY         11.000     7/4/2011      CHF     17.88
LEHMAN BROS TSY         11.000     7/4/2011      USD     17.88
LEHMAN BROS TSY         12.000     7/4/2011      EUR     17.88
LEHMAN BROS TSY          2.500   12/15/2011      GBP     17.88
LEHMAN BROS TSY          6.000    2/14/2012      EUR     17.88
LEHMAN BROS TSY          7.000    2/15/2012      EUR     17.88
LEHMAN BROS TSY          6.600    2/22/2012      EUR     17.88
LEHMAN BROS TSY         13.000    7/25/2012      EUR     17.88
LEHMAN BROS TSY          2.500    8/23/2012      GBP     17.88
LEHMAN BROS TSY          6.000   10/30/2012      USD      6.38
LEHMAN BROS TSY          3.000    9/12/2036      JPY      6.38
Q-CELLS INTERNAT         1.375    4/30/2012      EUR     20.53
Q-CELLS INTERNAT         5.750    5/26/2014      EUR     20.42
RENEWABLE CORP           6.500     6/4/2014      EUR     74.17
SACYR VALLEHERM          6.500     5/1/2016      EUR     49.18

SWEDEN
------
Rorvik Timber            6.000    6/30/2016      SEK     68.50
SAS AB                   7.500     4/1/2015      SEK     72.19

SWITZERLAND
-----------
BANK JULIUS BAER         9.000    9/17/2012      CHF     40.00
BANK JULIUS BAER        17.300     2/1/2013      EUR     60.20
BANK JULIUS BAER        12.000     4/9/2013      CHF     46.45
BANK JULIUS BAER        15.000    5/31/2013      USD     68.15
BANK JULIUS BAER        13.000    5/31/2013      USD     68.85
BANK JULIUS BAER         8.700     8/5/2013      CHF     74.00
CLARIDEN LEU NAS         9.250     9/4/2012      CHF     42.05
CLARIDEN LEU NAS        10.500     9/4/2012      USD     68.02
CLARIDEN LEU NAS         7.500    9/10/2012      CHF     58.47
CLARIDEN LEU NAS        10.000    9/11/2012      CHF     45.25
CLARIDEN LEU NAS        10.250    9/17/2012      CHF     46.21
CLARIDEN LEU NAS         9.000    9/24/2012      CHF     58.21
CLARIDEN LEU NAS         9.500    9/24/2012      CHF     54.45
CLARIDEN LEU NAS         7.000    10/4/2012      CHF     47.47
CLARIDEN LEU NAS        10.000    10/8/2012      EUR     66.40
CLARIDEN LEU NAS         8.000   10/15/2012      CHF     62.18
CLARIDEN LEU NAS         8.500   10/15/2012      CHF     45.86
CLARIDEN LEU NAS         9.500   10/15/2012      CHF     47.01
CLARIDEN LEU NAS        10.000   10/15/2012      CHF     46.20
CLARIDEN LEU NAS         7.500   11/13/2012      CHF     50.58
CLARIDEN LEU NAS         7.250   11/13/2012      CHF     73.10
CLARIDEN LEU NAS         7.250   11/16/2012      CHF     51.33
CLARIDEN LEU NAS         7.125   11/19/2012      CHF     50.64
CLARIDEN LEU NAS         8.000   11/20/2012      CHF     72.69
CLARIDEN LEU NAS        10.500   11/26/2012      EUR     73.82
CLARIDEN LEU NAS         0.000   12/14/2012      CHF     44.80
CLARIDEN LEU NAS        12.500   12/14/2012      EUR     74.88
CLARIDEN LEU NAS         8.250   12/17/2012      CHF     63.12
CLARIDEN LEU NAS         0.000   12/17/2012      EUR     68.73
CLARIDEN LEU NAS         8.750    1/15/2013      CHF     63.19
CLARIDEN LEU NAS         0.000    1/24/2013      CHF     63.17
CLARIDEN LEU NAS        11.500    2/13/2013      EUR     61.41
CLARIDEN LEU NAS         9.000    2/14/2013      CHF     61.68
CLARIDEN LEU NAS        13.500    2/15/2013      EUR     74.82
CLARIDEN LEU NAS         0.000    3/25/2013      CHF     51.80
CLARIDEN LEU NAS         6.500    4/26/2013      CHF     50.95
CLARIDEN LEU NAS         0.000    5/31/2013      CHF     63.21
CLARIDEN LEU NAS        10.000    6/10/2013      CHF     51.51
CLARIDEN LEU NAS        13.000    7/15/2013      CHF     64.42
CLARIDEN LEU NAS         7.000    7/22/2013      CHF     62.85
CLARIDEN LEU NAS         3.250    9/16/2013      CHF     42.38
CLARIDEN LEU NAS         0.000    9/23/2013      CHF     43.94
CLARIDEN LEU NAS         0.000   11/26/2013      CHF     55.92
CLARIDEN LEU NAS         0.000    2/11/2014      CHF     47.52
CLARIDEN LEU NAS         0.000    2/24/2014      CHF     48.19
CLARIDEN LEU NAS         0.000    5/13/2014      CHF     63.03
CLARIDEN LEU NAS         0.000    5/26/2014      CHF     64.55
CLARIDEN LEU NAS         0.000    6/10/2014      CHF     53.79
CLARIDEN LEU NAS         0.000    6/10/2014      CHF     61.47
CLARIDEN LEU NAS         4.500     8/6/2014      EUR     74.48
CLARIDEN LEU NAS         5.250     8/6/2014      CHF     44.94
CLARIDEN LEU NAS         4.500    8/13/2014      CHF     42.04
CLARIDEN LEU NAS         0.000    8/27/2014      CHF     48.29
CLARIDEN LEU NAS         0.000    9/10/2014      CHF     44.33
CLARIDEN LEU NAS         0.000   10/15/2014      CHF     49.92
CREDIT SUIS NAS         13.000    4/24/2013      CHF     73.18
CREDIT SUISSE LD         8.900    3/25/2013      EUR     59.31
S-AIR GROUP              0.125     7/7/2005      CHF     10.63
SARASIN CI LTD           8.000     9/3/2012      CHF     50.81
SARASIN CI LTD           8.000    4/27/2015      CHF     62.46
SARASIN/GUERNSEY        17.000   10/12/2012      EUR     70.03
UBS AG                   9.430    8/31/2012      USD     33.40
UBS AG                  11.650    8/31/2012      USD     15.81
UBS AG                  10.500     9/3/2012      EUR     74.24
UBS AG                  13.630     9/3/2012      EUR     72.20
UBS AG                  13.980     9/3/2012      EUR     66.07
UBS AG                  17.640     9/3/2012      EUR     64.28
UBS AG                  15.150     9/3/2012      EUR     72.10
UBS AG                  18.020     9/3/2012      EUR     67.13
UBS AG                  17.730     9/3/2012      EUR     59.56
UBS AG                  20.830     9/3/2012      EUR     60.82
UBS AG                  15.270     9/3/2012      EUR     74.94
UBS AG                  22.700    9/21/2012      EUR     53.60
UBS AG                  13.000    9/21/2012      EUR     60.05
UBS AG                   8.530    9/28/2012      EUR     72.40
UBS AG                   8.810    9/28/2012      EUR     66.07
UBS AG                   9.750    9/28/2012      EUR     69.35
UBS AG                   9.830    9/28/2012      EUR     63.29
UBS AG                  10.900    9/28/2012      EUR     60.74
UBS AG                  11.040    9/28/2012      EUR     66.57
UBS AG                  11.360    9/28/2012      EUR     73.15
UBS AG                  12.020    9/28/2012      EUR     58.41
UBS AG                  12.130    9/28/2012      EUR     74.60
UBS AG                  12.290    9/28/2012      EUR     71.05
UBS AG                  12.390    9/28/2012      EUR     64.02
UBS AG                  12.860    9/28/2012      EUR     72.55
UBS AG                  13.180    9/28/2012      EUR     56.26
UBS AG                  13.230    9/28/2012      EUR     69.06
UBS AG                  13.500    9/28/2012      EUR     73.29
UBS AG                  13.590    9/28/2012      EUR     70.61
UBS AG                  13.800    9/28/2012      EUR     61.68
UBS AG                  14.180    9/28/2012      EUR     67.17
UBS AG                  14.320    9/28/2012      EUR     68.78
UBS AG                  14.390    9/28/2012      EUR     54.29
UBS AG                  14.740    9/28/2012      EUR     71.24
UBS AG                  15.050    9/28/2012      EUR     67.04
UBS AG                  15.130    9/28/2012      EUR     65.37
UBS AG                  15.240    9/28/2012      EUR     59.51
UBS AG                  15.370    9/28/2012      EUR     72.70
UBS AG                  15.640    9/28/2012      EUR     52.46
UBS AG                  15.770    9/28/2012      EUR     65.39
UBS AG                  16.000    9/28/2012      EUR     69.31
UBS AG                  16.090    9/28/2012      EUR     63.68
UBS AG                  16.490    9/28/2012      EUR     63.83
UBS AG                  16.620    9/28/2012      EUR     73.66
UBS AG                  16.720    9/28/2012      EUR     57.52
UBS AG                  16.930    9/28/2012      EUR     50.76
UBS AG                  17.050    9/28/2012      EUR     62.06
UBS AG                  17.090    9/28/2012      EUR     70.25
UBS AG                  17.280    9/28/2012      EUR     67.49
UBS AG                  17.500    9/28/2012      EUR     74.43
UBS AG                  17.920    9/28/2012      EUR     60.93
UBS AG                  18.020    9/28/2012      EUR     60.54
UBS AG                  18.220    9/28/2012      EUR     55.66
UBS AG                  18.240    9/28/2012      EUR     49.19
UBS AG                  18.250    9/28/2012      EUR     71.17
UBS AG                  18.580    9/28/2012      EUR     65.78
UBS AG                  19.000    9/28/2012      EUR     59.09
UBS AG                  19.330    9/28/2012      EUR     58.30
UBS AG                  19.490    9/28/2012      EUR     73.28
UBS AG                  19.580    9/28/2012      EUR     47.72
UBS AG                  24.960    9/28/2012      EUR     49.87
UBS AG                  24.000    9/28/2012      EUR     71.02
UBS AG                  23.560    9/28/2012      EUR     51.72
UBS AG                  23.000    9/28/2012      EUR     70.95
UBS AG                  22.150    9/28/2012      EUR     53.72
UBS AG                  21.970    9/28/2012      EUR     55.16
UBS AG                  20.920    9/28/2012      EUR     46.36
UBS AG                  20.740    9/28/2012      EUR     55.91
UBS AG                  19.910    9/28/2012      EUR     68.86
UBS AG                  19.880    9/28/2012      EUR     64.16
UBS AG                  19.990    9/28/2012      EUR     57.71
UBS AG                   7.660    10/1/2012      EUR     29.35
UBS AG                   7.680    10/1/2012      EUR     60.76
UBS AG                   7.810    10/1/2012      EUR     67.98
UBS AG                   7.840    10/1/2012      EUR     24.86
UBS AG                   7.900    10/1/2012      EUR     60.78
UBS AG                   7.940    10/1/2012      EUR     66.16
UBS AG                   8.050    10/1/2012      EUR     24.87
UBS AG                   8.090    10/1/2012      EUR     48.40
UBS AG                   8.090    10/1/2012      EUR     60.79
UBS AG                   8.200    10/1/2012      EUR     68.01
UBS AG                   8.240    10/1/2012      EUR     66.18
UBS AG                   8.260    10/1/2012      EUR     60.80
UBS AG                   8.310    10/1/2012      EUR     29.39
UBS AG                   8.400    10/1/2012      EUR     60.81
UBS AG                   8.420    10/1/2012      EUR     24.90
UBS AG                   8.500    10/1/2012      EUR     66.20
UBS AG                   8.530    10/1/2012      EUR     60.82
UBS AG                   8.540    10/1/2012      EUR     68.03
UBS AG                   8.660    10/1/2012      EUR     48.43
UBS AG                   8.720    10/1/2012      EUR     60.83
UBS AG                   8.720    10/1/2012      EUR     66.21
UBS AG                   8.730    10/1/2012      EUR     24.91
UBS AG                   8.850    10/1/2012      EUR     68.04
UBS AG                   8.910    10/1/2012      EUR     29.43
UBS AG                   8.910    10/1/2012      EUR     66.22
UBS AG                   9.060    10/1/2012      EUR     66.23
UBS AG                   9.110    10/1/2012      EUR     68.06
UBS AG                   9.160    10/1/2012      EUR     48.46
UBS AG                   9.200    10/1/2012      EUR     24.94
UBS AG                   9.340    10/1/2012      EUR     68.07
UBS AG                   9.360    10/1/2012      EUR     24.95
UBS AG                   9.440    10/1/2012      EUR     29.46
UBS AG                   9.530    10/1/2012      EUR     68.09
UBS AG                   9.540    10/1/2012      EUR     74.26
UBS AG                   9.580    10/1/2012      EUR     48.49
UBS AG                   9.690    10/1/2012      EUR     68.09
UBS AG                   9.820    10/1/2012      EUR     68.10
UBS AG                   9.860    10/1/2012      EUR     74.28
UBS AG                   9.900    10/1/2012      EUR     24.99
UBS AG                   9.910    10/1/2012      EUR     29.49
UBS AG                   9.920    10/1/2012      EUR     68.11
UBS AG                   9.930    10/1/2012      EUR     48.51
UBS AG                  10.150    10/1/2012      EUR     74.30
UBS AG                  10.220    10/1/2012      EUR     48.53
UBS AG                  10.310    10/1/2012      EUR     29.51
UBS AG                  10.410    10/1/2012      EUR     74.31
UBS AG                  10.440    10/1/2012      EUR     48.54
UBS AG                  10.620    10/1/2012      EUR     48.55
UBS AG                  10.640    10/1/2012      EUR     74.33
UBS AG                  10.650    10/1/2012      EUR     29.53
UBS AG                  10.740    10/1/2012      EUR     48.56
UBS AG                  10.840    10/1/2012      EUR     74.34
UBS AG                  10.930    10/1/2012      EUR     29.55
UBS AG                  11.010    10/1/2012      EUR     74.35
UBS AG                  11.150    10/1/2012      EUR     29.56
UBS AG                  11.160    10/1/2012      EUR     74.36
UBS AG                  11.280    10/1/2012      EUR     74.36
UBS AG                  11.330    10/1/2012      EUR     29.57
UBS AG                  11.380    10/1/2012      EUR     74.37
UBS AG                  11.460    10/1/2012      EUR     29.58
UBS AG                  11.460    10/1/2012      EUR     74.38
UBS AG                  11.530    10/1/2012      EUR     74.38
UBS AG                  11.560    10/1/2012      EUR     29.59
UBS AG                  11.580    10/1/2012      EUR     74.38
UBS AG                   7.460    10/1/2012      EUR     48.36
UBS AG                   7.450    10/1/2012      EUR     60.75
UBS AG                   7.380    10/1/2012      EUR     67.96
UBS AG                   7.380    10/1/2012      EUR     24.83
UBS AG                   7.240    10/1/2012      EUR     66.12
UBS AG                   7.190    10/1/2012      EUR     60.73
UBS AG                   7.140    10/1/2012      EUR     24.82
UBS AG                   7.610    10/1/2012      EUR     66.14
UBS AG                   7.620    10/1/2012      EUR     24.85
UBS AG                   9.310    10/3/2012      USD     16.50
UBS AG                  10.320    10/4/2012      CHF     58.85
UBS AG                   9.920    10/4/2012      CHF     58.90
UBS AG                  12.240   10/26/2012      EUR     70.79
UBS AG                  13.570   10/26/2012      EUR     69.16
UBS AG                  16.390   10/26/2012      EUR     66.13
UBS AG                  22.220   10/26/2012      EUR     72.97
UBS AG                  11.660   11/12/2012      EUR     36.54
UBS AG                  13.120   11/12/2012      EUR     71.11
UBS AG                  13.560   11/12/2012      EUR     40.12
UBS AG                  13.600   11/12/2012      EUR     50.10
UBS AG                   6.070   11/12/2012      EUR     59.74
UBS AG                   8.370   11/12/2012      EUR     54.30
UBS AG                   8.590   11/12/2012      EUR     55.24
UBS AG                   9.020   11/12/2012      EUR     46.77
UBS AG                   9.840   11/12/2012      EUR     72.14
UBS AG                  10.930   11/12/2012      EUR     55.72
UBS AG                  11.260   11/12/2012      EUR     49.28
UBS AG                   9.650   11/12/2012      EUR     39.50
UBS AG                  13.000   11/23/2012      USD     58.25
UBS AG                   9.440    12/5/2012      USD     13.20
UBS AG                  23.020   12/17/2012      USD      8.87
UBS AG                  12.970   12/21/2012      EUR     74.09
UBS AG                  19.090   12/21/2012      EUR     58.75
UBS AG                  18.000   12/21/2012      EUR     50.37
UBS AG                  17.500   12/21/2012      EUR     60.72
UBS AG                  17.200   12/21/2012      EUR     72.69
UBS AG                  17.070   12/21/2012      EUR     67.95
UBS AG                  16.930   12/21/2012      EUR     51.51
UBS AG                  16.710   12/21/2012      EUR     61.78
UBS AG                  16.600   12/21/2012      EUR     56.94
UBS AG                  16.030   12/21/2012      EUR     69.33
UBS AG                  15.930   12/21/2012      EUR     59.23
UBS AG                  15.920   12/21/2012      EUR     62.89
UBS AG                  15.900   12/21/2012      EUR     74.71
UBS AG                  15.860   12/21/2012      EUR     52.74
UBS AG                  15.130   12/21/2012      EUR     64.05
UBS AG                  15.000   12/21/2012      EUR     70.82
UBS AG                  14.810   12/21/2012      EUR     54.09
UBS AG                  14.740   12/21/2012      EUR     60.82
UBS AG                  14.690   12/21/2012      EUR     73.53
UBS AG                  14.350   12/21/2012      EUR     65.26
UBS AG                  13.980   12/21/2012      EUR     72.40
UBS AG                  13.770   12/21/2012      EUR     55.55
UBS AG                  13.570   12/21/2012      EUR     66.51
UBS AG                  13.560   12/21/2012      EUR     62.56
UBS AG                  12.800   12/21/2012      EUR     67.83
UBS AG                  12.760   12/21/2012      EUR     57.16
UBS AG                  12.400   12/21/2012      EUR     64.46
UBS AG                  12.200   12/21/2012      EUR     61.86
UBS AG                  12.020   12/21/2012      EUR     69.18
UBS AG                  11.770   12/21/2012      EUR     58.91
UBS AG                  11.270   12/21/2012      EUR     66.53
UBS AG                  11.260   12/21/2012      EUR     70.59
UBS AG                  10.810   12/21/2012      EUR     60.83
UBS AG                  10.490   12/21/2012      EUR     72.04
UBS AG                  10.160   12/21/2012      EUR     68.81
UBS AG                   9.890   12/21/2012      EUR     62.94
UBS AG                   9.730   12/21/2012      EUR     73.52
UBS AG                   9.100   12/21/2012      EUR     71.29
UBS AG                   9.000   12/21/2012      EUR     65.25
UBS AG                   8.150   12/21/2012      EUR     67.78
UBS AG                   8.080   12/21/2012      EUR     73.99
UBS AG                  10.380     1/2/2013      USD     31.76
UBS AG                  10.740     1/3/2013      USD     32.24
UBS AG                  23.750     1/4/2013      EUR     73.43
UBS AG                  24.750     1/4/2013      EUR     74.29
UBS AG                  18.300     1/4/2013      EUR     60.53
UBS AG                  19.440     1/4/2013      EUR     58.67
UBS AG                  20.570     1/4/2013      EUR     56.99
UBS AG                  21.700     1/4/2013      EUR     55.46
UBS AG                  13.630     1/4/2013      EUR     70.07
UBS AG                  11.810     1/4/2013      EUR     74.71
UBS AG                  13.030     1/4/2013      EUR     71.54
UBS AG                  12.420     1/4/2013      EUR     73.09
UBS AG                  14.230     1/4/2013      EUR     68.66
UBS AG                  14.820     1/4/2013      EUR     67.32
UBS AG                  15.990     1/4/2013      EUR     64.83
UBS AG                  17.150     1/4/2013      EUR     62.57
UBS AG                  10.390    1/18/2013      USD     36.31
UBS AG                  12.010    1/25/2013      EUR     69.63
UBS AG                  14.070    1/25/2013      EUR     67.47
UBS AG                  11.020    1/25/2013      EUR     70.78
UBS AG                  10.590    2/22/2013      EUR     66.38
UBS AG                  15.800    2/22/2013      EUR     66.72
UBS AG                  13.940    2/22/2013      EUR     71.69
UBS AG                  13.660    2/22/2013      EUR     66.15
UBS AG                  12.680    2/22/2013      EUR     73.30
UBS AG                  10.960    2/22/2013      EUR     70.55
UBS AG                  13.070    2/22/2013      EUR     61.55
UBS AG                   8.980    2/22/2013      EUR     74.23
UBS AG                   8.230    2/22/2013      EUR     72.43
UBS AG                  10.000     3/7/2013      USD     68.30
UBS AG                   8.100     3/7/2013      CHF     74.30
UBS AG                   9.850    3/22/2013      USD     19.75
UBS AG                  22.250     4/2/2013      EUR     73.43
UBS AG                  24.750     4/2/2013      EUR     69.88
UBS AG                  24.250     4/2/2013      EUR     71.52
UBS AG                  21.500     4/2/2013      EUR     74.45
UBS AG                   9.930    4/11/2013      USD     24.36
UBS AG                  10.970    4/26/2013      EUR     69.26
UBS AG                  10.170    4/26/2013      EUR     70.09
UBS AG                  12.610    4/26/2013      EUR     67.72
UBS AG                  11.000    4/30/2013      USD     39.25
UBS AG                   8.000    5/24/2013      USD     58.95
UBS AG                   7.120    6/26/2013      USD     29.80
UBS AG                  10.070    6/27/2013      USD     62.58
UBS AG                  21.000    6/28/2013      EUR     74.57
UBS AG                  22.000    6/28/2013      EUR     73.04
UBS AG                  22.500    6/28/2013      EUR     73.06
UBS AG                  24.500    6/28/2013      EUR     69.94
UBS AG                  23.000    6/28/2013      EUR     73.48
UBS AG                   8.690     7/2/2013      USD     30.24
UBS AG                   8.720     8/2/2013      USD     35.34
UBS AG                  12.900    9/20/2013      EUR     61.22
UBS AG                  10.200    9/20/2013      EUR     63.04
UBS AG                  12.050    9/20/2013      USD     13.56
UBS AG                  15.900    9/20/2013      EUR     60.34
UBS AG                  22.750    9/27/2013      EUR     74.15
UBS AG                  22.000    9/27/2013      EUR     73.09
UBS AG                  23.250    9/27/2013      EUR     74.70
UBS AG                  24.750    9/27/2013      EUR     71.58
UBS AG                  11.020   10/21/2013      USD     54.18
UBS AG                   9.260    12/5/2013      USD     22.46
UBS AG                   4.580   12/12/2013      USD     29.49
UBS AG                  23.250     1/3/2014      EUR     72.75
UBS AG                  24.250     1/3/2014      EUR     74.16
UBS AG                   5.340    1/29/2014      USD     45.55
UBS AG                   6.040    8/29/2014      USD     33.24
UBS AG                   0.500    4/27/2015      CHF     45.35

UNITED KINGOM
-------------
BARCLAYS BK PLC         13.000    9/28/2012      EUR     37.94
BARCLAYS BK PLC         12.000    9/28/2012      EUR     67.01
BARCLAYS BK PLC          7.500   10/30/2012      EUR     53.00
BARCLAYS BK PLC          6.000     1/2/2013      EUR     54.80
BARCLAYS BK PLC         12.500     1/2/2013      EUR     67.71
BARCLAYS BK PLC         10.750    3/22/2013      EUR     45.91
BARCLAYS BK PLC         10.000    3/22/2013      EUR     47.12
BARCLAYS BK PLC         10.500    6/28/2013      EUR     72.74
BARCLAYS BK PLC         11.000    6/28/2013      EUR     47.55
BARCLAYS BK PLC          8.000    6/28/2013      EUR     51.19
ESSAR ENERGY             4.250     2/1/2016      USD     58.16
MAX PETROLEUM            6.750     9/8/2013      USD     40.17


                            *********

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 * * *