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        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 24, 2012, Vol. 13, No. 190

                            Headlines



A U S T R I A

VOLKSBANKEN VERBUND: Fitch Affirm 'bb-' Viability Rating


A Z E R B A I J A N

PASHA BANK: Fitch Assigns 'B+' Long-Term Issuer Default Rating


F R A N C E

CREDIT AGRICOLE: Moody's Assigns Rating to SCF Covered Bonds
PAGESJAUNES GROUPE: Moody's Cuts CFR to 'B3'; Outlook Developing
PEUGEOT SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
RENAULT SA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings


G E R M A N Y

PORTION AG: Moody's Withdraws 'E/caa1' Ratings


I T A L Y

FIAT SPA: Fitch Affirms 'BB' Senior Unsecured Rating
SEAT PAGINE: Moody's Upgrades CFR to 'Caa1'; Outlook Stable


K A Z A K H S T A N

ATF BANK: Fitch Rates US$100-Mil. Subordinate Notes 'BB-'


N E T H E R L A N D S

DUTCH MBS XVII: Moody's Assigns '(P)Ba1' Rating to Class E Notes


P O L A N D

CENTRAL EUROPEAN: Russian Standard Founder Is Interim President
CENTRAL EUROPEAN: Roustam Tariko Discloses 19.4% Equity Stake


R U S S I A

KRAYINVESTBANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
* SMOLENSK REGION: Fitch Assigns 'B+' Long-Term Currency Ratings


U K R A I N E

BANK FORUM: Fitch Cuts Long-Term Issuer Default Rating to 'CC'


U N I T E D   K I N G D O M

LINCOLN THEATRE: LTR Trading Acquires Theatre Royal
SILVIGEN LIMITED: In Administration After Defaulting on Debts
STERECYCLE: Goes Into Administration on Trading Results


X X X X X X X X

* BOND PRICING: For the Week September 17 to September 21, 2012


                            *********


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A U S T R I A
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VOLKSBANKEN VERBUND: Fitch Affirm 'bb-' Viability Rating
--------------------------------------------------------
Fitch Ratings has affirmed Volksbanken Verbund's (VB-Verbund)
Long-term Issuer Default Rating (IDR) at 'A' with a Stable
Outlook, Short-term IDR at 'F1', Support Rating at '1' and
Support Rating Floor (SRF) at 'A'.  The agency has affirmed VB-
Verbund's Viability Rating (VR) at 'bb-' and removed it from
Rating Watch Negative (RWN).

Fitch has also affirmed VB-Verbund's central institution,
Oesterreichische Volksbanken Aktiengesellschaft AG's (OeVAG)
Long-term IDR at 'A', Short-term IDR at 'F1', Support Rating at
'1' and SRF at 'A'.  The Outlook on the Long-term IDR is Stable.

VB-Verbund, which is not a legal entity itself but a cooperative
grouping of member banks, is Austria's fourth-largest banking
group.  OeVAG is the central institution of VB-Verbund.  As such,
Fitch has assigned OeVAG "group" ratings under Fitch's rating
criteria for banking structures backed by mutual support
mechanisms. Fitch does not assign OeVAG a VR.

Rating Action Rationale

The removal of the RWN on VB-Verbund's VR and its affirmation at
'bb-' reflects Fitch's opinion that VB-Verbund has made progress
in improving OeVAG's risk profile and capitalization in the
context of a comprehensive group restructuring initiated in early
2012.  Although the restructuring is ongoing, VB Verbund has
received regulatory approvals for the new group structure and
Fitch expects the implementation of the new structure to be
completed shortly.  The new group structure, which envisages a
re-focus on VB-Verbund's Austrian core business, a simpler
business model for OeVAG and tighter risk management and
supervision, should in Fitch's view result in the group having a
more sustainable financial profile.

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

VB-Verbund's IDRs, Support Rating and SRF reflect Fitch's view of
an extremely high probability of support for the group from the
Republic of Austria ('AAA'/Stable), if needed.  VB-Verbund will
in Fitch's opinion continue to be a systemically important bank
for the Austrian economy once the group restructuring has been
completed.  Its domestic market share (6.78% and 6.83% domestic
loan and deposit share at end-Q112, respectively) should remain
largely unaffected by OeVAG's ongoing deleveraging as most
disposed assets relate to OeVAG's Central and Eastern European
(CEE) activities.

Fitch assigns the same Support Rating and SRF to OeVAG as to VB-
Verbund to reflect the likelihood that any outside support
provided to the banking group will be channeled through the
central institution.

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

The IDRs, Support Rating and SRF are sensitive to developments
within the regulatory and legal framework, either in Austria 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 changes
in Fitch's view of the ability of the Austrian authorities to
provide support, which would be signaled by a negative rating
action on Austria's sovereign rating.

RATING DRIVERS AND SENSITIVITIES - VR

VB-Verbund's VR reflects the progress made in repositioning the
group to focus on domestic retail operations.  After a sizeable
loss in 2011, OeVAG returned to profitability in H112 and Fitch
expects profitability to improve further albeit at levels below
those experienced before the crisis.  It disposed of several of
its riskier assets in 2011 and during H112, notably its CEE
operations (excluding VB Romania) and some real estate
activities.  VB-Verbund's asset base is now of acceptable
quality, and lumpy loan and securities impairments observed in
the past are now less likely.  The exception to this is VB
Romania, where asset quality could potentially deteriorate
although restructuring efforts are currently underway.  The
recapitalization of OeVAG should result in improved capital
ratios, and Fitch believes VB-Verbund will consequently have
sufficient capital to carry out the restructuring process without
the need for additional extraordinary capital measures.

VB-Verbund's VR is sensitive to a change in Fitch's assumption
about the viability of the new business model and sustainability
of the bank's financial and risk profile.  Should the
deleveraging process (including its Romanian operations) result
in material losses for the group, then VB-Verbund's VR could be
downgraded.  Additional external capital support measures or
inability to repay government participation and common share
capital over time would also result in a downgrade of the VR.

The VR could be upgraded if the 'new' VB-Verbund successfully
repositions itself to focus primarily on domestic retail
operations whilst avoiding material credit losses.  Clear
sustainable improvements in the group's capital and financial
positions would also be ratings-positive.

AFFILIATED COMPANY RATING DRIVERS AND SENSITIVITIES

The Long- and Short-term IDRs of Wiener Spar- und Kreditinstitut
rGmbH (WSK), one of VB-Verbund's member banks, were maintained on
RWN and simultaneously withdrawn as a result of the
reorganisation of the rated entity.  WSK decided not to
participate in the new mutual support mechanism, and accordingly
no longer benefits from Fitch's Verbund ratings.  As WSK's
ratings have been assigned in the context of Fitch's group rating
methodology, the agency has not performed a standalone assessment
of WSK.  However, given WSK's size any standalone rating would
likely have been several notches lower than VB-Verbund's IDRs.

Fitch will no longer provide analytical coverage of WSK.

The rating actions are as follows:

VB-Verbund

  -- Long-term IDR: affirmed at 'A'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1'
  -- Viability Rating: affirmed at 'bb-'; RWN removed
  -- Support Rating: affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'

OeVAG

  -- Long-term IDR: affirmed at 'A'; Stable Outlook
  -- Short-term IDR: affirmed at 'F1'
  -- Support Rating affirmed at '1'
  -- Support Rating Floor: affirmed at 'A'
  -- Government guaranteed bonds affirmed at 'AAA'
  -- Market Linked Securities: affirmed at 'Aemr'
  -- Senior unsecured notes: affirmed at 'A'/'F1'

Wiener Spar- und Kreditinstitut rGmbH

  -- Long-term IDR: 'A'/RWN maintained; withdrawn
  -- Short-term IDR: 'F1'/RWN maintained; withdrawn

The other VB-Verbund member banks' Long-term IDRs have been
affirmed at 'A' with Stable Outlook and Short-term IDRs at 'F1'.
The full list of VB-Verbund member banks (in addition to OeVAG
and Wiener Spar- und Kreditinstitut rGmbH) is as follows:

Bank fuer Aerzte und freie Berufe AG
Volksbank Weinviertel e.Gen.
VOLKSBANK OBERES WALDVIERTEL rGmbH
Gaertnerbank, rGmbH
Volksbank Tullnerfeld eG
Volksbank Bad Goisern eingetragene Genossenschaft
Volksbank Osttirol rGmbH
Volksbank Oetscherland eG
Volksbank Fels am Wagram e.Gen.
Volksbank Krems-Zwettl AG
Volksbank Laa eGen
Volksbank Marchfeld e.Gen.
Volksbank, Gewerbe- und Handelsbank Kaernten AG
VOLKSBANK fuer den Bezirk Weiz rGmbH
Volksbank Tirol Innsbruck-Schwaz AG
Volksbank Altheim-Braunau rGmbH
Volksbank Feldkirchen, rGmbH
Volksbank Schaerding eG
Volksbank Steirisches Salzkammergut, rGmbH
VOLKSBANK BADEN e.Gen.
VOLKSBANK OBERKAERNTEN rGmbH
VOLKSBANK VOECKLABRUCK-GMUNDEN e.Gen.
Volksbank Wien AG
Volksbank Enns- und Paltental rGmbH
Volksbank Bad Hall e.Gen.
Volksbank Linz-Wels-Muehlviertel AG
Volksbank Gmuend eingetragene Genossenschaft
Allgemeine Bausparkasse rGmbH
Volksbank Alpenvorland e.Gen.
Waldviertler Volksbank Horn rGmbH
Volksbank Ost rGmbH
Volksbank Kufstein eG
Volksbank Ried im Innkreis eG
Volksbank Enns-St. Valentin eG
Volksbank Friedburg rGmbH
Oesterreichische Apothekerbank eG
Volksbank Voecklamarkt-Mondsee rGmbH
Volksbank Gailtal eG
Volksbank Niederoesterreich Sued eG
Volksbank Oberndorf rGmbH
Volksbank Obersdorf-Wolkersdorf-Deutsch-Wagram e.Gen.
VOLKSBANK GRAZ-BRUCK e.Gen.
Volksbank Muerztal-Leoben e.Gen
Volksbank Eferding-Grieskirchen rGmbH
Volksbank fuer die Sued- und Weststeiermark rGmbH
Volksbank Donau-Weinland rGmbH
Volksbank Salzburg eG
Volksbank Almtal e.Gen.
VOLKSBANK VORARLBERG e.Gen.
VOLKSBANK LANDECK eG
Volksbank Aichfeld-Murboden rGmbH
SPARDA-BANK VILLACH/INNSBRUCK rGmbH
Volksbank Kaernten Sued e.Gen.
IMMO-BANK AG
Volksbank Niederoesterreich-Mitte e.G.
Volksbank Sued-Oststeiermark e.Gen.
Volksbank Suedburgenland rGmbH
SPARDA-BANK LINZ rGmbH
VB Factoring Bank AG
Volksbank-Quadrat Bank AG



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A Z E R B A I J A N
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PASHA BANK: Fitch Assigns 'B+' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Azerbaijan-based Pasha Bank (PB) a
Long-term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook.

RATING ACTION RATIONALE: IDRs AND VIABILITY RATING (VR)

PB's IDRs and VR reflect the high-risk Azerbaijan operating
environment; the bank's limited franchise and short track record;
potential contingent risks arising from the construction business
of the broader group; considerable political risk and uncertainty
with respect to the long-term sustainability of the bank's
sizeable related party funding; and significant balance sheet
concentrations.

At the same time, the ratings also consider PB's currently solid
financial metrics, reflected in a sizable capital buffer,
considerable liquidity cushion and reasonable performance.  PB's
credit profile has also benefited to date from the bank's
powerful shareholder in terms of capital injections and access to
funding.

RATING ACTION RATIONALE: SUPPORT RATING AND SUPPORT RATING FLOOR
(SRF)

The '5' Support Rating and 'No Floor' SRF reflect Fitch's view
that support for PB from the Azerbaijan authorities and/or its
owner cannot be relied upon.  This in turn reflects the bank's
still limited systemic importance, the considerable delays in
providing capital support to majority state-owned International
Bank of Azerbaijan ('BB+'/RWN), and PB's potentially high
exposure to any changes in the political landscape in Azerbaijan
(albeit Fitch does not currently expect such changes).

At the same time, Fitch acknowledges that the bank's shareholder
structure may benefit the bank in terms of potential liquidity
support and favorable regulatory treatment. PB is owned by Pasha
Holding and ultimately controlled by Arif Pashaev, the father in-
law of the current President Aliyev.

RATING DRIVERS: IDRs AND VR

Reported loans overdue by 90 days or more (non-performing loans,
NPLs) stood at 10% of the portfolio at end-2011, which is
significant considering recent rapid growth and the relatively
unseasoned nature of the book.  However, NPLs were 90% covered by
loan impairment reserves, and Fitch's review of PB's largest
exposures suggests their quality is reasonable relative to
privately-owned peers.

PB's loss absorption capacity is currently substantial. At end-
Q112, PB could have reserved just over half its loan book without
breaching minimum regulatory capital requirements.  Fitch
estimates that the regulatory capital adequacy ratio of 37% at
end-H112 is likely to gradually decrease to around 15% over four
to five years, given anticipated 20%-25% annual loan growth rates
and current internal capital generating capacity of 10%.

Fitch notes sizeable contingent risks resulting from the
shareholder's construction business, which is viewed by the
agency as currently more important for Pasha Holding, than the
group's banking business.  Although PB does not finance much of
shareholder's construction activities at present (related party
lending was a moderate 15% of end-2011 Fitch core capital), the
agency is concerned that PB's current capital and liquidity
buffers could weaken if PB is forced to considerably increase its
exposure to related party construction activities.  PB's sister
bank, Kapital Bank ('B+'/Stable/'b-'), which is also owned by
Pasha Holding, currently has substantial exposure to the group's
construction projects.

PB's funding is dominated by related party placements made by
other companies of Pasha Holding (17% of end-2011 liabilities)
and family members of the controlling shareholder (32%).  Some of
these placements are interest-free and result in a low average
cost of funding (3.5% in 2011), which contributes to PB's bottom
line. Fitch cannot reliably assess the longer-term sustainability
of these funds, and expresses concerns that the bank's financial
position in terms of both liquidity and profitability would
weaken if they are withdrawn.  PB may find it difficult to
replace them with local retail funding due to the absence of a
branch network.  At the same time, the bank keeps a sizeable
liquidity buffer in the form of sovereign bonds, equal to 50% of
liabilities at end-2011, which exceeds the amount of potential
deposit outflow.  PB's liquidity also benefits from the absence
of material wholesale funding.

RATING SENSITIVITIES: IDRs AND VR

Downside pressure on PB's ratings could arise if the capital and
liquidity positions are substantially eroded, for example as a
result of very rapid growth or materialization of contingent
risks from other group assets, or if credit underwriting
standards and/or asset quality markedly deteriorate.  A sharp
weakening of the Azerbaijan economy or the country's political
stability, for example in case of a much lower oil price, would
also be negative.

Near-term upside potential for PB's ratings is limited. However,
an extended track record of sound performance, greater
diversification of the bank's franchise and improved transparency
of the group's construction business would be credit positive.

RATING SENSITIVITIES: SUPPORT RATING AND SRF
The Support Rating and SRF could be upgraded if there was a
marked increase in PB's systemic importance and the depth of its
franchise, or if the Azerbaijan authorities more clearly
demonstrate their readiness to support the country's non state-
owned banks. However, Fitch views such changes as unlikely in the
near term.

The rating actions are as follows:

  -- Long-term foreign-currency Issuer Default Rating (IDR):
     assigned 'B+'; Outlook Stable
  -- Short-term foreign-currency IDR: assigned 'B'
  -- Viability Rating: assigned 'b+'
  -- Support Rating: assigned '5'
  -- Support Rating Floor: assigned 'No Floor'



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F R A N C E
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CREDIT AGRICOLE: Moody's Assigns Rating to SCF Covered Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a definitive long-term
rating of Aaa to the covered bonds issued by Credit Agricole
Public Sector SCF (the issuer), which are governed by the French
SCF law (the program).

Ratings Rationale

A covered bond benefits from (1) the issuer's promise to pay
interest and principal on the bonds; and (2) if the issuer
defaults, the economic benefit of a collateral pool (the cover
pool). The ratings therefore take into account the following
factors:

(1) The credit strength of Credit Agricole S.A. (A2 deposits;
    D/ba2, Prime-1, negative).

(2) The value of the cover pool in the event of issuer default.
    The stressed level of losses modeled in event of issuer
    default (cover pool losses) for this transaction is 11.6%.

The analysis of the value of the cover pool considered:

(2.1) The credit quality of the assets backing the covered
bonds. The public-sector covered bonds are backed by public-
sector exposures: each loan initially included in the cover pool
will benefit from a loan guarantee or insurance policy provided
by an export credit agency, supported by France, Germany, or the
UK. Because the sovereign states backing the export credit
agencies are currently rated Aaa, the collateral score for the
initial cover pool is 0%.

(2.2) The legal framework governing the covered bonds, the
French SCF law.

(2.3) The exposure to interest rate and currency risk.

(2.4) The over-collateralization in the cover pool is 61.9%, of
which 5.3% is provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the Aaa rating
target is 9%, of which 5.3% should be provided in a "committed"
form. These numbers show that Moody's is relying on "uncommitted"
over- collateralization in its expected loss analysis.

The TPI assigned to this transaction is "Probale-High". Moody's
TPI framework does not constrain the rating.

At present, the total value of the assets included in the cover
pool is approximately EUR1.6 billion, comprising 77 loans fully
guaranteed by three export credit agencies.

The rating assigned by Moody's addresses the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors.

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.

The cover pool losses for this program are 11.6%. This is an
estimate of the losses Moody's currently models if Credit
Agricole S.A. defaults. Cover pool losses can be split between
market risk of 11.6% and collateral risk of 0%. Market risk
measures losses as a result of refinancing risk and risks related
to interest-rate and currency mismatches (these losses may also
include certain legal risks). Collateral risk measures losses
resulting directly from the credit quality of the assets in the
cover pool. Collateral risk is derived from the collateral score,
which for this program is currently 0% reflecting that the
dominant credit risk in the cover pool is that of the Export
Credit Agencies, which is ultimately a credit risk on their
relevant government.

The over-collateralization in the cover pool is 61.9 %, of which
5.3% is provided on a "committed" basis. The minimum over-
collateralization level that is consistent with the Aaa rating
target is 9%. Therefore, Moody's is relying on "uncommitted"
over- collateralization in its expected loss analysis.

The cover pool losses are an estimate of the losses Moody's
currently models if the relevant issuer defaults. Cover pool
losses can be split between market risk and collateral risk.
Market risk measures losses as a result of refinancing risk and
risks related to interest-rate and currency mismatches (these
losses may also include certain legal risks). Collateral risk
measures losses resulting directly from the credit quality of the
assets in the cover pool. Collateral risk is derived from the
collateral score.

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. All numbers in
this section are based on Moody's most recent modeling (based on
data provided by Credit Agricole S.A., as per July 31, 2012).

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.

For Credit Agricole Public Sector SCF's covered bonds, Moody's
has assigned a TPI of Probable-High.

Sensitivity Analysis

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

The TPI Leeway measures the number of notches by which the
issuer's rating may be downgraded before the covered bonds are
downgraded under the TPI framework.

Based on the current TPI of Probable-High the TPI Leeway for this
program is 1 notch, meaning the covered bonds might be downgraded
as a result of a TPI cap once the issuer rating is downgraded
below A3, all other variables being equal.

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

Rating Methodology

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


PAGESJAUNES GROUPE: Moody's Cuts CFR to 'B3'; Outlook Developing
----------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating (CFR) and probability of default (PDR) of
PagesJaunes Groupe S.A., and the rating of the EUR350 million
senior secured notes due 2018 issued by PagesJaunes Finance & Co.
The rating outlook is developing.

Ratings Rationale

"The rating actions follow the fact that, despite relatively
steady operational performance, the company's bank debt amend-
and-extend (A&E) process has become protracted with a significant
level of uncertainty about the outcome of these negotiations.
This is of increasing concern given its debt maturing in November
2013, which needs to be refinanced", says Tanya Savkin, a Moody's
Vice President -- Senior Analyst and lead analyst for
PagesJaunes.

PagesJaunes has EUR938 million debt maturing in November 2013
(EUR638 million Term Loan A1 and EUR300 million revolving credit
facility (RCF)). The company launched the refinancing proposal to
its lenders on 24 May 2012 including, inter alia, a partial
prepayment of its debt and extension of its near-term debt
maturities to September 2015 from November 2013. The current
proposal includes a dividend suspension (until net reported
leverage falls below 3.0x), scheduled debt amortization and a
cash flow sweep mechanism.

Moody's understands that, although lenders have agreed in
principle to the A&E, negotiations are yet to be concluded on the
overall level of extensions. Meanwhile, the company has received
bondholder approval to request the appointment of a mandataire ad
hoc on or prior to December 31, 2012. Although this may be a
negotiating tactic, it indicates the difficulty the company faces
in reaching agreement with its lenders.

The developing outlook reflects Moody's view that further near-
term negative rating action would be unlikely should the
company's negotiations with lenders be concluded satisfactorily
and in a consensual manner. Such a conclusion would also leave
the company with an acceptable liquidity and maturity profile.
This incorporates Moody's view that the current rating action is
driven primarily by the protracted and difficult bank negotiation
process, rather than by any elevated difficulties at the
operational level.

During the first six months of 2012 PagesJaunes' revenue and
gross operating margin declined by 1.7% and 5.5% year-on-year.
The decline in margin was driven by the impact of the commercial
investments in internet business such as sales force
specialization, new commercial teams and training. The company
expects some reversal of margin decline during the second half of
the year however the prospects of it may be dampened given the
decline in print industry and the increased competition in online
sector.

There is no upward pressure on the rating until the A&E process
is concluded successfully. Downward pressure could result from
further delays in reaching agreement with lenders, or any other
actions that point to a non-consensual outcome.

The principal methodology used in rating PagesJaunes Groupe S.A
and PagesJaunes Finance & Co. S.C.A. was the Global Publishing
Industry Methodology published in December 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009 .

PagesJaunes is the leading provider of local media advertising
and local website and digital marketing services, with the
majority of its operations (approximately 96% of 2011 total
revenue) in France and the remainder (approximately 4%) of
operations in Spain and Luxembourg. The company reported EUR1,102
million revenues in 2011. PagesJaunes is listed on the Paris
stock exchange and is controlled by Mediannuaire Holding SA,
which holds 54.7% of the shares as its sole material asset. MDH's
shareholders are KKR (80%) and Goldman Sachs Capital Partners
(20%).


PEUGEOT SA: Fitch Cuts Long-Term Issuer Default Rating to 'BB-'
---------------------------------------------------------------
Fitch Ratings has downgraded Peugeot SA's (PSA) Long-term Issuer
Default Rating (IDR) and senior unsecured rating to 'BB-' from
'BB'.  The Outlook on the Long-term IDR is Negative.

The downgrade reflects Fitch's reassessment of the European auto
sector overall following a further review of PSA's, Renault SA's
('BB+'/Stable) and Fiat Spa's ('BB'/Negative) current and
expected performance and a deeper comparison with close
international peers.

In particular, it is underpinned by Fitch's expectations that PSA
will continue to post negative free cash flow (FCF) through 2014
and the ongoing challenges it faces to improve its business and
financial profile.  In particular, Fitch is concerned about the
group's positioning in the less profitable small- and medium-
sized car segments, where the agency does not expect the ongoing
fierce competition and substantial price pressure to abate in the
near term, as well as the weak or negative profitability in
several international markets, which could take time to overcome,
as competition is also mounting in these markets.

Fitch projects further cash absorption at least in 2012 and 2013,
and the potential for further cash burn in 2014 remains high.
This follows already significant negative FCF in 2011 (EUR1.9
billion) and insufficient positive FCF in 2009-2010 to cover the
EUR3.9 billion of negative FCF in 2008.  The agency believes that
underlying cash from operations (CFO) will gradually improve, in
line with the group's expectations that it will return to
breakeven by end-2014 at FCF level.  However CFO will remain weak
for the rating category in 2012-2013 and may not be enough to
cover ongoing capex at the group level,

Fitch views positively PSA's significant efforts to bolster its
revenue base, streamline its cost structure and preserve or
generate cash.  These measures will have a positive effect on the
group's profitability and balance sheet.  However, the agency is
concerned that improvement will be gradual and that it will take
time for cost-saving actions to fully accrue on earnings and feed
through to the cash flow statement, notably in the current
adverse environment.

The Negative Outlook reflects high execution risks as PSA remains
seriously exposed to a further deterioration in the environment.
A further decline in revenue would compound the short-term costs
associated with restructuring measures and weigh heavily on
profitability before the positive impact from restructuring could
benefit cash generation.  The environment remains extremely
difficult for volume manufacturers in Europe, from continuously
anaemic demand driven by poor macro-economic conditions, fierce
competition and aggressive discounting.  Fitch considers that a
further contraction of new vehicle sales in PSA's main European
markets in 2013 is highly probable following Fitch's base case of
a 7% decline in 2012.

The Outlook could be revised to Stable if Fitch considers that
macro-economic risks recede sufficiently to enable the group to
successfully implement its measures to boost revenue and
streamline costs, including the sustainability of the group's new
models success and improved profitability at its international
operations.  It could also be driven by a decline in leverage at
a quicker pace than currently forecast by Fitch.

Fitch expects that declining underlying profitability and rising
debt from projected negative FCF will push FFO gross adjusted
leverage and CFO on adjusted gross debt to the bottom end of the
'BB' rating category for at least another two years.  Fitch
calculates that FFO gross adjusted leverage will rise
continuously to more than 3.6x at end-2013 from 3.2x at end-2010,
despite asset sales and that CFO on adjusted gross debt will
remain under 25% in the same period.

Nonetheless, the agency has no specific concern that the company
could face immediate liquidity issues. The group enjoyed a
healthy liquidity cushion of EUR7.6 billion in cash and
equivalents at end-June 2012.  It also reported EUR1.4 billion in
financial assets, which Fitch excludes from its calculation of
net debt, but that could provide additional flexibility in case
of heavy financial stress.  In addition, committed credit lines
of EUR2.4 billion at PSA, EUR660 million at Faurecia and EUR8.0
billion at Banque PSA Finance were undrawn at end-June 2012.

In addition, the group has taken several measures to preserve its
liquidity and others to raise cash.  In particular, the group is
in the middle of a EUR1.5 billion asset disposal program,
including its rental car business Citer, which it has already
disposed of for EUR0.5 billion and EUR0.3 billion of real estate
divestitures.  PSA also expects to finalize the sale of a large
stake in its logistics division Gefco, although the total amount
and timing remains uncertain.  The industrial business's
liquidity will also benefit from the payment of an exceptional
EUR360 million dividend from BPF, although the impact will be
neutral at group level.  Finally, the 7% stake purchase in PSA by
GM in Q112 was accompanied by a EUR1bn capital increase.

What Could Trigger A Rating Action?

Positive: Future developments that may, individually or
collectively, lead to positive rating action include

  -- The group's automotive operating margins becoming positive
  -- FCF turning positive, leading in particular to FFO adjusted
     gross leverage below 2.5x

Negative: Future developments that may, individually or
collectively, lead to negative rating action include

  -- The environment continuing to deteriorate, leading to
     further revenue decline at group level and continuous
     negative operating margins (actual or expected)
  -- If Fitch believes the group will not be able execute its
     plans of returning to positive FCF by end-2014
  -- Deteriorating liquidity


RENAULT SA: Fitch Affirms 'BB+' Long-Term Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Renault SA's Long-term Issuer Default
Ratings (IDR) and senior unsecured notes at 'BB+'.  The Outlook
is Stable.

The affirmation and the Stable Outlook reflect Renault's moderate
but resilient credit metrics in a difficult environment for
European volume carmakers.  Although the environment remains
extremely difficult for the group and makes an upgrade unlikely
in the short-term, Fitch believes that the company has sufficient
headroom in the current ratings to accommodate the agency's
current base assumptions of a sales decline in Europe.

Fitch expects new vehicle sales to decline by 7% in 2012 and
believes that a further contraction of sales in Renault's main
European markets in 2013 is highly probable. A positive rating
action could be considered in the medium term if the company's
current resilient performance is sustained.

Renault's operating margin eroded slightly in H112 to 2.3% from
2.6% in 2011 and 2.8% in 2010 but automotive operations remained
profitable in an adverse environment, contrary to close peer
Peugeot SA.  The cost base benefited from increased synergies
with Nissan, greater amortization of fixed costs as a result of
higher production, cost-cutting measures and the increased
production outside of western Europe.  However, Fitch expects the
difficult environment in Europe, notably continuous price
pressure, unabated competition and launch costs associated with
the upcoming new Clio, to challenge further improvement in 2012.

Despite continuous diversification, Renault's sales remain
concentrated in Europe, with a bias to weaker Southern markets
such as Spain, Italy and France, where the euro zone debt crisis
has the most impact on new car sales.  Renault also derives the
majority of its revenue from the less profitable small- and
medium-sized car segments, where competition is fiercest and
price pressure is strongest.  However, this has been largely
mitigated by the significant success of its entry-level vehicles
with a sound profitability.  The success of the growing Dacia
brand is pivotal in compensating for the sales decline of the
core Renault models and also favors geographical diversification.

Net financial debt has fallen substantially since 2009 as a
result of positive free cash flow and asset sales, while EBITDA
and funds from operations (FFO) rebounded in the same period.
Fitch assumes Renault's FFO adjusted net leverage will remain
broadly unchanged at 0.6x at end-2012, after decreasing from 0.9x
at end-2010 and 4.2x at end-2009.

Liquidity remains sound as Renault reported cash and cash
equivalents of EUR8.1 billion at group level (EUR7.4 billion for
its industrial operations) at end-H112 and a total of EUR8.2
billion of available, unused credit facilities (EUR3.7 billion at
Renault SA, and EUR4.5 billion at RCI Banque).  Total adjusted
financial debt from industrial operations was EUR10.5 billion at
end-H112 (EUR3.8 billion current liabilities) including a EUR1.9
billion adjustment for operating leases.

What Could Trigger A Rating Action?

Positive:
Future developments that may, individually or collectively, lead
to a positive rating action include:

  -- Sustainable improvement in financial metrics, including net
     adjusted leverage below 0.5x and cash from operations (CFO)
     on total adjusted debt above 40%
  -- Sustainable increase in market shares, combined with
     improved profitability, in particular, group operating
     margin trending towards 3% and sustained return to positive
     auto operating margins
  -- Successful and profitable introduction of a premium model
     range

Negative:
Future developments that may, individually or collectively, lead
to a negative rating action include:

  -- Negative operating margins, coming notably from falling
     global sales
  -- Deterioration of key financial metrics, including net
     adjusted leverage remaining above 1.5x and CFO/adjusted debt
     below 25%



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


PORTION AG: Moody's Withdraws 'E/caa1' Ratings
----------------------------------------------
Moody Investors Service has taken actions on Portion AG's
ratings, following the break-up of Portigon's commercial banking
activities (formerly known as WestLB). The break-up became
legally effective on 17 September 2012, upon entry of the
transaction into the commercial registers. The actions are as
follows:

(1) The ratings of Portigon's senior unsecured bonds -- those
transferred to Landesbank Hessen-Thueringen (Helaba, deposits A2
stable, Prime-1; standalone bank financial strength rating D+/
standalone credit assessment baa3, stable) -- were aligned with
Helaba's senior unsecured debt ratings at A2 with a stable
outlook, as the debt-assuming entity

(2) The ratings of Portigon's senior unsecured bonds -- those
transferred to Erste Abwicklungsanstalt (EAA, senior unsecured
debt Aa1, negative, Prime-1) -- were aligned with EAA's senior
unsecured debt ratings at Aa1, with a negative outlook, as the
debt-assuming entity

(3) Portigon's long and short-term deposit ratings were
downgraded to Baa3, stable/ Prime-3, from A3, on review for
downgrade/Prime-2, and subsequently withdrawn

(4) One Upper Tier 2 instrument (profit participation
certificate, or Genussschein) issued by Portigon and the trust
preferred securities and silent participations (Stille Einlagen)
issued by Hybrid Capital Funding I Ltd. and Hybrid Capital
Funding II Ltd., were downgraded to C(hyb) from Ca(hyb) and
subsequently withdrawn.

Moody's has also withdrawn Portigon's BFSR of E/caa1.

Following the rating actions, Moody's does not maintain any
senior unsecured debt and deposit ratings for Portigon. This
reflects the discontinuation of Portigon's commercial lending
activities and, on 17 September 2012, the transfer of all its
commercial banking assets and liabilities to third parties.

Please click this link
http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_145592for a
list of the re-assigned ratings. This list is an integral part of
this Press Release and identifies the 616 bonds that are
transferred to either EAA or Helaba.

The Aa1, negative/ Prime-1 ratings for obligations that still
qualify for the grandfathering of Gewaehrtraegerhaftung, i.e. a
statutory deficiency guarantee that allows creditors direct
recourse to the guarantors, are unaffected by the rating actions.
Moody's will therefore maintain these ratings at their current
level.

Ratings Rationale

-- ALIGNMENT OF DEBT RATINGS WITH EAA's AND HELABA's RATINGS

The rating alignments of two separate sets of senior unsecured
debt instruments with the senior unsecured debt ratings of Helaba
(A2 stable) and EAA (Aa1 negative), respectively, were triggered
by Portigon's break-up, which was legally implemented on 17
September 2012. This break-up entailed the offload -- through
portfolio transfers to these two entities -- of all outstanding
debt, i.e., senior unsecured bonds and notes, short-term
instruments placed in the market, secured debt instruments (such
as covered bonds) and client deposits.

In this transaction, Frankfurt-based Helaba legally assumed a
portfolio with a total business volume of approximately EUR40
billion, transferred from Portigon (source: Portigon Press
Release "Transformation Implemented Legally and Economically"
from 17 September 2012). EAA, which is the state-supported,
dedicated wind-down vehicle of the former WestLB, assumed all of
Portigon's remaining commercial assets and liabilities. Portigon
will continue to exist as a service provider for the managing and
unwinding of asset portfolios. The servicing operations will have
to be unwound completely if the company cannot be sold by end-
2016, as agreed with the European anti-trust authorities.

Helaba and EAA have assumed the senior unsecured debt instruments
and now represent the sole obligors for the respective
instruments. Therefore, the rating alignment to A2, stable for
debt assumed by Helaba and to Aa1, negative, for debt assumed by
EAA reflects the risk position of the respective bondholders. The
two portfolio transfers affected all senior unsecured instruments
previously held by Portigon and rated by Moody's; no such
instruments remain with Portigon.

-- DOWNGRADE AND WITHDRAWAL OF PORTIGON's DEPOSIT AND HYBRID
    DEBT RATINGS

The downgrade of Portigon's deposit ratings to Baa3, stable/
Prime-3, from A3/Prime-2, on review for downgrade before the
withdrawal of these ratings reflects Moody's lower external
support assumptions for Portigon during its restructuring
process. This takes into account that the two North Rhine
Westphalian savings bank associations have ceased to maintain
stakes in Portigon, leaving the burden of any future support --
if required -- to the 100% owner of Portigon, the Federal State
of North-Rhine Westphalia (NRW; Aa1 negative). Previously, the
two savings bank associations jointly owned 51% of the former
WestLB and shared major parts of the burden of repeated support
required for the bank.

At the same time, Moody's says that the Baa3 investment-grade
rating reflects that (1) Portigon has been adequately
capitalized, allowing it to absorb losses that are expected to
accumulate in the restructuring process over the next four years;
(2) Portigon has critical operational responsibilities during its
restructuring process; (3) it continues to be a member of the
mutual support scheme of the German Landesbanks; and (4) a large
portion of the costs of the unwinding comprises pension
obligations, which are to be serviced in the interest of its sole
owner, the Federal State of NRW.

The downgrade of one Upper Tier 2 instrument issued by Portigon,
and the trust preferred securities and silent participations
issued by Hybrid Capital Funding I and II, to C(hyb) from Ca(hyb)
reflects the rating agency's expectation that these instruments
will (1) remain with Portigon and not be part of the above-
described portfolio transfers that are beneficial for bondholders
in Moody's view; (2) not pay coupons in the foreseeable future;
and (3) incur further write-downs during the planned
restructuring process. The repayment amount for profit
participation certificates currently stands at 85.1% and for
hybrid Tier 1 instruments issued in 2005 at 82.9%.

Moody's has withdrawn Portigon's BFSR at the E level, and the
short and long-term deposit ratings at the Baa3/Prime-3 level as
well as the C(hyb) hybrid ratings for its own business reasons.

Principal Methodologies

The principal methodology used in rating Portigon AG and
Landesbank Hessen-Thueringen was Moody's Consolidated Global Bank
Rating Methodology published in June 2012.

The principal methodology used in rating Erste Abwicklungsanstalt
was Government-Related Issuers: Methodology Update published in
July 2010.



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


FIAT SPA: Fitch Affirms 'BB' Senior Unsecured Rating
----------------------------------------------------
Fitch Ratings has affirmed Fiat Spa's (Fiat) Long-term Issuer
Default Ratings (IDR) and senior unsecured rating at 'BB' and
Short-term IDR at 'B'.  The Outlook on Fiat's Long-term IDR is
Negative.  The agency has also affirmed Fiat Finance & Trade Ltd,
S.A.'s (FFT) senior unsecured rating at 'BB'.

The affirmation reflects Fitch's expectations that Fiat will
manage to limit cash erosion in the next couple of years, as
steady performance in Brazil and continuous robust performance of
the group's other divisions will mitigate cash absorption in
Europe.

The ratings are based on Fiat's standalone credit profile (ex-
Chrysler) but incorporate benefits that are derived from its
combination with Chrysler LLC.  In particular, increased
operational integration and cooperation with Chrysler, notably
through vehicle development and increasing sharing of powertrains
and components, provide room for further improvement in
profitability.

Fiat's earnings have become increasingly reliant on Chrysler as
Fiat's standalone results remained weak in 2011 and H112,
hindered principally by ongoing trading losses (as defined by
Fiat, i.e. operating losses before one-off items) of its mass-
market brands in EMEA (EUR0.5 billion in 2011 pro-forma including
Chrysler, EUR345 million in H112).  Conversely, Chrysler's
operating margin strengthened further to 4.5% in H112 from 3.6%
in 2011 and 1.8% in 2010 (US GAAP).

However, the current strict ring-fencing of Chrysler's debt and
cash flows limits the benefit of Chrysler's improvements to
Fiat's creditors as the latter have no access to Chrysler's cash
at a time when its standalone cash generation ability has
significantly weakened.  Nonetheless, positive free cash flow
(FCF) at Chrysler can enable the group to finance common project
developments and mitigate the lower contribution from Fiat's core
cash generation ability.

Pressure on Fiat's revenue and trading margins remains
considerable and underpins the Negative Outlook. Fitch believes
that adverse market conditions will prevail in Europe at least
through 2013.  The agency expects new vehicle sales to decline by
7% in 2012 and believes that a further contraction of sales in
Fiat's main European markets in 2013 is highly probable.  In
addition, declining industry sales combined with aggressive
discounting to try and preserve market shares will have an
extremely negative impact on underlying funds from operations
(FFO).  Potential adverse movements in working capital, either
from increasing inventories or unfavorable payment terms to
support suppliers may bite further in cash generation.

Fitch could downgrade the rating if it believes that revenue,
profitability and cash flow will decline more than its base case.
The agency currently projects trading margin to be at 6.5%-7.0%
in NAFTA in 2012-2013 and remain poor in EMEA at negative 3.0%-
3.5%. FCF should be slightly negative in 2012-2013, before
corporate activity, in particular further stake increases in
Chrysler in H212 and 2013.

The group follows a conservative financial strategy and has ample
liquidity.  Fiat's industrial operations excluding Chrysler
reported EUR9.8bn in cash and equivalents at end-June 2012,
further bolstered by EUR1.95bn of undrawn committed credit lines.
This largely covers EUR6.6bn of debt maturing in 2012-2013 for
Fiat excluding Chrysler, as well as the negative FCF projected by
Fitch in 2012-2013.  Chrysler has EUR0.5bn of debt maturing in
2012-2013, largely covered by EUR9.6bn in cash and marketable
securities and EUR1bn of undrawn committed credit lines.

What Could Trigger A Rating Action?

Positive:
Future developments that may, individually or collectively, lead
to a positive rating action include:

  -- Sustained positive FCF
  -- Higher margins at Fiat auto mass market, EMEA and group
     level

Negative:
Future developments that may, individually or collectively, lead
to a negative rating action include:

  -- Sustained fall in revenue and operating margins
  -- Mounting liquidity issues, including refinancing concerns
  -- Consolidated FFO gross adjusted leverage above 3x on a
     sustained basis
  -- Evidence of tangible support to Chrysler


SEAT PAGINE: Moody's Upgrades CFR to 'Caa1'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded the corporate-family-rating
('CFR') and probability-of-default rating ('PDR') of Seat Pagine
Gialle S.p.A ('SEAT' or 'the company') to Caa1. The agency has
also confirmed the Caa1 rating on the existing senior secured
bonds (due 2017) and has also assigned a Caa1 rating to the EUR65
million senior secured stub bond (due 2017) issued by SEAT on 31
August 2012, which after the re-organization, have all been
transferred (on 1 September 2012) to Seat Pagine Gialle Italia
S.p.A ('Seat PG Italia'; a 100% owned subsidiary of Seat Pagine
Gialle S.p.A). The ratings outlook is stable.

SEAT completed its financial restructuring on 6th September 2012.
The upgrade of the group CFR to Caa1 is based on the significant
reduction in the company's leverage and its improved debt
maturity profile.

Ratings Rationale

Following a merger of Lighthouse International into SEAT, the
company equitized EUR1.235 billion of the EUR1.3 billion
subordinated bonds in exchange for 88% of the company's voting
shares. The remaining subordinated bonds were converted into
EUR65 million of new senior secured bonds on the same terms and
conditions as for the existing senior secured bonds (due 2017).
SEAT also re-financed its existing senior secured credit
facilities with EUR686 million of new senior secured credit
facilities (including a new EUR90 million revolving credit
facility) at Seat PG Italia.

The completion of the restructuring has therefore resulted in
significant debt reduction. SEAT's medium term business plan
updated in January 2012 was suggesting that the company's
reported Net Debt/ EBITDA would improve to around 4.0x by the end
of 2012 (from 7.4x at the end of 2011). However, in Moody's view,
future de-leveraging would be largely subject to EBITDA growth,
which remains linked to the macro-economic recovery in Italy.

In the first half of 2012, SEAT's total revenues declined by 5.1%
year-on-year to EUR451 million and its EBITDA contracted by 10.4%
(based on a constant number of directories published and at
constant exchange rate) to EUR164 million. SEAT's revenues from
the Italian directories business slipped by 3.2% on a like for
like basis -- after a 6.1% decline for the full year of 2011 --
impacted by the economic difficulties facing small and medium
sized enterprises ('SME') amid on-going recession in Italy.

SEAT's medium term business plan as updated in January 2012 was
based on -1.6% GDP decline in 2012 and +0.3% in 2013. However, in
August 2012, the management of SEAT warned that worsening
economic conditions in Italy would lead to higher than expected
churn and reduction of customer base in the second half of 2012.
Nevertheless, the company aims to somewhat protect its EBITDA and
cash flows by continued cost management and working capital
improvements. In Moody's view there remains a high likelihood
that the company revises its current medium term business plan
downwards in the near future, to appropriately reflect the tough
economic conditions in Italy.

Through the roll-out of its business strategy, SEAT expects to
derive 80% of its revenues from the online business over the
medium term. SEAT's commercial strategy is expected to be
achieved at the expense of a lower ARPA as the company intends to
increase penetration of local on-line advertising and marketing
services, by enhancing the range of price-entry points; Once
SEAT's customer base stabilizes, the company is likely to benefit
from better scope to market additional products and services and
build growth in the business. Whilst Moody's recognizes the broad
merits in SEAT's business strategy, the agency believes that it
entails execution risks, particularly given the relatively high
degree of competition in the local on-line marketing business.
After the financial restructuring SEAT will have a new Board of
Directors to be appointed by the Shareholders' Meeting convened
for October 22, 2012. Vincenzo Santelia has also been recently
identified as the new chief executive of the company. SEAT
current rating and outlook are based on the assumption that its
broad business strategy will remain largely intact even after the
senior management changes.

In Moody's view there is still limited visibility with regards to
the evolution of the markets in which SEAT operates and the
company's ultimate competitive position in the on-line segment.
The stabilization of SEAT's revenues is largely dependent on
economic recovery in Italy, the timing of which remains highly
uncertain.

As of June 30, 2012, SEAT had accumulated EUR293 million in cash
and cash equivalents. With the closing of the financial
restructuring, Moody's understands that SEAT has paid
approximately EUR200 million in cash towards January 2012 and
July 2012 coupons on the senior secured notes, December 2011 RBS
loan installment, RBS interest for FY2011 and H12012 and
restructuring related expenses. SEAT also plans to repay EUR90
million under its old RCF within a short clean-down period after
the closing of the financial restructuring. Claims from
Telegate's legal actions win should nevertheless help near term
cash flows of SEAT. While the availability of the EUR90 million
new RCF together with internally generated free cash flow is
sufficient to meet the rest of SEAT's 2012 debt amortizations for
EUR25 million, Moody's remains cautious as the company's revenues
and EBITDA still remain under unabated pressure. From 2013
onwards, SEAT faces debt amortizations of less than EUR100
million per year under its bank facilities until 2015.

Downward pressure on the ratings could result from continued
pressure on operating performance, leading to (i) Moody's
adjusted Gross Debt/ EBITDA moving towards 5.0x; (ii)
deteriorating free cash flow generation; (iii) tightening of
SEAT's liquidity situation and/ or (iv) significantly reduced
headroom under its financial covenants. Evidence that the medium
term business strategy of the company does not yield desired
results could also lead to downward pressure.

Upward rating pressure is unlikely until there is a visible and
sustained recovery in SEAT's revenue and EBITDA growth. In
addition, Moody's would also expect SEAT to have a stronger
liquidity position for considering a ratings upgrade.

The methodologies used in these ratings were Global Publishing
Industry 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.

Headquartered in Turin, Italy, SEAT is the leading publisher and
provider of directory services in Italy and, through its wholly-
owned subsidiary, TDL, is the number three directories publisher
in the UK. SEAT also has a presence in Germany through Telegate,
the second-largest player in the German directory-assistance
market.



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


ATF BANK: Fitch Rates US$100-Mil. Subordinate Notes 'BB-'
---------------------------------------------------------
Fitch Ratings has assigned ATF Bank's US$100 million perpetual
non-cumulative subordinate notes a Long-term foreign currency
rating of 'BB-'.

The bonds were issued in November 2006 via the special purpose
vehicle (SPV) ATF Capital B.V.  In Q312 ATF Bank decided to
transfer the issue from the SPV to its own balance sheet.  The
interest rate on the notes is set at 10% (to be paid semi-
annually) until November 2016, and 7.33% thereafter.  ATF has a
call option in respect to the notes in November 2016 or on any
interest payment date thereafter.

Fitch has used ATF's Long-term Issuer Default Rating (IDR) as the
anchor rating for rating the notes, reflecting the agency's view
that support from UniCredit S.p.A. ('A-'/Negative) may be
available to help the bank service subordinated, as well as
senior obligations.  However, the four-notch difference between
ATF's IDR and the notes' rating reflects two notches each for
incremental non-performance risk (a higher probability of non-
performance on the perpetual notes relative to senior debt) and
greater potential loss severity (lower recoveries in case of
default).

Fitch notes that ATF has paid all coupons on the notes to date,
notwithstanding the bank's weak stand-alone financial position
and its recent need for capital support from UniCredit S.p.A.
This track record of support for the notes has limited Fitch's
assessment of the incremental non-performance risk on the notes
to two notches.

ATF Bank has a Long-term IDRIDR of 'BBB' with a Negative Outlook,
Short-term IDR of 'F3', Long-term local currency IDR of 'BBB'
with a Negative Outlook, Viability Rating of 'b-', a National
Long-term rating of 'AA+(kaz)' with Negative Outlook and a
Support Rating of '2'.

ATF could be downgraded if UniCredit S.p.A.'s ratings are
downgraded.  A downgrade is also possible if Fitch believes that
further support from the parent has become less likely, or if a
disposal of the subsidiary is being more actively pursued.

ATF was the fifth-largest bank in Kazakhstan, holding around 6.9%
of system assets, at 1 July 2012.  It is primarily a corporate
bank with 109 outlets located throughout Kazakhstan.  ATF is
ultimately owned by UniCredit S.p.A.



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


DUTCH MBS XVII: Moody's Assigns '(P)Ba1' Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to the following classes of notes issued by Dutch MBS XVII B.V.:

    EUR[] A1 Notes, Assigned (P)Aaa (sf)

    EUR[] A2 Notes, Assigned (P)Aaa (sf)

    EUR[] B Notes, Assigned (P)Aa1 (sf)

    EUR[] C Notes, Assigned (P)Aa3 (sf)

    EUR[] D Notes, Assigned (P)A2 (sf)

    EUR[] E Notes, Assigned (P)Ba1 (sf)

The class F notes are not rated by Moody's.

The transaction represents the securitization of Dutch prime
mortgage loans backed by residential properties located in the
Netherlands and originated or acquired by subsidiaries of NIBC
Bank N.V. ("NIBC" rated Baa3/P-3). The portfolio will be serviced
by NIBC.

Ratings Rationale

The ratings of the notes take into account the credit quality of
the underlying mortgage loan pool, from which Moody's determined
the MILAN Credit Enhancement and the portfolio expected loss.

The expected portfolio loss of 0.65% of the portfolio at closing
and the required MILAN Credit Enhancement of 5.0% served as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution as described in the report
"The Lognormal Method Applied to ABS Analysis", published in July
2000.

The key drivers for the MILAN Credit Enhancement number, which is
in line with other prime Dutch RMBS transactions which closed
during the past twelve months, are (i) the weighted average loan-
to-foreclosure-value (LTFV) of 81.9%, which is in line with other
prime Dutch RMBS transactions, (ii) the proportion of interest-
only loan parts (70.0%) which is slightly higher than for other
prime Dutch RMBS transactions, (iii) the weighted average
seasoning of 9.5 years which is high relative to the Dutch
market.

The key drivers for the portfolio expected loss are (i) the
performance of the seller's precedent transactions as well as the
performance on the seller's book, (ii) benchmarking with
comparable transactions in the Dutch RMBS market, and (iii) the
current economic conditions in the Netherlands in combination
with historic recovery data of foreclosures received from the
seller.

Approximately 26.5% of the portfolio is linked to life insurance
policies (life mortgage loans), which are exposed to set-off risk
in case an insurance company goes bankrupt. The seller has
provided loan-by-loan insurance company counterparty data,
whereby 90.7% of all life insurance-linked products are linked to
insurance policies provided by group companies of SRLEV N.V.
(Baa1 IFSR), which is part of REAAL Verzekeringen group. Moody's
considered the set-off risk in the cash flow analysis.

The transaction benefits from a non-amortizing reserve fund that
will be funded at 0.5% of the outstanding portfolio from the
proceeds of the class F notes. The reserve account is replenished
before interest payments on the class F notes. Apart from the
reserve fund, the transaction benefits from an excess margin of
50 bps through the swap agreement. The swap counterparty is
Credit Suisse International (A1/P-1). The transaction also
benefits from an amortizing liquidity facility of 1.5% of the
outstanding principal amount of the notes (excluding the class F
notes) with a floor of 0.75% of the principal amount of the notes
at closing (excluding the class F notes). The liquidity facility
is available for as long as the class A1 and A2 notes are
outstanding.

Operational Risk Analysis: Moody's has analyzed the potential
operational risks associated with the servicing and cash
management functions in the transaction. NIBC provides loan
servicing and cash management services and has sub delegated the
loan administration to Stater (not rated). If NIBC's rating falls
below Baa3, the issuer and the security trustee will use best
efforts to appoint a back-up servicer and cash manager.

Moody's Parameter Sensitivities: At the time the rating was
assigned, the model output indicated that class A2 would have
achieved Aaa if the expected loss was as high as 2.0% assuming
MILAN Credit Enhancement to 7.0% and all other factors remained
the same. Class A1 would have achieved Aaa in all tested
scenarios.

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's structured finance security may vary if certain input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged and is not intended
to measure how the rating of the security might migrate over
time, but rather how the initial rating of the security might
have differed if key rating input parameters were varied.
Parameter Sensitivities for the typical EMEA RMBS transaction are
calculated by stressing key variable inputs in Moody's primary
rating model.

The Foreign Account Tax Compliance Act (FATCA), a US legislation,
may impact the transaction. The regulations implementing the Act
are still in draft form and Moody's is currently reviewing the
potential impact of FATCA. Should this transaction become subject
to US withholding tax under FATCA the rating of the Notes may be
negatively impacted.

The V Score for this transaction is Low/Medium, which is in line
with the V Score assigned for the Dutch RMBS sector, mainly due
to the fact that it is a standard Dutch prime RMBS structure for
which Moody's has over 13 years of historical performance data on
precedent transactions. The primary source of uncertainty is due
to operational risks relating to the servicing arrangement. The
contractual servicer (NIBC) is rated Baa3/P-3 by Moody's. This
risk is mitigated by the fact that Stater Nederland N.V. will be
appointed at closing as sub-agent of NIBC and will perform the
loan administration.

V Scores are a relative assessment of the quality of available
credit information and of the degree of dependence on various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of
rating changes. The V Score has been assigned according to the
report "V Scores and Parameter Sensitivities in the Major EMEA
RMBS Sectors" published in April 2009.

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

In rating this transaction, Moody's used ABSROM to model the cash
flows and determine the loss for each tranche. The cash flow
model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
the corresponding loss for each class of notes is calculated
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario; and (ii)
the loss derived from the cash flow model in each default
scenario for each tranche.

As such, Moody's analysis encompasses the assessment of stressed
scenarios.

The rating addresses the expected loss posed to investors by the
legal final maturity of the notes. In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal with respect to the notes by the legal final
maturity. Moody's ratings only address the credit risk associated
with the transaction. Other noncredit risks have not been
addressed, but may have a significant effect on yield to
investors.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion. Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavour
to assign definitive ratings to the Notes. A definitive rating
may differ from a provisional rating. Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.



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


CENTRAL EUROPEAN: Russian Standard Founder Is Interim President
---------------------------------------------------------------
Central European Distribution Corporation has agreed to appoint
Mr. Roustam Tariko, the Chairman of the CEDC Board of Directors,
to serve as its Interim President to deepen the Company's
strategic alliance Russian Standard Corporation.  Mr. Tariko will
be appointed to serve as Interim President as soon as practicable
but in any event upon the filing by CEDC of its restated
financial statements with the United States Securities and
Exchange Commission.

In his role as Interim President of CEDC, Mr. Tariko will
supervise CEDC's operations outside of Poland.  David Bailey will
continue to serve as Interim CEO of CEDC with responsibility for
company-wide finance and CEDC's operations in Poland, as well as
the administrative, reporting, legal, compliance and audit
functions of CEDC.

Mr. Tariko will continue to serve as Chairman of the CEDC Board
of Directors.  However, in light of Mr. Tariko's increased
responsibilities at CEDC, the CEDC Board of Directors is amending
the by-laws to provide for an increased role for the lead
director also as Vice Chairman of the CEDC Board of Directors.
Accordingly, Scott Fine will continue to serve as lead director
and, upon the appointment of Mr. Tariko as Interim President of
CEDC, Vice Chairman, of the CEDC Board of Directors.

CEDC also announced that Christopher Biedermann has resigned as
CEDC's Chief Financial Officer, and Bartosz Kolacinski, the
current Deputy Financial Officer of the CEDC group, has been
appointed Interim Chief Financial Officer.  Mr. Biedermann will
remain available to CEDC to assist CEDC's finance team for a
transition period.

In connection with Mr. Biedermann's resignation, CEDC and Mr.
Biedermann have entered into a separation agreement providing for
certain severance benefits in an aggregate amount of
approximately $1.1 million plus fringe benefits and accrued
salary and paid time off.  In addition, under the Separation
Agreement, Mr. Biedermann has agreed to serve as a consultant to
CEDC until Dec. 14, 2012, for which he will receive a fee of
$27,000 per month.

                      Interim CFO Appointment

On Sept. 14, 2012, the Board of Directors of CEDC appointed Mr.
Bartosz Kolacinski as interim Chief Financial Officer of CEDC.

Bartosz Kolacinski (age: 38) has served as Deputy Chief Financial
Officer of the CEDC group since October 2008.  Prior to joining
CEDC, Mr. Kolacinski spent 10 years working at Ernst & Young in
Poland.  During his time at Ernst & Young, Mr. Kolacinski spent
eight years with Ernst & Young's Audit Department working on
various significant audit engagements.  Mr. Kolacinski also spent
two years with Ernst & Young's Corporate Finance Department as a
Manager in the Transaction and Advisory Services group, where he
was responsible for the coordination and management of due
diligence projects in different industries.

Mr. Kolacinski graduated from the Technical University of Lodz in
1999 with a Master and Engineer degree in Organization and
Management.

On Sept. 13, 2012, the Board of Directors of CEDC approved a
framework for the corporate governance of CEDC0, a copy of which
is available for free at http://is.gd/RUbNF6

                  Update on Financial Restatement

As previously disclosed, upon the recommendation of CEDC's
management, CEDC's Board of Directors has concluded that CEDC's
financial statements for all reporting periods from and after
Jan. 1, 2010, should no longer be relied upon primarily due to
the fact that certain retroactive rebates and trade marketing
expenses were not properly recorded by CEDC's principle operating
subsidiary in Russia, the Russian Alcohol Group.  The Audit
Committee of CEDC's Board of Directors initiated an internal
investigation regarding CEDC's retroactive rebates, trade
marketing expenses and related accounting issues.  CEDC currently
expects this internal investigation to conclude by the end of
September or shortly thereafter.

In connection with the expected restatement, CEDC intends to file
amended quarterly reports on Forms 10-Q for affected periods in
2011 and 2012 and an amended annualreport on Form 10-K for the
fiscal year ended Dec. 31, 2011.  CEDC expects to be able to file
those amended annual and quarterly reports as soon as practicable
following completion of its internal investigation.

                            About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.

According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew.  Furthermore, our Convertible Senior Notes are
due on March 15, 2013.  Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them.  The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.

                           *     *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.

"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.


CENTRAL EUROPEAN: Roustam Tariko Discloses 19.4% Equity Stake
------------------------------------------------------------
In an amended Schedule 13D filing with the U.S. Securities and
Exchange Commission, Roust Trading Ltd. and Roustam Tariko
disclosed that, as of Sept. 13, 2012, they beneficially own
15,920,411 shares of common stock of Central European
Distribution Corporation representing 19.4% of the shares
outstanding.

On Sept. 13, 2012, the Board of Directors of the Company voted to
approve the appointment of Mr. Tariko as Interim President.  Mr.
Tariko will continue to serve as Chairman of the Board of
Directors of the Company.

A copy of the filing is available for free at http://is.gd/J3TQsI

                            About CEDC

Mt. Laurel, New Jersey-based Central European Distribution
Corporation is one of the world's largest vodka producers and
Central and Eastern Europe's largest integrated spirit beverages
business with its primary operations in Poland, Russia and
Hungary.

The Company's balance sheet at March 31, 2012, showed
US$2.033 billion in total assets, US$1.674 billion in total
liabilities, and stockholders' equity of US$358.45 million.

According to the regulatory filing, "[C]ertain credit and
factoring facilities are coming due in 2012, which the Company
expects to renew.  Furthermore, our Convertible Senior Notes are
due on March 15, 2013.  Our current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment on Convertible Notes and, unless
the transaction with Russian Standard Corporation is completed as
scheduled, the Company may default on them.  The Company's cash
flow forecasts include the assumption that certain credit and
factoring facilities that are coming due in 2012 will be renewed
to manage working capital needs.  Moreover, the Company had a net
loss and significant impairment charges in 2011 and current
liabilities exceed current assets at March 31, 2012.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern unless the transaction with Russian
Standard is completed as scheduled."

Ernst & Young Audit sp. z o.o., in Warsaw, Poland, expressed
substantial doubt about Central European's ability to continue as
a going concern, following the Company's results for the fiscal
year ended Dec. 31, 2011.  The independent auditors noted that
certain of the Company's credit and factoring facilities are
coming due in 2012 and will need to be renewed to manage its
working capital needs.

                           *     *     *

As reported by the TCR on Aug. 10, 2012, Standard & Poor's
Ratings Services kept on CreditWatch with negative implications
its 'CCC+' long-term corporate credit rating on U.S.-based
Central European Distribution Corp. (CEDC), the parent company of
Poland-based vodka manufacturer CEDC International sp. z o.o.

"The CreditWatch status reflects our view that uncertainties
remain related to CEDC's ongoing accounting review and that
CEDC's liquidity could further and substantially weaken if there
was a breach of covenants which could lead to the acceleration of
the payment of the 2016 notes, upon receipt of a written notice
of 25% or more of the noteholders," S&P said.



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


KRAYINVESTBANK: Fitch Affirms 'B+' Long-Term IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Krasnodar-based Krayinvestbank's (KIB)
Long-term Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook.

RATING ACTION RATIONALE AND DRIVERS: IDRs and SUPPORT RATING

KIB's '4' Support Rating and 'B+' IDR reflects the limited
probability of support that KIB may receive if needed from
Krasnodar Region (KR, 'BB+'/Stable), which directly owns a 97.05%
stake in the bank.  Fitch's view of the propensity to provide
support is based on KR's majority ownership and a track record of
assistance to date, including issuance of guarantees for the
bank's borrowings, indirect liquidity support (through local
government-owned entities which account for 25% of end-2011
customer funding), as well as provision of capital, including
RUB1.5bn contributed in June 2012 and the planned RUB1bn equity
injection expected in H113.

At the same time, Fitch considers there is some uncertainty in
respect of support in light of the bank's limited systemic
importance for the region and some corporate governance issues.
In particular, Fitch is concerned about KIB's significant
exposure to construction and real estate (roughly 2.2x of end-
2011 Fitch core capital;FCC) which, in the agency's opinion, may
largely be related in some way to officials within the current
regional administration and/or the bank's management.

RATING ACTION RATIONALE AND DRIVERS: VIABILITY RATING (VR)

KIB's VR reflects the bank's small size by international
standards; significant concentrations, particularly high exposure
to construction and real estate; potentially vulnerable asset
quality; modest profitability (with ROAE of 4.3% in 2011); and
tightly managed capital.  However, on the positive side, the VR
factors in KIB's so far limited reliance on wholesale funding,
good deposit collection capacity and broad regional presence.

Although reported loans overdue by 90 days (non-performing loans;
NPLs) were a moderate 5.9% at end-2011 and are 94% covered with
loan impairment reserves (LIR), underlying asset quality may be
masked by significant rolled-over loans (15% of end-2011 loans).
Fitch's review of KIB's 20 largest exposures (accounting for
roughly 50% of end-2011 loans) revealed that most of KIB's
working capital exposures are extended to borrowers that have a
poor financial standing.  KIB's construction exposures, in
addition to the loan book, are structured through bonds (0.7x of
end-2011 FCC) and investments in mutual funds (0.5x) and are of
particular concern to the agency.  Some of the properties are at
an initial stage of construction and the valuation of collateral
is rather aggressive in most cases, although reported LTVs for
construction loans are moderate.

The medium- to long-term construction exposures result in poor
liquidity of the balance sheet, while the liquidity cushion
(largely in the form of cash) equals only 12% of end-2011
liabilities.  As a moderate mitigating factor, KIB's customer
funding (87% of end-H112 liabilities) is relatively stable with a
high share of granular retail deposits (50% of end-H112
liabilities) and so far sticky on demand funding from state-
controlled entities (roughly 25%).  The latter helps to ease
pressure on KIB's cost of funding (5.4% in 2011), although the
bottom line is significantly dampened by a high cost/income ratio
(72% in 2011) and impairment charges (74% of 2011 pre-impairment
profit).

As a result, KIB's performance remains weak and its internal
capital generating capacity is insufficient to maintain the
budgeted 30%-40% annual growth, which the bank plans to partially
fund by domestic bond issuance, significantly increasing so far
low refinancing risk.  KR plans to inject an additional RUB1
billion of equity into the bank in H113, but this is expected to
only result in a temporary improvement in capitalization.  KIB's
current capital buffer (with the regulatory capital adequacy
ratio of 13.5% at end-H112) is sufficient to withstand additional
losses equal to only 9% of loans, which is considered low by
Fitch, given significant risks stemming from construction
exposures and sizeable single borrower concentrations.

RATING SENSITIVITIES: IDRs AND SUPPORT RATING

Downside pressure on KIB's Long-Term IDR, Support Rating and SRF
could arise from any major weakening in the relationship between
the KR and the bank, for example, as a result of changes in key
senior regional officials (not Fitch's base case expectation at
the moment as KR's governor has recently been reappointed).

KIB's Long-Term IDR is unlikely to be upgraded in the near term
due to current uncertainties about the reliability of support.

RATING SENSITIVITIES: VR

Downside pressure on KIB's VR could result from any further
marked increase in the bank's construction exposure or sharp
deterioration in asset quality, liquidity or capital. Limited
progress in the medium term with completion of construction
projects currently being financed could also be negative for the
rating.

KIB's VR is unlikely to be upgraded in the near term, however
moderation of growth plans, an improvement in performance and
greater diversification of KIB's loan book would be credit
positive.

The rating actions are as follows:

  -- Long-term foreign-currency IDR: affirmed at 'B+'; Outlook
     Stable
  -- Short-term foreign-currency IDR: affirmed at 'B'
  -- Long-term local-currency IDR: affirmed at 'B+'; Outlook
     Stable
  -- National long-term Rating: affirmed at 'A-(rus)'; Outlook
     Stable
  -- Viability Rating: affirmed at 'b-'
  -- Support Rating: affirmed at '4'
  -- Senior unsecured debt: assigned 'B+'; Recovery Rating:
     assigned 'RR4'


* SMOLENSK REGION: Fitch Assigns 'B+' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has assigned Russia's Smolensk Region Long-term
foreign and local currency ratings of 'B+', a Short-term foreign
currency rating of 'B' and a National Long-term rating of 'A-
(rus)'.  The Outlooks for the Long-term ratings are Stable.

The ratings reflect the region's weak budgetary performance
during the past four years, high refinancing risk stemming from
the short-term nature of its debt and modest economy.  However,
the ratings also factor in the agency's expectation of a gradual
improvement in the region's budgetary performance in 2012-2014, a
moderate, albeit increasing level of direct risk and low
contingent liabilities.

Fitch notes that if the region sustains a positive operating
balance above 6% of operating revenue in the two consequent
years, and improved the debt coverage ratio (direct risk to
current balance) to below ten years, the ratings could be
upgraded.  Conversely, continuation of poor budgetary performance
with operating balance below Fitch's expectation, accompanied by
high refinancing risk would lead to a downgrade.

Fitch expects the region's operating performance to improve in
2012 with the operating balance likely to become positive.
However it remains weak and stays about 2% of operating revenue.
In 2013-2014 operating balance will also remain low averaging
about 2%-3% of operating revenue.  Debt coverage ratio will
exceed 50 years, which is significantly higher than the region's
debt maturity profile.

The region has historically demonstrated weak budgetary
performance with negative operating balance in 2008-2011.  This
demonstrates the regional administration's inability to balance
its operating revenue and expenditure.  Operating balance
improved in 2011, but still remained negative at 0.6% of
operating revenue (negative 4.9% in 2010).

The region recorded high deficits of 16.3% and 15.2% to total
revenue in 2010 and 2011, respectively, which led to a material
increase in direct risk to RUB11.3 billion (45.7% of current
revenue), albeit from a low level.  Fitch expects the region's
direct risk to increase to about RUB18.2 billion (56% of current
revenue) by end-2014.

The debt structure is dominated by short-term bank loans: 58% of
direct risk in 2011, which leads to needing bank loans
refinancing every year.  The proportion of short-term liabilities
is expected to increase in 2012-2014.  Combined with the weak
debt coverage ratio, this will put significant refinancing
pressure to the region's budget.

Smolensk's economy is historically weaker than the average
Russian region.  Its per capita gross regional product was about
42% lower than the national average in 2010.  The region has
relatively weak tax capacity and current federal transfers
constitute a significant proportion of current revenue (about 32%
in 2011).  However, federal transfers act as a stabilizer during
recessions, making the region less vulnerable to negative
external pressures.

Smolensk region is located in the west of European Russia,
bordering with Belorussia.  The region's capital, the city of
Smolensk, is about 400 km from Moscow.  The region contributed
0.4% of the Russian Federation's GDP in 2010 and accounted for
0.7% of the country's population.



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


BANK FORUM: Fitch Cuts Long-Term Issuer Default Rating to 'CC'
--------------------------------------------------------------
Fitch Ratings has downgraded Ukraine-based PJSC Bank Forum's
Long-term foreign-currency Issuer Default Rating (IDR) to 'CC'
from 'B' and downgraded its Long-term local-currency IDR to 'CC'
from 'B+'.  Both ratings have been removed from Rating Watch
Negative (RWN).

RATING ACTION RATIONALE AND DRIVERS: IDR, SUPPORT RATING,
NATIONAL RATING AND DEBT RATING

The equalization of Forum's Long-term IDRs with its Viability
Rating (VR) reflects Fitch's view that external support for the
bank cannot be relied upon following the agreement reached by the
current major shareholder, Commerzbank AG ('A+'/Stable) to sell a
96% stake in Forum to the Ukrainian-based Smart Holding.

Fitch understands that Commerzbank has no contractual commitment
or intention to provide assistance to Forum following the deal
completion, although the provision of limited liquidity support
is possible prior to the sale being completed.  Fitch views the
support from Smart Holding as possible, but does not factor this
into Forum's ratings due to the limited visibility of the group's
overall financial position, and the absence of any capital
support for the bank to date.  However, the agency welcomes the
fact that Smart has placed some funding with the bank. Fitch is
informed that the sale is likely to be finalized by end-October
2012, subject to regulatory approvals.

RATING ACTION RATIONALE AND DRIVERS: VIABILITY RATING

Forum's 'cc' VR primarily reflects the bank's highly impaired
loan book, its moderate impairment coverage and as a result its
vulnerable capital position, and its negative pre-impairment
performance.  However, the rating also considers some recent
stabilization of the bank's deposit base and liquidity position
after earlier outflows.

Non-performing loans (NPLs) were a very high 65% at end-August
2012 and restructured loans comprised a further 15% of the
portfolio.  Impairment reserves in the statutory accounts
provided only 42% coverage of combined NPLs and restructured
loans, with the unreserved part equal to about 3x equity.  The
pre-impairment result for 8M12 was marginally negative, while
published net income was close to zero due a negative tax charge,
supporting the regulatory capital ratio at 20.7% at end-August
2012.  The short open currency position, which stood at US$200
million (equivalent of 1.1x statutory equity) at end-August 2012
also exposes the bank to significant risk of further capital
erosion in the case of UAH devaluation.

There are currently no plans to inject capital into the bank, as
the new shareholder believes Forum is adequately capitalized.
Conversion of an outstanding US$50 million subordinated facility
into equity may be contemplated in case of losses resulting from
a UAH devaluation, but this is likely to provide only moderate
capital relief, in Fitch's view.

Forum's liquidity position has been manageable in recent weeks,
with moderate retail deposit outflow largely compensated by
corporate funds attracted from Forum's new shareholder.  At end-
August 2012, Fitch calculates that liquid assets, net of short-
term interbank liabilities, were equal to 13% of customer
funding. However, the agency believes that further outflows of
retail, corporate and bank funding remain possible prior to and
following the completion of the bank's sale, possibly
necessitating further placements from the shareholder and/or
liquidity support from the National Bank of Ukraine (NBU).

According to publicly available information, Smart Holding
combines various investments in metallurgy, oil and gas,
agriculture and real estate, with the main asset being a 24%
equity stake in METINVEST BV (IDR: 'B'/Stable).  Fitch estimates
that this investment alone could have generated US$220 million of
dividend income in 2011.  However, the agency currently does not
have audited information on the holding's current overall
leverage and debt levels.

RATING SENSITIVITIES

A recapitalization of the bank by the new shareholder, or
tangible and material progress with successful work-outs of
problem loans, could result in a rating upgrade.  Rapid funding
outflows, without offsetting placements by the shareholder or the
NBU, could undermine the bank's liquidity and threaten its
ability to service its obligations, resulting in a further
downgrade.

The rating actions are as follows:

  -- Long-term foreign currency IDR: downgraded to 'CC' from 'B';
     Removed from RWN
  -- Long-term local currency IDR: downgraded to 'CC' from 'B+';
     Removed from RWN
  -- Short-term foreign currency IDR: downgraded to 'C' from 'B';
     Removed from RWN
  -- Support Rating: downgraded to '5' from '4'; Removed from RWN
  -- Viability Rating: affirmed at 'cc' ; Removed from RWN
  -- National Long-term Rating: downgraded to 'B(ukr)' from 'AA+
    (ukr)'; Removed from RWN
  -- Senior unsecured: downgraded to 'B(ukr)' from 'AA+(ukr)';
     Removed from RWN



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


LINCOLN THEATRE: LTR Trading Acquires Theatre Royal
---------------------------------------------------
This is Lincolnshire reports that Lincoln Theatre Royal has been
acquired by LTR Trading Limited after its previous owner, Lincoln
Theatre Limited, was place into administration on thousands of
pounds of debt.

It is hoped the move will secure the future of the venue,
according to This is Lincolnshire.

However, the report relates that it is claimed that some of the
debt is "unlikely" to ever be paid off by the former owner.

Administrator Richard Saville, of business recovery experts
Begbies Traynor Group, said: "I can confirm the assets of Lincoln
Theatre Limited have been sold . . . . Whether or not Lincoln
Theatre Limited itself comes out of administration in due course
- it is a case of maybe, maybe not . . . .  There is still a
possibility Lincoln Theatre Limited could go into liquidation . .
. . There are several creditors of Lincoln Theatre Limited and at
this stage I would say it is unlikely they will see their money
again."

This is Lincolnshire noted that records held by Companies House
show Lincoln Theatre Limited was served with two County Court
Judgements earlier this year -- one was for GBP2, 812 and the
other was for GBP6,547.

The theatre currently employs 12 full-time staff.

This is Lincolnshire notes that the chief executive of the
theatre - and director of beleaguered Lincoln Theatre Limited -
Ian Dickens, told the Echo: "The recession has been hard on all
theatres and at times it has been difficult to keep our heads
above water following some cost over-runs on our refurbishment .
. . . I believe the new owners' commitment to live theatre is
demonstrated by the establishment of a repertory company able to
produce new plays regularly to keep the theatre live and vibrant.

"I believe this sale provides the best outcome for all concerned.
There is light at the end of the tunnel.


SILVIGEN LIMITED: In Administration After Defaulting on Debts
-------------------------------------------------------------
Catherine Deshayes at The Business Sale Report reports that
Silvigen Limited has been forced into administration after
failing to meet debt repayment obligations with creditors.

The company has since seen profits plummet and debts rise as the
cost of its fuel development processes rise, according to The
Business Sale Report.  The report relates that a look at the
company's last filed accounts show that it has a negative net
worth of -GBP2,787,867 with total liabilities in the region of
4,107,026.

Christopher M. White from The P&A Partnership has been appointed
administrator for the business.


STERECYCLE: Goes Into Administration on Trading Results
-------------------------------------------------------
Amy North at LetsRecycle.com repots that Autoclave specialist
Sterecycle has gone into administration following a 'significant'
downturn in trading results.

Joint administrators Guy Hollander and Mike Wellard from
accountancy firm Mazars were appointed to the Sterecycle group of
companies -- Sterecycle (Rotherham) Limited, Sterecycle
Management Services Limited and Sterecycle Holdings Limited.

Lets recycle.com notes that in a statement, Sterecycle linked the
decision to call in the administrators to the falling value of
recyclables and delays in getting listed on the Toronto Venture
Exchange, through which it was hoping to secure new investment.

Lets recycle.com relates that a desire by the Barnsley, Doncaster
and Rotherham (BDR) Waste Partnership, which is the firm's main
client, to renegotiate their waste treatment contract with the
company has also been blamed.

"The Board of Sterecycle has concluded that in light of a
significant downturn in trading results following a substantial
fall in global recyclate prices and protracted delays in
obtaining approval to proceed with a public listing on the
Toronto Venture Exchange the financial position is such that it
should commence administration proceedings," Sterecycle said in a
statement obtained by the news agency.



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


* BOND PRICING: For the Week September 17 to September 21, 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.


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