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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

          Wednesday, January 30, 2013, Vol. 14, No. 21

                            Headlines



A U S T R I A

ESAL GMBH: Fitch Gives Expected 'BB-' Rating to Sr. Unsec. Notes


C R O A T I A

HOTELI JADRAN: Files Pre-Bankruptcy Settlement Application


G R E E C E

FREESEAS INC: Has 3.9MM Shares Investment Agreement with Granite


H U N G A R Y

E-STAR: Aims to Settle Debts with Creditors Under Reorganization


I R E L A N D

SVG DIAMOND: Moody's Affirms 'Ba3' Ratings on Two Note Classes


I T A L Y

BANCA MONTE: Not Facing Receivership, Central Bank Head Says
BANCA MONTE: Finance Minister Set to Defend EUR3.9-Bil. Bailout


L A T V I A

BITE FINANCE: Fitch Assigns 'B-(EXP)' Rating to Secured Bonds


N E T H E R L A N D S

CID FINANCE: Fitch Maintains RWN on 'BB-' Series 54 Bond Rating
INTERGEN NV: Moody's Cuts Senior Secured Debt Rating to 'B1'


N O R W A Y

EKSPORTFINANS ASA: Disputes Default Claim by Silver Point
EKSPORTFINANS ASA: Moody's Cuts Senior Debt Ratings to 'Ba3'
NORTHLAND RESOURCES: S&P Cuts Rating on 2 Bond Tranches to 'CCC+'


P O L A N D

CENTRAL EUROPEAN: Mark Kaufman Wants Compulsory Annual Meeting


R U S S I A

GEFEST JSIC: Fitch Affirms 'B+' IFSR on Weak Market Position


S P A I N

CIRSA FUNDING: Moody's Rates EUR100MM Tap Bond Offering '(P)B3'
CIRSA GAMING: S&P Affirms 'B+' CCR; Outlook Negative


T U R K E Y

SEKER PILIC: In Talks with Banvit After Provisional Seizure


U K R A I N E

NAFTOGAZ OF UKRAINE: Gazprom Bill No Impact on Fitch Ratings


U N I T E D   K I N G D O M

AVOCA CLO VI: Fitch Affirms 'B-sf' Rating on Class F Notes
AVOCA CLO V: Fitch Affirms 'CCC' Rating on Class F Notes
BENDALLS LIMITED: Sold to Related Entity to Avoid Liquidation
DROPS OF HELP: Fake Charity to Go Into Liquidation
ECO GLOBAL: Placed Into Provisional liquidation

ENVIROLINK NORTHWEST: Enters Voluntary Liquidation
KELDA FINANCE: S&P Assigns 'BB-' Corporate Credit Rating
KELDA FINANCE: Fitch Assigns 'BB' Issuer Default Rating
REST ASSURED: High Court Closes Down Firm Targeting Scam Victims
TAYLOR ELECTRICAL: To Close Doors After 90 years

TRITON EUROPEAN: Fitch Raises Ratings on 3 Note Classes to 'Bsf'
YARECRETE CONSTRUCTION: Set to Go Into Liquidation


X X X X X X X X

* Fitch Says IMMFA Responds to Negative Euro Money Market Yields
* Negative Bank Ratings Stubbornly High at 20%, Fitch Says


                            *********


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A U S T R I A
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ESAL GMBH: Fitch Gives Expected 'BB-' Rating to Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB-' to a
proposed benchmark size senior unsecured notes offering of a JBS
S.A. subsidiary. The notes, which will be due in 2023, are being
issued by ESAL GmbH, a wholly owned subsidiary of JBS based in
Austria. These notes will be unconditionally guaranteed by JBS
and JBS Hungary Holdings Kft. The proceeds are expected to be
used to refinance shorter maturity indebtedness and for general
corporate purposes.

The 'BB-' rating takes into consideration JBS's strong business
profile as the world's largest beef and leather producer and one
of the largest producers of chicken and lamb. Further factored
into JBS' ratings are the company's geographic and product
diversity, which partially mitigates the risks of trade barriers
and animal diseases. JBS has high leverage and its risk profile
is above average due to cyclical risks associated with the meat
business and the company's aggressive attitude toward growth
through acquisitions. While its business profile benefits from
the improved diversification through past acquisitions, the risk
of additional acquisitions in the medium term remains above
average.

SENSITIVITY/RATING DRIVERS:

The Rating Outlook for JBS and its rated subsidiaries is
Negative. A revision of the Outlook to Stable could be triggered
by a number of factors that include financial improvements above
Fitch's expectations, given the current operating environment,
and/or sufficient capital injections to meaningfully reduce debt.

A downgrade could be precipitated by the additional weakening or
a lack of an improvement in the company's financial performance
and leverage metrics. Continued negative free cash flow (defined
as cash flow from operations less capital expenditures and
dividends) beyond current expectations could also result in
negative rating actions. A downgrade of JBS's corporate rating
would trigger the downgrade of the rating of the proposed bonds.

High Leverage and Negative FCF Despite Recent Operating
Improvement:

Fitch considers net debt-to-operating EBITDA in the 3.0 times (x)
range to be the normalized leverage ratio for the 'BB-' rating
category for companies in the protein industry, which face
volatile and cyclical operating earnings. For the last 12 months
(LTM) ended Sept. 30, 2012, JBS' net leverage ratio stood at
3.7x, which is high for the rating category. Generating positive
free cash flow (FCF) and meaningfully reducing leverage within
the next 12-18 months remain the largest challenge for the
company. Main concerns in 2013 are cattle availability and
oversupply of pork in the U.S. Possible grain price shocks could
also pressure costs and profitability, which would hurt the
company's ability to deleverage. Positively, a competitor has
recently closed a large beef processing facility in Texas, which
should help improve cattle availability.

JBS' operating profit and cash flow improved in the third quarter
of 2012, in line with Fitch's expectations. Cash Flow from
operations (CFFO) improved to BRL624 million for the LTM ending
Sept. 30, 2012, as compared to BRL464 million in 2011. Negative
FCF of BRL748 million during the LTM continued to reflect high
capital expenditures of BRL1.4 billion. Net revenues have been on
an upwards trend in the past five years, fueled by acquisitions
and capital investments. EBITDA margins remain at the low level
of 4% to 7%, which is typical for the industry. For the LTM
ending Sept. 30, 2012, net revenues of BRL71 billion and EBITDA
of BRL4.1 billion resulted in an EBITDA margin of 5.8%.

Adequate Liquidity, Reliance on External Financing

JBS has an adequate liquidity position and a manageable 2013 debt
maturity schedule, both of which will be improved with the
current offering. As of Sept. 30, 2012, cash and marketable
securities of BRL5 billion covered 0.9x of short-term debt of
BRL5.5 billion. As a mitigating factor, about 65% of short-term
debt corresponds to trade finance lines that support export
activity. The company also needs to maintain about 10% of EBITDA
to support its working capital, which was about BRL400 million
for the LTM ending Sept. 30, 2012. Considering these two
adjustments, short-term maturities of long-term debt were covered
more than 2.0x by available cash. In addition, the company's JBS
USA division has about US$699 million available under its asset-
based loan (ABL) facility and PPC has about US$573.6 million
available under a separate facility.

JBS's maturity schedule for 2014 is heavy with close to BRL4
billion of debt coming due. Fitch projects that JBS's FCF
generation will be neutral to negative in 2013, which will
continue to make the company dependent upon external financing to
address its 2014 maturities.

Solid Business Profile:

JBS' credit ratings are supported by a strong business position
in the world production of beef, lamb and chicken. The company
benefits from geographic and product diversity, which mitigate
risks related to disease, the imposition of sanitary restrictions
by governments, market concentrations, as well as tariffs or
quotas applied regionally by some importing blocs or countries.
JBS has plants in 12 Brazilian states and is the most
geographically diversified player within this industry in Brazil,
as it has operations in the U.S., Mexico, Argentina, Paraguay,
Uruguay, Italy, and Australia. The company is domiciled in Brazil
and has a significant footprint in the U.S., with about 66% of
its revenues coming from that region, per Fitch's estimates.

Above-Average Industry Risk and Acquisition Profile:

The protein industry is volatile and exposed to fluctuations in
commodity prices by nature. The company's aggressive attitude
toward growth through acquisitions amplifies that risk. While its
business profile benefits from improved diversification through
past acquisitions, the risk of additional acquisitions remains.

Equity Financing:

The credit benefits from the implicit support of the Brazilian
development bank's investment arm (BNDESPar), which directly and
indirectly holds 23% after it transferred 10.1% in January 2013.
The founding family indirectly controls 44% of JBS's shares. The
company's ability to finance part of its expansion with equity
benefited its capital structure, avoiding peaks in leverage.

Fitch currently rates JBS as follows:

JBS S.A.:
--Foreign and local currency Issuer Default Rating (IDR) at
   'BB-';

--Notes due 2016 at 'BB-';
--National scale rating at 'A-(bra)'.

JBS USA LLC:
--Foreign and local currency IDR at 'BB-';

--Term loan B facility due in 2018 at 'BB'.

JBS USA Finance, Inc:
--Foreign and local currency IDR at 'BB-'.

JBS USA jointly with JBS USA Finance:
--Notes due 2014 at 'BB-';
--Bonds due 2020 at 'BB-';
--Notes due 2021 at 'BB-'.

JBS Finance II Ltd:
--Foreign and local currency IDR at 'BB-';
--Notes due 2018 at 'BB-'.

The Rating Outlook for JBS S.A., JBS USA LLC, JBS USA Finance
Inc. and JBS Finance II Ltd is Negative.



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HOTELI JADRAN: Files Pre-Bankruptcy Settlement Application
----------------------------------------------------------
SeeNews reports that Hoteli Jadran on Monday said the company
submitted its application for the start of a pre-bankruptcy
settlement procedure.

The company provided no further details in a statement posted on
the Web site of the Zagreb Stock Exchange, SeeNews notes.

Hoteli Jadran is based in Croatia.



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FREESEAS INC: Has 3.9MM Shares Investment Agreement with Granite
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FreeSeas Inc. entered into an Investment Agreement with Granite
State Capital, LLC, pursuant to which, for a 36-month period, the
Company has the right to sell up to 3,957,903 shares of the
Company's common stock, subject to conditions the Company must
satisfy as set forth in the Investment Agreement.  The Company
intends to use the proceeds of the sale of shares pursuant to the
Investment Agreement for general corporate and working capital
purposes.

For each share of common stock purchased under the Investment
Agreement, the Investor will pay 98% of the lowest daily volume
weighted average price during the pricing period, which is the
five consecutive trading days commencing on the day the Company
delivers a put notice to the Investor.  Each such put may be for
an amount not to exceed the greater of $500,000 or 200% of the
average daily trading volume of the Company's common stock for
the three consecutive trading days prior to the notice date,
multiplied by the average of the three daily closing prices
immediately preceding the notice date.  In no event, however,
will the number of shares of common stock issuable to the
Investor pursuant to a put cause the aggregate number of shares
of common stock beneficially owned by the Investor and its
affiliates to exceed 9.99% of the outstanding common stock at the
time.

The shares of common stock to be issued to the Investor under the
Investment Agreement will be issued pursuant to an exemption from
registration under the Securities Act of 1933, as amended.  As a
condition precedent to the Company's right to deliver a put
notice, the shares of common stock offered and sold under the
Investment Agreement must be registered for resale.  The Company
has entered into a registration rights agreement with the
Investor, pursuant to which the Company has an obligation to file
a registration statement with the U. S. Securities and Exchange
Commission covering the possible resale by the Investor of any
shares to be issued to the Investor under the Investment
Agreement.

The Company's right to deliver a put notice and the obligations
of the Investor with respect to a put is subject to the Company's
satisfaction of a number of conditions, including, but not
limited to:

   * That the Company's common stock is trading on a "principal
     market" as defined in the Investment Agreement;

   * The Company's common stock will not have been suspended from
     trading for a period of two consecutive trading days during
     the Open Period, as defined in the Investment Agreement, and
     the Company will not have been notified of any pending or
     threatened proceedings or other action to suspend the
     trading of the common stock;

   * That the issuance of shares of common stock with respect to
     the applicable put notice will not violate any applicable
     shareholder approval requirements of the principal market;
     and

   * That a registration statement for the resale of the shares
     sold to the Investor is effective.

The closing of a sale of shares pursuant to a put notice will
occur within three trading days of the put settlement date, which
is the first trading day following the pricing period.  The
Investment Agreement provides for a penalty for late delivery of
shares equal to, per day, $100 multiplied by the number of days
late, with the total penalty amount cumulative for all days late.
The Company may terminate the Investment Agreement upon written
notice to the Investor.  Any and all shares, or penalties, if
any, due under the Investment Agreement will be immediately due
and payable upon termination of the Investment Agreement.

A copy of the Investment Agreement is available at:

                        http://is.gd/4OSbtw

                        Form F-1 Prospectus

FreeSeas filed a Form F-1 with the U.S. Securities and Exchange
Commission relating to the resale of up to 3,957,903 shares of
the Company's common stock by Granite State Capital, LLC, the
selling stockholder.  The Company may from time to time issue up
to 3,957,903 of shares of its common stock to the selling
stockholder at 98% of the market price at the time of that
issuance determined in accordance with the terms of the Company's
Investment Agreement dated as of Jan. 24, 2013, with Granite.

The Company will not receive any of the proceeds from the sale of
these shares.  The Company will, however, receive proceeds from
the selling stockholder from the initial sale to such stockholder
of these shares.  The Company has and will continue to bear the
costs relating to the registration of these shares.

The Company's common stock is currently quoted on the NASDAQ
Global Market under the symbol "FREE."  On Jan. 22, 2013, the
closing price of the Company's common stock was $0.21 per share.

A copy of the Form F-1 prospectus is available at:

                         http://is.gd/VxoK9K

                         About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of Oct.
12, 2012, the aggregate dwt of the Company's operational fleet is
approximately 197,200 dwt and the average age of its fleet is 15
years.

As reported in the Troubled Company Reporter on July 18, 2012,
Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, expressed substantial doubt about FreeSeas'
ability to continue as a going concern, following its audit of
the Company's financial statements for the fiscal year ended
Dec. 31, 2011.  The independent auditors noted that the Company
has incurred recurring operating losses and has a working capital
deficiency.  "In addition, the Company has failed to meet
scheduled payment obligations under its loan facilities and has
not complied with certain covenants included in its loan
agreements with banks."

The Company's balance sheet at June 30, 2012, showed
US$120.8 million in total assets, US$104.1 million in total
current liabilities, and shareholders' equity of US$16.7 million.



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E-STAR: Aims to Settle Debts with Creditors Under Reorganization
----------------------------------------------------------------
MTI-Econews reports that E-Star Alternative on Monday said it
aimed to settle its debts with creditors during a 15-year
reorganization program.

E-Star will ensure about HUF9.3 billion for the purpose and will
use its entire stock of cash, MTI says, citing a proposal the
company will present to creditors at a meeting on February 4.

E-Star, which has been under bankruptcy protection since last
December, said it wanted to convince its bondholders, lenders and
suppliers to amend payment deadlines and help the company
implement its reorganization program, MTI-Econews relates.

According to MTI-Econews, E-Start said it wanted to pay, in full,
bills owed energy suppliers, unpaid wages and payroll tax, and
severance packages.  The company, as cited by MTI-Econews, said
it would propose lenders waive all interest and fees.

E-Star Alternative is an energy services company.



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SVG DIAMOND: Moody's Affirms 'Ba3' Ratings on Two Note Classes
--------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed ratings of
classes of notes issued by SVG Diamond Private Equity Plc.

Issuer: SVG Diamond Private Equity plc

    EUR40M A-1 Notes, Upgraded to Aa2 (sf); previously on Dec 3,
    2010 Downgraded to A1 (sf)

    US$55M A-2 Notes, Upgraded to Aa2 (sf); previously on Dec 3,
    2010 Downgraded to A1 (sf)

    EUR58.5M B-1 Notes, Upgraded to Baa2 (sf); previously on Dec
    3, 2010 Downgraded to Baa3 (sf)

    US$26.3M B-2 Notes, Upgraded to Baa2 (sf); previously on Dec
    3, 2010 Downgraded to Baa3 (sf)

    EUR15M C-1 Notes, Affirmed Ba1 (sf); previously on Dec 3,
    2010 Downgraded to Ba1 (sf)

    EUR40M M-1 Notes, Affirmed Ba3 (sf); previously on Dec 3,
    2010 Downgraded to Ba3 (sf)

    US$49M M-2 Notes, Affirmed Ba3 (sf); previously on Dec 3,
    2010 Downgraded to Ba3 (sf)

SVG Diamond Private Equity plc (SVG I), issued on September 28,
2004, is a private equity collateralized fund obligation ("CFO")
backed by private equity funds. The portfolio is managed by SVG
Advisers Limited. This transaction is predominantly composed of
buyout funds.

Ratings Rationale

According to Moody's, the rating actions taken on the notes are
primarily a result of substantial pay-down of Class A1 and A2
notes and an increase in value of the underlying assets. Moody's
notes that the Class A1 and A2 notes have been paid down by
approximately 70% or EUR28.1 Million and US$38.7 Million since
the rating action in December 16, 2010. The Overcollateralization
level has increased since 2010 as a result of both deleveraging
and increasing NAV of the collateral.

Moody's notes that in this type of transaction, private-equity
investors commit capital that will be drawn in the future. The
liquidity available is constituted of the cash outstanding, the
future distributions and the additional protection provided by
the liquidity facility. This funds expense payments and draw-
downs to private-equity investors. Currently, the NAV of invested
funds is EUR359.7 Million and the level of Other Net Assets is
71.3 Million rendering the risk of a default on an interest
payment remote. The current modeling assumes that undrawn
commitments of EUR85.6 Million will be fully drawn.

In its rating analysis, Moody's considered a model that derives
the aggregated cash flow projection based on random Internal Rate
of Return (IRR) draws from the student-t distribution in
combination with a J-curve assumption on cash flow distributions.
For each simulation, the aggregated cash-flows resulting from the
asset modeling is flushed into a simplified waterfall based on
the transaction's documentation. The model then derives an
expected loss for each rated tranche. The modeling on the
liability side is handled by a standard cash flow model, whose
description can be found in "Moody's Approach to Rating
Collateralized Loan Obligations" rating methodology published in
June 2011.

Moody's Updated Surveillance Approach

In its updated surveillance approach, Moody's relies on the
Internal Rate of Return (IRR) of each underlying fund as a
primary performance indicator. Moody's believes that the shape of
the distribution that best fits the historical data is a student-
t distribution with three degrees of freedom. The base case
assumes the equivalent volatility for primary funds to be 52% for
Venture Capital (VC) funds and 26% for buyout funds. The mean is
assumed at 10% for both types of funds.

The timing of the cash-flows is an additional required input in
Moody's surveillance approach. Based on historical analysis,
Moody's chose a set of deterministic cash-flows shapes for
distributions and drawn-downs, which can be characterized as "J-
curve assumptions". Under these assumptions, draw-downs are
expected to be mostly concentrated in the first three to four
years following the initial commitment while the cash-flow
distributions are spread over a ten-year period and mostly
concentrated between year six and ten.

In its approach, Moody's used a Gaussian copula model for the
dependency structure of the final IRRs of the funds. The
correlation between VC funds and buyout funds is assumed at 40%
in the base case. The intra-correlation is assumed at 50%.

In addition, Moody's assumptions of the final returns of primary
funds were adjusted given the seasoning of the underlying funds
already invested in this transaction. The correlation between the
funded portion and the unfunded portion is set to 20%, a lower
level than the correlation considered for the funded portion
which is described in the paragraph above.

Moody's assessed expected cash flows on the rated tranches based
on the updated surveillance approach. In addition to the base
case described above, the agency considered various scenarios
related to the IRR distribution, the dependency structure and the
timing of distributions and drawdowns via the J-curve.
Sensitivity to interest rate and foreign exchange fluctuations
was also analyzed. The observed model outputs volatility in these
sensitivity runs was deemed consistent with the current rating
levels and available notes coverage. Therefore, Moody's analysis
encompasses the assessment of stress scenarios.



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BANCA MONTE: Not Facing Receivership, Central Bank Head Says
------------------------------------------------------------
ANSA reports that sources said Monday that the head of Italy's
central bank says that the Banca Monte dei Paschi di Siena SpA is
not facing the possibility of receivership.

According to ANSA, the sources said that Ignazio Visco, governor
of the Bank of Italy, has denied the need for "immediate action"
concerning the bank, despite its massive financial troubles.

As reported by the Troubled Company Reporter-Europe on Jan. 29,
2013, Bloomberg News related that Monte Paschi Chief Executive
Officer Fabrizio Viola said Italy's planned EUR3.9 billion
(US$5.2 billion) bailout of the bank will be sufficient to cover
losses from derivatives contracts that were undisclosed by its
previous management.  Mr. Viola, as cited by Bloomberg, said at
Milan's Foreign Press Club that the bank isn't planning on
seeking more aid from the government and isn't holding talks with
potential new investors in the Siena, Italy-based lender.  "I can
confirm that the amount of funds we need is 3.9 billion euros,"
Bloomberg quoted Mr. Viola as saying, adding that the bank's
board will finalize the bailout request by early February and the
Italian Treasury will complete the transaction by the end of that
month.

As reported by the TCR-Europe on Jan. 28, 2013, Bloomberg News
related that the Bank of Italy approved EUR3.9 billion (US$5.3
billion) in emergency loans for Monte Paschi, meaning Prime
Minister Mario Monti may have to push ahead with the unpopular
bailout before elections next month.  The decision comes amid a
political firestorm over rescuing the world's oldest bank after
revelations the lender's former management hid details of
structured-finance transactions from regulators that may produce
hundreds of millions of euros in losses, Bloomberg disclosed.
The Bank of Italy made its announcement late on Saturday, a day
after Monte Paschi shareholders approved EUR6.5 billion in
capital increases needed to secure the loans, Bloomberg noted.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.


BANCA MONTE: Finance Minister Set to Defend EUR3.9-Bil. Bailout
---------------------------------------------------------------
Andrew Davis, Sonia Sirletti and Elisa Martinuzzi at Bloomberg
News report that Finance Minister Vittorio Grilli was set on
Jan. 29 to defend Italy's planned EUR3.9 billion (US$5.3 billion)
rescue of Banca Monte Paschi di Siena SpA as lawmakers question
whether the lender deserves aid after hiding losses related to
derivatives.

Mr. Grilli testifies in the Chamber of Deputies in Rome on the
plan to grant the aid next month, a bailout that allows Italy's
oldest bank to meet regulator demands to shore up its capital,
Bloomberg discloses.  The debate follows a meeting on Monday in
Milan between Mr. Grilli and European Central Bank President
Mario Draghi, who was Bank of Italy governor when Monte Paschi's
derivatives were arranged, Bloomberg relates.

According to Bloomberg, officials said Italy's financial
stability committee, formed by officials from the Bank of Italy,
Treasury and market regulator Consob, was also set to discuss the
case on Jan. 29.

Revelations this month that Monte Paschi's former management hid
details of structured finance deals that may saddle the bank with
losses has undermined support for the aid, Bloomberg notes.

"Grilli can't do anything other than repeat all the reasons that
led the government to give aid, a decision that has no
alternatives since the bank needs to comply with the European
Banking Authority's capital requirements," Bloomberg quotes Luca
Peviani, who oversees about EUR1 billion of assets as managing
director of P&G SGR in Rome, as saying.  "The aid came into
question just because of the electoral campaign."

As reported by the Troubled Company Reporter-Europe on Jan. 29,
2013, Bloomberg News related that Monte Paschi Chief Executive
Officer Fabrizio Viola said Italy's planned EUR3.9 billion
(US$5.2 billion) bailout of the bank will be sufficient to cover
losses from derivatives contracts that were undisclosed by its
previous management.  Mr. Viola, as cited by Bloomberg, said at
Milan's Foreign Press Club that the bank isn't planning on
seeking more aid from the government and isn't holding talks with
potential new investors in the Siena, Italy-based lender.  "I can
confirm that the amount of funds we need is 3.9 billion euros,"
Bloomberg quoted Mr. Viola as saying, adding that the bank's
board will finalize the bailout request by early February and the
Italian Treasury will complete the transaction by the end of that
month.

As reported by the Troubled Company Reporter-Europe on January
28, 2013, Bloomberg News related that the Bank of Italy approved
EUR3.9 billion (US$5.3 billion) in emergency loans for Monte
Paschi, meaning Prime Minister Mario Monti may have to push ahead
with the unpopular bailout before elections next month.  The
decision comes amid a political firestorm over rescuing the
world's oldest bank after revelations the lender's former
management hid details of structured-finance transactions from
regulators that may produce hundreds of millions of euros in
losses, Bloomberg disclosed.  The Bank of Italy made its
announcement late on Saturday, a day after Monte Paschi
shareholders approved EUR6.5 billion in capital increases needed
to secure the loans, Bloomberg noted.

Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector.  It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts.  In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services.  The Company comprises more than 3,000
branches, and a structure of channels of distribution.  Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa.  It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.



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BITE FINANCE: Fitch Assigns 'B-(EXP)' Rating to Secured Bonds
-------------------------------------------------------------
Fitch Ratings has assigned Bite Finance International BV's (Bite
Finance) proposed secured bonds due 2018 an expected rating of
'B-(EXP)'/'RR4'. At the same time, the agency has assigned an
instrument rating of 'B(EXP)'/'RR3' to Bite Finance's super
senior revolving credit facility and affirmed UAB Bite Lietuva's
Issuer Default Rating (IDR) at 'B-' with Positive Outlook. Final
instrument ratings will be assigned subject to a review of
closing documentation.

The agency has also affirmed the group's existing debt capital as
follows: Bite Finance senior secured bonds maturing 2014 affirmed
at 'B-'/'RR4;' and SIA EECF Bella Finco super senior revolving
credit facility affirmed at 'B'/'RR3.' These ratings will be
withdrawn upon completion of the proposed refinancing and
cancellation of these instruments.

The ratings take into account the steps management is taking to
address refinancing risk in 2014, and Fitch's expectation of
solid free cash flow, which will drive future improvements in
leverage. The shareholder's decision to refinance a EUR13 million
PIK note, currently outside the restricted group, along with
transaction fees, adds around 0.4x EBITDA to leverage. Bite will
need to continue to deliver results in line with recent
performance to ensure this effect dissipates relatively quickly.
This increase in leverage will, in Fitch's view, postpone the
timing of a potential upgrade; something that now seems unlikely
in 2013.

In Fitch's view, the group's focus on cash flow generation
accompanied by a measured approach to the further development of
its market position in Latvia are the right strategic objectives
for a business limited by small size, mature markets and a tough
competitive environment. Any downturn in the economy could
however affect deleveraging plans.

Key Rating Drivers

- Refinancing

The company has EUR172 million of outstanding senior secured
bonds maturing March 2014, and is currently in the process of
refinancing these bonds along with a small amount of bank debt
(EUR5 million) and EUR6 million of its 2017 subordinated notes.
Additional funds raised will be used to take out a parent company
PIK note and pay transaction fees. While overall financing costs
will rise, a successful transaction will address refinancing
needs that would otherwise have started to pressure the rating as
the year progressed.

- Leverage Profile

Unadjusted (net debt/EBITDA) leverage of 4.3x for 2011 was a
sharp improvement on the previous year. Fitch expects free cash
flow performance to result in the metric falling to around 3.7x
by YE12 - pro- forma for the current transaction approximately
4.1x. The company's target to reduce the metric below 3.5x
suggests a commitment to a conservative financial policy, albeit
one that has been impacted by the refinancing.

- Growth in Latvia

Bite has made solid progress in developing its subscriber base in
Latvia since 2010. Management expects this momentum to continue
into 2013. A shift in the business mix to post-paid subscribers
should continue to support blended average revenue per user
metrics and help manage churn rates. Subscriber acquisition and
retention costs -- albeit characterized as customer loans -- will
need to be managed carefully, with particular attention on the
potential for bad debt to increase in light of a movement away
from subsidies.

- Challenging Operating Environment

Bite operates in two competitive markets, both of which have
competitors (TeliaSonera and Tele2) with scale and
diversification. These markets are mature and Bite is market
number two in Lithuania and three in Latvia. Although its
position as the challenger in Latvia gives it the opportunity to
take market share from the incumbents, its competitors are both
in a better position to endure a period of sustained economic
downturn, or, if they chose to, impose aggressive pricing or
otherwise disrupt the market.

RATING SENSITIVITY GUIDANCE:

Positive: Future developments that could lead to positive rating
actions include:

- Latvian operations combining EUR45-50m in service revenue and
   EBITDA margin 20%, combined with a broadly stable performance
   in Lithuania.

- Successful refinancing of 2014 bonds.

- Financial leverage - FFO net adjusted leverage of 3.7x or
   below.

- Sufficient investments in 3G and successful modernization of
   the 3G network in Lithuania (3G coverage in line with
   management 2013 plan).

- Consistently positive free cash flow.

Negative: Future developments that could lead to negative rating
action include:

- Stabilization at the current level to reflect expectations the
   above criteria are unlikely to be met by mid-2014.

- Failure to refinance the 2014 bonds by H213 would lead to a
   Negative Outlook at a minimum.



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=====================


CID FINANCE: Fitch Maintains RWN on 'BB-' Series 54 Bond Rating
---------------------------------------------------------------
Fitch Ratings has maintained CID Finance B.V. Series 54 on Rating
Watch Negative (RWN) as:

  - Series 54 rated 'BB-sf'; RWN maintained

The maintained RWN is due to the RWN on Unicaja Banco S.A.U.
('BBB-'/'F3'/RWN). The notes are secured by a covered bond issued
by Unicaja (ISIN ES0458759034) that is not rated by Fitch. The
analysis was based on Fitch's rating of Unicaja Banco S.A.U.
representing a rating floor for the covered bond.


INTERGEN NV: Moody's Cuts Senior Secured Debt Rating to 'B1'
------------------------------------------------------------
Moody's Investors Service downgraded InterGen N.V. senior secured
debt, including its secured revolving credit facility, secured
term loan and secured bonds to B1 from Ba3, and revised the
rating outlook to negative. This rating action concludes the
review for possible downgrade that was initiated on July 9, 2012.

Ratings Rationale

The downgrade reflects InterGen's exposure to weak merchant power
markets in multiple jurisdictions, including the UK and the
Netherlands, that have impacted the cash flow generation of
InterGen's core assets. The negative outlook reflects Moody's
view that weak merchant power markets will continue to impact
cash flow and result in narrow debt service coverage margins over
the next 12-24 months. The rating action also considers the
expiring contracts at assets in the UK and Mexico that will
exacerbate the company's growing exposure to merchant power
markets.

InterGen's financial performance in 2012 saw a material decline
in cash flow generation from the core UK assets. Through the
first three quarters of the year, the UK assets distributed $61
million, compared with US$127 million over the same period in the
prior year, reflecting a 52% decline. The drop in distributions
has been primarily caused by lower clean spark spreads in the UK
wholesale market. The weak clean spark spreads have been driven
by a combination of new capacity additions entering the UK
market, declining coal prices that have pushed natural gas-fired
generators further out on the dispatch curve, high natural gas
prices (which are tied to the price of oil in the UK), a weak
economic recovery and mild weather.

Moody's believes that many of the factors currently affecting the
UK merchant power market, especially weak clean spark spreads
will persist over the next 12-24 months. Current forward curves
show a wide discrepancy between clean spark spreads and clean
dark spreads that favor coal-fired plants over this time horizon.
The influx of combined-cycle gas generation supply that has come
on-line over the last three years will keep the UK market at
over-capacity, maintaining a cap on wholesale market prices which
will likely struggle to receive an upward lift from increased
demand particularly as the overall UK economy struggles to find
growth traction. Gas-fired power plants have also seen their
dispatch diminished by the coal plants that opted out of the UK's
Large Combustion Plant Directive, since these plants have been
running more frequently given their limit to 20,000 operating
hours between 2008 -- 2015, after which they will be retired.
Therefore, the post-2015 time period could bring improving
performance for InterGen's UK assets, though cash flow generation
will likely be constrained before then.

As mentioned in Moody's prior research, InterGen's Rocksavage
plant, located in the UK, has two long-term power purchase
contracts with two separate counterparties, one for 404MW and
another for 300MW. These contracts are scheduled to expire in
March and April 2013, respectively. The Company is currently
evaluating its options to extend these contracts. However, the
risk of Rocksavage changing from a contracted facility to a
predominantly merchant facility in a weak power market is
factored into this rating action.

Although InterGen's 2012 debt service coverage is anticipated to
be comparable with prior years, Moody's notes there are a number
of one-time, non-recurring items that will provide a boost to
cash flow, and therefore, should be discounted for future years.
For instance, the debt service coverage ratio for the twelve
months ended September 30, 2012, measured 2.08 times, however,
the cash flow available for debt service includes US$22 million
distributed from the Bajio plant that is mostly related to a
release of the plant's debt service fund as well as other reserve
accounts after the plant's debt was fully paid in February 2012,
and $89 million of cross-currency swap payments that are tied to
the debt reduction from the Quezon sale proceeds. If these two
amounts are removed from cash flow available for debt service,
the trailing twelve month debt service coverage ratio falls to
1.50 times. The full year 2012 debt service coverage ratio,
excluding the non-recurring items, is expected to measure between
1.20 -- 1.30 times, a material decline from InterGen's historical
performance, which Moody's calculates averaged 1.81 times over
the Moody's year period from 2008-2011.

Moody's believes that InterGen's sponsors are strategic and
remain supportive of the company over the long-term. The B1
rating level incorporates Moody's view that InterGen's sponsors
will provide significant support to stabilize the credit profile
during this trough and will use their strategic options to
protect the company's financial position. In that regard,
InterGen completed debt refinancings at both of their Australian
assets, which should allow for steady deleveraging at those
facilities as equity is infused into the projects, leading to a
resumption of more meaningful distributions to InterGen post-
2014. Also, InterGen has announced the financial close of two new
assets in Mexico, the Altamira natural gas compression station
and the San Luis de la Paz power project, which are anticipated
to reach commercial operations in 2014 and 2015, respectively,
and will positively contribute to InterGen's cash flow generation
profile and collateral package.

At the end of 2012, InterGen estimates having approximately $40
million of unrestricted cash on hand, and approximately $120
million available capacity on the corporate revolver that could
support the company in the near-term if operating conditions
deteriorate unexpectedly. The corporate revolver matures in April
2014, two months before the maturity of the term loan B, of which
approximately $66 million is outstanding at the end of 2012.

The negative outlook incorporates the expectation for continued
weak merchant power prices in certain of InterGen's markets,
uncertainty around the expiration and renewal of the corporate
revolver, along with the timing and level of expected shareholder
support, which Moody's believes is critical for stabilizing the
current credit profile.

The rating outlook could stabilize if the shareholder support is
significant enabling the company to produce coverages closer to
1.40 times on a sustained basis coupled with a timely extension
of the company's revolving credit facility. The rating is not
likely to go higher given the current outlook for UK spark
spreads and the significant refinancing of the bonds in 2017.

The rating could face downward pressure if InterGen encounters
issues extending the corporate revolver and/or is unable to
extend it, if there is further deterioration in cash flow and if
Moody's believes that the level of support from the shareholders
is not sufficient to stabilize credit quality at the B1 rating
level.

The last rating action was on July 9, 2012, when the Ba3 senior
secured rating of InterGen N.V. was placed under review for
possible downgrade.

InterGen N.V. is a holding company with a portfolio consisting of
nine combined cycle natural gas-fired projects and two coal-fired
facilities with a net capacity ownership of 6,101 MW. The eleven
operational plants are located in the UK, the Netherlands, Mexico
and Australia. InterGen also owns the Bajio and Libramiento
natural gas compression facilities and associated pipeline
located adjacent to the Bajio power project.

InterGen N.V. is owned by affiliates of China Huaneng Group,
Guangdong Yudean Group, and The Ontario Teachers' Pension Plan
Board.

The principal methodology used in this rating was Power
Generation Projects published in December 2012.



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


EKSPORTFINANS ASA: Disputes Default Claim by Silver Point
---------------------------------------------------------
Josiane Kremer at Bloomberg News reports that Eksportfinans ASA
said it's confident in contesting a default claim by Silver Point
Capital on its Japanese bonds after Moody's Investors Services
downgraded the company further into junk territory.

Eksportfinans will "vigorously resist the claim on the basis that
there is no default, and the company is therefore of the opinion
that this complaint will not prevail," Bloomberg quotes the
company as saying on Tuesday in a statement.

Moody's on Monday downgraded the company's senior debt ratings to
Ba3 from Ba1, citing the demand for payment from an investor in
Japanese bonds, Bloomberg relates.  Moody's kept a negative
outlook, Bloomberg notes.

"This event highlights the continued significant risk that
Eksportfinans faces if a successful declaration of default
occurs, which could trigger an early repayment of some or all of
its obligations," Bloomberg quotes Moody's as saying.

Silver Point filed a complaint in a Japanese court demanding
JPY400 million (US$4.4 million), based on an allegation that the
Norwegian lender defaulted on its Samurai bonds, Bloomberg
recounts.  According to Bloomberg, Eksportfinans said that the
complaint was sent to the Tokyo District Court by Silver Point
Capital Fund LP and Silver Point Capital Offshore Master Fund LP,
and forms part of a total claim of JPY8.6 billion.  The lender is
being wound down after the Norwegian government withdrew its
support, Bloomberg discloses.

Headquartered in Oslo, Eksportfinans ASA operates as an export
lending institution that provides financing for a range of
exports and for the internationalization of Norwegian industry.


EKSPORTFINANS ASA: Moody's Cuts Senior Debt Ratings to 'Ba3'
------------------------------------------------------------
Moody's Investors Service has downgraded Eksportfinans ASA's
issuer and senior debt ratings to Ba3 from Ba1. The subordinated
debt and hybrid ratings were also downgraded to B2(hyb) from
Ba3(hyb) and B3(hyb) from B1(hyb), respectively. The Not-Prime
short-term ratings were affirmed and all long-term ratings carry
negative outlooks.

The rating action follows the demand for payment from an investor
in Japanese bonds; Eksportfinans received the demand on 13
December 2012. In Moody's view, this event highlights the
continued significant risk that Eksportfinans faces if a
successful declaration of default occurs, which could trigger an
early repayment of some or all of its obligations.

Ratings Rationale

Moody's understands that the complaint and demand for partial
repayment filed with the Tokyo District Court is from the same
Samurai bondholder -- and for substantially the same reasons (the
cessation of business) -- that threatened to declare default on
Eksportfinans in December 2011. Eksportfinans and its legal
counsel have stated in their communication to investors that they
consider that no event of default has occurred. In addition, in
December 2011, the Trustee of Eksportfinans's EMTN program
notified EMTN bondholders that, based on the information
available to it, it did not propose to take further action at
that stage. Moody's understands that Samurai bondholders do not
have a Trustee and that the conditions triggering an event of
default under the Samurai documentation are less stringent as
they do not include a qualifying condition of material prejudice
to the interest of bondholders.

In Moody's view, the initiation of formal legal proceedings by a
bondholder against Eksportfinans represents a further step
towards a possible acceleration of debt repayment. A court
decision ruling against Eksportfinans could constitute an event
of default under other funding programs or derivative agreements.
The rating agency recognizes that Eksportfinans's substantial
liquidity buffer (NOK48.5 at end-September 2012) and good-quality
loan book (guaranteed by a governmental institute and/or highly
rated banks) will help it manage its obligation in an orderly
run-off process. However Moody's believes that in a situation
where liabilities become due prematurely, Eksportfinans may face
challenges in the timely honoring of the totality of its
commitments. Moody's will continue to monitor the implications of
the investor's attempt to declare default under Eksportfinans's
Samurai bonds as well as any other similar legal proceedings.

What Could Move The Ratings Up/Down

Moody's adds that a continuation of the legal process towards a
successful declaration of default would likely lead to further
ratings downgrades for Eksportfinans. Conversely, a decision to
revoke the legal claim on the default of the Samurai bonds could
lead to a stabilization of Eksportfinans' ratings. Moody's
regards Eksportfinans's ratings as continuing to show a high
degree of volatility, given the significant levels of legal risk,
such that further multi-notch rating changes remain possible.

Rationale for the Negative Outlooks

The negative outlooks on Eksportfinans's long-term ratings
reflect Moody's view that there remains a substantial rating
transition risk for Eksportfinans related to the possibility of
legal risks materializing.

Principal Methodologies

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

Headquartered in Oslo, Norway, Eksportfinans reported total
assets of around NOK171 billion (EUR23.3 billion) at end-
September 2012.


NORTHLAND RESOURCES: S&P Cuts Rating on 2 Bond Tranches to 'CCC+'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'CCC+'
from 'B-' its issue rating on the Norwegian kroner (NOK)
460 million and US$270 million tranches of bonds due June 2017
and issued by Sweden-based mining company Northland Resources
A.B. (Northland).  At the same time, S&P placed the issue rating
on CreditWatch with developing implications.  The recovery rating
on the bonds is unchanged at '4', indicating S&P's expectation of
average (30%-50%) recovery in the event of a payment default.

The downgrade reflects Northland's recent identification of
additional funding requirements for the completion of the
construction and ramp-up of operations at its new iron ore mine
in Kaunisvaara in Northern Sweden.  The project has projected a
funding shortfall of US$425 million over the next two years.  The
shortfall primarily reflects a projected US$181 million reduction
in operating cash flow generation in 2013 and 2014, and a total
increase in construction costs of US$222 million over the same
period.  Northland has based its operating cash flow projections
on an iron ore price of $130 per tonne and a Swedish krona to
U.S. dollar exchange rate of 6.9.

The weaker cash flow generation in 2013 and 2014 primarily
reflects higher logistics costs than Northland expected during
the ramp-up period.  These resulted from the largely fixed-cost
nature of the logistics service to transport refined ore from the
mine to the port of Narvik.  Once the project achieves full
production, S&P anticipates that operating costs per tonne will
be broadly in line with the project's previous forecast, subject
to exchange-rate movements.

Northland is currently attempting to raise US$125 million in
additional senior debt, US$250 million in new equity, and a
further US$50 million in unsecured debt.  Northland projects that
the additional funding will meet the project's liquidity needs
over the next two years.  Lower levels of fundraising may be
sufficient for Northland to continue operating, assuming that it
undertakes further fundraising prior to the end of 2014.

The CreditWatch placement reflects the possibility of S&P's
either lowering or raising the issue rating depending on the
project's ability to secure additional short- and medium-term
funding following a recent unexpected increase in construction
and operating costs.

S&P could lower the rating if the project is unable to raise the
necessary additional financing and demonstrate that it can
complete the remaining works in accordance with its revised
budgets.

S&P could raise the rating if Northland is able to raise
sufficient additional funding to continue to ramp up production
and demonstrate that it can deliver the remaining construction
works and logistics services to budget.

S&P aims to review the CreditWatch placement within the coming
three months, and once Northland has finalized its funding plan.



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


CENTRAL EUROPEAN: Mark Kaufman Wants Compulsory Annual Meeting
--------------------------------------------------------------
Mark Kaufman intends to file a complaint with the Delaware Court
of Chancery to compel Central European Distribution Corporation
to hold an Annual General Meeting at the earliest possible date,
according to a regulatory filing with the SEC.

CEDC has not held an Annual General Meeting since May 19, 2011,
and has not yet announced a date for its next Annual General
Meeting.

In Mr. Kaufman's letter dated Jan. 16, 2013, to the investors,
Chairman of the Board of Directors and members of the Board of
Directors of CEDC, he wrote that in the event that the Board does
not publicly announce within 10 days (or by Jan. 26, 2013) that
it will hold an Annual General Meeting within a reasonably prompt
timeframe, he intended to apply to the Delaware Court of Chancery
for a summary order compelling CEDC to hold such a meeting at the
earliest possible date.

This reasonable timeframe of 10 days has expired, and Mr. Kaufman
has yet to hear any response from CEDC.

                            About CEDC

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

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

The Company's balance sheet at Sept. 30, 2012, showed
US$1.98 billion in total assets, US$1.73 billion in total
liabilities, US$29.44 million in temporary equity, and US$210.78
million in total stockholders' equity.

                             Liquidity

The Company's Convertible Senior Notes are due on March 15, 2013.
The Company has said its current cash on hand, estimated cash
from operations and available credit facilities will not be
sufficient to make the repayment of principal on the Convertible
Notes and, unless the transaction with Russian Standard
Corporation is completed the Company may default on them.  The
Company's cash flow forecasts include the assumption that certain
credit and factoring facilities coming due in 2012 would be
renewed to manage working capital needs.  Moreover, the Company
had a net loss and significant impairment charges in 2011 and
current liabilities exceed current assets at June 30, 2012.
These conditions, the Company said, raise substantial doubt about
its ability to continue as a going concern.

                           *     *     *

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

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

As reported by the TCR on Jan. 16, 2013, Moody's Investors
Service has downgraded the corporate family rating (CFR) and
probability of default rating (PDR) of Central European
Distribution Corporation (CEDC) to Caa3 from Caa2.

"The downgrade follows CEDC announcement on the 28 of December
that it had agreed with Russian Standard a revised transaction to
repay its $310 million of convertible notes due March 2013 which,
in Moody's view, has increased the risk of potential loss for
existing bondholders", says Paolo Leschiutta, a Moody's Vice
President - Senior Credit Officer and lead analyst for CEDC.



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


GEFEST JSIC: Fitch Affirms 'B+' IFSR on Weak Market Position
------------------------------------------------------------
Fitch Ratings has revised the Outlooks on JSIC GEFEST 'B+'
Insurer Financial Strength (IFS) rating and 'A(rus)' National IFS
rating to Stable from Positive and affirmed the ratings.

Rating Rationale

The Outlook revision follows the weakening of the company's
market positions in its core segment of construction and erection
insurance (CAR/EAR) in 9M12 as well as declining premium income
and profitability in the same period. The rating action also
reflects Fitch's concerns about the fact that GEFEST's
competitive advantages outside its niche are limited and
therefore diversification to other segments might be unviable.

The affirmation reflect GEFEST's strong capitalization,
acceptable quality of the investment portfolio and strong
reinsurance program.

After the capital injection of RUB456 million in Q111 GEFEST's
capitalization substantially improved. Based on its internal
model, Fitch considers GEFEST's risk-adjusted capital position to
be strong for the rating level. However, GEFEST's statutory
solvency margin is somewhat weaker, standing at 168% at end-Q312
(2011: 181%), which represents only a moderate cushion above
required minimum of 130%.

GEFEST suffered from substantial weakening of its market
positions in its niche segment of CAR/EAR insurance in 9M12.
Despite the growth in net premium written by 22% in 9M12 the
company's total gross written premium fell by 9.7% to RUB1.5
billion in the same period. This decline followed the 45%
decrease of CAR/EAR insurance premiums in the same period
compared with 9M11. This falls short of strategic targets adopted
by the company and is explained by slowdown in financing of some
of the infrastructure projects in 2012 and increased activity of
competitors.

GEFEST reported a negative underwriting result in 9M12 with the
combined ratio deteriorating to 104.3% from 94.8% (updated based
on new reporting forms) in 9M11. The key factors for the
weakening underwriting profitability were re-composition of the
insurance portfolio towards poorer performing motor damage and
health lines and an increase in attritional claims activity for
CAR/EAR property and other minor lines.

GEFEST's liquid assets fell in 9M12 with a corresponding increase
in illiquid receivables, which was exacerbated by negative
operating profitability reported by the company in the same
period. The agency cautions that GEFEST's liquidity position may
weaken further should negative profitability persist in 2013.

The credit quality of GEFEST's investment portfolio is moderate,
resulting from placements with low- or non-rated banks and, to a
lesser extent, exposure to affiliated investments.

Fitch believes that the credit quality of GEFEST's reinsurance
protection is positive for the ratings despite minor placements
with low rated reinsurers. The quality and capacity of GEFEST's
core reinsurance program is one of the insurer's advantages in
the competition for construction risks with other sector players.

RATING DRIVERS AND SENSITIVITIES

The ratings could be upgraded if GEFEST adheres to satisfactory
underwriting discipline and shows signs of enhancement of its
profitability (eg net combined ratio consistently below 100%)
while maintaining a comfortable regulatory solvency margin (at
least 150% of required minimum).

Conversely, GEFEST's rating could be downgraded if the company's
franchise weakens further and underwriting profitability
continues to deteriorate (eg measured by a combined ratio above
105% for a number of years).



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


CIRSA FUNDING: Moody's Rates EUR100MM Tap Bond Offering '(P)B3'
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
with a loss given default assessment of 4 (LGD4) to the EUR100
million tap offering of senior unsecured notes due 2018 issued by
Cirsa Funding Luxembourg S.A., a wholly owned subsidiary of Cirsa
Gaming Corporation S.A. (Cirsa). Cirsa's B2 corporate family
rating (CFR) and B2-PD probability of default rating remain
unchanged. The outlook on the ratings is negative.

The tap bond offering has the same terms and conditions as the
existing EUR680 million worth of senior notes due in 2018 issued
by Cirsa Funding Luxembourg S.A. Cirsa expects to use the net
proceeds from the offering to repay EUR50 million of drawings
under its revolving credit facility (RCF), to repay other short-
term bilateral facilities, and for general corporate purposes.

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

Ratings Rationale

"The tap offering is credit positive because it allows Cirsa to
address its near-term refinancing requirements, extend its debt
maturity profile, and improve its external sources by freeing up
availability under the company's EUR50 million revolving credit
facility," says Ivan Palacios, a Moody's Vice President -- Senior
Credit Officer and lead analyst for Cirsa.

"However, Cirsa's B2 CFR with a negative outlook remains
unchanged because the refinancing exercise is leverage neutral
and the company remains exposed to a very challenging
macroeconomic environment in some of its key markets, such as
Spain, Italy and Argentina," adds Mr. Palacios.

Post transaction, Cirsa will have one large bond maturity in 2018
(of EUR780 million, or around 80% of its total debt), while
annual debt maturities before then will be relatively small.
Moody's also notes positively that the company is in the process
of extending the maturity of its RCF to January 2018.

The (P)B3 rating on the tap issuance is one-notch below the B2
CFR, reflecting its position as an unsecured obligation within
Cirsa's capital structure. The notes benefit from unsecured
guarantees from Cirsa subsidiaries, which generated approximately
45% of the group's EBITDA for the last 12 months ended September
2012. As of September 2012, EUR104 million of indebtedness ranked
effectively senior to the notes due to being either secured
indebtedness or indebtedness of subsidiaries that are not
guarantors.

Cirsa's B2 CFR reflects (1) its moderate leverage, (2) the
group's exposure to emerging markets risk; (3) its position as
one of the leading gaming operators in Spain, Italy and Latin
America; and (4) its diversification in terms of business lines,
gaming assets and geographies. The rating factors an increased
contribution from Latin America to group earnings, as well as
Cirsa's track record of successfully managing challenging
operating environments. The B2 rating also reflects Moody's
expectation that the group will maintain leverage levels (as
adjusted by Moody's) around 4.0x.

The negative outlook on Cirsa's ratings reflects Moody's concerns
about the operating environment in Spain, Italy and Argentina,
which might adversely affect the group's business and potentially
translate into a deteriorating operating performance.

What Could Change The Rating Up/Down

Moody's could change the rating outlook back to stable if a
strong operating performance were to enable Cirsa to improve its
credit metrics such that debt/EBITDA ratio (as adjusted by
Moody's) trends to below 4.0x on a sustainable basis. However,
upward pressure on the rating might be constrained until there
are visible signs that the operating environment in Cirsa's key
markets of Spain, Italy and Argentina has stabilized.

Conversely, downward pressure could be exerted on the rating if
Cirsa's leverage were to increase above 4.5x on an adjusted
basis, whether as a result of a change in financial policy or a
deterioration in operating performance. The rating could also
come under pressure if Moody's were to consider Cirsa's liquidity
to have become inadequate to support the group's operating
performance or debt servicing. Furthermore, downward pressure on
Cirsa's ratings could arise in the event that the Argentinean
government were to pursue the nationalization of gaming assets.

Principal Methodology

The principal methodology used in this rating was the Global
Gaming published in December 2009. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Italy and Latin
America. For the 12 months ended September 2012, Cirsa reported
net operating revenues and EBITDA of EUR1,331 million and EUR315
million, respectively.


CIRSA GAMING: S&P Affirms 'B+' CCR; Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B+'
long-term corporate credit rating on Spain-based gaming company
Cirsa Gaming Corp.  The outlook is negative.

At the same time, S&P assigned a 'B+' issue rating to Cirsa's
proposed EUR100 million bond tap.  The recovery rating on these
notes is '4', indicating S&P's expectation of average (30%-50%)
recovery for noteholders in the event of payment default.

S&P also affirmed its 'B+' issue rating on the existing
EUR680 million senior unsecured notes.  The recovery rating on
these notes remains unchanged at '4' indicating S&P's expectation
of average (30%-50%) recovery for noteholders in the event of
payment default.

The rating affirmation follows Cirsa's announcement of a proposed
bond tap of EUR100 million on its existing EUR680 million senior
unsecured notes.  S&P understands that about EUR70 million of the
proceeds will be used to refinance existing debt.  S&P expects
the remaining EUR30 million to be used for general corporate
purposes, which may include some small acquisitions.  In S&P's
view, the proposed bond tap will not alter Cirsa's "weak"
business risk and "aggressive" financial risk profiles, as S&P's
criteria define the terms.  Although the proposed issue enhances
the company's liquidity as it removes some bank refinancing
risks, S&P still view Cirsa's liquidity as "less than adequate,"
mainly owing to potential earnings volatility linked to Cirsa's
macroeconomic exposure to Argentina, Spain, and Italy.

"Our assessment of Cirsa's business profile as weak continues to
reflect the regulatory framework in which the company operates,
and our view of political risks in Latin America, particularly in
Argentina where Cirsa generates about 22% of its EBITDA, and
where we continue to see substantial macroeconomic risks.  In
addition, Cirsa's earnings in Spain and Italy--which represent
about 24% and 12% of EBITDA--are increasingly constrained by the
currently weak economic conditions in both countries," S&P said.

Cirsa's financial profile remains aggressive, in S&P's view,
driven by its unhedged open foreign exchange positions, its
fairly modest free cash flows (FCFs) after capital expenditures
(capex), and its financial policy, which S&P regards as
aggressive.

"Under our base-case scenario, we expect Cirsa's EBITDA to
increase by about 10% compared with last year and reach about
EUR320 million in 2012.  We also see margins improving by about
100 basis points, despite gaming tax increases in several
regions.  For 2013, we see EBITDA growth stalling and remaining
more or less in line with our expectations for 2012, primarily
because of the ongoing weakening of the Argentine market," S&P
noted.

"We believe Cirsa's gross adjusted leverage is likely to be
marginally below 4.0x by year-end 2012, although we estimate the
group will generate slightly negative free cash flow on the back
of higher-than-anticipated capex of about EUR150 million.  For
2013, we expect adjusted leverage to remain in line with our
expectations for 2012, pro forma the proposed tap issue.  We also
expect Cirsa to post positive FCF, largely because of a reduction
in capex to about EUR120 million according to management's
expectations.  That said, we do not rule out further capex
outlays if the tap issue proves successful," S&P added.

The negative outlook reflects S&P's view that any significant
macroeconomic and political deterioration in Argentina is likely
to weigh on Cirsa's earnings and liquidity in the next 12 months.
In particular, any potential devaluation of the Argentine peso
could limit cash that could be repatriated from the country.

"We could lower the ratings on Cirsa if liquidity significantly
weakened, either because of further restrictions on repatriating
cash flows from Argentina, if it was unable to maintain capex
discipline, or if trading conditions weakened more than we
currently anticipate.  We could also lower the ratings if
adjusted debt to EBITDA exceeded 4.5x or if adjusted EBITDA
interest cover fell to less than 2.5x.  In addition, we could
consider a downgrade if we anticipated a substantial risk of
nationalization of gaming businesses in Argentina," S&P said.

At this stage, a revision of the outlook to stable would hinge on
S&P's reassessment of Cirsa's liquidity to adequate and on
stabilization of Argentina's political and economic environment.
S&P could also consider a revision of the outlook to stable if
the group's solid operating performance and expected capex
restraint resulted in positive free operating cash flow on a
consistent basis.



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


SEKER PILIC: In Talks with Banvit After Provisional Seizure
-----------------------------------------------------------
Taylan Bilgic at Bloomberg News reports that Seker Pilic ve Yem
Sanayii AS started talks with competitor Banvit Bandirma
Vitaminli Yem Sanayii ve Ticaret AS after provisional seizure
proceedings were enforced by what a company executive described
as "panicky" creditors.

The provisional measures imposed by creditors have "jeopardized
the sustainability of live operations," Bloomberg quotes Seker as
saying in a statement to the Istanbul Stock Exchange on Sunday.

Banvit, based in Bandirma, said on Monday that it started
preliminary talks with Seker, without providing further details,
Bloomberg relates.

"One panicky creditor threw a stone, and then all started
throwing," Bloomberg quotes Mehmet Dogan, Seker's accounting
director, as saying on Monday in a phone interview.  "We've had
some overdue debt, but that's normal for any company.  This came
as unexpected."

According to Bloomberg, Melda Agirdas, an analyst at Istanbul-
based Ekspres Invest, said Banvit could hire or buy Seker's
production facilities, or acquire a stake in the company.

Seker Pilic ve Yem Sanayii AS is a Turkish poultry producer.  The
company is based in the northwestern town of Bandirma.



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


NAFTOGAZ OF UKRAINE: Gazprom Bill No Impact on Fitch Ratings
------------------------------------------------------------
Fitch Ratings says OAO Gazprom's ('BBB'/Stable) intention to
impose a US$7 billion fine on NJSC Naftogaz of Ukraine (Naftogaz,
'CCC') for failing to purchase minimal contractual gas volumes in
2012 may either result in Ukraine ('B'/Stable) scrambling to find
additional funds to support Naftogaz, or may lead to prolonged
litigation. There are no immediate rating implications for
Naftogaz at this time.

Naftogaz has confirmed that it received a US$7 billion bill from
Gazprom for natural gas volumes not taken in 2012 under the
'take-or-pay' clauses contained in the 10-year gas supply
agreement signed with Gazprom in 2009. In 2012 Naftogaz reduced
its gas purchases from Russia to around 25 billion cubic meters
(bcm) from 40bcm in 2011. According to Gazprom, in 2012
Naftogaz's obligation under the 'take-or-pay' contract clause was
42bcm. In 2012, the average price paid by Naftogaz to Gazprom
amounted to US$425 per thousand cubic meters (mcm).

So far, Ukraine's attempts to renegotiate the 2009 gas supply
agreement, both in terms of price and quantity, have proved
unsuccessful. In several instances, Naftogaz announced that it
would not meet the required purchase volumes, and that it would
pay only for gas volumes actually taken from Gazprom. Fitch
believes that Naftogaz is unlikely to pay the entire US$7 billion
bill without an international arbitration ruling first, which may
take a long period of time.

Gazprom might withdraw the US$7 billion bill in exchange for
closer political and economic cooperation between Russia and
Ukraine. Russia has been trying for some time to persuade Ukraine
to sign up for a customs union with Russia, Kazakhstan and
Belarus. The 'take-or-pay' issue and the reduction of Russian gas
transit volumes through Ukraine to Europe, after the launch of
Gazprom's North Stream in 2011, seem to strengthen Russia's
negotiating position, along with a potential gas discount that
may be offered to Ukraine should it join the customs union.

Naftogaz's cash flow generating ability remains extremely poor.
Given the current import gas price and domestic gas tariffs,
Naftogaz will continue generating negative free cash flow (FCF).
The company will also have limited access to debt markets, in
Fitch's view. Therefore, Naftogaz might need additional state
equity injections to meet the 'take-or-pay' clause of the gas
supply agreement.

Support for the loss-making state company is already a burden on
the public finances. Support cost the government an average of
1.9% of GDP over 2009-2011 as the gap widened between domestic
household gas tariffs and import prices. The burden of supporting
Naftogaz makes increasing domestic gas tariffs a major issue in
talks due to start with the IMF this week. Ukraine's general
government fiscal deficit widened to at least 5.5% of GDP in
2012, and the current account deficit reached more than 7% of
GDP. US$7 billion equals roughly 4% of the country's GDP.

Fitch may consider a negative rating action for Naftogaz should
Naftogaz accept the bill, or should the chances of an unfavorable
arbitration ruling against Naftogaz become more likely.

As Ukraine's dominant oil and gas company, Naftogaz operates the
national gas transportation system and is engaged in natural gas
production, imports and distribution in the country. The
company's rating incorporates the support it receives from the
state, and a potential rating action on the sovereign may impact
the company's rating. Ukraine is currently considering a possible
restructuring of the company, including splitting it off into
separate entities.

Naftogaz's US$1.5 billion Eurobonds maturing in September 2014
and rated at 'B' by Fitch benefit from an unconditional and
irrevocable guarantee from Ukraine.



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


AVOCA CLO VI: Fitch Affirms 'B-sf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has affirmed Avoca CLO VI plc as follows:

  Class A1 (ISIN XS0272579763): affirmed at 'AAAsf'; Outlook
  Stable

  Class A2 (ISIN XS0272580266): affirmed at 'AAAsf'; Outlook
  Stable

  Class B (ISIN XS0272580779): affirmed at 'AAsf'; Outlook Stable

  Class C (ISIN XS0272580936): affirmed at 'Asf': Outlook
  Negative

  Class D (ISIN XS0272582395): affirmed at 'BBBsf'; Outlook
  Negative

  Class E (ISIN XS0272583286): affirmed at 'B+sf'; Outlook
  Negative

  Class F (ISIN XS0272583955): affirmed at 'B-sf'; Outlook
  Negative

  Class V (ISIN XS0272586891): affirmed at 'BBBsf'; Outlook
  Negative

The notes' affirmation represents the transaction's portfolio's
stable performance since the last review in February 2012. Credit
enhancement levels are below their initial levels with the
portfolio balance remaining at 99.84% of its original notional.
The 'CCC' and below bucket is 3.97% and has been more than halved
since the last review. The portfolio has been traded actively
since the last review. Overall, recent reinvestments have had a
positive impact on the portfolio's credit quality.

In January 2013, the transaction exited its reinvestment period.
Reinvestments of unscheduled proceeds are now only permitted if
portfolio and collateral quality tests are maintained or improved
and if coverage tests are satisfied prior to such reinvestment.
Currently all tests are passing with junior par value tests
having only small protective cushions.

The Negative Outlook on the junior notes continues to reflect
potential sensitivity to the leveraged loan refinancing wall.

As part of its analysis, the agency considered the sensitivity of
the ratings on the notes to the transaction's exposure to
countries where Fitch has imposed a country rating cap lower than
the ratings on any notes in the transaction. These countries are
currently Spain, Ireland, Portugal and Greece, but may include
additional countries if there is sovereign ratings migration.
Fitch believes that an exposure of up to 15% of the total
investment amount to these countries, under the same average
portfolio profile and assuming the current ratings on the UK and
eurozone countries are stable, would not have a material negative
impact on the notes' ratings.

Avoca CLO VI plc is a managed cash arbitrage securitization of
secured leveraged loans, primarily domiciled in Europe. The
transaction closed in 2006 and is actively managed by Avoca
Capital Holdings.


AVOCA CLO V: Fitch Affirms 'CCC' Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed Avoca CLO V plc's notes, as:

Class A1A (ISIN XS0256535567): affirmed at 'AAAsf'; Outlook
Stable

Class A1B (ISIN XS0256536029): affirmed at 'AAAsf'; Outlook
Stable

Class A2 (ISIN XS0256536532): affirmed at 'AAAsf'; Outlook
Stable

Class B (ISIN XS0256536888): affirmed at 'AAsf'; Outlook
Stable

Class C1 (ISIN XS0256537423): affirmed at 'BBBsf'; Outlook
revised to Stable from Negative

Class C2 (ISIN XS0256538157): affirmed at 'BBBsf'; Outlook
revised to Stable from Negative

Class D (ISIN XS0256538405): affirmed at 'BBsf'; Outlook
revised to Stable from Negative

Class E (ISIN XS0256539122): affirmed at 'Bsf'; Outlook
revised to Stable from Negative

Class F (ISIN XS0256539635): affirmed at 'CCCsf'; RE 0%

The affirmation reflects the transaction's stable performance
since the last review. The Fitch weighted average rating factor
had improved to 28.8 as of December 31, 2012 from 31.7 as of
January 24, 2012, below its threshold of 30 and is now passing.
Assets rated 'CCC' represent 3.89% of the portfolio, down from
10.82% at the last review. There are no defaulted assets in the
portfolio.

The revision of the Outlook on the class C1 through class E notes
to Stable reflects the favorable maturity profile of the
collateral pool, deleveraging of the transaction increasing
credit enhancement and positive cushions at the current rating
levels in Fitch's stress scenarios. Currently, there are no
assets maturing in 2013 and only 6.1% of the portfolio will
mature in 2014. As the reinvestment period has ended, the
portfolio is now largely static, although unscheduled principal
proceeds may be reinvested under certain conditions. In addition,
while at least one overcollateralization (OC) test has been
failing for the past four years, leading to a deleveraging of the
class A1A and A1B notes, all OC tests are now passing. Lastly,
the weighted average spread on the assets has increased to 3.71%
from 3.07%, which may support the ratings of the notes in a
rising default environment.

As part of its analysis, the agency considered the sensitivity of
the ratings on the notes to the transaction's exposure to
countries where Fitch has imposed a country rating cap lower than
the ratings on any notes in the transaction. These countries are
currently Spain, Ireland, Portugal and Greece, but may include
additional countries if there is sovereign ratings migration.
Fitch believes that exposure of up to 15% of the total investment
amount to these countries, under the same average portfolio
profile and assuming the current ratings on the UK and eurozone
countries are stable, would not have a material negative impact
on the ratings of the notes.

Avoca CLO V plc. is a managed cash arbitrage securitization of
secured leveraged loans, primarily domiciled in Europe. Non-euro
denominated assets, which are asset swapped into euros, comprised
7.8% of the aggregate principal balance, as of the 31 December
2012 report. The portfolio is managed by Avoca Capital Holdings
and the reinvestment period ended in August 2012.

The class A1A, A1B and A2 notes' ratings address the timely
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents. The
class B, C1, C2, D, E and F notes' ratings address the ultimate
payment of interest and the ultimate repayment of principal by
the stated maturity date as per the governing documents.


BENDALLS LIMITED: Sold to Related Entity to Avoid Liquidation
-------------------------------------------------------------
scrap-ex.com reports that Bendalls Limited was forced to go into
administration before Christmas, but was sold to an existing
business to avoid liquidation.

The firm has been sold to Bendalls Metals Limited. This company
is owned by the same director of Bendalls Limited and operates
from the same site.

Bendalls Limited was advised by administrators Begbies Traynor in
November and December last year and was placed into a pre-
packaged administration as it was unable to pay VAT debts owed to
HMRC.

Staff have now been transferred to the other company and it
continues to operate as a going concern.

"We were advising the company in November and December and tried
to arrange a deal with HMRC on outstanding VAT payments. However,
the director felt that the charges and interest were too high and
there was no alternative but to place it into a pre-packaged
administration and sold to Bendalls Metals Limited," the report
quotes Robert Young -- bob.young@begbies-traynor.com , a partner
at Begbies Traynor partner, as saying.

"We have written to outstanding creditors to explain the
situation. Some of them will receive a creditor's dividend, while
secured creditors will receive the full amount. This is a better
situation for them than if the company had been liquidated when
they would not have received anything."

Based in Lydney, Gloucestershire, Bendalls Limited is a Scrap
metal merchants.


DROPS OF HELP: Fake Charity to Go Into Liquidation
--------------------------------------------------
Kate Youde at Third Sector Online reports that the Drops of Help,
a company that operated a sham charity collection business, has
been ordered to go into liquidation by the High Court on public
interest grounds, following an investigation by the Insolvency
Service and the Trading Standards Institute.

Third Sector Online relates that the Drops of Help, which was
based in Beckton, east London, claimed to be a not-for-profit
organisation collecting for "poor families, orphans and asylums"
and fully licensed to carry out its operations, but the
investigation found none of the money was given to charity.

According to the report, the court heard that the company did not
make a single charitable donation but instead clothes and other
items it collected were shipped abroad and sold at a profit. The
Drops of Help forged the fumigation certificates necessary to
allow it to export clothes to certain countries.

The company, which was incorporated in January 2010, delivered
collection bags to households across Kent and east London and
claimed in advertising on these bags and its website that it was
collecting clothes and other items for the needy, the report
relays.

The adverts included a picture of a dishevelled child appearing
to bite her nails with the statement, "The drops of help in your
hands will support the poor families, orphans and asylums. Help
them today, not tomorrow," according to the report.

Asta Puziene, who ran the company with her husband Vaidotas
Puzas, its average turnover was about 15 tonnes of clothes per
month, Third Sector Online reports.

The couple had earlier pleaded guilty in separate proceedings at
Dartford Magistrates Court in October to 10 charges each relating
to misleading actions and omissions under the consumer protection
from unfair trading regulations, the report notes.

At a subsequent sentencing hearing at Maidstone Crown Court in
December, the report relates, Puzas was given a two-year prison
sentence, suspended for two years, given 250 hours of community
service and ordered to pay GBP31,000 costs.  Ms. Puziene was
given 150 hours of community service.  They were both banned for
five years from acting as company directors, the report adds.


ECO GLOBAL: Placed Into Provisional liquidation
-----------------------------------------------
Carbon credit company Eco Global Markets Limited has been ordered
into provisional liquidation Manchester Crown Court on public
interest grounds, following confidential enquiries by Company
Investigations, part of The Insolvency Service.

The company marketed carbon credits as an investment to the
public. The petition was presented on behalf of the Secretary of
State for Business, Innovation & Skills (BIS).

The Official Receiver has been appointed by Manchester Crown
Court as provisional liquidator of the company on the application
of the Secretary of State. The role of the provisional liquidator
is to protect the assets and financial records of the company
pending the outcome of the petition.

The provisional liquidator also has the power to investigate the
company's financial affairs to safeguard its assets on behalf of
its creditors. This includes any third party or trust money or
assets in the possession of or under the control of the company.

As the matter is before the court, no further information will be
made available until the petition is determined. The petition is
listed for hearing on March 13, 2013.

Eco Global Markets Limited was incorporated on April 19, 2010.
The registered office address of the company is at Heron Tower,
110 Bishopsgate, London EC2N 4AY.


ENVIROLINK NORTHWEST: Enters Voluntary Liquidation
--------------------------------------------------
Nick Livermore at Resource Magazine reports that a former
Envirolink Chairman, Peter Jones OBE, has blamed the Department
for Communities and Local Government's (DCLG) implementation of
'unethical' changes to auditing procedures for 'directly
[leading] to the NGO entering liquidation'.

The report relates that it was announced on January 11 that the
regional arm of the not-for-profit organisation set up to
'support the growth of the low-carbon and environmental goods and
services', Envirolink Northwest, had entered voluntary
liquidation, with debts owed to numerous unsecured creditors
totalling GBP550,000.

The decision to make all 19 of its staff redundant and appoint
Bev Budsworth -- beverley.budsworth@debtresolutionforum.org.uk --
of The Business Debt Advisor as liquidator was taken following a
board meeting in December 2012, the report recalls.

Resource Magazine relates that the liquidator said Envirolink hit
'cash flow difficulties' as a result of 'successive funding
cuts', exacerbated by the transfer of the European Regional
Development Fund (ERDF) from the former North West Development
Agency (NWDA) to the DCLG in April 2011.

Much of the debt, GBP398,460, is owed to the Merseyside Waste and
Recycling Authority (MWRA) for its part in co-ordinating the
Orchid Environmental Ltd mechanical heat treatment (MHT)
demonstrator plant in Huyton, Knowlsey, the cost of which was
estimated at GBP13 million when it closed in 2011 after only
three years of operation, the report notes.

"It's a really unfortunate situation that Envirolink Northwest
found itself in. For a limited company that helped support so
many businesses and created jobs in the region, it ultimately
failed because it became increasingly difficult to get sign-off
and payment on European funded projects. Severe funding cuts also
drastically reduced turnover causing cash flow issues," the
report quotes Mr. Budsworth as saying.

"What's worse is that 19 extremely experienced and loyal staff
will lose their jobs. Saving the business just wasn't possible as
there were very few remaining projects and no sustainable
business to sell."


KELDA FINANCE: S&P Assigns 'BB-' Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB-' long-term corporate credit rating to Kelda Finance (No. 3)
PLC (KF3), a finance company. KF3, Kelda Finance (No. 2) Ltd.
(KF2), and Kelda Finance (No. 1) Ltd. (KF1), constitute a holding
company (YWS HoldCo) of the U.K. water and sewerage company
Yorkshire Water Services Ltd. (YWS).  YWS is financed via a whole
business securitization.  The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating to KF3's
proposed bond of GBP155 million.  The recovery rating on the bond
is '3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

The rating on KF3 reflects S&P's view of the quality of the
incoming cash flow streams to KF3's guarantor, KF2, from YWS.
KF2's cash flows consist solely of distributions from YWS.

S&P considers a risk of a dividend lock-up at YWS as commensurate
with a "fair" business risk profile.  While S&P anticipates
stable cash flow generation by YWS from its regulated monopoly
water and sewerage business, KF2's revenues could be volatile in
S&P's view.  This is because YWS' dividends are subject to
restrictive covenants and could be locked up for the benefit of
YWS' bondholders should YWS' performance deteriorate.

Although the structural features embedded in the YWS
securitization, including covenants on interest coverage and debt
to regulated capital value (RCV), are beneficial to the corporate
securitization, they are credit negative for YWS HoldCo, which is
dependent on dividend streams to make debt service payments.
Under S&P's base-case scenario, it considers the forecast
headroom on the covenants as adequate and do not foresee dividend
lockup, although under its stress scenarios S&P generally observe
tightening ratios.

There is no other cash available at YWS HoldCo, given its policy
of 100% dividend pay-out, other than the GBP30 million revolving
credit facility that would cover between one and two years' worth
of interest on YWS HoldCo's debt.

The rating on KF3 also reflects its "aggressive" financial risk
profile.  In S&P's view, the relatively moderate debt-to-EBITDA
ratios--ranging from 0.8x to 2.5x over the next five years--are
offset by an assumption of aggressive distribution by YWS HoldCo
of all cash flow available post debt service.

There is also material refinancing risk, in S&P's view, because
YWS HoldCo's debt has bullet maturities.  S&P considers that the
debt of a holding company--which is by its nature subordinated to
the debt of the operating company--is more likely to suffer
refinancing risk in adverse market conditions.

These risks are partially mitigated by YWS management's track
record of taking a conservative approach to liquidity management
and YWS' prudent approach to maintaining debt below the level of
the covenant ratios under the financing documentation, as the
company anticipates reduction of RCV in the next regulatory
period (Asset Management Plan 6; starting in financial 2016).

The issue rating on the proposed senior secured notes of
GBP155 million to be issued by KF3 is 'BB-', in line with the
corporate credit rating.  The recovery rating on the notes is
'3', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default.

Recovery prospects are constrained by S&P's view of the
subordination of KF3's debt facilities to the existing debt at
the YWS level.  This is offset, in S&P's opinion, by the
relatively stable value of the regulated assets and the loan-to-
value covenant protection that limits the amount of debt that can
be raised at the YWS level.

Under S&P's hypothetical default scenario, it assumes that
sufficient stress at the YWS level would lead to a lock-up of
cash flows that S&P anticipates will occur in 2016, with the
debt-to-RCV ratio reaching 85%.  S&P then forecasts a payment
default at the YWS HoldCo level about 18 months after the lock-up
at the YWS level, assuming that the GBP30 million liquidity
facility would allow YWS HoldCo to service its debt during that
period.

Assuming outstanding debt of GBP310 million, including full
drawings under the GBP30 million RCF and with six months of
prepetition interest added to the debt balance, S&P sees recovery
in the 50%-70% range.

While recovery prospects are higher than the indicated range of
50%-70%, S&P maintains the recovery rating at '3' to reflect the
sensitivity of the recovery prospects to any of its assumptions.
The stable outlook reflects S&P's opinion that YWS HoldCo will
continue to receive forecast dividends from YWS, while
maintaining adequate headroom to avoid lock-up under the
covenants.  S&P also anticipates that YWS HoldCo will maintain
its "aggressive" financial risk profile, with no cash retention
within its structure, albeit with a moderate debt-to-cash flow
ratio of less
than 3x.

The rating could come under pressure if S&P anticipates that the
dividends available to YWS HoldCo will decline, for example, due
to operating difficulties at YWS or adverse regulatory decisions.
This could also occur if the GBP30 million liquidity facility was
not available, or a drawdown was outstanding.  Rating pressure
could also arise if S&P revised its view of YWS' credit quality,
with a one-notch downgrade of YWS potentially leading to a
multi-notch downgrade of KF3.

S&P views rating upside as unlikely in the short to medium term,
due to KF3's "aggressive" financial risk profile and the
potentially volatile nature of the dividend payments from YWS.


KELDA FINANCE: Fitch Assigns 'BB' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has assigned Kelda Finance (No.2) Limited an Issuer
Default Rating (IDR) of 'BB' and an expected senior secured debt
rating of 'BB+(EXP)'. The Outlook on the IDR is Stable.
Additionally, proposed senior secured notes to be issued by Kelda
Finance (No.3) Limited are assigned a 'BB+(EXP)' rating. The
final ratings are contingent on the receipt of the final
documents conforming to the information reflected in the
assignment of the expected ratings.

The proposed notes are expected to refinance all or some of the
existing bank debt at Kelda, the intermediary holding company of
FinCo. The notes are unconditionally guaranteed by Kelda and its
parent, Kelda Finance (No.1) Limited. Consequently, Kelda's bank
debt and, through the guarantee, FinCo's bond creditors totaling
GBP270 million and an undrawn GBP30 million facility, rank pari
passu with each other.

Kelda relies upon dividends from its regulated subsidiary,
Yorkshire Water Services Limited (YWS or OpCo), a regulated water
and wastewater company (WASC) in England. YWS's financing
structure is rated 'A' for the class A debt and 'BBB+' for the
class B debt with Stable Outlooks.

KEY DRIVERS

- Rating Constrained by Subordination:

Kelda's bank debt and FinCo's guaranteed bondholders are
subordinated to the rights of YWS's bondholders as reflected in
the assigned ratings. Additionally, YWS' covenanted financing
structure could limit the dividends it upstreams and there is a
statutory (and contractual) limitation on the pledging of its
assets to any creditors.

- Sole Cash Flow Source:

Kelda and FinCo's debt service relies upon dividends from YWS.
OpCo's dividends could be constrained by higher-than-covenanted
OpCo leverage, low annual RPI used to index revenue and the
regulated asset value (thereby constraining debt capacity to pay
dividends) and general cash flow demands such as capex.

- Low-Risk Regulatory Business Profile of YWS:

YWS operates in a low-risk regulated environment and has a stable
cash flow profile. In addition, the regulatory framework for the
current price-control period (AMP5) has removed volume risk by
allowing water and sewer companies (WASCs) to recover tariff-
basket revenue shortfalls due to lower volumes on a net-present
value-neutral basis in the next price-control period. However,
the probability of changes to the regulatory framework is
embedded in YWS's current business risk profile.

- Supportive Financial Profile:

Fitch expects consolidated net adjusted debt (including Kelda's
holding company and FinCo's guaranteed debt) to remain to end-
Match 2015 (remainder of the current price-control period) below
90% of YWS' regulatory asset value (RAV). We expect the dividend
cover (distributions from YWS relative to Kelda's debt service)
to average 3.3x for the remainder of AMP5. The expected credit
metrics are in line with rating guidelines for the assigned IDR
and thus support the Stable Outlook on Kelda's IDR.

LIQUIDITY

Sufficient Liquidity: Should dividends from YWS be disrupted,
Kelda has a committed GBP30 million revolving credit facility
dedicated to Kelda's and FinCo's debt service, representing 18-
months' interest. The debt maturity of Kelda's bank debt is 2017
and the bond maturity is expected to be in 2020.

RATING SENSITIVITY GUIDANCE:

Positive: Structural subordination embedded in the financing
structure of Kelda and the level of leverage at YWS limits the
potential for any positive rating action over the rating horizon.

Negative: Future developments that could lead to negative rating
action include:

YWS Downgrade: downgrade of YWS's financing structure could
result in a negative rating action for Kelda.

Additionally, a fall in the dividend cover ratio below 2.5x and
an increase in consolidated net debt to RAV ratio to above 90%
would likely result in a negative rating action.

Fitch may have provided another permissible service to the rated
entity or its related third parties. Details of this service can
be found on Fitch's website in the EU regulatory affairs page.


REST ASSURED: High Court Closes Down Firm Targeting Scam Victims
----------------------------------------------------------------
Rest Assured Property Services Limited, a company which targeted
victims of a previous holiday club scam, has been closed down by
the High Court following an investigation by the Insolvency
Service.

The investigation found that Rest Assured cold-called members of
the 'Club Class' holiday club and offered to sell their
memberships to interested buyers, in exchange for an up-front fee
of GBP749.

After the victims paid this initial fee, they received contract
papers and then received further telephone calls demanding that
they make additional payments of between GBP960 and GBP1,460 to
enable the sale to progress.

Rest Assured used this method to take GBP226,000 from its victims
but did not sell on a single holiday club membership on their
behalf.

The Court heard how the company passed on the money to several
individuals, some of whom had no known connection to the company.
These people spent the money on flights, hotel bills and designer
shopping, including Fred Perry and Jimmy Choo.

In addition, Rest Assured failed to pay VAT despite its turnover
appearing to have breached the VAT threshold.

All the known victims of Rest Assured were also all members of
the Club Class holiday group, seven connected companies which
were wound up in the public interest by the High Court in London
on October 3, 2012, following a investigation by Company
Investigations of the Insolvency Service.

That investigation found that companies in the Club Class group
had targeted consumers whom had been mis-sold timeshares, and
used high pressure techniques to convince those consumers to
relinquish their timeshares in part-payment for membership of the
Club Class holiday club. However, customers found that
relinquishing their timeshares to Club Class did not release them
from their timeshare charges and they were unable to claim cash
back incentives which had been held out to them by Club Class.

Commenting on the case, David Hill, an Investigation Supervisor
with The Insolvency Service said:

"This company cynically targeted people who had been victims of a
previous scam, using slick patter and preying on their
desperation to rid themselves of the worthless products they had
already been mis-sold.

"Putting a stop to these companies protects the public from being
ripped off and defends legitimate, decent businesses from being
undercut by those not playing by the rules.

"The Insolvency Service is determined to take tough action to
remove rogue companies from the business environment."


TAYLOR ELECTRICAL: To Close Doors After 90 years
------------------------------------------------
BBC News reports that Taylor Electrical, a family-run chain of
electrical shops in Norfolk and Suffolk, closes after 90 years of
trading, leaving 23 people out of work.

Taylor Electrical, which opened its first store in Beccles in
1922, also has branches in Halesworth, Diss and Mildenhall.

According to the report, Philip Reeve, who has been manager of
the Halesworth shop for 11 years, said a closure date had not
been set.

"A lot of businesses are on the edge, we've tipped over the
edge," BBC News quotes Mr. Reeve as saying.

BBC News relates that Mr. Reeve said the business had been hit by
the number of people buying electrical goods online.

A spokesperson from the chain's head office in Beccles said the
stores were likely to close "in the next couple of months," BBC
News adds.


TRITON EUROPEAN: Fitch Raises Ratings on 3 Note Classes to 'Bsf'
----------------------------------------------------------------
Fitch Ratings has upgraded Triton (European Loan Conduit No. 26)
Plc's notes, as follows:

  GBP77.8m Class A1 (XS0294600514) upgraded to 'AAsf' from 'Asf';
  Outlook Stable

  GBP23.0m Class A2 (XS0294602486) upgraded to 'AAsf' from 'Asf';
  Outlook Stable

  USD87.3m Class B (XS0294620207) upgraded to 'Asf' from 'BBBsf';
  Outlook Stable

  GBP12.0m Class C (XS0294603294) upgraded to 'BBsf' from'Bsf';
  Outlook Stable

  GBP1.9m Class D (XS0294603708) upgraded to 'BBsf' from 'Bsf';
  Outlook Stable

  GBP3.8m Class E (XS0294604185) upgraded to 'BBsf' from 'CCCsf';
  Outlook Stable

  GBP4.2m Class F (XS0294604771) upgraded to 'Bsf' from 'CCsf';
  Outlook Stable

  GBP8.4m Class G (XS0294607287) upgraded to 'Bsf' from 'CCsf';
  Outlook Stable

  GBP9.4m Class H (XS0294608335) upgraded to 'Bsf' from 'CCsf';
  Outlook Stable

The previously distressed ratings on the class E to H notes
reflected the expected losses from the work out of the GBP285.5
million Devonshire Square loan -- a view which was driven by the
deteriorating income profile of the assets with close to half of
in place rent expiring in 2014 and a 2010 valuation at over 100%
loan-to-value ratio that showed little sponsor equity left. The
loan's 2011 restructure, and implementation of a business plan,
was clearly successful with an asset sale subsequently achieved
at a level which allowed full repayment of the securitized loan.
The modified pro rata distribution of sale proceeds, 80% of which
was allocated to class A, significantly improved the credit
quality of all note classes as evidenced by the upgrades.

The larger of the two remaining loans, the GBP158.4 million
Access Self Storage loan, makes up 85% of the remaining pool. The
loan is secured by 30 self-storage facilities, 86% of which are
located in Greater London (by market value), which meet interest
costs from revenues derived from the operating business. Income
generation has been robust with the portfolio enjoying positive
year-on-year growth for both occupancy and net operating income
since 2009. This is attributed to the high proportion of London
assets, which not only benefit from the housing market churn,
like the wider storage center market, but also have greater
access to customers with longer-term storage needs due to a
general lack of residential storage space.

The asset performance to date provides some confidence that full
repayment will be achieved, particularly in light of the strong
cash flow and six-year tail period until bond maturity which
would assist with any necessary deleveraging. However, this
confidence is tempered somewhat by the operating nature of the
assets, for which detailed financial reports are not available to
Fitch, and the relatively unknown appetite for both lenders and
investors for this asset class.

The other remaining loan, the GBP26.9 million Nextra Portfolio UK
loan, is secured by two office properties located in
Rickmansworth and Watford. Both assets are let to single tenants
with a combined weighted average lease term of 8.07 years
providing good continuity of income. The properties are located
in a secondary area, which has seen yields widen significantly to
that of prime in recent years. However, Fitch estimates that
sufficient equity remains to avoid any losses.

Fitch will continue to monitor the performance of the
transaction.


YARECRETE CONSTRUCTION: Set to Go Into Liquidation
--------------------------------------------------
Ben Woods at Eastern Daily Press reports that Yarecrete
Construction has announced that it is on the brink of liquidation
with 15 staff set to lose their jobs.

According to EDP, directors Terence and Chris Hall have
instructed insolvency practitioners Parker Andrews to wind down
the business before the company is expected to go into
liquidation on
February 7.

The report relates that Jamie Playford -- JP@parkerandrews.co.uk
-- insolvency practitioner for Parker Andrews, said the family-
run firm, which had been trading for more than 20 years, had
struggled to cope with the poor state of the construction
industry and had been out priced by national builders merchants.

Meanwhile, profits were also hit when it tried to integrate the
Halls Group builders merchants into the business after it bought
the firm out of administration in July 2011, the report relays.

EDP discloses that creditors are owed more than GBP300,000 by the
company -- but some of that money is expected to be made back
through the sale of equipment and machinery.

"The construction industry had not picked up as quickly as they
thought it was going to, and they found pricing difficult when
matched against builders merchants like Travis Perkins," the
report quotes Mr. Playford as saying.  "The fact is that it had
bought Halls out of administration had become a cash drain on the
firm as they tried to integrate the business."

Yarecrete Construction is a Gorleston-based builders merchants.



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


* Fitch Says IMMFA Responds to Negative Euro Money Market Yields
----------------------------------------------------------------
Fitch Ratings says that over half of IMMFA Euro Money Market
Funds (MMF) by assets have adopted or publicly announced they are
in the process of adopting structural share class changes in
response to potential negative euro money market yields,
amounting to nearly EUR50 billion assets. Investors have been
accepting of this: changes have been approved at EGMs and
outflows have not been unusually high compared to seasonal
patterns. We expect more fund complexes will follow suit.

In all cases, Fitch has reviewed, investors have been given the
option to redeem prior to changes being made. For the sample of
Fitch-rated Euro MMFs that have implemented changes, the majority
of investors have chosen to remain invested in the funds post-EGM
approval, despite the new structures and the potential for
capital loss through unit destruction.

The changes adopted allow for the maintenance of a constant net
asset value (CNAV) per share in a potentially negative yield
environment. These changes follow the cut in the ECB deposit rate
to zero in July 2012 and recognize the increased risk that a MMF
could suffer a negative net yield. Fitch is not aware of a fund
that has posted a negative net yield to date.

The changes made apply to those funds that strive to maintain a
CNAV via distributing share classes. Distributing share classes
that continuously post negative net yields could cause the
rounded NAV of the share class to fall below 1. Amending the
structure, to allow the redemption and/or cancellation of shares
on any day where a fund suffers a negative yield, enables funds
to maintain a stable net asset value per share. However,
investors would lose capital in this scenario via a reduced
number of shares.

The structural changes implemented by MMF managers to date have
all achieved the same economic effect. Fitch has noted slightly
differing mechanisms, via creating new share classes and by
modifying existing share classes. Daily liquidity has also been
maintained, a key consideration of Fitch's global MMF rating
criteria.

Fitch has also noted the concept of relativity being introduced
into MMF objectives, whereby the yield of a fund is compared to
prevailing money market rates. The average net yield of Fitch
rated Prime Euro MMFs is currently 5bps.

Negative MMF yields stemming from the short-term market rate
environment would not be a negative rating factor by itself for
Fitch-rated MMFs, including those rated 'AAAmmf, as the agency
indicated in a comment dated 18 September 2012. Fitch recognizes
that MMFs yields are to be consistent with prevailing safety and
liquidity costs, commensurate with alternative high-quality
short-term instruments. The agency also highlights that Fitch MMF
ratings are a ranking of funds on the basis of their liquidity,
market and credit risk profiles.


* Negative Bank Ratings Stubbornly High at 20%, Fitch Says
----------------------------------------------------------
Fitch Ratings says that negative rating potential for banks is
highest in the developed markets (DM) with combined Negative
Outlooks and Rating Watch Negative (RWN) representing 27% of
global bank ratings, far higher than the equivalent 16% emerging
markets (EM) figure.

Bank rating trends edged up slightly in Q412, with a Stable
Outlook on 75% of global ratings (Q312: 73%). However, positive
potential, as reflected in combined Positive Outlooks and Rating
Watch Positive, is still minimal at 3% of global bank ratings (no
change). Looking back over four quarters, improvements are barely
visible and it is too early to be optimistic about trends as a
stubbornly high 20% of global bank ratings assigned by Fitch have
Negative Outlooks/RWN (Q312: 23%).

The number of Issuer Default Ratings (IDR) downgrades matched
upgrades in Q412. However, a high 60% of global downgrades were
in DM (several linked to the downgrade of HSBC Holdings plc)
while around 90% of upgrades were in EM, many of which relate to
the upgrade of the Turkish sovereign ratings. European banks led
the way for DM downgrades in Q412 and IDRs of Spanish, Italian
and French banks are under pressure, with the majority on
Negative Outlook/RWN.

Support is a far more important driver for ratings in EM where
nearly half of all bank IDRs are reliant on some manner of
support. Support-driven IDRs remain vulnerable to changes in the
ability and/or propensity of support providers to provide such
support. The state drives just over half (55%) of supported EM
bank IDRs. In DM, one-third of bank IDRs are support-driven, with
state-support driving roughly two-thirds of these ratings.

Around one-third of banks globally are rated in the 'BBB' range,
split equally between DM (31%) and EM (35%). DM banks are still
far more highly rated, with 40% of IDRs in the 'A' category (EM a
low 17.0%) and around 47% of EM IDRs in the 'BB' and 'B'
categories (DM: 13%).


                            *********

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., Washington, D.C., 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 2013.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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202-241-8200.


                 * * * End of Transmission * * *