TCREUR_Public/130710.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

           Wednesday, July 10, 2013, Vol. 14, No. 135

                            Headlines


G E R M A N Y

ARCHE NETVISION: Files for Opening of Insolvency Proceedings
SGL CARBON: Poor Performance Prompts Moody's to Cut CFR to Ba3
SGL CARBON: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Neg.


G R E E C E

* GREECE: EU Governments Agree to Release EUR3 Billion in Aid


I R E L A N D

ADAGIO II: Notes Repurchase No Impact on Moody's Ratings
CELTIC BOOKMAKERS: Just EUR1,001 Left For Creditors
IRISH BANK: 40 Former Anglo Staff Lose Jobs in London and Belfast
IRISH BANK: Anglo Faces Claim of More Than EUR1BB 'Overcharging'


I T A L Y

BANCO POPOLARE: Moody's Downgrades Deposit Ratings to 'Ba3'
SESTANTE FINANCE 2005: Moody's Cuts Rating on Cl. B Notes to Caa1
VELA HOME: Moody's Lowers Ratings on Class C Notes to 'Ba1'


N E T H E R L A N D S

GREEN APPLE: ABN AMRO Transfer No Impact on Moody's Ratings
GREEN LION II: Seller Repurchase No Impact on Moody's Ratings
ORANGE LION: Fitch Rates EUR33.90MM Class E Notes at 'BB+'


R U S S I A

GAZPROMBANK: Fitch Assigns 'BB+' Rating to Sub. Debt Issues
ROSENERGOBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings


S E R B I A   &   M O N T E N E G R O

KOMBINAT ALUMINIJUMA: Court Launches Bankruptcy Proceedings


S L O V A K   R E P U B L I C

PIESTANY SPA: Faces Bankruptcy Amid Ownership Dispute


S L O V E N I A

PRIMORJE: Administrator Admits Creditor Claims Worth EUR393.4MM


S W I T Z E R L A N D

FOUNDATION CMBS: Fitch Cuts Ratings on Class A Notes to 'CC'


U N I T E D   K I N G D O M

ALDERSHOT FC: May Face Liquidation Unless Creditors Strike Deal
CO-OPERATIVE BANK: Rescue Plan May Lead to Nationalization
HARLEQUIN PROPERTY: Owed GBP86 Million by Development Units
SPEED-E-LOANS: Collapses Into Administration
UK COAL: Completes Restructuring Plan; 2,000 Jobs Secured

UNITED BISCUITS: Moody's Assigns Ba3 Corp. Rating; Outlook Stable
VOUGEOT BIDCO: Moody's Assigns 'B2' Corp. Family Rating
VOUGEOT BIDCO: S&P Assigns B Corp. Credit Rating; Outlook Stable


X X X X X X X X

* Fitch Says Fed Exit Adds to Challenges for Emerging Markets
* Moody's Sees Further Interest Shortfalls for European CMBS


                            *********


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G E R M A N Y
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ARCHE NETVISION: Files for Opening of Insolvency Proceedings
------------------------------------------------------------
Telecompaper reports that Arche NetVision has confirmed that it
filed for the opening of insolvency proceedings on June 19.

Reinhold Horn has been appointed as administrator with the aim of
rehabilitating the company, Telecompaper discloses.

According to Telecompaper, the company insists that the move will
ensure the continued operation of its network.

Arche NetVision is a German regional provider.


SGL CARBON: Poor Performance Prompts Moody's to Cut CFR to Ba3
--------------------------------------------------------------
Moody's Investors Service has downgraded SGL Carbon SE's
corporate family rating to Ba3 from Ba2 and probability of
default rating to Ba3-PD from Ba2-PD. In addition, Moody's has
downgraded to Ba2 from Ba1 the rating on the company's existing
EUR200 million of senior floating-rate notes due 2015. The
outlook on all ratings remains negative.

"Our downgrade of SGL Carbon's CFR to Ba3 reflects our revised
expectation that the company will be unable to sustain
profitability and achieve credit metrics that we consider
appropriate for the Ba2 rating," says Anthony Hill, a Moody's
Vice President - Senior Analyst and lead analyst for SGL Carbon.

Ratings Rationale:

The rating action reflects SGL Carbon's waning performance to
date, as evidenced by the company's most recent profit warning,
and Moody's expectation of continuing weakness in the company's
end markets within the steel, chemical, automotive, solar,
semiconductor, and LED (light-emitting diode) industries. Moody's
continues to expect this decline to be particularly notable in
Europe, where SGL Carbon generated approximately 41% of its
financial year-end (FYE) December 2012 sales.

On June 27, 2013, SGL Carbon issued a second earnings warning in
62 days, lowering its FYE 2013 guidance for reported EBITDA such
that it is now 50%-60% lower than that reported for FYE 2012.
Only two months earlier, on April 26, 2013, SGL Carbon guided
that FYE 2013 reported EBITDA would be 20%-25% lower than that
for FYE 2012. The company has explained that the sudden and
dramatic additional downward revision is primarily due to
increased competitive pricing pressure from Japan-domiciled
competitors in its core business of graphite electrode
manufacturing and its graphite specialities business (graphite
and carbon electrode manufacturing represents approximately 46%
of the company's FYE 2012 sales, and the graphite specialities
business represents approximately 18% of the same). The company
stated that this pricing pressure has been exacerbated by the
devaluation of the Japanese Yen.

However, in addition to the increase in competitive pricing
pressures, Moody's continues to believe that global demand for
graphite electrodes is cyclically depressed, in line with
weakened global steel demand. Moody's notes that global steel
demand growth nearly stalled in 2012 and fell by 9% in Europe.
Furthermore, while the rating agency expects global steel demand
to grow by 2%-3% in 2013, this will be from a low base.
Therefore, Moody's expects conditions to remain challenging in
all steel markets, especially in Europe, where it forecasts that
steel demand will fall by 2%-4%.

Additionally, Moody's continues to note that profitability in SGL
Carbon's graphite materials and systems division, which
represents nearly 30% of the company's FYE 2012 sales, has been
in cyclical decline (the graphite specialities business
represents approximately 63% of this division's FYE 2012 sales).
This division reported a 13% year-over-year decline in EBITDA in
FYE 2012 versus FYE 2011, and a 65.5% year-over-year decline in
EBITDA for the first quarter ending March 31, 2013. Moody's
believes the declines in this division are primarily due to an
ongoing downturn in demand for SGL Carbon's graphite-based
products and technologies from the cyclically challenged global
chemical, automotive, solar, semiconductor, and LED industries.
The rating agency expects this demand to remain flat for the next
12 months globally, and to be in modest decline over the same
period in Europe.

At FYE 2011, SGL Carbon's EBITDA margin, retained cash flow
(RCF)/net debt ratio, and net debt/EBITDA ratio were 17.2%, 26%,
and 3.1x, respectively. As of the 12 months ending March 31,
2013, each of these credit metrics had deteriorated to 10.4%,
10%, and 5.6x, respectively. Looking forward and pro forma for
SGL Carbon's revised downward guidance, Moody's expects nearly
all of the company's credit metrics to deteriorate further. For
example, Moody's now expects SGL Carbon to exhibit a RCF/net debt
ratio of 5.6% and a net debt/EBITDA ratio of 8.7x for FYE 2013.
All figures are on a Moody's-adjusted basis.

Moody's believes that SGL Carbon's liquidity will cover its
requirements over at least the next 12 months. Moody's now
expects the company to exhibit an adjusted cash balance of
approximately EUR146 million at FYE 2013, versus the EUR185
million the rating agency had expected before SGL Carbon's most
recent earnings warning. Internally generated cash flow and a
currently undrawn EUR200 million revolving credit facility should
cover the company's ongoing basic cash needs, such as debt
service and amortization, working capital needs and expected
capital expenditures. However, Moody's notes that SGL Carbon does
not disclose the terms of any financial covenants associated with
its revolving credit facility. Nor does the company disclose the
current or projected level of headroom available under such
covenants. As a result of the dramatic downward revision in SGL
Carbon's earnings and cash flow generation, there is uncertainty
regarding whether the company will continue to have access to the
revolving credit facility.

Using Moody's Loss Given Default (LGD) methodology, the PDR is
equal to the CFR. This is based on a 50% recovery rate, as is
typical for a debt capital structure that primarily consists of
senior notes. SGL Carbon's senior floating-rate notes are rated
one notch higher than the CFR due to the subordination created by
the unsecured convertible notes present in the company's debt
capital structure.

What Could Change The Rating Up/Down

SGL Carbon is very weakly positioned in the Ba3 rating category.
Moody's does not expect any upward pressure on the rating over
the coming quarters. However, it could stabilize the outlook if
there is evidence of a dramatic and sustainable turnaround in the
company's end markets and/or its credit metrics.

Conversely, Moody's would likely downgrade SGL Carbon's rating
if, over the coming quarters, the company's end markets and/or
credit metrics fail to exhibit some signs of stability.

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

Headquartered in Wiesbaden, Germany, SGL Carbon SE is one of the
world's leading manufacturers of carbon- and graphite-based
products. For FYE 2012, SGL generated revenues of EUR1.7 billion
and Moody's-adjusted EBITDA of EUR202 million.


SGL CARBON: S&P Lowers Corp. Credit Rating to 'BB-'; Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate rating on Germany-based graphite electrode
producer SGL Carbon SE (SGL) to 'BB-' from 'BB'.  The outlook is
negative.

At the same time, S&P lowered its issue rating on SGL's senior
secured notes to 'BB+' from 'BBB-'.  The recovery rating on the
senior secured notes is '1', indicating S&P's expectation of very
high (90%-100%) recovery prospects in the event of a payment
default.

In addition, S&P lowered its issue rating on SGL's senior
unsecured notes to 'BB-' from 'BB'.  The recovery rating on the
senior unsecured notes is unchanged at '4', indicating S&P's
expectation of average (30%-50%) recovery prospects in the event
of a payment default.

The downgrades follow recent fierce competition in the graphite
electrodes market and weak demand for specialist graphite
products.  This situation has led SGL to substantially lower its
2013 EBITDA guidance for the second time in less than three
months. SGL now expects EBITDA to be EUR95 million-EUR120 million
in 2013, compared with its previous guidance of EUR180 million-
EUR192 million.  Under S&P's previous base-case scenario, it had
forecast unadjusted EBITDA of EUR155 million in 2013, but have
now lowered this forecast to about EUR100 million.

Consequently, S&P projects that SGL's Standard & Poor's-adjusted
funds from operations (FFO) to debt will be 12.6% in 2013, well
below the 20%-25% that S&P views as commensurate with the
previous 'BB' rating.  In S&P's base case, it forecasts that
SGL's FFO to debt will recover to 15%-20% in 2014.  However, S&P
believes that this improvement is subject to a high degree of
uncertainty, because it depends on a recovery in SGL's key end-
markets, and on the degree of price pressure on raw needle coke
due to a potential contraction in the supplier base next year.

Moreover, S&P believes that SGL's weak results in 2013 may reduce
the headroom under its undrawn EUR200 million revolving credit
facility.  Consequently, S&P has revised downward its assessment
of SGL's liquidity to "adequate" from "strong."  These factors
combined have led S&P to revise its assessment of SGL's the
financial risk profile downward to "aggressive" from
significant." S&P continues to assess SGL's business risk profile
as "fair."

There is a one-in-three possibility that S&P could lower the
rating on SGL by one notch in the coming 12-18 months if the
company's margins and leverage do not recover in 2014.  This
recovery is uncertain because of the muted industry outlook for
steel, and therefore for graphite electrodes, and other carbon
end markets, as well as potential structural changes next year in
the needle coke supply market.  S&P could lower the rating if it
forecasts that next year, SGL's ratio of adjusted FFO to debt
will remain less than 15%.

S&P could also lower the rating if SGL makes acquisitions without
adequate funding, or if it increases the leverage of its existing
joint ventures that it does not currently consolidate in its
reports. (As of March 31, 2013, there was no significant debt in
the joint ventures.)

S&P could revise the outlook to stable if SGL's profits improved
materially in 2014 and leverage decreased over time to a level of
adjusted FFO to debt of 15%-20%, which S&P views as commensurate
with the current rating.  This would notably depend on increases
in future raw needle coke prices and a recovery in SGL's key
steel and capital goods end markets.  S&P could also revise the
outlook to stable if SGL takes measures to maintain "adequate"
liquidity or strengthen its balance sheet.



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G R E E C E
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* GREECE: EU Governments Agree to Release EUR3 Billion in Aid
-------------------------------------------------------------
James G. Neuger and Radoslav Tomek at Bloomberg News report that
European governments agreed to release EUR3 billion (US$3.9
billion) of aid for Greece, seeking to buy enough financial calm
to prevent another debt-crisis showdown until after Germany's
elections in September.

Greece will get EUR2.5 billion this month and the rest in
October, as long as Prime Minister Antonis Samaras's tottering
coalition delivers on economic reforms and cuts to spending,
Bloomberg discloses.  It can also count on recouping EUR2 billion
in central bank profits on Greek bonds and on EUR1.8 billion from
the International Monetary Fund, Bloomberg notes.

European governments led by Germany are continuing to keep Greece
on life support, unwilling to let it go bankrupt and exit the
euro while doling out aid in the smallest possible doses to avoid
upsetting their own taxpayers, Bloomberg says.

"Greece is on the right track in many ways, but there have been
delays in some areas," Bloomberg quotes German Finance Minister
Wolfgang Schaeuble as saying.  "It is right to proceed on a cash-
on-delivery basis and step by step and make the disbursements as
Greece's financing needs arise."

Creditors unlocked the financing after the "troika" of European
Commission, IMF and European Central Bank labored through the
weekend to seal an accord with Samaras's government on economic
and deficit-reduction steps, Bloomberg relates.  The final go-
ahead won't come until later in July, once lawmakers in countries
including Germany give their assent, Bloomberg notes.



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ADAGIO II: Notes Repurchase No Impact on Moody's Ratings
--------------------------------------------------------
Moody's Investors Service has determined that the partial
repurchase by Adagio II CLO Plc. of EUR28M of its Class A-1 notes
at the price below par on June 26, 2013 will not in and of itself
and at this time cause the current Moody's ratings of the Notes
issued by Adagio II to be reduced or withdrawn. Moody's does not
express an opinion as to whether the repurchase could have other,
noncredit-related effects.

The transaction is a managed cash collateralized loan obligations
with exposure to predominantly European senior secured loans. The
portfolio is managed by AXA Investment Managers Paris S.A. The
Reinvestment Period for the transaction ended in January 2013.

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
May 2013.

On October 13, 2011, Moody's upgraded the ratings of the
following notes issued by Adagio II CLO Plc.:

Issuer: Adagio II CLO Plc.

Class A-1 Senior Floating Rate Notes due 2021, Upgraded to Aaa
(sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under Review for
Possible Upgrade

Class A-2B Senior Floating Rate Notes due 2021, Upgraded to Aa1
(sf); previously on Jun 22, 2011 Aa2 (sf) Placed Under Review for
Possible Upgrade

Class B Senior Floating Rate Notes due 2021, Upgraded to A2 (sf);
previously on Jun 22, 2011 Baa1 (sf) Placed Under Review for
Possible Upgrade

Class C-1 Senior Subordinated Deferrable Floating Rate Notes due
2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011 Ba2 (sf)
Placed Under Review for Possible Upgrade

Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due
2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011 Ba2 (sf)
Placed Under Review for Possible Upgrade

Class D-1 Senior Subordinated Deferrable Floating Rate Notes due
2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
Placed Under Review for Possible Upgrade

Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due
2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
Placed Under Review for Possible Upgrade

Class E Senior Subordinated Deferrable Floating Rate Notes due
2021, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa3 (sf)
Placed Under Review for Possible Upgrade


CELTIC BOOKMAKERS: Just EUR1,001 Left For Creditors
---------------------------------------------------
Gordon Deegan at Irish Examiner reports that there was just
EUR1,001 left for creditors after the first full year of the
liquidation of Ivan Yates' Celtic Bookmakers business.

Alan McLean of Whiteside Cullinan was appointed as a liquidator
arising from a creditors' meeting in March 2012, the report
discloses.

Irish Examiner relates that new documents filed with the
Companies Office showed that after the first year of liquidation,
Mr. McLean received EUR6,002 in receipts arising from a
distribution from a subsidiary company.  However, liquidation
fees of EUR5,000 resulted in a surplus of just EUR1,001.

Expectations by unsecured creditors of receiving any money from
the liquidation process were low after Mr. Yates told the
unsecured creditors last year that there was no money to pay
outstanding debts of EUR1.4 million, according to Irish Examiner.

Irish Examiner adds that separate documents lodged with the CRO
show AIB has not received a cent from the receivership of the
collapsed business in the most recent six months reported upon.

According to Irish Examiner, documents lodged by receiver,
Neil Hughes show AIB received EUR1.5 million in 2011 and a
further EUR400,000 during the first six months of last year.
However, AIB had no monies transferred to it during the final six
months of last year, documents, cited by Irish Examiner, show.

The receivership has realised EUR2.8 million mainly from the
sales of betting shops and fixture and fittings, the report
relays.

The receiver has received a total of EUR216,000 in fees to date,
Irish Examiner discloses.

Celtic Bookmakers once boasted 60 shops and an annual turnover of
close to EUR200 million.


IRISH BANK: 40 Former Anglo Staff Lose Jobs in London and Belfast
-----------------------------------------------------------------
Irish Examiner reports that 40 employees of the former Anglo
Irish Bank, IBRC in special liquidation, have been made redundant
at the bank's London and Belfast offices.

According to the report, liquidators of the bank Kieran Wallace
and Eamonn Richardson of KPMG said that they were using an
insolvency provision to remove protection for the staff that
would have seen them automatically transferred over to another
company, Capita.

Capita is taking over the winding-down of the IBRC loan book that
has been transferred to NAMA, the report notes.

Irish Examiner relates that the bank workers' union, the IBOA,
said it was disappointed by the receivers' actions.

BOA general secretary Larry Broderick said he was shocked that
there was no commitment by Capita to take on the staff, according
to Irish Examiner.

"While the decision to transfer the management of these assets to
Capita is no real surprise under the circumstances, we are
shocked and disappointed that no commitment has been made to
implement legislation covering the rights of workers on the
transfer of business," the report quotes Mr. Broderick as saying.

Irish Examiner says staff who have been made redundant will only
receive statutory redundancy payments and are not guaranteed
employment with Capita.

A spokesperson for Capita said it would make a number of
positions available for employees, the report relays.

"Capita Asset Services has not yet been in a position to commence
engagement with the employees currently working on the NAMA loan
book within IBRC in London and Belfast," the spokesperson said.

"Nevertheless, we are committed to making available a significant
number of permanent employment opportunities to the affected
group."

                        About Anglo Irish

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 (IBRC).

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.


IRISH BANK: Anglo Faces Claim of More Than EUR1BB 'Overcharging'
----------------------------------------------------------------
Roisin Burke at Independent.ie reports that a case brought by
well-known developers alleging overcharging at Anglo Irish Bank
has highlighted what is claimed to be a wider serious problem at
the disgraced bank.

"At issue is in excess of EUR1 billion, which has been taken from
customer accounts due to erroneously charged interest," claims
banking specialist Eddie Fitzpatrick, Independent.ie relates.

Independent.ie notes that top Anglo clients are believed to be
among those who it is claimed have had surplus interest piled on
to their loans.

Hundreds of Anglo loans combed over forensically by
Mr. Fitzpatrick's company Bankcheck for more than 70 separate
customers resulted in a potentially damning dossier being
compiled, says Independent.ie.

According to the report, the court case that flagged up this
wider alleged issue concerns Anglo loans connected with high-
profile developers John Flynn and Paddy Kelly, the Durkan, Pierse
and McCormack families and Blackrock Clinic co-founder Joseph
Sheehan, a brother of Jimmy. It names IBRC, Nama and senior
executives past and present as defendants. It alleges
"overcharging" on EUR150 million worth of Anglo and Nama related
loans through "overloading" and of interest rates, the report
relays.

If -- and it is a big if -- the case were to succeed, it could
torpedo imminent plans for billions worth of IBRC and NAMA loan
book sales, Anglo and NAMA watchers maintain, the report states.
In that scenario, the knock-on effect for the already beleaguered
taxpayer is unthinkable.

Independent.ie says NAMA is due to put a EUR1.5 billion loan book
on the market soon and the process to prep IBRC asset loans for
sale is under way.

                        About Anglo Irish

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 (IBRC).

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.



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BANCO POPOLARE: Moody's Downgrades Deposit Ratings to 'Ba3'
-----------------------------------------------------------
Moody's has downgraded Banco Popolare Societa Cooperativa's long-
term debt and deposit ratings to Ba3 from Baa3 and its short-term
ratings to Not-Prime from Prime-3. At the same time, the
standalone bank financial strength rating (BFSR) was downgraded
to E+ (mapping to a standalone baseline credit assessment -- BCA
-- of b3) from D+/ba1. All ratings on the bank's debt instruments
and programs are affected by this action, including the ratings
of Banca Italease. The outlook is negative.

Ratings Rationale:

Moody's said that the lowering of the standalone BCA to b3 from
ba1 reflects the very significant and increasing pressure on
Banco Popolare's (i) asset quality, (ii) profitability and (iii)
capitalization, going beyond Moody's initial expectations when
the ratings were placed on review for downgrade in November 2012.

The main driver for the downgrade is the worse than expected
evolution of the bank's asset quality. A key focus of the review
was the bank's ability to stabilize asset quality, which has
deteriorated considerably during the review period. Gross problem
loans -- as adjusted by Moody's -- reached 12.7% of loans in 2012
(above the system average of 10.6%), compared to 10.7% at the end
of 2011, with below Italian average coverage with loan loss
reserves. The significant levels of loan loss provisions, which
were triggered by a Bank of Italy review of Italian banks'
reserve coverage levels of their problem loans, indicate the
weakness of the bank's asset quality and the inadequacy of the
provisions the bank had previously taken. But despite the sharp
increase in provisions -- loan loss provisions in 2012 amounted
to EUR1.3 billion, 69% higher than in 2011 --, Banco Popolare's
coverage of 39% didn't improve notably and remains significantly
below the 49% Italian average.

Furthermore, Banco Popolare faces problems at Agos Ducato, the
bank's 40% owned consumer finance joint venture with Credit
Agricole. A review by the Bank of Italy resulted in the need for
high loan loss provisions (booked in the 2012 financial year) at
the company, and a consequent unexpected EUR 516 million
impairment for Banco Popolare's participation in the company.
Together these two factors had a negative impact of EUR912
million, so being a major driver for the year's net loss of
EUR945 million for 2012.

Moody's believes that problem loans -- particularly non-
performing loans - will continue to increase in 2013 and 2014,
due to the ongoing recession in Italy and the time lag of asset
impairments. In this respect, Moody's expectations for Italian
GDP since the review was initiated have been revised
significantly downward. The rating agency now expects GDP to
contract by around 2% in 2013 and around zero growth in 2014.
Previously the expectation was for -0.5% and 0.5% respectively.
Moody's added that it expects the ongoing increase of problem
loans, in addition to the bank's sizable concentration to the
real estate sector - (about a quarter of the loan portfolio), to
lead to the requirement for further significant provisions for
the next two years.

The combination of these concerning asset quality indicators and
trends underscores the bank's vulnerability and is one of the key
factors underpinning this multi-notch lowering of the bank's
standalone ratings.

The second driver for the downgrade is the bank's weak internal
capital generation capability, giving it insufficient financial
flexibility to withstand an expected further deterioration of
asset quality. Banco Popolare incurred a net loss of EUR945
million in 2012, affected by the previously detailed high loan
loss provisions and losses at its consumer finance joint venture.
The first quarter of 2013 -- with a reported net profit
(excluding extraordinary items) of EUR49 million, compared to
EU 77 million in the first quarter of 2012 -- does not point to
an improvement in underlying performance. Moody's expects only
modest internal capital generation in 2013 and 2014, driven by
the macroeconomic pressures and worse than anticipated growth
prospects for the economy, by the related ongoing high
provisioning requirements, and by the low interest rate
environment which seems unlikely to change significantly in this
period.

The third driver is Moody's concern regarding the bank's ability
to maintain sufficiently high capital levels above regulatory
requirements. In March 2013 Banco Popolare's EBA-compliant Core
Tier 1 ratio was 9.3%, just above the 9% EBA threshold, which
leaves little room for absorbing the expected implications of a
deteriorated economic environment. Moody's notes that the bank's
equity cushion is thin also relative to the amount of gross
problem loans, which amounted to 92% of equity and loan loss
reserves in 2012 (having deteriorated from 82% in 2011 ),
significantly worse than Italian peers. Moody's expects that
Banco Popolare may be challenged to strengthen its capital
adequacy through internal capital generation, given that
profitability is likely to remain limited, or through the market,
given the bank's already weak valuation. Moody's assigns zero
equity credit to the bank's EUR1 billion 'soft' mandatory
convertible bond (which can be converted until maturity in March
2014), and believes that the bank's low price to book value of
19% makes access to capital in the market challenging.

Moody's believes that the probability that Banco Popolare may
need external support to ensure its adequate capitalization has
risen above what was anticipated at the time of the review.

The standalone BCA also positively reflects the bank's ongoing
ability to generate pre-provision income (2.1% of average risk-
weighted assets), and strengthened funding flexibility outside of
central bank funding. The bank has EUR18 billion of unencumbered
eligible assets in May 2013, covering one year of wholesale
maturities, including interbank.

The downgrade of the deposit rating to Ba3 mainly reflects the
lowering of the BCA to b3, but this is being somewhat mitigated
by Moody's unchanged expectation of a high probability of
systemic support. Given the lower standalone strength of Banco
Popolare, the support expectation from the Baa2-rated Italian
government has a greater impact on the debt ratings.

The outlook of Banco Popolare's ratings is negative, in line with
the Italian sovereign and the Italian banking system, reflecting
the challenging operating environment.

What Could Move The Ratings Up/Down

There is no upside pressure on the ratings given the negative
outlook and the recent downgrade. However the BCA could remain at
b3 as a result of (i) a stabilization of problem loans and (ii) a
return to satisfactory profitability and internal capital
generation. The deposit rating could remain at Ba3 if, in
addition to the BCA remaining at b3, Moody's assessment of the
probability of internal support remains high.

Conversely, the standalone BCA could be lowered if the bank sees
further significant asset quality deterioration, resulting in
additional high levels of loan loss provisions, as was the case
in 2012, resulting in it being challenged to maintain its Core
Tier 1 according to EBA stress tests and capital definitions
above 9%. The Ba3 could be downgraded as a result of the lowering
of the BCA or in the event that the willingness or the ability of
the Italian government to support its banking system decreases.

Banca Italease

Banca Italease's long-term debt and deposit ratings were
downgraded to B2 from Ba1 and its standalone bank financial
strength rating to E (mapping to a standalone BCA of caa3) from
E+/b1. The outlook on the deposit rating is negative, in line
with the parent

According to Moody's, the downgrade of Italease follows the
downgrade of its parent, Banco Popolare, as well as the bank's
need for parental support, given that Italease -- which is in
run-off -- is structurally unprofitable and has poor asset
quality.

Moody's expectation of a very high probability of parental
support for Italease results in a four-notch uplift in the B2
deposit rating (previously three notches) from the caa3
standalone BCA.

List of Affected Ratings:

1.Banco Popolare and its issuing entities

- Senior unsecured debt, and bank deposits, Ba3 with negative
outlook; EMTN, (P)Ba3

- Short-term bank deposits: Not-Prime

- Subordinate debt and EMTN: Caa1 with negative outlook and
(P)Caa1, respectively

- Tier III debt EMTN: (P)Caa1

- Junior subordinate EMTN: (P)Caa2

- Pref. Stock: Caa3(hyb) with negative outlook

- BFSR/BCA: E+ with negative outlook/b3

2.Banca Italease and its backed vehicle Banca Italease Capital
Trust

- Senior unsecured debt and bank deposits: B2 with negative
outlook

- Subordinate debt: Caa2 with negative outlook

- Pref. Stock: Ca(hyb)

- BFSR/BCA: E with no outlook/caa3

The principal methodology used in this rating was Moody's Global
Banks Rating Methodology published in May 2013.


SESTANTE FINANCE 2005: Moody's Cuts Rating on Cl. B Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
senior and four junior and mezzanine notes in four Italian
residential mortgage-backed securities transactions: Sestante
Finance S.r.l., Sestante Finance S.r.l. - Series 2004; Sestante
Finance S.r.l. - Series 2005 and Sestante Finance S.r.l. - Series
2006. At the same time Moody's has confirmed the rating of one
junior note in Sestante Finance S.r.l. - Series 2004.
Insufficiency of credit enhancement to address sovereign risk and
revision of key collateral assumptions have prompted the
downgrade.

The rating action concludes the review of three notes placed on
review on August 2, 2012, following Moody's downgrade of Italian
government bond ratings to Baa2 from A2 on July 13, 2012. This
rating action also concludes the review of five notes placed on
review on 13 Mar 2013, due to the insufficiency of credit
enhancement to address sovereign risk following the introduction
of additional factors in Moody's analysis to better measure the
impact of sovereign risk on structured finance transactions.

Ratings Rationale:

The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk and revision of key
collateral assumptions. Moody's confirmed the ratings of
securities whose credit enhancement and structural features
provided enough protection against sovereign ,counterparty risk
and change in key collateral assumptions.

The determination of the applicable credit enhancement driving
these rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.

- Additional Factors Better Reflect Increased Sovereign Risk

Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
Local Currency Country Risk Ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.

The Italian country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Italian issuer including
structured finance transactions backed by Italian receivables, is
A2. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.

- Revision of Key Collateral Assumptions

Moody's has revised its lifetime loss expectation (EL) assumption
in Sestante Finance S.r.l. to 5.5% from 4.3%, Sestante Finance
S.r.l. - Series 2004 to 6.5% from 5.0%; Sestante Finance S.r.l. -
Series 2005 to 7.0% from 5.2% and Sestante Finance S.r.l. -
Series 2006 to 10.49% from 9.2%. Moody's has revised the MILAN CE
assumption to 22.5% from 20.0% in Sestante Finance S.r.l. -
Series 2004 and Sestante Finance S.r.l. - Series 2005 and
maintains the MILAN CE assumption at 20.0% for Sestante Finance
S.r.l. and 30.0% for Sestante Finance S.r.l. - Series 2006. The
revision of expected loss assumptions reflects the weak
performance in these transactions.

- Exposure to Counterparty Risk

The conclusion of Moody's rating review takes into consideration
the commingling exposure to Banca Popolare dell'Emilia Romagna
s.c.a.r.l. acting as collection account bank in the four
transactions. The sweeping frequency to the treasury account held
with Bank of New York Mellon (The) (Aa1/ P-1) is daily in all
four transactions. In addition Moody's rating review also takes
into consideration the exposure to Commerzbank AG (Baa1/P-2)
acting as swap counterparty in all four transactions. Moody's
concluded that the rating of the notes are not negatively
affected by these counterparty exposures.

Other Developments May Negatively Affect The Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.

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

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in May 2013, and
"The Temporary Use of Cash in Structured Finance Transactions:
Eligible Investment and Bank Guidelines" published in March 2013.

In reviewing these transactions, Moody's used ABSROM/ ABSCORE to
model the cash flows and determine the loss for each tranche. The
cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the lognormal
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario; and (ii) the loss derived from the cash flow model in
each default scenario for each tranche."

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

List Of Affected Ratings:

Issuer: Sestante Finance S.r.l.

EUR17.17M B Notes, Downgraded to A3 (sf); previously on Mar 13,
2013 A2 (sf) Placed Under Review for Possible Downgrade

EUR13.36M C Notes, Downgraded to Ba3 (sf); previously on Mar 13,
2013 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: Sestante Finance S.r.l. - Series 2004

EUR575.3M A Notes, Downgraded to A3 (sf); previously on Aug 2,
2012 Downgraded to A2 (sf)

EUR34.4M B Notes, Downgraded to B1 (sf); previously on Aug 2,
2012 Ba2 (sf) Placed Under Review for Possible Downgrade

EUR15.6M C1 Notes, Confirmed at Caa2 (sf); previously on Aug 2,
2012 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Sestante Finance S.r.l. - Series 2005

EUR791.9M A Notes, Downgraded to Baa2 (sf); previously on Mar 13,
2013 A3 (sf) Placed Under Review for Possible Downgrade

EUR47.35M B Notes, Downgraded to Caa1 (sf); previously on Aug 2,
2012 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Sestante Finance S.r.l. - Series 2006

EUR342.25M A1 Notes, Downgraded to Ba3 (sf); previously on Mar
13, 2013 Ba1 (sf) Placed Under Review for Possible Downgrade

EUR228.17M A2 Notes, Downgraded to Ba3 (sf); previously on Mar
13, 2013 Ba1 (sf) Placed Under Review for Possible Downgrade

EUR18.2M C Notes, Downgraded to Ba1 (sf); previously on Jun 11,


VELA HOME: Moody's Lowers Ratings on Class C Notes to 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
mezzanine and three junior notes in three Italian residential
mortgage-backed securities (RMBS) transactions: Vela ABS S.r.l.,
Vela Home S.r.l. -- Series 3 and Vela Home S.r.l. -- Series 4. At
the same time, Moody's upgraded the rating of one note in Vela
Home S.r.l. -- Series 2 and confirmed the rating of one note in
Vela Home S.r.l. -- Series 4. Insufficiency of credit enhancement
to address sovereign risk together with collateral performance
deterioration have prompted the action.

The rating action concludes the review of one note placed on
review on March 13, 2013, following Moody's review of the impact
on structured finance transactions stemming from sovereign risk.

This rating action also concludes the review of three notes
placed on review August 2, 2012 following Moody's downgrade of
the Italian government bond rating to Baa2 from A3 on July 13,
2012, it also concludes the review of two notes placed on review
November 27, 2012 following Moody's review of the Italian RMBS
sector, it also concludes the review of one note placed on review
June 8, 2012 following Moody's update of the EMEA RMBS
methodology and it also concludes the review of one note placed
on review June 11, 2012 following Moody's update to the approach
to set off risk analysis in Italian structured finance
transactions.

Ratings Rationale:

The rating action primarily reflects the insufficiency of credit
enhancement to address sovereign risk. Moody's confirmed the
ratings on one note whose credit enhancement and structural
features provided enough protection against sovereign risk.
Moody's also upgraded one note whose credit enhancement has
increased due to deleveraging and together with the structural
features it provided increased protection against sovereign risk.

The determination of the applicable credit enhancement driving
these rating actions reflects the introduction of additional
factors in Moody's analysis to better measure the impact of
sovereign risk on structured finance transactions.

- Additional Factors Better Reflect Increased Sovereign Risk

Moody's has supplemented its analysis to determine the loss
distribution of securitized portfolios with two additional
factors, the maximum achievable rating in a given country (the
local currency country risk ceiling) and the applicable portfolio
credit enhancement for this rating. With the introduction of
these additional factors, Moody's intends to better reflect
increased sovereign risk in its quantitative analysis, in
particular for mezzanine and junior tranches.

The Italian country ceiling, and therefore the maximum rating
that Moody's will assign to a domestic Italian issuer including
structured finance transactions backed by Italian receivables, is
A2. Moody's Individual Loan Analysis Credit Enhancement (MILAN
CE) represents the required credit enhancement under the senior
tranche for it to achieve the country ceiling. By lowering the
maximum achievable rating for a given MILAN, the revised
methodology alters the loss distribution curve and implies an
increased probability of high loss scenarios.

In one of the affected transactions, Moody's maintained the
current expected loss assumption as a percentage of original pool
balance while the for the remaining three transactions the
expected loss assumption as a percentage of the original pool
balance was increased due to collateral performance
deterioration. The expected loss assumption therefore remain at
2.03% for Vela Home S.r.l. -- Series 2 while it has been
increased to 3.4% from 2.82% for Vela Home S.r.l. -- Series 3, it
has also been increased to 5.5% from 4.91% in Vela Home S.r.l. --
Series 4 and finally it has been increased to 4.35% from 3.79%
for Vela ABS S.r.l..

During its review Moody's also reassessed the MILAN CE
assumptions based on available loan-by-loan information for all
four transactions. As a result Moody's maintained the MILAN CE
assumption for Vela Home S.r.l. -- Series 2 at 8.5% and Moody's
also maintained the MILAN CE assumption for Vela Home S.r.l. --
Series 4 at 12.5%. For the remaining two affected transactions
Moody's made a qualitative adjustment of the MILAN CE number in
order to generate a loss distribution with a certain level of
volatility or with other words to account for a higher
probability of "fat tail" events with respect to the expected
loss. The MILAN CE assumption for Vela Home S.r.l. -- Series 3
was therefore increased to 12.9% from 10%, while the MILAN CE
assumption for Vela ABS S.r.l. was increased to 12.75% from 10%.

- Exposure to Counterparty Risk

The downgrade of the Class B notes in Vela Home S.r.l. -- Series
4, was also driven by the set-off and commingling risk arising
from the exposure to Banca Nazionale del Lavoro S.p.A. (Baa2/P-2)
as servicer and originator.

- Change of issuer account bank in Vela Home S.r.l. - Series 2

On June 25, 2013 the role of issuer account bank was transferred
to BNP Paribas Securities Services (A2/P-1) from BNP Paribas
(A2/P-1). The replacement trigger for the issuer account bank
remains at loss of P-1. This action has not, in and of itself,
resulted in any reduction of withdrawal of the rating of the
notes in Vela Home S.r.l. - Series 2. Moody's opinion address
only the credit impact of the action and Moody's is not
expressing any opinion as the whether the action has, or could
have, other non-credit related effects that may have a
detrimental impact on the interest of note holders and/or
counterparties.

- Other Developments May Negatively Affect the Notes

In consideration of Moody's new adjustments, any further
sovereign downgrade would negatively affect structured finance
ratings through the application of the country ceiling or maximum
achievable rating, as well as potentially increased portfolio
credit enhancement requirements for a given rating.

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

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework", published in May 2013,
and "The Temporary Use of Cash in Structured Finance
Transactions: Eligible Investment and Bank Guidelines", published
in March 2013.

In reviewing these transactions, Moody's used its cash flow
model, ABSROM, to determine the loss for each tranche. The cash
flow model evaluates all default scenarios that are then weighted
considering the probabilities of the lognormal distribution
assumed for the portfolio default rate. In each default scenario,
Moody's calculates the corresponding loss for each class of notes
given the incoming cash flows from the assets and the outgoing
payments to third parties and noteholders. Therefore, the
expected loss for each tranche is the sum product of (1) the
probability of occurrence of each default scenario and (2) the
loss derived from the cash flow model in each default scenario
for each tranche.

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

In the context of the rating review, the transactions have been
remodeled and some inputs have been adjusted to reflect the new
approach.

List of Affected Ratings:

Issuer: Vela ABS S.r.l

EUR21.9M B Notes, Downgraded to A3 (sf); previously on Aug 2,
2012 Downgraded to A2 (sf) and Remained On Review for Possible
Downgrade

EUR11.8M C Notes, Downgraded to Baa3 (sf); previously on Jun 8,
2012 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: VELA HOME S.r.l. - Series 2

EUR31.7M C Notes, Upgraded to Baa1 (sf); previously on Aug 2,
2012 Baa2 (sf) Placed Under Review for Possible Downgrade

Issuer: VELA HOME S.r.l. - Series 3

EUR53.8M B Notes, Downgraded to Baa1 (sf); previously on Aug 2,
2012 Downgraded to A2 (sf) and Remained On Review for Possible
Downgrade

EUR18.2M C Notes, Downgraded to Ba1 (sf); previously on Jun 11,
2012 Baa1 (sf) Placed Under Review for Possible Downgrade

Issuer: VELA HOME S.r.l. - Series 4

EUR677.85M A2 Notes, Confirmed at A2 (sf); previously on Mar 13,
2013 A2 (sf) Placed Under Review for Possible Downgrade

EUR82.8M B Notes, Downgraded to Baa2 (sf); previously on Nov 27,
2012 Downgraded to Baa1 (sf) and Remained On Review for Possible
Downgrade

EUR23.65M C Notes, Downgraded to Ba1 (sf); previously on Nov 27,
2012 Downgraded to Baa2 (sf) and Remained On Review for Possible
Downgrade



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


GREEN APPLE: ABN AMRO Transfer No Impact on Moody's Ratings
-----------------------------------------------------------
Moody's announced that the transfer of the seller collection
account from The Royal Bank of Scotland N.V. ("RBS N.V.") to ABN
AMRO N.V. ("ABN AMRO") and the novation of the role of the
liquidity facility provider and GIC provider from RBS N.V. to The
Royal Bank of Scotland plc. ("RBS plc.") would not, in and of
itself and as of this time, result in the downgrade, the
placement on review for possible downgrade or withdrawal of the
notes issued by Green Apple B.V. (2007-I NHG portfolio).

In addition, the transfer of the seller collection account from
RBS N.V. to ABN AMRO would not, in and of itself and as of this
time, result in the downgrade, the placement on review for
possible downgrade or withdrawal of the notes issued by Green
Apple B.V. (2008-I NHG portfolio).

All rights and obligations of the liquidity facility provider
will be transferred from RBS N.V. to RBS plc. under the liquidity
facility agreement and all rights and obligations of the GIC
account provider will be transferred from RBS N.V. to RBS plc.
under the Floating Rate GIC. As part of the contract transfer RBS
N.V. (as the old GIC provider) will transfer the issuer
collection account to RBS plc. (as the new GIC Provider).

RBS plc. complies with the ratings based trigger requirements
under the liquidity facility, collection account and GIC account
agreements which were lowered to Baa3 or P-3 on August 22, 2012.

Moody's opinion addresses only the credit impact associated with
the proposed amendment, and Moody's is not expressing any opinion
as to whether the amendment has, or could have, other non-credit
related effects that may have a detrimental impact on the
interests of holders of rated obligations and/or counterparties.

The principal methodology used in this rating was "Moody's
Approach To Rating RMBS Using the MILAN Framework", published in
May 2013.

Moody's will continue monitoring the ratings. Any change in the
ratings will be publicly disseminated by Moody's through
appropriate media.

On August 23, 2012, Moody's Investors Service assigned definitive
credit ratings to the following classes of notes issued by Green
Apple B.V. (2008-I NHG Portfolio):

EUR1925.6M Senior Class A Mortgage-Backed Notes 2008 due 2041,
Assigned Aa3 (sf)

EUR29.65M Mezzanine Class B Mortgage-Backed Notes 2008 due 2041,
Assigned Baa2 (sf)

EUR19.75M Junior Class C Mortgage-Backed Notes 2008 due 2041,
Assigned Ba1 (sf)

Green Apple B.V. (2007-I NHG Portfolio)

Class C, PASS-THRU CTFS, Ba1 (sf)


GREEN LION II: Seller Repurchase No Impact on Moody's Ratings
-------------------------------------------------------------
Moody's Investors Service announced that in its opinion the
proposal allowing Nationale Nederlanden Hypotheekbedrijf N.V.
(the Seller) to repurchase mortgage loans on their respective
interest reset date will not, in and of itself, result in a
reduction, placing on review for possible downgrade or withdrawal
of the current credit ratings assigned to the notes issued by
Green Lion II B.V.

On June 28, 2013, the Mortgage Receivables Purchase Agreement was
amended to include option for the Seller to repurchase the loans
immediately following their interest reset date. Moody's expects
the buy-back to occur over a number of years as only a portion of
the pool reset in each period. The repurchase price will be used
to repay the outstanding notes sequentially. The proposed changes
are to facilitate the restructuring plans of ING Group.

Moody's believes that the amendment does not have an adverse
effect on the credit quality of the securities such that the
Moody's ratings were impacted. Moody's did not express an opinion
as to whether the amendment could have other, noncredit-related
effects.

The principal methodology used in this rating was Moody's
Approach to Rating RMBS Using the MILAN Framework published in
May 2013.

Moody's ratings address the expected loss posed to investors by
the legal final maturity of the notes. Moody's ratings only
address the credit risk associated with the transaction. Other
non-credit risks have not been addressed, but may have a
significant effect on yield to investors.

Moody's will continue to monitor the ratings of the transaction.
Any change in the ratings will be publicly disseminated by
Moody's through appropriate media.

On May 20, 2011, Moody's Investors Service assigned definitive
credit ratings to the following classes of notes issued by Green
Lion II B.V:

Aaa (sf) to Euro 2,786.6 million floating rate Senior Class A1
Mortgage-Backed Notes 2011 due 2095

Aaa (sf) to Euro 2,786.6 million floating rate Senior Class A2
Mortgage-Backed Notes 2011 due 2095

Aaa (sf) to Euro 2,786.6 million floating rate Senior Class A3
Mortgage-Backed Notes 2011 due 2095

Aaa (sf) to Euro 1,504.9 million floating rate Senior Class A4
Mortgage-Backed Notes 2011 due 2095

Aa2 (sf) to Euro 523.9 million floating rate Mezzanine Class B
Mortgage-Backed Notes 2011 due 2095

A2 (sf) to Euro 223.0 million floating rate Mezzanine Class C
Mortgage-Backed Notes 2011 due 2095

Ba1 (sf) to Euro 535.0 million floating rate Subordinated Class D
Mortgage-Backed Notes 2011 due 2095


ORANGE LION: Fitch Rates EUR33.90MM Class E Notes at 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned Orange Lion 2013-10 RMBS B.V.'s notes
final ratings, as follows:

EUR1,866,916,000 Class A: 'AAAsf'; Outlook Stable

EUR57,538,000 Class B: 'AA+sf'; Outlook Stable

EUR46,236,000 Class C: 'A+sf'; Outlook Stable

EUR40,071,000 Class D: 'BBB+sf'; Outlook Stable

EUR33,907,000 Class E: 'BB+sf'; Outlook Stable

EUR10,275,000 Class F: 'NRsf'

The transaction is a true sale securitization of Dutch
residential mortgage loans originated by WestlandUtrecht Bank
(WUB), a wholly owned subsidiary of ING Bank N.V. (ING;
A+/Negative). Credit enhancement for the class A notes is
provided by the subordination of the junior notes (9.15%), a
reserve fund funded with excess spread up to a non-amortizing
target of 1.85% of the initial note balance, and an interest rate
swap.

Key Rating Drivers

Portfolio Composition:

The portfolio has a higher proportion of self-employed borrowers
(17.72%), jumbo properties (8.05%) and investment loans (20.77%)
compared with other recent Dutch deals, because WUB targets
affluent borrowers. Additionally, while the debt-to-income ratio
(DTI) at 30.97% is typical of Fitch-rated Dutch RMBS
transactions, the original loan-to-market-value (LTMV) of 91.67%
is slightly higher. 24.87% of the portfolio comprises loans that
benefit from the national mortgage guarantee scheme (Nationale
Hypotheek Garantie or NHG).

Swap Providing Liquidity Support:

The deal has a substantially-sized and unusual swap in that the
issuer owes actual received interest instead of scheduled
interest to the counterparty. In this way, the swap will also be
providing liquidity support to the deal. Upon a downgrade of the
swap counterparty to below the requisite ratings, a liquidity
ledger will be funded for an amount estimated to be the next
interest payment date's (IPD) senior fees and class A interest.
The swap also has a higher than usual notional and spread as it
relates to the guaranteed excess spread.

Atypical Structure:

While Dutch deals are typically structured so that there is a
high likelihood of being called after five years, this deal has
been structured to be more long dated. There are no step-up
margins and the notes may only be redeemed if the pool can be
auctioned at a price sufficient to pay senior fees, unwind the
swap, repay the rated notes at par, pay accrued and unpaid
interest on all the notes, and provide a pre-set return to the
class F notes. The excess spread available after replenishing the
reserve fund will be used to reverse-turbo the notes.

Counterparty Exposure:

This transaction relies strongly on the creditworthiness of ING,
which fulfills a number of roles. In respect of the deposit set-
off risk and commingling risk, Fitch gave full credit to
mitigating structural features embedded in the transaction.

RATING SENSITIVITIES

Material increases in the frequency of defaults and loss severity
on defaulted receivables could produce loss levels higher than
Fitch's expectations, which in turn may result in potential
rating actions on the notes. If the agency stressed its 'AAA'
assumptions by 30% for both weighted average foreclosure
frequency and recovery rate, it would possibly result in a
downgrade of the class A notes to 'AAsf'.

More detailed model implied ratings sensitivity can be found in
the presale report, which will shortly be available at
www.fitchratings.com.

Fitch was provided with loan-by-loan information on the
securitized portfolio as of May 31, 2013. The data fields
included in the pool cut were of good quality.

Fitch performed an onsite file review at the time of Orange Lion
2013-8 during which it checked a selection of 12 mortgage files.
During this review, the agency checked if the files were complete
and if the data was identical to the information provided. There
were a small number of negative findings from the file review,
which was further reflected in the agreed upon procedures report
which showed errors, especially in the foreclosure value and
income fields. Fitch increased the pool's expected default
assumptions as a result of these findings.

Based on the received repossession data, analysis showed that the
performance was at or slightly better than Fitch's standard Dutch
RMBS assumptions; therefore, the agency did not adjust its quick
sale, market value decline or foreclosure timing assumptions.

To analyze the CE levels, Fitch evaluated the collateral using
its default model, details of which can be found in the reports
entitled 'EMEA Residential Mortgage Loss Criteria', dated June
2013, and "EMEA Criteria Addendum - Netherlands", dated 13 June
2013, available at www.fitchratings.com. The agency assessed the
transaction cash flows using default and loss severity
assumptions under various structural stresses including
prepayment speeds and interest rate scenarios. The cash flow
tests showed that each class of notes could withstand loan losses
at a level corresponding to the related stress scenario without
incurring any principal loss or interest shortfall and can retire
principal by the legal final maturity.



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


GAZPROMBANK: Fitch Assigns 'BB+' Rating to Sub. Debt Issues
-----------------------------------------------------------
Fitch Ratings has assigned Russia-based Gazprombank's outstanding
debt issues the following ratings:

-- Senior unsecured RUB issues: 'BBB-' Long-term rating and
    'AA+(rus)' National rating

-- 'Old style' (without conversion triggers) subordinated debt
    issues: 'BB+' Long-term rating

The bank's other ratings, including its 'BBB-' Long-term IDR and
international senior debt rating, are unaffected by the rating
actions.

KEY RATING DRIVERS - LOCAL CURRENCY AND NATIONAL SENIOR UNSECURED
DEBT RATINGS

The ratings of the bank's senior debt are aligned with its Long-
term IDRs and National Long-term rating.

KEY RATING DRIVERS - 'OLD STYLE' SUBORDINATED DEBT RATINGS

The ratings of the 'old style' subordinated debt are notched down
from the bank's Long-term IDRs by one notch to reflect likely
higher loss severity (relative to senior debt) in case of
default. No additional notches are added for incremental non-
performance relative to the bank's Long-term IDRs. This reflects
Fitch's approach to rating 'old-style' subordinated debt issues
of Russian banks.

RATING SENSITIVITIES -DEBT RATINGS

The ratings of both senior and 'old style' subordinated debt
ratings are likely to be upgraded/downgraded if there was a
similar rating action on the bank's Long-term IDRs and National
Rating.


ROSENERGOBANK: Moody's Affirms 'B3' Long-Term Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service has affirmed Rosenergobank's B3 long-
term local and foreign-currency deposit ratings, and the E+
standalone bank financial strength rating (BFSR), equivalent to a
baseline credit assessment (BCA) of b3. The outlook on the bank's
BFSR and deposit ratings remains stable.

Ratings Rationale:

The rating action reflects Moody's assessment of the overall
stability in Rosenergobank's credit profile, which incorporates
the following aspects: (1) high appetite for credit risk, as loan
book growth amounted to 52% in 2012, while lending exposure to
the 20 largest borrowers exceeded 300% of its total equity as of
year-end 2012; (2) acceptable liquidity, with moderate funding
concentration and a liquid assets buffer amounting to a third of
the bank's total assets at year-end 2012; (3) modest capital
adequacy, with an equity-to-assets ratio of 9.3% at year-end
2012, according to the bank's IFRS report; and (4) mediocre
profitability, with a return on assets (RoAA) of 0.5% for 2012,
stemming from modest revenues and high operating costs.

Moody's also notes, that despite the currently low level of
problem loans -- according to the bank, non-performing and
restructured loans accounted for 4.2% of the gross loans as of
year-end 2012 -- Rosenergobank's loan quality may come under
pressure as the bank's loan book is seasoning during a period of
weakening economic conditions in Russia. Although in Q1 2013
Rosenergobank received a RUB600 million (about $18.5 million)
equity injection, any material deterioration of its asset quality
may require further external capital support.

Rosenergobank's B3 global deposit ratings do not incorporate any
probability of systemic support, given the bank's small size and
limited importance to the Russian banking system. Consequently,
the deposit ratings are in line with the b3 BCA.

What Could Move The Ratings Up/Down

A material improvement of Rosenergobank's profitability and
capital adequacy, coupled with reduced borrower concentration
could have positive rating implications in the next 12 to 18
months.

However, Rosenergobank's ratings may come under negative pressure
if its capitalization weakens substantially. Downward rating
pressure could also result from a substantial deterioration in
the bank's liquidity profile.

The principal methodology used in this rating was Global Banks
published in May 2013.

Headquartered in Moscow, Russia, Rosenergobank reported total
assets of $1.01 billion, shareholder equity of $94.03 million and
net income of $4.24 million as of year-end 2012, according to its
audited IFRS report.



=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


KOMBINAT ALUMINIJUMA: Court Launches Bankruptcy Proceedings
-----------------------------------------------------------
Petar Komnenic at Reuters reports that a court official said on
Monday a Montenegrin court has launched bankruptcy proceedings
for the country's single biggest industrial employer, indebted
aluminium plant Kombinat Aluminijuma Podgorica (KAP).

The Adriatic state had last month asked the court to consider
bankruptcy for the smelter, which is co-owned by the state and
Russian billionaire Oleg Deripaska's Central European Aluminium
Co., Reuters recounts.

According to Reuters, Dragan Rakocevic, the deputy head of the
Commercial Court in Podgorica, said in a statement that
proceedings were set in motion over a EUR24 million (Us$30.8
million) debt to Deutsche Bank,

"The court acted pursuant to a motion by the Finance Ministry . .
. and claimants now have 30 days to report their claims," Reuters
quotes Mr. Rakocevic as saying.

Under Montenrgrin law, a bankruptcy procedure can either be
launched through a reorganization of the company or its total
liquidation.

KAP employs 1,200 people and accounted for 4.7% of Montenegro's
economic output last year, Reuters discloses.

Mr. Rakocevic said the company was nursing a total debt of some
EUR380 million, more than the previously estimated EUR350
million, while its total value was estimated at only EUR183
million, Reuters notes.

"Debts and obligations of KAP are far above its real value, we
will have to see what to do with claimants," Mr. Radocevic, as
cited by Reuters, said, adding that the first court session with
claimants was set for Sept. 15.

The Montenegrin government said last week it had launched talks
with unspecified lenders to secure EUR102 million to pay KAP's
debt to Hungary's OTP and Russia's VTB bank, Reuters relates.

The loan, which would increase Montenegro's total 2013 borrowing
plan by 46% to EUR220 million, was a part of a draft budget
revision which also sees payment of 61 million of KAP's unpaid
bills to power company Elektropirvreda Crne Gore.

Kombinat Aluminijuma Podgorica is an aluminium plant.  The
company is Montenegro's single biggest industrial employer.  It
is jointly owned by the state and the Central European Aluminium
Company of Russian billionaire Oleg Deripaska.



=============================
S L O V A K   R E P U B L I C
=============================


PIESTANY SPA: Faces Bankruptcy Amid Ownership Dispute
-----------------------------------------------------
Sme daily reports that Piestany spa is facing bankruptcy.

The British owner of the spa, Danubius Hotels Group, claims that
Swiss France, a company which bought outstanding debt worth
EUR7 million from businessman and former minority co-owner of the
spa Karol Martinka, is threatening to ruin the spa.

Piestany spa representatives deem the debt purchased by Swiss
France to be invalid, and are involved in a related court battle,
Sme daily discloses.  Mr. Martinka objected to the new British
owner's termination of the contract with his company after buying
the spa from the state, Sme daily relates.  Piestany spa
representatives considered the contract to be simply a front for
enabling embezzlement within the spa, Sme daily states.  The
spa's lawyer, Juraj Bizon, considers the bankruptcy proceeding
that started on July 8 to be a form of threat, according to Sme
daily.

The courts have so far not decided the case, with Piestany spa
having filed a complaint with the Constitutional Court, Sme daily
notes.  However, if the court confirms the bankruptcy, the Slovak
state also faces a financial loss: the British owner claimed
several times that if it loses the dispute, it will seek damage
compensation from state, as there was no mention of any
outstanding debt at the time the spa was purchased from the
state, Sme daily says.

The Piestany spa was at the core of a dispute between the state
and the Vadium Company owned by Mr. Martinka, with filed lawsuits
and protracted court trials leading to no palpable results, Sme
daily discloses.



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


PRIMORJE: Administrator Admits Creditor Claims Worth EUR393.4MM
---------------------------------------------------------------
SeeNews, citing news agency STA, reports that the court-appointed
administrator of Primorje has admitted creditor claims worth
EUR393.4 million (US$505.5 million).

According to SeeNews, STA, citing a filing released by Slovenia's
Agency for Public Legal Records and Related Services, said the
administrator has received a total of EUR740 million claims by
over 2,000 creditors of the bankrupt company.

Primorje is a Slovenian construction company.



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


FOUNDATION CMBS: Fitch Cuts Ratings on Class A Notes to 'CC'
------------------------------------------------------------
Fitch Ratings has downgraded Foundation CMBS Ltd.'s EUR232.2
million class A commercial mortgage-backed floating-rate notes
due 2016 to 'CCsf' from 'BBsf', and assigned a Recovery Estimate
of RE80%.

Key Rating Drivers

The downgrade reflects the increased risk posed by the largest
loan, the Swiss franc (CHF) denominated Luna loan (25% by
balance) following a significant decrease in reported value.
Fitch no longer expects this loan to repay at maturity in
October, and notes that any loss will be compounded by associated
currency swap breakage costs given the cumulative strengthening
of the CHF against the euro.

The Luna loan is secured by a single office building in Berne,
Switzerland, let to the Schweizerische Eidgenossenschaft (Swiss
Confederation; 'AAA'/Stable). The local property market has
benefited from Switzerland's insulation from eurozone financial
weakness, which makes such a sharp decrease in value puzzling,
particularly as the lease has 10 years left. Nevertheless, with
the loan to value ratio (LTV) now significantly over 100%, there
is little prospect of the borrower refinancing, and significant
loan losses appear inevitable.

The second largest loan (Lausanne, 20%) also has a bullet
currency hedge that expires at loan maturity (in this case in
June 2014). Currency risk is heightened by 'safe haven' flows
into Switzerland since closing, causing the CHF to appreciate
against the euro. The issuer would therefore have to sell a
larger sum of euros to make up the shortfall in CHF to make whole
the swap. By crystallizing a senior-ranking terminal swap
obligation that is due and payable, a default of either Luna (now
highly likely) or Lausanne could cause a note event of default,
although the swap provider reportedly lacks the power to trigger
note enforcement.

The remaining eight loans all report LTVs between 87% and 140%
and are secured by a mixture of office, retail, retail warehouse,
light industrial and multi-family housing properties located in
Germany. Five loans mature in 2014, leaving only two years until
2016 bond maturity. Refinancing options for high LTV positions
secured over secondary German property are still limited, and
Fitch notes that the servicer has no presence in Germany.
Although there is notional subordination of EUR92 million below
the class A notes, Fitch expects this to be insufficient to
absorb in full losses expected on the loan portfolio.

Rating Sensitivities

With the level of expected losses, a downgrade to 'Dsf' is likely
when losses are realized, although there is an outside chance of
an improvement in performance. The inability to achieve
recoveries in line with current LTVs for loans that go on to
default would increase the likelihood of downwards revision of
the recovery estimate.



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


ALDERSHOT FC: May Face Liquidation Unless Creditors Strike Deal
---------------------------------------------------------------
Richard Frost at Insider Media reports that Aldershot Town
Football Club are facing liquidation within days unless creditors
compromise on what they are owed.

Earlier last week, Insider revealed that the football club's
administrators entered into a period of exclusivity with a
potential buyer with the intention of concluding a sale by
July 1, 2013.

But a joint statement by restructuring and insolvency practice
Quantuma and a consortium led by Shahid Azeem, which hopes to
take over the club, explained why this target date had not been
met, Insider reports.

"Working with the administrators, the consortium had believed
that they could take the club out of administration this week.
However, there are still some major hurdles which, if unresolved,
will prevent the (only) bid proceeding. Primarily these hurdles
revolve around creditors (both football and non-football)
accepting compromises in order to reduce their debts to match the
offer received," the statement said.

Insider Media says Aldershot Town FC were due to play in the
Conference this season after relegation from the Football League.
However, the statement disclosed that this consortium is the only
one to put forward a potential rescue deal that does not involve
the club receiving further football sanctions and potentially
being prevented from playing in the Football Conference in
future.


CO-OPERATIVE BANK: Rescue Plan May Lead to Nationalization
----------------------------------------------------------
James Quinn at The Telegraph reports that a group of disgruntled
holders of bonds at Co-operative Bank have warned the City
regulator that plans to all but wipe their investments out could
lead to the troubled institution being nationalized.

In a sternly worded open letter to Andrew Bailey, head of the
Prudential Regulatory Authority, a representative of 1,300
bondholders accused the watchdog of taking "punitive and
disproportionate" actions toward the bank, the Telegraph relates.

The PRA is requiring the Co-op Bank, part of the Co-operative
Group, to fill a GBP1.5 billion capital black-hole through a
number of measures, the Telegraph discloses.

Central to these is a "bail-in" of approximately 15,000 junior
bondholders which will see their investments all but wiped out,
with coupons -- or interest payments -- cancelled, the Telegraph
notes.

The rescue plan requires the support of around 80% of the holders
of its GBP1.3 billion of junior debt or the lender could end up
being nationalized, the Telegraph says.

According to the Telegraph, Mark Taber, who has set up an action
group to represent the 1,300 bondholders who have contacted him
with their concerns, is urging Mr. Bailey to review the GBP1.5
billion capital requirement and the timetable that it has
"imposed" on the bank and the subsequent capital plan.

He also wants the PRA, which is part of the Bank of England, to
publish the basis on which the shortfall was determined, the
Telegraph states.

"We have moved away from a situation of the Co-op Group being
prepared to do more to support its Bank, bondholders being
willing and expecting to contribute on a voluntary basis and the
requirement of approximately GBP800 million suggested by the
audited accounts would have been filled," the Telegraph quotes
Mr. Taber, who ran a similar action group for Bristol and West
junior bondholders affected by the Bank of Ireland's problems, as
saying.

Mr. Taber, as cited by the Telegraph, said the PRA's actions have
caused an "unavoidable standoff" which could result in
"unnecessary nationalization" of the bank.

His final plea is for the PRA to be open about what commitments
it has received from the Co-op Group in terms of future support,
asking for an "ironclad guarantee" that the proceeds from the
sale of its two insurance businesses will be injected into the
bank, the Telegraph discloses.

Co-op Bank -- part of the mutually owned food-to-funerals
conglomerate Co-operative Group -- traces its history back to
1872.  The bank gained prominence for specializing in ethical
investment.  It refuses to lend to companies that test their
products on animals, and its headquarters in Manchester is
powered by rapeseed oil grown on Co-operative Group farms.

Founded in 1863, the Co-op Group has more than six million
members, employs more than 100,000 people and has turnover of
more than GBP13 billion.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on May 13,
2013, Moody's Investors Service downgraded the deposit and senior
debt ratings of Co-operative Bank plc to Ba3/Not Prime from
A3/Prime 2, following its lowering of the bank's baseline credit
assessment (BCA) to b1 from baa1.  The equivalent standalone bank
financial strength rating (BFSR) is now E+ from C- previously.


HARLEQUIN PROPERTY: Owed GBP86 Million by Development Units
-----------------------------------------------------------
Laura Miller at IFAonline reports that Harlequin Property, the
UK-based overseas property sales agent which is at the centre of
a Serious Fraud Office investigation, is owed GBP86 million by
its overseas development arms and related businesses.

IFAonline says the sum is detailed in the administrators report
for Harlequin Management Services South East, the UK arm sales of
the Harlequin group which entered administration in April.

It includes GBP30 million owed to Harlequin Management Services
by Harlequin Developments and GBP22 million owed by Harlequin
Property SVG.  The rest is made up of monies owed by other
Harlequin hotel and development arms registered across the
Caribbean, IFAonline discloses.

According to the report, next to each of the valuations of money
owed by the various overseas development and trading companies,
Shipleys, the administrators, have put that the estimated
realisable value is "uncertain".

IFAonline notes that Regulatory Legal, a law firm which acts on
behalf of some Harlequin investors, said Harlequin Management
Services is entitled to ask for the GBP86 million to be repaid.

According to Regulatory Legal, this sum is huge and if the joint
administrators seek repayment then it is our view that it could
not be repaid. This action would surely lead to the liquidation
of the overseas companies.

"The administrators are unlikely to permit an agreement with the
Caribbean companies in relation to the GBP86,341,302.41, if a
short period after, one or all of the companies become insolvent
due to investor claims," Regulatory Legal, as cited by IFAonline,
said.

From the information provided by the Harlequin directors,
IFAonline relates, Shipleys said it anticipates that unsecured
creditor claims against Harlequin Management Services will amount
to GBP89.1 million. To date, the administrators have received
unsecured creditor claims totalling GBP6.1 million, the report
discloses.

According to IFAonline, Shipleys said it believes that rescuing
Harlequin Management Services as a going concern is "achievable".

However it is not ruling out a break up of the company and the
liquidation of its assets, the report adds.

As reported in the Troubled Company Reporter-Europe on April 25,
2013, Echo News said South Essex multi-million pound Caribbean
investment firm Harlequin Property has applied for its sales arm
to go into administration.  The business run by the Ames family
from Wickford blames negative publicity on the decision, which it
said could still secure clients' investments, according to Echo
News.

Harlequin Property has taken more than GBP300million in deposits
from at least 6,000 investors for off plan luxury holiday
accommodation across the Caribbean since 2006.

Harlequin maintains its Caribbean-registered firms run by the
Ames family, which own and plan to build the resorts.


SPEED-E-LOANS: Collapses Into Administration
--------------------------------------------
CreditToday reports that payday lender Speed-E-Loans.com Ltd has
collapsed into administration just months after publishing
results which revealed the firm needed new funds to continue
trading.

Administrators were appointed to the company July 4, with the
case handed to Alan Simon -- as@aabrs.com -- of Accura
Accountants Business Recovery Turnaround, according to
CreditToday.

The report relates that the firm subsequently suffered a downturn
with its latest set of financial results, signed off in December
2012, revealing the directors were seeking a long-term debt
facility to continue trading.

The report notes that since then Stuart Mitchell and Danny
Miller, the only remaining directors listed in the results
statement, have been terminated as directors of the business on
Companies House.

In the accounts statement the firm's auditor, BDO, reported: "The
directors are in negotiation for a long term debt facility to
fund future development and expansion, however the drawdown of
these funds is dependent on a number of conditions being met . .
. . These conditions indicate the existence of a material
uncertainty which may cast significant doubt about the company's
ability to continue as a going concern," the report relays.

The report notes that the results also revealed that in August
2012 the company parted ways with former chief executive, Gary
Miller-Cheevers, who is now listed as a director of Early Payday
Loan Limited, a subsidiary of pawnbroker Albermarle & Bond.

CreditToday adds that his departure also prompted the settlement
of an outstanding loan he had with the company, which the
directors chose not to provide further information about on the
basis it would be "seriously prejudicial" to do so.


UK COAL: Completes Restructuring Plan; 2,000 Jobs Secured
---------------------------------------------------------
David Parkin at TheBusinessDesk.com reports that UK Coal said it
had completed a restructuring plan that will save 2,000 jobs.

The Doncaster-based business, whose future had been threatened by
the devastating fire that closed the Daw Mill deep mine in March
as well and a major pensions deficit, has gone into
administration as part of the restructuring process,
TheBusinessDesk.com relates.

Production of coal from Daw Mill in the West Midlands represented
around a third of UK Coal's revenue and the forced closure of the
mine had threatened the ongoing viability of UK Coal Operations'
remaining two deep mines and six surface mines,
TheBusinessDesk.com discloses.

Both UK Coal Mine Holdings and UK Coal Operations have gone into
administration with David Kelly, Rob Hebenton and Ian Green from
PwC appointed administrators following an application by the
directors, TheBusinessDesk.com relates.  Graham Newton and Paul
Bates of BDO were also appointed joint administrators of Mining
Services, TheBusinessDesk.com discloses.

Michael Taylor of law firm Walker Morris in Leeds represented
mining regulator the Coal Authority, TheBusinessDesk.com says.  A
team from Addleshaw Goddard, led by Leeds-based partner Graham
Briggs, advised PwC, according to TheBusinessDesk.com.

The administrators have separated out the viable operations of
the group and agreed a compromise with major creditors, including
the Industry Wide Pension Funds, which will see the pension
schemes transfer to the Pension Protection Fund,
TheBusinessDesk.com says.

The viable mining operations have been successfully restructured
and their assets will now be held in individual companies owned
by a new business which will operate as UK Coal Production,
TheBusinessDesk.com notes.

UK Coal originally finalized a restructure last December which
saw the creation of two divisions covering mining and property
with the company renamed Coalfield Resources, TheBusinessDesk.com
recounts.

Control of the mining division was handed to a new "employee
benefit trust" although Coalfield Resources retained a 90% stake
in the economic rights, TheBusinessDesk.com discloses.

The company retained ownership of 24.9% of the property division,
Harworth Estates, with the remainder passed to pension funds in
return for a GBP30 million cash injection and their support for
the mining business, TheBusinessDesk.com notes.

The latest restructuring was forced by the fire which closed
Daw Mill in March, TheBusinessDesk.com states.

UK Coal has worked closely with the Pension Protection Fund and,
with its advisers, has developed a plan which secures 2,000 jobs
and provides protection on accrued benefits for employees,
TheBusinessDesk.com discloses.  As well as retaining their jobs
by transferring to the new company, the 2,000 employees will
retain the same terms and conditions, TheBusinessDesk.com notes.

According to TheBusinessDesk.com, the new company will be owned
by UK Coal Mining Holdings -- a new parent company to the group.
The Pension Protection Fund will not own the new company.
Instead, the Pension Protection Fund's interest in the new
company will consist of a series of debt instruments,
TheBusinessDesk.com says.  It is the intention that a new
Employee Benefit Trust will run the new business, according to
TheBusinessDesk.com.

Ultimately, the restructuring will result in the disclaiming of
the Daw Mill mine which will see its remaining coal deposits
transferring to the Coal Authority in due course,
TheBusinessDesk.com states.

Around 50% of the current workforce are members of a defined
contribution pension scheme and their contributions will not be
affected by this administration and restructuring,
TheBusinessDesk.com notes.

UK Coal Mine Holdings is the country's biggest coal producer,
supplying about 5% of the UK's energy needs.


UNITED BISCUITS: Moody's Assigns Ba3 Corp. Rating; Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating
and B1-PD probability of default rating  to United Biscuits
Holdco Limited. At the same time, Moody's also assigned a Ba3
rating to the GBP650 million senior secured term loans and the
GBP75 million revolving credit facility issued by United Biscuits
Holdco Limited. The outlook on all ratings is stable.

Ratings Rationale:

United Biscuits' ratings reflect: (i) the company's financial
leverage -- which is high for the rating category -- and high
cash financial interest expense; (ii) high concentration in the
UK; (iii) significant competition from larger international
companies; (iv) grocery retailers' bargaining power, and strong
competition from hard discounter chains; and (v) the risk posed
by raw material cost inflation and volatility. Moody's estimates
that pro forma for the transaction, United Biscuits' gross
adjusted leverage will be 6x at the end of December 2013.

However, the Ba3 CFR positively reflects United Biscuits': (i)
large addressable worldwide market; (ii) attractive industry
characteristics with growth opportunity in many geographies;
(iii) leading market shares in the core geographies of the UK and
Northern Europe; (iv) portfolio of well-known and trusted brands;
and (v) sustained historical revenue growth and strong cash
generation.

The company is refinancing and extending the maturities of its
facilities. Together with cash on the balance sheet, the new
senior secured debt will be used to partially repay the existing
senior secured facility and fully repay the Second Lien and
Mezzanine Facilities.

Pro forma for the refinancing transaction, Moody's believes that
United Biscuits' liquidity will be adequate to cover its
operational requirements and debt service, with no amortization
of the term loan and no debt maturity before 2019. At closing
United Biscuits' liquidity will consist of GBP71 million of cash
and the fully-undrawn GBP75 million RCF. Moody's expects United
Biscuits to continue to generate positive free cash flow and thus
maintain its healthy liquidity profile over the next two years.

The stable outlook reflects Moody's expectation that United
Biscuits will be able to maintain its strong leadership and
customer base in the UK, while benefiting from the growth in
emerging markets, as well as its assumption that the company will
not embark on any transforming acquisitions or make shareholder
distributions.

What Could Change the Rating -- Up

In light of the predominant portion of revenues and profitability
derived from the UK, an upward revision of the rating would
likely result from (i) brand outperformance or new product
developments leading to further diversification of the revenue
stream; (ii) increased penetration in the fast growing markets of
the International division; (iii) controlled growth resulting in
margin and cash generation improvement; and (iv) use of cash to
reduce gross debt.

What Could Change the Rating -- Down

Downward pressure on the rating could occur if (i) stronger
competition in the UK resulting in loss of market share in the
sweet biscuits and of dominant position; (ii) a spike in raw
material cost that drives prices above customer acceptance (loss
of volume); (iii) Moody's adjusted debt/EBITDA ratio rises above
6x.

The principal methodology used in this rating was the Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

United Biscuits is a leading manufacturer and marketer of sweet
and savory biscuits and baked snacks. The company's revenues are
mainly driven by sweet and savory biscuit sales in the UK and
Ireland (71% of 2012 Sales); Northern Europe (18% of 2012 Sales)
and International (11% of 2012 Sales).


VOUGEOT BIDCO: Moody's Assigns 'B2' Corp. Family Rating
-------------------------------------------------------
Moody's Investors Services has assigned a B2 corporate family
rating to Vougeot Bidco p.l.c., the second largest European
cinema operator. Concurrently Moody's has also assigned a
provisional (P)B2 rating, with a loss given default (LGD)
assessment of LGD4 - 63%, to the group's proposed GBP550 million
senior secured notes issuance and a B1-PD probability default
rating . The outlook on all ratings is stable. This is the first
time that Moody's has assigned public ratings to Vue.

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

Ratings Rationale:

- B2 CFR

"Despite recent acquisitions resulting in a bigger and more
diversified group, the B2 CFR assigned to Vue reflects the
limited geographic diversification of the group, its modest size
(GBP490 million of revenues pro-forma for recent acquisitions)
and relatively high financial leverage compared to other mid-
single-B rated companies" says Paolo Leschiutta, a Moody's Vice
President - Senior Credit Officer and lead analyst for Vue. The
rating is on the other hand supported by (1) Vue's established
market position in the UK market; (2) a degree of resilience of
the cinema industry over the years; and (3) a good quality estate
overall compared to that of its major competitors. An adequate
liquidity profile also supports the rating and compensates for
the exposure of the group's performance to weather conditions and
the movie release schedule.

Vue is the third largest cinema operator in the mature UK market
both in terms of share of box office revenues and number of
screens and, following its acquisitions of Multikino in May 2013
(expected to close in July / August 2013) and of CinemaxX in
August 2012 that provide the group with presence in Poland and
Germany, the second largest operator in Europe. Despite the
relative resilience of the cinema industry over the years both in
terms of attendance level and revenues derived from ticket price,
Moody's believes it to be more vulnerable than in the past to
macroeconomic conditions given the degree of alternative
entertainment products and media, technologies and rapidity in
consumer preferences changes. Moody's also notes that industry
demand has been boosted in recent years by the introduction of 3D
films, which currently also support higher ticket prices.
Nevertheless, attendance levels will continue to depend upon the
success of blockbuster releases from major Hollywood studios. In
Moody's view, the industry remains mature with modest growth
potential, however, Moody's recognizes Vue's potential to grow
faster than the market thanks to its better estate and to its
plans to launch more innovative products and premium seating. At
the same time, the current film pipeline is still strong and
provides a degree of visibility on future revenues.

Vue's CFR reflects Moody's view that the ca. GBP433 million
intercompany loan provided by Vue's immediate holding company has
equity like characteristics in light of its deep subordination in
the capital structure. As a result, despite some deleveraging is
expected over time, Moody's assessment reflects its expectations
that the company will have a debt to EBITDA, adjusted for
operating leases, around 6.5x pro-forma for the acquisitions and
the new refinancing, which Moody's views as high for a mid-
single-B rated company.

- (P)B2 Rating On Senior Secured Notes

Vue is planning to issue GBP550 million equivalent of senior
secured notes. Proceeds of the notes issuance will be used to
finance the change of ownership of the group and the acquisition
of Multikino. All existing debt will be repaid as part of the
transaction. The (P)B2 rating assigned to the senior secured
notes, in line with the group's CFR, reflects the fact that the
notes constitute most of the group's financial debt and will be
guaranteed by subsidiaries of the group representing at least 85%
of the consolidated group's EBITDA. The notes will be
subordinated to a new GBP50 million super priority committed
revolving facility, which is not enough to cause a notching
differential on the notes. The notes will be secured mainly on
shares pledges and ranks in line with a modest amount of trade
payables.

In its notching consideration Moody's gave equity credit to the
intercompany loan provided by Vue's immediate holding company in
light of its deep subordination in the capital structure. The
maturity of the intercompany loan, December 2033, is also beyond
that of the bank facility and the notes and interest accrues over
the period.

- B1 PDR

Given the presence of only one financial covenant which offers
plenty of headroom within Vue's new bank facility, Moody's has
assigned, in line with its standard approach with covenant lite
structures, a corporate family recovery rate assumption of 35%
(against the standard 50%). This resulted in a PDR of B1-PD, one
notch above the CFR.

Outlook

The stable outlook reflects Moody's expectation that the group
will weather the difficult macroeconomic environment and the
current pressure on consumer spending maintaining relatively
stable operating performance and will generate positive free cash
flow on an ongoing basis. The outlook reflects also Moody's
expectation that the group will maintain a conservative financial
profile, reducing financial leverage over time, and sound
liquidity.

What Could Change The Rating Up/Down

Upward rating pressure is limited by the group small size.
Positive pressure on the ratings could evolve over time following
the company's success in improving operating profitability, which
would lead to a reduction in financial leverage towards 5x
together with an RCF to Debt above 10%.

Conversely, a rating downgrade could result from deteriorating
operating profitability and negative free cash flow that would
result in the company's inability to reduce financial leverage
below 6.5x over the next twelve to eighteen months. Moreover,
immediate downward rating pressure could result from a
deterioration in the company's liquidity. The rating incorporates
Moody's assumption that Vue will not make any large debt-financed
acquisition.

Principal Methodology

Vougeot Bidco plc.'s ratings were assigned by evaluating factors
that Moody's considers relevant to the credit profile of the
issuer, such as the company's (i) business risk and competitive
position compared with others within the industry; (ii) capital
structure and financial risk; (iii) projected performance over
the near to intermediate term; and (iv) management's track record
and tolerance for risk. Moody's compared these attributes against
other issuers both within and outside Vougeot Bidco plc.'s core
industry and believes Vougeot Bidco plc.'s ratings are comparable
to those of other issuers with similar credit risk. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Vue is the second largest European cinema operators. Pro-forma
for the Multikino, CinemaxX and Apollo acquisitions the company
operates more than 1,320 screens across the UK, Germany and
Poland. Pro-forma for the acquisitions the group reported
revenues of around GBP587.9 million and an EBITDA of GBP110.3
million based on the last twelve months result to April 2013.


VOUGEOT BIDCO: S&P Assigns B Corp. Credit Rating; Outlook Stable
----------------------------------------------------------------
OMERS Private Equity and Alberta Investment Management
Corporation (AIMCo) have agreed to buy, through specially created
entity Vougeot Bidco PLC, U.K.-based European cinema operator Vue
Entertainment International Ltd from U.K.-based fund Doughty
Hanson & Co. for GBP935 million.

Standard & Poor's Ratings Services said it assigned its 'B' long-
term corporate credit rating to Vougeot Bidco PLC, owner of U.K.-
based cinema operator Vue Entertainment International Ltd.  The
outlook is stable.

At the same time, S&P assigned its 'B' long-term debt rating to
Vougeot's proposed seven-year GBP550 million equivalent of senior
secured notes, and its 'BB-' long-term debt rating to the
proposed undrawn GBP50 million super senior revolving credit
facility (RCF).  The recovery rating on the notes is '4',
indicating S&P's expectation of "average" (30%-50%) recovery in
the event of a payment default.  The recovery rating on the RCF
is '1', indicating S&P's expectation of "average" (90%-100%)
recovery.

S&P assess Vougeot's financial risk profile as "highly leveraged"
under its criteria.  Based on the proposed capital structure, S&P
estimates that Vougeot will have a Standard & Poor's-adjusted
debt-to-EBITDA ratio of about 11.0x pro forma for the financial
year 2013.  S&P's adjusted debt estimate includes financial debt
of about GBP570 million, about GBP475 million of common equity,
about GBP470 million in the form of shareholder loans, and about
GBP860 million of obligations under operating leases.

Although S&P views the shareholder loans as debt-like, it
recognizes their cash-preserving function.  Excluding this debt-
like instrument, S&P would still class Vougeot's financial risk
profile as "highly leveraged," with adjusted debt to EBITDA of
about 8.3x by Nov. 30, 2013.  Despite the high leverage, S&P
estimates that the group should be able to generate free
operating cash flow (FOCF) of about GBP30 million per year on
average.

Under S&P's base-case scenario, it estimates that Vougeot will
achieve adjusted EBITDA of about GBP170 million for pro forma
2013 and GBP180-GBP200 million in 2014.  This will cover annual
cash interest payments adjusted for operating leases of about
GBP106 million by 1.6x, supported by positive FOCF.  While the
recent acquisition of Poland's second-largest cinema operator
Multikino has integration risks, it diversifies the group's
geographical footprint further.  Multikino operates 246 screens,
15 of which are in the Baltics.

"We consider Vougeot's business risk profile to be "fair" under
our criteria.  We base our opinion on Vougeot's exposure to the
attractiveness of the film slate to customers and to adverse
weather conditions, both of which can have a strong impact on the
group's operating performance.  We view the sector as mature,
with growth being dependent on average ticket price (ATP)
increases and capacity expansion.  It is also highly competitive
and exposed to technology advances that are spawning new
entertainment alternatives such as video-on-demand (VoD) and
over-the-top (OTT) television," S&P said.

"These weaknesses are partly offset by the industry's low
correlation with economic cycles, and typically low levels of
maintenance capital expenditure (capex), which are largely
discretionary, in our view.  Vougeot's modern and technologically
advanced portfolios of theaters as well as its adjusted EBITDA
margin of close to 30% are clearly above the industry average.
While we also assess Vue's European peer Odeon & UCI Cinemas
Group Ltd. (Odeon)'s business risk profile as fair, we have a
more favorable opinion of Vougeot in terms profitability,
operating efficiency, and quality of assets," S&P added.

"The stable outlook reflects our expectations of successful
integration of recent acquisitions, efficiency gains from the
switch to digital technology and other initiatives, and the
opening of new theatres.  We forecast that these factors will
lead to adjusted EBITDA of about GBP170 million for the financial
year ending November 2013 and of GBP180-GBP200 million in 2014.
The stable outlook also reflects our belief that the current
capital structure is broadly in line with a 'B' rating," S&P
noted.

S&P could lower the rating if underperformance in operations
caused by unexpected setbacks in integrating the German and
Polish assets coupled with a weak film slate caused adjusted
EBITDA cash interest cover to decrease consistently to 1.5x or
less.  S&P might also consider a negative rating action if
Vougeot failed to generate positive FOCF on a recurring basis, or
if the group made significant and credit-dilutive acquisitions.

S&P could raise the rating if strong operating performance led to
adjusted debt to EBITDA including shareholder loans of less than
6x and adjusted EBITDA cash interest of more than 2.5x.  However,
given the very high debt levels S&P thinks that this scenario is
unlikely to occur within the next year or two.



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


* Fitch Says Fed Exit Adds to Challenges for Emerging Markets
-------------------------------------------------------------
Fitch Ratings says in its latest bi-annual global Sovereign
Review and Outlook report that more testing funding conditions
following the US Federal Reserve's forward guidance on monetary
policy, slower growth rates, and lower commodity prices add up to
a less favorable economic and credit environment for emerging
markets (EM).

The Fed's comments on the timing of 'tapering' quantitative
easing and eventually raising of interest rates precipitated a
broad market sell-off and increased volatility since the middle
of May, even though the comments should not have been a great
surprise and reflect more upbeat US growth prospects. Fitch does
not expect the first rate hike until mid-2015, and only then if
the US economic recovery is secure. Nonetheless, the uncertain
process of the Fed's exit from unprecedentedly loose policy
settings is likely to generate periodic bouts of market
volatility.

EM bonds, currencies and equities were hit disproportionately
hard by the market reappraisal of US monetary policy, despite
prior concerns that capital inflows and exchange rates were
excessively strong. Fitch does not anticipate widespread EM
credit distress owing to a secular improvement in EM credit
fundamentals, which reduces risks from tighter global liquidity,
higher interest rates and FX risk. However, the Fed move adds to
concerns over slowing growth, China's financial stability, softer
commodity prices and a series of political shocks in some EMs.

Prospective Fed tightening will increase risks facing weaker EMs
including those with large external financing requirements
(current account deficits and maturing external debts) and low
foreign reserves, high levels of leverage, vulnerable debt
structures (foreign currency, short maturity and non-resident
creditors), those that have seen strong inflows of hot money and
bank credit growth, or have weak policy macroeconomic frameworks
or credit fundamentals

In Europe, the intensity of the eurozone crisis continued to ease
in H113, despite recession, record unemployment, uncertainty
following the Italian elections and the bail out in Cyprus which
led to bank failure, capital controls and a domestic debt default
(based on Fitch's distressed debt exchange criteria).
Nevertheless, we do not view the crisis as over. Our long-
standing view is that a resolution of the crisis will require on-
going country-level fiscal and structural adjustment, greater
progress towards a banking union and a broad-based economic
recovery across the currency union.

Fitch expects global growth to gradually pick up pace in H213 and
2014-15 as the US gathers steam and the eurozone approaches a
cyclical turning point. Our latest forecasts for world GDP growth
are 2.4% in 2013, 3.1% in 2014% and 3.2% in 2015 (weighted at
market exchange rates). However, we have cut growth forecasts for
many EMs due to strains from spill-overs from advanced countries
and China, more difficult policy trade-offs, a declining impact
from credit growth and structural bottlenecks.

The ratio of Negative to Positive Outlooks on sovereign ratings
is just under 3:1, signaling that global sovereign ratings remain
under downward pressure. This is due to the eurozone crisis, high
public and private sector debt levels, weak banking sectors, a
testing growth and policy environment and idiosyncratic political
and credit events. In H113, there were 13 notches of downgrades
of foreign currency ratings, compared with 10 notches of
upgrades; as well as two sovereign defaults: Cyprus (local
currency IDR) and Jamaica.

The upward trend for EM ratings appears to have stalled. H113 saw
six EM upgrades: Lithuania, Mexico, Thailand, Philippines and
Uruguay -- the latter two to investment grade -- and Jamaica from
default. Some three-quarters of the J.P.Morgan EMBI is now rated
investment grade by Fitch, up from one-third in 2008. However
there were downgrades for Egypt, Jamaica (by four notches) and
South Africa, as well as China (local currency rating). EM
Negative Outlooks now outnumber Positives by 12 to seven.


* Moody's Sees Further Interest Shortfalls for European CMBS
------------------------------------------------------------
Further interest shortfalls are expected on legacy European
commercial mortgage-backed securities (CMBS), says Moody's
Investors Service in a new Special Comment entitled "European
CMBS: Structural Features Drive Increased Interest Shortfalls."

"The note-level interest shortfalls are more likely to occur in
transactions with (1) loan-level appraisal-reduction mechanisms
and increased loan-level interest shortfalls; and (2)
substantially reduced loan pools, particularly if issuer level
costs are higher on a certain interest payment date", says Oliver
Moldenhauer, a Moody's Vice President and co-author of the
report.

"Specific transaction structures exacerbate the recently observed
interest shortfalls in European CMBS transactions," explains
Deniz Yegenaga, a Moody's Assistant Vice President and co-author
of the report. "While the deteriorating performance of the
underlying loan pools is the principal cause of the interest
shortfalls, Moody's has classified the drivers of recurring and
widely observed interest shortfalls into three major categories
(1) reduced collateral value, which reduces the external
liquidity support; (2) defaulting loans, which increase issuer
costs; and (3) repayments, which decrease interest income",
explains Ms. Yegenaga.

Reduced Collateral Value

Moody's says that external liquidity facilities contain
provisions that limit the maximum amount that the issuer can draw
to bridge the temporary cash flow shortfalls of underperforming
loans. Thus, the funds available to the issuer can be
insufficient to pay note interest.

Defaulting Loans

Issuers face increasing costs if the performance of the
underlying loan pool deteriorates and ultimately, junior
noteholders suffer interest shortfalls. In addition, in some
transactions, various third-party invoices occur on the same
certain payment dates, exerting further strain on cash flows
available to pay note interest.

Repayments

In multi-loan pools with a wide dispersion of underlying loan
margins, the repayment or prepayment of the higher-margin loans
can immediately decrease the interest income available to the
issuer against a fixed-margin liability structure, says Moody's.
In addition, with decreasing income from the loan pool, the fixed
costs of the issuer may represent a large share of the issuer's
income available. Thus, the income might be insufficient to pay
the note interest.


                            *********

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

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

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

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


                            *********


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

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

Copyright 2013.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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