TCREUR_Public/121130.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

          Friday, November 30, 2012, Vol. 13, No. 239



* BELGIUM: Moody's Says RMBS Performance Substantially Flat


CMA CGM: S&P Maintains 'CCC+' Long-Term Corp. Credit Rating
DOUX GROUP: Court OKs Sale of Kergonan Plant to Bretagne Viandes
* FRANCE: Moody's Says RMBS Performance Stable in Sept. 2012


BABIS VOVOS: Application for Creditor Protection Faces Delay
* GREECE: May Need to Borrow Up to EUR14M to Pay for Debt Buyback




SYNCREON HOLDINGS: Moody's Affirms 'B2' CFR/PDR; Outlook Neg.


CARTESIO SRL: Moody's Cuts Ratings on 5 Note Classes to 'Ba2'
LOTTOMATICA GRP: Moody's Affirms 'Ba2' Rating on Sub. Securities


SAMRUK-ENERGY JSC: S&P Assigns 'BB+' Rating to KZT30-Bil. Notes


BANKAS SNORAS: Administrator Values Loans at 48% of Face Amount


COOL HOLDING: Moody's Assigns '(P)Ba3' CFR; Outlook Stable
COOL HOLDING: S&P Assigns Preliminary 'B+' Corp. Credit Rating


PBG SA: Likely to Discuss Preliminary Settlement with Creditors
POLISH OIL: S&P Assesses Stand-Alone Credit Profile at 'bb+'


* PORTUGAL: Moody's Takes Rating Actions on 18 RMBS Transactions


EUROPEAN BEARING: S&P Raises Corporate Credit Rating to 'BB-'
PROFMEDIA: S&P Revises Outlook on 'B+' Corp. Rating to Negative


FINANCIACION BANESTO 1: S&P Cuts Rating on Class C Notes to 'CCC'
INSTITUTO VALENCIANO: S&P Affirms 'BB/B' Issuer Credit Ratings


SAAB AUTOMOBILE: Unique Cars Up for Auction in December
PETROPLUS HOLDINGS: Libya Won't Invest Petit-Couronne Refinery


* S&P Withdraws Ratings on 13 European CDO and Cash Tranches
* BOOK REVIEW: Corporate Venturing -- Creating New Businesses



* BELGIUM: Moody's Says RMBS Performance Substantially Flat
The performance of the Belgian residential mortgage-backed
securities (RMBS) market was substantially flat in the 12-month
period leading up to September 2012, according to the latest
indices published by Moody's Investors Service.

From September 2011 to September 2012, the 90+ day delinquency
trend increased from 0.6% to 0.7% of the outstanding portfolio.
Cumulative defaults stabilized at 0.2%. Moody's annualized total
redemption rate (TRR) trend increased from 6.7% to 9.4% over the

Moody's expects delinquency rates to remain at similar levels. In
2012 the economy is likely to contract by 0.1%. While that level
of economic growth is unlikely to support job growth, it is also
unlikely to increase unemployment levels materially. Broadly flat
house price growth will help contain losses on foreclosed
properties and so losses are likely to remain steady. House
prices increased 2.7% year on year in Q2 2012.

On November 14, Moody's placed on review the ratings of tranche A
notes issued by Penates Funding 4 due to lack of remedial action
following issuer account bank downgrade below A2/P-1.

In the 12-month period through September 2012, Moody's rated
seven transactions in the Belgian RMBS market:

    COMPARTMENT No. 3, originated by Delta Lloyd Bank NV/SA (Not
    Rated), issued EUR1.7 billion in total.

  * Loan Invest N.V./S.A., Compartment Home Loan Invest 2011,
    originated by KBC Bank N.V. (A3/P-2), issued approximately
    GBP3.5 billion.

  * Record Lion NV/SA - Compartment Record Lion RMBS I,
    originated by Record Bank NV (Not Rated, fully owned by ING
    Belgium SA/NV (A2/P-1)), issued EUR2.7 billion.

  * Royal Street NV/SA - Compartment RS-3, originated by Axa Bank
    Europe (A2/P-1), issued EUR1.8 billion.

  * PENATES FUNDING N.V./ S.A., Compartment PENATES-4, originated
    by Belfius Bank SA/NV (Baa1/P-2), issued EUR8.6 billion.

  * Belgian Lion N.V/S.A, Compartment Belgian Lion RMBS II,
    originated by ING Belgium SA/NV (A2/P-1), issued EUR3.2

As of September 2012, the 17 Moody's-rated Belgian RMBS
transactions had an outstanding pool balance of EUR66.4 billion,
which constitutes a year-over-year increase of 38.7%.


CMA CGM: S&P Maintains 'CCC+' Long-Term Corp. Credit Rating
Standard & Poor's Ratings Services maintained its 'CCC+' long-
term corporate credit rating and 'CCC-' senior unsecured debt
rating on France-based container ship operator CMA CGM S.A. on
CreditWatch, but changed the implications to positive from
negative. "We originally placed the ratings on CreditWatch with
negative implications on March 9, 2012. The recovery rating on
the senior unsecured notes is unchanged at '6', indicating our
expectation of negligible (0%-10%) recovery for noteholders in
the event of a payment default," S&P said.

"The rating action reflects our view of the significant
improvement in CMA CGM's operating cash flow and liquidity
position. We also factor in our expectation that the company's
liquidity will improve further following the likely closing of
financial restructuring and equity injections. In the first nine
months of 2012, the company reported positive operating cash flow
(after interest paid) of US$395 million, compared with about
US$25 million in 2011. Meanwhile, CMA CGM has agreed on an equity
deal with the French Fonds Strategique d'Investissement (FSI) and
the Turkish holding company Yildirim Group, both of which will
subscribe to bonds redeemable in CMA CGM shares for US$150
million and US$100 million, respectively. Furthermore, we
understand that the company is in the final stages of signing an
agreement with a lender syndicate to extend and restructure the
US$500 million revolving credit facility due February 2013 and
amend the financial covenant package," S&P said.

"We will resolve the CreditWatch on CMA CGM's completion of
financial restructuring and the equity injections from FSI and
Yildirim Group, and our review of the impact these measures will
have on the company's liquidity profile," S&P said.

"We could raise the rating on CMA CGM by up to three notches if
its liquidity improved markedly, the company regained sufficient
headroom under its financial covenants, and its credit measures
were sustainably commensurate with the higher rating. An upgrade
would also depend on our review of the company's business and
financial strategies, in particular the aggressiveness of its
growth plans, and its earnings and cash flow prospects," S&P

"Conversely, we could affirm or lower the ratings if the
financial restructuring with lenders were delayed, or if the
company's credit quality were to be constrained in the meantime
for other reasons, such as unexpected negative operating momentum
or aggressive discretionary spending," S&P said.

DOUX GROUP: Court OKs Sale of Kergonan Plant to Bretagne Viandes
Steve Rhinds at Bloomberg News, citing Agence France-Presse,
reports that the Quimper business court approved the sale of
Doux's Kergonan plant to Bretagne Viandes Distribution, which
will keep 17 of the site's 18 employees.

According to Bloomberg, AFP said three other secondary production
sites at Chateaulin, Pluguffan and La Vraie-Croix will remain in
the Doux group.

The court was set to discuss the future of Doux's remaining 18
units on Wednesday, Nov. 28, Bloomberg discloses.

Doux is a French poultry group.

* FRANCE: Moody's Says RMBS Performance Stable in Sept. 2012
The performance of the French prime residential mortgage-backed
securities (RMBS) market has been stable during the six-month
period to September 2012, according to the latest indices
published by Moody's Investors Service.

From March to September 2012, the 90+ day delinquency trend
stabilized around 0.5% of the outstanding portfolio balance. The
level of CIF ASSETS 2001-1 delinquencies has decreased by half
since March 2012 due to the fact that loans that benefit from
payment holidays are now reported as having deferred installments
as opposed to being in arrears. Cumulative defaults recorded 0.8%
in September 2012 but were stable overall during the preceding
six-month period. Cumulative net defaults averaged 0.4% of the
original portfolio balance. Moody's annualized total redemption
rate (TRR) trend was 9.8% in September 2012, down from 12.70% in
September 2011.

Since October 2011, Moody's has not rated any new transaction in
the French prime RMBS market.

As of September 2012, the seven Moody's-rated French prime RMBS
transactions had an outstanding pool balance of EUR29.2 billion.
This constitutes a year-on-year increase of 9.0% compared with
EUR26.8 billion for the same period in the previous year. This
increase is mainly due to the tap issuances of CIF Assets in
January and April 2012.


BABIS VOVOS: Application for Creditor Protection Faces Delay
Paul Tugwell at Bloomberg News reports that Babis Vovos
International Construction SA said in an Athens-bourse filing on
Wednesday a court decision on the company's application for
creditor protection under bankruptcy laws has been postponed
until Jan. 23 due to a strike by Greek judges.

According to Bloomberg, the company said that the state
intervened to overturn a provisional order that protected the
company which was agreed with more than 60% of creditors

Bloomberg notes that the company said the action of the state
endangers interests of shareholders and creditors

Bloomberg relates that the company said claims by the state and
social security funds are fully secured and will be satisfied to
the full.

Babis Vovos International Construction SA is a Greek property

* GREECE: May Need to Borrow Up to EUR14M to Pay for Debt Buyback
Niki Kitsantonis and Liz Alderman at The New York Times report
that with Greece's coffers nearly empty, the government said
Wednesday that it would have to borrow EUR10 billion to
EUR14 billion to pay for a debt buyback that its international
creditors have demanded in exchange for releasing more bailout
money to the troubled country.

According to the New York Times, Yannis Stournaras, Greece's
finance minister, did not say outright that the buyback was a
firm requirement for the release of EUR34.4 billion, or
US$44.5 billion, in bailout money next month, though the
International Monetary Fund, one of Greece's troika of creditors,
signaled as much this week.  The Greek debt management agency is
to disclose details of the buyback next week, the New York Times

Mr. Stournaras, as cited by the New York Times, said that if the
program failed to attract sufficient interest from the banks and
insurers that hold the government's debt, officials had drawn up
a "Plan B."

The loans needed to carry out the buyback would come on top of
the money that European officials and the IMF committed to
release after marathon talks in Brussels this week, the New York
Times discloses.

The troika has calculated that if successful, the debt buyback,
together with other means of debt relief, could help Greece
reduce its debt to 124% of gross domestic product in 2020 and
even further after that, from about 175% now, the New York Times


MTI-Econews reports that R-CO Ingatlanforgalmazo is under

According to MTI, liquidator Gyorgy Wortmann on Wednesday said
that R-CO has been under liquidation since Nov. 6.

He declined to reveal the size of liabilities and loans the
company's creditors and business partners were seeking, MTI

R-CO Ingatlanforgalmazo is the owner of a 60,000 square meter
shopping center in Budapest.  The company is owned by Erian
Holding, based in Switzerland.


SYNCREON HOLDINGS: Moody's Affirms 'B2' CFR/PDR; Outlook Neg.
Moody's Investors Service has affirmed the B2 corporate family
rating of syncreon Holdings Ltd., and changed the ratings outlook
to negative from stable. At the same time, Moody's has assigned a
B3 rating to syncreon's proposed US$100 million senior unsecured
notes due 2018. The rating actions are in consideration of
increasing leverage that will result from the company's planned
use of a substantial portion of the proceeds from the
contemplated notes offering to fund a distribution to its

Ratings Rationale

Syncreon's ratings outlook was changed to negative from stable,
reflecting the material increase in debt that the company will
undertake to fund a sizeable cash distribution to shareholders.
On November 28, 2012, syncreon announced its plans to issue
US$100 million in senior unsecured notes, with approximately
US$80 million of the proceeds to be used to fund a distribution
to shareholders and vested management option holders. Moody's
believes this transaction, which raises total debt (including
Moody's standard adjustments) by approximately 15%, represents a
willingness by the company to undertake an aggressive shareholder
return policy.

Credit metrics, which are currently well positioned for the B2
rating, will deteriorate as a result of this transaction to
levels more closely associated with B3-rated companies. Debt to
EBITDA is estimated to increase from approximately 5.2 times (LTM
September 2012) to almost 6 times. EBIT to Interest will decline,
from approximately 1.4 times to under 1.0 time. While these
metrics are considerably weaker relative to other B2 rated
companies, Moody's notes that syncreon's EBITDA is influenced by
a substantial amount of losses that the company has reported in
foreign currency exchange translation. Such losses should be
considered in the company's financial profile, as they are
indicative of the long term exposure that companies with broad
international corporate structures and operations such as
syncreon face in terms of long term currency risk. However, over
the near term, such adjustments to the company's earnings have
little impact on syncreon's cash flow and liquidity. In this
context, leverage remains appropriate for the B2 rating: Funds
from Operations to Debt, which was approximately 13% LTM
September 2012, decreases to an estimated 11.5% as a result of
this transaction. Nonetheless, Moody's views the planned debt-
funded distribution as an aggressive shareholder return
initiative that removes capital from the company that could
otherwise be used for growth or protection against a potential
business downturn.

Offsetting the aggressive financial policy implied by the
proposed transaction, the B2 corporate family rating positively
considers syncreon's ability to achieve solid returns and
operating margins that are superior to those typical of many of
the company's competitors in the global supply chain logistics
sector. This is a key differentiating factor between syncreon and
many of its competitors. Solid margins, along with expectations
for modest revenue and earnings growth in its core businesses,
will be important factors in syncreon's ability to restore credit
metrics to levels appropriate for B2-rated companies over the
next year or two.

Ratings could be revised downward if the company fails to meet
its operating plans, possibly due to unexpected weakness in
economic conditions affecting its key markets, or if it
aggressively pursues large levered acquisitions that prove
difficult to integrate, resulting in deteriorating profitability
and weaker credit metrics. Specifically, a downgrade could be
warranted if: operating margins were to fall below 8% for an
extended period, EBIT to Interest were sustained below 1.2 times,
FFO to Debt were to fall below 10%, or Debt to EBITDA remains
above 5.5 times. A weakened liquidity condition, possibly
characterized by increased reliance on use of the credit facility
to make up for cash shortfalls or tightness to prescribed
financial covenants, could also result in a ratings downgrade

Since debt is not likely to be reduced materially over the medium
term, ratings are not expected to be upgraded over the near term.
However, over the longer term, operating improvements or de-
leveraging that would result in Debt to EBITDA of less than 4
times and EBIT to Interest of over 2 times along with positive
free cash flow generation to bolster liquidity would be factors
that could lead to upward rating consideration.


  Issuer: syncreon Holdings

    Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD4,


  Issuer: syncreon Holdings

    Corporate Family Rating, Affirmed at B2

    Probability of Default Rating, Affirmed at B2

    Senior Unsecured Regular Bond/Debenture, Affirmed at B3
    (LGD4, 59%)

Outlook Actions:

  Issuer: syncreon Holdings

    Outlook, Changed To Negative From Stable

Syncreon Holdings Ltd., an Irish public limited company with
headquarters in Auburn Hills, MI, is a provider of logistics and
supply chains solutions.


CARTESIO SRL: Moody's Cuts Ratings on 5 Note Classes to 'Ba2'
Moody's Investors Service has downgraded the Baa3(sf) ratings of
seven notes issued by three Italian ABS transactions, Cartesio
S.r.l. - Series 2003-1 (Cartesio 2003), Posillipo Finance S.r.l
(Posillipo) and D'Annunzio S.r.l. (D'Annunzio), on increased
counterparty risk related to Dexia Crediop S.p.A. (Dexia Crediop,
B2/ NP). This rating action concludes the review initiated by
Moody's on 26 April 2012 on Cartesio 2003. A full list of
affected ratings can be found towards the end of this press

Ratings Rationale

"The rating action reflects the weakening credit quality of the
three transactions' swap counterparty, Dexia Crediop, and the
increased risk of payment disruptions should Dexia Crediop fail
to make payments or breach other obligations under the swap
agreements," says Alix Faure, a Moody's Assistant Vice President
and analyst of the transaction ."While the transaction documents
provide for measures to reduce linkage to Dexia Crediop acting as
swap counterparty, these have not been fully implemented to date
as no swap counterparty replacement or guarantor has been
appointed," adds Ms. Faure.

Dexia Crediop has been acting as:

(1) one of the interest-rate and cross-currency swap
     counterparties on notes 1, 2, 3 and 4 in Cartesio 2003
     (hedging 12% of the cross-currency risk exposure and 9% of
     the interest-rate risk exposure over a weighted average life
     of approximately 16 years);

(2) one of the interest-rate risk swap counterparties in the
     note issued by Posillipo (hedging one third of the interest-
     rate risk exposure over a weighted average life of
     approximately 14 years); and

(3) one of the interest-rate risk swap counterparties in the
     note issued by D'Annunzio (hedging 22% of the interest-rate
     risk exposure over a weighted average life of approximately
     5 years).

Although Dexia Crediop is not a swap counterparty for note 5 in
Cartesio 2003, all notes rank pari passu in the priority of
payments. Therefore, they would share losses resulting from any
swap counterparty default.

Exposure to cross-currency or interest-rate swaps over a long
time horizon creates high rating linkage between the transaction
rating and the swap counterparty, as both cross-currency and
interest-rate risk can significantly increase the loss severity
incurred by noteholders in a situation of swap counterparty
default. The absence of liquidity mechanisms and lack of credit
enhancement in Cartesio 2003, Posillipo and D'Annunzio also
increased the linkage between the rating of the notes and the
rating of Dexia Crediop.

Currently, Dexia Crediop follows its obligation to post
collateral in the account banks of each transaction (Deutsche
Bank AG, London Branch (A2/(P)P-1) for Cartesio 2003; Citibank
N.A. (A3/P-2) for Posillipo and BNP Paribas (A2/P-1) for
D'Annunzio). However, Dexia Crediop has not been replaced or
guaranteed as contemplated in the swap documentation of the three

In its analysis, Moody's has therefore added the losses incurred
by the transactions in the event that Dexia Crediop defaults
under the swap agreements to the assets' expected loss (assumed
to equal the expected loss of the Baa3-rated Italian regions that
the underlying loans are exposed to). Moody's differentiated the
loss depending on the swap type (interest-rate or cross-currency)
and the time horizon of exposure.

To a lesser extent, the downgrade of the notes also reflects the
increased risk of additional losses that could arise either from
other swap counterparties default or from swap termination costs
in a situation where the issuers themselves defaulted. If the
regions failed to pay the amount due under the health care
receivables in a timely manner, the issuers could then default -
following a domino effect - on their obligations under the swap
agreements. As the structure in the transactions do not benefit
from credit enhancement and given the current market conditions,
the termination costs payable by the special purpose vehicles
(SPVs) to the swap counterparties could represent significant
losses to the transactions. This risk has increased following the
rating downgrade of the Italian regions. See "Moody's downgrades
Italian sub-sovereign ratings following sovereign downgrade",
July 16, 2012.

Moody's has conducted limited cash flow analysis, as the ratings
of the notes issued by the three transactions are predominantly
linked to the ratings of the different Italian regions in which
assets are located (i.e., the Region of Lazio (Baa3) for Cartesio
2003, the Region of Campania (Baa3) for Posillipo and the Region
of Abruzzo (Baa3) for D'Annunzio). Moody's stress scenarios
include the failure of any counterparty to perform on its
obligation, resulting in losses to the transactions irrespective
of the performance of their collateral.

Principal Methodology

Moody's methodology for rating these transactions considers a
full linkage to the rating of the regions in which they are
located (i.e., Lazio, Campania and Abruzzo), as (1) the assets
are unsecured, direct obligations of the Italian regions; and (2)
the rated securities do not benefit from credit enhancement or
liquidity support.

Other factors used in this rating are described in "Framework for
De-Linking Hedge Counterparty Risks from Global Structured
Finance Cashflow Transactions," published in October 2010.

List of Affected Ratings

Issuer: Cartesio S.r.l. - Series 2003-1

    EUR200M Tranche 1 Bond, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf) and Remained On Review
    for Possible Downgrade

    EUR200M Tranche 2 Bond, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf) and Remained On Review
    for Possible Downgrade

    US$450M Tranche 3 Bond, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf) and Remained On Review
    for Possible Downgrade

    GBP200M Tranche 4 Bond, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf) and Remained On Review
    for Possible Downgrade

    EUR141M Tranche 5 Bond, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf) and Remained On Review
    for Possible Downgrade

Issuer: D'Annunzio S.r.l.

    EUR327M A Notes, Downgraded to Ba1 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf)


    EUR453M Series 2007-1 Asset-Backed Floating Rate Notes due
    2035 Certificate, Downgraded to Ba2 (sf); previously on
    Jul 20, 2012 Downgraded to Baa3 (sf)

LOTTOMATICA GRP: Moody's Affirms 'Ba2' Rating on Sub. Securities
Moody's Investors Service assigned a Baa3 rating to Lottomatica
Group S.p.A.'s proposed seven year EUR500 million notes. At the
same time, Moody's affirmed Lottomatica's other ratings. The
rating outlook is stable.

The notes will be guaranteed by GTECH Corporation, GTECH Holdings
Corporation, GTECH Rhode Island LLC and Invest Games S.A. -- all
subsidiaries of Lottomatica. The proceeds of the note issuance
will be used in part to repay outstanding bank debt and for
general corporate purposes including refinancing of debt

Rating assigned:

Lottomatica Group S.p.A.

  EUR500 million five or seven year senior unsecured guaranteed
  notes at Baa3

Ratings affirmed:

Lottomatica Group S.p.A.

  EUR750 million senior unsecured guaranteed notes due 2016 at

  EUR500 million senior unsecured guaranteed notes due 2018 at

  EUR750 million subordinated interest-deferrable capital
  securities due 2066 at Ba2

Ratings Rationale

The Baa3 rating reflects the company's leading market position in
the global lottery industry, good profitability (EBITDA margins
exceed 30%), and a proven track record of winning and retaining
lottery contracts. Ratings also reflect revenue concentration
risk and a concern that the deteriorating economic environment in
Italy -- where Lottomatica has significant earnings concentration
-- may depress revenues and earnings over the next twelve months.

Lottomatica's Baa3 rating is currently one notch below the
Italian sovereign rating of Baa2. Given the company's reliance on
Italian operations for about 70% of EBITDA, it may not be able to
insulate itself from the macroeconomic risks associated with
Italy. It may be possible for Lottomatica's rating to exceed that
of the sovereign by no more than one notch if the company
maintains a good liquidity position, a diversified debt structure
to help mitigate potential disruption in the capital markets for
Italian issuers, the expected decline in earnings from Italian
operations remains modest, the company's non-Italian operations
continue to grow, and Lottomatica can cover its capital spending
and dividend requirements from cash flow.

The Ba2 rating on the company's subordinated euronotes is two
notches below Lottomatica's Baa3 senior unsecured rating
reflecting (i) the existing securities' subordinated ranking in
liquidation, and (ii) the issuer's option to defer interest
payments on a cumulative basis if no dividends on ordinary and
preferred shares have been paid in the preceding three months.

The stable rating outlook incorporates Moody's expectation that
Lottomatica's Italian operations may experience a mid-single
digit decline in EBITDA in 2013 partially offset by a modest
increase in EBITDA from GTECH and Speilo. Such a scenario Moody's
believes would result in a slight deterioration in credit metrics
with debt/EBITDA rising to approximately 2.9 times and EBITDA
less capex/interest expense dropping to about 4.4 times versus
2.4 times and 6.1 times, respectively, as of September 30, 2012.

The company's ratings could be downgraded if its debt/EBITDA
rises above 3.25 times for a sustained period, EBITDA-
capex/interest expense drops below 2.5 times or retained cash
flow to net debt declined below 10%. Additionally, rating
pressure could develop if economic conditions in Italy worsen
causing deterioration in Lottomatica's operations or if the
sovereign rating of Italy were downgraded. Lottomatica's ratings
could be upgraded if debt to EBITDA and EBITDA-capex/interest
expense were to sustainably improve to below 2.5 times and above
5.0 times, respectively.

The principal methodology used in this rating was Global Business
& Consumer Service Industry rating methodology published in
October 2010.

Lottomatica Group S.p.A. is a global operator and supplier of
online lottery systems, is the sole concessionaire of the world's
largest lottery in Italy, and has a growing presence in instant
ticket printing, sports betting, and machine gaming. Lottomatica
is majority owned (58.4%) by the De Agostini Group, a publishing,
media, and financial services company.


SAMRUK-ENERGY JSC: S&P Assigns 'BB+' Rating to KZT30-Bil. Notes
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating and '4' recovery rating to the proposed notes of
Kazakhstan state-owned vertically integrated electricity utility
Samruk-Energy JSC (BB+/Stable/B; Kazakhstan national scale rating

"The 'BB+' issue rating on the proposed Kazakhstani tenge (KZT)
30 billion (about US$200 million) notes is at the same level as
the corporate credit rating. The recovery rating of '4' indicates
our expectation of average (30%-50%) recovery prospects in the
event of a payment default," S&P said.

"Our opinion of the recovery prospects for the notes is supported
by our view that, in the event of default, the likely recovery
for the noteholders would hinge on the ability and willingness of
the Kazakh government to negotiate with creditors, rather than
formal restructuring, given the implied sovereign support and the
strategic nature of Samruk-Energy's assets. However, the recovery
prospects are constrained by the unsecured nature of the notes
and our view of Kazakhstan as an unfavorable insolvency regime
for creditors," S&P said.

"The notes will be unsecured obligations of Samruk-Energy and
will not benefit from guarantees. The group also has a number of
bank loans, some of which are secured by property assets or
benefit from subsidiary guarantees. For the purpose of our
analysis, we consider the secured facilities and the facilities
guaranteed by operating subsidiaries to rank ahead of the notes
at the hypothetical point of default. A major part of the debt is
currently unsecured, and we have assumed that the debt structure
at the hypothetical point of default would be substantially
similar to the current structure, with the notes ranking equally
with the various other unsecured, unguaranteed debt instruments,"
S&P said.

"The documentation for the notes includes a number of
restrictions, which we view as relatively favorable for
creditors, including restrictions on additional indebtedness,
dividend payment, asset disposals, mergers, acquisitions, and
transactions with affiliates, and a negative pledge provision. We
understand that some of the debt facilities of other group
entities benefit from maintenance financial covenants," S&P said.

"Our simulated default scenario contemplates a default by 2017,
driven by a combination of cost overruns on investments, higher-
than-anticipated maintenance costs, and rising interest rates on
variable-rate debt," S&P said.

"Given implied sovereign support and the strategic nature of
Samruk-Energy's assets, we believe it unlikely that the group's
assets would be sold to repay creditors. Therefore, in large
part, we believe noteholder recoveries are likely to depend on
the ability and willingness of the Kazakh government to reach a
negotiated settlement," S&P said.

"We estimate that the group's intrinsic enterprise value at
default would need to exceed KZT74 billion at the hypothetical
point of default, based on our waterfall assumptions, to cover
more than 30% of the notes' principal and prepetition interests,
consistent with a recovery rating of '4'. We assume that about
KZT35 billion of prior-ranking claims, excluding enforcement
costs, would need to be covered before payment of about KZT110
billion of unsecured debt claims that we assume would be
outstanding at default. This amount comprises the proposed KZT30
billion notes, as well as various unsecured debt instruments,"
S&P said.


BANKAS SNORAS: Administrator Values Loans at 48% of Face Amount
Bryan Bradley at Bloomberg News reports that Bankas Snoras AB,
which was declared bankrupt a year ago, said its administrator
values outstanding loans at 48% of their face amount.

According to Bloomberg, the insolvent bank said on its Web site
on Wednesday that the bank's gross loan book value was
LTL3.4 billion (US$1.3 billion) on Nov. 1, including more than
LTL1 billion lent to related parties.

The bank said that the estimated net value of the loan portfolio
after impairment was LTL1.6 billion, Bloomberg notes.

Bloomberg relates that bankruptcy administrator Neil Cooper said
in a report this month the courts had approved LTL6.2 billion of
creditor claims against Snoras as of June 26.

The bank, as cited by Bloomberg, said on Wednesday that as of
Oct. 31, Snoras had recovered LTL1.3 billion of cash for
creditors by collecting loan payments and selling assets.

Bankas Snoras AB is a Vilnius-based bank.


COOL HOLDING: Moody's Assigns '(P)Ba3' CFR; Outlook Stable
Moody's Investors Service has assigned a provisional corporate
family rating (CFR) of (P)Ba3 and a provisional probability of
default rating (PDR) of (P)Ba3 to Cool Holding Ltd., an affiliate
of Altice Financing S.A. and HOT Telecommunication Systems Ltd.
Concurrently, Moody's has assigned a provisional (P)Ba2 rating to
the proposed US$700 million equivalent senior secured notes due
2019 to be issued at Altice Financing S.A. and a provisional
(P)B2 rating to the proposed US$390 million senior notes due 2020
to be issued at Altice Finco S.A. The outlook on the ratings is

The CFR and PDR have been assigned on a provisional basis until
successful completion of the proposed transaction whereby Cool is
looking to acquire the outstanding 31% minority shareholding in
Hot Telecommunication Systems (HOT or the company), bringing its
holding in the Israeli cable operator to 100%. The rating on the
new notes is provisional pending completion of this transaction
as well as final and conclusive review by Moody's of the final

As such, the ratings have been assigned at Cool assuming full
consolidation of the HOT operations and the new notes at that

Ratings Rationale

The (P) Ba3 CFR reflects (i) HOT's strong foothold in the Israeli
pay TV market with a market share that has remained stable over
the last four years at close to 60%; (ii) the company's advanced
and up-to-date infrastructure network providing it with a
competitive advantage; (iii) the modest adjusted leverage of
around 3.9x at closing of the transaction supported by a strong
and rapid deleveraging profile as Mobile's EBITDA breaks-even in

The rating is constrained by (i) the saturated nature of the TV
and broadband markets in Israel where penetration rates are high
and subscriber growth hence limited; (ii) the company's
relatively small size relative to its direct competitor Bezeq or
its global peers; (iii) continued substantial capex spending over
the medium term to develop and improve its mobile network (iv)
low visibility on future regulatory changes which could impact
HOT's competitive advantage.

On August 23, 2012, Cool made an offer to purchase in cash the
remaining 31% shares in HOT (expected cost around NIS945 million
or US4241 million) as part of this process, Cool will also be
required to refinance its outstanding net debt (c. NIS879 million
US$224 million) and HOT's outstanding secured bank debt (c.
NIS1.9 billion or US$485 million) will also be repaid.

To do so, a senior secured bond of US$700 million equivalent and
a senior unsecured bond of US$390 million will be issued at the
Altice Financing S.A. and Altice Finco S.A. levels respectively
before being on-lent to Cool and HOT at closing of the
acquisition of the shares.

HOT is an Israeli group of communications companies that offers
pay TV, broadband internet, fixed telephony and, since November
2011, cellular services. The company is the only company to offer
triple play services and benefits from a leading position in Pay
TV (c.61% market share) and second position in broadband internet
(c.40%) and fixed line telephony (c.20%).

The Israeli cable market is shared between HOT and incumbent
Bezeq whose Pay TV offering relies on DTH. Moody's believes HOT's
position in this concentrated market is protected by the barriers
to entry imposed by the high upfront costs a third infrastructure
network owner would have to disburse, the long dated nature of
building a wide-coverage network against the relatively small
size of the addressable population.

On the other hand, with pay TV penetration in Israel of around c.
68%, the outlook for growth in the cable segment remains
constrained and reliant on up-selling current services and
pushing multi-play subscriptions onto the existing subscriber
base bringing in marginal ARPU improvements and RGU increases in
the future. In the context of a structurally declining subscriber
base (albeit at a slow pace) these efforts will only yield
moderate growth and the company is hence looking at its mobile
business to drive future growth.

In November 2011, HOT acquired MIRS a mobile operator with an
iDEN network and subscriber base of around 4% of the total
market. Since then, the company has invested heavily in upgrading
its network to 3G and although subscribers have been growing,
mobile EBITDA is still expected to be negative by year end 2012.

Moody's will continue to monitor the progress made in the mobile
sector and expects this segment to generate positive EBITDA as
soon as 2013. The current ratings hence take into account the
expected deleveraging profile of the company.

HOT has an adequate liquidity profile with a US$80 million
revolving credit facility expected to be undrawn at transaction
closing and an overfunding balance of around c.US$86 million. In
addition the company generates positive free cash flow and
benefits from a long-dated maturity profile. Moody's notes that
the coupon on the new notes will be reliant on HOT's ability to
upstream dividends to the COOL level. While the amount of
distributable reserves at HOT could limit the company's ability
to pay out the appropriate amount of dividends, Moody's takes
comfort in the amount of cash overfunding raised with the new
notes at Altice Financing S.A.

The ratings on the two proposed bonds take into account the
complex capital structure of the transaction, as well as the
security granted to the senior secured bond which in effect is
capped at ILS1.9 billion. The rating on the senior secured bond
also recognizes the fact that it benefits from an indirect
guarantee from the guarantor group. The instrument rating takes
into account the existence of legacy amortizing unsecured notes
at HOT (c. NIS1.4 billion at closing).


The stable outlook reflects HOT's stable market share in the Pay-
TV, broadband internet and fixed line telephony markets as well
as Moody's expectations that future regulatory changes will not
materially negatively impact the company's positioning. In
addition, the current outlook is premised on HOT achieving its
plan of growing its mobile subscriber base and achieve enough
momentum in this segment to show substantial deleveraging by year
end 2013 on the back of mobile EBITDA improvement.

The stable outlook also takes into account the knowledge and
experience of Cool's shareholders in the cable industry and
Moody's expectations that financial policy will remain focused on
deleveraging rather than aggressive shareholder returns.

Negative pressure on the ratings could develop as a result of (i)
leverage trending towards 4.0x on a sustainable basis, (ii) the
company's liquidity deteriorating as a result of operating
performance; (iii) sudden negative change in the local regulation
which would impact HOT's ability to sustain its leading market

Although upwards pressure on the ratings is currently limited by
the relatively small size of the business compared with global
peers it could develop should the company's leverage fall below
2.75x and FCF/Debt rise to above 7% on a sustainable basis.

The principal methodology used in rating Cool Holding Ltd.,
Altice Finco S.A., and Altice Financing S.A. was the Global Cable
Television Industry Methodology published in July 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

COOL HOLDING: S&P Assigns Preliminary 'B+' Corp. Credit Rating
Standard & Poor's Ratings Services assigned its preliminary 'B+'
long-term corporate credit rating to Luxemburg-based holding
company Cool Holding Ltd. (Cool). The outlook is positive.

"At the same time, we assigned our preliminary 'BB-' rating to
the proposed US$700 million-equivalent senior secured notes, due
2019, to be issued by Altice Financing S.A. The recovery rating
on the senior secured notes is '2', indicating our expectation of
substantial (70%-90%) recovery prospects for noteholders," S&P

"Finally, we assigned our 'B-' preliminary rating to the proposed
Us$390 million senior unsecured notes, due 2020, to be issued by
Altice Finco S.A. The recovery rating on the senior unsecured
notes is '6', indicating our expectation of negligible (0%-10%)
recovery prospects for noteholders," S&P said.

"The final rating will depend on the receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary rating should not be construed as evidence of the
final rating. If we do not receive the final documentation within
a reasonable time frame, or if the final documentation departs
from the materials we have already reviewed, we reserve the right
to withdraw or revise our rating," S&P said.

"The rating on Cool reflects our assessment of the group's
'highly leveraged' financial risk profile, following the proposed
US$1.09 billion or new Israeli shekel (NIS) 4.3 billion debt
issue to fund the acquisition of the remaining stake that Cool
does not already own in Israeli cable operator Hot
Telecommunication Systems Ltd. (HOT), and to refinance certain
existing debt at Cool and HOT. The rating is supported by our
assessment of Cool's 'satisfactory' business risk profile," S&P

"The 'highly leveraged' financial risk profile reflects our
forecast that Cool's Standard & Poor's-adjusted leverage will
increase to more than 4x at year-end Dec. 31, 2012, pro forma for
the debt issuance, refinancing, and acquisition (the
transaction). We also anticipate that the group's cash flow
generation will be hampered by the negative cash flow resulting
from its newly launched Universal Mobile Telecommunications
System third-generation mobile network, and the group's
relatively heavy capital expenditure (capex) requirements," S&P

"Our assessment of Cool's business risk profile as 'satisfactory'
is supported by HOT's significant presence in the Israeli
telecoms market, with a leading share in the local pay-TV market
and a significant share of the broadband Internet market. We also
view HOT's network quality and national coverage as key
strengths, compared with many of its cable peers. The relatively
concentrated nature of the Israeli telecoms market and HOT's
position as one of only two integrated telecoms infrastructure
players are further supports for our assessment of the group's
business risk profile," S&P said.

"The positive outlook reflects the possibility that we could
upgrade Cool in 2013 if the mobile unit's performance improves
meaningfully, increasing the group's free cash flow generation.
Specifically, rating upside depends on the group's free cash
flows at least covering ongoing debt amortization requirements
(about NIS130 million) and on the group reducing adjusted
leverage (based on audited consolidated accounts) to less than
5x, and about 4x excluding shareholder loans," S&P said.

Rating upside is also subject to Cool maintaining a stable
operating performance at the cable operations over the medium
term, with improved operating efficiency mitigating potential
pricing pressure.

"We could revise the outlook to stable if operating pressures
lead to meaningful declines in average revenue per user and
EBITDA, stalling the group's efforts to deleverage and leading to
weak free cash flow generation. In particular, we believe this
may happen if significant negative cash flow persists at the
mobile operations, resulting in minimal free operating cash flow
(less than NIS100 million), or due to a higher interest burden
than we currently assume," S&P said.


PBG SA: Likely to Discuss Preliminary Settlement with Creditors
Posadzy Magdalena at Polska Agencja Prasowa reports that Agenor
Gawrzyal, candidate for chairman of PBG SA's supervisory board,
said the company will likely be ready to discuss preliminary
settlement proposals with creditors at the turn of November and
December and might negotiate final terms of the settlement at the
turn of Q1 and Q2 2013.

PAP relates that Mr. Gawrzyal said the company should identify
almost 90% of its liabilities by end-December and "concrete
amounts could be discussed then."

According to PAP, lead shareholder and chairman of PBG's
supervisory board Jerzy Wisniewski said that the company's
settlement proposals do not include a participation of a
strategic investor, although the search for an investor for PBG
is being conducted simultaneously.

As reported by the Troubled Company Reporter-Europe on June 15,
2012, Bloomberg News related that a Poznan, western Poland-based
court agreed to declare bankruptcy of PBG aimed at arrangement
with creditors.

PBG SA is Poland's third largest builder.

POLISH OIL: S&P Assesses Stand-Alone Credit Profile at 'bb+'
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Polish Oil & Gas Company SA (PGNiG) to
'BBB-' from 'BBB'. "We removed the rating from CreditWatch, where
we placed it with negative implications on Sept. 5, 2012. The
outlook is stable," S&P said.

"The downgrade reflects our view that the Polish gas market
regulatory framework does not support PGNiG's domestic gas supply
operation," said Standard & Poor's credit analyst Tuomas Erik
Ekholm. "Furthermore, there was a steep decline in PGNiG's key
credit ratios because of losses on oil-indexed and U.S. dollar-
based imported natural gas in 2012 and high investment levels."

"PGNiG sells gas on the domestic market under regulated prices
that are below its import costs. The regulator's refusal to allow
timely pass-through of a significant increase in the cost of
imported gas in 2012 resulted in unprecedented trading losses for
the group," S&P said.

"We have revised our view of the group's business risk profile to
fair from satisfactory and that on the financial risk profile to
significant from intermediate, as defined in our criteria. The
ratings also reflect our methodology for rating government-
related entities and our opinion that there is a 'moderately
high' likelihood that the Republic of Poland (foreign currency A-
/Stable/A-2, local currency A/Stable/A-1) would provide timely
and sufficient extraordinary support to PGNiG in the event of
financial distress. This is based on our view of PGNiG's 'strong'
link with, and 'important' role for, the Polish government. As a
result, the ratings currently benefit from a one-notch uplift
from the stand-alone credit profile (SACP), which we now assess
at 'bb+', down from 'bbb-'," S&P said.

"On Nov. 6, 2012, PGNiG announced a commercial agreement with OAO
Gazprom amending the pricing formula for its gas imports under
the important Yamal contract. The new pricing terms, which
according to the group include European gas market-based pricing
components, will in our view stop gas trading losses from
increasing and help stabilize the group's financial performance
and key credit metrics. Furthermore, the positive impact on
profitability will help the group secure unrestricted access to
its key domestic credit facilities, restricted by covenants,
thereby improving liquidity, in our view. Our base-case scenario
underlying the rating of the group includes significant
improvement of key credit metrics from 2013, as reflected in the
stable outlook for the rating," S&P said.

"The outlook is stable because we don't anticipate any weakening
of PGNiG's fair business risk profile or significant financial
risk profile over the next two years," said Mr. Ekholm.

"We consider a ratio of adjusted funds from operations (FFO) to
debt of more than 20% to be in line with the current financial
risk profile and the rating, provided that the group's business
risk profile does not deteriorate. We expect the group to achieve
this level, but not necessarily by the end of 2012. For the
current rating level we further presume that the group's
liquidity will remain at least 'adequate' and no changes to our
opinion on the likelihood of extraordinary government support for
PGNiG in the event of financial distress," S&P said.

"A negative rating action could result from an adverse impact on
the group's business risk profile caused by difficulties related
to gas supply, distribution, or storage, due to regulatory
developments, or underperformance of the exploration and
production activities abroad or the domestic heat or power
activities. Also, weakening of the key ratios, in particular
adjusted FFO to debt, to unexpectedly low levels could trigger a
negative rating action," S&P said.

"A positive rating action could follow if we saw significant
strengthening of the company's financial risk profile, barring
any weakening of the business risk profile. This could be
achieved with an FFO-to-debt ratio consistently higher than 35%
and more careful balancing of liquidity, investments, and debt
levels with sustainable cash generation," S&P said.


* PORTUGAL: Moody's Takes Rating Actions on 18 RMBS Transactions
Moody's Investors Service has taken rating actions on 18
Portuguese residential mortgage-backed securities (RMBS)
transactions further to its reassessment of the entire Portuguese
RMBS market. The rating agency's reassessment takes into
consideration the updated European RMBS rating methodology and
ongoing deterioration in the credit quality of the Portuguese
sovereign and transactions' counterparties. Moody's has commented
on these two ratings drivers, which have developed over the past
12 months, in its Special Comment, "European ABS and RMBS:
Structured finance ratings in Aaa-countries ratings are stable;
downgrades expected in other countries" published on November 14,


Specifically, Moody's has downgraded the ratings of 20 notes
previously rated at the country ceiling and confirmed the rating
of one note out of 18 Portuguese RMBS transactions. Moody's
downgraded these notes by one to two notches. The downgrades are
driven by insufficient levels of credit enhancement required for
a rating to reach the country ceiling. As part of the rating
action, Moody's has also concluded its rating review of six
Portuguese RMBS transactions placed on review on June 8, 2012,
following the release of the rating agency updated methodology
"Moody's Approach to Rating RMBS in Europe, Middle East, and

Please click on this link
for the list of affected ratings. This list is an integral part
of this press release. For a detailed rationale on each rating
action, please refer to the list of affected credit ratings.

As a part of the Portuguese RMBS market review Moody's has
revised key collateral assumptions in a further nine transactions
that were not affected by the rating action. The list of updated
assumptions for the entire Portuguese RMBS market is available in
the following link

All Portuguese RMBS notes rated above Ca (sf) and not confirmed
by the rating action remain on review pending reassessment of
required credit enhancement to address country risk exposure.
Some tranches are also on review pending Moody's assessment of
rating linkage to counterparties.


The rating action reflects the insufficient levels of credit
enhancement for the affected notes to achieve the country
ceiling. Moody's has also confirmed one note rated at the country
ceiling because of sufficient credit enhancement.


Moody's downgraded 20 notes in 17 transactions due to
insufficient credit enhancement, despite decreasing its MILAN
Credit Enhancement (CE) assumption. The rating agency revised its
required MILAN CE in line with its updated methodology "Moody's
Approach to Rating RMBS in Europe, Middle East, and Africa"
published on June 6, 2012. In Moody's opinion, the affected
securities' available credit enhancement is insufficient to
compensate for the required MILAN CE assumption. As a result, the
affected notes cannot achieve the maximum achievable rating of


Moody's has revised its MILAN CE assumptions following the
publication of the updated methodology used in its RMBS
collateral analysis. The key changes to the EMEA RMBS methodology
include the introduction of a transaction minimum portfolio
credit enhancement level and the Minimum Expected Loss Multiple.
The minimum portfolio MILAN CE for Portuguese RMBS ranges between
10%-15% to Baa3(sf) rating, or country ceiling.

- Expected Loss (EL)

Moody's has not changed its lifelong expected loss assumptions
for the Portuguese RMBS market. While Portuguese collateral
performance has slightly deteriorated since Moody's last revision
of assumptions in July 2011, it has remained in line with Moody's
expectations. Moody's Portuguese Prime RMBS index reported 90+
day delinquencies at 1.34% in July 2012, up from 1.08 % in July
2011. The cumulative loss index remained flat at 0.78% over the
past year. Annualized redemption rates trended downward,
currently staying at 1.51%. See "Portuguese Prime RMBS Indices"
for more information on collateral performance.


Moody's has confirmed the rating of one note rated at the country
ceiling with sufficient credit enhancement and adequately
mitigated exposure to counterparties. In addition, Moody's
believes that the credit enhancement supporting this note
provides adequate cushion against country risk exposure.


Moody's maintains on review for downgrade the ratings of notes
rated above Ca(sf) in order to reassess credit enhancement
adequacy levels, given the higher risk of economic and financial
instability. Moody's is continuing to consider the impact of the
deterioration of the sovereign's financial condition and the
resulting asset portfolio deterioration on tranches of structured
finance transactions.


Some notes also remain on review pending Moody's assessment of
the rating linkage to counterparties. The rating agency will
assess the degree of linkage by taking into account payment
disruption risk and the high exposure to swap providers or to
issuer account banks.


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

On August 21, 2012, Moody's released a request for comment
seeking market feedback on proposed adjustments to its modelling
assumptions. These adjustments are designed to account for the
impact of rapid and significant country credit deterioration on
structured finance transactions. If the adjusted approach is
implemented as proposed, the rating of the Portuguese RMBS
included those affected by the rating action may be negatively
affected. See "Approach to Assessing the Impact of a Rapid
Country Credit Deterioration on Structured Finance Transactions",
for further details regarding the implications of the proposed
methodology changes on Moody's ratings.

Additional factors that may affect the resolution of these
reviews are described in "The Temporary Use of Cash in Structured
Finance Transactions: Eligible Investment and Bank Guidelines",
both published on July 2, 2012.

Key modelling assumptions, such as MILAN CE assumptions have been
updated. Potential sensitivities, cash flow analysis and stress
scenarios for the affected transactions have not been updated, as
the rating actions have been primarily driven by (1) the update
of the key assumptions; and, as a consequence, (2) Moody's
decision to assess credit enhancement levels consistent with each
structured finance rating category.

Principal Methodology

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

Moody's approach to country risk ceilings is described in "Local-
Currency Country Risk Ceiling for Bonds and Other Local Currency
Obligations", published on 16 August 16, 2012.

The rating considerations described in this press release
complement the principal rating methodology applicable to
Portuguese RMBS transactions affected by the rating action (see
link provided above in this press release for a full list of
affected credit ratings).


EUROPEAN BEARING: S&P Raises Corporate Credit Rating to 'BB-'
Standard & Poor's Ratings Services raised its long-term corporate
credit ratings on Russia-based OJSC European Bearing Corporation
(EPK) to 'BB-' from 'B+'. "At the same time, we raised our Russia
national scale rating on EPK to 'ruAA-' from 'ruA+'. The outlook
is stable," S&P said.

"The upgrade primarily reflects the improvement in EPK's credit
metrics and liquidity position over the past two years to levels
we consider commensurate with a 'BB-' rating. Specifically, the
group's Standard & Poor's adjusted debt to EBITDA is comfortably
below 2x, and we now assess its liquidity as 'adequate,'" S&P

"The upgrade also incorporates our anticipation that EPK will
once again post a solid operating performance in 2013, continuing
the trend in recent years. This is because we expect generally
supportive economic conditions in Russia, and because the Russian
federal government sees the rail and aviation sectors -- to which
EPK supplies its bearings -- as nationally important and
strategic. Consequently, we anticipate EPK's revenues will grow
in the mid to high single digit range in 2013. While our base
case also assumes slight erosion in the group's operating margins
in 2013 due to stiffening competition, we still expect adjusted
EBITDA margins will be wider than 20%," S&P said.

"We expect EPK to generate positive discretionary cash flow in
2012 and 2013 and further improve its credit metrics. We estimate
adjusted debt to EBITDA of close to nil by the end of 2013," S&P

"The stable outlook reflects our opinion that EPK will be able to
maintain a solid operating performance in Russia in a favorable
market environment, and continue to generate positive
discretionary cash flow in 2013," S&P said.

"We could consider lowering the ratings if we saw a reduced
ability to generate discretionary cash flow. EPK currently
benefits from large headroom in terms of credit ratios and
leverage. A significant weakening of operating performance or any
significant cash outflow due to working capital or other factors
negatively affecting cash flow generation could weaken the
company's liquidity, in which case we could consider a negative
rating action. We would also consider lowering the ratings if EPK
increased its leverage to a level exceeding an adjusted debt to
EBITDA ratio of 2.0x. However, we believe that earnings lower
than our base case could be compatible with the current rating
level if liquidity remains healthy," S&P said.

"We could consider raising the ratings in the next few years
owing to EPK's growing scale, successful geographic
diversification, and a stronger than currently expected
performance, coupled with a continuously conservative financial
policy," S&P said.

PROFMEDIA: S&P Revises Outlook on 'B+' Corp. Rating to Negative
Standard & Poor's Ratings Services revised the outlook on Russia-
based diversified media holding ProfMedia to negative from
stable. "We affirmed the long-term corporate credit rating at
'B+'. We also affirmed the 'B+' rating on the Russian ruble
(RUB) 3 billion bonds (about US$97 million) issued by ProfMedia-
Finance LLC and fully guaranteed by ProfMedia Ltd. The recovery
rating on this debt remains '4', indicating our expectation of
average (30%-50%) recovery in the event of a payment default,"
S&P said.

"The outlook revision reflects ProfMedia's worsening liquidity
position on account of its forthcoming debt maturities of about
RUB4.3 billion, including an RUB2.7 billion bond with a put
option in July 2013. The company is facing significant maturities
in 2013, which are unlikely to be refinanced out of its free
operating cash flow. It also has no available external committed
credit lines. Consequently, we have revised our liquidity
assessment on ProfMedia from 'adequate' to 'less than adequate,'"
S&P said.

"Although we consider the upcoming debt maturities a potential
source of risk, we are affirming the ratings because we believe
ProfMedia has the ability to secure the necessary refinancing,
which the company is currently working on. We believe that long-
lasting and strong relations with large Russian banks, as well as
potential shareholder support mitigate the upcoming refinancing
risk. In 2008, the company won shareholder support when the
parent company injected equity into ProfMedia to redeem credit-
linked notes in advance. Nevertheless, we believe ProfMedia might
opt for a short- to medium-term financing, which could weaken its
liquidity," S&P said.

"We believe ProfMedia's leverage will continue to fluctuate,
depending on the company's appetite for content acquisition.
However, we think that ProfMedia will likely not exceed adjusted
debt to EBITDA of 3.5x, which we view as rating-commensurate. In
addition, we think that free operating cash flow will improve and
reach breakeven in 2013 on the back of revenue growth and lower
investments in content," S&P said.

"We could also lower the rating if the company were to
significantly underperform because of a deterioration of the
local advertising market or a weaker market position. Ratings
downside could also materialize if leverage exceeds our
expectation of 3.5x Debt to EBITDA due to financial policy
decisions or mergers and acquisitions," S&P said.

"We could revise the outlook to stable if ProfMedia obtains
necessary committed credit lines in advance to refinance debt
maturities in 2013, if positive operating trends and a
progressive reduction of content purchasing led to a recovery of
the company's still negative free operating cash flow, and if its
leverage remains below 3.5x," S&P said.


FINANCIACION BANESTO 1: S&P Cuts Rating on Class C Notes to 'CCC'
Standard & Poor's Ratings Services lowered its credit rating on
Financiacion Banesto 1, Fondo de Titulizacion de Activos' class C
notes. "At the same time, we have affirmed our ratings on the
class A and B notes," S&P said.

The transaction has paid down significantly, and the outstanding
portfolio balance as of the October 2012 interest payment date
(IPD) was 5.38% of the original balance.

"Based on the latest available investor report from the trustee
(dated October 2012), long-term delinquent loans (defined in this
transaction as loans in arrears for between three and 12 months)
accounted for 7.3% of the outstanding portfolio balance--compared
with 4.31% of the outstanding portfolio balance in October 2011,"
S&P said.

"As of October 2012, cumulative defaults had increased to 5.09%
of the original balance, compared with 3.38% in October 2011.
Although the increase in the level of cumulative defaults has not
reached the most junior class of notes' interest deferral trigger
(set at 7%), it shows a deterioration of the pool's performance.
Recoveries over defaulted assets are lower than our existing
recovery assumptions. As a consequence, we have lowered our
recovery assumptions, resulting in a significant increase in our
loss-given-default expectations," S&P said.

"The paydown of the assets has led to a high level of note
amortization, which has in turn resulted in the level of credit
enhancement rising for the class A and B notes. This support has
been weakened, however, by the full depletion of the
transaction's reserve fund since January 2010. Since that date,
the reserve fund has not been replenished as the performing
collateral balance has
Decreased," S&P said.

"As of the April 2011 IPD, when we performed our last review, the
transaction had accumulated a EUR2.04 million principal
redemption shortfall, which is the difference between the
available remaining principal receipts and the accrued redemption
amount (i.e., the difference between the principal pending
payments on the class A to C notes and the outstanding balance of
the performing assets). Since our April 2011 review, this
principal redemption shortfall has been reduced to EUR41,124 on
the October 2012 IPD (compared with a EUR20 million principal
redemption shortfall on the April 2011 IPD)," S&P said.

"Although the level of credit enhancement provided by the
performing balance is positive for the class A and B notes, it is
negative for the class C notes. As a result, there is
insufficient performing collateral available to fully repay the
principal amount outstanding for the class C notes, which are
therefore Undercollateralized," S&P said.

"We have therefore lowered our rating on the class C notes to
'CCC (sf)' from 'B (sf)', to reflect our opinion that the issuer
is unlikely to have the capacity to meet its financial commitment
in respect of the principal due at maturity on this class of
notes. Our ratings on the notes in this transaction address the
timely payment of interest due under the rated notes, and
ultimate payment of principal at maturity of the rated notes,"
S&P said.

"Our cash flow analysis indicates that our ratings on the class A
and B notes are not constrained by the performance of the
transaction's underlying collateral and structural features. We
have consequently affirmed our ratings on the class A and B notes
for credit reasons," S&P said.

"Our ratings on the notes in this transaction are not constrained
by the issuer credit rating (ICR) on the transaction account
provider, as Santander UK PLC (A/Watch Neg/A-1) has replaced
Banco Espanol de Credito S.A. (Banesto; BBB/Negative/A-2) as
transaction account provider. Santander UK is an eligible
counterparty under our 2012 counterparty criteria," S&P said.

"This transaction features Banesto as swap counterparty. On Oct.
15, 2012 we lowered our long-term ICR on Banesto to 'BBB' from
'A-'. Banesto has taken the applicable remedy actions under the
transaction documents and has posted collateral with Santander
UK," S&P said.

"However, the transaction documents do not reflect our 2012
counterparty criteria. Therefore, we have conducted our cash flow
analysis assuming that the transaction does not benefit from any
support under the swap agreement. Given the significant increase
in credit enhancement available to the class A and B notes, these
notes can maintain their current ratings even without the benefit
of the swap. Our ratings on the notes in this transaction are not
constrained to the long-term ICR on the swap provider," S&P said.

Financiacion Banesto 1 is an asset-backed securities transaction
securitizing Spanish consumer loans originated by Banesto. The
transaction documents intended for it to revolve for two years
from the closing date in June 2007, but the replenishment period
stopped early due to a delinquency trigger breach.


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

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



Class           Rating
         To                From

Financiacion Banesto 1, Fondo de Titulizacion de Activos
EUR800 Million Asset-Backed Floating-Rate Notes

Rating Lowered

C        CCC (sf)          B (sf)

Ratings Affirmed

A        AA- (sf)
B        BB (sf)

INSTITUTO VALENCIANO: S&P Affirms 'BB/B' Issuer Credit Ratings
Standard & Poor's Ratings Services affirmed its 'BB/B' long- and
short-term issuer credit ratings on financial agency Instituto
Valenciano de Finanzas (IVF), based in Spain's Autonomous
Community of Valencia (Valencia).

"At the same time, we affirmed our 'BB' issue rating on IVF's
debt. Our '4' recovery rating on the debt remains unchanged,
indicating our expectation of average (30%-50%) recovery in the
event of a default," S&P said.

"The ratings on IVF reflect our view of the strength of
Valencia's explicit statutory guarantee, which considers IVF's
liabilities as its own debt," S&P said.

"We understand that IVF's debt maturities are included in
Valencia's request for financial support in the context of
Spain's 'Fondo de Liquidez Autonomico' (FLA) the vehicle used by
the central government to assist regions in servicing their
debt," S&P said.

In addition, S&P sees IVF as a government-related entity (GRE).
It believes there is an 'almost certain' likelihood that Valencia
would provide timely and sufficient support to IVF if needed,
according to its GRE criteria.  It bases its view on its
assessment of IVF's:

-- "Critical" role for the region. IVF carries out key functions
    that a private entity could not undertake, such as managing
    regional debt and public credit policy.  Consequently, S&P
    thinks that the markets would perceive a default by IVF as
    tantamount to a default by the region, especially considering
    Valencia's financial guarantee covering IVF's debt. It
    believes IVF's importance to Valencia is also reflected in
    the regional government's strong involvement in IVF's
    management and stable financial support; and

-- "Integral" link with Valencia, considering that it exerts
    total control over IVF's strategy and day-to-day operations,
    and carries out extremely tight financial oversight.

"Based on IVF's critical role for and integral link with
Valencia, as our GRE criteria define these terms, we equalize the
ratings on IVF with those on Valencia," S&P said.

"We have lowered IVF's stand-alone credit profile (SACP) to 'b'
from 'bb-'. This reflects our view that IVF is facing higher
credit risk due to its growing exposure to the public sector and
a riskier and less resilient private sector, which is suffering
from the effects of sluggish economic growth in the region," S&P

"We also factor into the SACP our view of IVF's total reliance on
Valencia and the FLA to cover upcoming funding maturities and
offset low capitalization and losses in earnings," S&P said.

"The negative outlook on the long-term ratings on Valencia
reflects our view of the risk that this autonomous community
might deviate from budgetary targets set by the central
government, resulting in worse budgetary performance and higher
debt accumulation in coming years. The negative outlook also
factors in the risk that liquidity and funding support mechanisms
that the central government set up recently might not function as
smoothly as expected," S&P said.

"The negative outlook also reflects the possibility that we might
revise downward our view on the link with and role of IVF to
Valencia. This could happen, for example, if we estimated that
the importance of IVF as the debt management office of Valencia
was declining, or if we considered that IVF's access to liquidity
support from the Spanish central government via Valencia could be
impaired for any reason," S&P said.

S&P says it might revise the outlook on IVF to stable if it
revised Valencia's outlook to stable, while it continued to view
IVF's link with Valencia as integral and its role as critical:

  * S&P might revise Valencia's outlook to stable if the ratings
    agency perceived that its budgetary performance and debt
    burden were in line with its base-case scenario for 2012-
    2014, assuming a gradual reduction in the deficit after
    capital expenditures;

  * S&P considered that the regions' management quality and
    liquidity positions were not likely to deteriorate, because
    of functioning mechanisms of support from the central
    government; and

  * S&P revised the outlook on the long-term sovereign rating on
    the Kingdom of Spain (BBB-/Negative/A-3) to stable.


SAAB AUTOMOBILE: Unique Cars Up for Auction in December
Auctioneer KVD Kvarndammen announced here is now a unique
opportunity to acquire Saab cars that have never before been
available for sale.  These include cars where only a few examples
were ever made, as well as a number of cars of the models Saab
Automobile AB began to produce but which never made it on to the
market.  The auction, which includes 68 Saabs, starts today on
KVD Kvarndammen's market place http://www.kvdauctions.comand
concludes on December 15 to 16.

The cars include two examples of the 9-3 Cabriolet Independence
Edition, the special model made in 2011 to celebrate Saab's first
year as an independent car manufacturer.  The intention was to
produce 366 cars, but production was stopped due to the
bankruptcy and today there are only 38 examples to be found in
the world.

Saab has always had a unique position on the international market
and many customers have had a long and loyal relationship with
the brand.  Now that the last ever cars that were produced by
Saab Automobile AB are coming up for sale, we expect interest
from Saab enthusiasts all over the world," says Per Blomberg,
Business Area Manager of KVD Kvarndammen.

Also featured in the auction are 18 of just 30 9-5 NEW
SportCombis that were made and 29 of the 54 9-5 New Sedan 2012
models that were built. Among them is the very last Saab 9-5
Sedan that was fully finished in the factory at Trollhttan.  None
of these models has come onto the market.

Out of approximately 700 examples of Saab's last SUV, 9-4X, there
remain 10 in the auction. Among them are the car with chassis
number 1 for the European market.

In addition to these models are one of the three existing Saab
9-3 SportCombis in Sky Blue and also the Saab 9-5 Aero V6 300hp
automatic that was used as a company car by Victor Muller.

The auction has been commissioned by Saab's receivers in
bankruptcy.  The cars are being sold individually and bidding
takes place on KVD Kvarndammen's market place

            About Saab Automobile AB and Saab Cars N.A.

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab Automobile AB, Saab Automobile Tools AB and Saab
Powertain AB filed for bankruptcy on Dec. 19, 2011, after running
out of cash.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement." Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

PETROPLUS HOLDINGS: Libya Won't Invest Petit-Couronne Refinery
Tara Patel at Bloomberg News reports that French Foreign Minister
Laurent Fabius said Libya won't invest in Petroplus Holdings AG's
Petit-Couronne site in Normandy.

"Unfortunately, it wasn't finalized," Bloomberg quotes Mr. Fabius
as saying on France Inter radio on Wednesday.  "It's too bad,
because the idea that a country like Libya that produces a lot of
crude could have a partnership with a refinery in France was

Mr. Fabius, as cited by Bloomberg, said that one or two "serious"
offers for the crude-processing plant are being examined by the

The future of the 154,000-barrel-a-day refinery remains in doubt
as the facility went into administration after Petroplus filed
for insolvency in January, Bloomberg notes.  According to
Bloomberg, unions have said that Royal Dutch Shell Plc will end a
so-called tolling accord on processing fuel at next month.

Bloomberg relates that French Industry Minister Arnaud Montebourg
raised the possibility that France's strategic investment fund
could act as a "minority partner."

A court in Rouen this month delayed a deadline for offers for
Petit-Couronne to Feb. 5 and will hold a hearing on operations at
the refinery on Dec. 4, Bloomberg 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


* S&P Withdraws Ratings on 13 European CDO and Cash Tranches
Standard & Poor's Ratings Services withdrew its credit ratings on
13 European synthetic collateralized debt obligation (CDO) and
cash tranches.

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

-- The issuer has fully repurchased and cancelled the notes;

-- The rating on the underlying collateral was withdrawn;

-- The early redemption of the notes;

-- The principal amount of the notes has been reduced due to
    losses; and

-- The notes have been paid down in full.

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

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


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:


* BOOK REVIEW: Corporate Venturing -- Creating New Businesses
Authors: Zenas Block and Ian C. MacMillan
Publisher: Beard Books, Washington, D.C. 2003
(reprint of 1993 book published by the President and Fellows of
Harvard College).
List Price: 371 pages. $34.95 trade paper, ISBN 1-58798-211-0.

Creating new businesses within a firm is a way for a company to
try to tap into its potential while at the same time minimizing
risks.  A new business within a firm is like an entrepreneurial
venture in that it would have greater flexibility to
opportunistically pursue profits apart from the normal corporate
structure and decision-making processes.  Such a business is
different from a true entrepreneurial venture however in that the
business has corporate resources at its disposal.  Such a company
business venture has to answer to the company management too.
Corporate venturing--to use the authors' term--offers innovative
and stimulating business opportunities.  Though venturing is in a
somewhat symbiotic relationship with the parent firm, the venture
would never threaten to ruin the parent firm as a entrepreneur
might be financially devastated by failure.

Block and MacMillan contrast an entrepreneurial enterprise with
their subject of corporate venturing, "When a new entrepreneurial
venture is created outside an existing organization, a wide
variety of environmental factors determine the fledgling
business's survival.  Inside an organization . . . senior
management is the most critical environmental factor."  This
circumstance is the basis for both the strengths and limitations
of a corporate venture.  In their book, the authors discuss how
senior management working with the leadership of a corporate
venture can work in consideration of these strengths and
weaknesses to give the venture the best chances for success.  If
the venture succeeds beyond the prospects and goals going into
its formation, it can always be integrated into the parent
company as a new division or subsidiary modeled after the regular
parts of a company with the open-ended commitment, regular hiring
practices, and reporting and coordination, etc., going with this.
As covered by the authors, done properly with the right
commitment, sense of realism and practicality, and preliminary
research and ongoing analysis, corporate venturing offers a firm
new paths of growth and a way to reach out to new markets, engage
in fruitful business research, and adapt to changing market and
industry conditions. The principle of corporate venturing is the
familiar adage, "nothing ventured, nothing gained."  While it is
improbable that a corporate venture can save a dying firm, a
characteristic of every dying firm is a blindness about
venturing.  Just thinking about corporate ventures alone can
bring to a firm a vibrancy and imagination needed for business

Ideas, insights, and vision are the essence of corporate
venturing.  But these are not enough by themselves. Corporate
venturing is based as much on the right personnel, especially the
top leaders.  The authors advise to select current employees of a
firm to lead a corporate venture whenever feasible because they
already have relationships with senior management who are the
ultimate overseers of a venture and they understand the corporate
culture.  In one of their several references to the corporate
consultant and motivational speaker Peter Drucker, the authors
quote him as identifying only half-jokingly the most promising
employees to lead the corporate venture as "the troublemakers."
These are the ones who will be given the "great freedom and a
high level of empowerment" required to make the venture workable
and who also are most suited to "adapt rapidly to new
information." Such employees for top management of a venture are
not entirely on their own.  The other side of this, as Brock and
MacMillan go into, is for such venture management to earn and
hold the trust and confidence of the firm's top management and
work within the framework and follow the guidelines set for the

Corporate venturing is an operation which is a hybrid of the
standard corporate interests and operations and an independent
business with entrepreneurial flexibility mainly from focus on
one product or service or at most a few interrelated ones,
simplified operations, and streamlined decision-making.  From
identifying opportunities and getting starting through the
business plan and corporate politics, Brock and MacMillan guide
the readers into all of the areas of corporate venturing.

Zenas Block is a former adjunct professor with the Executive MBA
Program at the NYU Stern School of Business.  Ian C. MacMillan is
associated with Wharton as a professor and a director of a center
for entrepreneurial studies.


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

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  Go to order any title today.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.

                 * * * End of Transmission * * *