TCREUR_Public/121213.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

          Thursday, December 13, 2012, Vol. 13, No. 248

                            Headlines



B E L G I U M

ONTEX IV: S&P Cuts Long-Term Corporate Credit Rating to 'B'


G E R M A N Y

FRESENIUS SE: Moody's Retains 'Ba1' Corporate Family Rating
PHOTON EUROPE: Germany Probes Delayed Insolvency Filing


G R E E C E

* GREECE: Fails to Reduce Overall Debt Load within Expectations


H U N G A R Y

EXPORT IMPORT: Fitch Assigns 'BB+/B' Sr. Unsecured Debt Ratings


I R E L A N D

CAPPOQUIN POULTRY: New Owners Take Over Operations
LOUGH RYNN: NAMA Approves Firm's Business Plan
PARTHOLON CDO I: S&P Cuts Ratings on Two Note Classes to 'CCC+'
SUPERVALU: Musgrave Acquires Two Stores; Almost 90 Jobs Secured


I T A L Y

* ITALY: Moody's Cuts Ratings on Notes in 3 Lease ABS Deals


K A Z A K H S T A N

JBC INSURANCE: Fitch Cuts IFS Rating to 'B'; Watch Negative


L U X E M B O U R G

DH SERVICES: S&P Assigns 'B' Long-Term Corporate Credit Rating


N E T H E R L A N D S

AVG TECHNOLOGIES: S&P Raises Corporate Credit Rating to 'BB-'
CREDIT EUROPE: Fitch Affirms LT Issuer Default Rating at 'BB'


P O L A N D

LOT POLISH: Poland Draws Up Aid Package & Restructuring Plan


P O R T U G A L

ELECTRICIDADE DOS ACORES: Moody's Cuts Issuer Rating to 'B1'


R U S S I A

CREDIT BANK: Fitch Affirms 'BB-' LT Issuer Default Rating
EUROPLAN ZAO: Fitch Affirms 'BB-' Issuer Default Ratings
EVROFINANCE MOSNARBANK: Fitch Keeps 'B+' IDR on RWP
KUBAN AIRLINES: Files for Bankruptcy; Halts Operations
* KRASNODAR REGION: Fitch Assigns 'BB+' LT Currency Rating


S P A I N

BANCO CAM: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
GRUPO COOPERATIVO: Fitch Assigns 'BB' LT Issuer Default Rating


S W E D E N

SAS GROUP: Posts Pretax Loss of SEK1.25BB in Period Ended Oct. 31
STENA AB: Moody's Changes Outlook on 'Ba3' CFR to Stable


T U R K E Y

KUVEYT TURK: Fitch Affirms 'bb-' Viability Rating
TURKCELL ILETISIM: S&P Revises Outlook on 'BB+' CCR to Stable


U K R A I N E

FERREXPO PLC: Moody's Cuts CFR/PDR to 'B3'; Outlook Negative
MRIYA AGRO: S&P Revises Outlook on 'B' CCR to Negative
UKRAINIAN AGRARIAN: S&P Revises Outlook on 'B' CCR to Negative


U N I T E D   K I N G D O M

ASTON MARTIN: Moody's Confirms 'B3' CFR/PDR; Outlook Negative
LLOYDS BANKING: Fitch Affirms 'B+' Rating on Discretionary Debt
* Moody's Says English Housing Associations Face Downside Risks
* UK Non-Conforming RMBS Highly Resilient to Macro Stress Test


X X X X X X X X

* EUROPE: Moody's Says Securitization Performance Declining
* Upcoming Meetings, Conferences and Seminars


                            *********


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B E L G I U M
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ONTEX IV: S&P Cuts Long-Term Corporate Credit Rating to 'B'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'B+' its
long-term corporate credit rating on Belgium-based manufacturer
of private label hygienic disposables Ontex IV S.A.

"At the same time, we lowered our issue rating on Ontex's senior
secured notes due 2018 to 'B' from 'B+', and our issue rating on
its senior unsecured notes due 2019 to 'CCC+' from 'B-'," S&P
said.

The downgrade reflects S&P's view that Ontex continues to face a
number of downside risks, which it believes will constrain a
significant improvement in its profitability and cash generation
over the medium term. These include:

-- Industry-specific risks arising from persistent volatility in
    commodity-based raw materials, which remain at elevated
    levels, and disruption in the supply chain of a key raw
    material;

-- Company-specific developments including increased
    restructuring and capital expenditure (capex) costs; and

-- Weak macroeconomic conditions in its core Western European
    markets, which S&P believes will continue to incite a high
    level of price sensitivity across the retail client base.

"As a result, we do not believe that Ontex will be able to
achieve an EBITDA margin at the higher end of our previous
forecast (10.5%-11.5%) over the medium term. In our calculation
of Standard & Poor's-adjusted EBITDA, we consider a small level
of restructuring activity as an ongoing cost to the business,"
S&P said.

"These downside risks are partly mitigated by good growth
prospects in markets outside Western Europe, particularly in
Turkey, Pakistan, and Africa. However, we do not believe that
this will immediately result in higher profit margins. This is
because of the increased operating costs required to generate
this primarily brand-focused business, in conjunction with our
base-case assumption of persistently high raw material costs
heading into 2013," S&P said.

"We note that there has been a disruption in the supply of a core
raw material component, Super Absorbent Powder, following an
explosion at the plant of a major producer. We believe that Ontex
intends to stockpile additional inventory to meet requirements in
the first half of 2013, which will constrain free cash flow
generation by about EUR10 million in 2012, but is expected to
unwind over 2013. We believe that this development could
potentially have negative implications, should the disruption
persist into the second half of 2013," S&P said.

"We understand that there may be potential new business
opportunities following Kimberly-Clark Corp.'s announcement that
it intends to exit the diaper business in Western and Central
Europe. However, we believe that the timing and potential benefit
of this move is too uncertain to be factored into our rating
analysis at this stage. Furthermore, any additional business
opportunities could involve associated capex and working capital
outlays to service new contracts," S&P said.

"Ontex reported revenue growth of about 8% (EUR91 million) in the
first nine months of 2012, primarily driven by the integration of
Lille Healthcare. The company's adjusted EBITDA margin for the
period was 10.6%, compared with 10.7% for the same period in
2011. Under our revised base-case operating scenario, we believe
that the adjusted EBITDA margin could approach 11% for the full
year, reflecting lower input costs in the fourth quarter. We do
not forecast any improvement in the EBITDA margin going into
2013, as we have forecast a higher level of operating and sales
and marketing costs to expand its branded business outside of
Western Europe, offsetting operational efficiencies," S&P said.

"The issue ratings on Ontex's EUR320 million 7.5% senior secured
notes due 2018 and the EUR280 million floating-rate senior
secured notes due 2018 are 'B', in line with the long-term
corporate credit rating on Ontex. The recovery rating on these
notes is '4', reflecting average (30%-50%) recovery prospects in
the event of a payment default," S&P said.

"The issue rating on Ontex's EUR235 million 9% senior unsecured
notes due 2019 is 'CCC+', two notches below the corporate credit
rating. The recovery rating on these notes is '6', translating
into negligible (0%-10%) recovery prospects in the event of a
payment default," S&P said.

"In order to determine recovery prospects, we simulate a
hypothetical default scenario. Our scenario contemplates a
hypothetical payment default in 2015, owing to margin contraction
from increased competition, high raw material costs, and ongoing
marketing and development expenditure in emerging markets. At
this point, we estimate that EBITDA would decline to about EUR82
million. We believe that the group would reorganize in the event
of a default," S&P said.

"The stable outlook reflects our view that Ontex will continue to
maintain adjusted EBITDA interest coverage of about 1.5x-2.0x and
manage its liquidity requirements over the medium term," S&P
said.

"We could take a positive rating action if we believe that Ontex
is able to sustain EBITDA interest coverage of more than 2x, and
positive free operating cash flow. We believe this could happen
if it was able to achieve mid-single digit revenue growth and an
EBITDA margin of about 11.5% over the medium term. In our view,
this would depend on Ontex stabilizing growth in markets outside
of Western Europe at value-adding profit margins, while also
being able to quickly recover any rise in input costs through
price increases and reduce restructuring and capex costs," S&P
said.

"We could take a negative action if we see a material
deterioration in the company's profitability and/or cash flow,
causing us to revise downward our assessment of liquidity to
'weak' from 'adequate.' This could occur as a result of increased
costs associated with securing growth in markets outside of
Western Europe, a delayed recovery of increased input costs, and
persistently high restructuring costs and capex. We could also
take a negative action if we view negatively any changes to the
company's strategy and policies following the change in senior
management," S&P said.



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


FRESENIUS SE: Moody's Retains 'Ba1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a provisional (P) Baa3
rating to around EUR2.25 billion forward start bank facilities
syndicated by Fresenius SE & Co KGaA ("FSE" or "the group"),
which include both term debt and revolving facilities. The
financing is being put in place to primarily refinance existing
senior bank obligations maturing in September 2013 and general
corporate purposes. The FSE's Ba1 Corporate Family Rating (CFR)
and unsecured ratings remain unchanged. The outlook on the
ratings is stable.

Ratings Rationale

The (P)Baa3 rating (LGD 3, 32%) assigned to around EUR2.25
billion senior credit facilities issued at the holding level of
FSE and its financing subsidiaries, Fresenius Finance II B.V. and
Fresenius US Finance I, Inc. reflects the instrument's priority
position in the capital structure. The facilities will be
guaranteed on a senior basis by FSE and key intermediary holding
companies (same as available to unsecured lenders), and selected
operating companies and will be secured by share pledges in a
number of Fresenius Kabi AG's operating subsidiaries and to be
shortly acquired Fenwal Holdings Inc. Compared to the current
bank agreement the senior lenders will not benefit anymore from a
pledge of assets of Fresenius Kabi USA, Inc. (formerly APP
Pharmaceuticals, Inc.). However, FSE's policy of having only
limited debt at operating subsidiary level and extra guarantor
coverage from material Kabi US-subsidiaries, which is not
available to unsecured bond lenders, justify the upward notching
of secured senior lenders as compared to the unsecured bond debt.

Moody's issues provisional ratings in advance of the final sale
of securities and these reflect Moody's credit opinion regarding
the transaction only. Upon a conclusive review of the final
documentation Moody's will endeavor to assign definitive ratings
to the proposed senior bank facilities. A definitive rating and
assigned LGDs may differ from provisional ones.

Fresenius' current Ba1 Corporate Family Rating reflects (1) the
group's sizeable, and with recent acquisitions further increasing
scale as a global provider of healthcare services and medical
products as well as the recurring nature of a large part of its
revenue and cash flow base; (2) its segmental diversification
within the healthcare market, supported by strong positions in
its four segments, which will be improved even further with the
recently announced acquisition of Fenwal, a privately owned
blood-transfusion equipment manufacturer, for an estimated
purchase price of US$1.1 billion, based on indications that the
amount is lower than the EUR1 billion of equity raised by FSE in
May 2012 which are used to finance the acquisition; (3) its track
record of accessing both equity and debt markets to support its
acquisition growth and refinancing needs, and of successfully
deleveraging following large acquisition peaks; and (4) the
attractive valuation of FSE's 31% stake in its dialysis
subsidiary FME.

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

Fresenius' Ba1 rating anticipates a stable performance and
improvement in leverage through earnings growth and relatively
modest debt reduction. Though management is expected to favorably
consider small acquisition opportunities, Moody's expects that
FSE would -- in the case of M&A activity -- maintain metrics
commensurate with the Ba1 rating. Moody's notes positively the
equity funded nature of the most recent acquisition of Fenwal,
although it needs to be viewed in the context of the failed bid
for Rhoen, for which the equity funding was primarily raised. The
stable outlook also incorporates the expectation that FSE's
dividend policy will remain unchanged. As a result debt/EBITDA of
the consolidated group should stay well below 4 times and
CFO/debt well above 15%. Moody's also notes that previous
difference in leverage metric between Fresenius and FME has been
eliminated following FME's recent transactions and acquisition of
Liberty for USD1.7 billion funded in Q1/2012 as well as Helios,
Fresenius' hospital subsidiary, purchases of the Damp and KKD
hospitals. Moody's currently estimates that these elevated
leverage metrics of around 3.6x (as adjusted by Moody's) will
remain relatively stable for the next 12 months, significantly
reducing the scope for sizeable transactions at both FSE and FME.
Moody's notes that both the level of recent activity and
continued high reliance on currently volatile capital markets are
indicative of FSE's relatively aggressive financial policy.

Assignments:

  Issuer: Fresenius SE & Co. KGaA /Fresenius Finance II
          B.V./Fresenius US Finance I, Inc.

  Senior Secured credit facilities , Assigned (P) Baa3, LGD3, 32%

What Could Change the Rating -- UP

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

What Could Change the Rating -- DOWN

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

The principal methodology used in rating Fresenius SE & Co. KGaA,
Fresenius Finance II B.V. and Fresenius US Finance I, Inc. was
the Global Healthcare Service Providers Industry Methodology
published in December 2011. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Fresenius SE & Co. KGaA is a global healthcare group providing
products and services for dialysis, the hospital and the medical
care of patients at home. It is a holding company whose major
assets are investments in group companies and inter-company
financing arrangements. Around 55-60% of group sales and EBIT are
generated by Fresenius Medical Care ("FME") (Ba1 Corporate Family
Rating, stable Outlook), which is fully consolidated into the FSE
group, although only 31% owned, based on managerial control and a
particular ownership legal structure. Fresenius' other
operations, which are majority or fully-owned, are Fresenius Kabi
(infusion therapy, intravenously administered generic drugs and
clinical nutrition), Fresenius Helios (operating private
hospitals in Germany) and Fresenius Vamed (77% owned, hospital
and other healthcare facilities projects and services). Based on
the trailing 12 months figures as per 30 September 2012, the
group reported revenues of EUR18.5 billion.


PHOTON EUROPE: Germany Probes Delayed Insolvency Filing
-------------------------------------------------------
pv magazine reports that the Department of Public Prosecutions in
Aachen has instigated preliminary proceedings against Photon
Europe's head for "delayed filing of insolvency and other
offenses."

pv magazine says the current trying market conditions for all
photovoltaic industry participants seems to have claimed another
casualty.  According to the report, the public prosecutor's
office in Germany's Aachen has confirmed that it is investigating
Photon Europe GmbH for the said charges.

pv magazine relates that Photon Europe has responded to inquiries
about the matter with the statement: "We believe that the
proceedings for delay in filing a petition in insolvency will be
terminated after further examination by the public prosecutor's
office."

According to pv magazine, local newspaper Aachener Nachrichten
reported late last month that Photon's management had stated that
its publishing house had to let go of employees due to the weak
solar market. However German trade union ver.di disputed this
saying that the actual reason was to dismiss workers who were
displeased or disagreed with management, pv magazine relates.

The Photon Group and its magazines Photon, Photon International
and Photon Profi are not affiliated with the German-language
magazine photovoltaik and the English-language magazine pv
magazine.  photovoltaik is published by Alfons W. Gentner Verlag
GmbH & Co. KG and Solarpraxis AG and pv magazine is published by
Solarpraxis AG.



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G R E E C E
===========


* GREECE: Fails to Reduce Overall Debt Load within Expectations
---------------------------------------------------------------
BBC News reports that Greece has managed to buy back some of its
debt, but did not succeed in reducing its total debt by as much
as its backers had hoped.

According to BBC, Greece's debt management agency said that
holders of Greek debt agreed to sell EUR31.9 billion of bonds
back to the country at 33.8% of their face value.

After EUR11 billion is spent on the purchase, the country will be
writing off about EUR20 billion of debt, BBC discloses.

The buyback was a condition of Greece getting more of its bailout
cash, BBC notes.

Greece has been waiting since June for the loans, to help its
heavily indebted economy stay afloat, BBC relates.

The investors will be paid in six-month bonds from the eurozone's
EFSF rescue fund, BBC says.

The buyback called for EUR30 billion to be repurchased -- with
the eurozone having set aside EUR10 billion  in funding to buy
back the bonds and reduce Greece's overall debt load, BBC
discloses.

But Athens said it needed EUR11.29 billion from the rescue fund
-- meaning the 17 nations behind the euro will have to cough up
EUR1.29 billion more, BBC notes.

The International Monetary Fund had said that Greece must
successfully complete a buyback of its own debt to get its next
round of bailout cash, worth about EUR44 billion, on Dec. 13, BBC
recounts.



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H U N G A R Y
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EXPORT IMPORT: Fitch Assigns 'BB+/B' Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Fitch Ratings has assigned Hungarian Export Import Bank's (Hexim;
'BB+'/Negative) EUR2 billion global medium-term note (MTN)
program final senior foreign currency unsecured debt Long- and
Short-term ratings of 'BB+' and 'B' respectively. At the same
time Fitch has assigned Hexim's US$500 million senior unsecured
bonds a Long-term foreign currency rating of 'BB+'.

Rating Action Rationale

The ratings of Hexim's MTN program and senior unsecured bond are
in line with the bank's Long-term foreign currency Issuer Default
Rating and are based on potential support from the Republic of
Hungary in light of the bank's policy role and its close
integration with the sovereign.

The assignment of the final ratings to the MTN program follows
the receipt of documents conforming to the information previously
received. The final ratings are the same as the expected rating
assigned on 30 November 2012.

The five-year senior USD bonds were issued under the EUR2.0
billion MTN program. The bonds carry a fixed 5.5% semi-annual
coupon and mature on February 12, 2018.

Rating Drivers and Sensitivities

The issue and the program's ratings would be downgraded if the
sovereign's credit profile, and hence its ability to provide
support is weakened. Fitch is of the opinion that the state's
strong propensity to support Hexim is unlikely to be revised in
the foreseeable future.



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I R E L A N D
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CAPPOQUIN POULTRY: New Owners Take Over Operations
--------------------------------------------------
Ann Marie Foley at Farmers Weekly reports that Irish High Court
has cleared the way for the latest takeover of Cappoquin Poultry
by the Producers Co-operative Society and a group of outside
investors.

Cappoquin Poultry went into examinership in August 2012 with
debts of EUR6 million, putting at risk some 140 jobs and leaving
a string of creditors, Farmers Weekly relates.

In mid-November, the examiner, Michael McAteer of Grant Thornton,
agreed a deal whereby unsecured creditors would be paid 2.5 cents
in the euro, Farmers Weekly recounts.  Former owners and
directors Thomas Vaughan and Perwaiz Latif (of Derby Poultry)
objected, but failed in their High Court challenge to the deal,
Farmers Weekly notes.

The new owners have now taken over the day-to-day running of the
90-year-old Co Waterford business, announcing that 70 of the 140
jobs in the business are to be retained, Farmers Weekly
discloses.

Dr. Sean Brady and Raymond O'Hanlon are the new chairman and
managing director respectively, with Eddy Keane and Paddy Meaney
being the poultry growers on the board, according to Farmers
Weekly.

Cappoquin Poultry is a Co Waterford chicken processing company.


LOUGH RYNN: NAMA Approves Firm's Business Plan
----------------------------------------------
Gordon Deegan at Irish Examiner reports that the National Asset
Management Agency has approved a business plan for the loss-
making Lough Rynn Castle Ltd.

Accounts just filed by the company confirm the losses narrowed
last year from EUR145,330 in 2010 to EUR87,884, Irish Examiner
relates.

However, hotel director for the Hanly Castle Hotel Group, Clement
Gaffney said on Tuesday that the company recorded a trading
profit during 2011, and confirmed NAMA approved a business plan
for the firm that operates Lough Rynn and Kilronan Castle on
Nov 2, Irish Examiner notes.

The abridged accounts do not provide a revenue figure, but Mr.
Gaffney pointed out that international business resulted in
overall revenues increasing by 1%, Irish Examiner states.

"In 2012, significant growth in revenues of 18% has been achieved
and current expectations for 2013 are for continued strong growth
in international revenues combined with maintaining current
levels of domestic business," Irish Examiner quotes Mr. Gaffney
as saying.

A note attached to the accounts states that the firm has been
dependent on former director, Alan Hanly to continue to provide
interest free loans to the company, Irish Examiner discloses.

Lough Rynn Castle Ltd. operates the Lough Rynn Castle Hotel in Co
Leitrim.  It employs 66 people and contributes EUR3.2 million
annually to the local economy.


PARTHOLON CDO I: S&P Cuts Ratings on Two Note Classes to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Partholon CDO I PLC.

"The rating actions follow our assessment of the transaction's
performance based on the Nov. 1. 2012 trustee report data, our
credit and cash flow analysis, and considering recent transaction
developments. We have also applied our 2012 counterparty criteria
and our 2009 cash flow collateralized debt obligation (CDO)
criteria," S&P said.

"Since our previous review of the transaction on Dec. 22, 2011,
we have observed further deleveraging of the senior notes, which
has resulted in an increase in the credit enhancement for all
classes of notes. The weighted-average spread earned on the
collateral pool is also higher now. However, the proportion of
assets rated in the 'CCC' category ('CCC+', 'CCC', or 'CCC-') has
increased (in percentage terms). We have also observed an
increase in assets that we consider to be rated below 'CCC-'
('CC', 'SD' and 'D') both in notional and percentage terms. All
par coverage tests comply with the required trigger under the
transaction documents," S&P said.

"We have subjected the capital structure to our cash flow
analysis, based on the methodology and assumptions outlined in
our 2009 cash flow collateralized debt obligation (CDO) criteria
to determine the break-even default rate (BDR) at each rating
level. We used the reported portfolio balance that we considered
to be performing, the principal cash balance, the weighted-
average spread, and the weighted-average recovery rates that we
considered to be appropriate," S&P said.

"We incorporated various cash flow stress scenarios, using
various default patterns, levels, and timings for each liability
rating category, in conjunction with different interest rate
stress scenarios. To help assess the credit risk of the
collateral pool, we used CDO Evaluator 6.0.1 to generate SDRs
(scenario default rates) at each rating level--which ranged
between 0% to 100% consistent with stresses that we view to be
commensurate with different rating levels. We then compared these
SDRs with their respective BDRs," S&P said.

"Taking into account the observations outlined above--we consider
the level of credit enhancement available to the class A-1, A-3,
B-1, B-2, and B-3 notes in this transaction to be commensurate
with their current ratings. We have therefore affirmed our
ratings on these classes of notes," S&P said.

"With partial decoupling of the class R combination notes into
their components, our cash flow analysis now supports a higher
rating than previously assigned. We have therefore raised our
rating on this class of notes," S&P said.

"Although the results of our cash flow analysis above suggest
higher ratings for the class C-1 and C-2 notes, we have lowered
our ratings on these notes based on the maximum ratings
achievable under the largest obligor default test," S&P said.

"The largest obligor test is a supplemental stress test that we
introduced in our 2009 cash flow CDO criteria. This test
addresses event and model risk that might be present in the
transaction and assesses whether a CDO tranche has sufficient
credit enhancement (not counting excess spread) to withstand
specified combinations of underlying asset defaults based on the
ratings on the underlying assets, with a flat recovery of 5%,"
S&P said.

"Based on our counterparty analysis, we concluded that the
transaction documentation for the derivative counterparties does
not entirely comply with our 2012 counterparty criteria. We have
analyzed the transaction's exposure to the derivative
counterparties and concluded that the derivative exposure is
currently sufficiently limited, so as not to affect the ratings
that we have assigned. The bank account documentation complies
with our 2012 counterparty criteria," S&P said.

Partholon CDO I is a cash flow corporate loan collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.

          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 Report
included in this credit rating report is available at:

          http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                     Rating
                To                       From

Partholon CDO I PLC
EUR437.425 Miilion Fixed-Rate, Floating-Rate, and Zero-Coupon
Notes

Rating Raised

R Comb          AAA (sf)                 A+ (sf)

Ratings Lowered

C-1             CCC+ (sf)                B+ (sf)
C-2             CCC+ (sf)                B+ (sf)

Ratings Affirmed

A-1             AAA (sf)
A-3             AAA (sf)
B-1             A+ (sf)
B-2             A+ (sf)
B-3             A+ (sf)

Comb - Combination notes.


SUPERVALU: Musgrave Acquires Two Stores; Almost 90 Jobs Secured
---------------------------------------------------------------
John Mulligan at Irish Independent reports that Musgrave has
acquired two Supervalu stores that had gone into receivership,
securing almost 90 jobs.

Musgrave, which controls the Supervalu brand, acquired premises
in Thomastown, Co Kilkenny, and in Clonmel, Co Tipperary, from
receivers who were appointed to the businesses last year, Irish
Independent discloses.

The Clonmel premises was previously controlled by a company part-
owned by John Ronan, the owner of the controversial Vita Cortex
foam manufacturing factory in Cork, Irish Independent says.

The Supervalu premises in Kilkenny was run by GBC Supermarkets, a
company that had been controlled by John Fraher and John Ronan,
Irish Independent notes.

The Supervalu in Clonmel had been operated by a firm called
Peleton, also placed in receivership last year, Irish Independent
recounts.  Peleton was part-owned by Mr. Ronan, Irish Independent
states.



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I T A L Y
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* ITALY: Moody's Cuts Ratings on Notes in 3 Lease ABS Deals
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of eight
classes of notes in three Italian lease asset-backed securities
(ABS) transactions (Italfinance Securitisaton Vehicle S.r.l
(ITA8), Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9) and
Leasimpresa Finance S.r.l. (LF 2)) due to insufficient credit
enhancement levels. This rating action follows the various
reviews initiated by Moody's on these transactions in October
2011 and August 2012. All notes remain on review for downgrade
following the placement of the originator in the three
transactions, Banca Italease S.p.a (Ba1/NP), on review for
downgrade on November 27, 2012.

Concurrently, Moody's has said that, in light of the high levels
of credit enhancement available for the notes, there will be no
negative rating impact on the senior class of ITA8, and on eight
classes of notes issued by Italease Finance S.p.A Series 2004-1
(ITA6), Italease Finance S.p.A Series 2005-1 (ITA7), Erice
Finance S.r.l (ERICE) and Italfinance Securitisation Vehicle 2
S.r.l (ITA 11), following the placement of the originator of
these transactions, Banca Italease, on review for downgrade.

Ratings Rationale

"The rating action reflects the low levels of credit enhancement
in the transactions, given our negative forecast and severe
downside scenarios for Italian leasing performance," said Alix
Faure, a Moody's Analyst for some of these affected transactions.
"Our decision follows the placement of the ratings on review
because of counterparty risk, our reassessment of the necessary
credit enhancement levels in the three transactions and global
performance deterioration in the Italian leasing market," adds
Ms. Faure. The tranches remain under review for downgrade because
of the possible impact of the review placement of Banca Italease
on the credit quality of the notes.

PERFORMANCE AND KEY REVISED ASSUMPTIONS: Cumulative Default,
Volatility and Recovery

Moody's reviewed the portfolio performance of ITA6, ITA7, ITA8,
ITA9, LF2 and ERICE and revised some of the key rating
assumptions for these transactions.

ITA8, ITA9 and LF2 currently perform better than the Moody's
Italian Lease delinquency index. In the third quarter of 2012,
total delinquencies as a percentage of the current balance stood
below the index of 6.3% at 5.1% in ITA8, 3.6% in ITA9 and 2.9% in
LF2.

For further information on performance please refer to the latest
Italian Leasing ABS Indices published by Moody's in October 2012
. http://www.moodys.com/research/Italian-Leasing-ABS-Indices-
July-2012--PBS_SF304955

In these transactions, the observed performance is conditioned by
the ability of the originator to repurchase delinquent loans and
by its obligation to repurchase defaulted loans (for a minimum
price of 75% of their outstanding amount). While Banca Italease's
credit quality deteriorates, the likelihood of the repurchase
performance diminishes. In addition, this repurchase practice
makes it difficult to identify the true performance of the
transactions and creates a linkage with the originator's rating.

Moody's revised the expected cumulative default assumptions for
these deals, which correspond to an average pool rating of single
B range over the remaining life of the transactions:

- 13% for ITA8 (in % of current balance; equivalent to 8.8% in %
of original balance)

- 14% for ITA9 (in % of current balance; equivalent to 10.8% in %
of original balance) and

- 10% for LF2 (in % of current balance; equivalent to 6% in % of
original balance)

Moody's contemplated base and stressed volatility scenarios in
light of the deteriorating economic environment in Italy and the
increased probability of strong performance deterioration
(ranging from 45% (base case for ITA8) to 80% (stressed case for
LF2)).

When modeling cash flows, Moody's maintained the recovery rate
assumptions of the three transactions at 75% based on Banca
Italease repurchase obligation. However, Moody's assumed the
recovery rate to go down to 15% upon Banca Italease's default.
Legal uncertainty on the rights of the special purpose vehicles
(SPVs) to recover amounts on the lease contracts upon
originator's default drive this assumption. This feature creates
additional linkage between the rating of the notes and the rating
of Banca Italease.

As a consequence of this linkage and of Moody's placing Banca
Italease on review for downgrade, the rating agency also
maintained the ratings of the notes on review for further
downgrade.

In the other transactions, where no rating action was taken on
Dec. 11, Moody's also updated its cumulative default assumptions,
which correspond to a single B range over the remaining life of
the transactions:

- 5% for ITA6 (in % of current balance; equivalent to 3.8% of
   original balance)

- 7% for ITA7 (in % of current balance; equivalent to 8.8% of
   original balance)

- 15% for ITA11 (in % of current balance; equivalent to 10.8% of
   original balance)

- 20% for ERICE (in % of current balance; equivalent to 17.9% of
   original balance)

Moody's also updated the recovery rate assumptions to 50% in
ITA6, ITA7, ITA11 and 60% in ERICE, as these transactions do not
benefit from the previously described Banca Italease repurchase
obligation. Upon Banca Italease's default, Moody's assumed the
recovery rate to go down to 15%.

Due to the high level of credit enhancement in these
transactions, Moody's assessed no rating impact for these
transactions following the update of key rating assumptions and
increased risk exposure to Banca Italease.

Following Banca Italease downgrade, Moody's assessed no negative
rating impact on the junior tranche of the ERICE transaction,
which is currently rated Ba1 and guaranteed by Banca Italease,.
In the past, Moody's considered the rating of this tranche as
highly linked to Banca Italease's rating quality. However, the
current level of credit enhancement available to this tranche
(the reserve fund stands at approximately 33% of the notes
balance) now allows for some de-linkage between the rating of
Banca Italease and the rating of this junior tranche.

-- COUNTERPARTY RISK

During its review, Moody's also considered potential risk arising
from counterparties to the transaction in the role of issuer
account bank, servicer and swap provider. None of the reviewed
transactions is currently exposed to further risk arising from
the counterparties acting in these roles.

SENSITIVITY ANALYSIS

Considering the recent downgrade of the originator, Moody's
analysed various sensitivities on the originator's rating to test
the robustness of its revised ratings. In particular, if the
rating were to move by two or three notches, the model outcome
for the tranches show a one to two notch change in the model
indicated rating for ITA8, one to three notch for ITA9 and one to
two notches for LF 2.

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 notes affected by the
rating action may be negatively affected.

LIST OF AFFECTED RATINGS

Issuer: Italfinance Securitisation Vehicle 2 S.r.l. (ITA 9)

    EUR1442.4M A Notes, Downgraded to A3 (sf) and Placed Under
    Review for Possible Downgrade; previously on Aug 2, 2012
    Downgraded to A2 (sf)

    EUR125M B Notes, Downgraded to Baa3 (sf) and Remains On
    Review for Possible Downgrade; previously on Aug 2, 2012 A3
    (sf) Placed Under Review for Possible Downgrade

    EUR84.3M C Notes, Downgraded to Ba2 (sf) and Remains On
    Review for Possible Downgrade; previously on Aug 2, 2012 Baa3
    (sf) Placed Under Review for Possible Downgrade

    EUR27.9M D Notes, Downgraded to B2 (sf) and Remains On Review
    for Possible Downgrade; previously on Aug 2, 2012 Ba1 (sf)
    Placed Under Review for Possible Downgrade

Issuer: Leasimpresa Finance S.r.l. (LF 2)

    EUR931.5M A Notes, Downgraded to Baa1 (sf) and Remains On
    Review for Possible Downgrade; previously on Aug 2, 2012
    Downgraded to A2 (sf) and Placed Under Review for Possible
    Downgrade

    EUR57.2M B Notes, Downgraded to Baa3 (sf) and Remains On
    Review for Possible Downgrade; previously on Oct 20, 2011 A2
    (sf) Placed Under Review for Possible Downgrade

    EUR10.3M C Notes, Downgraded to Ba1 (sf) and Remains On
    Review for Possible Downgrade; previously on Oct 20, 2011
    Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Italfinance Securitisation Vehicle S.r.l. (ITA 8)

    EUR83M B Notes, Downgraded to Baa2(sf) and Remains On Review
    for Possible Downgrade; previously on Aug 2, 2012 A3(sf)
    Placed Under Review for Possible Downgrade

Principal Methodologies

The methodologies used in these ratings were "Moody's Approach to
Rating Multi-Pool Financial Lease-Backed Transactions in Italy",
published in June 2006 and "Moody's Approach to Rating CDOs of
SMEs in Europe", published in February 2007.

Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including: (1) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and (2) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User
Guide is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs.



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


JBC INSURANCE: Fitch Cuts IFS Rating to 'B'; Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed JBC Insurance Company NOMAD Insurance
(Kazakhstan)'s (NOMAD) Insurer Financial Strength (IFS) rating of
'B' and National IFS rating of 'BB+(kaz)' on Rating Watch
Negative (RWN).

The rating action is driven by the decision by the 'Committee for
the control and supervision of financial market and financial
organizations of the National Bank of Kazakhstan' (Committee) to
suspend NOMAD's compulsory motor third-party liability (MTPL)
insurance license. The reason for the suspension cited by the
Committee is NOMAD's non-timely payment of MTPL claims, improper
accounting for financial transactions and non-compliance with
insurance agent regulation. Fitch understands that the license is
suspended for three months from November 26, 2012.

Fitch's immediate concern is about potential damage to NOMAD's
business and franchise from the Committee's decision. MTPL
constitutes a major part of the company's business (around 40% of
gross written premium). If the license is suspended for a
prolonged period, NOMAD's liquidity position could also suffer.

The Committee has also suspended NOMAD's sister company NOMAD
Life's (not rated) compulsory occupational accident insurance
license. In Fitch's view, this could be detrimental to the
overall NOMAD franchise in the fast-growing Kazakh insurance
market.

Fitch expects to resolve the RWN following discussions with
NOMAD's management and any further announcements from the
Committee. If the suspension is removed within a short period and
with no material damage to NOMAD's business position, the ratings
are likely to be affirmed. The ratings will be downgraded if
Fitch believes the risk of an interruption to NOMAD's payments
has increased, which could be the case if, for example, the
license remains suspended for the full three months or longer.



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


DH SERVICES: S&P Assigns 'B' Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to DH Services Luxembourg S.a.r.l., the
parent company of Luxembourg-based Dematic S.A. (B/Stable/--).
The outlook is stable.

"At the same time, we assigned our 'CCC+' issue rating to the
proposed US$250 unsecured million notes due in 2020 to be issued
by DH Services Luxembourg S.a.r.l. The notes have a recovery
rating of '6', indicating our expectation of negligible (0%-10%)
recovery in the event of a payment default," S&P said.

"We also assigned a 'B' issue rating to the proposed US$75
million revolving credit facility (RCF) due in 2017 and the
US$540 million Term Loan B due in 2019 borrowed by Mirror BidCo
Corp. The recovery rating on this senior secured debt is '3',
indicating our expectation of a meaningful (50%-70%) recovery for
debt holders in the event of a payment default," S&P said.

"The issue and recovery ratings are subject to our review of the
final documentation," S&P said.

"The rating on DH Services Luxembourg S.a.r.l. reflects the
rating on Dematic S.A. (Dematic), which has been acquired by a
consortium of private equity investors: AEA Investors (not rated)
and Teachers' Private Capital (not rated). DH Services Luxembourg
S.a.r.l. is the new parent company, and Dematic S.A. is now its
subsidiary," S&P said.

The new owners are putting in place a new debt structure to fund
the acquisition.

"The issue ratings are based on our expectation that the proposed
refinancing of the Dematic group will be completed over the
coming weeks, in accordance with the preliminary documentation
made available to us by the group and its new shareholders," S&P
said.

"The ratings on Dematic primarily reflect the company's financial
risk profile, which we classify as 'highly leveraged' under our
criteria. The ratings also reflect Dematic's business risk
profile, which we classify at the higher end of the category
'weak' under our criteria," S&P said.

"The stable outlook reflects our expectation that Dematic will
operate within credit measures commensurate for the rating over
the business cycle. The ratings incorporate our base-line
assumption of modest organic sales growth coupled with operating
profitability margins (EBITDA) of 10%-11% over the medium term.
It also reflects our forecast of a continued free cash flow
generation, which should help the group maintain a liquidity
profile that we would classify as 'adequate' under criteria," S&P
said.

"In view of the high leverage of about 8.0x including CPECs
following the refinancing, indicative ratios for a downgrade are
not very meaningful. We could lower the rating if lower operating
results than we expect were to lead to a negative FOCF and
drawdowns under the company's RCF, as this would limit Dematic's
financial flexibility," S&P said.

"We might consider raising the rating if Dematic's operating
performance strengthened over the coming years, coupled with a
significant deleveraging. This would likely require an
improvement in Dematic's operating trend from the current levels.
We view a sustainable improvement of FFO to debt of more than 15%
as indicative for an upgrade, but also view the likelihood that
any such improvement would materialize in the medium term as
low," S&P said.



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


AVG TECHNOLOGIES: S&P Raises Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its
long-term corporate credit and issue ratings on Dutch Internet
security services provider AVG Technologies N.V. (AVG). The
outlook is stable.

"The upgrade reflects AVG's strong deleveraging in 2012, through
improvement of its capital structure, meaningful debt reduction,
and strong revenue growth. We anticipate that the deleveraging
trend will continue in 2013, albeit at a slower pace, through
additional EBITDA growth and solid cash flow generation.
Meaningful growth in the number of users and fast-growing
revenues in the company's platform division are driving the
improvement in operating performance. As a result, we have
revised upward our assessment of AVG's financial risk profile to
'intermediate' from 'significant,'" S&P said.

AVG posted significant revenue growth in the first nine months of
2012, of about 32% year-on-year, mainly on account of almost 73%
revenue growth in revenues from its platform division. "We
forecast double-digit revenue growth for AVG in 2012, to about
US$355 million, up from US$272 million in 2011," S&P said.

"We anticipate that AVG's gross debt, as adjusted by Standard &
Poor's, will fall to about US$170 million on Dec. 31, 2012, from
about US$450 million at year-end 2011, primarily due to the
conversion of its preferred shares to common equity and debt
repayments and prepayments. We added preferred shares and
capitalized operating lease commitments to the company's gross
reported debt. Absent large-scale acquisitions, we anticipate an
adjusted debt-to-EBITDA ratio of about 1.4x-1.5x by the end of
2012, and a decline toward 1.0x-1.2x by year-end 2013," S&P said.

"Our base-case credit scenario for 2013 assumes a decline in the
pace of revenue growth as a result of a slower organic growth in
the company's user base and lower revenues from acquisitions in
2012. We currently assume mid-single-digit growth from
subscription revenues. Under our base-case credit scenario for
2013, we still see double-digit growth in platform revenues due
to the expansion of AVG's overall active user base, the
increasing use of its Internet search toolbar outside its
Antivirus user base, and a continued rise in the overall number
of searches via AVG's partner Google Inc. (AA/Stable/A-1+)," S&P
said.

"In our view, AVG has a steady and growing revenue base and good
cash flow generation. We currently see material headroom at the
current rating for potential operating underperformance," S&P
said.

"Rating downside remains possible if margins or subscription
revenues decline materially because of competitive pressures due
to alternative attractive security solutions, or if a major
acquisition causes leverage to rise above 3x," S&P said.

"In light of our view of AVG's 'weak' business risk profile and
the company's acquisitive growth strategy, which we believe pose
some risks to the capital structure, we foresee limited rating
upside over the next 12-18 months. However, over the longer term,
if acquisitions provide a more diverse earnings stream while AVG
maintains the current financial profile, or if we see a
meaningful decline in customer concentration in the platform
segment or AVG's establishment of a materially longer-term
contract with Google, we could consider raising the rating," S&P
said.


CREDIT EUROPE: Fitch Affirms LT Issuer Default Rating at 'BB'
-------------------------------------------------------------
Fitch Ratings has affirmed Credit Europe Bank N.V.'s (CEB) Long-
term Issuer Default Rating (IDR) at 'BB' and Viability Rating
(VR) at 'bb'. The Outlook on the Long-term IDR is Stable.

Rating Action Rationale

The affirmation of Netherlands-based CEB's Long-term IDR and VR
follows the agency's review of the impact of the divestment of
CEB's Turkish subsidiary (Fibabanka A.S., Fibabanka) on CEB's
overall risk profile. The transaction closed on 3 December 2012.
While this divestment will lessen CEB's business scope, slightly
reduce its core Tier 1 and Tier 1 capital ratios and result in
moderately weaker asset quality on a consolidated basis, Fitch
considers the impacts of the transaction to be individually small
and cumulatively limited. Following completion of the divestment,
CEB's credit fundamentals stay commensurate with the agency's
expectations for a 'BB'/'bb' rated bank.

Given increased capital requirements from the Dutch banking
regulator for country concentration risk and the strong growth
prospects envisaged for its Turkish operations, CEB's supervisory
board decided to spin-off its Turkish subsidiary and sell it to
CEB's sole shareholder, the Turkish conglomerate Fiba Group
(Fiba). Fibabanka was acquired from the Portuguese Banco
Comercial Portugues in late 2010 and operates commercial and
retail banking in Turkey. Fibabanka represented 11% of CEB's
total assets at end-2011 and its net income contributed to 11% of
2011 consolidated net income. This contribution has grown in 2012
due to organic growth and lower impairment charges taken by the
bank due to the resilient Turkish economy (see 'Fitch Upgrades
Turkey to Investment Grade' dated 5 November 2012 at
www.fitchratings.com).

The disposal of Fibabanka will reduce the size of retail banking
in CEB's business mix and removes an increasingly profitable
subsidiary from CEB's portfolio. The transaction also results in
weaker consolidated asset quality as Fibabanka's asset quality
was much stronger than consolidated CEB's. Finally, in
conjunction with the transaction, CEB will upstream EUR167m
capital to Fiba, which will slightly reduce CEB's capital ratios
(9.1% Fitch core capital and 10.5% Tier 1 capital ratio at end-
June 2012). There has been no material funding provided to CEB
from Fibabanka, or the other way round, and the divestment is
overall neutral regarding CEB's liquidity position and funding
mix.

RATING DRIVERS AND SENSITIVITIES - IDRS AND VR

CEB's Long-term IDR is driven by its standalone strength and is
therefore equalised with its VR. CEB's VR continues to reflect
the bank's good liquidity profile and its experienced management
team, which has enabled performance to remain resilient. The bank
continues to grow its retail deposit base with a focus on its
foreign subsidiaries (namely Russia and Romania) to reduce
subsidiary funding reliance, which Fitch considers positive in
the light of the potential regulatory risk arising from the fact
that the bank is partly funding emerging market assets with
deposits collected in the European Union.

The VR also continues to take into account capitalisation that is
just acceptable for the rating level, especially in the light of
the bank's large exposures to volatile emerging markets (around
75% of gross-loans at end-2011, excluding Fibabanka) and the
concentration of its loan book by borrower and by sector,
particularly towards the highly cyclical real estate and shipping
sectors. Fitch notes a rising ratio of unreserved impaired loans
to equity (26.7% at end-June 2012), which makes the bank
vulnerable to falls in collateral values, especially in Romania,
at a time of tough economic conditions. Asset quality has
deteriorated in CEB's customer loan book (5.2% impaired loans
ratio at end-June 2012, up from 4.8% at end-2011 - both ratios
include Fibabanka).

Finally, while the bank has made progress in improving its
corporate governance structure with the appointment of additional
independent supervisory board members, Fitch notes that the
presence of a single dominant shareholder is a potential source
concern, given its discretion over the direction and strategy of
the bank.

CEB's VR is sensitive to a marked deterioration in capitalisation
resulting from fast growth as well as an increase in the bank's
risk profile that could result from a deterioration in asset
quality beyond current expectations. An increase in industry or
name concentrations, large asset impairments or reductions in
collateral valuations and/or a material increase in the ratio of
unreserved impaired loans to equity could result in a downgrade
of its VR, hence its Long-term IDR. Any setback in CEB's prudent
liquidity management or further strategic restructuring (for
instance consisting in extracting profitable subsidiaries from
CEB) could also result in a downgrade of CEB's VR. Fitch
currently sees little upward potential in the bank's ratings,
although they may benefit from a longer track record of stable
performance and stronger capitalisation.

RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING AND SUPPORT
RATING FLOOR

Fitch believes that while there is a possibility that CEB's sole
shareholder owner, Fiba, may support it in case of need, its
ability to do so cannot be measured by Fitch and hence the agency
does not rely on such possible support in its ratings. Given the
bank's ownership structure and small franchise in the Dutch
market, Fitch also does not include any potential support from
the Dutch State in its rating. These assumptions are reflected in
the Support Rating of '5' and Support Rating Floor of 'No Floor'.

The rating actions are as follows:

- Long-Term IDR affirmed at 'BB' Stable Outlook
- Short-Term Foreign Currency IDR affirmed at 'B'
- Viability Rating affirmed at 'bb'
- Support Rating affirmed at '5'
- Support Rating Floor affirmed at 'NF'



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


LOT POLISH: Poland Draws Up Aid Package & Restructuring Plan
------------------------------------------------------------
Marynia Kruk at Dow Jones Newswires reports that Poland's
Treasury Ministry said Tuesday it is working on a public aid
package and a restructuring plan for the country's state-owned
flag carrier LOT Polish Airlines.

According to Dow Jones, the ministry said LOT Polish Airlines has
filed a request for public aid, the first tranche of which would
equal PLN400 million (US$125 million).  LOT, which was on the
brink of bankruptcy in 2009 after failed fuel-hedging deals, lost
money in 2011 and is expected to post another loss for 2012, Dow
Jones relates.

"The current, very difficult situation on the airline market in
all of Europe requires quick action in relation to this company,"
Dow Jones quotes the ministry as saying.

The government put LOT on sale in 2011, but after failing to find
a buyer, said it would restructure the airline before trying
again to sell it, Dow Jones notes.



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


ELECTRICIDADE DOS ACORES: Moody's Cuts Issuer Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service has downgraded to B1 from Ba3 the
issuer rating of EDA -- Electricidade dos Acores S.A. (EDA). The
rating remains under review for further downgrade.

Ratings Rationale

Moody's one-notch downgrade of EDA's rating to B1 reflects the
increased refinancing risk associated with the company's
approaching debt maturities. These maturities mainly include a
EUR50 million bond due in Q3 2013 and a EUR20 million commercial
paper (CP) programme maturing in Q4 2013. Whilst Moody's notes
that EDA has recently concluded a new CP programme of EUR25
million, thus reducing refinancing needs, the company's 2013
maturities are not fully covered and remain relatively sizeable
in the context of its debt profile. In addition, EDA will have to
continue to renew short-term lines (currently totalling EUR39.5
million) to ensure an adequate liquidity profile.

In addition to the 2013 maturities, EDA has material funding
needs in 2014, including the refinancing of EUR40 million of CP
programmes, which have however been renewed in the past, and a
second bond amounting to EUR50 million. Thus, Moody's downgrade
of EDA's rating reflects the increased risk to the company's
financial profile resulting from its sizeable refinancing
requirements, particularly in the context of the current
macroeconomic and financial pressures in Portugal.

The downgrade of EDA's rating also reflects delays in payment to
the company of outstanding receivables, which is constraining its
liquidity profile. More specifically, Moody's notes the continued
delays in the repayment of overdue amounts by the Portuguese
government, totalling approximately EUR41 million. In Moody's
view, the pressures at the sovereign level reduce visibility in
respect of the timing and likelihood of the repayment of these
amounts. The constrained sovereign situation is also causing
delays in the context of the finalisation of a new EUR80 million
EIB loan for EDA, for which the company is providing a Portuguese
government guarantee.

The continuing review for downgrade of EDA's rating reflects the
risks associated with the company's approaching debt maturities
in the context of the challenging macroeconomic and financial
conditions resulting from sovereign pressures. The review will
focus on the company's plans to remedy this situation, and the
progress in achieving this.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the continued review for downgrade, Moody's does not expect
upward rating pressure in the short-term. Moody's would confirm
EDA's rating at current levels if the company were able to
strengthen its liquidity position and reduce its refinancing
risk, as a result of finalising new long-term lines, extending
existing facilities and/or reducing the amount of its overdue
receivables.

Moody's would consider a further downgrade of EDA's rating if the
company makes no near-term progress in executing a plan for
refinancing its 2013 debt maturities.

Principal Methodologies

The principal methodology used in this rating was Regulated
Electric and Gas Utilities published in August 2009.

EDA is the dominant vertically integrated utility in Azores. As
of December 2011, the company reported revenues of EUR214
million, operating profit of EUR27 million and gross debt of
EUR325 million.



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


CREDIT BANK: Fitch Affirms 'BB-' LT Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has affirmed Credit Bank of Moscow's (CBOM) Long-
term Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable.

RATING ACTION RATIONALE - IDRs, VR AND SENIOR UNSECURED DEBT
RATING

The affirmation reflects minor changes in CBOM's risk profile
since the last rating action in July 2012. The bank's main issues
remain its capital quality in view of certain risky related party
exposures; continued rapid growth; and relatively high cost of
funding. The growing share of wholesale liabilities may also
result in higher refinancing risk. At the same time, the bank's
strengths are its solid profitability, good liquidity position
supported by the quick loans turnover, and broadening franchise.

RATING DRIVERS - IDRs, VR AND SENIOR UNSECIRED DEBT RATING
CBOM's RUB5.8bn equity injection by EBRD and IFC in August 2012
has already been consumed by rapid growth (30% in 10M2012,
unannualised), so capitalisation is now only moderate (regulatory
ratio of 11.5% at end-Q312). It is also weakened by moderately
reduced, but still considerable related party lending of varying
quality (5% of end-Q312 loans or 27% of end-Q312 Fitch core
capital (FCC)).

To maintain planned 20% loan growth in 2013, CBOM plans to raise
around USD150m of subordinated debt in Q412-H113 (2013 issues
will among other regulatory requirements contain a conversion
option to qualify as Tier II capital). These plans are flexible,
however, and the bank also has the ability to reduce its risk-
weighted assets and ease capital pressure in a potential stress
situation.

Asset quality is generally reasonable, as reflected by low NPL
ratio of 1.2% at end-Q312 and quick loans turnover (around 60% of
the book is less than one year in term), which to an extent
mitigates the risk of portfolio seasoning. Additionally, Fitch
has carried out a detailed review of CBOM's 50 largest loan
exposures (around 50% of end-Q312 loans), which are mostly short-
term working capital loans to local trading companies. These are
performing, but most entities are relatively highly leveraged,
which means they are exposed to risks of economic recession and
refinancing risks.

Additionally, there is about RUB10bn of loans (27% of FCC), which
Fitch considers to be related to CBOM's controlling shareholder.
Of this RUB7.3bn (20% of FCC) aggregate exposure to agricultural
business and a weak machinery trading company is considered risky
by Fitch. Positively, the agricultural exposure has reduced by
RUB1.8bn in December 2012 and the performance of machinery
trading company has improved somewhat during 2012.

As the bank has been funding rapid growth with rather expensive
retail deposits (40% of end-Q312 liabilities), its funding costs
are relatively high (7.1%) and may further increase reflecting
the current market upward trend. As a result, CBOM's so far
healthy 5.5% net interest margin and overall profitability (Q312
annualised ROAE of 17%) may decrease.

The active use of wholesale funding (27% of end-Q312
liabilities), if further increased will become of greater concern
due to attached refinancing risks. Medium-term repayments are an
already considerable RUB11.0bn in Q412 and RUB19.7bn in 2013.
These figures conservatively include bonds with put options of
RUB7.3bn and RUB13.7bn, respectively.

Refinancing/liquidity risks are mitigated by the bank's
significant RUB55bn liquidity buffer consisting of cash, short-
term bank placements and securities eligible for refinancing with
the Central Bank of Russia (around 80% of total securities at
end-Q312). This covered roughly 30% of end-Q312 customer accounts
or 1.8x Q412-2013 wholesale repayments. Fitch conservatively
excluded from the above liquidity a RUB3bn (8% of FCC) placement
in local investment company, which in the agency's view may be
fiduciary and therefore restricted.

RATING SENSITIVITIES - IDRs, VR AND SENIOR UNSECURED DEBT RATING

Upside potential for CBOM's ratings is unlikely in the near term
unless loan growth moderates further, the amount of relationship
based lending reduces and the funding costs decrease.

Downside pressure on the bank's ratings could arise if a
considerable worsening of the operating environment leads to
significant deposit outflows and/or potential asset quality
deterioration materially beyond Fitch's current expectations.
Increase of relationship-based lending and/or limited progress
with timely redemption of existing relationship-based exposures
would be also credit negative. Increased utilisation of wholesale
funding leading to increased refinancing risks may also exert
negative pressure on the ratings.

The rating actions are as follows:

- Long-term foreign and local currency IDRs: affirmed at 'BB-',
   Outlook Stable
- Short-term IDR: affirmed at 'B'
- Viability Rating: affirmed at 'bb-'
- Support Rating: affirmed at '5'
- Support Rating Floor: affirmed at 'No Floor'
- National Long-term rating: affirmed at 'A+(rus)'; Outlook
   Stable
- Senior unsecured debt: affirmed at 'BB-'; Outlook Stable


EUROPLAN ZAO: Fitch Affirms 'BB-' Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed ZAO Europlan's Long-term foreign
currency and local currency Issuer Default Ratings (IDRs) at
'BB-' and revised the Outlooks to Positive from Stable.

Rating Action Rationale

The revision of the Outlook on Europlan's IDRs to Positive from
Stable reflects its continued solid growth (41% in 9M12,
annualized), the sustained low loss rate (0.6% in 9M12-2011) and
good performance (return on equity of 21% in 9M12, annualized)
and improved funding diversification (RUB3.5 billion bond raised
in Q412, while bank funding has been lengthened). Given this
positive track record and reasonable prospects for further growth
and development of the franchise, Fitch believes there is a
potential for the ratings to be upgraded in the medium-term.

Rating Drivers

Europlan is a leading autolease player with a nationwide sales
network and a market share of about 23%. The company's customers
are mainly SMEs, while the product range includes mid-class
passenger cars (45% of end-9M12 lease book), trucks (32%) and
other specialized vehicles/machines (23%)

Fitch generally views the SME segment as rather risky, however,
sizable down payments (around 30%) and generally liquid
collateral underpin strong recoveries, resulting in a loss rate
below 1% in 2010-3Q12. Credit risk is further mitigated by high
lessee diversification, with the largest 25 obligors accounting
for only 6% of the portfolio. Fitch has some concerns about the
depth and liquidity of the secondary market for trucks and
specialized equipment in a recession, but positively in the
previous crisis the company's recovery rate for them was only
moderately lower than that for passenger cars. The agency
believes the rouble devaluation could have played a positive role
in strong recoveries (as may be the case again in a potential
recession), making the prices of re-marketed foreclosed assets
look more attractive compared to new imports.

Profitability is strong, supported by the healthy interest yield
of about 25% in 9M12. Excluding all expenses and credit losses,
the resulting risk-adjusted margin was 5.5% in 9M12, providing a
considerable buffer against potential stresses (the loss rate in
the previous crisis was below 4%) and margin squeezes, as the
segment is becoming more competitive.

Liquidity risk is moderate, as Europlan's funding maturities are
slightly longer than that of lease receivables. Refinancing risk
per se is also limited, as the company may simply deleverage to
meet repayments, as was the case in the last crisis, but the
downside of this hypothetic unwinding scenario would be reduced
franchise and profitability.

Capitalization is currently solid, with a debt-to-equity (D/E)
ratio of 3.8x at end-Q312. Fitch expects this ratio to increase
somewhat after Europlan's planned borrowings in Q412 and Q113,
but the company plans to keep the debt to equity ratio at around
4x which is still reasonable for the current rating level and is
significantly below 6.0x, as covenanted under major borrowing
agreements.

Europlan is controlled (61.3% stake) by Baring Vostok Private
Equity Fund II, which is managed by Baring Vostok Capital
Partners. Another 25% is owned by private equity fund Capital
International and the rest by management. Fitch expects Baring
Vostok to pursue an exit via sale to a strategic investor after
dissolution of the fund scheduled for 2014. However, other
possible options include selling the Europlan stake to another
Baring Vostok fund or its direct distribution to the fund's
investors.

Rating Sensitivities

An extended track record of solid performance, strong asset
quality metrics upon gradual seasoning of the lease book, and
continued funding diversification could lead to an upgrade of the
ratings.

Should the company's gearing increase significantly above the
targeted level, impairing its ability to absorb losses, this
could lead to the Outlook being revised back to Stable. Problems
in debt refinancing which potentially exceeded Europlan's ability
to deleverage could also exert downward pressure on the ratings.

The rating actions are as follows:

ZAO Europlan

Long-term foreign-currency IDR affirmed at 'BB-'; Outlook revised
to Positive from Stable
Short-term foreign-currency IDR affirmed at 'B'
Local Currency Long Term IDR affirmed at 'BB-'; Outlook revised
to Positive from Stable
National Long Term Rating affirmed at 'A+(rus)'; Outlook revised
to Positive from Stable


EVROFINANCE MOSNARBANK: Fitch Keeps 'B+' IDR on RWP
---------------------------------------------------
Fitch Ratings has maintained Evrofinance Mosnarbank's (EMB)
ratings, including its Long-term Issuer Default Ratings (IDRs) of
'B+' on Rating Watch Positive (RWP).

RATING ACTION RATIONALE AND DRIVERS: LONG-TERM IDRs, NATIONAL
LONG TERM RATING, SUPPORT RATING AND SUPPORT RATING FLOOR

The RWP on EMB's ratings continues to reflect the bank's planned
transformation into an international financial institution (IFI).
EMB's transformation into an IFI, with the Russian Federation
('BBB'/Stable) as a direct majority shareholder, as envisaged by
an intergovernmental agreement signed by Russia and Venezuela
('B+'/Stable) in December 2011, would create upward potential for
the bank's ratings.

In accordance with the agreement, Russia would acquire a 50% + 2
shares stake in EMB from two Russian state-controlled banks, and
Venezuela would acquire a 50% - 2 shares stake from the National
Development Fund of Venezuela.

RATING SENSITIVITIES: LONG-TERM IDRs, NATIONAL LONG TERM RATING,
SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch expects to resolve the RWP upon completion of EMB's
transformation, which will follow ratification by national
parliaments of the intergovernmental agreement. Following the
change in status, Fitch will likely upgrade EMB's Long-term IDRs
to the 'BB' category.

The level of the ratings will depend, amongst other things, on
the ratings of the two main shareholders, Fitch's assessment of
the importance of the bank's policy role in servicing joint
Russian-Venezuelan projects, and the extent of the shareholders'
capital commitments to the bank.

In Fitch's view, given the slow progress to date with
ratification of the agreement, it is possible that the change in
the bank's status may not take place in the near term.

RATING ACTION RATIONALE AND DRIVERS: VIABILITY RATING

The affirmation of EMB's 'b+' Viability Rating (VR) reflects the
bank's strong capitalization, comfortable liquidity and
satisfactory asset quality. The loan book's risk profile has
become less conservative, but is still reasonable given the
bank's robust loss absorption capacity.

The VR also acknowledges EMB's limited and concentrated
franchise, and its currently moderate profitability. Single-name
concentrations on both sides of the balance sheet are high: at
end-10M12, the 20 largest exposures accounted for 92% of the loan
book or 90% of Fitch Core Capital, and the three largest
customers provided around 70% of total non-equity funding. EMB's
balance sheet total has experienced notable fluctuations
throughout the year, a reflection of the bank's settlement
operations. However, fee income from servicing of joint Russian-
Venezuelan projects has yet to become a large contributor to the
bank's revenues.

RATING SENSITIVITIES: VIABILITY RATING

Upside potential for the VR is limited given the bank's narrow
franchise and moderate performance. Downward pressure on the VR
could arise if leverage increases sharply and asset quality
deteriorates, although this is not currently anticipated by
Fitch. The VR is likely to be withdrawn following the bank's
transition into a supranational institution.

EMB is a mid-sized Russian bank, currently focused primarily on
Russian corporate business. JSC VTB Bank ('BBB'/Stable) and
Gazprombank (unrated) currently each hold a 25% plus 1 share
stake.

The rating actions are as follows:

Long-term foreign currency IDR: 'B+'; maintained on RWP
Long-term local currency IDR: 'B+'; maintained on RWP
Short-term foreign currency IDR: affirmed at 'B'
National Long-Term Rating: 'A-(rus)'; maintained on RWP
Viability Rating: affirmed at 'b+'
Support Rating: '5', maintained on RWP
Support Rating Floor: 'No Floor', maintained on RWP


KUBAN AIRLINES: Files for Bankruptcy; Halts Operations
------------------------------------------------------
Olga Tanas and Ekaterina Shatalova at Bloomberg News report that
Kuban Airlines declared bankruptcy and ceased flying on Tuesday
after running up debt and breaching federal regulations.

"The main reasons for stopping the airline's operations are the
difficult financial situation and failure to comply with a number
of provisions mandated by new federal aviation rules," Bloomberg
quotes Krasnodar-based Kuban Airlines as saying in a statement on
its Web site.

The carrier filed for bankruptcy at the Krasnodar Region
Arbitration Court, Bloomberg discloses.

Kuban Airlines' statement said that the airline flew six planes
and three of them had to be returned to leasing companies because
of unpaid arrears and failure to make timely payments, Bloomberg
notes.

Bloomberg relates that Rosaviatsia, the country's aviation
agency, said on its Web site the carrier had debt and payments
that were overdue to air- navigation service providers, airports
and refueling companies.

According to Bloomberg, the Vedomosti newspaper reported on
Tuesday that Kuban Airlines had total debt of about US$300
million.

Kuban Airlines is Russia's 14th biggest airline.  It is
controlled by Russian billionaire Oleg Deripaska's Basic Element.


* KRASNODAR REGION: Fitch Assigns 'BB+' LT Currency Rating
----------------------------------------------------------
Fitch Ratings has assigned Krasnodar Region's RUB6.4bn domestic
bond issue Series 34004 (ISIN - RU000A0JTBA3), due 09 November
2017, a Long-term local currency rating of 'BB+' and a National
Long-term rating of 'AA(rus)'. The agency rated this issue on 16
November 2012 when the region initially placed RUB5.6bn. The
total amount outstanding under the issue is now RUB12bn (see
Fitch Assigns Russian Krasnodar Region's RUB5.6bn Bond 'BB+'
Rating, at www.fitchratings.com).

The region has Long-term local and foreign currency ratings of
'BB+' and a National Long-term rating of 'AA(rus)'. The Long-term
ratings have Stable Outlooks. The issuer's Short-term foreign
currency rating is 'B'.

The bond issue has fixed-rate step-down coupons. The initial
coupon was set at 8.95% on 15 November 2012. The principal will
be amortised by 30% of the initial bond issue value in May 2014
and May 2015 and by 10% of the initial bond issue value in
November 2015, May 2016, November 2016 and November 2017. The
proceeds from the bond issue will be used to refinance maturing
debt and to fund the region's capital expenditure.



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


BANCO CAM: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Banco CAM S.A.U.'s (Banco CAM) Long-
term Issuer Default Ratings (IDR) at 'BB+', Short-term IDR at'B'
and Support Rating at '3'. Fitch has simultaneously withdrawn the
ratings following a corporate reorganisation whereby Banco CAM
has been merged into Banco de Sabadell (Sabadell; 'BB+'/Stable).
At the same time, Banco CAM's senior and subordinated lower Tier
2 debt issues have been affirmed, as they have been assumed by
Sabadell.

RATING ACTION RATIONALE - IDRs AND SUPPORT RATING
The rating actions are based on the completion of the integration
process of Banco CAM into its parent bank, Sabadell on 8 December
2012. As a result, Banco CAM's assets and liabilities have been
transferred to Sabadell. Banco CAM has ceased to exist as a
separate legal entity. Banco CAM's IDRs have been driven solely
by parental support since its acquisition by Sabadell on
June 1, 2012.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The upgrades of upper Tier 2 and preferred stock to 'B' from 'B-'
and 'B-' from 'CCC' reflect a relatively higher probability of
them being performing in the future following the transfer to
Sabadell. These are notched down from Sabadell's Viability Rating
(VR) of 'bb+', in line with the agency's assessment of each
instrument's risk of non-performance and relative loss
severities. The upper Tier 2 is notched down twice for loss
severity and twice for non-performance risk. The preferred stock
is notched down twice for loss severity and three times for non-
performance risk.

STATE GUARANTEED DEBT
The ratings of the state-guaranteed debt issues by Banco CAM,
which have also been transferred to Sabadell, are in line with
the Long-term IDR of Spain ('BBB'/Negative) and are thus
sensitive to any change in this rating.

The rating actions on Banco CAM are as follows:

- Long-term IDR: affirmed at 'BB+', Outlook Stable; rating
   Withdrawn

- Short-term IDR: affirmed at 'B'; rating withdrawn

- Support Rating: affirmed at '3'; rating withdrawn

- Senior unsecured long-term debt: affirmed at 'BB+';
   transferred to Sabadell

- Commercial paper and senior unsecured short-term debt:
   affirmed at 'B'; transferred to Sabadell

- Subordinated lower Tier 2 debt: affirmed at 'BB'; transferred
   to Sabadell

- Subordinated upper Tier 2 debt: upgraded to from 'B' from
   'B-'; transferred to Sabadell

- Preferred Stock: upgraded to 'B-' from 'CCC'; transferred to
   Sabadell

- State-guaranteed debt: affirmed at 'BBB'; transferred to
   Sabadell


GRUPO COOPERATIVO: Fitch Assigns 'BB' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has assigned Spain's Grupo Cooperativo Cajas
Rurales Unidas (Grupo CRU) a Long-term Issuer Default Rating of
'BB'. The Outlook is Stable. At the same time, Fitch has
downgraded Grupo Cooperativo Cajamar (GCC)'s ratings, removed
them from Rating Watch Negative (RWN) and withdrawn them as GCC
has ceased to exist as a banking group backed by a mutual support
mechanism.

Rating Action Rationale

In November 2012, Cajamar Caja Rural, Sociedad de Credito
Cooperativo (SCC) and Ruralcaja transferred all their assets and
liabilities to Cajas Rurales Unidas, SCC (CRU), the main bank of
Grupo CRU, a new banking group comprising 22 credit cooperatives
and backed by a mutual support mechanism. In addition to
assigning ratings to Grupo CRU, Fitch has assigned ratings to its
main bank.

Grupo CRU's Long-term IDR is driven by its Support Rating Floor
(SRF) of 'BB' and has a Stable Outlook. Grupo CRU's Support
Rating of '3' and SRF of 'BB' reflect Fitch's view that there is
a moderate probability that support from the Spanish authorities
would be forthcoming, if required. This is due to Grupo CRU's
size (Spain's largest credit cooperative group with pro-forma
assets of around EUR45bn at end-Q312) and relative importance in
its home regions of Andalusia, Baleares, Valencia and Murcia; as
well as in the Canary Islands.

The 'bb' VR reflects Grupo CRU's poor asset quality with the NPL
ratio expected to reach 12% at end-2012; high reliance on ECB
funding (15% of total); and its tight capitalization relative to
its risk profile (unreserved NPLs to equity ratio of 77% on a
proforma basis at end-Q312). These factors also largely support
the downgrade of GCC's ratings.

Grupo CRU's VR also factors in the group's strong regional
franchise, which provides it with an ample deposit base, low
single-name risk concentration and the potential for cost
synergies from the integration.

RATING DRIVERS AND SENSITIVITIES - Support Rating & Support
Rating Floor

The Support Rating and SRF are sensitive to a potential downgrade
of the Spanish sovereign rating or to a change in Fitch's
assumptions regarding the Spanish authorities' propensity to
support Grupo CRU.

RATING DRIVERS AND SENSITIVITIES - VR

Grupo CRU's VR is under downward pressure as it is particularly
sensitive to a potentially more protracted and deeper
recessionary environment in Spain than currently assumed, which
could further affect profitability and asset quality
deterioration. Failure to rebalance its funding mix towards
retail sources, inability to progressively reduce the commercial
gap (the gap between deposits and loans) and an underachievement
of expected cost synergies could also lead to a downgrade.

Conversely, a strong retail funding growth resulting in a
substantial commercial gap reduction and an early achievement of
synergies would be positive for the VR. A potential improvement
of the economic environment in Spain would help achieve this.

Subordinated Debt and State Guaranteed Debt

Subordinated debt is notched down once from Grupo CRU's VR of
'bb', in accordance with Fitch's assessment of this instrument's
non-performance and relative loss severity risk profile. Its
ratings are primarily sensitive to any change in Grupo CRU's VR.

The rating of the state-guaranteed debt issued by CRU is in line
with the Long-term IDR of Spain ('BBB'/Negative) and is thus
sensitive to any change in this rating.

The impact, if any, on Cajamar's covered bonds will be covered in
a separate comment.

GCC:

Long-term IDR: Downgraded to 'BB' from 'BBB-', removed from RWN,
Outlook Stable; rating withdrawn

Short-term IDR: Downgraded to 'B' from 'F3', removed from RWN;
rating withdrawn

Viability Rating: Downgraded to 'bb' from 'bbb-', removed from
RWN; rating withdrawn

Support Rating: affirmed at '3', removed from RWN; rating
withdrawn

Support Rating Floor: affirmed at 'BB'; rating withdrawn

Cajamar:

Long-term IDR: Downgraded to 'BB' from 'BBB-', removed from RWN,
Outlook Stable; rating withdrawn

Short-term IDR: Downgraded to 'B' from 'F3', removed from RWN;
rating withdrawn

State-guaranteed debt: affirmed at 'BBB'; transferred to CRU

Senior unsecured debt long-term rating: Downgraded to 'BB' from
'BBB-', removed from RWN; transferred to CRU

Senior unsecured debt short-term rating: Downgraded to 'B' from
'F3', removed from RWN; transferred to CRU

Subordinated debt: Downgraded to 'BB-' from 'BB+', removed from
RWN; transferred to CRU

Grupo CRU:

Long-term IDR: Assigned at 'BB'; Outlook Stable
Short-term IDR: Assigned at 'B'
Viability Rating: Assigned at 'bb'
Support Rating: Assigned at '3'
Support Rating Floor: Assigned at 'BB'

CRU:

Long-term IDR: Assigned at 'BB'; Outlook Stable
Short-term IDR: Assigned at 'B'
Support Rating: Assigned at '3'
Support Rating Floor: Assigned at 'BB'



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


SAS GROUP: Posts Pretax Loss of SEK1.25BB in Period Ended Oct. 31
-----------------------------------------------------------------
Alex Webb at Bloomberg News reports that SAS Group, the biggest
Nordic airline, posted a 10-month loss after spending money on a
reorganization plan that seeks to restore profit by selling units
and cutting hundreds of jobs.

According to Bloomberg, SAS said on Wednesday in a statement that
the company had a pretax loss of SEK1.25 billion (US$188 million)
in the period ended Oct. 31, versus a year-earlier profit of
SEK381 million.  Revenue rose 2.9% to SEK36 billion.

SAS, which has suffered annual net losses since 2007, said it
aims to be profitable on a pretax basis in the revised fiscal
year that began Nov. 1, Bloomberg relates.

The company, which owns the Scandinavian Airlines brand, won
union approval last month for SEK6 billion of cost cuts and
disposals while seeking an extension of credit lines it needs to
carry on flying, Bloomberg recounts.  Reorganization costs in the
truncated fiscal year totaled SEK1.42 billion, Bloomberg says.

SAS, 50% owned by the governments of Sweden, Norway and Denmark,
aims to scrap about 800 office jobs and sell assets including a
ground-handling unit and Norwegian brand Wideroe to ultimately
reduce the payroll by more than 7,000 employees, Bloomberg
discloses.  The proposals were approved by the Swedish parliament
on Tuesday, with the Norwegian parliament set to vote on them
yesterday, Bloomberg notes.

SAS AB -- http://www.sasgroup.net/-- is a Sweden-based company,
engaged in the air transport services.  It is a parent company
within SAS Group, which operates within two business areas.  The
Core SAS segment encompasses airline services in the Nordic
countries, as well as intercontinental flights through SAS
Scandinavian Airlines, as well regional airlines in Norway
through Wideroe and in Finland through Blue1.  The SAS Individual
Holdings segment comprises operations of Estonian Air, bmi, All
Cargo, Skyways, Air Greenland, Spirit and Trust.  SAS AB's fleet
encompasses ten planes.  In addition, the Company offers ground
handling services and technical maintenance for the aircraft, as
well as air freight solutions and cargo capacity on passenger
aircraft, purely cargo aircraft and cargo handling.  The Group is
also involved in the trainings within the technical aviation
field.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Nov. 20,
2012, Standard and Poor's Rating Services said on Nov. 19, 2012,
it lowered to 'CCC+' from 'B-' its long-term corporate credit
rating on Sweden-based airline group SAS AB.  At the same time,
it placed the rating on CreditWatch with negative implications.
The downgrade and CreditWatch placement follow SAS' announcement
of its latest restructuring and refinancing plan.


STENA AB: Moody's Changes Outlook on 'Ba3' CFR to Stable
--------------------------------------------------------
Moody's Investors Service has changed the outlook on Stena AB's
Ba3 corporate family rating (CFR) to stable from negative, after
successfully refinancing its loan facility due 2013. At the same
time, the rating agency has affirmed its Ba3 CFR and its B2
senior unsecured rating.

Ratings Rationale

"The change of outlook follows the company's announcement that it
has completed the refinancing of its senior secured bank loan
facility due in February 2013 as well as the long term chartering
of its drilling ships," explains Marco Vetulli, a Moody's Vice
President - Senior Credit Officer and lead analyst for Stena AB
("Stena"). "This new credit facility, which has a final maturity
in March 2018 and benefits from a similar security package as the
previous loan, significantly strengthens Stena's liquidity
position," says Mr. Vetulli.

The change of outlook also factors in Moody's expectation that
the Swedish group will generate meaningful free cash flow (FCF)
over the next two/three years and that Stena will utilise it to
reduce its current debt levels, which constrain the company to
its current rating category.

"Stena's Ba3 CFR is predicated on Moody's assumption that,
following the resizing of its capital investment plan compared to
the recent past, Stena will be able exploit the FCF generated by
its operations in order to further improve its capital structure,
thus strengthening its position in the current rating category
from 2013 onwards," adds Mr. Vetulli.

If Stena's financial policy were to substantially deviate from
Moody's expectation, the current rating could come under renewed
negative pressure.

Stena's Ba3 CFR reflects (1) the company's relatively high
leverage -- on-balance sheet and on a lease-adjusted basis --
with debt/EBITDA of 6.8x on a consolidated level as at end-
September 2012; (2) its exposure to economic downturns and
charter rate volatility; and (3) the risks involved in Stena's
investment and trading activities, albeit outside of the
restricted group and therefore limited to the unrestricted group.

However, the rating also recognizes (1) Stena's diversified
operations (ferry, shipping, offshore drilling, real estate),
including the company's leading positions in the markets in which
it operates; (2) the backlog of contracted revenues derived from
real estate, drilling and LNG activities; (3) its strong asset
base; and (4) the company's strong brand name and market shares
in the ferry business in Scandinavia, the UK and Germany. The
rating also incorporates the resilience of the activities carried
out in the unrestricted group, which lends some credit support to
the restricted group.

Moody's rates Stena's senior unsecured rating two notches below
the company's CFR. This differential reflects (1) the significant
amount of secured debt that will rank ahead of the rated bond;
and (2) the fact that the noteholders are structurally
subordinated to the subsidiaries' operating liabilities as Stena
is a holding company

Based on the indenture governing the senior notes, the
subsidiaries that conduct real estate operations, and the two
that primarily invest in securities, are designated as
unrestricted subsidiaries. As a result, they will not be bound by
the restrictive provision of the indenture. As the indenture
contains no limitation as to the amount of debt an unrestricted
subsidiary may incur, it requires that any indebtedness of
unrestricted subsidiaries incurred after offering the notes must
be non-recourse to Stena and its restricted subsidiaries. Hence,
in Moody's LGD assessment, the secured debt included in
unrestricted subsidiaries has been excluded from the waterfall
used for restricted subsidiaries, taking into account that (1) no
cross guarantees link unrestricted and restricted subsidiaries
(in the event of default, neither group can claim any recourse on
the asset of the other); and (2) no cross-default clauses link
the debt of restricted and unrestricted subsidiaries related to
real estate activities.

The stable outlook reflects Moody's view that, despite the
current Stena's weak metrics for the category, Moody's expects an
improvement as soon as 2013 as the company is committed to
exploit the free cash flow that that will be generated by its
operations to deleverage its capital structure.

WHAT WOULD CHANGE THE RATING UP/DOWN

Moody's could downgrade Stena's ratings if it fails to exhibit
the following consolidated credit metrics: (1) debt/EBITDA
exceeding sustainably 6x on a consolidated level, with EBIT
interest coverage of over 1.5x on a consolidated level; and (2)
debt/EBITDA exceeding sustainably 5.5x and retained cash flow
(RCF)/net debt approaching the mid-teens in percentage terms at
the restricted group level.

In assessing 2012 credit metrics, Moody's will take into account
that: (1) the capital expenditure for Stena's new drillship,
DrillMAX ICE, will be fully weighted in the credit ratios,
whereas the new vessels will operate for only a portion of the
year, creating a temporary mismatch between investment outlays
and correlated revenues; and (2) during the first quarter 2012
there were delays in deploying two rigs that were between two
contracts, which affected Stena's results for that quarter on a
one-off basis.

Moody's could make a further downward adjustment of Stena's CFR
if the company failed to sustain its target of a stronger credit
metrics profile by 2013. For instance, financial leverage
exceeding 5.5x at the restricted group level would indicate
management's unwillingness or inability to de-risk the company's
capital structure. Downward rating pressure could also result
from (1) Stena's developing an increased appetite for risk in its
trading activities; and (2) any significant deterioration in the
group's liquidity profile.

Conversely, upward pressure on Stena's ratings -- albeit
unexpected in the medium term -- could develop following (1) a
sustainable increase in internal cash flow generation, with
consolidated RCF/net debt approaching the high teens in
percentage terms; and (2) progressive deleveraging of the group's
balance sheet, with total consolidated debt/EBITDA below 5.0x.

Principal Methodology

The principal methodologies used in rating Stena AB was the
Global Shipping Industry Methodology published in December 2009
and Global Rating Methodology for REITs and Other Commercial
Property Firms Industry Methodology published in July 2010. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June.

Headquartered in Gothenburg, Sweden, Stena AB is one of the
largest entities within the "Stena Sphere" of companies, fully
controlled by the Olsson Family. Stena AB is a holding company
engaged in various business divisions, including ferry
operations, shipping, offshore drilling, real estate and other
investment/trading activities. At the end of the third quarter
2012, the company reported a last-12-months consolidated turnover
of approximately SEK26 billion ($3.8 billion).



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T U R K E Y
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KUVEYT TURK: Fitch Affirms 'bb-' Viability Rating
-------------------------------------------------
Fitch Ratings has affirmed Kuveyt Turk Katilim Bankasi A.S.'s
(Kuveyt Turk) and Turkiye Finans Katilim Bankasi A.S.'s (Turkiye
Finans) Viability Ratings (VR) at 'bb-'.

Fitch upgraded the banks' Long-term and Short-term IDRs following
the upgrade of the Republic of Turkey's Long-term foreign
currency and local currency IDRs on November 5, 2012. Kuveyt
Turk's and Turkiye Finans' IDRs reflect the support from their
parents. Their major shareholders are Kuwait Finance House
('A+'/Stable) and National Commercial Bank ('A+'/Stable),
respectively. Fitch believes the Turkish subsidiaries are in each
case strategically important to their parent banks, and the
agency therefore factors into their ratings a high probability of
parent support. The IDRs continue to be constrained by country
risks.

RATING ACTION RATIONALE AND DRIVERS

The affirmation of Kuveyt Turk's and Turkiye Finans' VRs reflects
their sound profitability, good efficiency, comfortable liquidity
and stable deposit funding. The ratings also consider rapid
historical and planned growth, the banks' relatively small size
and potential long-term challenges in funding diversification.

Kuveyt Turk has been through a rapid growth period and doubled
its asset size (in USD terms) since end-2009. The bank is
following a long-term strategic plan to become one of the 10
largest banks in Turkey by 2018. The upper echelons of the
Turkish banking system are highly competitive, and the main long-
term challenge for Kuveyt Turk will be to increase balance sheet
size while remaining profitable and competitive. So far, the bank
has maintained satisfactory asset quality, profitability and
efficiency ratios.

Overall profitability is a key strength of Turkiye Finans and it
has maintained operating ROE in the range of 20%-22% since 2009.
The margins are strong and efficiency measures are reasonable.
Fitch expects stable profitability for 2013 as strong margins
should offset slower volume growth and an increase in loan
impairments. Despite its relatively small size, risk management
is reasonably advanced. Reported asset quality has been sound to
date, with impairment charges running at 1% of average gross
loans in 9M12, and NPLs a moderate 2.7%. Fitch expects a moderate
increase in NPLs in 2013, but performance should remain sound.

RATING SENSITIVITIES

An upgrade of the either bank's VR would require successful
progress in executing rapid organic growth plans, reflected in
continued sound performance, capitalization and diversified
funding. In Fitch's opinion, Turkiye Finans' somewhat more
moderate growth plans, lower construction sector exposure and
more advanced risk management capabilities at present make it
more likely to achieve an upgrade over the medium term.

A downgrade of either bank's VR could be driven by a substantial
worsening of asset quality that would negatively affect
capitalization. A weakening of credit underwriting standards or
markedly higher balance sheet leverage during the expansion phase
could also put downward pressure on the ratings.

Fitch currently rates these banks as follows:

Kuveyt Turk Katilim Bankasi A.S., Turkiye Finans Katilim Bankasi
A.S.

Long-term foreign currency IDR: 'BBB'; Stable Outlook
Long-term local currency IDR: 'BBB+'; Stable Outlook
Short-term foreign currency IDR: 'F3'
Short-term local currency IDR: 'F2'
Support Rating: '2'
National Long-term Rating: 'AAA(tur)'; Stable Outlook
Senior unsecured debt issues (Kuveyt Turk): 'BBB'
Viability Rating (Turkiye Finans, Kuveyt Turk): affirmed at
'bb-'


TURKCELL ILETISIM: S&P Revises Outlook on 'BB+' CCR to Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Turkish
telecommunications provider Turkcell Iletisim Hizmetleri A. S. to
stable from positive. At the same time, the 'BB+' rating on
Turkcell was affirmed.

"The outlook revision reflects our view that Turkcell's
continuing shareholder dispute and resulting implications for the
company's corporate governance practices preclude a higher rating
for now. It also reflects our view that there is little
likelihood that these issues can be fully resolved in the near
term, which we view as a pre-requisite for an upgrade," S&P said.

"Disputes between Alfa Group, Cukurova Group, and TeliaSonera,
Turkcell's key shareholders, have lasted for several years -- for
the most part without any meaningful implications on Turkcell.
However, in 2012, the disputes kept Turkcell from approving its
financial statements and statutory auditors. For the same reason,
the company's annual general meeting did not convene on several
occasions and the company still cannot pay dividends for 2010 and
2011. Moreover, Turkey's Capital Markets Board issued a warning
to Turkcell for its inability to appoint independent directors,
which it also cannot do because of the shareholder conflict.
Although we believe that the conflict currently does not threaten
Turkcell's credit quality, we don't consider it commensurate with
a higher rating, which could otherwise be achievable based on
Turkcell's business characteristics and sound credit measures,"
S&P said.

"The stable outlook reflects our expectation that Turkcell will
manage to protect its strong market position in Turkey, will
avoid a meaningful weakening of profitability, and will continue
generating significant FOCF. It also assumes that the ongoing
shareholder disputes will not negatively impact Turkcell's credit
quality. With the current capital structure, featured by reliance
on short-term financing and exposure to foreign exchange risk, we
expect leverage to remain below 1.5x. However, higher leverage
could become compatible if these other elements were to improve,"
S&P said.

"We could raise the rating if the situation around Turkcell's
shareholding and corporate governance is resolved in a way that
we would consider positive for the rating. This includes
clarification of the shareholding structure, re-election of a
board of directors, and resumption of dividend payments. An
upgrade would also depend on Turkcell's domestic performance
remaining robust and ongoing improvements in international
operations. To support an investment-grade rating, we would not
expect a stronger capital structure. Rather, we would expect
adequate visibility of the company's financial policy, and
predictability of its corporate governance," S&P said.

"We could lower the rating on Turkcell if we saw a threat to its
credit profile resulting from the shareholder dispute or if we
saw material weakening in its operating performance, such as a
meaningful weakening of its market position or drop in its EBITDA
margin to below 30% over a long period," S&P said.



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


FERREXPO PLC: Moody's Cuts CFR/PDR to 'B3'; Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and probability of default rating (PDR) of Ferrexpo
Plc to B3 from B2. Concurrently, Moody's has downgraded the
ratings on the senior unsecured notes issued by Ferrexpo Finance
plc to Caa1 (with a loss-given-default assessment of LGD5, 75%)
from B3. The outlook on the ratings is changed to negative from
stable.

Ratings Rationale

The rating action follows Moody's decision to lower Ukraine's
foreign-currency bond country ceiling to B3 from B1. These
ceilings are lower than the local-currency ceiling (B2) as they
also capture foreign-currency transfer and convertibility risks.
This action also follows Moody's downgrade of Ukraine's
government bond rating by one notch to B3 from B2 with a negative
outlook.

Key rating drivers behind the sovereign rating action were the
following:

1) A downward revision of Moody's assessment of Ukraine's
institutional strength;

2) A shortage of external liquidity in Ukraine, which has
increased the risk of a currency and wider financial and economic
crisis;

3) Ukraine's comparatively weak economic outlook.

Moody's considers that Ferrexpo's capacity to serve its foreign
currency debt could be exposed to actions taken by the Ukrainian
government to preserve the country's foreign-exchange reserves.
Since all of Ferrexpo's mining operations are based in Ukraine,
even though it generates most of its revenues in foreign
currencies, Moody's believes that cash flows generated in Ukraine
would be exposed to foreign-currency transfer and convertibility
risks that are reflected in the B3 ceiling. While Moody's
recognizes that Ferrexpo has trading operations and most of its
cash balances outside of Ukraine, the rating agency believes they
are not sufficient to warrant a rating higher than the sovereign
ceiling. Apart from the ceiling constraints, the rating of
Ferrexpo appears to be solidly positioned in the rating category
with a good financial profile characterized by modest leverage
and a good liquidity position, which continue to represent
important mitigating factors to the weak business profile of the
company due to its high exposure to a single commodity, iron ore,
and a single country for all its mining operations, Ukraine.

Rating Outlook

The negative outlook reflects the Ukraine's sovereign rating
outlook and the subsequent risk of a further downgrade of the
foreign-currency bond country ceiling.

Structural Considerations

The one-notch difference between the CFR and the rating assigned
to the senior unsecured notes reflects Ferrexpo's balanced
capital structure, which includes several pre-export finance and
equipment finance facilities, which rank ahead of the unsecured
notes and unsecured non-debt obligations of the company. The
relatively large amount of higher ranking senior secured
liabilities disadvantages the recovery prospects of the lower
ranking senior unsecured notes in the event of default. As a
result, Ferrexpo's $500 million 7.875% Senior Unsecured Notes due
2016 are rated one notch below at Caa1.

What Could Change The Rating UP

Although positive rating pressure is remote at this stage,
Moody's believes that the rating could be upgraded if the
foreign-currency bond country ceiling is raised and if Ferrexpo
maintains a good liquidity position. Furthermore, an improved
business profile, characterized by a lower concentration of
strategic assets in a single country and location, could also
lead to positive rating pressure over time.

The rating outlook could be changed to stable if the operating
environment in Ukraine starts to improve, which would be signaled
by a stabilization of Ukraine's sovereign rating outlook.

What Could Change The Rating DOWN

Downward pressure on the rating could follow further downgrade
actions on the sovereign rating and the foreign-currency bond
country ceiling. The rating would also come under negative
pressure in case of a further material deterioration of iron ore
fundamentals, leading to a weaker financial performance and
negative free cash flows which would make the liquidity profile
of the issuer more fragile.

The principal methodology used in rating Ferrexpo Plc and
Ferrexpo Finance plc was the Global Mining Industry Methodology
published in May 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.

Ferrexpo Plc, headquartered in Switzerland and incorporated in
the UK, is a mid-sized iron ore pellet producer with mining and
processing assets located in Ukraine. The group has the fourth-
largest global iron ore reserves behind Vale, Rio Tinto and BHP
Billiton. It currently has total Joint Ore Reserves Committee
Code (JORC) classified resources of 6.7 billion tonnes, around
1.5 billion tonnes of which are proved and probable reserves. The
average grade of Ferrexpo's ore is approximately 31% Fe. In the
last 12 months to June 2012, the group generated sales of US$1.66
billion and EBITDA of US$631 million.


MRIYA AGRO: S&P Revises Outlook on 'B' CCR to Negative
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
negative from stable on Ukraine farming company Mriya Agro
Holding PLC. "At the same time, we affirmed our 'B' long-term
corporate credit rating on the company," S&P said.

"Our outlook change follows the lowering of the long-term
sovereign ratings and transfer and convertibility (T&C)
assessment on Ukraine on Dec. 7, 2012," S&P said.

"In accordance with our criteria, a company's local currency
long-term rating may exceed the level of the long-term rating and
T&C assessment on the related sovereign only if in our opinion
the company is significantly sheltered from sovereign and country
risk factors. We take the view that Mriya is not particularly
well-insulated from sovereign and country risks to obtain ratings
that exceed our T&C assessment on Ukraine. We base our opinion on
the concentration of the company's operating assets in Ukraine
and
its inability, in our view, to repay foreign debt with cash flow
generated by offshore subsidiaries or through foreign parent
support," S&P said.

"The negative outlook on Mriya mirrors that on Ukraine. Under our
criteria, the long-term sovereign rating and T&C assessment on
Ukraine constrain the rating on Mriya, based on our view that its
cash flow generation is sensitive to country risk," S&P said.

"A downgrade of Ukraine to 'B-' or lower would trigger a
downgrade of Mriya by a similar number of notches," S&P said.

"We could also lower our rating on Mriya if it faced unexpected
and far-reaching regulation changes that hamper its business risk
or financial risk profiles or if its liquidity position
deteriorated as a result of continuous negative operating cash
flow due to overexpansion. In addition, a deterioration of debt
protection metrics with adjusted debt to EBITDA exceeding 3x
would trigger a negative rating action," S&P said.

"Ratings stability for Mriya, all else being equal, would depend
on a revision of the outlook to stable on Ukraine," S&P said.


UKRAINIAN AGRARIAN: S&P Revises Outlook on 'B' CCR to Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to
negative from stable on Ukraine-based crop producer and trader
Ukrainian Agrarian Investments S.A. (UAI). "At the same time, we
affirmed our 'B' long-term corporate credit rating on the
company," S&P said.

"Our outlook change follows the lowering of the long-term
sovereign ratings and transfer and convertibility (T&C)
assessment on Ukraine on Dec. 7, 2012," S&P said.

"In accordance with our criteria, a company's local currency
long-term rating may exceed the level of the long-term rating and
T&C assessment on the related sovereign only if in our opinion
the company is significantly sheltered from sovereign and country
risk factors," S&P said.

"We take the view that UAI is not sufficiently well-insulated
from sovereign and country risks to achieve local currency
ratings that exceed our T&C assessment on Ukraine. We base our
opinion on the concentration of the company's operating assets in
Ukraine and its inability, in our view, to repay foreign debt
with cash flow generated by offshore subsidiaries or through
foreign parent support. Although we see UAI's relatively high
export-to-sales ratio as a mitigating factor, the various
government-imposed export embargoes and UAI's dependence on
public infrastructure (port and railways) to access customers
increases its exposure to country risk," S&P said.

"The negative outlook on UAI mirrors that on Ukraine. Under our
criteria, the long-term sovereign rating and T&C assessment on
Ukraine constrain the rating on UAI, based on our view that the
group's cash flow generation is sensitive to country risk," S&P
said.

"A downgrade of Ukraine to 'B-' or lower would  trigger a
downgrade of UAI by a similar number of notches," S&P said.

S&P says it could also lower its rating on UAI if:

-  It faced unexpected and far-reaching regulation changes that
    undermine its business or financial risk profile.

- S&P anticipated deterioration in its profitability and credit
    metrics, including leverage (debt to EBITDA) of more than 4x.
    This could result from a potential poor future harvest due to
    extreme weather conditions, or a steep drop in crop prices,
    especially corn. S&P estimates that leverage would exceed 4x
    if EBITDA fell by 40%.

-  S&P projected a reduction in liquidity, which could occur if
    UAI were unable to renew its short-term credit lines.

Ratings stability for UAI, all else being equal, would depend on
a revision of the outlook to stable on Ukraine.



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


ASTON MARTIN: Moody's Confirms 'B3' CFR/PDR; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating (CFR) and the B3 probability of default rating (PDR) of
Aston Martin Holdings (UK) Limited as well as the B3 rating of
the senior secured notes issued by Aston Martin Capital Limited,
Jerse., which have been placed on review for downgrade November
30, 2012. The outlook on the ratings is negative.

Outlook Actions:

  Issuer: Aston Martin Capital Limited

    Outlook, Changed To Negative From Rating Under Review

  Issuer: Aston Martin Holdings (UK) Limited

    Outlook, Changed To Negative From Rating Under Review

Confirmations:

  Issuer: Aston Martin Capital Limited

    Senior Secured Regular Bond/Debenture, Confirmed at B3

  Issuer: Aston Martin Holdings (UK) Limited

     Probability of Default Rating, Confirmed at B3

     Corporate Family Rating, Confirmed at B3

Ratings Rationale

"The confirmation of Aston Martin's ratings follows the company's
announcement of a new shareholder investing GBP150 million for a
37.5% stake in Aston Martin," says Falk Frey, Moody's analyst for
European Automotive manufacturer. "The cash inflow will restore
Aston Martin's liquidity profile to an adequate level and helps
the company to finance the renewal of one of its core products,"
Mr. Frey added.

A high negative free cash flow as defined by Moody's of
approximately GBP27 million in Q3 2012 together with the GBP20
million drawn under the revolving credit facility after the end
of the quarter had materially reduced Aston Martin's cash
availability prior to the upcoming interest payment of GBP14
million due in January 2013. While the capital increase is
anticipated to be executed in February 2013 following the
necessary merger and control clearance, Moody's understands that
Aston Martin has received GBP25 million cash upfront in order to
secure all cash needs arising before the receipt of the remaining
amount from the capital increase.

In Moody's view, the total cash inflow of GBP150 million should
enable Aston Martin to rebuild its cash position, repay the
revolving credit facility drawdown and provide additional funds
necessary for the development of the next generation of one of
its key models.

While the cash inflow from the capital increase helps to rebuilt
liquidity and the capital of Aston Martin, Moody's notes that a
sustainable turnaround of Aston Martin's operations is needed in
order to materially improve its credit risk profile. A key driver
of this turnaround will be the company's ability to generate
higher volume sales and revenues based on successful new model
launches.

For the first nine months of 2012 Aston Martin reported a decline
in revenues by 19.0% to GBP305 million, mainly driven by a 19.5%
decline in volume sales to 2,520 vehicles from 3,132 vehicles in
the first nine months 2011. In addition, the model mix regarding
the proportion of V12 sales in the nine months falling to 56% in
2012 as compared to 61.8%, whilst V8 volumes increased to 36.6%
in 2012 as compared to 29.9% in 2011 resulting in a reduction in
operating profit by GBP7.3 million to an operating loss of GBP3.6
million. Consequently and due to the delay of the new Vanquish
model, Aston Martin has revised its outlook for the fiscal year
results downwards and now expects full year adjusted EBITDA to be
below 2011 levels of GBP76.2 million (prior to any adjustments by
Moody's) compared to the previous expectation of a higher EBITDA
level in 2012 when compared with 2011.

The negative outlook reflects the risk that the planned new model
launches (Vanquish in 2013 and DB9) will not result in the
necessary improvement in Aston Martin's revenues, profitability
and, most important, cash flow generation. Against the background
of Aston Martin's announced investment plan of GBP500 million for
the next five years in its new product and technology program,
Moody's believes that the ability to improve cash flow generation
will be key.

If successful on this path, Moody's would consider to stabilize
the outlook.

WHAT COULD CHANGE THE RATINGS DOWN/UP

The rating could come under downward pressure if Aston Martin's
(i) operating performance and cash generation would remain weak
with a negative free cash flow of more than GBP30 million in 2013
and/or (ii) leverage ratio of adjusted debt/ EBITDA would not
fall below 7.0x or (iii) liquidity profile would deteriorate
significantly.

An upgrade of the ratings is currently less likely. However, the
ratings could come under upward pressure should Aston Martin be
able to sustainably turn around its operating performance and
cash flow generation evidenced by the ability to generate a
sustainable free cash flow and improve its leverage ratio of
adjusted debt/EBITDA below 6.0x on a sustainable basis. Moreover,
Aston Martin would have to maintain a solid liquidity with a
sufficient cushion to cover cash needs over the next 12 months on
a rolling basis.

Aston Martin's B3 corporate family rating continues to reflect:
(i) Limited size and financial strengths compared to some direct
peers that are part of a larger group of European car
manufacturers; (ii) its relatively narrow product line focusing
on high end luxury sports cars with the exception of the Cygnet
model as well as (iii) its sizable foreign exchange risk given
its fixed cost base in UK compared to a sizable share of revenues
generated from exports to Europe and the US and (iv) the
operational risks related to the production of all models in one
single plant in UK.

However, Aston Martin's rating also reflects certain positives:
(i) the company's strong brand name and pricing position in the
luxury car segment; (ii) its lean organization with a high degree
of flexibility in its cost structure demonstrated by a solid
reported profitability through the recent economic crisis as well
as (iii) a solid product pipeline with continued model renewals
expected for the next couple of years as well as derivatives
given its highly flexible production through a common
architecture.

The principal methodology used in rating Aston Martin Holdings
(UK) Ltd and Aston Martin Capital Ltd was the Global Automobile
Manufacture Industry Methodology published in June 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Aston Martin, domiciled in Gaydon, UK is a car manufacturer
focused on the high luxury sports car segment. The company offers
a range of eight models and generated sales of GBP435 million for
the twelve months ended September 30, 2012 and an EBITDA of
approx. GBP58 million (prior to any adjustments by Moody's) from
the sale of 3,749 cars.


LLOYDS BANKING: Fitch Affirms 'B+' Rating on Discretionary Debt
---------------------------------------------------------------
Fitch Ratings has affirmed Lloyds Banking Group plc's (Lloyds),
Lloyds TSB Bank plc's (LTSB), HBOS plc's (HBOS) and Bank of
Scotland plc's (BOS) Long- and Short-term Issuer Default Ratings
(IDR) at 'A' and 'F1' respectively. The Outlook on the Long-term
IDRs is Stable. Lloyds' and LTSB's Viability Ratings (VRs) have
been affirmed at 'bbb'.

Rating Action Rationale

Lloyds and its banking subsidiaries' IDRs are at their Support
Rating Floor (SRF) and reflect the very high level of support
that Fitch believes would be available to the group from the UK
authorities if required. The view derives from Lloyds's systemic
importance to the UK.

Lloyds's and LTSB's VRs are underpinned by the group's extremely
strong UK retail and commercial banking franchises, a reduced
risk profile as a result of deleveraging and healthy liquidity.
Nonetheless, Fitch considers that a return to sustainable profits
will be delayed due to the muted UK economic recovery, prolonged
low interest rate environment, higher wholesale funding costs,
still elevated, albeit reducing impairments and significant non-
operating charges, such as provisions for mis-sold payment
protection insurance.

Lloyds' VR is equalized with that of its operating subsidiary
LTSB due to the low levels of double leverage at the holding
company, consolidated supervision and prudent liquidity
management.

Lloyds has made substantial progress in de-risking its balance
sheet. Non-core assets reduced to GBP118 billion at end-H112 (12%
of assets), representing GBP76 billion non-core reduction since
end-2010 and is targeting a reduction in this portfolio to less
than GBP70 million by end-2014. Non-performing loans (NPLs) have
steadily reduced since end-2010, with a Fitch-calculated NPL
ratio of 9.5% at end-H112. Impairment charges have also reduced
significantly in H112, representing 0.96% of gross loans (2011:
1.35%).

However, downside risk remains, especially in Lloyds's remaining
commercial real estate (CRE) book. Fitch expects impairment
charges to remain moderately elevated as a result of subdued UK
economic growth, high unemployment and a weak CRE market.

The agency expects Lloyd's Fitch-calculated loans/deposits ratio
(134% at end-H112) to continue to improve as the group de-
leverages. Lloyds's extensive franchise and large stock of liquid
assets (which exceed short-term wholesale funding) place it in a
solid position. Government and central bank facilities have been
largely repaid with the last GBP5 billion maturing in H212.

Lloyds's regulatory capital ratios are broadly in line with
peers'. Fitch considers that the bank's Fitch Core
Capital/weighted risks ratio of 8.1% at end-H112 is in line with
its 'bbb' VR, particularly in light of its sector concentration
and exposed equity to non-reserved impaired loans.

RATING DRIVERS AND SENSITIVITIES - IDRS, SENIOR DEBT, SUPPORT
RATINGS AND SUPPORT RATING FLOORS

Lloyds's and its banking subsidiaries' IDRs, senior debt, Support
Ratings and SRFs have been affirmed because Fitch believes the
group's systemic importance to the UK still implies a strong
probability of support from the UK authorities if needed.
Although on a weakening trend, Fitch expects the UK authorities'
propensity to support Lloyds to remain high while the bank
continues its restructuring, while UK and EU regulatory and
legislative measures designed to improve bank stability are
phased in and until measures designed to weaken the implicit
support for banks, at both a UK-specific and at an EU level, can
be practically implemented.

These ratings are sensitive to a change in Fitch's assumptions
around the ability or propensity of the UK government to provide
extraordinary support to Lloyds/LTSB/HBOS/BOS if needed. As Fitch
noted previously, there is a degree of tolerance at the current
sovereign rating level ('AAA'/Negative) for the SRF of Lloyds and
its subsidiaries to remain at 'A' should the UK sovereign be
downgraded in the future.

RATING DRIVERS AND SENSITIVITIES - VR

The key driver underpinning Lloyds's and LTSB's 'bbb' VRs is
Lloyds's extremely strong UK retail and commercial banking
franchises. The VR will be positively impacted by a continued de-
leveraging which, in turn, will lead to a strengthening of Fitch
Core Capital (FCC). Positive rating action would likely occur as
FCC continues to increase and would be supported by a return to
sustainable profitability. Negative rating drivers could include
a larger than expected decline in the performance of its large
residential mortgage or CRE books. This is not Fitch's base case.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by Lloyds and
its subsidiaries are all notched down from the VRs. An assessment
of each instrument's respective non-performance and relative loss
severity risk profiles, relative to the VR, is undertaken. These
assessments vary considerably, depending on the instrument's
characteristics. Their ratings are primarily sensitive to any
change in the VRs.

In line with this criteria, the low trigger (5% Basel II Core
Tier 1) on Lloyds's Lower Tier 2 contingent convertibles
(Enhanced Capital notes, or ECNs) means that Fitch considers the
incremental non-performance risk on these securities to be
'minimal'. Consequently, these instruments are now not notched
for incremental non-performance and notched twice for loss
severity. This resulted in an upgrade to 'BB+' from 'BB'.

The rating actions are as follows:

Lloyds

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured EMTN Long-term: affirmed at 'A'
Senior unsecured EMTN Short-term: affirmed at 'F1'
Senior unsecured notes: affirmed at 'A'
Lower tier 2 (XS0145620281): affirmed at 'BBB-'
All other lower Tier 2 subordinated Enhanced Capital Notes:
  upgraded to 'BB+' from 'BB'
Upper Tier 2 subordinated Enhanced Capital Notes (XS0471770817,
  XS473103348, XS0471767276, XS0473106283): affirmed at 'BB'
All other Upper Tier 2 subordinated bonds: affirmed at 'BB'
Subordinated non-innovative Tier 1 discretionary debt affirmed
  at 'B+'

LTSB

Long-term IDR: affirmed at 'A' '; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured Long-term debt: affirmed at 'A'
Commercial paper and senior unsecured Short-term debt: affirmed
  at 'F1'
Guaranteed senior EMTN Long-term: affirmed at 'AAA'
Guaranteed senior EMTN Short-term: affirmed at 'F1+'
Guaranteed senior notes Long-term: affirmed at 'AAA'
Market linked securities: affirmed at 'Aemr'
Lower Tier 2: affirmed at 'BBB-'
Upper Tier 2 subordinated debt: affirmed at 'BB'
Innovative Tier 1 subordinated non-discretionary debt
  (XS0156923913, US539473AE82, XS0474660676): affirmed at 'BB-'
Non-innovative Tier 1 debt (XS 0156372343): affirmed at 'BB-'
Other Innovative Tier 1 subordinated discretionary debt:
  affirmed at 'B+'

HBOS

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Senior unsecured debt: affirmed at 'A'
Innovative Tier 1 subordinated discretionary debt: affirmed at
  'B+'
Innovative Tier 1 subordinated non-discretionary debt: affirmed
  at 'BB-'
Upper Tier 2 subordinated debt: affirmed at 'BB'
Lower Tier 2 debt affirmed at 'BBB-'

BOS

Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured debt: affirmed at 'A'
Commercial paper and senior unsecured Short-term debt: affirmed
  at 'F1'
Lower Tier 2: affirmed at 'BBB-'
Upper Tier 2: subordinated debt affirmed at 'BB'
Preference stock: affirmed at 'BB-'
Guaranteed senior Long-term debt: affirmed at 'AAA'
Guaranteed senior Short-term debt: affirmed at 'F1+'


* Moody's Says English Housing Associations Face Downside Risks
---------------------------------------------------------------
Rated housing associations are set to manage challenges,
particularly given the positive results recorded in FY2012, says
Moody's Investors Service in a Sector Comment published on
Dec. 11. However, these downside risks have the potential to lead
to rating pressure in a more adverse scenario.

The new report is entitled "English Housing Associations:
Lingering Downside Risks Despite Positive 2012 Results".

Firstly, the introduction of 'universal credit' welfare reform
adds risks in terms of rent collection for a share of housing
associations' total rental income. Moody's assesses this risk as
manageable for rated entities, as tenants are likely to continue
to make payments in an orderly and timely fashion and as a result
of the government's efforts to limit an accumulation of arrears.
However, in a more adverse scenario, structural loss of income
from weak rent collection could exert downward pressure on
ratings.

Secondly, Moody's notes that most housing associations have
increased their sales and, more broadly, non-core commercial
activities, to accommodate a reduction in capital grants from the
UK government. This source of income is less stable than
traditional social-housing letting and fluctuates with market
conditions, adding uncertainty to projections. An inability to
manage sales turnover and related cash flow, leading to higher
debt levels, would be credit negative.

Lastly, Moody's says that exposure to market volatility from
floating-rate debt and hedging positions may strain cash flow in
the future, depending on the robustness of business plans. Sudden
increases in interest rates beyond levels assumed within the
business plan would exert pressure on ratings.

In its report, Moody's provides an overview of the FY 2012
results of each entity (i.e., margins, interest coverage, debt
levels, capital investments, liquidity and refinancing risk) and
includes information on the variability of these results across
its rated universe.


* UK Non-Conforming RMBS Highly Resilient to Macro Stress Test
--------------------------------------------------------------
'AAAsf' rated notes of UK non-conforming RMBS can withstand
significant macroeconomic stress, encompassing rising
unemployment and interest rates and collapsing house prices, says
Fitch Ratings. On average, 'AAAsf' rated notes in UK non-
conforming RMBS programs have enough credit protection to cover
around 9x the losses expected in our base case, and would only
suffer losses if 60%-65% of mortgage portfolios were to default
and house prices were to fall by 60% from current levels.

In a severe scenario, in which a majority of 'AAAsf' non-
conforming notes are downgraded to below investment-grade, only
16% would be downgraded to distressed rating levels ('CCCsf' or
below), and 18% would remain 'AAAsf'. This scenario would reflect
a combination of unemployment reaching 24% (well above the peak
rate of the past 50 years), mortgage interest rates rising to
around 12%, and house prices halving from current levels. We
consider this scenario very unlikely.

Almost all post-2006 non-conforming 'AAAsf' tranches would be
downgraded under the severe scenario. This reflects the modest
rate of deleveraging, and limited refinancing options in the non-
conforming market since the 2007 financial crisis, while earlier
deals benefitted from deleveraging as constant prepayment rates
were between 20%-40% prior to the crisis.

However, the results under the moderate scenario do show that
higher original credit-enhancement levels of 'AAAsf' non-
conforming tranches post-2008 are adequate to protect the
ratings.

The moderate scenario - in which over half of 'BBBsf' notes are
downgraded by at least one category - would require unemployment
to rise to around 10% and mortgage interest rates to rise by
around 3%, while house prices fall by a further 32%. These moves
are also well beyond our base-case assumptions.

'AAAsf'-rated UK non-conforming notes are more susceptible to a
downgrade under the moderate scenario than UK prime, with 16%
expected to be downgraded compared with zero for prime notes.
This highlights the universal over-enhancement of all 'AAA' rated
prime notes, whilst also emphasising the greater differentiation
amongst 'AAAsf' rated UK non-conforming notes, as some are
downgraded in the moderate scenario and others benefit from
credit-enhancement that exceeds 100%.



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


* EUROPE: Moody's Says Securitization Performance Declining
-----------------------------------------------------------
The credit quality of global structured finance transactions in
many sectors will be stable in 2013, although, it is declining in
several countries in Europe. Performance in very few sectors will
improve materially, according to a new report from Moody's
Investors Service, "Global Structured Finance: 2013 Outlook:
Weakening of the Global Economy Poses the Greatest Challenge to
Stable Sectors."

Moody's notes that the greatest risks to the otherwise stable
performance of structured finance in many countries is the
weakening of the global economy and the related fiscal problems
of sovereigns and the weaker state of the global banks since the
financial crisis.

Economic stability underpins the performance of the assets that
back structured finance transactions, but different regions face
different economic prospects.

"The US is on the road to recovery, albeit with weak growth and
the risk of a new recession if it cannot resolve its fiscal
imbalance," says Andrew Jones, Moody's Director of Research for
structured finance. "The rest of the Americas and Asia are
relatively stable, but Europe is facing a challenging credit
environment, with many countries in recession."

Global banks are weaker than before the crisis, limiting the
ability of bank sponsors to support structured transactions.

"The decline in bank creditworthiness also affects transactions
in which they act as counterparties, such as account banks and
swap providers," says Moody's Mr. Jones.

The Moody's report also notes that governmental policies will
continue to have profound effects on structured finance.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

Jan. 24-25, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Four Seasons Hotel Denver, Denver, Colo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 7-9, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Caribbean Involvency Symposium
         Eden Roc Renaissance, Miami Beach, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 17-19, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Advanced Consumer Bankruptcy Practice Institute
         Charles Evans Whittaker Courthouse, Kansas City, Mo.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Feb. 20-22, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      VALCON
         Four Seasons Las Vegas, Las Vegas, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Apr. 10-12, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         JW Marriott Chicago, Chicago, Ill.
            Contact: http://www.turnaround.org/

Apr. 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Gaylord National Resort & Convention Center,
         National Harbor, Md.
            Contact:   1-703-739-0800; http://www.abiworld.org/

June 13-16, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Mich.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 11-13, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Hyatt Regency Newport, Newport, R.I.
            Contact:   1-703-739-0800; http://www.abiworld.org/

July 18-21, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Amelia Island, Amelia Island, Fla.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 8-10, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Mid-Atlantic Bankruptcy Workshop
         Hotel Hershey, Hershey, Pa.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Aug. 22-24, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nev.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Oct. 3-5, 2013
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Wardman Park, Washington, D.C.
            Contact: http://www.turnaround.org/

Nov. 1, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      NCBJ/ABI Educational Program
         Atlanta Marriott Marquis, Atlanta, Ga.
            Contact:   1-703-739-0800; http://www.abiworld.org/

Dec. 2, 2013
   BEARD GROUP, INC.
      19th Annual Distressed Investing Conference
          The Helmsley Park Lane Hotel, New York, N.Y.
          Contact:   240-629-3300 or http://bankrupt.com/

Dec. 5-7, 2013
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Terranea Resort, Rancho Palos Verdes, Calif.
            Contact:   1-703-739-0800; http://www.abiworld.org/


                            *********

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

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

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

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


                            *********


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

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

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

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

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

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


                 * * * End of Transmission * * *