TCREUR_Public/121010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

         Wednesday, October 10, 2012, Vol. 13, No. 202

                            Headlines



A U S T R I A

ATRIUM EUROPEAN: Fitch Raises LT Issuer Default Rating From 'BB+'
AUTOHAUSES SCHICHO: Porsche to Aid Customers Affected by Collapse


C Y P R U S

* CYPRUS: Moody's Downgrades Government Bond Ratings to 'B3'


F R A N C E

ALBEA BEAUTY: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
ALBEA BEAUTY: S&P Assigns Prelim. 'B+' Corporate Credit Rating


G E R M A N Y

ARTEGA AUTOMOBIL: paragon Buys Assets But Won't Resume Production
OAS INVESTMENTS: Fitch Assigns 'B' Rating to US$300-Mil Sr. Notes
OAS INVESTMENTS: S&P Assigns 'BB-' Rating to Sr. Unsecured Notes


I R E L A N D

CELTIC RE NO. 11: S&P Puts 'BB' Ratings on 2 Classes on Watch Neg


R U S S I A

EVRAZ GROUP: Fitch Affirms 'BB-' LT Issuer Default Rating
RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating


S W E D E N

DOMETIC GROUP: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Neg.


S W I T Z E R L A N D

PETROPLUS HOLDINGS: French Court Seeks More Info from Bidders


U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Puts 'B+' Corp. Credit Rating on Watch Negative
JJB SPORTS: Landlords May Reconsider Backing Insolvency Process
OLD MUTUAL: Moody's Downgrades Preferred Rating to 'Ba1(hyb)'
PARAMOUNT FOODS: Administrators Suspends Business
SUNERSOL: In Administration, Cuts 50++ Jobs

TRAVESSE LIFESTYLE: In Administration, Seeks Buyer
UNITED CARPETS: Parent Buys Unit Out of Pre-Pack Administration
* UK: A Third of West Midlands Face Closure Next Year, R3 Says


X X X X X X X X

* Moody's Says Global Corporate Default Rate Up 3% in 3Q2012


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A U S T R I A
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ATRIUM EUROPEAN: Fitch Raises LT Issuer Default Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Atrium European Real Estate Limited's
Long-term Issuer Default Rating (IDR) and senior unsecured rating
to 'BBB-' from 'BB+'.  The Outlook on the IDR is Stable.  The
agency has also upgraded the Short-term IDR to 'F3' from 'B'.

The upgrade reflects Atrium's strong operating performance driven
by the growth economies of Central Eastern Europe and a more
mature rental income stream benefiting from improved average
lease tenure of 5.5 years and operational efficiencies.  Material
litigation claims are now largely resolved and following the debt
buyback during 2012, the average debt maturity profile at 4.9
years is closely aligned to its lease maturity profile.

Fitch believes Atrium's EBIT NIC should remain comfortable at
around 6.0x with an LTV remaining within managements range of
30%-35% over the medium term, even when assuming modest
acquisitions.  These key financial metrics on a forward-looking
trajectory look above average for the investment grade EMEA REIT
universe.

However, Atrium is only funded on a secured debt basis, which to
some extent limits operational flexibility.  However, around 40%
of Atrium's investment property portfolio is unencumbered and
current liquidity is reasonable for the rating.  Overall, the
stronger than average balance sheet and interest serviceability
offset the lack of unsecured funding.

The tenant profile continues to benefit from solid
diversification with a focus on food anchor tenants, typically
large European-based retail chains that pay rents in euros,
mitigating currency risk. Geographical diversification is broad,
with the main focus on Poland (47% of investment properties),
Czech Republic (21%) and Russia (16%).  Divestments in countries
where Atrium lacks a solid market presence would be viewed
favorably.  Conversely a material refocusing of the portfolio
towards Russia could be viewed as increasing operational risk.

Fitch expects future rental income to demonstrate resilient
characteristics driven by indexation and modest rent increases
upon renewals. Recent rental income performance is solid, with
H112 gross rental income increasing 5.6% on a like-for-like
basis.  Growth relates to indexation stemming from the relatively
higher inflation outlook in Central Eastern European countries.
Solid demand and supply dynamics are evident from Atrium's high
renewal rates, with Fitch expecting the occupancy rate to remain
above 95%.  Atrium's geographical markets are benefiting from
structural growth with strong retail spending allowing for higher
retail space density.  Until FY14, only 28% of the total rent
roll is scheduled for renewal, providing high visibility over
future cash flows.

Fitch views Atrium's liquidity position as reasonable for the
rating, with unrestricted cash of EUR207 million at H112.  This
is sufficient to cover debt maturities (EUR86 million) and
committed   development costs (EUR74 million) until FY14.

What Could Trigger A Rating Action In The Future

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

  -- Improved quality of property portfolio focusing on prime and
     good secondary properties
  -- Rationalization of assets in markets with limited geographic
     critical mass
  -- Liquidity score above 1.5x on a two-year cycle on a
     sustainable basis driven by evidence of diversification of
     funding sources

Negative: Rating issues that may both individually or
collectively, lead to a negative rating action include:

  -- LTV (adjusted net debt/investment properties) above 35% on a
     sustained basis
  -- EBIT net interest cover below 2.5x on a sustained basis
  -- Liquidity score below 1.25x on a two-year cycle on a
     sustainable basis
  -- Unencumbered investment property assets of below EUR750m on
     a sustained basis
  -- Assuming unsecured debt issuance; an unencumbered asset
     cover below 3.0x


AUTOHAUSES SCHICHO: Porsche to Aid Customers Affected by Collapse
-----------------------------------------------------------------
Austrian Times reports that German car company Porsche have
agreed to step in to compensate customers who were caught out
when the Autohauses Schicho in Villach was declared insolvent.

According to the report, Porsche spokesman Richard Mieling said
that it was extremely rare that one of their officially
authorised dealers declared bankruptcy but they wanted to make
sure that no Porsche customer suffered as a result.

"We have a solution for the customers who have already paid for
their vehicles. We also have a solution for the customers that
had put a downpayment into the bankrupt companies account,"
Austrian Times quotes Mr. Mieling as saying.

Austrian Times relates that Mr. Mieling said that Porsche were to
pay the difference which will allow the customers to emerge
without any loss from the deal.

He added that Porsche themselves had also lost out by the
bankruptcy of the firm which finally closed with debts of around
EUR1.3 million, Austrian Times relays.  Prosecutors are currently
investigating whether the insolvency had been registered too late
-- allowing debts to get too high, according to Austrian Times.

The company had 60 staff and around 80 creditors are now
demanding their money back, the report notes.



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C Y P R U S
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* CYPRUS: Moody's Downgrades Government Bond Ratings to 'B3'
------------------------------------------------------------
Moody's Investors Service has downgraded Cyprus's government bond
ratings to B3 from Ba3, and has assigned a negative outlook to
the ratings. The rating action concludes the review for possible
downgrade announced on June 13, 2012.

The profound difficulties in the Cypriot banking sector, which
are the result of deteriorating conditions in Greece and Cyprus,
are the key driver of the rating action. There are two aspects to
this issue:

1.) In order to maintain appropriate domestic bank capital
levels, the Cypriot government will likely need to provide
financial support to the country's banks that could threaten the
sustainability of the government's debt burden.

2.) The banking sector's difficulties will reduce domestic credit
growth and severely constrain the country's growth potential,
which will exacerbate existing economic and institutional
weaknesses.

Moody's decision to assign a negative outlook to the rating
reflects the adverse macroeconomic environment and policy
uncertainty that poses further risks to the Cypriot government's
credit strength. In particular, the Cypriot government has not
yet reached an agreement on conditionality with the International
Monetary Fund, the European Union and the European Central Bank,
also known as the Troika, which is a precondition to receiving
the financial support it will need to continue servicing its debt
obligations beyond the end of 2012. Cyprus has lacked
international market access for over one year, which is
preventing the government from financing its own deficit or the
banks' capital needs through the markets and therefore requires
the sovereign to seek external assistance. In addition, the
sovereign's credit strength would be greatly challenged if Greece
were to exit the euro area, because of the severe impact it would
have on Cypriot banks and more generally on the national economy.

Rationale for Downgrade

The key driver of Moody's downgrade of Cyprus's government bond
rating is the substantial increase in the amount of government
support that Moody's believes the Cypriot banks are likely to
require. In Moody's central scenario, the three largest Cypriot
banks will require more than EUR8 billion in capital (equivalent
to over 47% of GDP) from the government to replenish their core
Tier 1 capital to 10%. The projected recapitalization costs have
risen sharply in recent quarters due to the large asset quality
deterioration that has been recorded in the Cypriot banks'
domestic and Greek loan books, a trend that Moody's expects will
continue. Aggregate non-performing loans (excluding loans in
arrears for more than 90 days that are fully covered by tangible
collateral) for the three largest banks increased to 18% of gross
loans in the first half of 2012, up from 12% in December 2011 and
8% in December 2010. Moreover a significant build-up of
rescheduled loans signals the potential for asset-quality
pressure in the near term.

The three largest banks' recapitalization needs, should they
materialize as projected in 2013, would raise the country's
debt/GDP ratio to over 140% of GDP, a level which would be one of
this highest in Moody's rating universe. Moody's attaches a high
probability to the crystallization of this risk and so has
included these bank recapitalization needs in its 2013 debt
forecast. The rating agency believes that such a level may not be
sustainable for a small economy with very weak expected nominal
GDP growth such as Cyprus.

Cyprus's banking sector difficulties are also likely to have
wide-ranging repercussions for the government's credit standing
that go beyond the direct impact of recapitalization on its debt
metrics. Specifically, Moody's expects Cyprus's growth potential
to be severely constrained by the country's banking crisis for
the next three to five years, with real GDP growth turning only
slightly positive in 2015. In part, this is because of the key
role that the very large banking sector (and other sectors that
are linked to banking) plays in the Cypriot economy, and the
pressures the sector faces. Moreover, a deep recession would
undermine the government's fiscal position still further. To
address fiscal deterioration, the government will need to achieve
substantial downward adjustments in the public-sector wage bill,
which is unsustainably large. While such changes are probably
unavoidable, in isolation they further undermine GDP growth over
the near term due to their likely impact on domestic demand. Over
the longer term, cuts in public-sector wages and increased
unemployment may constrain future private-sector wage trends, and
might therefore have positive second-order effects on
competitiveness. However, Cyprus's competitiveness challenges are
very significant and will take some time to be addressed.

In addition, in Moody's view, the government's previous record
raises doubts about its ability to swiftly and vigorously
implement such adjustments: its progress on fiscal reform to date
has been mixed, and the delays experienced in agreeing a package
of fiscal and economic reforms with the Troika illustrates
institutional weakness founded on a lack of political consensus
on the overall direction of fiscal and economic policy. This in
turn increases implementation risks for any such program of
conditionality.

RATIONALE FOR NEGATIVE OUTLOOK

Cyprus has lacked international market access for over one year
and will not be able to finance its own deficit or the banks'
capital needs through the markets. The government had previously
obtained bilateral support from Russia, but further support from
that source, if it is forthcoming at all, is likely to be linked
to Troika support (and the conditionality that accompanies it).
In the absence of external liquidity support, Moody's estimates
that the Cypriot government will run out of funds by the end of
2012.

The B3 rating and negative outlook reflect primarily concerns
about the medium- to long-term sustainability of Cyprus's debt,
since Moody's expects an agreement on conditionality will be
reached and that liquidity support will be provided in order to
contain default risk over the near term. The rating agency notes
that a distressed exchange with private sector involvement (PSI)
would be more difficult to execute in Cyprus than it was in
Greece due to the nature of the country's lenders (even in the
absence of a Troika program, about 1/4 of the debt stock is owed
to multilateral lenders and other sovereigns) and the smaller
share of debt that is governed by domestic law.

Moody's decision to assign a negative outlook to the B3 rating
reflects in part the considerable risk that a potential Greek
exit from the euro area would present to Cypriot banks and the
sovereign. While a Greek euro exit is not Moody's central
scenario, the rating agency estimates that, in the absence of
significant ringfencing of the banks' Greek operations, a Greek
exit would considerably increase Cypriot banks' losses.
Recapitalization needs would be projected to rise to around EUR12
billion, or nearly 70% of GDP, which in turn would raise Cyprus's
debt/GDP ratio to over 160% of GDP.

What Could Change The Rating Up/Down

Moody's says that material upward movement in the rating is
unlikely as long as debt levels are projected to remain at very
high levels. The magnitude of the government's fiscal challenge
is unlikely to change materially even following an agreement on
conditionality because of the sheer size of the financial support
needed for the banking sector.

The rating agency says that further downward movement in Cyprus's
sovereign rating would be likely if a Greek exit from monetary
union were to become more probable or if Moody's were to conclude
that Cyprus was unlikely to receive liquidity assistance from the
Troika (either now or in the future). Moody's expects further
clarity over the coming months on the size of Cyprus's assistance
from the Troika and the conditionality that will be attached to
this support.

Both the current rating and the outlook assume that Cyprus and
the Troika will reach an agreement on a package of
conditionality. As a result, such an agreement will, by itself,
not be sufficient for the outlook to move to stable. For this to
happen, the risk of a Greek exit would need to fall substantially
and macroeconomic uncertainties would need to moderate.

Country Ceilings

As a consequence of the rating action on the sovereign, Moody's
has also lowered the maximum rating that can be assigned to a
domestic issuer in Cyprus, including structured finance
securities backed by Cypriot receivables, to B1. This is in line
with Moody's practice in other euro area countries now that the
rating agency no longer assigns a uniform Aaa ceiling to the
members of the euro area. The lower ceiling reflects the
increased risk of economic and financial dislocations. Moody's
has also lowered the short-term foreign-currency country and
deposit ceilings to Not Prime from Prime-1. No fundamental or
structured ratings are affected by the repositioning of the
ceilings.

Cyprus's adjusted country ceiling reflects Moody's assessment
that the risk of economic and financial instability in the
country has increased. The weakness of the economy and the
sovereign's lack of access to international markets constitutes a
substantial risk factor to other (non-government) issuers in
Cyprus as income and access to liquidity and funding could be
sharply curtailed for all classes of borrowers. Further
deterioration in the financial sector cannot be excluded, which
could lead to potentially severe systemic economic disruption and
reduced access to credit. Finally, the ceiling reflects the risk
of exit and redenomination in the event of a default by the
sovereign. If the Cypriot government's rating were to fall
further from its current B3 level, Moody's would reassess the
country ceiling and likely lower it at that time. Similarly,
Moody's would also reassess the country ceiling in the event of
an upgrade of the Cypriot government's bond rating.

Moody's country ceilings capture externalities and event risks
that arise unavoidably as a consequence of locating a business in
a particular country and that ultimately constrain domestic
issuers' ability to service their debt obligations. As such, the
ceiling encapsulates elements of economic, financial, political
and legal risks in a country, including political instability,
the risk of government intervention, the risk of systemic
economic disruption, severe financial instability risks, currency
redenomination and natural disasters, among other factors, that
need to be incorporated into the ratings of the strongest
issuers. The ceiling caps the credit rating of all issuers and
transactions with material exposure to those risks -- in other
words, it affects all domestic issuers and transactions other
than those whose assets and revenues are predominantly sourced
from or located outside of the country, or which benefit from an
external credit support.

The principal methodology used in this rating was Sovereign Bond
Ratings published in September 2008.



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ALBEA BEAUTY: Moody's Assigns 'B2' CFR/PDR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating ('CFR') and probability of default rating ('PDR')
of B2 to Albea Beauty Holdings S.A. ("Albea Beauty" or "the
group"), the holding company of Albea Group ("Albea"). Albea is a
market leader in the design, manufacture and sale of plastic
packaging products for the beauty and cosmetics industry.

Concurrently, the rating agency has assigned a provisional (P)B2
rating to Albea Beauty's proposed issuance of $650 million
equivalent of senior secured notes due 2019. The outlook on all
ratings is stable.

Albea Beauty is raising the proposed bond to fund Albea's
acquisition of Rexam PC. On September 20, 2012, Albea signed an
equity purchase agreement with Rexam Plc (Baa3 stable) to acquire
its Worldwide Cosmetics Business. Albea will retain the cosmetics
business ("Rexam PC"), whilst the smaller and operationally
separate Home & Personal Care business of Rexam Plc's personal
care division will be managed and financed separately by an
affiliate of Sun Capital. Albea expects the acquisition to close
by early 2013 subject to regulatory approvals.

Moody's issues provisional ratings in advance of the final sale
of debt instruments and these ratings reflect the rating agency's
preliminary credit opinion regarding the transaction only. Upon a
conclusive review of the final documentation, Moody's will
endeavor to assign a definitive rating to the debt. A definitive
rating may differ from a provisional rating.

Ratings Rationale

Moody's B2 CFR for the group reflects : (1) its exposure to the
growing yet cyclical and competitive beauty & personal care
market; (2) weakness in recent operating performance trends; (3)
potential challenges in terms of the management of input costs
associated with the acquisition of Rexam PC, albeit Albea has a
good track record in managing its input costs well on a
standalone basis; (4) significant integration risks associated
with the acquisition and potentially longer-than-envisaged delays
in the combined entity realising synergies and improvements to
combined EBITDA. Moreover, the rating further reflects Moody's
expectation that (1) the group would exhibit significant leverage
at the closing of the transaction and generate negative free cash
flow in the near term; and (2) the combined entity would exhibit
a weaker EBITDA margin compared with that of some peers.

However, more positively, the rating also takes into account
Albea's longstanding relationships with blue-chip customers,
which mitigates its customer concentration risk. In addition, it
factors in Moody's expectation that, assuming the acquisition of
Rexam PC is completed, (1) Albea will have a geographically well-
diversified and improved product portfolio; (2) the combined
group will hold leading market positions for several product
lines; (3) Albea will benefit from higher barriers to market
entry, particularly as a result of the integration of Rexam PC's
pumps business; and (4) the two companies will be able to achieve
operational synergies, thereby containing costs.

Combining Albea and Rexam PC will create a well-diversified,
global leader in laminate and plastic tubes, foam pumps,
fragrance samplers, lipstick and mascara containers. The addition
of Rexam PC's pump business will greatly improve the product mix.
The group will hold the second largest market share in the
fragrance pumps category and the third largest market share in
the lotion pumps category. On a pro forma 2011 combined basis,
tubes will account for 38% of total revenues, pumps for 23%,
while rigid beauty products will account for 39%.

The combined group will also have a strong manufacturing
platform, with 47 plants in 14 countries. On a combined, pro
forma basis Europe represented 50% of total revenues for the last
12 months ending June 2012, while North America made up 20% and
the emerging markets were 30%.

Because beauty and cosmetic products are generally considered
discretionary, consumer purchases of these products would be
expected to fall during economic downturns, making the group's
industry exposed to economic cycles. Nevertheless, beauty and
cosmetics markets globally have shown some resilience during
downturns, showing less volatility than the gross domestic
product indexes of their respective countries.

The beauty and cosmetics packaging industry is competitive, with
many manufacturers competing to produce similar and alternate
types of packaging. In addition, the main markets for the group's
products, Europe and the America, are mature.

After good reported revenue growth of 6.7% in 2011, Albea saw
reported revenue decline year-on-year by 5.8% in H12012, impacted
by exchange rate fluctuations, the discontinuation of a key
contract in Brazil and challenging conditions in some markets.
Nevertheless, H12012 reported EBITDA margin improved by
approximately 1% over H12011 because of cost control measures.
After reporting growth of 2.4% in 2011, Rexam PC's reported
revenues declined by 4.4% year-on-year in H12012 as weaker
economic conditions lowered overall demand.

Reported results vary with the fluctuations in exchange rates of
operating currencies against the US dollars. On a constant
currency basis (average LTM June-12 average foreign exchange
rates of US dollars to euros of 1.3 and Brazilian real to US
dollars of 1.9), Moody's would expect the group to achieve
broadly stable revenue growth for 2012 as compared to 2011.

The integration of Rexam entails significant risk, and in its
ratings Moody's considers the possibility that expected synergies
will delayed or not realized or costs will be higher than
expected. The group intends to achieve US$45.5 million in total
cost synergies by 2016, US$31.4 million by 2014. In order to
realize these savings, the group expects to make significant cash
outlays. The group currently estimates that through 2016, it will
spend approximately US$127 million in capital expenditures,
severance costs and in other cash costs to realize these
synergies. It also expects to require approximately US$8 million
in additional working capital. Such amounts could potentially be
partly offset by net compensation proceeds from a government-
initiated compulsory purchase order for one of the Asian sites
expected to generate approximately US$43 million. However, there
still remains considerable uncertainty around the amount of
compensation payable and the timing of receipt of such
compensation by the group.

After Albea and Rexam PC are combined, the group's ten largest
customers, by revenue, are likely to account for a significant
portion of total revenues. On a pro forma basis, the top ten
customers of the group represent 50% of combined revenue, based
on 2011 results. Although there is customer concentration, the
group has also developed strong long-term relationships with its
top clients that on average are over 20 years old. These
customers include L'Oreal, LVMH, Estee Lauder, Procter and
Gamble, Avon, Natura and GlaxoSmithKline. The group's largest
customer, L'Oreal, represented 14% of the combined revenues of
Albea and Rexam PC on a pro forma basis in 2011. None of the
group's other customers represented more than 7% of its revenues
on a pro forma basis in 2011.

Raw materials accounted for approximately 45% of Albea's and 23%
of Rexam PC's cost of sales for goods manufactured in 2011.
Albea's cost to produce tubes tends to depend more on raw
material costs than does Rexam PC's cost to produce pumps, which
carry more production costs because of the complexity of the
product. Overall, raw materials for Albea and Rexam PC primarily
include plastic resins, closures, plastic film, lacquers, inks,
varnishes and various metal parts. The prices for these materials
tend to be volatile.

Approximately 74% of Albea's sales on a standalone basis are
currently indexed to raw material prices with escalator and de-
escalator mechanisms, which primarily adjust on a quarterly and
semi-annual basis. On average, revenue price movements lag
purchase price movements by 6-12 months for Albea. Rexam PC does
not have such mechanisms in place. However, after the
acquisition, and to the extent possible, Albea intends to focus
on putting similar price mechanisms in place for Rexam's
business, a process that could pose some challenges, in Moody's
opinion.

The reported LTM June 2012 gross debt (excluding debt issuance
costs)/ EBITDA for the group pro forma for the Rexam PC
transaction is 4.2x (based on 'Pro forma adjusted EBITDA' of
US$169.3 million including US$19 million of pro forma cost
savings and add backs for US$23.5 million of exceptional items).
Excluding the add backs for exceptional items and pro forma cost
savings, the reported pro forma gross leverage of the company
group would have been 5.5x (based on a reported pro-forma EBITDA
of US$126.9 million) for the same period. Given the current
capital structure, de-leveraging would rely solely on EBITDA
growth. Due to the cash outflows associated with Rexam PC's
integration into Albea, Moody's would expect the combined group's
free cash flow (as calculated by Moody's after capex and
dividends) to remain negative in the near term. Should the
integration of Rexam PC not go according to plan, there is a risk
that free cash flow would remain constrained for a period longer
than currently envisaged.

Albea has adequate liquidity for meeting its operational
requirements over the next 12-18 months. At closing, the
transaction provided the group with some cash over-funding
designed to give Albea the financial flexibility necessary to
cover its capex and synergy implementation costs. On a pro-forma
basis the group had cash and cash equivalents of US$138.7 million
as of June 30, 2012. As of June 30, 2012, on a pro-forma basis,
the group would have an aggregate US$87.8 million of available
funding under the European Receivables Facility, of which US$34.8
million is expected to be outstanding at closing; and it would
also have had US$48.1 million of excess availability under the
North American ABL Facility. Moody's expects the group to
generate negative free cash flow over the medium term, and
therefore it could have to rely on its ABL/Factoring facility
based on its requirements. After the transaction the group will
not face any scheduled debt repayments until 2017 when the ABL
becomes due.

What Will Change The Rating Up/Down

Upward rating pressure could develop (i) with a sustained
improvement in the group's EBITDA margin; (ii) if the integration
of Rexam PC remains on track and (iii) the group remains on path
to returning to positive free cash flow generation on a sustained
basis;

Conversely, downward pressure would likely be exerted on the
rating as a result of (1) a marked deterioration in the group's
operating performance; (2) significant delays in the group
integrating Rexam PC, resulting in materially negative free cash
flow generation on a sustained basis; and/or (3) a deterioration
in the liquidity profile.

Principal Methodology

The principal methodology used in rating Albea Beauty was the
Global Packaging Manufacturers: Metal, Glass, and Plastic
Containers Industry Methodology published in June 2009. Other
methodologies used include "Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA",
published in June 2009.

Albea Beauty is the holding company of Albea, which is a market
leader in the design, manufacture and sale of plastic packaging
products for the beauty and cosmetics industry. The group
generated revenues of US$1.56 billion and reported EBITDA of
US$129.7 million in 2011 on a pro-forma basis (including Rexam
PC).


ALBEA BEAUTY: S&P Assigns Prelim. 'B+' Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to Albea Beauty Holdings S.A.
The outlook is stable.

"At the same time, we assigned our preliminary issue rating of
'B+' to the proposed US$650 million equivalent (about EUR500
million) senior secured notes (due 2019), to be issued by Albea
Beauty in two tranches (euro and U.S. dollar). The recovery
rating on these notes is '4', indicating our expectation of
average recovery (30%-50%) in the event of payment default," S&P
said.

"In assigning the preliminary ratings, we assumed that beauty and
cosmetics packaging manufacturer Albea would successfully acquire
U.K.-based Rexam PLC's cosmetics business; this transaction
remains subject to regulatory approvals. We expect the
transaction to complete by early 2013, and understand that
proceeds from the notes issuance will be placed in escrow until
the acquisition closes. The preliminary ratings are also subject
to our review of the final documentation and capital structure,"
S&P said.

"The preliminary rating on Albea's holding company, Albea Beauty,
reflects our assessment of the combined group's financial risk
profile as 'aggressive' and business risk profile as 'fair," S&P
said.

"We understand that the transaction will be financed using the
proceeds from a US$650 million equivalent high-yield senior
secured note issuance. We estimate that the group's Standard &
Poor's-adjusted debt will be below US$700 million when the
transaction closes," S&P said.

"Our assessment of Albea's financial risk profile as 'aggressive'
reflects our view of the combined group's forecast capital
structure following the completion of the acquisition. Albea is
owned by private-equity firm Sun Capital Inc., and we assess
Albea's financial policy as 'aggressive.' The ratings are further
constrained by limited audited historical financial data and
track record. We forecast that Albea's adjusted pro forma debt-
to-EBITDA ratio will be less than 5x at acquisition closing. We
expect this ratio to improve to less than 4.5x as of Dec. 31,
2013, based on forecast improvements in operating performance,"
S&P said.

"The stable outlook reflects our opinion that Albea has the
capacity to reduce its debt leverage steadily over the medium
term through an improved operating performance and robust cash
generation. We anticipate that following the acquisition pro
forma credit metrics should be at levels commensurate with the
'B+' rating. Specifically, this means adjusted debt-to-EBITDA of
less than 5.0x, and adjusted FFO-to-debt of more than 12% on a
pro forma basis," S&P said.

"We could lower the ratings if Albea's operating performance and
cash generation does not improve enough to allow the group to
delever and credit metrics weaken to levels that we consider
commensurate with a 'highly leveraged' financial risk profile,"
S&P said.

"If Albea materially reduces its debt leverage, we could consider
raising the rating," S&P said.



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


ARTEGA AUTOMOBIL: paragon Buys Assets But Won't Resume Production
-----------------------------------------------------------------
paragon AG, on October 1, 2012, took over all of the assets of
the insolvent Artega Automobil GmbH & Co. KG.  paragon will not
resume Artega's sports car production, Artega GT, which was shut
down by the insolvency administrator on Sept. 30, 2012.

paragon said in a statement that it intends to use its newly
acquired resources in staff and space to continue to develop its
new Electromobility and Body-Kinematics divisions.

"Accurately timed to coincide with its 25th anniversary in 2013,
paragon will enhance its headquarters in Delbruck as a result of
the takeover," paragon said.

Artega Automobil GmbH & Co. KG., manufacturer of Henrik Fisker-
designed GT sports car, filed for bankruptcy in July 2012.
According to MotorAuthority, the small scale manufacturer, based
in Delbruck, stated that it has become insolvent and that it was
seeking to find new roles for its 34 employees.


OAS INVESTMENTS: Fitch Assigns 'B' Rating to US$300-Mil Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to OAS Investments GmbH's
Issuer Default Rating (IDR) and a 'B'/'RR4' rating to its first
proposed issuance of US$300 million to US$500 million in senior
notes due 2019.

The notes are unconditionally guaranteed by OAS S.A. (OAS),
Construtora OAS Ltda (Construtora OAS) and OAS Investimentos
(OASI).  The majority of this new issuance proceeds will mostly
be used to refinance indebtedness.

Fitch currently rates OAS Group as follows:
OAS S.A.:

  -- Long-Term Foreign Currency IDR 'B';
  -- Long-Term Local Currency IDR 'B';
  -- Long-Term National Rating 'BBB(bra)';

Construtora OAS Ltda. (Construtora OAS):

  -- Long-term Foreign Currency IDR 'B';
  -- Long-term Local Currency IDR 'B';
  -- Long-term National Rating 'BBB(bra)'.

OAS Empreendimentos S.A. (OAS Empreendimentos):

  -- Long-term National Rating 'BB+(bra)' (BB plus (bra)).

The Outlook for the corporate ratings is Stable.

The ratings reflect the expertise and the position of the OAS
group as one of the five largest contractors in the domestic
civil construction sector by revenues, and its long track record
in engineering and heavy construction in Brazil.  The ratings
also incorporate increased consolidated leverage, combined with
operating margins lower than the industry average.  The ratings
also factor the backlog concentration in nine large works;
business inherent volatility; the challenges of the recent surge
of the homebuilding company of the group; and the increased
financing needs to support the group's business growth strategy.

Fitch expects the maintenance of OAS's adequate cash position to
support the growth phase of its business segments and the short
term debt.  The agency also expects the maintenance of current
leverage position even under some pressure of debt.  A retraction
in group's liquidity position will negatively pressure the
ratings.

Recovering operating margins on a consistent basis has continued
to be a challenge for the OAS Group.  Fitch also expects that the
company will manage the relevant new projects (Of OAS and OAS
Investments S.A. (OAS Investments), without substantially
impacting its capital structure and liquidity position.  The
company will have to control costs in the heavy construction
sector, increase the contribution of results from infrastructure
segment and recover the operating results of real estate
construction in 2012 and 2013.

The Construtora OAS is the main operating company and group's
cash generator.  The Construtora OAS has the same ratings as the
controller OAS, since it is the main operating company of group
OAS.  The company is 100% controlled by and operationally
integrated to OAS, besides being the guarantor of 40% of the
consolidated corporate debt, net of 'Project Finance' financings.
During the last 12 months ended on June 30, 2012, Construtora OAS
represented 80% of the group's consolidated revenue and 20% of
EBITDA. Historically its contribution for group's consolidated
EBITDA is around 50% and 55%.

Cancellation and Interruption of Works Weakens Operating
Performance

The pace of operating margins recovery shown in 2011 was
interrupted by the standstill of two relevant works of OAS's
international portfolio.  The consolidated impact of the
interruption of these two works is estimated around BRL200
million in the half-yearly revenues, besides the impacts of
demobilization costs. One of these works should generate a
negative impact in the 2012 third quarter revenue, estimated at
around BRL45 million.  On the other hand, the startup of relevant
works, such as Guarulhos Airport, Parque Via Rimac and Canta Lima
should positively contribute to increment the revenue stream of
Construtora OAS in coming years.

During the last 12 months ended on June 30, 2012, OAS recorded
consolidated adjusted EBITDA of BRL221 million, as per Fitch's
criteria, and EBITDA margin of 4.1%, as compared to BRL350
million and 7.6% in 2011.  Fitch expects Construtora OAS to
achieve partial recovery of its operating margin in the second
half of 2012 and returns in 2013 to the margin levels recorded in
2011, thus contributing for the recovery of group OAS
consolidated operating profitability.

Historically Strong Liquidity

The group's liquidity is robust.  Its relevant cash position has
been an important factor for sustaining the group's ratings, and
limiting the risks associated to the weak operating performance
during the first half of the year.  Fitch expects OAS to preserve
satisfactory liquidity cash reserve to support the growth phase
of its backlog and group's working capital needs and keep
advancing in its strategy of lengthening its consolidated debt
profile.

The expansion of new businesses of the group resulted in a
significant increase on consolidated debt.  On June 30, 2012, OAS
reported consolidated position of cash and marketable securities
of BRL1.869 million and total debt of BRL4.869 million, compared
with BRL1.465 million and BRL3.753 million, respectively, at
year-end 2011.  Cash reserves were sufficient to cover 146% of
the short-term consolidated debt of BRL1.282 million. The group
contracted financing for the relevant infrastructure concession
segment.  From the total consolidated debt, BRL1.4 billion was
related to projects that have financing facilities structured in
the modality of 'Project Finance'.

Leverage Should Remain High

The group's aggressive business expansion in heavy construction
and the investments in infrastructure concessions and in real
estate have resulted in a significant increase of OAS'
consolidated debt.  The deterioration in consolidated operating
margins has also contributed to leverage worsening in June 2012.
OAS net leverage, measured by net debt/EBITDA ratio was of 13.6x
at the end of June 2012, against 6.5x at year-end 2011 and 8.1x
at year-end 2010.

The adjusted leverage excluding the debt and the cash generation
from the projects was of total debt/EBITDA of 10.4x and net
debt/EBITDA of 4.7x on a net basis, if excluding the non-
recurring losses reported in the period.  For the next three
years it is not expected relevant flow of dividends from these
projects that could benefit group's adjusted EBITDA.

Fitch expects that during 2013 the adjusted leverage should
remain at same level of June 2012, excluding the non-recurring
adjustments.

Participation in Invepar Should Not Pressure OAS Cash Flow

In March 2012, OAS increased its participation in Investimentos e
Participacoes em Infraestrutura S.A. (Invepar) to 25% of the
total capital.  Fitch's believes OAS cash flow should not be
pressured by Invepar investments.  However, any potential new
debts by Invepar to face the high investments made in the
consortium for Guarulhos Airport (SP) should generate some
pressure on OAS leverage, on a consolidated basis, including debt
related to Project Finance, since the group consolidates 25% of
Invepar.

Robust Backlog Ensures Growth & Expansion of Concessions

During the first semester of 2012 there was a slight contraction
in OAS work backlog.  In June, the total backlog was BRL17.8
billion and reflected the cancellation of relevant work in
Bolivia estimated at BRL598 million.  The current work backlog
and the positive scenario for the infrastructure sector should
ensure the group's growth in the next periods, both in its
activities as subcontractor and in the concession area.

Key Rating Drivers

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

  -- Non-recovery or a new reduction of operating margins and
     credit metrics due to downturns in the heavy construction
     activities or increase in execution costs.  Such scenarios
     would further pressure margins and reduce capacity to
     generate operating cash.
  -- A weaker cash position and higher leverage could also result
     in a rating downgrade.

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

  -- A consistent evolution of the consolidated operating
     results, combined with maintenance of strong liquidity
     position, and lengthened schedule of debt amortization.


OAS INVESTMENTS: S&P Assigns 'BB-' Rating to Sr. Unsecured Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
the senior notes to be issued by OAS Investments GmbH, a wholly
owned subsidiary of Brazil-based infrastructure company OAS S.A.
(OAS). The notes will be unconditionally guaranteed by OAS and
its operating subsidiaries Construtora OAS Ltda. and OAS
Investimentos S.A. The company will use the proceeds of the
issuance primarily
to refinance existing debt.

The 'BB-' corporate rating on OAS reflects its "fair" business
risk profile and "aggressive" financial risk profile. "The rating
also reflects the company's high indebtedness that resulted from
its aggressive growth strategy in previous years and some
execution risks associated with the ramp-up of its main
investments. Positive rating factors include OAS' favorable
market position in Brazilian engineering and construction (E&C)
industry and our expectation that the company's growth appetite
will moderate and financial leverage decrease in the next few
years," S&P said.

"The stable outlook assumes that OAS will consistently improve
credit metrics over the next few years not only through stronger
cash flows but also with some marginally adjusted debt reduction.
The outlook reflects our expectations that OAS will maintain
sufficient cash reserves at its E&C operation to handle seasonal
working-capital swings and that its equity contributions to
projects will be modest. We expect adjusted total debt to EBITDA
of less than 6.0x by 2013 and lower afterwards," S&P said.

"A downgrade could result from OAS' failure to improve credit
metrics throughout 2013 due to slower improvement in cash flow
(which could come from weaker performance at the E&C company or
larger cost overruns at its homebuilding operation) or from
financial support for its projects (which could result from the
sports arenas facing cost overruns). An upgrade would depend on
adjusted total to EBITDA dropping below 4.0x, which we believe is
possible when the new projects start contributing dividend
streams to OAS by 2014," S&P said.

RATING LIST

OAS S.A.
Corporate Credit Rating                BB-/Stable

OAS Investments GmbH
  Senior unsecured notes                BB-



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


CELTIC RE NO. 11: S&P Puts 'BB' Ratings on 2 Classes on Watch Neg
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its credit ratings on 25 classes of notes in Celtic Residential
Irish Mortgage Securitisation No. 11 PLC, Celtic Residential
Irish Mortgage Securitisation No. 12 Ltd., Fastnet Securities 2
PLC, Fastnet Securities 4 Ltd., Fastnet Securities 5 Ltd.,
Fastnet Securities 7 Ltd., and Kildare Securities Ltd. "At the
same time, we kept on CreditWatch negative our ratings on two
classes of notes in Celtic Residential Irish Mortgage
Securitisation No. 11, which we placed on CreditWatch negative
for counterparty reasons and are now on for performance reasons,"
S&P said.

"The CreditWatch negative placements follow the continued
deterioration in the Irish housing market and persistent
increases in 90+ day delinquencies in these transactions. Due to
current forbearance measures and the legal uncertainty regarding
the foreclosure process, repossessions have generally been
limited in the Irish residential mortgage market," S&P said.

"In order to address these risks, we have revised our assumptions
in the way we analyze these Irish residential mortgage-backed
securities (RMBS) transactions. We have increased our foreclosure
period in our analysis to 48 months. Additionally, we have
assumed that all loans with arrears greater than nine monthly
payments default on Day 1 in our cash flow analysis, with losses
and recoveries being realized at the end of the 48 month
foreclosure period," S&P said.

"We intend to complete our review of these transactions over the
next few weeks," S&P said.

             STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                Rating
            To                      From

Ratings Kept/Placed On CreditWatch Negative

Celtic Residential Irish Mortgage Securitisation No. 11 PLC
EUR2.434 Billion, GBP788.5 Million, US$328 Million Residential
Mortgage-Backed Floating-Rate Notes

A3a        A+ (sf)/Watch Neg        A+ (sf)/Watch Neg
A3c        A+ (sf)/Watch Neg        A+ (sf)/Watch Neg
Ba         A- (sf)/Watch Neg        A- (sf)
Ca         BB (sf)/Watch Neg        BB (sf)
Cc         BB (sf)/Watch Neg        BB (sf)

Celtic Residential Irish Mortgage Securitisation No. 12 Ltd.
EUR1.95 Billion Residential Mortgage-Backed Floating-Rate Notes

A2         A+ (sf)/Watch Neg        A+ (sf)
A3         A- (sf)/Watch Neg        A- (sf)
B          BBB (sf)/Watch Neg       BBB (sf)
C          B (sf)/Watch Neg         B (sf)

Fastnet Securities 2 PLC
EUR2.15 Billion Residential Mortgage-Backed Floating-Rate Notes
Due 2043

A2         B+ (sf)/Watch Neg        B+ (sf)
B          B+ (sf)/Watch Neg        B+ (sf)
C          B+ (sf)/Watch Neg        B+ (sf)
D          B+ (sf)/Watch Neg        B+ (sf)

Fastnet Securities 4 Ltd.
EUR6.5 Billion Mortgage-Backed Floating-Rate Notes

A1         B+ (sf)/Watch Neg        B+ (sf)
A2         B+ (sf)/Watch Neg        B+ (sf)
A3         B+ (sf)/Watch Neg        B+ (sf)

Fastnet Securities 5 Ltd.
EUR1.7 Billion Residential Mortgage-Backed Floating-Rate Notes

A1         AA+ (sf)/Watch Neg       AA+ (sf)
A2         AA+ (sf)/Watch Neg       AA+ (sf)
A3         AA+ (sf)/Watch Neg       AA+ (sf)

Fastnet Securities 7 Ltd.
EUR1.363 Billion Mortgage-Backed Floating-Rate Notes

A1         A+ (sf)/Watch Neg        A+ (sf)
A2         A+ (sf)/Watch Neg        A+ (sf)
A3         A (sf)/Watch Neg         A (sf)

Kildare Securities Ltd.
EUR1.276 Billion, US$2.176 Billion Mortgage-Backed Floating-Rate
Notes

A2         AA-(sf)/Watch Neg        AA- (sf)
A3         BBB+ (sf)/Watch Neg      BBB+ (sf)
B          BBB- (sf)/Watch Neg      BBB- (sf)
C          BB- (sf)/Watch Neg       BB- (sf)
D          B (sf)/Watch Neg         B (sf)



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


EVRAZ GROUP: Fitch Affirms 'BB-' LT Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Evraz Group S.A.'s (Evraz) foreign
currency (FC) Long-Term Issuer Default Rating (IDR) at 'BB-' with
a Stable Outlook, Short-term FC IDR at 'B' and senior unsecured
rating at 'BB-'.

The affirmation follows Evraz plc's purchase of a 41% indirect
stake in OAO Raspadskaya ('B+'/Stable) through the purchase of a
50% stake in Corber Enterprises Ltd.

As a result of the transaction, Evraz plc will become a major
shareholder of OAO Raspadskaya with an 82% stake.  Control over
the coking coal mining company will allow Evraz plc to increase
its self-sufficiency in coking coal, one of key raw materials for
steel production.  This is in line with Evraz plc's strategy of
strengthening its mining division.

The agency does not expect the transaction to materially affect
Evraz plc's consolidated leverage, as the deal is mostly non-
cash.  Adroliv Investments Ltd, the seller of Corber Enterprises
Ltd's shares, will receive approximately 11.1% of Evraz plc's
shares after execution of warrants, cash payment equals to US$200
million. Evraz Group S.A.'s credit metrics will not be affected
by the transaction.

Evraz's funds from operations (FFO) adjusted gross leverage
decreased to 2.3x at end-2011 compared with 3.0x at end-2010.
Fitch expects FFO adjusted gross leverage to increase to 3.3x-
3.5x by end-2012 and deleveraging to 2.0x-2.2x by end-2014.

The ratings are supported by Fitch's expectations of positive
free cash flow generation over the medium term.  Evraz's ratings
remain constrained by its large Russian operational base, which
exposes it to higher than average political, business and
regulatory risks.

What Could Trigger A Rating Action?

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

  -- EBITDAR margin above 20% on a sustained basis
  -- Deleveraging to FFO adjusted gross leverage below 2.0x on a
     sustained basis

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

  -- EBITDAR margin below 15% on a sustained basis
  -- FFO adjusted gross leverage above 3.5x on a sustained basis


RASPADSKAYA OAO: Fitch Affirms 'B+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based coal producer OAO
Raspadskaya's Long-term foreign and local currency Issuer Default
Rating (IDR) and senior unsecured rating at 'B+', and its
National Long-term rating at 'A(rus)'.  The Short-term IDR is
affirmed at 'B', while the Recovery Rating on the senior
unsecured Eurobonds is affirmed at 'RR4'.  Fitch has also
affirmed Evraz Group SA's (Evraz) ratings.

The affirmations incorporate the change of Raspadskaya's
ownership structure announced by the company as of 4th October
2012.  Currently Russia's largest steel producer Evraz Group SA
and Raspadskaya's management jointly own Corber Enterprises Ltd,
the owner of an 82% stake in Raspadskaya, on a parity basis.  As
a result of the ownership change, Evraz plc (NR), the parent of
Evraz Group SA, will obtain Raspadskaya's management's stake in
Corber Enterprises.  The transaction will be completed in Q412
remaining subject to Federal Antimonopoly Service approval.
Fitch's Parent-Subsidiary Linkage methodology was applied to
assess the links between Raspadskaya and Evraz Group SA's
ratings.

Historically, Evraz has been Raspadskaya's largest coal
concentrate off-taker with a 31% share in 2011.  In 2010-2011
Evraz had 80%-85% self-sufficiency in coal concentrate, including
Raspadskaya's output on a pro rata basis.  As a result of the
acquisition, Evraz would have full self-sufficiency in coal
concentrate, thereby confirming Raspadskaya's operational ties
with Evraz and its fit to Evraz's strategy aimed towards
completing vertical integration into coking coal and iron ore.

Raspadskaya reported a 24% decrease in H112 revenues yoy mostly
driven by a coal price decrease and 5% volume slowdown.  Lower
prices in H112 resulted in a reported EBITDA margin of 35% (H111:
48%), coupled with one-off US$31 million FX losses due to the
rouble depreciation resulting in an US$19 million net loss.
Fitch expects a mid-teens drop in 2012 revenues on the back of
the H212 coal price, which is expected to remain at depressed
levels but mitigated by modest sales volumes growth.  According
to Fitch's conservative rating case, the EBITDAR margin is
expected to decrease to around 30% in both 2012 and 2013.

Fitch notes that Raspadskaya has already spent US$190 million out
of the US$280 million restoration costs, required on the back of
the explosion accident at Raspadskaya's core mine in May 2010.
Following the accident, the company's output was supported by the
remaining three mines; however the company's output is not
expected to recover to 2009 levels before the end-2012.

Raspadskaya's liquidity position strengthened following its
US$400 million five-year Eurobond issue in Q212 used to refinance
the previous US$300 million Eurobond issue maturing in May 2012.
Raspadskaya's returned to a net debt position following the
US$396 million share buyback in H112 which led to a historically
high US$406 million net debt as of end-H112, albeit mostly long-
term debt.  Fitch expects funds from operations (FFO) adjusted
leverage to peak in 2012 at around 2.9x with a decrease starting
from 2013 onwards, mostly due to FFO growth driven by an expected
sales volumes increase.

Raspadskaya's ratings remain constrained by its smaller scale
relative to global peers, lack of commodity diversification, the
execution risks inherent in the mine's reconstruction and its
large Russian operational base, which exposes it to higher than
average political, business and regulatory risks, making a
positive rating action unlikely over the medium term.

What Could Trigger A Rating Action?

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

  -- Strengthening of financial and operational linkages between
     OAO Raspadskaya and Evraz Group SA, specifically,
     Raspadskaya covering materially higher share of Evraz's
     needs in coal concentrate, could lead to the one notch
     uplift from Raspadskaya's stand-alone IDR
  -- Strengthening of operational links, and, more specifically,
     the legal ties between OAO Raspadskaya and Evraz Group,
     including corporate guarantee of Raspadskaya's debt or
     explicit inclusion of Raspadskaya in Evraz Group SA's
     international bonds' cross-default provisions, could lead to
     the equalization of Raspadskaya's ratings with Evraz's.

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

  -- A further drop in H212-2013 coal concentrate, as well as
     materially slower than expected ramp-up of production at the
     Raspadskaya, Razrez Raspadsky and Raspdskaya-Koksovaya
     mines, leading to a significant and sustained deterioration
     in the company's financial position
  -- Negative development of total cash costs over the next 18 to
     24 months leading to a significant and sustained
     deterioration in the company's financial position.



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


DOMETIC GROUP: S&P Cuts Corp. Credit Rating to 'B-'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Sweden-based Dometic Group AB and its
wholly owned subsidiary Dometic Holding AB to 'B-' from 'B'. "The
outlook is negative. At the same time, we lowered the issue
rating on Dometic's EUR202 million payment-in-kind (PIK) notes to
'CCC' from 'CCC+'. The recovery rating on these notes is '6',
reflecting our expectation of negligible (0%-10%) recovery in an
event of payment default," S&P said.

"The downgrade reflects the current tight covenant headroom under
Dometic's senior term loan facilities, which we expect to tighten
even further in the remainder of 2012. We expect a weakening
European economy to put further pressure on Dometic's liquidity
in 2012-2013, which may in turn lead to a breach of bank loan
covenants. We believe that Dometic's covenant headroom could be
at the lower end of our definition of 'tight' (5%-15%) by year-
end 2012. We also note that Dometic's senior management has
changed several times over a short period, which is also a
concern, given the tight financial headroom," S&P said.

"Although Dometic's underlying margins have historically proven
fairly resilient against swings in demand and have consequently
been the main supportive rating factor, the group's very high
debt burden makes it sensitive to small changes in profits and
cash flow. As Dometic has a total of about Swedish krona (SEK) 1
billion (Approximately EUR115 million) yearly of interest
payments and amortizations, and about SEK200 million of capital
expenditures, even a smaller decline in the current rolling 12
months' EBITDA of SEK1.3 billion could lead to tighter
liquidity," S&P said.

"The ratings on Dometic are constrained by our view of the
group's high leverage, which we believe will keep its financial
metrics in a range that we view as "highly leveraged" over the
next two-three years," S&P said.

"The negative outlook reflects our view of the risks that
Dometic's current tight covenant headroom might deteriorate
further in 2012, as well as of potential pressure on liquidity in
2013 from weaker margins and cash flow on the back of weaker
demand, especially in Europe," S&P said.

"Given Dometic's highly leveraged capital structure, any covenant
breach or only minimal covenant headroom could lead us to lower
the rating. If liquid funds by year-end 2012 are substantially
below the SEK900 million they were on June 30, 2012, we could
also take a negative rating action because of concerns about
Dometic's liquidity in 2013," S&P said.

"We could also lower the ratings if the group's underlying
margins and cash flow were to deteriorate substantially from our
base-case scenario of a 15% EBITDA margin and FFO of SEK500
million-SEK600 million in 2012," S&P said.

"We could revise the outlook to stable if Dometic were show an
improved level of FFO generation of SEK600 million or more and
maintain an EBITDA of at least SEK1.2 billion or above. Adequate
covenant headroom and steady operating performance (particularly
cash flow generation) would justify keeping the ratings at their
current level, despite the group's highly leveraged capital
structure," S&P said.



=====================
S W I T Z E R L A N D
=====================


PETROPLUS HOLDINGS: French Court Seeks More Info from Bidders
-------------------------------------------------------------
Michel Rose at Reuters reports that a French court needs more
information to assess offers submitted to purchase the Petit-
Couronne refinery in northern France, owned by insolvent firm
Petroplus, a spokeswoman for the Rouen commercial court said.

Reuters relates that a decision on the future of the troubled
refinery was initially expected on October 2 but the court will
hold a new hearing on October 16 with all parties involved.

On that date, the court could decide to either approve a
takeover, liquidate the plant, or delay again its decision,
Reuters notes.

Two low-profile groups, NetOil and Alafandi Petroleum Group,
filed bids in July promising to preserve jobs and invest
massively into the plant, the report discloses.

                           About Petroplus

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

Petroplus was forced to file for insolvency in late January after
struggling for months with weak demand due to the economic
slowdown in Europe and overcapacity amid tighter credit
conditions, high crude prices and competition from Asia and the
Middle East, MarketWatch said in a March 28 report.

According to MarketWatch, Petroplus said in March a local court
granted "ordinary composition proceedings" for a period of six
months. As part of the court process, Petroplus intends to sell
its assets to repay its creditors.

Some of Petroplus' units in countries other than Switzerland have
filed for "different types of proceedings" and are currently
controlled by court-appointed administrators or liquidators,
which started the process to sell assets, including the company's
refineries.



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


ALPHA TOPCO: S&P Puts 'B+' Corp. Credit Rating on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
negative implications its 'B+' long-term corporate credit rating
on Alpha Topco Ltd., the parent of the U.K. group (Formula One)
responsible for the promotion of the Formula One World
Championship and exploitation of the sport's commercial rights.

"We also placed our 'BB-' issue rating on Formula One's existing
senior secured facilities on CreditWatch negative," S&P said.

"The CreditWatch placement reflects our view that, if Formula One
is successful in obtaining existing lenders' consent for the
requested amendments and raising the planned $1 billion
subordinated debt, this will result in significantly and durably
higher leverage for the group. We now expect gross adjusted
leverage to jump to about 14x--or about 6x excluding shareholder
loans--at year-end 2012, pro forma for the transaction, versus
our previous expectations of about 12x (or low 4x excluding
shareholder loans). We view the group's shareholder loans, which
are stapled to equity, as debt-like obligations," S&P said.

"In addition, the transaction will add about $93 million of
additional interest burden annually, or an increase of about 64%
when compared with the current capital structure. This will
substantially reduce interest coverage--excluding accruing
interest from shareholder loans--and free cash flow generation
under the proposed new capital structure, as well as somewhat
slow debt reduction through the cash flow sweep mechanism. We
anticipate adjusted EBITDA interest coverage to be just under 2x
pro forma for the new debt and excluding shareholder loans,
compared with just over 3x under the current capital structure,"
S&P said.

"We believe, however, that despite potentially significantly
weaker metrics post transaction, the group's high contract
backlog of over $7 billion should provide some visibility and
stability to the proposed capital structure," S&P said.

"Formula One's decision to releverage the group, which signals a
more aggressive financial policy than we expected, comes a few
months after it temporarily shelved its IPO plans in July 2012 in
the face of unfavorable and uncertain equity markets. The
subordinated debt issuance proceeds will be used for a
distribution to the group's shareholders before the end of the
year," S&P said.

"We aim to resolve the CreditWatch negative placement upon
completion and funding of the US$1 billion subordinated debt and
amended facilities, which we understand could take place over the
next few weeks," S&P said.

"If the group is successful in obtaining the requested amendments
and raising the additional debt, we could lower the corporate
credit rating and issue ratings by one notch," S&P said.


JJB SPORTS: Landlords May Reconsider Backing Insolvency Process
---------------------------------------------------------------
Graham Ruddick at The Telegraph reports that landlords have
warned they will reconsider whether to back insolvency
proceedings that allow retailers to shed loss-making stores after
JJB Sports and Optical Express called in administrators.

According to the report, property companies are furious that JJB
and Optical Express have launched insolvency proceedings just two
days after quarterly rent payments were due, meaning landlords
will miss out on three months of rent.

The Telegraph relates that there is particular frustration over
Optical Express, which is shedding up to 40 unwanted shops by
putting a subsidiary with 83 sites into administration and then
buying back the sites it wants to retain.

The report notes the company said it is "consolidating" its store
portfolio to "focus resources on its flagship locations and
online business".

But there are also new concerns about the value of allowing
retailers to restructure through company voluntary arrangements
(CVAs), given that JJB was allowed to cut its rental bill through
two CVAs in the run-up to its collapse, says The Telegraph.

The Telegraph relates that landlords have been left with 133
empty stores after administrators were called in to the sports
retailer on October 1.  Land Securities, the UK's biggest listed
property company, had six JJB shops, as did shopping centre and
retail park owner Hammerson, the report discloses.

                          About JJB Sports

JJB Sports plc -- http://www.jjbcorporate.co.uk/-- is a sports
retailer.  JJB Sports is a multi-channel sports retailer
supplying branded sports and leisure clothing, footwear and
accessories.  It operates out of over 185 stores across the
United Kingdom and Ireland with e-commerce offering.

On Oct. 1, 2012, administrators from KPMG were appointed to the
three companies which make up JJB Sports.  Brian Green, David
Costley-Wood and Richard Fleming were appointed joint
administrators to JJB Group plc; Brian Green, David Costley-Wood
and Blair Nimmo were appointed to Blane Leisure Ltd and Brian
Green and David Costley-Wood were appointed to SSL Retail Ltd.

Following their appointment, the administrators completed an
agreement to sell part of the business to Sports Direct
International.   Sports Direct has acquired 20 of JJB's stores,
all brands and domain names and all trademarks (excluding JJB),
securing around 550 jobs in the UK (including the staff at the
company's warehouse).  Unfortunately the remaining 133 stores
were closed, resulting in approximately 2,200 redundancies. A
total of 167 employees have been retained to assist the
administrators.


OLD MUTUAL: Moody's Downgrades Preferred Rating to 'Ba1(hyb)'
-------------------------------------------------------------
Moody's Investors Service has downgraded the insurance financial
strength rating (IFSR) of Old Mutual Life Assurance Company
(South Africa), ("OMLAC(SA)") to A3 from A1, with a negative
outlook. The senior debt rating of Old Mutual Plc is downgraded
to Baa2 from Baa1, also with a negative outlook. Certain
subordinated and junior subordinated debt ratings of Old Mutual
Plc have been affirmed with a negative outlook (see below for
full list of affected ratings). The A2 IFSR of Skandia Life
Assurance Company Ltd (SLAC) is unaffected by the rating action.

The actions follow the weakening of the South African
government's creditworthiness, as captured by Moody's downgrade
of South Africa's government bond ratings to Baa1 from A3 on 27
September 2012, and the continued negative outlook. For more
details on the rationale for the sovereign downgrade, please
refer to the press release http://www.moodys.com/research/Moodys-
downgrades-South-Africas-government-bond-rating-to-Baa1-outlook--
PR_256159.

Moody's regards OMLAC(SA)'s credit quality as being partially
linked to that of the South African sovereign and its economy.
Typically, Moody's considers that an insurer's key credit
fundamentals (asset quality, capitalization, profitability and
financial flexibility) are correlated with -- and thus linked to
-- the economic and market conditions in the countries where they
operate.

OMLAC(SA) is the main life insurance entity of Old Mutual Plc,
operating in South Africa, where it has a leading market
position, with Old Mutual further exposed to the South African
economy through its ownership of Mutual and Federal (a South
African non-life insurer) and, in particular, its majority
shareholding in Nedbank (BCA of baa1, negative outlook, following
the sovereign rating action).

Ratings Rationale

The two-notch downgrade of OMLAC(SA)'s IFSR to A3, negative
outlook, reflects that entity's significant exposure to South
African Rand-denominated assets, including sovereign debt, given
the company's largely domestically-oriented investment exposure
(particularly sovereign and banking assets) and its domestic
underwriting focus on South Africa.

Following this action, Moody's now rates OMLAC(SA) one-notch
higher than the South African sovereign rating. Moody's said that
the one notch differential continues to reflect the insurer's
flexible product characteristics, which serve to reduce the
impact to the group from stress related to the South African
sovereign, This mechanism offers a relatively high ability to
share asset losses with policyholders by permitting OMLAC(SA) the
right to utilize the Bonus Smoothing Accounts and/or to make
negative bonus declarations to policyholders.

However, the positioning of the rating at one notch, rather than
the prior two notches, above the sovereign, reflects Moody's view
that as the South African economic environment deteriorates, as
reflected by the sovereign downgrade, this places increasing
pressure on sales opportunities and underlying earnings in the
South African life market, as well as increasing the downside
risk to asset values that OMLAC(SA) may not be able to share to
the same extent with policyholders. The rating positioning also
reflects OMLAC(SA)'s very heavy domestic focus. Notwithstanding
this rating action, OMLAC(SA) remains one of the highest rated
institutions within South Africa.

Concerning the downgrade of Old Mutual plc's debt ratings, the
downgrade of the Group's senior debt to Baa2 from Baa1, with
similar one-notch downgrades for preferred securities and EMTN
program ratings, reflects Old Mutual's heavy reliance on South
African earnings (both from OMLAC(SA) and Nedbank, which together
account for around 75% of 2011 Adjusted Operating Profit), with
the balance largely derived from the Wealth Management division
following the 2012 sale of Skandia's Nordic business.
Notwithstanding the Group's efforts to simplify the Group
structure, including the sale of Skandia Nordic and also its
Finnish operations in 2012, and the achieved target of GBP 1.5bn
debt repayment, Moody's weaker view on the South African
operating environment and IFSR at OMLACSA consequently weigh on
the holding company's credit quality.

Certain subordinated and junior subordinated ratings at Old
Mutual plc were affirmed at Baa3 with a negative outlook. Old
Mutual announced on September 25, 2012 that it had redeemed its
US$750 million preferred security ("Asian Pref"). Whilst the
Asian Pref was in issuance (from May 2003), this caused all other
dated and undated subordinated debt to rank pari passu with it
and thus these securities were rated pari-passu with preferred
securities. Following the redemption of this instrument, Moody's
now applies standard insurance notching for Old Mutual's debt
ratings.

With regards to the P-2 commercial paper and EMTN short term
ratings, these reflect the Baa2 senior debt rating at Old Mutual
plc, and the strong holding company liquidity (liquid assets held
centrally were around GBP1.4 billion at H1 2012 (FY 2011:
GBP441 million)).

The negative outlook on OMLAC(SA) and the Group's long-term
ratings reflects the negative outlook on Moody's Baa1 rating of
South Africa's government bonds, and the aforementioned linkages
that Moody's sees between the credit quality of South Africa and
both OMLAC(SA) and the Group.

What Could Drive The Rating Up/Down

Following the rating action on Old Mutual Plc/OMLAC(SA), Moody's
added that further negative rating action for OMLACSA and/or Old
Mutual Plc could also occur in the event of (i) a further
negative rating action on South Africa's sovereign rating; (ii) a
meaningful reduction in the Group's business and geographic
diversification; and/or (iii) a failure to sustain hard interest
cover of at least 2x.

Given the negative outlook, an upgrade of Old Mutual's ratings is
considered unlikely in the near-term. However, in the longer
term, this could arise if (i) the IFSR's of OMLACSA and Skandia
were upgraded; (ii) an upgrade of South Africa's sovereign rating
were to occur; (iii) consistently low financial leverage (less
than 20%) and sustained good earnings coverage (above 8x) are
delivered; and/or (iv) Old Mutual delivers sustained return on
capital levels of at least 10%.

LIST OF AFFECTED RATINGS

The following insurance financial strength rating was downgraded
with a negative outlook:

  Old Mutual Life Assurance Company Limited (South Africa): to A3
  from A1

The following security ratings were downgraded with a negative
outlook:

  Old Mutual Plc senior: to Baa2 from Baa1

  Old Mutual Plc EMTN program senior: to (P) Baa2 from (P) Baa1

  Old Mutual Plc long term issuer: to Baa2 from Baa1

  Old Mutual Plc EMTN program subordinated: to (P) Baa3 from (P)
  Baa2

   Old Mutual Plc preferred: to Ba1(hyb) from Baa3 (hyb)

The following security ratings were affirmed with a negative
outlook:

  Old Mutual plc subordinated: Baa3 (hyb)

  Old Mutual plc junior subordinated: Baa3 (hyb)

The following security ratings were affirmed:

  Old Mutual Plc commercial paper: P-2

  Old Mutual Plc EMTN program short-term: (P) P-2

Old Mutual Plc, headquartered in London, UK, is a multinational
financial services group. It reported an H1 2012 adjusted
operating profit of GBP791 million (H1 2011: GBP709 million),
IFRS net income of GBP1,087 million (H1 2011: GBP881 million)
IFRS net assets of GBP10,375 million (YE 2011: GBP10,858
million).

Methodology Used

The methodologies used in these ratings were Moody's Global
Rating Methodology for Life Insurers published in May 2010, and
Moody's Guidelines for Rating Insurance Hybrid Securities and
Subordinated Debt published in January 2010.


PARAMOUNT FOODS: Administrators Suspends Business
-------------------------------------------------
Samantha Edwards at Bakery info.co.uk Paramount Foods has gone
into administration after losing a contract with Morrisons,
believed to have accounted for around 40% of its turnover.

The insolvency of the company is being handled by Sarah Bell and
David Whitehouse of Duff & Phelps' Manchester office.

"While the company has incurred trading losses historically, the
recent loss of a major customer has left it without any prospect
of returning to profitability in line with a turnaround plan
embarked upon in July this year," the report quoted Mr.
Whitehouse as saying.

Bakery info.co.uk notes that discussions about the future of the
business are now taking place with customers to find a suitable
buyer for part or the whole of Paramount Foods. Duff & Phelps has
asked for interested parties to come forward and get in contact.

Cheshire-based Paramount Foods is a pizza manufacturer.


SUNERSOL: In Administration, Cuts 50++ Jobs
-------------------------------------------
Spenborough Guardian reports that more than 50 people have lost
their jobs after Sunersol went into administration after losing
contracts from suppliers.

The company carried out pre-treatment on waste electrical and
electronic equipment in Heckmondwike, but also exported it to
China for recycling, according to Spenborough Guardian.

The report notes that Sunersol lost its Environment Agency
approval earlier this year, after containers it was exporting
were found to contain hazardous waste in May.  It employed 52
full-time members of staff at the site in Heckmondwike and its
head office in Mirfield.

"The company lost contracts with local authorities because they
had some problems over the quality of waste they were exporting
to China . . . .  A consignment was stopped at the port and the
licence was suspended.  That resulted in customers being unsure
about whether they should use the company, and they lost
contracts.  As a result there was less work coming in and they
got behind with payments. They didn't pay the rent on their
premises.  The Chinese backers decided they'd had enough and
pulled the plug on it.  The company had to shut down because they
couldn't pay the wages . . .  At present we are trying to find
someone who is interested in renting the premises in Heckmondwike
- there has been some interest so far," the report quoted Peter
Sargent, from administrators Begbies Traynor, as saying.


TRAVESSE LIFESTYLE: In Administration, Seeks Buyer
--------------------------------------------------
Linda Fox at tnooz News reports that Travel Intelligence and
Perfect Escapes parent Travesse has been put into administration
after it was unable to pay its creditors.

Andrew Stoneman and Paul Williams of Duff & Phelps are believed
to have been appointed joint administrators of the company, whose
brands also include The Travel Editor, Spire and Chic Retreats,
according to tnooz News.

The report relates that an email sent to Travel Editor
contributors from boss Amir Azulay said: "The company has not
been able to raise further funding to implement its go forward
plan and strategy.  We, together with the administrators are
looking for suitable funders/buyers for the different assets of
the company of which the Travel Editor is one."

Tnooz recalls that Travesse acquired Perfect Escapes in March
with Azulay saying at the time that the purchase put the company
three years ahead on its strategy.

However, a memo on the Duff & Phelps website confirms a luxury
travel company and its assets are for sale, the report relates.
The document also says the company is on track to achieve gross
sales of US$4 million this year, the report discloses.


UNITED CARPETS: Parent Buys Unit Out of Pre-Pack Administration
---------------------------------------------------------------
United Carpets Group has acquired the business and assets of its
trading subsidiary United Carpets (Northern) Limited out of a
pre-pack administration, Begbies Traynor said Friday.

Lila Thomas and David Acland, partners at the Preston office of
Begbies Traynor were appointed joint administrators of the
business on October 4 and the acquisition was concluded shortly
afterwards.

Begbies Traynor was initially instructed to review the existing
business due to increasing concerns regarding the performance of
certain franchised and corporate stores. The review highlighted
the fact an increasing number of outlets were loss-making and
unable to meet outstanding payments.

Speaking of the deal, Lila Thomas partner at Begbies Traynor,
said: "The administration was a consequence of the challenging
economic climate, but also the long-term lease commitments to the
landlords of the stores.

"Attempts were made by the company to renegotiate lease terms,
however, these proved unsuccessful. The administration of the
company became inevitable. The subsequent sale was a positive
result and has safeguarded the jobs of those working for the
company."

The United Carpets Group was approached to make an offer for the
business and assets out of administration and was successful in
securing 73 stores as well as the head office site and its two
warehouse premises.

Matthew Brown and Ben Done from the Leeds office of DWF advised
the purchasers, while John Joyce, Matthew Barker and Jason Scott
of Addleshaw Goddard provided legal advice to the joint
administrators.

United Carpets (Northern) Limited is a retailer of floor
coverings.  It was listed on the Alternative Investment Market
(AIM) in 2005.


* UK: A Third of West Midlands Face Closure Next Year, R3 Says
--------------------------------------------------------------
Coventry Telegraph reports that insolvency trade body R3 said
more than a third of West Midland pubs could shut down in the
next year as drinkers run out of cash to spend at the local.

R3 claimed up to 35% of pubs could go, with hard-pressed
customers increasingly choosing cheap supermarket booze over a
pint in the pub, the Telegraph relates.

"The recession has continued for longer than could have been
predicted and it is getting harder for people to find the money,"
the report quotes R3's Midlands chairman Matthew Hammond as
saying.

According to the report, the figures were revealed as the
Coventry and north Warwickshire branch of real ale campaign group
CAMRA is carrying out its annual pub survey.

The report notes CAMRA members have been recording which pubs are
still open within the ring road, and which of these still serve
real ale.  They have already noted an increase in real ale being
sold.

The Telegraph quotes Chairman Mike Tierney as saying, that:
"Clearly the trading situation is very difficult. We're aware
pubs are struggling and times are extremely hard.

"A lot of pubs are being forced to pay very high prices for their
beer, so customers are moving elsewhere. Some pubs will survive
because they've been run well for years, but others at the
margins will go under."



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


* Moody's Says Global Corporate Default Rate Up 3% in 3Q2012
------------------------------------------------------------
The trailing 12-month global speculative-grade default rate
finished the third quarter of 2012 at 3.0%, up slightly from 2.9%
in the second quarter, Moody's Investors Service says in its
monthly default report. A year ago, the default rate stood at
1.8%.

In the US, the speculative-grade default rate ended the third
quarter at 3.5%, up from 3.2% in the previous quarter. A year
ago, the US default rate was 2.0%. In Europe, the default rate
edged lower in the third quarter of 2012, to 2.6%, compared with
2.8% in second quarter and 1.4% this time last year.

Based on its forecasting model, Moody's expects the global
speculative-grade default rate to end this year at 3.0%, before
declining to 2.9% by the end of the third quarter 2013. Both
rates, if realized, will be well below the historical average of
4.8% since 1983. Moody's further expects the rate to be 3.5% by
year's end in the US, while declining to 2.4% in Europe.

"The corporate default rate has remained low and stable for some
time now, despite some very weak economic fundamentals," notes
Albert Metz, Managing Director of Moody's Credit Policy Research.
"With ample liquidity available, we are not expecting that to
change over the coming months."

There were nine defaults among Moody's-rated corporate debt
issuers in the third quarter of 2012, seven in North America and
the remaining two in Europe and Latin America. So far this year
there have been 46 defaults in total, compared with 17 in the
first nine months of last year.

By dollar volume, the global speculative-grade bond default rate
held steady from quarter to quarter, to close the third at 2.0%,
up from 1.2% at the same time last year.

In the US, the dollar-weighted speculative-grade bond default
rate ended the third quarter at 1.6%, also unchanged from the
second quarter and compared with 1.2% a year ago. In Europe, the
dollar-weighted speculative-grade bond default rate came in at
3.3% in the third quarter, down from 3.7% in the second, and up
from 1.5% a year ago.

In the coming year, Moody's expects default rates to be highest
in the Media: Advertising, Printing & Publishing sector in the US
and the Hotel, Gaming & Leisure sector in Europe.

Moody's distressed index ended the third quarter at 17.0%, down
from 19.5% in the previous quarter and 24.6% in the same period
last year. The distressed index is a measure of the percentage of
high-yield issuers whose debt is trading at distressed levels.

In the leveraged loan market, two Moody's-rated companies
defaulted on their loans in the third quarter of 2012, including
Marsico Parent Company, LLC, which defaulted in September. There
was just one default in the third quarter of last year. The
trailing 12-month US leveraged loan default rate ended the third
quarter at 2.6%, up from 2.4% in the second and 1.2% a year ago.


                            *********

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

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                 * * * End of Transmission * * *