TCREUR_Public/130228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, February 28, 2013, Vol. 14, No. 42

                            Headlines



C Z E C H   R E P U B L I C

CESKOSLOVENSKA OBCHODNA: Moody's Affirms 'D' Bank Strength Rating


G R E E C E

YIOULA GLASSWORKS: S&P Lowers Corporate Credit Rating to 'SD'


I R E L A N D

BELLTABLE ARTS: Creditors Set to Put Theatre Into Liquidation
ELAN CORP: RPI Purchase Offer No Impact on Moody's 'Ba3' CFR
GREENSTAR: Employees Has Until March 1 to Accept Pay Cuts
NEWBRIDGE CREDIT: Fees May Face Forensic Analysis, Court Says


N E T H E R L A N D S

CLASSIC I: Moody's Lowers Rating on EUR75-Mil. Notes to 'Ba3'


P O L A N D

CYFROWY POLSAT: S&P Alters Outlook to Positive & Affirms 'BB' CCR


R O M A N I A

MECHEL SPECIAL: To Enter Judicial Liquidation Process


R U S S I A

TRANSCONTAINER JSC: Policy Change No Impact on Moody's 'Ba3' CFR


S L O V E N I A

CESTNO PODJETJE: Slovenian Court Puts Firm Into Receivership


S P A I N

CAJA DE AHORROS: S&P Converts 'BB' Debt Rating to "Unsolicited"
IM GRUPO: Moody's Assigns '(P)Ba3' Rating to EUR662.5-Mil. Notes


S W I T Z E R L A N D

SCHMOLZ + BICKENBACH: Moody's Lowers Corp Family Rating to 'B3'


U N I T E D   K I N G D O M

ASSET & LAND: Goes Into Voluntary Liquidation
DRIVE ASSIST: In Administration, Cuts 640 Jobs
INCHMARLO RESORT: Enters Into Provisional Liquidation
JKL (WAKEFIELD): Goes Into Liquidation; Owes GBP22 Million
JKS BRICKWORK: Co-Director Banned For Nine Years

MILLBRAID LTD: Under Insolvency Watchdog Probe
MOORES JEWELLERS: In Administration, Seeks Buyer
PUNCH TAVERNS: Moody's Reviews 15 Note Classes for Downgrade
ROAD MANAGEMENT: S&P Lowers Rating on GBP165 Million Bonds to 'B'
TITAN EUROPE 2006-2: S&P Affirms 'D' Rating on Two Note Classes

TITAN EUROPE 2006-3: S&P Lowers Rating on 7 Note Classes to 'D'


X X X X X X X X

* Upcoming Meetings, Conferences and Seminars


                            *********



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C Z E C H   R E P U B L I C
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CESKOSLOVENSKA OBCHODNA: Moody's Affirms 'D' Bank Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Ceskoslovenska obchodna banka,
a.s.'s bank financial strength rating of D (equivalent to a
baseline credit assessment of ba2) and its local and foreign-
currency deposit ratings of Baa3/Prime-3. The outlook on all
ratings remains stable.

The affirmation of the bank's ratings reflects (1) the bank's
growing market position as the fourth largest bank in Slovakia;
(2) its good asset-quality profile, with some resilience to
ongoing pressure from the economic environment; (3) its
satisfactory level of capitalization; and (4) the now more
comfortable capital position of CSOB Slovakia's Belgian parent,
KBC Bank N.V. (KBC, deposits A3 stable; BFSR D+/ BCA baa3
stable), which should reduce pressure on the Slovak subsidiary to
upstream profits and capital to the parent.

Moody's also notes that CSOB Slovakia is expected to experience
pressure on profitability in 2013 stemming from decelerating
economic growth, declining net interest margins and a heavy bank
levy; however, profits are expected to be remain higher than
their 2008 pre-crisis level.

Ratings Rationale:

Following its merger with Istrobanka in 2009, a small Slovakian
bank, CSOB Slovakia has gradually reinforced its position as the
fourth largest bank in the Slovak market in terms of assets. Its
retail franchise has been slightly strengthened in the last two
years, with market share in retail lending increasing to 10.3% in
H1 2012 from 9.8% in 2009. Its corporate franchise has also been
strengthened, with market share in corporate lending rising to
9.8% in H1 2012 from 9.3% in 2009.

Impaired loans as a share of total loans declined to 6.5% in 2011
from 8.5% in 2010, and Moody's expects that a further decrease
will have been achieved at year-end 2012, as the bank continued
to clean up the old Istrobanka's non-performing portfolio.
However, decelerating economic growth in 2013 will likely reverse
the asset-quality trends seen to date and contribute to a
moderate increase in problem loans and provisioning costs. Given
CSOB Slovakia' increasing focus on the retail segment post 2009-
crisis, particularly in mortgage lending, and its declining
exposure to the relatively weak real estate and construction
sector, Moody's expects that the impact on CSOB Slovakia's
problem loans in 2013 will be limited.

Although Moody's expects CSOB Slovakia to report higher net
profit in 2013 than pre-crisis in 2008 (0.9% of its average risk-
weighted assets in 2008), the bank's profitability will remain
under moderate pressure from the country's decelerating growth,
historically low interest rates, intensifying deposit competition
and a heavy bank levy. Official data from the Slovak statistical
office indicates that the deceleration in real GDP exceeded
expectations in the fourth quarter of 2012, and Moody's has
revised downwards its GDP forecast to 2.2% growth in 2012 and
1.4% in 2013, compared to 3.2% in 2011. Also, unemployment
remains high and reached 14.8% in January 2013 according to
official data from the Slovak Central office of Labour, Social
Affairs and Family.

The stable outlook on CSOB Slovakia's ratings reflects Moody's
expectation that the bank will be able to absorb a more difficult
scenario in the next 12 to 18 months, given its adequate level of
profitability and good capitalization, with a Tier 1 capital
ratio of 14.1% at year-end 2011.

In addition, the rating agency considers that KBC Group's EUR1.25
billion equity-raising exercise on 10 December 2012 and
forthcoming issuance of EUR750 million of contingent capital
expected for early 2013 have significantly alleviated the group's
reliance on future earnings to repay the remaining EUR1.2 billion
in state aid by year-end 2013. This, in turn, reduces the
pressure on CSOB Slovakia to upstream profits and capital to the
parent. In addition, Moody's notes that in October 2012, KBC
reiterated that Slovakia is one of the core markets for the KBC
group, which owns 100% of CSOB Slovakia's capital.

CSOB Slovakia's deposit ratings of Baa3/Prime-3 continue to
incorporate two notches of uplift from its standalone credit
assessment of ba2, reflecting Moody's current view of high
likelihood of parental and systemic support.

What Could Move The Ratings Up/Down

Upwards pressure on the bank's standalone and supported ratings
could develop from (1) a substantial and sustainable improvement
in the financial performance of the bank; and (2) a significant
reduction in borrower concentration. A material improvement in
the European economic and operating environment could also exert
upwards pressure on CSOB Slovakia's ratings.

Any unexpected developments regarding parental and systemic
support -- which would lead to a reduction in Moody's support
expectations -- could negatively impact CSOB Slovakia's deposit
ratings. In addition, a deterioration in the bank's financial
performance, in particular its profitability, asset quality, and
capital, would also have credit-negative implications for the
bank's BFSR and deposit ratings.

The principal methodology used in this rating was Moody's
Consolidated Global Bank Rating published in June 2012.



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G R E E C E
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YIOULA GLASSWORKS: S&P Lowers Corporate Credit Rating to 'SD'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Greece-based glass container
manufacturer Yioula Glassworks S.A. (Yioula) to 'SD' (selective
default) from 'CC'.

At the same time, S&P affirmed its 'CC' issue rating on Yioula's
senior unsecured notes.

The downgrade reflects S&P's understanding that Yioula has
restructured certain amortizing loan repayments with three of its
banks.  S&P understands that although these payments were due in
the last quarter of 2012, the banks have verbally agreed to
capitalize these repayments.  S&P believes that the banks
accepted the new terms without appropriate compensation because
Yioula is not able to fulfil its original obligations.  S&P
therefore views these extensions as a distressed debt
restructuring under its criteria.

"We understand that the amounts due in the last quarter of 2012
were relatively low in value, and precede refinancings that are
currently being negotiated.  We also understand that the
restructuring of these bank loans does not trigger an event of
default and immediate acceleration of the group's senior
unsecured bond.  We view positively Yioula's refinancing of its
EUR2.5 million facility with Bank Of Cyprus until September 2015,
but note that the group must still finalize extensions with
Piraeus Bank and EFG Eurobank Ergasias S.A. for a total of
EUR42 million by Dec. 31, 2013.

S&P will reassess the corporate credit rating on further review
of Yioula's liquidity position, upcoming debt maturities, and
business trends.  S&P's current view is that it would not raise
the corporate credit rating higher than 'CC', due to the
company's onerous liquidity position, weak cash flow generation,
and excessively high debt leverage, which could lead it to
default again in the coming quarters unless it undertakes a
complete debt restructuring.



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I R E L A N D
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BELLTABLE ARTS: Creditors Set to Put Theatre Into Liquidation
-------------------------------------------------------------
Alan Owens at Limerick Leader reports that a creditors meeting
has been called for the company running the Belltable Arts
Centre, a move that has forced the theatre into liquidation.

The Limerick Leader relates that the Belltable Arts Centre
Company Limited is to be put into liquidation with substantial
debts owed to creditors which run into the order of six figures.
These are primarily to the contractor who carried out the
extensive renovation works to the theatre in 2010 and 2011, the
report says.

According to the report, the theatre closed early in the new year
on a "temporary basis", it was claimed by the Belltable's board
of directors, which include Eoghan Prendergast and John Crowe of
Shannon Development and local councillor Tom Shortt.  It was
hoped that a restructuring plan would be possible, but that has
failed to materialize.  Staff were laid off in January.

Several of the directors confirmed that the company was set for
liquidation.

The meeting of creditors will take place early in March, Limerick
Leader says.

Auditors Deloitte & Touche have been appointed to manage the
company's debts and wind it up, the report discloses.


ELAN CORP: RPI Purchase Offer No Impact on Moody's 'Ba3' CFR
------------------------------------------------------------
Moody's Investors Service commented that the ratings of Elan
Corporation, plc (Ba3 Corporate Family Rating and Ba3 senior
unsecured notes) remain unchanged following the proposed
indicative offer by Royalty Pharma (Baa2 stable) to acquire Elan.
Elan's ratings will remain unchanged until there is greater
clarity on the likelihood and the terms of any transaction with
Royalty Pharma.

The principal methodology used in this rating was the Global
Pharmaceutical Industry published in December 2012. 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 Dublin, Ireland, Elan Corporation, plc is a
specialty biopharmaceutical company with areas of expertise in
neurological and autoimmune disease. Its sole product, Tysabri,
marketed with Biogen Idec, is approved for the treatment of
multiple sclerosis and Crohn's disease.


GREENSTAR: Employees Has Until March 1 to Accept Pay Cuts
---------------------------------------------------------
RTE News reports that the receiver at waste recovery firm
Greenstar has told the company's 550 employees that they have
until Friday, March 1, to accept significant pay cuts or face the
possible liquidation of the firm.

David Carson of Deloitte has previously told unions that there
was a possibility of finding a buyer of the company but that the
cost base -- including wages -- was too high, RTE News says.

RTE News relates that David Lane of SIPTU said recently the
receiver had told staff that they would have to accept wage
reductions of up to 38% to make the company viable.

Mr. Lane said it was unlikely that that the union could reach a
deal as the proposed cuts were "too severe," the report relays.

Employees have already been told that, even if the company is
sold, there will be redundancies and that staff will only get
statutory redundancy, according to RTE News.

Mr. Lane also said the receiver has asked for expressions of
interest in redundancy to be sent to him by Friday, the report
adds.

As reported in the Troubled Company Reporter-Europe on Aug, 27,
2012, Belfast Telegraph said that waste company Greenstar claimed
banks have demanded immediate payment of loans causing it to fall
into receivership.  The report related that the banks extended
loan repayment periods on a number of occasions over the last
year, the report notes.  The firm's debts are in the region of
EUR83 million, according to Belfast Telegraph.


NEWBRIDGE CREDIT: Fees May Face Forensic Analysis, Court Says
--------------------------------------------------------------
Tim Healy at independent.ie reports that the President of the
High Court Mr. Justice Nicholas Kearns said a court may have to
forensically examine work done for EUR1.3 million fees that are
being sought by an insolvency specialist appointed special
manager of Newbridge Credit Union.

independent.ie says the total costs for Newbridge Credit Union's
special manager, Luke Charleton -- Luke.Charleton@ie.ey.com -- of
Ernst & Young, and his team and for lawyers, are expected to be
close to EUR2 million over 18 months.

Mr. Charleton was appointed in January 2012 following concerns by
the Central Bank about the credit union's financial position. His
appointment runs until July, the report discloses.

independent.ie relates that Justice Kearns said from the point of
view of a credit union with small depositors -- who will have to
pay the fees -- the sums sought are "enormous."

The court heard that Mr. Charleton's rates are now EUR375 an
hour, with descending rates for staff, the report relays.

In opposing the latest fee application, the report relates, the
credit union's directors complained they were given an A4 page of
hours worked by the special manager and his staff but neither
that nor other material indicated precisely what work they were
doing.

According to independent.ie, Mr. Justice Kearns said, while
recognising the "great value" of Mr. Charleton's work, he was
acutely conscious everyone was experiencing financial
difficulties and the members needed assurance in a tangible way
that the fees charged are reasonable and necessary.

If agreement could not be reached on fees, the court may have to
engage in examining the nature of the work done "from A to Z" in
special manager appointments, the judge, as cited by
independent.ie, indicated.

Newbridge Credit Union is a community based, non-profit making
financial co-operative.



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N E T H E R L A N D S
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CLASSIC I: Moody's Lowers Rating on EUR75-Mil. Notes to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service downgraded the rating of the following
notes issued by CLASSIC I (Netherlands) B.V.:

  Series 2003-1 EUR 75,000,000 (current amount outstanding EUR 25
  million) Secured Fixed Rate Asset-Backed Notes due July 24,
  2013, Downgraded to Ba3; previously on December 19, 2012 Ba1
  Placed Under Review for Possible Downgrade

This transaction represents the repackaging of a Hungarian
Forints denominated mortgage bond issued by FHB Mortgage Bank Co.
Plc.

Ratings Rationale:

Moody's explained that the rating action taken is the result of
the downgrade to Ba3 of the FHB Mortgage Bank Co. Plc. Covered
Bond rating on February 15, 2013.

The issuer entered into a currency swap at close, whereby HUF
collateral interest and principal is passed to Commerzbank AG,
originally Dresdner Bank AG, (the "Swap Counterparty") and the
Swap Counterparty pays the EUR interest and principal due under
the notes. The transaction is exposed to the risk of the
Collateral and the Swap Counterparty, as there are only 5 months
to maturity and the Swap Counterparty is currently rated A3,
Moody's considers that the dominant risk to noteholders is that
of the Collateral.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy and 2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction and 3) additional expected loss associated with
hedging agreements in this transaction may also negatively impact
the ratings.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in April
2010.

Moody's quantitative analysis of Repacks is designed to estimate
the expected loss "EL" borne by the Repack investor, given the
transaction structure, the Collateral and any other credit risks
arising under the transaction. To this end, Moody's relies on an
EL analysis in which Moody's identifies and attaches
probabilities to events that might give rise to losses to Repack
noteholders.

Moody's EL calculation assesses the probability and severity of
each possible loss-inducing event happening at discrete
(typically one-year) intervals through the life of the
transaction. The EL for each of these time points can then be
aggregated to provide a weighted-average EL for the rated notes.

No additional cash flow analysis, sensitivity or stress scenarios
have been conducted as the rating was directly derived from the
rating of the collateral and the swap counterparty.



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P O L A N D
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CYFROWY POLSAT: S&P Alters Outlook to Positive & Affirms 'BB' CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Cyfrowy Polsat S.A., a leading Polish pay-TV platform,
to positive from stable.  At the same time, S&P affirmed the
long-term corporate credit rating at 'BB'.

"The rating action reflects our view that Polsat is deleveraging
quicker than we had expected and that credit ratios will further
improve in 2013 to levels commensurate with a higher rating.  It
also incorporates our expectations that a prudent and articulated
financial policy could result in such an improvement proving
sustainable over the next few years.  The outlook revision also
reflects the resilience of Polsat's operating performance
relative to its rated peers in times of declining TV advertising
and of a saturated pay-TV market in Poland, together with good
cash flow generation and continued debt reduction," S&P said.

"We think that any further deleveraging, however, may to some
extent be slowed by the resumption of a dividend, which had been
cancelled following the acquisition of Telewizja Polsat (TV
Polsat) in 2011, and inception of covenants restricting
distributions to shareholders under the bank facility agreement,"
S&P added.

The ratings are based on Polsat's "fair" business risk and
"significant" financial risk profiles, as S&P's criteria define
these terms, and continue to reflect its view of the company's
still high debt following the acquisition of TV Polsat in April
2011; of geographical exposure limited to a single economy; of a
highly competitive and maturing pay-TV market; and of exposure to
cyclical advertising revenues from broadcasting activities.

These weaknesses are partly offset by Polsat's leading and highly
profitable position in the Polish pay-TV market; sound free cash
flow generation; and solid profitability owing both to economies
of scale and management's strong focus on cost control.

The positive outlook reflects S&P's view that Polsat, under S&P's
base case of moderate top-line growth and relative margin
stability, could post credit measures commensurate with a higher
rating in 2013, thanks to its good cash flow generation and
continued debt reduction.

S&P could take a positive rating action if, under these
circumstances, Polsat achieves adjusted debt to EBITDA of less
than 3.0x and a ratio of adjusted FFO to debt of at least 30%.
An upgrade would also likely require a prudent and articulated
financial policy that would allow these ratios to be sustained
over the next few years.

S&P could revise the outlook to stable if weaker-than-expected
operating performance delayed or reversed Polsat's deleveraging
trend.  S&P could also revise the outlook to stable if Polsat's
financial policy became more aggressive than S&P currently
expects, especially regarding acquisitions or shareholder
returns, leading to weaker credit measures.



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R O M A N I A
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MECHEL SPECIAL: To Enter Judicial Liquidation Process
-----------------------------------------------------
Romanian Business News reports that Mechel Special Steels
Manufacturer (COS) of Targoviste (north of Bucharest), on
February 26 filed application with the Dimnbovita Law Court,
asking the Company to enter reorganization and judicial
liquidation procedure, according to Bucharest Stock Exchange.

"We mention that we have in view the protection of the Company's
interests and the re-launch of its activity on solid bases,
relying on a re-organization plan which we are confident will
lead to the Company's viability. With the support by Invest
Nikarom, the Company that indirectly holds the majority share
package, we will make efforts to restart Mechel (COS) activity,
in terms of economic efficiency," the Company said in a statement
to the BVB, the report relates.

The news agency discloses that during the first nine months of
2012, Mechel Iron and Steel Works reported a turnover by ten
percent lower, amounting to RON773.2 million (EUR174.4 million),
and losses amounting to RON78 million (EUR17.6 million), namely
by 12.6% less than in the same time span in 2011.

Mechel Special Steels Works (COS) of Targoviste numbered over
10,000 employees in 1990, but the figure dropped to 5,700 in the
year 2000, and it currently numbers only 2,000.



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R U S S I A
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TRANSCONTAINER JSC: Policy Change No Impact on Moody's 'Ba3' CFR
----------------------------------------------------------------
Moody's Investors Service reports that Transcontainer JSC's Ba3
corporate family rating and stable outlook are unaffected by the
announced revision of its dividend policy, which anticipates a
step-up in annual dividend payouts to 25% from 10% of its net
profit under Russian accounting standards.

While an increase in dividend payouts in itself might be viewed
as credit negative, Moody's expects that its impact on the
company's credit standing will be immaterial due to
Transcontainer's improved operating cash flow generation and
solid cushion under its current financial metrics. That said,
Moody's expects that dividend payouts will be financed mostly
with cash flow as opposed to debt, and that the company will be
able to continue generating positive free cash flow despite high
capital expenditure (capex) and increased dividend payouts.

The company already paid dividends of RUB1.2 billion ($400
million) in 2012, which was 35% of its RAS net profit for 2011
and much higher than historical or policy levels. Nevertheless,
in the last 12 months to September 2012 it generated solid free
cash flow of RUB1.2 billion ($400 million), and reduced its
debt/EBITDA to 1.2x (as adjusted by Moody's) as of September
2012, which is strong for the company's Ba3 rating. However, the
company is yet to demonstrate its ability to maintain
conservative leverage and positive free cash flow on a
sustainable basis, which could be challenging if the market
environment deteriorates, given its large investment program.

Moody's recognizes that Transcontainer has robust potential for
long-term organic growth, as the Russian rail-based container
transportation market segment has low containerization level
(i.e., the portion of containerized cargo volumes in total
container sable rail cargo volumes) of 2%-4% in 2001-11. However,
this market segment -- and, consequently, Transcontainer's
revenues and operating cash flow -- strongly depend on the
dynamics of the broader economy, and is likely to be vulnerable
to a potential market downturn, as evidenced during the recent
global financial crisis, when container transportation and
handling volumes dropped by more than 20% in 2009, compared with
the freight rail transportation market average decline of 15%.

Moody's notes that one of the key factors constraining
Transcontainer's rating is continuing uncertainty regarding the
potential change in its shareholder structure if Russian Railways
JSC (Baa1 stable) disposes of its 50% plus two shares stake in
the company, or reduces it below the controlling one, which might
lead to a further change in Transcontainer's financial policy.

Transcontainer is Russia's dominant rail-based container
transportation business, controlled by Russian Railways which
owns a 50% plus two shares stake in the company. Transcontainer
operates a fleet of 24,448 flatcars (as of September 2012) which
is nearly 60% of Russia's total. In the last 12 months to
September 2012, Transcontainer generated revenue of RUB36 billion
($1.2 billion) and transported 1.5 million twenty-foot equivalent
units (TEUs). Its rail-side container terminals in Russia had a
throughput of 1.5 million TEUs in the same period.



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S L O V E N I A
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CESTNO PODJETJE: Slovenian Court Puts Firm Into Receivership
------------------------------------------------------------
SeeNews reports that the Ljubljana District Court sent Slovenian
construction firm Cestno podjetje Ljubljana into receivership on
Tuesday, local media reported.

According to SeeNews, news agency STA reported that the court
based its decision on the company's failure to meet its
obligations to workers and creditors for more than three months.

Based in Ljubljana, Slovenia, Cestno podjetje Ljubljana --
http://www.cp-lj.si/-- is engaged in the construction of roads,
rail roads and airports, reconstruction works as well as road
maintenance.



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S P A I N
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CAJA DE AHORROS: S&P Converts 'BB' Debt Rating to "Unsolicited"
---------------------------------------------------------------
Standard & Poor's Ratings Services said it had converted its
"solicited" 'BB/B' long- and short-term counterparty credit
ratings on Spain-based Caja de Ahorros y Pensiones de Barcelona
(la Caixa) to "unsolicited."  The outlook is negative.

S&P also converted to unsolicited its solicited 'B+' issue
ratings on la Caixa's EUR4 billion outstanding subordinated debt.

These actions follow la Caixa's decision to terminate its
contractual relationship with Standard & Poor's Ratings Services.
S&P's decision to convert the ratings to unsolicited reflects,
among other things, its belief that the sizable amount of
outstanding debt issued by la Caixa still attracts market
interest.

La Caixa's decision does not change S&P's view of la Caixa's
creditworthiness, and the ratings themselves remain unchanged.

La Caixa is CaixaBank S.A.'s controlling holding company.  S&P
analyses both companies on a consolidated basis using la Caixa's
consolidated financial information, in accordance with S&P's
criteria.  S&P considers Caixabank, whose ratings remain
solicited, to be la Caixa's core operating entity.  S&P currently
rates la Caixa two notches below Caixabank's long-term rating to
reflect the structural subordination of la Caixa's creditors to
those of Caixabank.

The negative outlook on la Caixa mirrors that on Caixabank. A
downgrade of Caixabank would, all other things being equal,
likely trigger a similar action on la Caixa.

This unsolicited rating(s) was initiated by Standard & Poor's.
It may be based solely on publicly available information and may
or may not involve the participation of the issuer.  Standard &
Poor's has used information from sources believed to be reliable
based on standards established in its Credit Ratings Information
and Data Policy but does not guarantee the accuracy, adequacy, or
completeness of any information used.


IM GRUPO: Moody's Assigns '(P)Ba3' Rating to EUR662.5-Mil. Notes
----------------------------------------------------------------
Moody's Investors Service assigned provisional (P) ratings to two
series of notes to be issued by IM GRUPO BANCO POPULAR EMPRESAS V
FTA (the Fondo):

  - EUR1,987.5 million Series A Notes, assigned (P) A3 (sf)

  - EUR662.5 million Series B Notes, assigned (P) Ba3 (sf)

Ratings Rationale:

IM GRUPO BANCO POPULAR EMPRESAS V FTA is a securitization of
standard loans mainly granted by Banco Popular (Ba1 Possible
Downgrade/NP) to small and medium-sized enterprise (SME) and
self-employed individuals.

At closing, the Fondo -- a newly formed limited-liability entity
incorporated under the laws of Spain -- will issue two series of
rated notes. Banco Popular will act as servicer of the loans,
while Intermoney Titulizacion S.G.F.T., S.A. will be the
management company (Gestora) of the Fondo.

As of January 28, 2013, the provisional asset pool of underlying
assets was composed of a portfolio of 49,580 contracts granted to
SMEs and self-employed individuals located in Spain. The assets
were originated mainly between 2008 and 2012. The weighted-
average seasoning of the portfolio is 1.89 years and the
weighted-average remaining terms is 3.99 years. The whole pool is
unsecured. Geographically, the pool is well diversified with
Madrid (16.35%), Catalonia (16.26%) and Andalusia (13.24%) as top
regions. At closing, there will be no loans more than 90 days in
arrears and above 30 days only up to a maximum of 1%.

In Moody's view, the strong credit positive features of this deal
include, among others: (i) a relatively short weighted average
life of 2.18 years; (ii) a granular pool (with an effective
number of obligors of over 3,000); (iii) a good seasoning of 1.89
yrs; and (iv) a geographically well-diversified pool. However,
the transaction has several challenging features: (i) strong
degree of linkage to Banco Popular acting as servicer and paying
agent; (ii) no swap in place and (iii) all the assets are
unsecured. These characteristics were reflected in Moody's
analysis and provisional ratings, where several simulations
tested the available credit enhancement and 10% reserve fund to
cover potential shortfalls in interest or principal envisioned in
the transaction structure.

The ratings are primarily based on the credit quality of the
portfolio, its diversity, the structural features of the
transaction and its legal integrity.

In its quantitative assessment, Moody's assumed a mean default
rate of 9.31%, with a coefficient of variation of 66.6% and a
stochastic mean recovery rate of 35.0%. Moody's also tested other
set of assumptions under its Parameter Sensitivities analysis.
For instance, if the assumed default probability of 9.31% used in
determining the initial rating was changed to 10.40% and the
recovery rate of 35% was changed to 30%, the model-indicated
rating for Serie A and Serie B of A3(sf) and Ba3(sf) would be
Baa1(sf) and B1(sf) respectively..

The global V Score for this transaction is Medium/High, which is
in line with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned accordingly to the
report " V Scores and Parameter Sensitivities in the EMEA Small-
to-Medium Enterprise ABS Sector " published in June 2009.

The methodologies used in this rating were "Moody's Approach to
Rating CDOs of SMEs in Europe" published in February 2007,
"Refining the ABS SME Approach: Moody's Probability of Default
assumptions in the rating analysis of granular Small and Mid-
sized Enterprise portfolios in EMEA", published in March 2009 and
"Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa", published in June 2007.

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

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



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


SCHMOLZ + BICKENBACH: Moody's Lowers Corp Family Rating to 'B3'
---------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of SCHMOLZ + BICKENBACH AG to B3 from B2 and the probability of
default rating to Caa1-PD from B2-PD. Concurrently, Moody's
downgraded, to B3 (LGD3, 32%) from B2, the rating on the senior
secured notes due 2019 issued by SCHMOLZ + BICKENBACH Luxembourg
S.A., a wholly-owned subsidiary of S+B. The outlook for both
companies was changed to under review from stable.

Ratings Rationale:

The downgrades reflect the sharp downturn in the second half of
2012 of automotive and industrial production and new car
registrations in Europe. Moody's believes these conditions will
remain challenging in the first half of 2013 and significantly
stress S+B's profitability and debt protection measures.
"Although S+B has operations in North America, where trends are
more favorable, these are relatively small and will not
compensate for the devastating impact on the company of lower
sales and capacity utilization in Europe," says Steven Oman, a
Moody's Senior Vice President and the lead analyst for S+B. As a
result, in 2013, Moody's believes S+B will have negative EBIT and
may have breakeven EBITDA for several quarters.

In addition, weak performance requires that the company obtain
covenant relief from its credit facility banks for the period
ending March 31, 2013. It received a covenant holiday for year-
end 2012 and is now seeking longer term relief from its lenders.

The outlook for all ratings was changed to 'under review' from
stable to reflect the uncertainty surrounding the outcome of the
company's discussions with its lenders, the near-term operating
environment and, more generally, liquidity. Moody's expects to
conclude the review after the company concludes its covenant
discussions with its lenders and releases its 2012 financial
statements, although the review may extend longer. The health and
evolution of the company's major end markets are also factors
that may govern the duration and outcome of the review.

The two-notch downgrade of the PDR, to Caa1, is attributable to
the weak fundamental business conditions and Moody's concerns
over the company's liquidity and ability to access the capital
markets if that becomes necessary, which heighten its probability
of default. At the same time, Moody's believes the company's
recovery prospects are good should it default because of the
magnitude of its tangible assets relative to its debt and the
fact that a large proportion of its debt is secured and ranks
pari passu.

Following a relatively good first half of 2012, S+B experienced a
sharp drop in sales in the third quarter as the pernicious
European economy took its toll on companies exposed to capital
goods and car sales. For S+B, quarter-over-quarter sales volumes
fell 10.8% in the third quarter and revenues declined 12.2%. Due
to the company's high operating leverage, as-reported EBITDA
(before restructuring costs) fell from EUR132 million in the
first half to EUR20.6 million in the third quarter and EBIT in
3Q12 was negative EUR19 million. The difficulties in the European
market could not be compensated for by volume and margin
improvements in North America, which represents only about 12% of
sales. Furthermore, S+B's operating costs (excluding materials
and restructuring costs) increased in the first nine months of
2012 compared to the same period in 2011.

What Could Change The Ratings Down

S+B's ratings could be downgraded further if it does not obtain
covenant relief, which is thought to be unlikely, or if liquidity
is otherwise deemed to be inadequate. A downgrade could also be
prompted if EBITDA is, or is projected to be, negative. In the
difficult 2013 environment anticipated by Moody's, S+B's cash
flow should benefit from reduced working capital, but if that is
not sufficient to generate free cash flow and maintain or reduce
debt, that could also trigger a downgrade.

S+B's rating outlook could be stabilized if adequate covenant
relief is obtained, it generates positive free cash flow, and
debt/EBITDA is projected to be less than 10x.

The principal methodology used in this rating was the Global
Steel Industry published in October 2012. Other methodologies
used include Loss Given Default for Speculative-Grade Non-
Financial Companies in the U.S., Canada and EMEA published in
June 2009.

S+B produces, processes and distributes specialty long steel
operating in all three major sub-segments of the specialty long
steel market: tool steel, stainless long steel and engineering
steel. It operates nine production facilities in Europe and North
America, 11 processing plants in Europe and the US, and 86
distribution branches in 35 countries around the world. Over the
12 months ended September 30, 2012, S+B had revenues of EUR3.7
billion.



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


ASSET & LAND: Goes Into Voluntary Liquidation
---------------------------------------------
4rbusinessrecovery.co.uk reports that solid recovered fuel
producer Asset & Land Environmental has gone into voluntary
liquidation after being unable to meet its obligations.  Asset &
Land called in financial services provider Deloitte to oversee
the procedure, the report says.

According to the report, one of the key questions raised by the
liquidation was what to do with the firm's assets, which include
a stock of baled solid recoverable fuel stored at a facility in
Lincolnshire. This material needed to be dealt with carefully in
order to prevent it having a negative impact on the environment.

However, the Environment Agency told Let's Recycle that the
necessary permits for handling the waste have been transferred to
Junction 25 Recycling, a sister company of Asset & Land
Environmental, 4rbusinessrecovery.co.uk relates.

Operations at the Lincolnshire site will therefore continue as
normal under the new company name, the body stated.

Based in Stockport, Asset & Land Environmental specialized in
recycling waste into fuel.


DRIVE ASSIST: In Administration, Cuts 640 Jobs
----------------------------------------------
Fleet News reports that Drive Assist UK and its two sister
companies have collapsed owing more than GBP82 million.

Drive Assist and its Millennium Motor Group and Sol Car Rentals
businesses went into administration following the loss of a major
contract and an inability to raise GBP10 million to continue
trading, according to the report.

The report relates that more than two months after administrators
from Zolfo Cooper were appointed, the companies are now being
wound down with thousands of cars being recovered and due to be
sold.  The collapse of the Tamworth-based company has also
resulted in the loss of around 640 jobs, the report discloses.

The report says that for the 12 months to May 31, 2011, accounts
reveal that Drive Assist Holdings, the parent company, reported a
pre-tax loss of GBP233.4 million on turnover of GBP107.2 million,
compared with a loss of GBP24.9 million on a turnover of GBP157.2
million for the previous 12 months.


INCHMARLO RESORT: Enters Into Provisional Liquidation
-----------------------------------------------------
scotsman.com reports that Inchmarlo Resort & Golf Club has gone
into provisional liquidation with the loss of 25 jobs.

scotsman.com relates that Blair Nimmo -- blair.nimmo@kpmg.co.uk
-- of KPMG, who is handling the company's affairs, said the
business had experienced trading difficulties for some time.
Although significant funding had been injected by its main
shareholder over the past five years, no further investment was
available, the report relays.

The golf course operation has now been closed and is being
offered for sale, the report says. Five remaining staff are being
kept on to assist with the villa rental operation.

Inchmarlo Resort & Golf Club, which was opened by Open champion
Paul Lawrie in 1994, operated an 18-hole course and driving range
in Banchory and also managed a complex of 42 rental villas.


JKL (WAKEFIELD): Goes Into Liquidation; Owes GBP22 Million
----------------------------------------------------------
Don Mort at Wakefield Express reports that liquidators were
appointed to JKL (Wakefield) Ltd, which traded as Eric France
Metal Recycling, at a meeting with the company's creditors on
February 26.

Liquidators KPMG and PricewaterhouseCoopers said: "It is
understood that, according to the directors' statement of
affairs, GBP21 million of the company's total debts of GBP22
million relate to unpaid VAT."

"The company has ceased trading and unfortunately all 18
employees have been made redundant," the Express quotes David
Standish -- david.standish@kpmg.co.uk -- joint liquidator and
partner in KPMG's restructuring practice, as saying.

"The insolvency is due to significant historic debts owed to
HMRC. I would now welcome hearing from anybody with information
about the company and I can be contacted at KPMG, 1 The
Embankment, Neville Street, Leeds, LS1 4DW."

Ossett-based JKL (Wakefield) Ltd was a sponsor of Rugby League
clubs Wakefield Wildcats and Dewsbury Rams.


JKS BRICKWORK: Co-Director Banned For Nine Years
------------------------------------------------
John Daniel Knights, the co-director of JKS Brickwork Contractors
(S.E.) Limited, has been disqualified from acting as a director
for nine years for failing to keep proper records, so preventing
the recovery of over GBP1 million of creditors' money.

The disqualification follows an investigation by The Insolvency
Service's Company Investigations Team.

Mr. Knights, 44, of Beaconfield Avenue Epping was banned from
March 12, 2013, to 2022.  He failed to turn up to court for the
hearing and the disqualification order was issued in his absence.
Mr. Knight's fellow director Thomas James Brown, has already
given an undertaking not to act as a director for eight years for
his part in the poor book-keeping at JKS.

JKS Brickwork, a construction and civil engineering company, went
into liquidation on Nov. 17, 2010, owing GBP1,053,147 to
creditors.

The last annual accounts filed by JKS Brickwork were for the year
ending Nov. 30, 2009.  Mr. Knights failed to deliver any records
to the liquidators to verify the company's trading and assets
from that date to the company's collapse in November 2010.  This
meant the liquidator could not verify JKS Brickwork's expenses of
GBP8,660,196 for this period.  Nor could they verify the current
amount owed to the company by its clients, which was valued in
the last accounts as GBP1,630,170.

The liquidators have therefore been unable to recover this money
and use it to pay JKS Brickwork's own debts to its creditors.

Commenting on the disqualification, Mark Bruce, a Chief Examiner
at The Insolvency Service said:  "The maintenance of a company's
financial records is of vital importance, especially when that
company is experiencing financial difficulties.

"The Insolvency Service investigation uncovered very significant
assets and expenses that could not be explained adequately to the
liquidator which prevented him from doing his job properly for
the creditors.

"Directors who do not take their responsibilities seriously when
dealing with records of a company must understand that they face
a significant ban as the Insolvency Service are hot on their
heals."

JKS Brickwork Contractors (S.E.) Limited was a construction
company based in Beaconsfield.  The Company was incorporated on
Nov. 3, 2006, and went into voluntary liquidation on Nov. 17,
2010.  The company's registered office and trading address was
situated at 15 The Broadway, Penn Road, Beaconsfield,
Buckinghamshire HP9 2PD.


MILLBRAID LTD: Under Insolvency Watchdog Probe
----------------------------------------------
Alan McEwen at scotsman.com reports that Millbraid Ltd., a
property firm owned by a crooked New Town lawyer, has sparked an
investigation by an insolvency watchdog after staying in
liquidation for seven years.

scotsman.com relates that Michael Karus, 51, who was jailed for
three-and-a-half years for embezzling GBP400,000 from a
pensioner's estate, was the owner of Millbraid Ltd.  Now the
Insolvency Practitioners Association (IPA) is understood to be
probing its liquidation, which has dragged on since 2006.

According to the report, creditors are believed to be unhappy
with the protracted nature of the winding up of the firm, which
was formed in 1997 as a property development and buy-to-let
business in Edinburgh.

"Seven years is a ridiculously long time for a liquidation.
During most of that time, Karus was banned from being a company
director so he shouldn't have had anything to do with the
process," scotsman.com quotes a former business associate of
Karus as saying.  "There were 20 properties in the company but
only three are left now. It's impossible for a liquidation to
take that length of time. You have to wonder what's being going
on."

scotsman.com says the liquidation is being carried out by
Glasgow-based insolvency practitioner Kenneth Pattullo --
ken.pattullo@begbies-traynor.com -- a partner at accountancy firm
Begbies Traynor.  It is understood that Mr. Pattullo's actions
over Millbraid are the subject of the IPA investigation following
a complaint, the report notes.


MOORES JEWELLERS: In Administration, Seeks Buyer
------------------------------------------------
Professional Jeweller reports that Moores Jewellers in Chelmsford
has fallen into administration following a tough period of
trading and the business has been put up for sale.

Administrator FRP Advisory is handling the sale of the family-run
business, which has been trading in Essex for the past 175 years,
and is offering the retailer's website mooresjewellers.co.uk and
its Meadows Shopping Centre store as either separate entities or
a package, according to the report.

Professional Jeweller relates that FRP Advisory said the turnover
at Moores Jewellers has been in excess of GBP500,000 for the past
three years with gross profit margins sustained at more than 35%.
Unaudited accounts for the year to April 2012 indicate a turnover
of GBP838,000 net of VAT, the report notes.


PUNCH TAVERNS: Moody's Reviews 15 Note Classes for Downgrade
------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the following classes of notes issued by Punch Taverns Finance
plc ("Punch A") and Punch Taverns Finance B Limited ("Punch B").

Issuer: Punch Taverns Finance plc

GBP270M A1(R) Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Baa3 (sf)

GBP300M A2(R) Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Baa3 (sf)

GBP200M M1 Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to B1 (sf)

GBP400M M2(N) Notes, B1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to B1 (sf)

GBP140M B1 Notes, Caa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Caa1 (sf)

GBP150M B2 Notes, Caa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Caa1 (sf)

GBP175M B3 Notes, Caa1 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Caa1 (sf)

GBP215M C(R) Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Caa3 (sf)

Issuer: Punch Taverns Finance B Limited

GBP201M A3 Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Ba2 (sf)

GBP220M A6 Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Ba2 (sf)

GBP250M A7 Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Ba2 (sf)

GBP250M A8 Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Ba2 (sf)

GBP77.5M B1 Notes, B3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to B3 (sf)

GBP125M B2 Notes, B3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to B3 (sf)

GBP125M C Notes, Caa3 (sf) Placed Under Review for Possible
Downgrade; previously on Nov 30, 2012 Downgraded to Caa3 (sf)

The A3 (sf) ratings of the liquidity facilities in both
transactions are unaffected by this action.

Moody's does not rate the Class D1 Notes issued by Punch A. The
ratings of the Class A2(R) Notes, Class M2(N) Notes and Class B3
Notes of Punch A are based on the underlying rating of the Notes
and are no longer based on the financial guarantee policy
provided by AMBAC Assurance UK Limited (rating withdrawn).

The ratings of the Class A7 and Class A8 Notes of Punch B are
based on the underlying rating of the Notes and are no longer
based on the financial guarantee insurance policy issued by MBIA
UK Insurance Limited (B3).

Ratings Rationale:

Punch Taverns Finance plc

The rating action was prompted by Moody's concern about the
severity of the performance decline of the underlying pub
portfolio beyond its previous assumption if a restructuring did
not occur and the borrower defaulted under the loan agreement.
The concern was triggered by the comments of the parent company
(Punch Taverns plc) on the financial and operational linkages. If
a restructuring is not implemented, the potential loss of
synergies through the management under a larger group may result
in higher cash flow declines and value destruction than Moody's
assessed in its prior transaction review. The company estimates
the operating synergies as between GBP 15 million and GBP 35
million for the securitizations, versus the total EBITDA of GBP
220 million Moody's estimated for the two portfolios for the
current financial year. Moody's has not reviewed the company's
assessment of the operating synergies which is reported to be
reviewed by a third-party company.

The proposed restructuring of the transaction mainly includes the
amendment of financial covenants and the deferral of scheduled
amortization through note extensions of five years.

Moody's has determined that the proposed restructuring of the
transaction would constitute a distressed exchange for the
Classes M1, M2(N), B1, B2, B3 and C(R) Notes. Moody's views that
the restructuring offers these noteholders a diminished return
through the extension of their terms by five years with no extra
compensation and the restructuring has the effect of avoiding an
ultimate payment default under the Notes.

In respect of the Class A1(R) and Class A2(R) Notes, Moody's has
determined that the proposed restructuring of the transaction
would not constitute a distressed exchange for these senior
Notes.

Moody's will conclude its review after it has assessed the impact
of a potential loss of synergies on the cash flows and the value
of the underlying pub portfolio. Moody's will also consider
further information on the business plan of the parent company to
improve the performance of the pubs together with their plans to
invest into the core pubs and divest of the underperforming non-
core pubs.

Moody's notes that the restructuring if implemented in its
current form, may result in a limited impact on the current
ratings of the Notes as Moody's prior assessment took into
account the recent performance of the pubs and the expectation of
limited deleveraging over the next years.

Punch Taverns Finance B Limited

The rating action has been prompted by the proposed restructuring
of the transaction which for the most junior three classes of
Notes (Classes B1, B2 and C1) includes debt-write offs in
exchange for combinations of cash payments and the issuance of
new subordinated (B3) Notes. If and when the proposed terms of
the exchange are accepted by the noteholders, the ratings are
expected to be downgraded to Ca and below to reflect the ultimate
principal loss realized on the Notes.

As with the Punch A transaction, Moody's is concerned about the
severity of the performance decline of the underlying pub
portfolio beyond its previous assumption if a restructuring did
not occur and the borrower defaulted under the loan agreement.

Moody's considers the amendments to the disposal limits and the
introduction of a new cash sweep mechanism as credit negative for
the senior Notes (Classes A3, A6, A7 and A8). The disposal limits
are amended to allow the disposal of non-core pubs and 25% of the
core pubs in the portfolio. The new cash sweep mechanism permits
25% of disposal proceeds to be up-streamed to the parent company
after the payment of scheduled interest and principal amounts and
capital expenditures.

The extinguishment of the Class B1, B2 and C1 Notes at discounts
to their par values would constitute a distressed exchange for
each class of Notes. Moody's has determined that the proposed
restructuring would not constitute a distressed exchange for the
senior Class A3, A6, A7 and A8 Notes.

Moody's will conclude its review after it has assessed the impact
of a potential loss of synergies on the cash flows and the value
of the underlying pub portfolio. Moody's will also consider
further information on the business plan of the parent company to
improve the performance of the pubs together with their plans to
invest into the core pubs and divest of the underperforming non-
core pubs.

The ratings of the Notes will be based on and are therefore
sensitive to the outcome of the restructuring efforts and the
final terms of the potential restructuring which are subject to
change as the parent company discusses their proposals with
various stakeholders including the noteholders.

Primary sources of assumption uncertainty in relation to the
rating actions are (a) the current stressed macro-economic
environment and (b) the viability of the UK pub industry which
drive the operations of the borrowers in both transactions.
Moody's assessment of these whole business securitizations relies
on the structural and legal integrity of the transactions; in
particular its assumption that the borrowers could be replaced by
alternative operators in case of insolvency or default under
their obligations.

Distressed Exchange Analysis

To assess the presence of a distressed exchange, Moody's assumed
a loan event of default under each of the transactions since the
parent company has stated that their external cash support may be
ceased to one or both securitizations if a restructuring fails.
In such a situation, Moody's considered the appointment of
administrative receivers to take control of the borrowers and the
operations of their pub business with the aim of either
continuing operations throughout the life of the transactions or
an orderly disposal of the pubs to repay the noteholders.

In the assumed default scenarios with reduced cash flows, Moody's
determined that the issuers would be able to make the debt
service payments and avoid note events of default since the
issuers can defer the interest and principal due on the
subordinated Notes (below Class A Notes). Moody's tested the
impact of a reduction in cash flows by c. 20% from a timely
payment of interest and principal perspective for each class of
Notes. Moody's also took into account the availability of the
liquidity facilities (GBP 294 million in Punch A and GBP 168
million in Punch B) to the issuers in both transactions to meet
their debt service payments. The stress of the cash flows reflect
potential temporary disruptions to the operations and a potential
negative impact from a change of management services and supply
arrangements that are currently controlled by the parent company.

To evaluate the outcome of potential disposals, Moody's stressed
its value assumption on the portfolios based on the lower cash
flows following loan defaults (app. 30% haircut to the book value
of the portfolios as per Q4 2014) and also took into account
crystallization of swap breakage costs for each transaction.

In case of the senior Notes, Moody's determined that the issuers
would have sufficient cash flows to repay the senior Notes with
the risk of default being higher for the Punch B senior Notes.
Likewise, in a sale scenario, the issuers should be able to repay
the senior Notes with the potential for losses being higher for
the senior Notes of Punch B.

The mezzanine and junior Notes in both transactions, however, are
deemed very likely to suffer payment defaults with risk of
realizing principal losses being high which resulted in Moody's
determination of a distressed exchange for these subordinated
Notes.

Transaction Overview

Punch A and Punch B represent whole-business securitizations
(WBS) of portfolios of 2,604 and 1,850 leased pubs (as of Q4
2012) respectively, located across the UK. Punch A closed in
March 1998 and has been subject to tap issuances in October 2000,
November 2003 and July 2007 whereas Punch B closed in November
2002 and was restructured in August 2005. Through a mix of
scheduled amortization, prepayments and note cancellations, the
Notes of Punch A amortized by GBP 623 million (30%) since the tap
issuance in 2007 and the Notes of Punch B amortized by GBP 335
million (27%) since the restructuring in 2005. The total number
of pubs disposed in the same periods were 1,433 (36%) for the
Punch A portfolio and 1,326 (41%) for the Punch B portfolio.

The EBITDA for FY2012 for the Punch A portfolio (excluding cash
support from the parent) was GBP 145 million and for the Punch B
portfolio was GBP 91 million. The debt service coverage ratio
(DSCR) in both securitizations would have been below the default
covenant (1.25x) had the parent company not provided external
cash support (GBP 79 million for FY2012). Excluding the support
to the portfolios' EBITDA, the DSCR for the quarter ended in Q4
2012 and for the rolling four quarters would have been 1.08x for
Punch A whilst the same ratios would have been 1.07x and 1.04x
respectively for Punch B.

Rating Methodology

The principal methodology used in these ratings was Moody's
Approach to UK Whole Business Securitizations published in
October 2000.

In this approach, a sustainable annual free cash flow is derived
over the medium to long term horizon of the transaction, and then
multipliers are applied to such cash flows in order to reach the
debt which could be issued at the targeted long-term rating level
for the Notes. In addition, Moody's looks at various haircuts on
the pub values and consider different levels of potential swap
breakage costs. As such, Moody's analysis encompasses cash flow
analysis and stress scenarios.

The updated assessment is a result of Moody's on-going
surveillance of commercial mortgage backed securities (CMBS)
transactions. Moody's prior assessment is summarized in a press
release dated November 30, 2012. The last Performance Overviews
for the affected transactions were published on January 22, 2013.


ROAD MANAGEMENT: S&P Lowers Rating on GBP165 Million Bonds to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B'
from 'B+' its issue rating on the GBP165 million senior secured
bond, due 2021, issued by U.K.-based special-purpose vehicle Road
Management Consolidated PLC (RMC).  The outlook on the issue
rating is stable.

The bond retains an unconditional and irrevocable guarantee
provided by Ambac Assurance Corp. (not rated), covering payment
of scheduled interest and principal.  According to S&P's
criteria, the rating on a monoline-insured debt issue reflects
the higher of the ratings on the monoline insurer and Standard &
Poor's underlying rating (SPUR).  Consequently, the long-term
issue rating on RMC's bond reflects the SPUR.

The downgrade reflects the continuing underperformance in traffic
volume growth on the project's roads relative to both RMC's
forecasts and S&P's own base case.

Traffic volumes for 2012 showed a low level of growth compared to
the same period in 2011.  On the A417/A419, the annual total
other vehicle (OV) vehicle-kilometers recorded for 2012 increased
by 0.4% on 2011.  On the A1(M), growth in OV vehicle-kilometers
for 2012 was slightly higher, at 0.5%.  Heavy goods vehicle (HGV)
traffic for this period increased by 1.7% on the A417/A419, and
by 0.6% on the A1(M).

By comparison, the Department for Transport's quarterly road
traffic report estimates provisional national growth in car
traffic for 2011-2012 of negative 0.5% on motorways (comparable
with both project roads).  Similar figures for HGVs are negative
2.7%.

Although positive overall, the results are a negative variation
from the growth of 1% that S&P and RMC forecast for all traffic
in 2012.  However, S&P believes future traffic volume growth is
likely to continue at a low level, and that the likelihood of
further significant declines in traffic volumes has decreased.

Using S&P's definition of debt service coverage ratios (DSCRs)--
which, for example, removes interest income from the project's
cash flow--RMC's financial profile remains very weak, with the
consolidated Standard & Poor's-adjusted DSCR likely to be less
than 1x for 2012.

"Our base case assumes traffic growth of about 1% a year.  Under
this scenario, we believe that RMC's adjusted DSCRs will remain
at less than 1x.  However, this also depends on other factors,
including interest rates, because RMC's financial profile is
fairly sensitive to the level of interest income on its cash
balances.  Using the contractual definition of debt service
coverage--which includes interest income from the project's cash
flow--DSCRs will be higher, but could approach 1x over the medium
term.  This is particularly true for the A1(M), where performance
is materially lower than we anticipated at financial close in
1996," S&P said.

"We could lower the rating, possibly by more than one notch, if a
trigger event or an acceleration event were to occur.  Equally, a
negative rating action could result if there is a further
weakening of RMC's projected financial profile.  Such a weakening
could materialize as a result of increased lifecycle expenditure;
underperformance of OV traffic; or if the project's liquidity
position deteriorates following a reinstatement of shareholder
distributions, for example," S&P added.

At this time, S&P thinks that the potential for a positive rating
action is remote.


TITAN EUROPE 2006-2: S&P Affirms 'D' Rating on Two Note Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-2 PLC's class E, F, and G notes.  At the same
time, S&P has affirmed its 'D (sf)' ratings on the class H and J
notes.  The class A, B, C, and D notes are unaffected by the
rating actions.

Titan 2006-2 is a German CMBS transaction backed by four
multifamily housing loans.

The rating actions follow the interest shortfalls that occurred
on the January 2013 payment date and the application of S&P's
criteria for rating commercial mortgage-backed securities (CMBS)
transactions in the face of interest shortfalls.

According to the January 2013 cash manager report, the class F,
G, H, and J notes have deferred unpaid interest.  As of January
2013, the cumulative amount of deferred interest under these
classes of notes is EUR917,000.

S&P understands that the excess spread, which is distributed to
the unrated class X notes, is not available to mitigate interest
shortfalls for the other classes of notes in this transaction.
The issuer relies on liquidity facility advances to address the
timely payment of interest on the class A to J notes.  However,
under the transaction documents, the liquidity facility provider
cannot make advances to cover interest shortfalls if the
shortfalls result from extraordinary expenses payable to the
transaction parties (e.g., special servicing fees).

In S&P's opinion, the issuer's ability to service the class E
notes will likely deteriorate, given the transaction's cash flow
mechanics and loan performance.  In light of these factors, S&P
believes that the class E notes have become more vulnerable to
future cash flow disruptions.

                          RATING ACTIONS

S&P's ratings address the timely payment of interest (quarterly
in arrears), and the payment of principal no later than the legal
final maturity date in January 2016.

S&P has lowered to 'CCC+ (sf)' from 'B- (sf)' its rating on the
class E notes because they are highly vulnerable to principal
losses under S&P's base case scenario and, in S&P's opinion, they
have become more vulnerable to future cash flow disruptions.

S&P has lowered to 'D (sf)' from 'CCC- (sf)' its ratings on the
class F and G notes because these classes of notes are highly
vulnerable to principal losses under S&P's base case scenario,
and because they experienced an interest shortfall on the January
2013 payment date.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class H and J notes because these classes of notes continue to
experience interest shortfalls.

S&P's existing ratings on the class A, B, C, and D notes already
incorporate S&P's view of liquidity risks associated with these
classes of notes.  Therefore, these classes of notes remain
unaffected by the rating actions.

          STANDARD & POOR'S 17-G7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                   Rating
            To                        From

Titan Europe 2006-2 PLC
EUR862.169 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

E           CCC+ (sf)                 B- (sf)
F           D (sf)                    CCC- (sf)
G           D (sf)                    CCC- (sf)

Ratings Affirmed

H           D (sf)
J           D (sf)

Ratings Unaffected

A           A- (sf)
B           BB+ (sf)
C           BB- (sf)
D           B (sf)


TITAN EUROPE 2006-3: S&P Lowers Rating on 7 Note Classes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-3 PLC's class A, B, C, and D notes.  At the
same time, S&P has affirmed its 'D (sf)' ratings on the class E,
F, G, and H notes.

Titan 2006-3 is a pan-European CMBS transaction, currently backed
by nine loans that are secured by 30 properties in Germany,
France, Belgium, Luxembourg, and the Netherlands.  The
transaction closed in June 2006 and is scheduled to mature in
July 2016.

The rating actions follow the interest shortfalls that occurred
on the January 2013 payment date and the application of S&P's
criteria for rating commercial mortgage-backed securities (CMBS)
transactions in the face of interest shortfalls.

According to the January 2013 cash manager report, the class B,
C, and D notes have deferred unpaid interest.  As of January
2013, the cumulative amount of deferred interest under these
classes of notes is EUR154,000.

The issuer has previously applied non-accruing interest (NAI)
amounts to the class D, E, F, G, and H notes.  Therefore, the
principal balance used for calculating interest on these classes
of notes has decreased and the issuer accrued reduced interest on
the class D, E, F, G, and H notes as a result, according to the
latest cash manager report.

S&P understands that the excess spread, which is distributed to
the unrated class X notes, is not available to mitigate interest
shortfalls for the other classes of notes in this transaction.
The issuer relies on liquidity facility advances to address the
timely payment of interest on the class A to H notes.  However,
under the transaction documents, the liquidity facility provider
cannot make advances to cover interest shortfalls if the
shortfalls result from extraordinary expenses payable to the
transaction parties (e.g., special servicing fees).

S&P believes that it might be difficult to refinance individual
loans, and it therefore considers that the number of loans in
special servicing will likely increase.  In S&P's view, this
refinancing challenge--combined with the impending loan
maturities on three of the loans--may exacerbate the risk of cash
flow disruptions to the class A notes.

                          RATING ACTIONS

S&P's ratings address the timely payment of interest quarterly in
arrears, and the payment of principal no later than the legal
final maturity date in July 2016.

Despite S&P's expectations of full principal recovery on the
class A notes, these notes have become more vulnerable to cash
flow disruptions, in its opinion.  S&P has therefore lowered to
'BB- (sf)' from 'BB+ (sf)' its rating on the class A notes.

S&P has lowered to 'D (sf)' from 'CCC- (sf)' its ratings on the
class B, C, and D notes because it believes that they are highly
vulnerable to principal losses under S&P's base case scenario,
and because they experienced an interest shortfall on the January
2013 payment date.  In addition, the issuer has previously
applied NAI amounts to the class D notes, and accrued reduced
interest on the class D notes on the January 2013 payment date.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class E, F, G, and H notes because the issuer has previously
applied NAI amounts on these notes.  The principal balance used
for calculating interest on these classes of notes has reduced to
zero and no interest is being accrued on these notes.

          STANDARD & POOR'S 17-G7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class                   Rating
            To                       From

Titan Europe 2006-3 PLC
EUR943.751 Million Commercial Mortgage-Backed Floating-Rate Notes

Ratings Lowered

A           BB- (sf)                 BB+ (sf)
B           D (sf)                   CCC- (sf)
C           D (sf)                   CCC- (sf)
D           D (sf)                   CCC- (sf)

Ratings Affirmed
E           D (sf)
F           D (sf)
G           D (sf)
H           D (sf)



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


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

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

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

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

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

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

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

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

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

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

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

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



                            *********

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

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

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

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


                            *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., 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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *