TCREUR_Public/130517.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 17, 2013, Vol. 14, No. 97

                            Headlines



A U S T R I A

KOMMUNALKREDIT AUSTRIA: Sale Process Fails; Gov't Mulls Options


C R O A T I A

HRVATSKA ELEKTROPRIVREDA: Moody's Confirms 'Ba2' Ratings


D E N M A R K

* DENMARK: Proposal to Raise Big Banks' Capital Buffers Opposed


F I N L A N D

METSA BOARD: Improving Performance Cues Moody's to Lift CFR to B2


G E R M A N Y

HEAT MEZZANINE: Moody's Lowers Rating on Class B Notes to 'C'
PHOENIX PIB: S&P Rates Proposed New Unsecured Notes 'BB'
* GERMANY: CRE Market Gets Respite From Refinancing Challenges


G R E E C E

YIOULA GLASSWORKS: Moody's Revises PDR to Ca-PD; Outlook Stable


I R E L A N D

ALLIED IRISH: Issues 4.1 Billion Ordinary Shares to the NPRFC
IRISH BANK: Lodges EUR16-Mil. Claim Against Ex-Telecoms Boss
SUNDAY BUSINESS: Extends Examinership; Has 2 Weeks to Find Bidder


I T A L Y

INDUSTRIAS ROMI: To Liquidate Italian Subsidiary


L U X E M B O U R G

ION TRADING: Moody's Assigns 'B3' Corp. Rating; Outlook Stable
MONIER GROUP: S&P Affirms 'B-' CCR & 'B+' Rating on Revolver Debt
PATAGONIA FINANCE: Moody's Cuts Rating on EUR325MM Notes to 'Ca'


N E T H E R L A N D S

BBVA GLOBAL: Moody's Assigns Ba1 Rating to $15MM Series 64 Notes
ICTS INTERNATIONAL: Incurs US$9 Million Net Loss in 2012


P O L A N D

ARMONIA BRAILA: Fails to Attract Buyer; Creditors May Cut Price
CENTRAL EUROPEAN: S&P Raises Corp. Rating to 'B-'; Outlook Stable


R U S S I A

FTPYME TDA: Fitch Cuts Rating on EUR7.7MM Class 3SA Notes to 'B'
POLYUS GOLD: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Pos.
RENAISSANCE CONSUMER: Fitch Rates Upcoming Bond Issue 'B(EXP)'
UNIASTRUM BANK: Moody's Lowers National Scale Rating to 'B3.ru'
UNIASTRUM BANK: Moody's Cuts Long-Term Deposit Ratings to 'Caa2'


S L O V E N I A

* SLOVENIA: Prime Minister Resists Bailout, May Run Out of Time


S P A I N

TDA CAM 7: S&P Affirms 'CCC' Rating on Class B Notes


U K R A I N E

UKRLANDFARMING: Fitch Corrects Rating Release on Tap Issue


U N I T E D   K I N G D O M

AARDVARK: Hargreaves Agrees to Buy "Certain Assets"
SHIELD HOLDCO: Moody's Changes Outlook on 'B2' CFR to Negative
COMPLETE CREDIT: Placed in Members' Voluntary Liquidation
CO-OPERATIVE BANK: Parents Mulls Sale of GBP2-Bil. Loan Portfolio
DANIEL CONTRACTORS: In Administration, Future in Doubt

EUROMASTR 2007-1V: S&P Affirms 'B' Rating on Class D Notes
* UK: No. of Insolvent Firms in Wales Down to 0.1% in March


X X X X X X X X

* Fitch: Oil-Probe Fines on Euro Firms Would be Manageable
* Fitch: Sovereign Actions Drive Bank Downgrades Globally in Q1
* Moody's Expects Deeper Recession in Euro Area Economies
* Moody's Outlines Rating Approach for EMEA SME Securitizations
* BOOK REVIEW: Land Use Policy in the United States


                            *********


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A U S T R I A
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KOMMUNALKREDIT AUSTRIA: Sale Process Fails; Gov't Mulls Options
---------------------------------------------------------------
Boris Groendahl at Bloomberg News reports that Austria failed to
sell municipal lender Kommunalkredit Austria AG and is halting
new business at the bank.

According to Bloomberg, Kommunalkredit, the first Austrian bank
to be nationalized in 2008, said in a statement from Vienna
yesterday that it couldn't be sold in a "value-preserving" way by
Finanzmarktbeteiligung AG, the agency managing Austria's state
aid for banks.

The European Union had set a sale deadline of the end of June
when it approved financial aid for the bank, Bloomberg notes.

"The privatization process brought up several seriously
interested buyers, but the offers that were filed were extremely
complex, economically hardly attractive, and linked to conditions
burdening Austria," Bloomberg quotes Kommunalkredit as saying.

Austria told the EU it will stop all new business, let the
loanbook run down and seek talks with the 27-member bloc's
antitrust body to determine "economically sensible next steps,"
Kommunalkredit, as cited by Bloomberg, said.

Competition Commissioner Joaquin Almunia, who is also fighting
with Finance Minister Maria Fekter about Hypo Alpe-Adria-Bank
International AG, another nationalized lender, would also be
entitled to appoint a trustee to sell the bank, Bloomberg says.

According to Bloomberg, four people with knowledge of the
situation said in February that Kommunalkredit, which had EUR15.8
billion of assets and returned to profit last year, had attracted
the interest of Oesterreichische Kontrollbank AG and New York-
based Apollo Global Management LLC.

Morgan Stanley was managing the sale, Bloomberg discloses.

The bank, previously owned by Oesterreichische Volksbanken AG and
Dexia SA, was nationalized in November 2008 to avoid a collapse
when liquidity dried up, Bloomberg recounts.  It was split into
Kommunalkredit, which continued as a lender to municipalities
with a revamped business model, and KA Finanz AG, a "bad bank"
that's winding down securities, loans and credit-default swaps
that aren't part of Kommunalkredit's main business, Bloomberg
relates.



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C R O A T I A
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HRVATSKA ELEKTROPRIVREDA: Moody's Confirms 'Ba2' Ratings
--------------------------------------------------------
Moody's Investors Service confirmed the Ba2 corporate family
rating, Ba2 senior unsecured debt rating, and Ba2-PD probability
of default rating of Hrvatska Elektroprivreda d.d. The outlook on
the ratings is negative. This concludes the review for downgrade
initiated on February 1, 2013.

Ratings Rationale:

"The rating confirmation at Ba2 follows a stabilization in the
company's operational and financial performance over Q4 2012 and
Q1 2013, and the steps it is taking to reform liquidity policy,"
says Nicholas Stevens, Moody's lead analyst for HEP.
"Furthermore, the company is, and is expected to remain, in
compliance with financial covenants", added Stevens. Moody's has
retained a negative outlook on the ratings however, as HEP needs
to implement the expected changes to its funding and liquidity
policy to ensure that it has adequate visibility of funding to
meet its significant capital expenditure commitments. Failure to
do so may result in downwards rating pressure.

HEP has benefited from improved hydrology conditions since Q4
2012. However given the poor first nine months of the year, 2012
saw a weaker financial performance from what was already a
historically poor year in 2011, resulting from (1) growing debt
to fund the capital expenditure program and (2) falling earnings
as the company purchased power to replace the decline in hydro
output. Nevertheless, the changed hydrological conditions and the
benefit of a full-year's contribution following regulated tariff
increases during 2012 are expected to result in an improved
financial position in 2013, which should enable the company to
meet the guidance for its current rating and comply with its
financial covenants.

Moody's notes that HEP's next significant maturity is a HRK500
million (EUR66 million) bond in Q4 2013. With the continued
adverse economic environment in Croatia and Europe in general,
any need to access the capital markets at short notice in absence
of committed facilities presents additional risk, in Moody's
view. Moody's is aware that the company is in the process of
extending its existing liquidity facilities that mature in Q2 and
Q3 of 2013, the intention of which is to allow HEP to have
sufficient committed liquidity to cover the maturing bond.

Given its 100% ownership by the Government of Croatia, HEP falls
within the scope of Moody's rating methodology for government-
related issuers (GRIs). In accordance with the methodology, HEP's
Ba2 ratings incorporate a two-notch uplift for potential
government support to its standalone credit quality, the latter
expressed as a baseline credit assessment (BCA) of b1. The rating
review concluded no change to these assumptions. HEP has
historically benefited from its relationship with the government,
which has bolstered the company's ability to access the debt
market on an ad-hoc basis, and had provided guarantees to support
HEP debt in the past.

What Could Change The Rating Up/Down

Given the negative outlook, upward pressure is not likely in the
short term. To stabilize the rating, Moody's would expect to see
a successful implementation of revised liquidity arrangements as
well as continued improvements in operating performance during
2013.

HEP's earnings remain exposed to a number of factors outside of
management control, most notably domestic hydrological
conditions, HRK foreign exchange movements against EUR, commodity
and regional power prices. Downward pressure would crystallize in
the event there is insufficient strengthening of the liquidity
and/or a weakening financial position, as would be evidenced by
credit metrics of funds from operations (FFO) to net debt of less
than 20% or FFO interest coverage below 4.0x.

Principal Methodologies:

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in August, 2009, Government-Related
Issuers: Methodology Update published in July 2010, and Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

Headquartered in Zagreb, Croatia, HEP generated 12.1 terawatt
hours (TWh) of electricity and EUR1.9 billion in revenues in the
year ended December 2012. HEP is 100% owned by the Government of
Croatia.



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D E N M A R K
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* DENMARK: Proposal to Raise Big Banks' Capital Buffers Opposed
---------------------------------------------------------------
Peter Levring at Bloomberg News reports that Denmark's opposition
bloc said a proposal to raise capital buffers for the biggest
banks is too draconian as lawmakers fail to find common ground on
how to treat the lenders.

The Liberal and Conservative parties are signaling they'll
probably vote against a proposal laying out standards for
Denmark's systemically important financial institutions,
Bloomberg says, citing their parliamentary business committee
spokesmen.

The government-appointed Sifi committee in March identified
Denmark's six biggest banks as systemically important to the $300
billion economy and argued the lenders should hold as much as 5%
extra capital, Bloomberg recounts.  The move is the latest in a
string of steps that has placed Denmark at the forefront of
regulatory reform in the European Union, Bloomberg notes.  The
nation in 2011 forced losses on senior creditors in the EU's
first bail-in, Bloomberg relates.  Legislators in the 27-nation
bloc have yet to agree on too-big-to-fail rules for banks,
Bloomberg states.

Counterparts of Kim Andersen, the parliamentary business
committee spokesman for the Liberal Party, at the Conservative
Party, Brian Mikkelsen, and the Danish People's Party, Hans
Kristian Skibby, agree, Bloomberg discloses.  The Social
Democrat-led government of Prime Minister Helle Thorning-Schmidt
needs the support of the Liberals and Conservatives to pass the
Sifi proposal because the two parties are in an accord group on
bank regulation in which unanimity is required, Bloomberg says.

The March 14 proposals identified Danske Bank, Nordea Bank AB's
Danish unit, Jyske Bank A/S (JYSK), Sydbank A/S and mortgage
lenders Nykredit A/S and BRFkredit A/S as systemically important,
Bloomberg discloses.  The Sifi committee found that the banks
should hold 2.5 percentage points to 5 percentage points in
additional capital relative to their risk-weighted assets,
Bloomberg notes.

According to Bloomberg, government lawmakers have shown
willingness to ease some parts of the Sifi proposals.

Benny Engelbrecht, who heads parliament's business committee for
the ruling Social Democrats, said in an interview this month
lawmakers may be ready to consider softer regulatory triggers at
which Sifis must convert debt into equity, Bloomberg relates.



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F I N L A N D
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METSA BOARD: Improving Performance Cues Moody's to Lift CFR to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Metsa Board Corporation's
corporate family and the probability of default ratings to B2 and
B2-PD from B3 and B3-PD respectively. The rating outlook was
changed to stable from positive.

Ratings Rationale:

The upgrade of Metsa Board's corporate family rating to B2
reflects improvements in the company's profitability and cash
generation following significant restructuring measures
implemented over the past years. While the closure of loss-making
paper production capacity in H1 2012 helped to strengthen the
group's profitability, continued strong performance in its
packaging business area provided further support to profit and
cash generation. Based on Q1 2013 results, Metsa Board has
achieved credit metrics in line with Moody's expectation for a B2
rating with Debt/EBITDA at 5.3 times and EBITDA margins around
10% (all as adjusted by Moody's). Higher profitability and
clearly lower restructuring payouts should also allow Metsa Board
to return to positive free cash flow generation in 2013, despite
the reinstatement of dividend payments.

Moody's expects the group's packaging operations to continue to
perform solidly in 2013 despite the subdued economic environment
in Europe, with further gradual improvements to come from rising
efficiencies and growing demand. However, Moody's cautions that
profitability of its paper and pulp business area may experience
further pressure as overcapacity for paper is significant,
resulting in weak pricing power of producers, and therefore
diluting the group's overall margin. In addition, new pulp
capacity coming on stream in South America may result in
declining pulp prices in H2 2013, which could also put further
pressure on already weak paper pricing levels.

The stable outlook therefore balances Moody's expectation of a
disparate performance of Metsa Board's activities. While Moody's
expects continued improvements in the group's packaging
operations, potential for further declining operating profit
generation in its paper and pulp business area could to some
extent mitigate these benefits.

More fundamentally, the B2 rating is supported by (i) Metsa
Board's strong market position, being among the leading producers
of paperboard in Europe, (ii) its good vertical integration into
pulp, reducing dependency on the volatile pulp prices, and (iii)
positive industry fundamentals with structural growth for paper-
based packaging products, which will be the major profit
contributor going forward. At the same time, Moody's notes that
Metsa Board still needs to prove the ability to generate
resilient returns through the cycle under the restructured setup.
In addition, refinancing challenges, although clearly reduced,
remain, with a EUR150 million bridge financing coming due in June
2014.

Metsa Board's liquidity profile is adequate, with available cash
source sufficient to cover the group's projected cash uses,
pertaining to working cash (estimated at 3% of sales), capex of
about EUR60 million in 2013, dividend payments of EUR20 million
and cash for seasonal working capital swings with no material
debt maturities in the next 12 months. Moody's notes however that
a EUR150 million bridge term loan is maturing in June 2014 and
expect Metsa Board to proactively address the refinancing in
2013.

A rating upgrade would require Metsa Board to manage the
refinancing of the term loan well ahead of its maturity in 2014.
In addition, the group would need to continue its track record of
gradually improving operating profitability and cash flow
generation despite the challenging macroeconomic conditions in
its European stronghold. Quantitatively, Moody's would consider a
rating upgrade if Metsa Board's EBITDA margins were to stabilize
in the low double digit percentages, with leverage as measured by
Debt/EBITDA moving sustainably to clearly below 5x, also helped
by positive free cash flow generation.

The rating could come under negative pressure if the company
would be unable to timely refinance upcoming debt maturities over
2013, if Debt/EBITDA were to move towards 6x or if material
negative free cash flow generation weakens the group's liquidity
position.

Upgrades:

Issuer: Metsa Board Corporation

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Corporate Family Rating, Upgraded to B2 from B3

Outlook Actions:

Issuer: Metsa Board Corporation

Outlook, Changed To Stable From Positive

The principal methodology used in this rating was the Global
Paper and Forest Products Industry published in September 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.

Metsa Board, headquartered in Espoo, Finland, is a leading
European primary fibre paperboard producer. Metsa Board also
produces office paper and coated papers as well as market pulp.
Sales during the last twelve months ending March 2013 amounted to
EUR2.1 billion.



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G E R M A N Y
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HEAT MEZZANINE: Moody's Lowers Rating on Class B Notes to 'C'
-------------------------------------------------------------
Moody's Investors Service downgraded its rating of three classes
of notes issued by H.E.A.T. Mezzanine S.A.

Issuer: H.E.A.T Mezzanine S.A. (Compartment 2)

EUR218.4M A Notes, Downgraded to Caa3 (sf); previously on Oct 18,
2011 Downgraded to B2 (sf)

EUR30.8M B Notes, Downgraded to C (sf); previously on Jul 30,
2009 Downgraded to Ca (sf)

EUR10M Combo Notes, Downgraded to Ca (sf); previously on Oct 18,
2011 Confirmed at Caa3 (sf)

The rating of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For the
Combination Notes, which do not accrue interest, the 'Rated
Balance' is equal at any time to the principal amount of the
Combination Notes on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount
reported by the trustee.

H.E.A.T Mezzanine S.A. (Compartment 2) is a static CDO of a
portfolio of German SME mezzanine loans with bullet maturities
that reached the Scheduled Redemption Date on 13 April 2013.

Ratings Rationale:

The rating action results from realized losses arising at the
scheduled maturity of the transaction. According to the latest
trustee report dated 15 April 2013, after the final principal
payment, Class A was left with EUR 58.5M principal unpaid (a 27%
loss), Class B was left with EUR 30.8M principal unpaid (a 100%
loss) and the combination notes were left with EUR 4.9M principal
unpaid (a 49% loss). The transaction also experienced an "Event
of Default" caused by a failure to pay principal on the junior
notes, the Class B notes and partially to the Class A notes 10
days after the scheduled redemption date. Reflecting this,
Moody's said the rating actions on the Class A, B and combination
notes are commensurate with the expected recoveries for the
notes, as outlined in the paper titled "Moody's Approach to
Rating Structured Finance Securities in Default" published in
November 2009.

The principal methodology used in this rating was "Moody's
Approach to Rating the CDOs of SMEs in Europe" published in
February 2007.

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 uncertainties of credit
conditions in the general economy. There are further sources of
uncertainty regarding timing and recovery of defaulted assets
that could have negative a negative impact on the deal. However,
realization of higher than expected recoveries would positively
impact the ratings of the notes.

No additional cash flow analysis, sensitivity analysis or stress
scenarios have been conducted as the ratings were derived based
on the expected recoveries.


PHOENIX PIB: S&P Rates Proposed New Unsecured Notes 'BB'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB'
issue rating to the proposed new unsecured notes to be issued by
Germany-based pharmaceuticals wholesaler Phoenix PIB Dutch
Finance B.V., a wholly owned subsidiary of PHOENIX Pharmahandel
GmbH & Co. KG (PHOENIX; BB/Stable/--).

The issue rating on the proposed notes is in line with the
corporate credit rating on PHOENIX.  S&P also assigned a recovery
rating of '4' to the proposed notes, indicating its expectation
of average (30%-50%) recovery in the event of payment default.

At the same time, S&P affirmed its 'BB' issue rating and '4'
recovery rating on PHOENIX PIB Finance B.V.'s existing
EUR506 million senior unsecured notes due 2014 and on PHOENIX's
EUR1.35 billion syndicated senior unsecured facilities.

                         RECOVERY ANALYSIS

Recovery prospects for the proposed notes are supported by the
same guarantees as the existing unsecured facilities and the
favorable German insolvency jurisdiction.  Although the proposed
notes are unsecured, S&P notes that the group has a substantial
asset base, which in S&P's view also underpins recovery
prospects.

However, recovery prospects for the proposed notes are
constrained by the documentation, which S&P views as materially
weaker than that of the existing notes and bank debt.  The
documentation permits debt to be raised in priority to the
proposed notes, leading to the potential for diminished recovery
prospects.

For the purpose of S&P's recovery analysis, it simulates a
default scenario.  S&P projects a hypothetical default in
financial year ending Jan. 31, 2018, with EBITDA declining to
about EUR290 million (excluding the Italian business).  S&P
values the business as a going concern at the simulated point of
default, given its view of PHOENIX's stable business
fundamentals.

Assuming an EBITDA multiple of 6.5x leads to a stressed
enterprise valuation of EUR1,880 million.  S&P's valuation
excludes the Italian operations and associated debt and assumes
that the proceeds from the proposed issuance are used to repay
existing unsecured debt.  From the enterprise value S&P deducts
about EUR1,126 million of priority liabilities, comprising
enforcement costs, part of the unfunded pension deficit,
bilateral lines, and drawings under the group's factoring
facility.  This leaves about EUR755 million for the unsecured
debt.  S&P therefore anticipates recovery for the rated debt
facilities in the 30%-50% range, equating to its recovery rating
of '4'.  This recovery rating assumes pari passu ranking of the
existing debt facilities on an unsecured basis at default.  In
the event that the group raises prior-ranking secured debt as the
negative pledge in the proposed notes documentation permits,
recovery prospects for the proposed notes could diminish
materially.


* GERMANY: CRE Market Gets Respite From Refinancing Challenges
--------------------------------------------------------------
Signs of renewed investor interest in secondary German commercial
real estate (CRE) markets suggest some respite from the
refinancing challenges facing the sector, Fitch Ratings says.
However, significant concerns remain because of the limited time
left in which to resolve problem loans. Property in secondary
locations, particularly in office and retail markets, comprises
much of the collateral underpinning German loans packaged in
European CMBS.

Rising risk appetites are encouraging investors to take exposure
to some properties in secondary locations in Germany again, as
indicated by Jones Lang LaSalle's (JLL) recent German investment
market overview. JLL reported a Q113 increase in acquisitions of
CRE in Germany, with overall transaction volumes rising 35% from
a year earlier to EUR7.1 billion. Average yields for prime
properties in secondary locations across the "Big Seven" German
cities fell to 5.54%, suggesting a "slight increase in the
willingness to take risks."

For the last five years properties in secondary locations have
been off-limits for many German CRE investors, which include
foreign investors, real estate funds, and custodians of family
wealth. They had focused on the most robust "core" locations such
as the central business districts of the "Big Seven".

The domestic banks with access to deep Pfandbrief funding markets
are underwriting this renewed interest in German non-core CRE.

With about EUR7 billion of German CMBS loans falling due in the
next 12 months, an increase in investor demand for non-core
properties is positive for the prospects for refinancing loans
and disposing of CRE collateral. With a similar volume of German
loans already overdue, CMBS bondholders will hope that improving
sentiment will also allow servicers to expedite loan workouts,
particularly given the potential crunch in bond maturities from
2016.

According to JLL, the yield pickup for for prime properties in
secondary locations across Germany's "Big Seven" above those on
prime sites has fallen below 80 basis points, suggesting a
reversal in the tiering that took off in the crisis. However, JLL
points out that while investors are more comfortable taking
exposure to secondary locations, they are not yet willing to
compromise on building or tenant quality.

A preference for lease and building quality over location signals
growing confidence in the medium-term prospects for German CRE.
But it also shows that despite Germany's relative insulation from
the eurozone crisis, investors are still demanding income
visibility as protection against short-term market volatility.
With time pressure building as bond maturities draw closer and
leases roll off, this stance will continue to drag on ratings in
the sector.



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G R E E C E
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YIOULA GLASSWORKS: Moody's Revises PDR to Ca-PD; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service revised Yioula Glassworks S.A.'s
probability of default rating to Ca-PD from Ca-PD/LD.
Subsequently, the group's Caa3 Corporate Family rating and the Ca
bond rating have been affirmed. The outlook on all ratings is
stable.

Ratings Rationale:

The affirmation of the group's CFR and bond ratings reflects
Yioula's success in terming out upcoming bank debt maturities,
including a rescheduling of amortization requirements, that
somewhat alleviates liquidity pressure. At the same time, the
ratings reflect that Yioula's liquidity profile will remain weak,
with high amounts of short term debt facilities as well as
sizeable amortization requirements.

Aside from the stressed liquidity profile, which continues to be
the major rating driver in the short term, Yioula's corporate
family rating also reflects (i) the company's relatively small
scale, (ii) the large share of commoditized products and its
dependence on volatile input factors such as natural gas and soda
ash, (iii) a weak financial risk profile evidenced by a
debt/EBITDA of around 6x per year end 2012 and low interest
coverage ratios following significant investment activity over
the past years as well as (iv) lower profitability on the back of
high input costs, the inability to generate meaningful positive
free cash flows in the last couple of years and therefore the
inability to reduce debt to a more sustainable level.

At the same time, the rating reflects (i) the company's dominant
position in its core market of south-eastern Europe, (ii) its
long-standing relationships in that region, (iii) the ability to
leverage its production in low cost countries and (iv) a more
efficient asset base following sizeable investments over the past
years aimed at improving the cost efficiency of the group's
furnaces. These strengths have allowed Yioula to retain solid
profitability levels with EBITDA margins above 20%, despite the
challenging economic environment in South Eastern Europe and
Greece in particular as well as high energy cost inflation, that
Yioula was so far able to largely pass on to its customers,
albeit with a time lag of several months.

Based on its dominant market position in its core Balkan markets,
the company continues to invest into new capacity through furnace
upgrades in Romania. This will result in Yioula incurring
negative free cash flow for the next two years due to high capex
spending, although Moody's understands that parts will be funded
via government subsidies related to the improvements in energy
efficiency as a result of the furnace rebuilds. Nevertheless,
Moody's expects leverage to rise over 2013-2014, while benefits
from higher volumes will only be realized gradually, which will
result in at least temporarily weaker debt protection metrics
over the next 18 months.

The rating outlook is stable, reflecting the company's relatively
resilient profitability throughout the crisis. The stable outlook
also incorporates Moody's expectation that Yioula will carefully
manage its liquidity profile and successfully refinance upcoming
sizeable debt maturities within the next months.

Downward pressure on the rating could develop if (i) a payment
default were to occur or (ii) Yioula were to announce a
restructuring of its debt and this were deemed a distressed
exchange, which Moody's considers a default.

The rating could be upgraded if Yioula implemented an adequate
liquidity profile by refinancing its upcoming debt maturities on
a long term basis or instating other long term liquidity sources,
such as revolving liquidity facilities as back up for its
refinancing requirements.

Affirmations:

Issuer: Yioula Glassworks S.A.

Probability of Default Rating, Affirmed Ca-PD (/LD removed)

Corporate Family Rating, Affirmed Caa3

Senior Unsecured Regular Bond/Debenture Dec 1, 2015, Affirmed Ca

Outlook Actions:

Issuer: Yioula Glassworks S.A.

Outlook, Changed To Stable From Negative

Adjustments:

Issuer: Yioula Glassworks S.A.

Senior Unsecured Regular Bond/Debenture Dec 1, 2015, Upgraded to
a range of LGD4, 50 % from a range of LGD4, 68 %

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

Yioula Glassworks S.A., based in Athens (Greece), produces a wide
variety of glass containers for the food and beverage industries
throughout south-eastern Europe as well as glass tableware for
the Greek, Bulgarian, Romanian and Ukrainian markets. Founded in
Greece in 1947, the company expanded into Bulgaria in 1997,
Romania in 2003 and to the Ukraine in 2005. Total group revenues
for the last twelve months ending December 2012 were EUR233
million.



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ALLIED IRISH: Issues 4.1 Billion Ordinary Shares to the NPRFC
-------------------------------------------------------------
Allied Irish Banks, p.l.c., has issued and allotted 4,144,055,254
ordinary shares to the National Pensions Reserve Fund Commission
(NPRFC) by way of bonus issue.  This number of shares is equal to
the aggregate cash amount of the annual dividend of EUR280
million on the NPRFC's holding of EUR3.5 billion 2009 Non
Cumulative Preference Shares, divided by the average price per
share in the 30 trading days prior to May 13, 2013.

Application will be made in due course for the listing of these
new shares.  The total number of AIB ordinary shares in issue
post this bonus issue is 521,261,151,503 (excluding treasury
shares). The Irish State, through the NPRFC, owns 99.8 percent of
the ordinary shares of AIB.

                     About Allied Irish Banks

Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland.  It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin.  AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).

Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.

As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares.  On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.

In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.

The Company reported a loss of EUR2.29 billion in 2011, a loss of
EUR10.16 billion in 2010, and a loss of EUR2.33 billion in 2009.

Allied Irish's consolidated statement of financial position for
the year ended Dec. 31, 2011, showed EUR136.65 billion in total
assets, EUR122.18 billion in total liabilities and EUR14.46
billion in shareholders' equity.

Allied Irish's balance sheet at June 30, 2012, showed EUR129.85
billion in total assets, EUR116.59 billion in total liabilities
and EUR13.26 billion in total shareholders' equity.


IRISH BANK: Lodges EUR16-Mil. Claim Against Ex-Telecoms Boss
------------------------------------------------------------
Independent.ie reports that the former Anglo Irish Bank has
lodged a EUR16 million debt claim against ex telecoms boss Oisin
Fanning and a claim of more than EUR7 million against his partner
Pear Roche.

But the long running dispute may be settled after a series of
"fruitful" set of talks, the report says.

According to the report, the Irish Bank Resolution Corporation
(formerly Anglo), which is now in Special Liquidation, has been
involved in "very intensive negotiations" with Mr. Fanning and
Mr. Roche since 2009 when the High Court ordered that Anglo was
entitled to possess the couple's home in Naas, County Kildare.

Independent.ie relates that on May 13, the debt claim was
admitted on consent to the fast track Commercial Court, the big
business division of the High Court.

But the directions aspect of the proceedings were immediately
struck out with the consent of the couple and the bank, the
report notes.

In the event that settlement terms are not agreed or adhered to
by the defendants, the case may be reactivated or re-entered into
the system, the report adds.

Anglo Irish Bank was an Irish bank headquartered in Dublin from
1964 to 2011.  It went into wind-down mode after nationalization
in 2009.  In July 2011, Anglo Irish merged with the Irish
Nationwide Building Society, with the new company being named the
Irish Bank Resolution Corporation.

Standard & Poor's Ratings Services said that it lowered its long-
and short-term counterparty credit ratings on Irish Bank
Resolution Corp. Ltd. (IBRC) to 'D/D' from 'B-/C'.   S&P also
lowered the senior unsecured ratings to 'D' from 'B-'.  S&P then
withdrew the counterparty credit ratings, the senior unsecured
ratings, and the preferred stock ratings on IBRC.  At the same
time, S&P affirmed its 'BBB+' issue rating on three government-
guaranteed debt issues.

The rating actions follow the Feb. 6, 2013, announcement that the
Irish government has liquidated IBRC.


SUNDAY BUSINESS: Extends Examinership; Has 2 Weeks to Find Bidder
-----------------------------------------------------------------
Donal O'Donovan at Independent.ie reports that the Sunday
Business Post has just two weeks to find a bidder or lose the
protection of the High Court.

If no investment proposal is made in the next two weeks, examiner
Michael McAteer must return to the High Court to seek further
instruction, including potentially being ordered to liquidate the
business, Independent.ie discloses.

According to Independent.ie, the examiner appointed to Post
Publications, the company that publishes the Sunday newspaper,
was in court on Wednesday seeking a 30-day extension to the
existing examinership.

Judge Peter Kelly granted the application but said it is
conditional on key milestones being met over the next two weeks,
including crucially securing an outline offer for the company by
the week of the May 27, Independent.ie relates.

That condition is being imposed, the judge said, because he was
unhappy with an affidavit filed by the examiner as part of the
application for an extension, Independent.ie notes.

The document was "light" on detail about both the examiner's
assessment of the prospects of a buyer coming forward and on
details of a cost saving scheme outlined to the court,
Independent.ie says.

The court was told that Mr. McAteer has proposed a rescue scheme
for the business that will lead to annual savings of EUR1.8
million, Independent.ie discloses.

While the examiner is in talks with a number of potential
bidders, any offers are dependent on that cost reduction program
being in place, Independent.ie notes.  That has delayed progress
under the examinership to date, Independent.ie states.

The Sunday Business Post is an Irish national Sunday newspaper.
Accountant Michael McAteer of Grant Thornton was appointed as
interim examiner of Post Publishing Ltd., which owns the Sunday
Business Post' newspaper, at the High Court in Dublin by Mr.
Justice Peter Kelly, in March 2013.



=========
I T A L Y
=========


INDUSTRIAS ROMI: To Liquidate Italian Subsidiary
------------------------------------------------
Plasteurope.com reports that Industrias Romi SA is liquidating
its Italian subsidiary, Romi Italia. The company said last month
it will be forced to lay off the entire workforce and sell its
assets to cover the liquidation costs.  Italian media reports
estimate 145 individuals will be affected by the closure.

Plasteurope.com relates that Romi believes the shutdown of its
Italian operations will take up to a year to finalise.

For Italian industry, Plasteurope.com says it marks the sad end
to a once proud brand, "Sandretto", stamped on the injection
moulding machines it manufactured since its founding in 1946.  In
2005, it was briefly run by US company HPM North America before
it was taken over by Romi in 2008.  According to the report, Romi
will continue to produce Sandretto machinery, but it will be
manufactured in Brazil, which has reportedly already been the
case for quite some time.

Plasteurope.com notes that financial figures from the first three
months of 2013 show that Romi achieved sales in the segment of
machinery for processing of plastics, at BRL18.9 million, roughly
EUR7.1 million, a decrease of about 18.9% compared with the same
period last year and 30.5% against the previous quarter.

Sales at Romi Italy have suffered a steady decline in the past
three years, from BRL35.7 million in 2010 to BRL32.8 million in
2011, before finally falling to BRL 18.4 million last year (just
under EUR7 million). The EBITDA of the Italian activities in the
same period, increased from BRL11.4 million to BRL14.8 million,
the report discloses.

According to Plasteurope.com, Romi said negotiations were already
underway as early as March 2012.  The report says the Italian
subsidiary was constantly putting up a deficit with an EBITDA of
-- -31% in 2010 dropping to -57% in 2011 and a whopping -80% last
year. For the first quarter of 2013, the Italian site had an
operating loss of 173% bringing in a meagre EUR500,000 in
revenues, the report adds.

Italian media reports blame the dismal economic situation of
their country along with the "tug of war" with the national
unions for sealing the traditional company's fate with its
Brazilian owner, Plasteurope.com reports.

Brazil-based Industrias Romi S.A. manufactures and distributes
machine-tools, plastic processing machines and rough and machined
casting for the industrial sectors, such as metalworking,
automotive, energy, oil and gas, and consumer goods.



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


ION TRADING: Moody's Assigns 'B3' Corp. Rating; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
and B3-PD probability of default rating to ION Trading
Technologies Limited, a (P)B2 rating (LGD3, 35%) to the new US$50
million Revolving Credit Line maturing in 2018, a (P)B2 rating
(LGD3, 35%) to the proposed US$750 million First Lien Term Loan
maturing in 2020, and a (P)Caa2 rating (LGD5, 88%) to the
proposed US$375 million Second Lien Term Loan maturing in 2020.

The proposed debt will be issued by ION Trading Technologies
S.a.r.l, a Luxembourg-based private limited liability company
fully-owned by ION Trading Technologies Limited. The rating
outlook is stable.

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

Ratings Rationale:

The ratings negatively reflect IONTT's high leverage, its
relatively small size, its dependence on a narrow range of
software and services for fixed income electronic trading
activities, and high customer concentration. Moody's view also
reflects the risk of technology shifts and the fragmented nature
of the industry in which the company operates and the need of all
players to continue growing through acquisitions to gain new
customers. The rating also factors in Moody's expectation that
debt to EBITDA (including Moody's adjustments, mainly EUR29
million of additional debt for operating leases) will stay high
at around 7.0x.

The ratings positively reflect the very high profitability of the
company, its strong operating cash flow generation, good medium-
term visibility of revenues due to long-term contracts, and its
high customer retention rates.

The stable outlook reflects Moody's expectations that IONTT will
maintain its solid market position and customer relationships
whilst further growing organically in new markets, and will keep
EBITDA margin (including Moody's adjustments) in the 40-50%
range.

The loan proceeds along with US$70 million of IONTT's cash
holdings will be used to repay US$218 million of existing debt
and pay a dividend of US$965 million to ION Investment Group.

The proposed debt will be located at ION Trading Technologies
S.a.r.l, a Luxembourg-based private limited liability company
fully-owned by ION Trading Technologies Limited. The debt will be
unconditionally guaranteed by IONTT and secured by all assets of
IONTT and its subsidiaries. The proposed First Lien Term Loan and
Revolving Credit Line are rated (P)B2, one-notch above the CFR.
The proposed Second Lien Term Loan is rated (P)Caa2, two-notches
below the CFR. The three-notch difference between the two secured
loans reflects Moody's assessment of the priority of claims of
the First-Lien Term Loan on the security package, which are
mainly made of the shares of the operating entities ION Trading
Ireland Limited and Pattington Limited.

What Could Change the Rating Up / Down

The ratings could be upgraded if there is clear evidence that the
trading platform software industry in which the company operates
is stabilizing, and if the debt sustainably approaches 6.0x
EBITDA. The rating could be lowered if IONTT's customer retention
or EBITDA margin were to decline from current levels, thus
suggesting a weakening of the company's competitive position.
Moreover, the rating could also be downgraded if IONTT
consistently generates negative free cash flow or if debt goes
above 8.0x EBITDA.

The following ratings were assigned:

Corporate Family Rating -- B3

Probability of Default Rating -- B3-PD

US$50 million secured revolving credit facility due 2018 -- (P)B2
(LGD3, 35%)

US$750 million First Lien Term Loan due 2020 -- (P)B2 (LGD3, 35%)

US$375 million Second Lien Term Loan due 2020 -- (P)Caa2 (LGD5,
88%)

The principal methodology used in these ratings was the Global
Software 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.

Privately owned by ION Investment Group ("IIG", a TA Associates
company), ION Trading Technologies Ltd ("IONTT") is a global
provider of sell-side trading software and service to banks and
other financial institutions operating in fixed income markets.
Incorporated in Dublin (Ireland), IONTT has offices in London and
other major financial centers worldwide. IONTT offers, in
particular, trading solutions for electronic fixed income
markets, including support for cash, futures, repos, money
markets, interest rate swaps and credit default swaps. IONTT
serves more than 160 customers from 15 locations globally with a
staff of over 800 people. In 2012, the company generated revenues
of US$245 million and EBITDA of US$142 million.


MONIER GROUP: S&P Affirms 'B-' CCR & 'B+' Rating on Revolver Debt
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B-'
long-term corporate credit rating on Luxembourg-based building
materials manufacturer Monier Group S.a r.l.

At the same time, S&P affirmed its 'B+' issue rating on Monier's
existing EUR80 million super senior revolving credit facility and
our 'B-' issue rating on the group's EUR650 million reinstated
senior bank facilities (of which EUR695 million is currently
outstanding).

Following these actions, S&P withdrew all of the aforementioned
ratings at the issuer's request.  At the time of the withdrawal,
the outlook was stable.

"At the time of the withdrawal, the ratings on Monier reflected
our assessments of the group's business risk profile as "fair"
and its financial risk profile as "highly leveraged."  We based
our assessments on our view of Monier's significant exposure to
highly cyclical and depressed residential construction end-
markets, high geographic concentration in Europe, and exposure to
volatile input costs.  However, we also took into account what we
see as the group's leading market positions in Europe; a degree
of product innovation; and meaningful barriers to entry in local
markets owing to the uneconomical nature of the long-distance
transportation of Monier's products,"S&P said.

At the time of withdrawal, S&P viewed Monier's liquidity profile
as "adequate" under its criteria, independently of its highly
leveraged credit metrics, which S&P do not foresee improving
meaningfully in the near future.  S&P's liquidity assessment also
incorporated its assumption that the group will seek to refinance
its EUR650 million reinstated bank facilities (due 2015) in a
timely fashion and at an economically viable interest rate.


PATAGONIA FINANCE: Moody's Cuts Rating on EUR325MM Notes to 'Ca'
----------------------------------------------------------------
Moody's Investors Service downgraded the rating of the following
notes issued by Patagonia Finance S.A.:

Issuer: Patagonia finance S.A. Restructuring

EUR324.730M Senior Zero coupon Notes, Downgraded to Ca;
previously on Feb 5, 2013 Caa2 Placed Under Review for Possible
Downgrade

This transaction represents a repackaging of Banca Monte dei
Paschi di Siena S.p.A subordinate bonds, where the fixed coupon
is reinvested to match the accretion of the zero coupon notes.

Ratings Rationale:

Moody's explained that the rating action is the result of a
rating action on the subordinate rating of Banca Monte dei Paschi
di Siena S.p.A, which was downgraded to Ca from Caa2 under review
for downgrade on May 9, 2013.

This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of Banca Monte dei Paschi di Siena S.p.A and therefore the rating
moves in lock-step.

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 especially as the transaction
is exposed to an obligor located in Italy and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.

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

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



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


BBVA GLOBAL: Moody's Assigns Ba1 Rating to $15MM Series 64 Notes
----------------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by BBVA Global Markets B.V.:

Issuer: BBVA Global Markets B.V. (Credit Linked Notes)

$15M Series Number 64 (under the EUR2,000,000,000 Structured
Medium Term Note Programme), Credit Linked Notes due 2018 Notes,
Assigned Ba1

Ratings Rationale:

Series Number 64, issued under the EUR2,000,000,000 Structured
Medium Term Note Programme, is a credit linked note issued by
BBVA Global Markets B.V. The program, and therefore this specific
issuance, is guaranteed by Banco Bilbao Vizcaya Argentaria, S.A.
("BBVA", Baa3/P-3; Negative Outlook). On the issue date, BBVA
will issue the notes and retain the issuance proceeds. The notes
will be credit-linked to Telefonica S.A (Baa2/P-2; Negative
Outlook).

The rating addresses the expected loss posed to investors by the
maturity date of the notes, which could result from 1) a Credit
Event (as defined in the documentation) occurring in relation to
Telefonica S.A and/or 2) a default of BBVA as guarantor. The
rating on the notes is thus primarily based on 1) the rating of
the Telefonica S.A. and 2) the rating of BBVA; the rating on the
notes could be affected by a change in the rating of any of those
entities.

The notes will be settled (through an auction carried out by
ISDA) if a Credit Event were to happen in relation of Telefonica
S.A. Upon the occurrence of a Credit Event, the principal amount
of the Notes might be reduced and no accrued interest might be
payable on the notes from the previous interest payment date
preceding such a Credit Event. Additionally, the notes are not be
subject to early redemption in such a case. Moody's has taken
this into account by stressing the recovery rate on the notes.

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

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

No additional cash flow analysis has been conducted as the rating
was directly derived from the rating of Telefonica and BBVA and
taking into consideration the transaction characteristics.

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 uncertainties of credit
conditions in the general economy especially as the transaction
is mainly exposed to obligors located in Spain. Additionally, the
program allows for potential substitution of the guarantor, where
the guarantor may not be a Moody's rated entity. In this case,
Moody's would need to assess if there was sufficient information
to maintain ratings on the notes.


ICTS INTERNATIONAL: Incurs US$9 Million Net Loss in 2012
--------------------------------------------------------
ICTS International filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss
of US$9.01 million on US$102.95 million of revenue for the year
ended Dec. 31, 2012, as compared with a net loss of US$2.14
million on US$100.32 million of revenue for the year ended
Dec. 31, 2011.  The Company incurred a net loss of US$8.12
million in 2010.

The Company's balance sheet at Dec. 31, 2012, showed US$22.55
million in total assets, US$59.24 million in total liabilities
and a US$36.68 million total shareholders' deficit.

Mayer Hoffman McCann CPAs, in New York, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2012.  The independent auditors noted that
the Company has a history of recurring losses from continuing
operations, negative cash flows from operations, working capital
deficit, and is in default on its line of credit arrangement in
the United States as a result of the violation of certain
financial and non-financial covenants.  Collectively, these
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

A copy of the Form 20-F is available for free at:

                        http://is.gd/PKGYp5

                      About ICTS International

ICTS International N.V. is a public limited liability company
organized under the laws of The Netherlands in 1992.

ICTS specializes in the provision of aviation security and other
aviation services.  Following the taking of its aviation security
business in the United States by the TSA in 2002, ICTS, through
its subsidiary Huntleigh U.S.A. Corporation, engages primarily in
non-security related activities in the USA.

ICTS, through I-SEC International Security B.V., supplies
aviation security services at airports in Europe and the Far
East.

In addition, I-SEC Technologies B.V. including its subsidiaries
develops technological systems and solutions for aviation and
non-aviation security.



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


ARMONIA BRAILA: Fails to Attract Buyer; Creditors May Cut Price
---------------------------------------------------------------
Oana Gavrila at Ziarul Financiar reports that Armonia Mall in
Braila, eastern Romania has failed to attract a buyer despite a
30% cut in the asking price, to EUR15 million.

According to Ziarul Financiar, the bankrupt shopping center's
creditors might have to lower the price even more.


CENTRAL EUROPEAN: S&P Raises Corp. Rating to 'B-'; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating (CCR) on Bermuda-based emerging
markets TV broadcaster Central European Media Enterprises Ltd.
(CME) to 'B-' from 'CCC+'.  The outlook is stable.

S&P also raised its issue rating on the EUR240 million senior
secured notes due 2017 issued by CME's subsidiary CET 21
spol.s.r.o. to 'B-' from 'CCC+'.  At the same time S&P raised the
issue rating on the EUR479 million senior secured notes due 2016
issued by CME to 'CCC+' from 'CCC'.

The upgrade reflects S&P's view that CME's liquidity will improve
thanks to the recently completed US$150 million common equity
increase and the US$200 million preferred shares private
placement guaranteed by Time Warner, which S&P understands CME
expects to take place by June 30, 2013.  In particular, S&P
believes that CME's liquidity is now "adequate" under S&P's base-
case scenario that envisages a mid-single-digit decline in
advertising spending in the countries where CME operates in 2013.

CME's liquidity, which stood at US$123 million on March 31, 2013,
will increase by approximately US$40 million after the above-
mentioned transactions.  S&P views this level to be "adequate" to
cope with the negative free cash flow it expects CME to
experience in 2013 and to provide a sufficient buffer during the
first half of 2014, assuming some recovery of the advertising
markets.  S&P estimates that the group's negative free operating
cash flow (FOCF) could approach US$70 million in 2013. Depending
on the extent of any advertising recovery in CME's markets, S&P
believes that free cash flow could be at best neutral or slightly
negative in 2014.

The CCR reflects S&P's view of CME's "weak" business risk profile
and "highly leveraged" financial risk profile.

The stable outlook reflects S&P's view that CME's liquidity,
which relies exclusively on cash balances, will likely remain
"adequate" over the next 12 months, despite S&P's expectations of
continued negative free cash flow in 2013.  S&P expects that CME
will be able to maintain approximately US$110 million as a
liquidity buffer to absorb potential unexpected setbacks stemming
from the volatility of advertising spending in countries where it
operates.

The stable outlook takes also into consideration the favorable
evidence of financial support from Time Warner through the recent
transactions.

S&P could lower the ratings if CME's cash burn was significantly
higher than it expected in 2013, resulting in a deterioration of
the liquidity buffer to below US$110 million over the next few
quarters.

A positive rating action could stem from a material improvement
in advertising spending in the company's key markets that
translated into an EBITDA margin above 20%, resulting in a
significant improvement of prospects for free cash flow
generation.  S&P do not see this happening over the next 12-24
months, however.



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


FTPYME TDA: Fitch Cuts Rating on EUR7.7MM Class 3SA Notes to 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded FTPYME TDA CAM 2, F.T.A.'s notes, as
follows:

EUR29.7m Class 1CA(G) (ISIN ES0339758015): affirmed at 'AA-sf';
Outlook Negative

EUR27.5m Class 2SA (ISIN ES0339758023): downgraded to 'BBBsf'
from 'Asf'; Outlook Stable

EUR7.7m Class 3SA (ISIN ES0339758031): downgraded to 'Bsf' from
'BB-sf'; Outlook Negative

The downgrade of the class 2SA and 3SA notes reflects the
volatile transaction performance and elevated delinquency levels.
Loans more than 90 days in arrears represent 6.3% of the
portfolio down from 9.2% at the last review in August 2012.
During the period delinquencies over 90 days were frequently
above 7%. This has translated into an increase in the balance of
defaulted assets in the portfolio to EUR13.0 million, up from
EUR6.9 million at the last review.

The Negative Outlook for the class 3SA notes reflects their
vulnerability to sudden spikes in defaults.

The affirmation of the class 1CA(G) notes reflects the
substantial amount of credit enhancement available to the notes.
The class 1CA(G) notes' rating and Outlook are limited by the
rating of the Kingdom of Spain ('BBB'/Negative/'F2'). The highest
achievable rating for Spanish structured finance transactions is
'AA-sf', five notches above the sovereign's rating. See "Fitch:
SF Impact of Spanish, Italian & Irish Sovereign Rating Actions",
dated 1 Feb. 2012 at www.fitchratings.com, for details of Fitch's
view on the link between sovereign Issuer Default Ratings and
structured finance ratings for eurozone countries.

FTPYME TDA CAM 2, F.T.A. is a granular cash flow securitization
of a static portfolio of secured and unsecured loans granted to
Spanish small- and medium-sized enterprises by Caja de Ahorros
del Mediterraneo (now part of Banco de Sabadell; rated
'BB'/Stable/'B').


POLYUS GOLD: S&P Assigns 'BB+' Corp. Credit Rating; Outlook Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
'BB+' long-term corporate credit rating to Russia-based gold
miner Polyus Gold International Ltd. (Polyus). The outlook is
positive.

At the same time, S&P assigned its 'BB+' issue rating to Polyus'
US$750 million senior unsecured notes.  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.

The ratings on Polyus reflect our assessment of the company's
"fair" business risk profile and "significant" financial risk
profile, as our criteria define these terms.

S&P's assessment of Polyus' "fair" business risk profile reflects
its view of the company's position as the eighth-largest gold
producer in the world and the largest gold miner in Russia, with
production of 1.7 million ounces (Moz) of gold in 2012 across six
mines and alluvial operations.  Further strengths are Polyus'
long reserves life of more than 20 years and prevailing strong
gold prices.

These strengths are partially mitigated by Polyus' exposure to a
single commodity; country risk, because all of Polyus' assets are
concentrated in Russia; and its unit cash cost of about $700 per
ounce, which puts it in a median position on the global cash cost
curve.  This cash cost is higher than that of North American gold
miners such as Goldcorp Inc. and Newmont Mining Corp., but lower
than South African gold miners, notably Gold Fields Ltd. and
AngloGold Ashanti Ltd.

The rating is further constrained by execution risk at the
Natalka gold mine.  S&P believes this asset should improve
Polyus' competitive position and strengthen its cash flow
generation once it is commissioned.  However, S&P sees risks of
delays, further cost overruns, and eventually a higher unit cash
cost than it currently assumes.  These risks stem from the scale
of the project and the remote location of the mine in the far
east of Russia.  At this stage, S&P assumes that the mine will
start operating in late 2014, with a contribution of about
200,000 ounces in 2014.

S&P's assessment of Polyus' "significant" financial risk profile
reflects the company's current net cash position.  Polyus has low
debt, and S&P forecasts that it will maintain Standard & Poor's-
adjusted debt to EBITDA at between 0.5x and 1.0x in the coming
years.  This is in line with Polyus' financial policy that
targets debt to EBITDA of less than 1.5x, and S&P's view of its
ability to scale back capital expenditure (capex) from 2014 to
protect free operating cash flow (FOCF).  In S&P's view, post the
notes issue, the company should have sufficient liquidity sources
to bridge 2013 and 2014, even under a conservative gold price
assumption of $1,200 per ounce.

These factors are offset by S&P's forecast of substantially
negative FOCF in 2013 due to high capex in the Natalka mine, and
the risk of additional negative FOCF in case of delays or cost
overruns in this project.  S&P also sees the risk of Polyus
adopting a more aggressive dividend and financial policy in the
future following recent changes in ownership.

There is a one-in-three possibility of us raising the rating in
the coming 12-18 months if Polyus:

   -- Successfully starts operations at the Natalka mine in the
      summer of 2014, with a second-quartile unit cash cost.

   -- Continues to adhere to a moderate financial policy.

   -- Demonstrates its ability to generate positive FOCF and
      broadly neutral discretionary cash flow after operations
      start up at the Natalka mine, with debt to EBITDA of less
      than 2x.

S&P could revise the outlook to stable in the event of material
delays and cost overruns in the Natalka project, leading to
additional significant negative FOCF.  S&P could also stabilize
the outlook if the company's financial policy becomes more
aggressive due to high dividends or capex.  Finally, rating
upside will likely disappear if gold prices decline substantially
below S&P's short-term price assumptions of $1,500-$1,400 per
ounce, or if Polyus' cash cost position deteriorates
substantially.  However, S&P do not currently anticipate these
outcomes.


RENAISSANCE CONSUMER: Fitch Rates Upcoming Bond Issue 'B(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Renaissance Consumer Funding Limited's
upcoming issue of limited recourse loan participation notes, an
expected 'B(EXP)' rating and a Recovery Rating of 'RR4'. The
final rating is contingent upon the receipt of final documents
conforming to information already received.

The proceeds from the issue will be on-lent to Russia-based
Commercial Bank Renaissance Credit (RenCredit), which has a Long-
term Issuer Default Rating (IDR) of 'B'/Stable, Short-term IDR of
'B', Viability Rating (VR) of 'b', Support Rating of '5'. In case
of bankruptcy, the claims of investors in the current issue will
rank at least pari passu with the claims of other senior
creditors. Financial covenants of the agreement include
RenCredit's obligation to maintain its prudential total capital
adequacy ratio at least at 12% level.

As at end-Q113, RenCredit was the 65th-largest bank in Russia by
assets and is one of the five leaders in the consumer finance
segment in Russia. Onexim Holdings controls 89.52% of RenCredit
via Renaissance Capital Investments Limited which also controls
investment bank Renaissance Capital ('B'/Negative).

Key Rating Drivers

The issue's 'B' rating corresponds to the bank's Long-term IDR of
'B'. The Recovery Ratings of 'RR4' reflects an average recoveries
expectation of 31%-50% for senior debt holders in case of
default.

RenCredit's Long-term IDR reflects the bank's markedly weaker and
more volatile performance relative to other banks in the sector,
and the significant increase in loss rates in 2012, which has
prompted a review of underwriting policies. Reported
profitability remained strong (ROAE of 19% in 2012) reflecting
solid reported cost control, but was supported by insurance-
related commissions (equal to 62% of 2012 pre-impairment profit;
booked up front), and moderate provisioning of non-performing
loans (NPLs; 69% coverage at end-2012).

However, capital and liquidity remain sound, with the Fitch Core
Capital ratio at 20% at end-2012 and liquid assets exceeding
total wholesale funding (most of which falls due in 2013).
RenCredit's credit profile has also benefited from its
acquisition in 2012 by the Onexim Group, which reduced contingent
risks relating to other assets of the broader Renaissance group,
and was followed by a RUB3.3 billion equity injection into the
bank.

Rating Sensitivities

Any changes to RenCredit's IDRs would also impact the issue's
rating. A strengthening of the bank's underwriting, moderation of
loss rates and greater sustainability of performance could lead
to an upgrade of the bank's IDRs and issue ratings. A downgrade
is less likely in the medium term given that the low rating level
already captures most risks.

RenCredit's ratings (all unaffected):

-- Long-term foreign and local currency IDRs: 'B'; Outlook
Stable

-- National Long-term Rating: 'BBB(rus)', Outlook Stable

-- Short-term IDR: 'B'

-- Viability Rating: 'b'

-- Support Rating: '5'

-- Senior unsecured debt Long-term Rating: 'B'; Recovery Rating
    'RR4',

-- Subordinated debt Long-term Rating: 'B-'; Recovery Rating
    'RR5',

-- Senior unsecured debt National Long-term Rating: 'BBB(rus)'


UNIASTRUM BANK: Moody's Lowers National Scale Rating to 'B3.ru'
---------------------------------------------------------------
Moody's Interfax Rating Agency downgraded the National Scale
Rating (NSR) of Uniastrum Bank to B3.ru from Ba3.ru. The NSR
carries no specific outlook.

Ratings Rationale:

The downgrade reflects the deterioration of Uniastrum's liquidity
and funding profile. The bank experienced a material deposit
outflow in March 2013 related to credit-negative events in
Cyprus. This outflow has eroded the bank's liquidity cushion with
liquid asset covering just 10% of total assets as of 1 April
2013. Furthermore, Uniastrum's high dependence on funding from
the parent (Bank of Cyprus) exposes the Russian subsidiary to
high refinancing risk over the next 6 to 12 months, as the
parent's own liquidity profile is under stress.

According to Moody's, in March 2013 Uniastrum lost 9% of its
deposit base including 8% of retail accounts due to negative
publicity related to Cyprus in general and Bank of Cyprus in
particular. The rating agency notes that deposits have showed
some stabilization in April, however periods of additional
volatility in deposits can't be ruled out, particularly in case
of new negative publicity from Cyprus. As a result outflow in
deposits, the bank's liquid assets decreased to just 10% of total
assets as at April 1, 2013 compared to a comfortable 18% as at
January 1, 2013. In Moody's view, Uniastrum's liquid assets do
not provide sufficient coverage for the bank's volatile deposit
base, and do not protect the bank from refinancing risk stemming
from the predominantly short-term nature of parental funding,
which accounted for 22% of Uniastrum's total non-equity funding
as at April 1, 2013. According to Uniastrum's management, this
parental funding is very likely to be rolled over, however the
rating agency still incorporates the risk that parental funds
could be partially withdrawn.

Principal Methodologies:

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

Headquartered in Moscow, Russia, Uniastrum reported total assets
of US$2.3 billion and net profits of US$3.8 million, according to
latest available unaudited RAS as at April 1, 2013

Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia.

                About Moody's and Moody's Interfax

Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).


UNIASTRUM BANK: Moody's Cuts Long-Term Deposit Ratings to 'Caa2'
----------------------------------------------------------------
Moody's Investors Service downgraded the long-term deposit
ratings of Uniastrum Bank to Caa2 from Caa1 and affirmed the
bank's standalone bank financial strength rating at E. At the
same time, Moody's has lowered the bank's baseline credit
assessment to caa2 from caa1. All the aforementioned ratings
carry a negative outlook.

The downgrade and the lowering of the BCA reflects Moody's
assessment that Uniastrum's liquidity and funding profile has
weakened and that the bank's customer deposits remain vulnerable
to credit developments in Cyprus and funding in general - highly
dependent on funding from its parent (Bank of Cyprus, deposits
Ca/Not Prime negative, BFSR E/BCA ca no outlook), whose franchise
remains under significant pressure.

Ratings Rationale:

The downgrade reflects the deterioration of Uniastrum's liquidity
and funding profile. The bank experienced a material deposit
outflow in March 2013 related to credit-negative events in
Cyprus. This outflow has eroded the bank's liquidity cushion with
liquid asset covering just 10% of total assets as of 1 April
2013. Furthermore, Uniastrum's high dependence on funding from
the parent (Bank of Cyprus) exposes the Russian subsidiary to
high refinancing risk over the next 6 to 12 months, as the
parent's own liquidity profile is under stress.

According to Moody's, in March 2013 Uniastrum lost 9% of its
deposit base including 8% of retail accounts due to negative
publicity related to Cyprus in general and Bank of Cyprus in
particular. The rating agency notes that deposits have showed
some stabilization in April, however periods of additional
volatility in deposits can't be ruled out, particularly in case
of new negative publicity from Cyprus. As a result outflow in
deposits, the bank's liquid assets decreased to just 10% of total
assets as at 1 April 2013 compared to a comfortable 18% as at 1
January 2013. In Moody's view, Uniastrum's liquid assets do not
provide sufficient coverage for the bank's volatile deposit base,
and do not protect the bank from refinancing risk stemming from
the predominantly short-term nature of parental funding, which
accounted for 22% of Uniastrum's total non-equity funding as at 1
April 2013. According to Uniastrum's management, this parental
funding is very likely to be rolled over, however the rating
agency still incorporates the risk that parental funds could be
partially withdrawn.

The ca BCA of the parent (Bank of Cyprus) is lower than that of
Uniastrum Bank (caa2); therefore, in accordance with Moody's
Joint-Default Analysis Methodology, Uniastrum Bank's deposit
ratings do not benefit from any uplift due to parental support.

Moody's said the negative outlook on Uniastrum's ratings also
reflects the bank's limited potential to overcome liquidity
constraints in the next 6-12 months because the vulnerable nature
of local deposits constrains the bank's ability to reduce its
dependence on parental funding.

Principal Methodologies:

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

Headquartered in Moscow, Russia, Uniastrum reported total assets
of US$2.3 billion and net profits of US$3.8 million, according to
latest available unaudited RAS as at April 1, 2013.



===============
S L O V E N I A
===============


* SLOVENIA: Prime Minister Resists Bailout, May Run Out of Time
---------------------------------------------------------------
Boris Cerni and Tony Czuczka at Bloomberg News report that time
may be running out for Alenka Bratusek, the Slovenian prime
minister who is resisting a bailout as global bond markets put
her on the front lines of Europe's debt crisis.

Ms. Bratusek, 43, stands between Slovenia's crisis-scarred banks
and the euro area's sixth bailout as investors and international
officials ask whether her plan will be enough to avoid outside
aid, Bloomberg discloses.

According to Bloomberg, Ms. Bratusek says time is what she needs
to fix the banks -- by deploying a rescue package she opposed
before she came to office -- and that her nation won't need an
international rescue.  By next month, she promises, her coalition
government will begin swapping as much as EUR4 billion (Us$5.2
billion) in bad bank loans for government-guaranteed debt,
Bloomberg says.  After eight weeks in office, investors are
questioning whether she can deliver, Bloomberg states.

Opening the door to a bailout would expose Ms. Bratusek to the
risk of having to impose Greece-like austerity measures in return
for aid, Bloomberg notes.

Under pressure from the European Commission, Ms. Bratusek has
started to get specific, Bloomberg states.  Her government plans
to start cleaning up banks' balance sheets in June, mostly by
swapping bad loans for state-guaranteed bonds, Bloomberg
discloses.

On May 9, Ms. Bratusek presented a package of tax increases,
spending cuts and plans to sell state-owned enterprises, to
address EU concerns, Bloomberg relates.

The government prepared the overhaul measures "believing that
with their successful implementation we will avoid any form of
foreign assistance and maintain our independence and
responsibility for a better, common future," Ms. Bratusek's
Cabinet, as cited by Bloomberg, said in a response to questions
from Bloomberg News.

Morgan Stanley analysts said in a May 2 note to clients that
still, Slovenian debt's balance of risk and reward is
"unattractive" due to risks that the government won't carry out
promised reforms, Bloomberg relates.



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


TDA CAM 7: S&P Affirms 'CCC' Rating on Class B Notes
----------------------------------------------------
Standard & Poor's Ratings Services has affirmed and removed from
CreditWatch negative its 'AA- (sf)' credit ratings on TDA CAM 7,
Fondo de Titulizacion de Activos' class A2 and A3 notes.  At the
same time, S&P has affirmed its 'CCC (sf)' rating on the class B
notes.

The rating actions follows S&P's assessment of counterparty risk
and its review of the transaction's performance.

On Nov. 22, 2012, S&P placed on CreditWatch negative its 'AA-
(sf)' ratings on the class A2 and A3 notes due to the remedy
actions to be taken in relation to the swap counterparty,
Cecabank S.A. (BB+/Negative/B).

JPMorgan Securities PLC (JPMorgan; A+/Stable/A-1) has now
replaced Cecabank as the swap counterparty.  The swap documents
are in line with S&P's 2012 counterparty criteria.  S&P now
considers that swap counterparty risk does not constrain its
ratings on the class A2 and A3 notes due to the downgrade
provisions and the long-term rating on JPMorgan as the
replacement swap counterparty.

On behalf of TDA CAM 7, the trustee has entered into a swap
agreement with JPMorgan, which acts as the transaction's swap
counterparty as of April 2013.  This swap protects against
adverse interest-rate resetting and movements. TDA CAM 7 pays
JPMorgan interest and a margin effectively received on the
assets.  TDA CAM 7 receives three-month Euro Interbank Offered
Rate (EURIBOR) and the weighted-average coupon on the notes, plus
a margin of 67 basis points on the non-defaulted loans.  S&P's
analysis takes into account the fact that, unlike Cecabank,
JPMorgan as the swap counterparty will not pay the servicing fee
in the event that the servicer is replaced.

In addition to S&P's counterparty risk analysis, it has reviewed
the transaction's performance.  S&P has conducted its credit and
cash flow analysis and has analyzed the transaction's structural
features, using the latest available portfolio and structural
features information.

As JPMorgan has replaced Cecabank as the transaction's swap
provider, S&P considers that swap counterparty risk no longer
constrains its ratings on the class A2 and A3 notes, which now
reflect the transaction's performance.  Despite the transaction's
deteriorating performance, in S&P's view, the class A2 and A3
notes still have sufficient credit enhancement to support a 'AA-
(sf)' ratings.  S&P has therefore affirmed and removed from
CreditWatch negative its 'AA- (sf)' ratings on the class A2 and
A3 notes.

"We have affirmed our 'CCC (sf)' rating on the class B notes
because our credit and cash flow analysis shows that the
available credit enhancement is commensurate with the currently
assigned rating.  Nevertheless, given its undercollateralization
and the rate at which cumulative defaults are increasing (the
level of cumulative defaults over the original balance of the
assets securitized was of 8.77% as of February 2013, compared
with 6.60% in February 2012), we consider that this tranche will
likely default in the coming year due to the breach of its
interest deferral trigger.  The transaction documents set this
trigger at 10% of the level of cumulative defaults over the
original securitized balance," S&P said.

TDA CAM 7 is a Spanish residential mortgage-backed securities
(RMBS) transaction that securitizes a portfolio of first-ranking
mortgage loans granted to Spanish residents to buy residential
properties.  Banco de Sabadell S.A. is the originator, following
its merger with Banco CAM S.A.U.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

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

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

            http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Class             Rating
            To                From

TDA CAM 7, Fondo de Titulizacion de Activos
EUR1.75 Billion Mortgage-Backed Floating-Rate Notes

Ratings Affirmed and Removed From CreditWatch Negative

A2          AA- (sf)          AA- (sf)/Watch Neg
A3          AA- (sf)          AA- (sf)/Watch Neg

Rating Affirmed

B           CCC (sf)



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


UKRLANDFARMING: Fitch Corrects Rating Release on Tap Issue
----------------------------------------------------------
This announcement corrects the version published on May 14, 2013,
which incorrectly stated the currency of the recently priced
notes.

Fitch Ratings says that UkrLandFarming's (ULF) planned US$150
million tap issue to its recently priced US$275 million 10.875%
notes due 2018 does not affect the 'B' rating assigned to this
instrument on March 26, 2013 nor the group's foreign and local
currency Issuer Default Rating (IDR) of 'B' and 'B+' respectively
with Stable Outlook.

The additional notes will have the same terms and conditions as
well as the same ranking and substantially similar covenants as
the existing senior notes. The add-on notes will be senior
unsecured obligations of ULF and benefit from upstream guarantees
(which are suretyships under Ukrainian law) from several
operating subsidiaries, including Avangardco's main subsidiaries.
Fitch understands that these guarantors accounted for
approximately 84% of net assets and 85% of consolidated EBITDA
for 2012. Avangardco, the largest egg producer in Ukraine and
Eurasia, is rated 'B' by Fitch.

The proceeds from the latest bond issuance, including the
proposed tap issue, will be used for general corporate purposes
including the refinancing of existing debt and funding of bolt-on
acquisitions, especially the purchase of land lease rights. This
added debt issue does not increase the net debt of the group
while gross leverage would increase by 0.2x EBITDA, therefore not
affecting the group's credit ratios in any meaningful way. We
expect funds from operations (FFO) gross leverage of around 2x in
FY13and FFO margin above 25%; these metrics are commensurate with
the assigned ratings in the sector.

"We note an improvement in ULF's liquidity position, with bond
placement proceeds used to repay part of shorter term debt. We
expect ULF's cash flow from operations less maintenance capex in
2013 to cover US$193 million of 2013 maturities left post-
placement of the tap issue by a factor of 2.2x. Additional
liquidity comfort is provided by US$58 million of available
undrawn committed bank lines, 60% of which now are represented by
lines of third-party banks," Fitch says.

ULF's key rating drivers and sensitivities are explained in our
press release "Fitch Publishes UkrLandFarming 'B' Foreign
Currency IDR; Outlook Stable" dated March 7, 2013 available at
www.fitchratings.com.



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


AARDVARK: Hargreaves Agrees to Buy "Certain Assets"
---------------------------------------------------
Gareth Mackie at The Scotsman reports that more than 200 jobs
Scottish coal jobs have been saved after energy and waste
services group Hargreaves Services agreed to buy "certain assets"
of Aardvark, which is being wound up.

Aardvark is owned by Doncaster-based ATH Resources and has all
its open-cast mines in Scotland, the Scotsman discloses.  ATH
fell into administration in December and Aardvark has now
appointed Mark Granville Firmin, Brian Green and Howard Smith of
KPMG as joint liquidators, the Scotsman relates.

Hargreaves, which bought ATH's debt from private equity firm
Better Capital in March, said it would also seek to buy
Aardvark's operational sites at Duncanziemere and Netherton in
Ayrshire, the Scotsman notes.

According to the Scotsman, the firm's chief executive, Gordon
Banham, said the acquisition of land and assets from Aardvark
will boost its reserves.

"This transaction brings to an end a long and complex
restructuring process.  While it has been a lengthy and difficult
exercise, we are very pleased with the end result," the Scotsman
quotes Mr. Banham as saying.  "In comparison with an unstructured
liquidation, we have saved or created over 230 jobs and been able
to continue mining operations at two of the key sites."

Aardvark is a mining company.


SHIELD HOLDCO: Moody's Changes Outlook on 'B2' CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the B2 corporate family rating of Shield HoldCo Ltd.,
a leading IT provider headquartered in the UK. Concurrently,
Moody's has changed to negative from stable the outlook on
Sophos's B3-PD probability of default rating (PDR), as well as on
the B2 ratings of the revolving credit facility (RCF), Term Loan
A, and Term Loan B raised by Shield Finance Co Sarl. In addition,
Moody's has affirmed these ratings.

Ratings Rationale:

"The change of outlook to negative from stable reflects Sophos's
weaker-than-expected operating performance in the past couple of
quarters, which coupled with restructuring costs and one-off
items resulted in weak free cash flow generated through to Q3
2012/13," says Sebastien Cieniewski, a Moody's Assistant Vice
President and lead analyst for Sophos. While Moody's expects
Sophos's free cash flow (FCF) to improve in fiscal year 2013/14
as exceptional items do not reoccur, the rating agency considers
that the IT provider's operating performance remains constrained
by the difficult competitive environment and the company's
significant exposure to the challenging markets of western
Europe.

In the first nine months of fiscal year 2012/13 ending December
2012, Sophos generated US$284 million of billings -- slightly
below the level in the previous year -- and "Cash EBITDA" (as
reported by the company) of US$60 million, compared with USD66
million in 2011/12. The somewhat weaker operating performance was
a result of a 10% decrease in Classic Sophos billings as of Q3
2012/13 not being fully offset by the strong growth in United
Threat Management products (UTM). Classic Sophos billings have
been negatively affected by the intense competition in the larger
corporate EndPoint security segment, which is dominated by
players including Symantec (Baa2 stable) and McAfee. Moody's
expects Sophos's customer mix to shift further towards the small
to medium-sized enterprise (SME) market, owing to the company's
competitive UTM offering. In addition, the company was negatively
affected by a false positive event in Q2 2012/13, resulting in
delays with, and losses of contracts, at that time.

More positively, Moody's notes that Sophos's liquidity remains
adequate, supported by a cash balance of US$44 million and the
company's undrawn RCF of US$20 million as of December 2012.
Additionally, despite Sophos's weaker-than-expected operating
performance, Moody's does not expect any pressure on the
company's financial covenants in the short term. The rating
agency expects that Sophos's FCF will improve in 2013/14 as
exceptional items such as restructuring costs, refinancing costs,
and earn-outs do not reoccur or decrease.

The RCF, Term Loan A and Term Loan B all have the same instrument
rating as they rank pari passu. The PDR of B3-PD, one notch below
the B2 CFR, reflects the bank-debt-only nature of Sophos's
capital structure, leading to Moody's assumption of a 65%
recovery rate.

The negative outlook on the ratings reflects the pressure
experienced by Sophos in terms of operating performance in the
past couple of quarters, as well as its weak cash flow
generation, which resulted in a weaker liquidity position in
2012/13 compared with that as of the closing of the refinancing
in April 2012.

What Could Change The Rating Up/Down

Given the negative outlook, Moody's does not currently expect
upward pressure on the rating. However, the rating outlook could
be stabilized if Sophos demonstrates its capacity to maintain or
increase billings and "Cash EBITDA" such that free cash flow/debt
ratio trends towards 10%, strengthening the company's cash
balance.

Conversely, further downward pressure on the ratings could result
from either (1) an accelerated decline in the company's non-UTM
business; (2) free cash flow/debt remaining below 5% for an
extended period of time; and/or (3) a more aggressive acquisition
strategy, weakening Sophos's liquidity position.

The principal methodology used in these ratings was the Global
Software 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.

Headquartered in Abingdon (UK), Sophos is a leading IT provider,
specialized in security software and data protection for
businesses. The company operates in more than 150 countries but
generates more than 70% of its sales in two regions: Europe and
North America.


COMPLETE CREDIT: Placed in Members' Voluntary Liquidation
---------------------------------------------------------
Ellie Duncan at credittoday.co.uk reports that Complete Credit
Management (CCM) was placed into members' liquidation as part of
a plan to absorb it into NCO Europe Limited (NCO Europe).

The report relates that the plans were first announced by NCO
Europe in its 2011 accounts, in which the company confirmed the
transfer of the trading element of CCM to NCO Europe.

"Subsequent to this decision, management have reassessed the
fixed asset investment carrying value of the investment in
Complete Credit Management Limited and have recognised an
impairment charge of GBP523,000," NCO Europe, the European
division of outsourcing firm NCO Group, said in a statement
obtained by credittoday.co.uk.

Brian Green -- brian.green@kpmg.co.uk -- and Mark Firmin of KPMG
-- mark.firmin@kpmg.co.uk --were appointed to handle the members'
voluntary liquidation of CCM on May 9, 2013, the report notes.

Preston-based Complete Credit Management specializes in debt
collection within the utilities sector and is a subsidiary of
business process outsourcing provider NCO Europe.


CO-OPERATIVE BANK: Parents Mulls Sale of GBP2-Bil. Loan Portfolio
-----------------------------------------------------------------
Erikka Askeland at The Scotsman reports that the Co-operative
Group is mulling the sale of a GBP2 billion loan portfolio after
a report by a credit agency raised fears its banking arm was in
need of a government bail-out.

Last week, Moody's downgraded the division to "junk" status due
to an "unexpectedly significant" deterioration of its property
loans, the Scotsman recounts.  It is thought the sale of its
impaired commercial property book could help stem the bank's
estimated GBP800 million to GBP1.8 billion capital shortfall, the
Scotsman notes.

The Co-operative Bank provides personal banking services
including credit cards, current accounts, free online banking,
personal loans, savings and more.


DANIEL CONTRACTORS: In Administration, Future in Doubt
------------------------------------------------------
This is Cheshire reports that the future of Daniel Contractors
Limited is in doubt as it struggles with debts that could see it
shut down.

Daniel Contractors Limited, based on Lyncastle Way, Appleton
Thorn, has gone into administration.

This is Cheshire notes that Deloitte has taken control of the
company, which has 1,300 employees, with the majority of jobs
believed to be safe.

The report relates that administrators said a deal was in the
pipeline to transfer two main contracts of the business, and many
staff.

"A transfer of these contracts would safeguard 990 jobs and also
ensures these contracts are able to continue to operate with
minimal interruption," the report quoted a spokesman for Deloitte
as saying.

The report notes that Daniel has struggled to pay bills for
months.

Its most recent accounts in October 2011 show a turnover of
GBP117 million, down from GBP136 million, while operating profit
returned to the black following a loss of GBP26,000 in 2010, the
report recalls.

The report notes that there are currently seven County Court
Judgments registered against the company, totalling more than
GBP111,000, according to Top Service credit agency.

More than 30 customers have also made 76 complaints over late
payments, while Daniel had its credit limit withdrawn in November
last year, the report adds.

Daniel, founded by brothers George and Conal Daniel in 1994,


EUROMASTR 2007-1V: S&P Affirms 'B' Rating on Class D Notes
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its credit
ratings in EuroMASTR PLC's series 2007-1V.

The rating actions follow S&P's review of the transaction's
performance and the application of its U.K. residential mortgage-
backed securities (RMBS) criteria and its 2012 counterparty
criteria.  S&P based its analysis on loan-level data provided as
of March 2013.

The pool's performance has deteriorated since S&P's previous
review of the transaction on June 7, 2012.  Since then, 90+ day
delinquencies have decreased slightly to 15.77% from 16.4%.
However, total delinquencies have increased to 31.74% from
23.54%.

Since S&P's June 2012 review, its weighted-average foreclosure
frequency (WAFF) assumptions have increased due to the increase
in delinquencies.  S&P's weighted-average loss severity (WALS)
assumptions have remained at similar levels due to the relatively
stable U.K. house price index.

WAFF AND WALS ASSUMPTIONS

Rating                  WAFF                   WALS
                         (%)                    (%)

AAA                     70.46                 43.22
AA                      60.83                 38.60
A                       52.04                 30.16
BBB                     45.17                 25.31
BB                      36.94                 21.79
B                       33.13                 18.55

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Danske Bank acts as the transaction's liquidity facility and
guaranteed investment contract (GIC) account provider.  On May
30, 2012, Danske Bank was downgraded to 'A-/A-2', which breached
the transaction documents' 'A-1' short-term rating trigger.
Since then, no remedy actions have been taken.  Therefore, S&P's
2012 counterparty criteria cap the maximum potential ratings in
this transaction at 'A- (sf)', in line with S&P's 'A-' long-term
issuer credit rating on Danske Bank.

As a result, although S&P's credit and cash flow analysis shows
that the credit enhancement available to the class A2 and B notes
would otherwise be commensurate with higher ratings, S&P has
affirmed its 'A- (sf)' ratings on the class A2 and B notes due to
the application of its 2012 counterparty criteria.

Taking into account the transaction's performance and the slow
build-up of available credit enhancement, S&P has also affirmed
its ratings on the class C, D, and E notes.

EuroMASTR's series 2007-1V is a securitization of a pool of
nonconforming U.K. residential mortgages secured over freehold
and leasehold properties in England and Wales.

          STANDARD & POOR'S 17G-7 DISCLOSURE REPORT

SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.

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

         http://standardandpoorsdisclosure-17g7.com

RATINGS LIST

Ratings Affirmed

EuroMASTR PLC
GBP200.75 Million Mortgage-Backed Floating-Rate Notes Series
2007-1V

Class                     Rating

A2                       A- (sf)
B                        A- (sf)
C                       BBB (sf)
D                         B (sf)
E                        B- (sf)


* UK: No. of Insolvent Firms in Wales Down to 0.1% in March
------------------------------------------------------------
Wales Online reports that the number of businesses declaring
themselves insolvent in Wales has fallen slightly over the past
year although the country's performance has worsened relative to
other parts of the UK.

Citing to the latest figures released by Experian, Wales Online
discloses that the business insolvency rate in Wales fell from
0.11% in March 2012 to 0.1% in March this year.

However, these figures put Wales among the top four UK regions
for business failures in March this year, with seven regions
performing better. In the same period last year, it was among the
top seven with only four regions performing better.

Wales Online notes that the newly released data shows an
improving picture across the UK, with the insolvency rate falling
from 0.11% last year to 0.08% this year.



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


* Fitch: Oil-Probe Fines on Euro Firms Would be Manageable
----------------------------------------------------------
Any fines imposed on major European oil companies as a result of
the European Commission's investigation into alleged price
manipulation would most likely be manageable, given the big cash
reserves all these producers hold, Fitch Ratings says. The
potential longer-term impact from reputational damage or closer
regulatory oversight, if the probe uncovers wrongdoing, is
uncertain.

The European Commission's investigation is at an early stage and
it is unknown whether it will result in action against any of the
companies, which reportedly include Royal Dutch Shell, BP and
Statoil. However, the investigation's focus on potential
collusion over price reporting draws parallels with the
investigations by European and US regulators into Libor rates.

The biggest settlement so far over Libor was CHF1.4 billion that
UBS agreed to pay US, UK and Swiss regulators last year. Even if
investigation does uncover wrongdoing, it does not necessarily
follow that fines for alleged oil price manipulation would be of
a similar size. But if they were, we would not expect them to
have an impact on credit ratings, as these producers typically
have between US$10 billion and US$20 billion of cash on their
balance sheets. Significantly bigger fines would still be
manageable, as shown by BP's ability to cope with the cost of the
Macondo oil spill, but would be more likely to have an impact on
ratings.

Other than fines, if an oil company is found to have distorted
prices, it could face longer-term risks from damage to its
reputation. While these risks are less easy to predict and would
depend on the extent of any wrongdoing, scope does exist for
commercial damage, even for sectors with polarizing positions in
the public mind. For example, the reputational damage to BP
following the Macondo disaster led to the company withdrawing, or
being excluded, from bidding for some business in the Gulf of
Mexico. Similarly, Shell's revision of its reserves in 2004
damaged its credibility and raised questions about internal
controls and management oversight among other factors, which led
to a downgrade of the company.

Other potential impacts, such as increased regulatory oversight
or the departure of key senior management are unclear and we will
monitor the progress of the investigation.


* Fitch: Sovereign Actions Drive Bank Downgrades Globally in Q1
---------------------------------------------------------------
Fitch Ratings says that of the 19 bank downgrades globally in
Q113, all but two were linked to deterioration in sovereign
credit profiles. Although only three leading Italian banks were
affected by Italy's downgrade, international repercussions were
widespread, with the Issuer Default Ratings (IDRs) of six
Intesa/Unicredit subsidiaries in six CEE countries being
downgraded.

Banks in developed European countries, struggling with weak
economic growth, the eurozone crisis and other pressures,
continue to face the most challenges. Around 44% of total
European developed markets (DM) ratings have a Negative Outlook
or are on Rating Watch Negative and a high 58% of global
downgrades in Q113 took place in European DM. Prospects for an
upgrade look remote, with no Positive Outlooks for three
consecutive quarters.

Globally, 75% of bank IDRs have a Stable Outlook, but this masks
a split between the more stable emerging markets (EM) and
continued pressure in DM. Negative rating actions continue to
outweigh positive actions (55% of all Q113 rating actions were
negative). This has been the dominant trend -- barring a few
exceptions -- for the past four years.

Ratings in Asia-Pacific were strong in Q113, across both DM and
EM. The region accounted for roughly half of the 15 global
upgrades during the quarter. Stability prevails, with the region
displaying the highest proportion of Stable Outlooks globally.

Ratings continue to cluster at the 'BBB' level, with around 34%
of all ratings in this category, split roughly equally between DM
and EM. Globally, two-thirds of banks are assigned investment-
grade ratings, with only 7% in the top two rating categories.

Further details of quarterly global bank ratings are in the
Special Report 'Global Bank Rating Trends Q113', available at
www.fitchratings.com or by clicking on the link above.


* Moody's Expects Deeper Recession in Euro Area Economies
---------------------------------------------------------
Over the past three months, the global economic recovery from
last year's slowdown has lost momentum, with several economies
still facing significant challenges and unlikely to quickly
resume 'normal' growth rates, says Moody's Investors Service in a
new report entitled "Update to Global Macro Outlook 2013-14: Loss
of Momentum. "

Moody's expects the euro area economy, in particular, to
experience a deeper and lengthier recession than previously
thought, while the US sequestration cuts will weigh on the
renewed momentum that is visible in the private sector.
Meanwhile, some major emerging market economies face challenges
in spurring investment growth to drive sustainable increases in
national income.

In the G-20 advanced economies, Moody's continues to foresee only
a gradual improvement in confidence and spending over the coming
two years given that fiscal consolidation and high joblessness
have continued to impede recovery. Overall, the rating agency
expects real GDP growth in the G-20 advanced economies of around
1.2% during 2013, which is a little weaker than Moody's previous
forecast, followed by 1.9% in 2014.

As for the G-20 emerging economies, Moody's continues to expect
growth in these countries to outpace that of advanced G-20
members. China is likely to see broadly stable growth this year,
while Brazil and India are struggling to boost investment and
wider economic growth in the face of private-sector caution and
relatively high inflation. As such, there remains little chance
of a swift return to the strong growth rates seen during 2010 and
2011. Overall, the rating agency now expects real GDP growth in
emerging G-20 economies to be around 5% in both 2013 and in
2014, which is somewhat weaker than Moody's February forecast.

Since February, there has been some crystallization of the risks
that Moody's had previously highlighted, with the euro area in
particular now likely to see a deeper-than-expected recession.
However, evidence of European policymakers' increased tolerance
for risk and heightened tensions on the Korean peninsula have
also become apparent over the past three months. As such, Moody's
believes that the overall magnitude of the potential downside
risks affecting its central forecasts is broadly unchanged from
the rating agency's February 2013 update. In particular, the
three most immediate risks are:

An even deeper-than-currently-expected recession in the euro
area, accompanied by deeper credit contraction, potentially
triggered by a further intensification of the sovereign debt
crisis.

Slower-than-expected growth in major emerging markets following
the recent slowdown.

An escalation of geopolitical tensions, resulting in adverse
economic developments.

Moody's Global Macro Outlook underpins the rating agency's
universe of ratings, providing a consistent benchmark for
analysts and investors. The new report reviews key recent
developments, provides an update on Moody's baseline forecasts
for 2013-2014, and discusses the key risks around the rating
agency's forecasts.


* Moody's Outlines Rating Approach for EMEA SME Securitizations
---------------------------------------------------------------
In a Rating Methodology report entitled "Moody's Approach to
Rating EMEA SME Balance Sheet Securitizations," Moody's Investors
Service details its approach to rating balance sheet
securitizations of small and medium-sized enterprises (SME) in
Europe, the Middle East and Africa (EMEA).

The report consolidates into a single document previous rating
methodologies used to rate SME transactions and clarifies Moody's
approach to determining the recovery rate assumption in SME
transactions. The implementation of the new methodology will not
affect any outstanding deals.

This methodology applies to transactions backed predominantly by
medium- to long-term secured and/or short- to medium-term,
unsecured loans to SMEs for working capital or investment
purposes. It also discusses the main risk drivers of a typical
SME transaction such as being portfolio credit quality,
transaction structure, counterparty risk/operational risk,
sovereign risk and legal risk.

In addition, the report provides a step-by-step description of
the SME transaction rating process, which details 1) specific key
structural features and their effect on credit enhancement
levels, 2) the main loan characteristics of securitized
portfolios, 3) Moody's modeling approach to rating SME
transactions, 4) legal and counterparty related risks found in
these transactions, and 5) the principal sources of uncertainty
and ratings volatility relevant to this methodology.

The report consolidates and replaces the following methodologies:

"Moody's Approach to Rating CDOs of SMEs in Europe", February
2007

"Moody's Approach to Rating Granular SME Transactions in Europe,
Middle East and Africa", June 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", March 2009

"Incorporating Sovereign Risk to Moody's Approach to Rating CDOs
of SMEs in Europe", March 2013

"Moody's Approach to Monitoring Spanish Granular SME Portfolios -
Implementing the Refined Probability of Default Methodology",
September 2010

"Modelling Recovery Rates in European CDOs", August 2002


* BOOK REVIEW: Land Use Policy in the United States
---------------------------------------------------
Author: Howard W. Ottoson
Publisher: Beard Books
Paperback: US$34.95
Review by Gail Owens Hoelscher
Order your personal copy today and one for a colleague at
http://is.gd/tiz2N3

In 1962, marking the 100th anniversary of the signing of the
Homestead Act by President Lincoln, 20 nationally recognized
economists, historians, a political scientist, and a geographer
presented papers at the Homestead Centennial Symposium at the
University of Nebraska.  Their task was to appraise the course
that United States land policy had taken since independence.  The
resulting papers are presented in this book, grouped into five
major areas: historical background; social factors influencing
U.S. land policy; past, present and future demands for lands in
the U.S.; control of land resources; and implications for future
land policy.

This book begins with a summary of the Homestead Act, its
antecedents, the arguments of its supporters and detractors, and
its intent versus implementation.  The Act offered a quarter
section (160 acres) of public land in the West to citizens and
intended citizens for a $14 filing fee and an agreement to live
on the land for five years. The program ended in 1935.
Advocates claimed that frontier lad had no value to the
government until it was developed and began generating tax
revenue.  Opponents feared the Act would lower land valued in the
East and pushed for government sale of the land.  In practice,
states, territories, railroads and investors were able to set
aside more land than was eventually handed over to the
homesteaders.

One paper deals with land policy before 1862.  From the start,
the U.S. required that "all grants of land by the federal
government should embody a description of the land not merely in
quality, but in place as defined by relation to an actual
survey."  This policy avoided countless boundary disputes so
vexing to other countries.

Perhaps most interesting are the social history chapters:
Czechoslovakians pushing wheelbarrows across Nebraska,
"Daughters and Sons of the Revolution.(living) next
to.Mennonites," and "an illiterate.neighborly with a Greek and a
Hebrew scholar from a colony of Russian Jews."  Mail-order
brides, "defectors from civilization," the importance of the
Mason jar, the Jeffersonian dream of a nation of agrarian
freeholders, and Santayana's observation that the typical
American skitters between visionary idealism and crass
materialism, all make for fascinating reading.

The land-use policy problems discussed certainly haven't been
solved today.  And, although land use conflicts in the U.S.
haven't always been resolved equitably, "the big step forward
taken by the United States during the last one hundred and fifty
years in the age-long struggle of man towards the ideals of
mutuality and equity has been the working out of a system
wherein the sovereign superior who prescribes the working-rules
for land use and decision making have become, himself, a
collective of the citizenry."

A chapter is devoted to the arguments between the family farm ad
the "sentiment against concentration of wealth in the hands of a
few."  The discussion of the Land Grant college system and its
contribution to international development closes with a quote
from Chester Bowles: "Can we, now the richest people on earth,
become creative participants in the unprecedented revolutionary
changes of our era, changes that the most privileged people will
oppose tooth and nail, but which for the bulk of mankind offer
the hopeful prospect of a little more food, a little more
opportunity, a doctor for their sick child, and sense of personal
dignity?"


                            *********

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 * * *