TCREUR_Public/130729.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

              Monday, July 29, 2013, Vol. 14, No. 148



PROMETEY BANK: Moody's Withdraws B1 Deposit Ratings & E+ BFSR


UNICREDIT BANK: Moody's Cuts Rating on EUR25MM Notes to 'Ba1'


H1 TELEKOM: Files for Pre-Bankruptcy Settlement


VTB BANK: Fitch Affirms & Withdraws BB Issuer Default Rating


KABEL DEUTSCHLAND: Moody's Reviews 'Ba2' CFR for Upgrade
PRAKTIKER AG: Max Bahr Units File for Insolvency in Hamburg Court


* GREECE: Fitch Updates Mortgage Assumptions; No Rating Impact


E-STAR ALTERNATIVE: Appeals Court Ruling on Bankruptcy Protection


BALLANTYNE RE: Fitch Affirms, Then Withdraws 'C' Ratings on Notes
SMURFIT KAPPA: S&P Withdraws 'BB' Rating on Sr. Sec. Facilities
THOMAS CROSBIE: Court Appoints Creditors' Nominee as Liquidator


MANUTENCOOP FACILITY: Moody's Rates EUR450MM Notes Issue '(P)B2'

* ITALY: Moody's Says Building Sector Most at Risk of Default


KAZINVESTBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
KAZTRANSGAS AIMAK: Fitch Assigns 'BB+' LT Issuer Default Rating


UKIO BANKO INVESTICINE: Enters Bankruptcy in Lithuania


OXEA SARL: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable


MOBILE TELESYSTEMS: S&P Raises Corp. Credit Rating to 'BB+'
POWER MACHINES: Moody's Assigns 'Ba1' CFR; Outlook Stable
SEVERSTAL OAO: Fitch Affirms 'BB' LongTerm Issuer Default Rating

* S&P Applies Revised Insurance Criteria to 11 Insurance Groups


BANCO DE VALENCIA: Moody's Withdraws 'Ba3' Deposit Ratings
HIPOTECARIO XVI: Fitch Assigns 'CCC' Rating to Class B Notes
TDA IBERCAJA 7: S&P Lowers Rating on Class C Notes to 'D'

* SPAIN: Fitch Says Mortgage Arrears Stable in Second Quarter


* TURKEY: Still Vulnerable to Market Sentiment Shifts, Fitch Says


CREATIV GROUP: S&P Assigns 'B-' Corp. Credit Rating

U N I T E D   K I N G D O M

ANDERSON PRECISION: In Administration; 38 Jobs Affected
BEATBOX BARS: Goes Into Administration, Closes Fire Island Bar
CP GROUP: Two Bailiff Bridge Sites For Sale Amid Administration
JAGUAR LAND: S&P Raises CCR to 'BB'; Outlook Stable
KITSONS ENVIRONMENTAL: Bought Out Of Administration

PREMIER WASTE: In Liquidation; Owes GBP19 Million to Creditors


* New Pension Trends Credit Positive for European Insurers

* BOND PRICING: For the Week July 22 to July 26, 2013



PROMETEY BANK: Moody's Withdraws B1 Deposit Ratings & E+ BFSR
Moody's Investors Service has withdrawn Prometey Bank's B1 long-
term local and foreign-currency deposit ratings, not prime short-
term local and foreign currency deposit ratings, and E+
standalone bank financial strength rating (BFSR), equivalent to a
b1 baseline credit assessment. The bank's long-term deposit
ratings had a negative outlook, while the BFSR and short-term
deposit ratings had a stable outlook at the time of the ratings

Moody's has withdrawn the rating for its own business reasons.

Headquartered in Yerevan, Armenia, Prometey Bank reported total
assets of $137.2 million and net income of $3.7 million,
according to its audited financial statements prepared under


UNICREDIT BANK: Moody's Cuts Rating on EUR25MM Notes to 'Ba1'
Moody's Investors Service has downgraded the rating of the
following credit linked notes issued by UBS AG:

Ser 174, EUR25m FIX Credit-Linked Step-Up Euro Medium Term Notes,
Downgraded to Ba2; previously on Jun 6, 2012 Downgraded to Ba1.

Ratings Rationale:

Moody's explained that the rating action is the result of a
rating action on UniCredit Bank Austria AG, whose subordinated
rating was downgraded to Ba1 from Baa3 on July 15, 2013.

The transaction is a credit linked note issued by UBS AG
referencing the subordinated debt of UniCredit Bank Austria AG.
No cash flow, sensitivity analysis or stress scenarios have been
conducted as the rating was directly derived using the ratings of
UniCredit Bank Austria AG and UBS. Moody's analysis also includes
stresses on the default probability and severity of the UniCredit
Bank Austria AG subordinated debt in order to take into account
the widely defined credit event definitions and deliverable

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

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

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

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


H1 TELEKOM: Files for Pre-Bankruptcy Settlement
SeeNews, citing news daily Poslovni Dnenvik, reports that H1
Telekom has filed a pre-bankruptcy settlement, following in the
footsteps of another two of its local peers, Optima Telekom and

According to SeeNews, the news daily said that the total debt of
H1 Telekom stands at HRK297.4 million (US$51.5 million/EUR39.5
million), mostly incurred as a result of investments in
infrastructure and advanced technological solutions.

SeeNews relates that Poslovni said setting the pre-bankruptcy
proceedings in motion is H1 Telekom's first step towards
financial restructuring and its management is planning to wrap up
the process within a short timeframe.

Earlier this month, Wirtschaftswoche quoted Telekom Austria CEO
Hannes Ametsreiter as saying the company is interested in H1
Telekom as part of an acquisitional drive in Southeast Europe,
SeeNews recounts.

H1 Telekom is a Croatian alternative carrier.


VTB BANK: Fitch Affirms & Withdraws BB Issuer Default Rating
Fitch Ratings has affirmed JSC VTB Bank Georgia's (VTBG's) Long-
term issuer Default Rating (IDR) at 'BB'. At the same time, the
agency has withdrawn the ratings as the bank has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, the agency will no longer provide ratings or
analytical coverage for VTBG.


The affirmation of VTBG's Long-term IDR at 'BB'/Stable, and its
Support Rating at '3', reflects Fitch's continued view of the
likelihood of shareholder support from its 96%-owner, JSC Bank
VTB (VTB, 'BBB'/Negative), the state-controlled, second-largest
bank in Russia. In Fitch's view, VTB would have a high propensity
to support its Georgian subsidiary, given VTBG's small size, the
significant amount of funding VTBG receives from VTB, the track
record of capital support from its parent and the banks' common
branding. At the same time, VTBG's ability to receive and utilize
parent support could be restricted by transfer and convertibility
restrictions, the risk of which is reflected in Georgia's Country
Ceiling ('BB').


The affirmation of VTBG's VR at 'b-' reflects the bank's small
size and modest franchise (about 3.9% of end-2012 sector assets),
concentrated balance sheet, limited track record of reasonable
credit underwriting and significant proportion of foreign
currency lending. In addition, pre-impairment profitability has
declined due to margin pressure and cost growth. Capitalization
has also weakened but should increase thanks to a planned
GEL12.25m capital injection (equal to about 17.5% of end-2012
equity), Fitch is informed. Liquidity is adequate and is
underpinned by a moderate pool of liquid assets and a committed
credit line from VTB although it should be considered in light of
significant concentration in the deposit base.

The rating actions are:

JSC VTB Bank (Georgia):

  Long-term Foreign Currency IDR affirmed at 'BB'; Outlook
   rating withdrawn
  Short-term Foreign Currency IDR affirmed at 'B', rating
  Viability Rating: affirmed at 'b-', rating withdrawn
  Support Rating: affirmed at '3', rating withdrawn


KABEL DEUTSCHLAND: Moody's Reviews 'Ba2' CFR for Upgrade
Moody's Investors Service has changed its review of Kabel
Deutschland's ratings to "review for upgrade" (from "review with
direction uncertain").

Ratings impacted are the Ba2 Corporate Family Rating and Ba2-PD
Probability of Default Rating of Kabel Deutschland Holding AG as
well as the instrument ratings at KDH and its subsidiary Kabel
Deutschland Vertrieb & Service GmbH.

Ratings Rationale:

The action follows recent public statements by John Malone,
Chairman of Liberty Global plc. (Ba3 under review for possible
downgrade), suggesting that Liberty Global will not attempt to
acquire KDH. Moody's now believes that a takeover of KDH by
Vodafone (A3, under review for possible downgrade) is the most
likely outcome.

Moody's would regard a takeover of KDH by Vodafone as credit
positive for KDH, as KDH would be owned by a much larger and
significantly higher rated company, which could refinance debt at
its more favorable rates, if it so chooses. KDH's final rating
will incorporate its standalone credit profile, as well as some
possible uplift that will depend on the degree of explicit or
implicit support from Vodafone.

Moody's continues to acknowledge the solid growth momentum of
KDH's cable business, strong operating leverage and good growth
potential for its internet, phone and premium TV services. In the
fiscal year ended March 31, 2013 the group's revenues and
adjusted EBITDA increased by 7.7% and 8.4% respectively,
underpinned by strong demand in the company's internet and phone

The deal remains subject to shareholders acceptance with a
minimum threshold of 75% and regulatory approval. Moody's aims to
close the review once there is sufficient clarity regarding the
completion of the acquisition.

The principal methodology used in these ratings was the Global
Pay Television - Cable and Direct-to-Home Satellite Operators
published in April 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.

Kabel Deutschland Holding AG is the largest Level 3 cable TV
operator in Germany by customers. In fiscal year 2012/13 ending
March 31, 2013, KDH generated EUR1.8 billion in reported revenues
and approximately EUR862 million in adjusted EBITDA (as reported
by the company).

PRAKTIKER AG: Max Bahr Units File for Insolvency in Hamburg Court
Julie Cruz at Bloomberg News reports that Praktiker AG's Max Bahr
do-it-yourself stores filed for insolvency after suppliers lost
their insurance cover, joining its home-improvement retailing
parent company in bankruptcy proceedings.

According to Bloomberg, Hamburg's higher regional court said in a
statement on Friday that Attorney Jens-Soeren Schroeder will be
the insolvency administrator for three Max Bahr units and
Christopher Seagon will oversee proceedings for a fourth.
Mr. Seagon is also the administrator for the Praktiker-branded
businesses that filed for bankruptcy protection in mid-July,
Bloomberg notes.

Bloomberg relates that Praktiker said late Thursday because of a
lack of insurance, a "steady supply of goods to Max Bahr stores
is no longer guaranteed."

The filing "is negative for the company, but it doesn't
necessarily mean that all Max Bahr stores will close," Bloomberg
quotes Anna Patrice, an analyst at Berenberg Bank in London, as
saying.  "It all depends on the company's majority investors

As reported in the Troubled Company Reporter-Europe on July 15,
2013, Bloomberg News said Praktiker AG filed for insolvency after
the sale of a division collapsed, and said it will focus on
restructuring the business.  According to Bloomberg, Praktiker
said units that own the Praktiker and Extra-Bau+Hobby stores and
online outlets applied at Hamburg's local court for protection
from creditors.

Praktiker AG is a German home-improvement retailer.


* GREECE: Fitch Updates Mortgage Assumptions; No Rating Impact
Fitch Ratings has updated its criteria assumptions for assessing
credit risk in Greek residential mortgage loan pools. The updated
assumptions are not expected to have any impact on the existing
Greek RMBS and covered bond ratings.

The continued strains in the Greek economy underpin the mortgage
criteria revision, with the main change relating to worsening
house price assumptions in light of a very weak housing market.
In addition, Fitch's default expectations on Greek mortgage pools
have increased, mainly as a consequence of the agency's
recalibration of the probability of default (PD) matrix, and to a
lesser extent as a reflection of further deterioration in the
performance of the Greek assets. Furthermore, Fitch has
lengthened its recovery timing assumption for Greek mortgages to
five years and introduced specific treatment for loans that have
been subject to restructuring.

House prices in Greece have declined by 30% on average from their
2008 peak. Fitch expects Greek house prices to suffer a further
decline of almost 18% over the medium term, in the context of the
severe recession the country is going through and the uncertainty
surrounding the real estate taxation framework. Fitch has revised
upwards its average peak-to-trough house price decline
expectation for Greece to 42% from 33% in nominal terms.

Fitch has increased its frequency of foreclosure (FF) assumptions
for a 'Bsf' rating to 16% from 7%. This is mainly attributed to a
recalibration of the agency's PD matrix based on the performance
of vintages originated post-2005, and is largely offset by lower
origination vintage adjustments. Post-2005 vintages continue to
perform substantially worse than seasoned ones. In addition,
there are still notable disparities in performance by vintage of
origination and by originator. To reflect this, Fitch will
continue to apply vintage adjustments according to the year of
origination. These typically range between 0.5x-1.2x of the
standard loan FF.

Fitch believes that borrowers who have experienced problems
servicing their mortgages and who have thus opted for a
"restructuring" package are more susceptible to macroeconomic
shocks. As such, the agency has introduced a FF floor in the
range of 40%-60% for loans that have been subject to a

The report entitled "EMEA Criteria Addendum - Greece: Mortgage
Loss and Cash Flow Assumptions", replaces the report of the same
name dated 8 August 2012. The report should be read together with
"EMEA RMBS Master Rating Criteria", "EMEA Residential Mortgage
Loss Criteria", and "EMEA RMBS Cash Flow Analysis Criteria",
dated June 6, 2013, for a comprehensive understanding of Fitch's
approach to rating Greek RMBS.


E-STAR ALTERNATIVE: Appeals Court Ruling on Bankruptcy Protection
MTI-Econews reports that E-Star Alernative said on Friday it has
appealed against a decision of the Budapest Municipal Court
rejecting a request to approve an agreement the company reached
with its creditors and ending its bankruptcy protection.

According to MTI-Econews, E-Star's latest report shows that the
company had total assets of EUR57.5 million on March 31.
Liabilities came to EUR57.8 million, MTI-Econews discloses.

E-Star filed for bankruptcy protection in December 2012,
MTI-Econews recounts.

E-Star Alternative is a Hungarian energy services company.


BALLANTYNE RE: Fitch Affirms, Then Withdraws 'C' Ratings on Notes
Fitch Ratings has affirmed and subsequently withdrawn ratings for
the Ballantyne Re Plc for these tranches:

-- Class A-1 notes affirmed at 'CCsf, Recovery Estimate RE40%;
-- Class B-1 notes affirmed at 'Csf, Recovery Estimate RE0%;
-- Class B-2 notes affirmed at 'Csf, Recovery Estimate RE0%.

Fitch has decided to discontinue the ratings, which are no longer
considered by Fitch to be relevant to the agency's coverage.

Key Rating Drivers

Fitch's rating rationale is based on the significant mark-to-
market losses Ballantyne Re has experienced in its investment
portfolio of residential-mortgage-backed (RMBS) and asset-backed
securities (ABS). Ballantyne Re's liabilities exceed the current
book value of its assets by a significant margin.

Interest payments on class A-1 are current, and Fitch expects
interest on class A-1 to remain current for the foreseeable
future. Absent a remarkable recovery in RMBS/ABS values, however,
Fitch believes it is probable that Ballantyne Re will eventually
be unable to pay interest or full principal on the class A-1
notes. Based on current market values, Fitch expects a principal
recovery of 40% on the class A notes. Fitch believes default is
inevitable on the class B-1 and B-2 notes and does not expect
holders of these notes to receive any further interest or
principal payments.

Fitch has placed the 'sf' designation on these esoteric notes to
signify to investors that, although it may not be a true
structured finance security, it contains several transaction
elements and risk mitigants to resemble a structured finance

Ballantyne Re is a special purpose public limited company
incorporated and registered in Ireland. The company was
established for the limited purpose of entering into a
reinsurance agreement and conducting activities related to the
notes' issuance. Ballantyne Re issued the notes to finance excess
reserve requirements under Regulation XXX for the block of
business ceded under the reinsurance agreement.

Rating Sensitivities

Unanticipated increases in life insurance losses or declines in
the value of the assets in the investment portfolio could produce
loss levels higher than the current projected losses and impact
the recovery estimates for the classes.

SMURFIT KAPPA: S&P Withdraws 'BB' Rating on Sr. Sec. Facilities
Standard & Poor's Ratings Services said that it withdrew its 'BB'
issue and '3' recovery ratings on the senior secured facilities
issued by Irish packaging producer Smurfit Kappa Group PLC
(Smurfit Kappa) following the group's early repayment of this
debt.  The senior secured facilities comprised a EUR360 million
term loan B due June 2016; a EUR363 million term loan C due March
2017; and a EUR525 million revolving credit facility (RCF) due
June 2016.

S&P understands that Smurfit Kappa has established new senior
unsecured facilities, comprising a EUR750 million amortizing term
loan A and a EUR625 million RCF, both due July 2018.  S&P do not
rate the new facilities.  Following the refinancing, Smurfit
Kappa's various existing notes will also become unsecured and
therefore all of the group's facilities and notes continue to
rank pari passu as per the amended intercreditor agreement.

S&P's issue rating on Smurfit Kappa's various unsecured notes
remains unchanged at 'BB', in line with the corporate credit
rating on Smurfit Kappa.  The recovery rating on these unsecured
notes is unchanged at '3', indicating S&P's expectation of
meaningful (50%-70%) recovery prospects in the event of a payment
default.  The outlook on Smurfit Kappa remains positive.

THOMAS CROSBIE: Court Appoints Creditors' Nominee as Liquidator
Mary Carolan at The Irish Times reports that the High Court has
made orders winding up Thomas Crosbie Printers Ltd. but refused
to accept the company's nominee as official liquidator and has
appointed the nominee of two large creditors of the company.  TCP
is a subsidiary of the Thomas Crosbie Holdings media group.

Mr. Justice Peter Kelly said he was satisfied to appoint as
official liquidator Tom Kavanagh, of Kavanagh Fennell, the
nominee of Webprint Concepts Ltd., owed some EUR2.3 million by
TCP, which has sued TCP and others over the loss of its printing
contract for TCH titles, the Irish Times relates.  Ulster Bank,
owed some EUR7 million, had supported either Mr. Kavanagh or any
nominee of the court but not the company's nominee, the Irish
Times discloses.

In his decision, the judge stressed there were no issues
concerning the competence or integrity of either nominee for
official liquidator -- Mr. Kavanagh or Michael Cotter of Ernst &
Young, the Irish Times notes.

He found TCP had given no satisfactory reasons why the court
should depart from the normal practice that, when there are two
nominees for liquidator, the nominee of creditors would be
appointed, the Irish Times states.

According to the Irish Times, there was no opposition to the
winding-up order for TCP, which is insolvent with some EUR7
million liabilities over assets, but the issue was the
appointment of an official liquidator.

Thomas Crosbie Holdings is the company behind the Irish Examiner
and a number of regional newspapers and radio stations.


MANUTENCOOP FACILITY: Moody's Rates EUR450MM Notes Issue '(P)B2'
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and a B2-PD probability of default (PDR) to
Manutencoop Facility Management S.p.A., the holding company for
Manutencoop, a leading integrated facilities management company
in Italy. Concurrently, Moody's has assigned a provisional (P)B2
senior secured rating with a loss given default (LGD) assessment
of LGD4 to Manutencoop's combined EUR450 million senior secured
fixed-rate notes and floating-rate notes. The outlook on all
ratings is stable.

"The B2 rating we have assigned to Manutencoop Facility
Management S.p.A. primarily reflects the group's moderate size
and limited geographic diversification, its sole focus on the
Italian facility management market, and that a key contract is
due for renewal later this year," says Andreas Rands, a Moody's
Vice President - Senior Analyst and lead analyst for Manutencoop.
"The ratings also incorporate the Manutencoop's high opening
leverage pro forma for the proposed note issuance, as well as its
historically high working capital fluctuations, given the
company's reliance on the Italian public authorities for timely
payment of revenues. However, these negatives are partially
offset by the group's leading market position in the Italian
facility management market and its resilient sales and EBITDA
performance over the past three financial years, which is
impressive given the challenging market conditions."

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

Ratings Rationale:

The assigned B2 corporate family rating (CFR) primarily reflects
(1) Manutencoop's moderate size, especially relative to some of
its international rated and unrated peers; (2) the company's
exposure to the currently challenged Italian economy, which
limits growth prospects; (3) its substantial focus on the Italian
public sector, within which spending cuts, which are affecting
growth prospects, are likely to continue for at least the next
12-18 months; (4) its historically high working capital
fluctuations, given its reliance on Italian public authorities
for timely payment of revenues; (5) that a key contract is due
for renewal in 2013; and (6) the company's high Moody's-adjusted
leverage of around 6.5x, for the 12 months to March 31, 2013, pro
forma for the refinancing, with limited deleveraging prospects
over the next 12-18 months.

More positively, the ratings reflect (1) the business's leading
market position in its core market, namely the Italian facility
management (FM) sector, albeit this is a very fragmented market;
and (2) its resilient profit and loss performance over the past
three fiscal years, which Moody's considers impressive, given the
challenging market conditions, and which demonstrates the
strength of Manutencoop's client proposition.

The company's probability of default (PDR) rating of B2-PD is in
line with the CFR, and reflects the use of a 50% family recovery
rate, consistent with a bond and bank debt capital structure. The
(P)B2 senior secured instrument ratings are also in line with the
CFR, reflecting the lack of significant structural subordination
and that they are guaranteed by substantially all of
Manutencoop's subsidiaries.


Manutencoop's liquidity is good, with a reported cash balance of
EUR52 million as of year-end 2012 and EUR56.6 million as at March
31, 2013. Moody's would expect Manutencoop's internally generated
cash flow to cover the company's ongoing basic cash needs, such
as debt service, working capital needs and expected capital
expenditures. Therefore, Moody's does not expect the company to
draw significantly under its EUR30 million revolving credit
facility and expects that it will maintain adequate headroom
under the facility's proposed net debt/ EBITDA financial covenant
(5.5x at closing, stepping down to 4.2x after September 2015) at
all times.

Moody's cautions that the financial investors have a put option
to Manutencoop Societa Cooperativa (MSC) for their remaining
21.08% of MFM's share capital which begins July 1, 2016 for a
period of 30 days, and the rating agency is unclear as to whether
MSC has the financial capacity to meet this payment, should it
materialize. Although not currently expected, any impact of this
event on Manutencoop's financial condition and liquidity profile
could have negative implications on Manutencoop's rating.

Rationale For Stable Outlook

The stable outlook on the ratings reflects Moody's expectation
that (1) Manutencoop will maintain its current performance and
generate positive free cash flow; and (2) its adjusted
debt/EBITDA will trending comfortably below 6.0x in the next 6-12

What Could Change The Rating Up/Down

Positive pressure on the ratings could materialize if Manutencoop
(1) maintains its current operating performance in relation to
EBITDA margins; (2) generates sustained positive free cash flow;
and (3) improves its leverage profile such that its Moody's-
adjusted debt/EBITDA ratio moves towards 5.0x.

Conversely, negative pressure could be exerted on the ratings if
Manutencoop's liquidity profile and credit metrics deteriorate as
a result of (1) its operational performance weakening or loss of
material contracts; (2) acquisitions; or (3) an aggressive change
in its financial policy. Quantitatively, Moody's would also
consider downgrading Manutencoop's ratings if (1) its adjusted
debt/EBITDA fails to sustainably decrease towards 6x in the next
6-12 months; or (2) the company reports negative free cash flow
on a sustained basis.

Moody's has assigned the following senior secured provisional
instrument ratings:

Manutencoop Facility Management S.p.A.:

  Combined EUR450 million senior secured fixed-rate notes and
  floating-rate notes (P)B2

Principal Methodology

The principal methodology used in this rating was the Global
Business & Consumer Service Industry Rating Methodology published
in October 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.

Founded in 1938 and headquartered in Bologna, Italy, Manutencoop
Facility Management S.p.A. is Italy's largest integrated
facilities management (FM) company (based on revenues).
Manutencoop's service offering includes technical maintenance,
cleaning, energy management, and laundry & sterilization --
primarily to the Italian public and healthcare sectors, but also
the private sector. Manutencoop generated fiscal 2012 (to
December 31, 2012) reported revenues of EUR1.1 billion and EBITDA
of EUR114 million.

* ITALY: Moody's Says Building Sector Most at Risk of Default
Italian SMEs most at risk of defaulting on their securitized
secured and unsecured loans are those active in the construction
and building sector, says Moody's Investors Service in a new
Special Comment entitled "Italian SME: Debtors in Construction &
Building Sector Are Most at Risk of Default."

The report covers data on Italian SMEs between 2012-13, and the
default drivers that Moody's identifies are rating neutral for
Italian SME ABS transactions.

Moody's analysis of default data reveals that both medium-sized
corporates and microenterprises active in the highly cyclical
construction and building sector tend to default more than their
peers. Borrowers in this sector typically account for around one
third of the securitized portfolio loan balances and default 1.3-
1.5 times more than the overall SME population. Of the medium-
sized corporate borrowers active in the construction and building
sector, real-estate developers are the riskiest.

According to the data sample that Moody's analyzed, the following
characteristics have been the main historical drivers for
defaults by Italian SMEs: 1) having a longer remaining term on
their loans (e.g., more than 10 years); (2) loans originated by
some specific originators; (3) having loans that are not
amortizing (although the sample of bullet loans is quite small);
and (4) being domiciled in northeast Italy.

Moody's report also indicates that Italian SMEs least likely to
default are those (1) with loans with the longest seasoning at
closing; (2) that have real estate collateral; and (3) where the
borrower is a microenterprise (i.e., with a turnover below EUR1

Moody's has based these findings on the loan-by-loan information
recently available for Italian SME balance-sheet transactions,
for which at least 12 months have elapsed since their closing


KAZINVESTBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
Standard & Poor's Ratings Services affirmed its 'B-' long-term
and 'C' short-term counterparty credit ratings on Kazakhstan-
based KazinvestBank.  S&P also affirmed the 'kzBB-' Kazakhstan
national scale rating on the bank.  S&P subsequently withdrew all
ratings on KazinvestBank at its request.  The outlook was stable
at the time of the withdrawal.

The ratings on KazinvestBank reflected S&P's anchor of 'bb-', or
its baseline assessment of the bank, as well as S&P's views of

   -- "Weak" business position, because of its small domestic
      franchise and modest market share of less than 1% in loans
      and deposits in Kazakhstan;

   -- "Moderate" capital and earnings, with a projected risk-
      adjusted capital ratio, its measure of capital, close to 6%
      in 2014.  Weak earnings capacity, mainly due to credit
      losses, and the low quality of the loan portfolio prevent
      any substantial build-up of capital, in S&P's opinion;

   -- "Moderate" risk position, because of high concentration
      risks and credit losses; and

   -- "Average" funding and "adequate" liquidity, given the
      presence of sufficient liquidity buffers and S&P's view on
      KazinvestBank funding structure to be in line with system

S&P assessed the bank's stand-alone credit profile (SACP) at 'b-'
at the time of the withdrawal, at the same level as the 'B-'
long-term rating.  S&P do not take into account any external
support or additional factors in the rating.

At the time of withdrawal, the stable outlook incorporated S&P's
view that KazinvestBank would focus on improving operational
efficiency over the next years.  S&P also took into account that
its total amount of assets would likely remain stable.  S&P don't
expect KazinvestBank to shift its business focus at this stage.
S&P also currently anticipates a decrease in the bank's risk

KAZTRANSGAS AIMAK: Fitch Assigns 'BB+' LT Issuer Default Rating
Fitch Ratings has assigned KazTransGas Aimak JSC (KTGA) a Long-
term foreign currency Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook.

KTGA is Kazakhstan's state-owned near-monopoly engaged in
domestic natural gas transportation and distribution. Its ratings
are aligned with that of its immediate parent, KazTransGas JSC
(KTG, BB+/Stable) and reflect the company's dominant position and
strong strategic and operational ties with KTG, Kazakhstan's
national gas operator. KTGA is an essential part of KTG's
strategy, and has a socially important function of providing
natural gas to domestic consumers. Its overall strategy is
approved by its ultimate parent, JSC National Company KazMunayGas
(BBB/Stable). KTGA is presently expanding and upgrading the
domestic gas network. We also factor in KTGA's increasing
leverage and customer payment risks, as well as a developing
regulatory framework, in its ratings.

Key Rating Drivers

Domestic Gas Near-Monopoly
KTGA, a 100% subsidiary of KTG, operates natural gas distribution
and supply in eight out of nine Kazakh regions and serves
households and industrial consumers, including heat and power
utilities. KTGA owns nearly all domestic gas distribution assets
eg, high-, medium- and low-pressure gas pipelines. KTGA directly
owns all but one remaining network in the Almaty region, which
may be merged with the company pending the state's approval. In
2012, KTGA sold 8.2 billion cubic meters of natural gas, which
accounted for 87% of Kazakhstan's domestic consumption. Its
Fitch-adjusted revenue reached KZT88.3 billion (US$597 million),
excluding a one-off gas sale to a related KazRosGas LLP.

Full Ratings Alignment
We align KTGA and KTG's ratings, per Fitch's Parent and
Subsidiary Rating Linkage dated August 2012. This reflects our
assessment of strong operational and strategic, and moderate
legal ties between KTGA and KTG. KTG, Kazakhstan's national gas
operator, maintains and develops country's domestic and transit
gas pipelines and sells natural gas domestically and for export.
KTGA is responsible for KTG's domestic operations including
domestic gas transportation and sales of natural gas. KTGA
benefits from the links with the state, which are embedded in
KTG's ratings.

Moderate Legal Ties
We assess the legal ties between KTG and KTGA as moderate.
Although KTG currently guarantees all KTGA's loans, this may not
be the case in the future when KTGA materially increases its
leverage, according to our expectations. Also, KTGA's loans do
not qualify under the cross-default clauses contained in JSC
Intergas Central Asia's (BB+/Stable) Eurobonds, KTG's 100%
subsidiary operating Kazakhstan's high pressure gas transit
pipelines to China and Russia.

Regulated Tariffs, High Receivables
KTGA's profitability depends on cost-plus domestic tariffs and
regulated gas prices set by Kazakhstan's Agency for Regulation of
Natural Monopolies (AREM). We view Kazakhstan's tariff-setting
environment as developing. Historically, gas prices and transit
tariffs have been sufficient for KTGA to maintain adequate
profits and finance its moderate maintenance capex. We expect
this to continue under our rating case scenario. However, this
may not be the case in an economic recession, as AREM may face
political pressure to limit tariff increases.

KTGA purchases natural gas from domestic producers and resells it
to domestic consumers. In 2012, its receivables collection period
was 56 days, which is significantly longer than that of its local
peers. While KTGA claims that the current payment discipline is
strong, this might change in the event of an economic downturn,
affecting its operating cash flows.

Capex Drives Leverage Up
KTGA's ongoing KZT86 billion (US$562 million at current exchange
rates) modernization program will be partially debt-funded. We
expect the company's funds from operations (FFO) gross adjusted
leverage to increase from 1.3x in 2012 to 5x on average in 2013-
2017 and FFO interest coverage to be in the 3x range over the
same period, down from 12x in 2012. The capex covers the
modernization and extension of existing gas pipelines, and will
have a moderately positive effect on the company's EBITDA through
higher transportation and sales volumes and lower gas losses. We
view the company's financial policy as aggressive but
commensurate with the 'BB' rating category.

Rating Sensitivities

Future developments that may, individually or collectively, lead
to positive rating action include:

-- Positive changes in Kazakhstan's regulatory environment eg,
   long-term tariffs linked to the asset base.

-- KTGA's FFO gross adjusted leverage materially below 3x on a
   sustained basis.

Future developments that may, individually or collectively, lead
to negative rating action include:

-- Weakening ties between KTGA and KTG, eg, if KTG fails to make
   agreed equity injections to KTGA.

-- Negative rating action on KTG.

-- KTGA's leverage above 6x on a sustained basis, eg, due to an
   increase in capex without a corresponding increase in equity
   contribution from the state or lower-than-expected tariffs.

Liquidity and Debt Structure

Short-term Debt, Insufficient Liquidity
At end-2012, KTGA's debt amounted to KZT9.8 billion, made up of
unsecured KZT-denominated bank loans, from Citibank Kazakhstan
(nearly KZT7.5 billion) and Development Bank of Kazakhstan
(BBB/Stable), all guaranteed by KTG. KZT7.7 billion or 79% of the
company's loans are short-term.

At Dec. 31, 2012, KTGA had KZT2.4bn in cash and cash equivalents
plus KZT3.3bn in short-term KZT and USD deposits with, among
others, Halyk Bank of Kazakhstan (BB-/Rating Watch Evolving) and
Kazakh's Subsidiary Bank Sberbank of Russia OJSC (BBB-/Stable),
which was insufficient to cover its short-term debt at that time.
We expect the company to refinance its bank loans when they
become due.

KTGA aims to raise long-term funds to finance its ambitious
capex. We estimate that its gross debt could reach KZT45bn-50bn
by 2014-2015.

Full List of Ratings
Long-term foreign currency IDR of 'BB+'; Stable Outlook
Short-term IDR of 'B'
Long-term local currency IDR of 'BB+' with a Stable Outlook
Unguaranteed senior unsecured rating of 'BB+'


UKIO BANKO INVESTICINE: Enters Bankruptcy in Lithuania
------------------------------------------------------, citing Verslo Zinios, relates that Ukio Banko
Investicine Grupe (UBIG), the former parent company of Hearts of
Midlothian Football Club, has begun bankruptcy proceedings in

The report cites that UBIG had administrators appointed by Kaunas
District Court on Thursday, July 25, after they signalled
insolvency to the authorities in May.

The holding company, part of Vladimir Romaniv's collapsed
business empire, had its assets frozen in April as the Russian-
born banker was investigated, recounts.  That meant
discussions between Hearts administrators, BDO, and UBIG could
not take place until now, the report cites.

UBIG holds the 50% stake in Hearts that will be key to the
capital club exiting administration.  UBIG is owed GBP10 million
by the Tynecastle outfit and will have to give their blessing to
any cash settlement, says.

According to the report, UBIG has 10 days to appeal the
appointment of UAB Insolvensa as administrators and Hearts joint
administrator Bryan Jackson from the BDO firm expects that could
delay matters.

Ukio Bankas AB owns a 29.9% stake in the Hearts Football Club,
plus rights to Tynecastle Stadium, and is owed GBP15 million.
The bank is already undergoing bankruptcy proceedings.  The
Central Bank suspended Ukio Bankas' operations on Feb. 12, 2013,
after it was established the lender had been involved in risky
activities.  A majority 64.9% of Ukio Bankas had been owned by
Russian born-businessman Vladimir Romanov.

Administrators BDO is sizing up three offers for Hearts, with
fan-backed Foundation of Hearts believed to be leading the race,

In a separate report, Alan Pattullo at The Scotsman relates that
the Hearts Football Club administrator, Bryan Jackson of the BDO
firm, claims that news of UBIG being declared insolvent by a
Lithuanian court is "positive" for the club's survival hopes.
The move will allow negotiations over securing the Kaunas-based
bank's shares in the club to progress, Mr. Jackson said,
according to the Scotsman.

The Club's administrators BDO were restricted in what they could
achieve before UBIG's insolvency was confirmed by the courts in
Lithuania and liquidators appointed, the Scotsman notes.

This has been described as "the last piece in the puzzle" towards
securing a CVA, which is necessary for Hearts to exit
administration, the Scotsman states.  However, the process of
naming a preferred bidder could take some time, according to the


OXEA SARL: S&P Lowers Corp. Credit Rating to 'B'; Outlook Stable
Standard & Poor's Ratings Services said that it lowered to 'B'
from 'B+' its long-term corporate credit rating on Luxembourg-
headquartered chemicals intermediates and derivatives company
Oxea S.a.r.l., Luxembourg (Oxea).  The outlook is stable.

At the same time, S&P assigned its 'B' issue rating to Oxea's
senior secured EUR110 million revolving credit facility (RCF) and
first-lien term loans B-1 (EUR450 million) and B-2 (US$535
million). The recovery rating on these facilities is '3',
indicating S&P's expectation of meaningful (50%-70%) recovery
prospects in the event of a payment default.

In addition, S&P assigned its 'CCC+' issue rating to Oxea's
US$325 million/EUR248 million second-lien term loan.  The
recovery rating on this term loan is '6', indicating S&P's
expectation of negligible (0%-10%) recovery prospects in the
event of a payment default.

The downgrade reflects the doubling of Oxea's debt to about
EUR1.1 billion on a reported basis, following its issuance of
EUR858 million-equivalent first-lien term loans B-1 and B-2 and a
EUR248 million-equivalent second-lien term loan.

"We have revised our assessment of the company's financial risk
profile downward to "highly leveraged" from "aggressive," based
on our projection of Standard & Poor's-adjusted debt to EBITDA of
5.8x at year-end 2013.  We view private equity shareholder
Advent's financial policy for Oxea as more aggressive than we
previously assumed, because the company has used part of the
proceeds from its refinancing to pay a EUR0.6 billion dividend to
Advent, significantly exceeding Advent's initial investment," S&P

"At the same time, we recognize Oxea's highly successful
operational track record since it was acquired by Advent in 2007.
We also view positively Oxea's strategy of capacity additions and
the gradual shift of its product mix toward higher-margin
derivative products.  We believe that the recent completion of
Oxea's carboxylic acid plant and 50% capacity increase at its
specialty esters plant should contribute increasingly to EBITDA
from 2013.  However, in our view, Oxea's EBITDA growth in 2014-
2015 depends on its successful execution of further multiple
projects under way," S&P added.

In S&P's view, Oxea's niche Oxo chemicals will remain resilient
to weak economic conditions in Europe, supported by capacity
additions and changes to its product mix in favor of higher-
margin derivatives.  S&P believes this, as well as Oxea's
geographic diversity, will help mitigate the tough economic
environment in Europe in 2013.  S&P considers adjusted debt to
EBITDA in the range of 5.0x-6.0x to be commensurate with the
current rating.

Ratings upside could arise in 2015 if Oxea deleveraged faster
than S&P currently anticipates, with adjusted debt to EBITDA
falling to less than 4.5x.  This could be the case if S&P sees
EBITDA rising to about EUR250 million, which itself depends on
Oxea successfully executing its growth initiatives and increasing
its presence in Asia.

S&P views a downgrade as relatively remote, assuming that Oxea's
performance remains resilient to economic weakness in Europe.
However, S&P could consider lowering the ratings if Oxea's
adjusted debt to EBITDA approached 6.0x-6.5x without any near-
term prospect of recovery, or if liquidity and covenant pressures


MOBILE TELESYSTEMS: S&P Raises Corp. Credit Rating to 'BB+'
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on Russia's largest mobile
telecommunications operator Mobile TeleSystems (OJSC) (MTS) and
related debt ratings to 'BB+' from 'BB'.  The outlook is stable.

The upgrade primarily reflects S&P's reassessment of MTS'
management and governance to "fair" from "weak," according to
S&P's criteria.  S&P previously considered management and
governance to be the main rating constraint for MTS and its
parent company Sistema.

MTS recently resolved all legal disputes with Altimo and Nomihold
over its unsuccessful acquisition of Kyrgyz mobile operator
Bitel. S&P believes this eliminates any immediate risk to MTS,
whose subsidiary MTS Finance was ordered to pay an arbitral award
to Nomihold in January 2011.  This had created a risk of
technical default on MTS Finance's bonds, and increased MTS'
reputational risks, which could have impaired its access to
capital markets. According to the terms of the settlement, all
claims against MTS' subsidiary should be withdrawn, and the
company is entitled to receive compensation.

"We assess MTS' stand-alone credit profile at 'bbb-', based on
our assessment of its business risk profile as "satisfactory" and
its financial risk profile as "intermediate."  The 'BB+'
corporate credit rating on MTS remains dependent on the
application of our parent-subsidiary criteria.  Although we
continue to believe Sistema's majority ownership could have a
negative impact on MTS' governance, this could be somewhat offset
by MTS' governance practices as a New York Stock Exchange-listed
company.  In particular, we expect MTS' solid corporate
governance should limit Sistema's ability to take assets from MTS
or burden it with liabilities.  We also consider that
extraordinary dividend distributions or related-party
transactions with Sistema require approval from MTS' independent
directors, which are in place to preserve the interests of MTS'
minority shareholders.  Moreover, we believe it could be in
Sistema's best interest to preserve MTS' credit quality, as it
might help Sistema in case of financial distress.  We therefore
rate MTS one notch above its parent company (Sistema; BB/Stable/-
-)," S&P said.

MTS' satisfactory business risk profile is supported by its
leading positions in the Russian and Ukrainian telecoms markets,
which are characterized by leading market shares, robust
operating performance, and strong profitability.

MTS' intermediate financial risk profile is supported by its
solid credit ratios, with an average historical and Standard &
Poor's-forecast debt-to-EBITDA ratio of below 2x.

The stable outlook reflects S&P's view that MTS will continue to
perform in line with the Russian telecoms market and will
preserve its profitability, including a consolidated EBITDA
margin above 40%.

The rating has limited upside potential as long as Sistema
retains its majority ownership of MTS and has control over its
board of directors.  An upgrade of Sistema could unlock, but
would not guarantee, ratings upside for MTS.

S&P might consider a negative rating action if MTS undertook
large debt-financed acquisitions or dividend payments that
increased its adjusted debt to EBITDA to materially above 2x.

POWER MACHINES: Moody's Assigns 'Ba1' CFR; Outlook Stable
Moody's Investors Service has assigned a Ba1 corporate family
rating (CFR) and a Ba1-PD probability of default rating (PDR) to
OJSC Power Machines (PM), a Russian producer of power equipment.
The outlook on the rating is stable.

"The ratings reflect the company's consistent track record of
robust operational and financial performance and our expectations
that it will continue to demonstrate strong financial metrics" -
says Sergei Grishunin, a Moody's Assistant Vice President -
Analyst and lead analyst for PM. "At the same time we view PM's
modest size and limited diversification as a constraint on the
rating, as is the company's sales concentration in the Russian
market, its concentrated ownership structure and undeveloped
corporate governance".

Rating Rationale

The rating assignment reflects 1) PM's consistent track record of
strong operational and financial performance with high
profitability (three-year average adjusted EBITA margin of over
20%), which exceeds that of the power equipment divisions of its
global peers; 2) low leverage (three-year average adjusted
debt/EBITDA of around 0.4x); 3) high cash flow generation (three-
year average retained cash flow (RCF)/debt at above 100%); and 4)
strong liquidity position. The rating also reflects Moody's
expectation that the company will continue to demonstrate strong
financial metrics over time, in line with its conservative
financial policy of maintaining reported debt/EBITDA below 2.0

This robust performance is underpinned by 1) the strong
fundamentals of PM's core Russian electric power equipment
market, in which steady growth has been underpinned by ongoing
modernization (in accordance with Russian state programs, which
aim is to increase electricity generation and rehabilitate the
ageing domestic electric power equipment fleet) performed by
domestic (mainly state controlled) electric utilities companies.
However, Moody's notes that the regulatory and market framework
is evolving.

The company's performance is further supported by 1) PM's
dominant market position in the domestic electric power equipment
market (with the share of installed power equipment fleet of
around 60%), which, coupled with the company's ability to provide
an integrated solution for power stations of all types and
established long-term relationships with domestic electric
utilities companies, erects high barriers to entry and allows PM
to command premium prices and advantageous contract terms; 2) the
historically higher profitability of manufacturing traditional
electric power generation equipment than other electric equipment
(such as power grid equipment or wind and solar electric
generation equipment); 3) lower labor and energy cost in Russia;
4) the company's low capex requirements in the next 12-24 months
and 5) the company's focus on efficiency improvements and cost

PM's ratings also reflect 1) its strong order backlog of more
than 24 months of sales, which provides high visibility of future
revenues; and 2) PM's low operating leverage (with company's cost
structure with around 60% of variable costs), which reduces the
volatility of profits and increases the company's ability to
compete on prices.

At the same time, the ratings factor in PM's modest size compared
with those in its global peer group including Siemens
Aktiengesellschaft (Aa3 negative) or Alstom (Baa3 stable). This
may constrain PM's ability to negotiate favorable contract terms,
to participate in certain tenders in particular outside of Russia
and perform sufficient R&D and equipment modernization.

PM's ratings also reflect its concentration of sales (around 80%)
in the Russian market. This concentration may expose PM to the
longer term challenges of the domestic electric power equipment
market such as potential reduction of capex programs of domestic
utilities companies or increase in competition due to entry or
expansion of larger foreign competitors. This exposure is partly
mitigated by the company's efforts to increase revenue
diversification to export markets with strong fundamentals (such
as India, Latin America and Asia), in which PM has established
business relationships. Moody's also notes that unlike global
peers which are diversified across multiple businesses, PM's
operations are concentrated on manufacturing of electric power
generation equipment thus exposing the company to industry shifts
driven by introduction of new products, overcapacity of electric
utilities resulting in decrease in capex or increase in
competition. However, the cyclicality in this industry in
comparison to other heavy manufacturing industries (e.g. truck
manufacturing) is lower. The ratings are also constrained by
risks associated with the PM's concentrated ownership structure
and developing corporate governance system.


The stable outlook on PM's rating reflects Moody's expectations
that the robust business conditions will remain for PM's key
markets. The outlook also assumes that the company will continue
to follow its strategy of organic growth whilst maintaining a
high profitability and a strong financial profile within a stated
financial policy.

What Could Change The Rating Up/Down

Moody's does not envisage positive pressure being exerted on PM's
rating in the following 12-18 months. Nevertheless, Moody's would
consider upgrading the rating if (1) conditions in PM's key
markets remain robust; (2) PM upgrades its corporate governance
so that the company's financial policies and strategy are to a
lesser degree dependent on the decisions of the controlling
shareholder; and (3) PM were to increase its revenue generation
and expand geographical diversification of its revenue outside
Russia and/or product diversification, while continuing to
demonstrate on a sustainable basis (i) strong profitability; and
(ii) conservative financial metrics within its stated financial
policy. Additionally, in light of negative working capital nature
of the power equipment manufacturing industry, a rating upgrade
would require PM to demonstrate its ability to maintain an
appropriate level of liquidity in the form of cash balances, and
strong liquidity management.

Downward pressure on the ratings would be likely to develop if 1)
weaker-than-anticipated conditions in PM's key markets were to
result in deterioration in the size and quality of the company's
order book, and in PM's leverage (measured as adjusted
debt/EBITDA) increasing to, and remaining, above 2.0 times; or 2)
material debt-financed expansion projects and/or acquisitions, or
debt-financed dividend payouts to shareholders or other
shareholder initiatives, were to lead to the company materially
deviating from its stated financial policies or financial

The principal methodology used in this rating was the Global
Heavy Manufacturing Rating Methodology published in November

Headquartered in St. Petersburg, Russia, OJSC Power Machines is
manufacturer of a wide range of electric power generating
equipment (turbines, generators, boilers and other equipment) and
integrated solutions for electric power plants of all types and
sizes. 100% of PM's share capital is indirectly controlled by
Mr. Aleksey A Mordashov. In 2012, PM generated revenue and
adjusted EBIT of US$2.0 billion and US$0.5 billion, respectively.

SEVERSTAL OAO: Fitch Affirms 'BB' LongTerm Issuer Default Rating
Fitch Ratings has affirmed OAO Severstal's Long-term Issuer
Default Rating (IDR) at 'BB' with a Stable Outlook.

Key Rating Drivers

The affirmation follows an industry review also including fellow
Russian steel producers OJSC Novolipetsk Steel (NLMK: BBB-
/Negative), Evraz Group SA (BB-/Stable) and Evraz plc (BB-
/Stable). This review included an analysis of forecast
operational and financial profiles for each company over the next
three years. Over this period Fitch expects steel products'
prices to remain below 2012's level, although with some recovery
year-on-year. Companies will face a decrease of margins. However,
Fitch expects each company's EBITDAR margin to be above 10%-12%
over the next three years.

Companies will continue to benefit from low-cost upstream
operations and relatively high capacity utilization rates at
their Russian production sites. However, European and North
American operations will struggle to be profitable.

At end-2012 the companies had higher leverage than required by
Fitch for steel companies at the respective rating level.
However, the agency expects Severstal's 2013-2015 free cash flow
(FCF) to be neutral-to-positive, which will contribute to

A key consideration for the future direction of the companies'
ratings is the ability to reduce capex and generate positive FCF.

Rating Sensitivities


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

  -- Ability to decrease funds from operations (FFO) adjusted
     gross leverage below 2.0x by end-2015 according to Fitch's
     projections (2.9x at end-2012)

  -- Positive FCF

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

  -- Non-ability to decrease FFO adjusted gross leverage to 2.5x
     by end-2015 according to Fitch's projections

  -- Negative FCF

The rating actions are as follows:

OAO Severstal

Foreign currency Long-term IDR: affirmed at 'BB'; Stable Outlook
Foreign currency Short-term IDR: affirmed at 'B'
Foreign Currency Senior Unsecured Rating: affirmed at 'BB'
Local currency Long-term IDR: affirmed at 'BB'; Stable Outlook
National Long-term Rating: affirmed at 'AA-(rus)'; Stable

Steel Capital SA

USD1,250m LPNs due July 2013: affirmed at 'BB'
USD375m LPNs due April 2014: affirmed at 'BB'
USD1,000m LPNs due October 2017: affirmed at 'BB'
USD500m LPNs due July 2016: affirmed at 'BB'
USD 600m LPNs due March 2018: affirmed at 'BB'

* S&P Applies Revised Insurance Criteria to 11 Insurance Groups
Standard & Poor's Ratings Services said that it has reviewed its
ratings on 11 Russian insurance groups and their subsidiaries, by
applying its new ratings criteria for insurers, which were
published on May 7, 2013.

S&P will publish individual analytical reports on the insurance
groups identified below, including a list of ratings on
affiliated entities.

(All ratings are affirmed, except where a "from" rating is

Counterparty Credit Rating
  Local Currency                        BBB-/Stable/--
Financial Strength Rating
  Local Currency                        BBB-/Stable/--
Russia National Scale                  ruAAA/--/--

Energogarant JSIC
Counterparty Credit Rating
  Local Currency                        BB-/Stable/--
Financial Strength Rating
  Local Currency                        BB-/Stable/--
Russia National Scale                  ruAA-/--/--

Ingosstrakh Insurance Co.
Counterparty Credit Rating
  Local Currency                        BBB-/Stable/--
Financial Strength Rating
  Local Currency                        BBB-/Stable/--
Russia National Scale                  ruAA+/--/--
  Bank Soyuz
  Counterparty Credit Rating            B/Stable/C
  Russia National Scale                 ruA-/--/--

LEXGARANT Insurance Co. Ltd.
Counterparty Credit Rating
  Local Currency                        B+/Stable/--
Financial Strength Rating
  Local Currency                        B+/Stable/--
Russia National Scale                  ruA/--/--

Moscow Re OJSIRC
Counterparty Credit Rating
  Local Currency                        BB/Stable/--
Financial Strength Rating
  Local Currency                        BB/Stable/--
Russia National Scale                  ruAA/--/--

                                        To                 From
OJSC Sogaz
Counterparty Credit Rating
  Local Currency                        BBB-/Stable/--     BBB-
Financial Strength Rating
  Local Currency                        BBB-/Stable/--     BBB-
Russia National Scale                  ruAAA/--/--

OSAO RESO Garantia
Counterparty Credit Rating
  Local Currency                        BB+/Stable/--
Financial Strength Rating
  Local Currency                        BB+/Stable/--
Russia National Scale                  ruAA+/--/--

                                        To                 From
Pomosch Insurance Company Ltd.
Giva Insurance Company LLC
Counterparty Credit Rating
  Local Currency                        B+/Stable/--
Financial Strength Rating
  Local Currency                        B+/Stable/--
Russia National Scale                  ruA/--/--          ruA-/-

                                        To                 From
Rosgosstrakh OAO
Rosgosstrakh OOO
Counterparty Credit Rating
  Local Currency                        BB-/Negative/--    BB-
Financial Strength Rating
  Local Currency                        BB-/Negative/--    BB-
Russia National Scale                  ruAA-/--/--        ruAA-
  RGS Assets Ltd.
  Counterparty Credit Rating
   Local Currency                       CCC+/Negative/--

Unity Re
Counterparty Credit Rating
  Local Currency                        BB/Stable/--
Financial Strength Rating
  Local Currency                        BB/Stable/--
Russia National Scale                  ruAA/--/--

VTB Insurance Ltd.
Counterparty Credit Rating
  Local Currency                        BBB/Stable/--
Financial Strength Rating
  Local Currency                        BBB/Stable/--
Russia National Scale                  ruAAA/--/--


BANCO DE VALENCIA: Moody's Withdraws 'Ba3' Deposit Ratings
Moody's Investors Service has withdrawn the following ratings of
Banco de Valencia (1) the standalone bank financial strength
rating (BFSR) of E; and (2) the long and short-term local and
foreign-currency deposit ratings of Ba3 and Not-Prime,
respectively. All the ratings were on review for upgrade at the
time of the withdrawal.

Ratings Rationale:

Banco Valencia's ratings have been withdrawn following its merger
with Caixabank (Baa3 negative, BFSR D+/BCA ba1 negative),
effective as of July 19, 2013. At the same time, Moody's upgraded
the preference shares ratings of BVA Preferentes, S.A. to B2(hyb)
from C(hyb), in line with the preference share ratings of
Caixabank, following the transfer of these instruments to and
assumption by Caixabank.

At end-December 2012, Banco de Valencia had total assets
amounting to EUR19.3 billion.

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

HIPOTECARIO XVI: Fitch Assigns 'CCC' Rating to Class B Notes
Fitch Ratings has assigned Rural Hipotecario XVI F.T.A.'s
mortgage-backed floating-rate notes due April 2055 final ratings,
as follows:

EUR133,500,000 class A notes 'Asf'; Outlook Negative

EUR16,500,000 class B notes: 'CCCsf'; Recovery Estimate of 90%

The transaction is a multi-originator securitization of a EUR150
million static pool of Spanish residential mortgage loans,
originated and serviced by Caja Rural de Soria, Caja Rural de
Teruel, and Caja Rural de Zamora (the originators, unrated). The
final ratings address timely payment of interest and ultimate
payment of principal on the class A notes, and ultimate payment
of interest and principal on the class B notes by the legal final
maturity date of the notes in April 2055.

Key Rating Drivers

In deriving the lifetime default rate of the securitized
portfolio under a base case scenario, Fitch has adjusted upwards
the observed default rates by a factor of 1.1x. This upward
adjustment captures our opinion that the historical default rates
do not entirely reflect the risk attributes of the securitized
pool, which is linked to younger vintages (2009 to 2012). Fitch
received historical cumulative arrears data covering 2004 to 2012
from the originators based on their past RMBS securitization

Fitch believes the securitized portfolio has prime
characteristics with 100% first-lien positions, all residential
mortgage loans with a moderate weighted average (WA) OLTV of
70.42%, and an indexed (WA) CLTV of 71.91% estimated by the
agency taking into consideration the almost 5.5 years of
seasoning. Fitch believes a key risk attribute of the portfolio
is its high geographical concentration in the two regions of
Castilla Leon (60.6%) and Aragon (29.4%), and has consequently
incorporated into its analysis a probability of default hit of
1.15x for these loans.

Fitch believes that servicer disruption risk, caused by the
default of one servicer, is adequately mitigated by the
incorporation of purpose-specific liquidity reserves and the
appointment of a cold back up servicer, Banco Cooperativo Espanol
(BCE; BBB/Negative/F3). BCE provides the Spanish Credit
Cooperative Group with a common range of services and uses the
same IT systems.

Fitch has incorporated potential stresses derived from basis and
reset risks within the cash flow analysis, as the structure is
unhedged. The notes are referenced to EURIBOR with quarterly
resets, while most loans are referenced to 12-month EURIBOR with
annual, bi-annual and quarterly resets.

Rating Sensitivities

Fitch believes the key risks that could introduce volatility to
the ratings are home price declines beyond Fitch's expectations,
as these could limit recoveries, and a material change in the
current legal framework, weakening the full recourse nature of
the Spanish mortgage market, as this scenario could change
borrower payment behavior. The Negative Outlook on the class A
notes reflects the uncertainty associated with changes to the
mortgage enforcement framework.

Fitch's expectation under a 'Bsf' stress scenario is linked to a
weighted average (WA) lifetime loss rate of 4.3%, which results
from a WA foreclosure frequency assumption of 7.6% and a WA
recovery rate expectation of 44.0%. The assumed WA loss rate in a
'A' rating scenario is 11.6%.

TDA IBERCAJA 7: S&P Lowers Rating on Class C Notes to 'D'
Standard & Poor's Ratings Services lowered its credit ratings on
TDA Ibercaja 7, Fondo de Titulizacion de Activos' class B and C
notes for performance reasons.  At the same time, S&P has
affirmed its rating on the class A notes.

The rating actions follows S&P's review of the transaction's
performance and its structural features, based on the trustee's
latest available investor report (dated June 2013), and the
application of its relevant criteria for conducting S&P's credit,
cash flow, and counterparty risk analysis.

TDA Ibercaja 7 has experienced increasing delinquencies.  In
particular, long-term arrears excluding defaults (defined in this
transaction as loans in arrears for more than 18 months)
represent 0.60% of the outstanding collateral balance.  Gross
cumulative defaults represent 0.25% of TDA Ibercaja 7's initial
collateral balance.  While currently limited, compared with other
Spanish residential mortgage-backed securities (RMBS)
transactions of similar vintages, S&P expects the securitized
portfolio's credit quality to deteriorate further due to
difficult Spanish macroeconomic conditions and a depressed
housing market.  In S&P's opinion, these factors will increase
long-term delinquencies, defaults, and expected losses in the
transaction.  In S&P's view, the transaction's structural
features can only partially mitigate the expected credit

The increase in long-term delinquencies, stemming from an
increase in long-term arrears rolling into defaults, and the
year-on-year decrease in Spanish house prices, are increasing
S&P's assumptions of the portfolio's foreclosure frequency and
the expected losses suffered from those defaulted assets.  With
regards to the transaction's structural features, the increase in
available credit enhancement has been limited for the class B
notes as the performing collateral balance and amount of cash
available to the transaction have reduced in line with further
portfolio credit quality deterioration.

On the last interest payment date (IPD), the reserve fund was
marginally drawn for the first time to provision for defaulted
loans.  The reserve fund represents 4.29% of the outstanding
balance of the class A and B notes.  S&P's cash flow analysis
indicates that the class B notes cannot maintain the currently
assigned rating, as it expects that the portfolio credit quality
will deteriorate further and the reserve fund will continue to be
depleted accordingly.

The notes' priority of payments is currently sequential and based
on a combined interest and principal waterfall.  S&P expects the
class A and B notes to continue to repay sequentially as pro rata
amortization triggers have not been reached.  The class A notes
benefit from available credit enhancement of 9.1%, based on the
level of the performing collateral balance and the amount of cash
available to the transaction, while the class B notes' available
credit enhancement is 3.12%.

The interest deferral trigger for the class B notes is set at 10%
of cumulative defaults of the original portfolio balance, with
defaults defined in this transaction as assets being in arrears
for more than 18 months.  This interest deferral trigger will
only benefit the class A notes late in the transaction's life.

The transaction has a hedge mechanism, under which the swap
counterparty provides a margin of 65 basis points to the
transaction based on the performing balance of the assets, while
all of the interest received on the portfolio is transferred to
the swap counterparty.  Due to the low margin observed on the
underlying collateral, the transaction relies on the support the
swap agreement provides to be able to service the amounts due
under the notes.

The transaction is exposed to the counterparty risk of Banco
Santander S.A. (BBB/Negative/A-2) acting as bank account provider
and swap counterparty.  On Feb. 15, 2013, in accordance with
S&P's current counterparty criteria, it linked its rating on TDA
Ibercaja 7's class A notes to its long-term issuer credit rating
on Banco Santander, as bank account provider, and it consequently
lowered its rating on the class A notes to 'BBB (sf)' from 'AA-

Taking into account the observed and expected portfolio credit
quality deterioration, transaction's structural features, and
counterparty risk, S&P has affirmed its 'BBB (sf)' rating on the
class A notes and lowered to 'BB- (sf)' from 'BB (sf)' its rating
on the class B notes.

S&P has lowered to 'D (sf)' from 'CCC- (sf)' its rating on the
class C notes following the issuer's failure to pay interest on
these notes on the most recent IPD.

S&P's ratings in this transaction addresses timely payment of
interest and ultimate payment of principal.

TDA Ibercaja 7 is a Spanish RMBS transaction, which closed in
December 2009 and securitizes a portfolio of first-ranking
mortgage loans granted to individuals resident in Spain.  The
portfolio features loans granted to self-employed borrowers (15%
of the outstanding portfolio) and broker-originated mortgages (6%
of the outstanding portfolio), while 11% of the outstanding
mortgages were granted for a purpose other than buying a
residential property.  Second homes account for 6.3% of the
outstanding portfolio.  The securitized portfolio features a
seasoning of 75 months and is mainly exposed to geographic
concentration in the regions of Madrid (34.4%), Aragon (15%), and
Valencia (14.4%).


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

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



Class       Rating           Rating
            To               From

TDA Ibercaja 7, Fondo de Titulizacion de Activos
EUR2.07 Billion Floating-Rate Notes

Rating Affirmed

A           BBB (sf)

Ratings Lowered

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

* SPAIN: Fitch Says Mortgage Arrears Stable in Second Quarter
In its Q213 'Mortgage Market Index -- Spain', Fitch Ratings
reveals that although the official index of doubtful loans
continues to increase, reaching 4.2% in Q213, the arrears levels
in securitized portfolios are showing signs of stabilization.
Loans in arrears by more than three months (excluding those
classified as defaulted) across Fitch-rated Spanish RMBS
transactions remained at 2.6% from the previous quarter.

Some of the arrears stabilization may be due to the fact that
more borrowers are entering default. In Q213, the Fitch constant
default rate increased to 1.5% compared with 1.0% a year earlier.

The index also shows a continued decline in house prices. The
reduction in the quarter was by 0.8% suggesting a total decline
of 27.7% from peak levels in Q208.

Following a recent Supreme Court ruling, the agency expects some
banks to revisit their mortgage terms and conditions, if they
allow floors to be applied to interest rates payable. Although
these changes may lead to an improvement in borrower
affordability and consequently an improvement in loan
performance, they are also expected to compress the levels of
excess spread across RMBS transactions.

Fitch's 'Mortgage Market Index - Spain' is part of the agency's
quarterly series of structured finance index reports. It includes
information on the performance of residential mortgages,
predominantly from RMBS transactions, but also those held on bank
balance sheets. The report sets the housing market against the
macroeconomic background and provides commentary on the emerging


* TURKEY: Still Vulnerable to Market Sentiment Shifts, Fitch Says
The increase in the Central Bank of Turkey's (CBT) overnight
lending rate signals the Turkish authorities' greater readiness
to address the risks presented by currency weakness, high
inflation, and falling capital inflows, Fitch Ratings says.
However, Turkey is still vulnerable to shifts in market
sentiment, its external finances remain a key sovereign rating
weakness, and balancing growth, price and exchange rate stability
concerns present a policy challenge.

Balance of payments data indicate that Turkey suffered a halt to
capital inflows in May, with portfolio debt flows recording a
minor outflow compared to a net inflow of US$8.9 billion in
April. Net capital inflows are essential to economic growth in
Turkey: a current account deficit of 6-7% of GDP mirrors a
comparable imbalance between savings and investment. With the
current account deficit showing signs of renewed widening this
year, following last year's narrowing, declining capital inflows
represent a greater near-term potential risk to Turkey's economy
than the possibility that tighter monetary policy constrains
domestic demand.

Favorable economic growth prospects support Turkey's sovereign
credit profile. GDP increased by 1.6% in the first three months
of this year from the previous quarter, and data on industrial
production and imports suggest that Q213's reading could also be

The CBT had been intervening in the currency markets to defend
the lira, which hit an all-time low against the US dollar earlier
this month, but Turkey's international liquidity ratio is weak
and it does not have a sufficient stock of FX reserves to
maintain this strategy for long. We estimate that reserves may
have dropped from a peak of US$114 billion (excluding gold) in
April to around US$100 billion in mid-July, reflecting both
central bank intervention and portfolio capital outflows.

The sharp drop in net capital inflows, currency depreciation, and
fall in international reserves remain within the tolerance of
Turkey's 'BBB-' rating. However, recent developments serve to
highlight Turkey's vulnerability to shocks against a background
of domestic political and social unrest and volatile investor
sentiment towards emerging markets in general, as speculation
about the eventual withdrawal of quantitative easing continues.
As we have previously said, persistent political and social
unrest could deter tourism, destabilize short-term capital
inflows, push up inflation and damage economic growth.

Although the CBT's still relatively new monetary policy framework
has traction and has helped to rebalance the economy under
challenging conditions, it has failed to hit the inflation target
of 5%, suggesting that up until recently supporting growth may
have taken priority over price stability. Credit growth has
remained elevated and inflation rose to 8.3% year-on-year at the
end of June, up from 6.5% in May.

The CBT raised the overnight lending rate for the first time in
nearly two years, to 7.25% from 6.5%, while leaving the one-week
repo rate unchanged. The Monetary Policy Committee's statement
said that a "cautious stance will be maintained until the
inflation outlook is in line with medium term targets. . .
additional monetary tightening will be implemented when

"We upgraded Turkey to 'BBB-' from 'BB+' in November. The Outlook
on the rating is Stable," Fitch notes.


CREATIV GROUP: S&P Assigns 'B-' Corp. Credit Rating
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating to Ukraine-based agri-business Creativ
Group OJSC.  The outlook is positive.

At the same time, S&P withdrew its preliminary 'B-' issue rating
and its recovery rating of '4' on the proposed US$400 million
senior notes that were not issued.

The rating on Creativ is based on S&P's assessment of the group's
business risk profile as "weak" and its financial risk profile as
"highly leveraged."

The group's business risk profile is constrained by the inherent
volatility of the agribusiness industry and the group's exposure
to Ukraine.  Although only about one-third of the company's sales
are domestic, S&P still considers Creativ's country risk exposure
to Ukraine to be a key risk factor, because all of its operating
assets are located there.  Ukraine has implemented export bans
detrimental to agriculture groups in the past, but it views this
risk as higher for grains than for oil.  Creativ has an ambitious
expansion strategy but, in S&P's view, it manages related
execution risks well.

The rating is supported by Creativ's sound position in the
sunflower crushing business and its record of profitable growth.
The group is also present in the fat and margarine, and soybean
crushing businesses, which add some diversity to earnings.  The
bulk of the group's profits come from sunflower end-products,
which are oil for human consumption, and meals for pig and
poultry feeds.

S&P views Creativ's financial risk profile as "highly leveraged,"
owing to aggressive leverage, negative free cash flows,
dependence on short-term debt, and exposure to financial

The outlook on Creativ is positive, reflecting a substantial
potential for deleveraging once major growth investments are
completed.  Should adjusted debt to EBITDA improve to less than
3.5x at year-end 2013, S&P would envisage an upgrade.  This is a
significant deleveraging from the quite high 4.6x at year-end
2012, but S&P expects EBITDA to markedly increase again this year
assuming higher capacity, a high utilization rate, and favorable
industry trends with sustained global demand for agricultural
products.  Improved financial metrics would also release the
pressure on the tight financial covenants, prompting S&P to
revise the liquidity qualifier to adequate.  Equally importantly,
an upgrade would be contingent on a stabilization of operating
margins, which have declined over the past 12 months.

On the other hand, inability to substantially deleverage in 2013
would likely cause an outlook revision to stable.  In S&P's
opinion, this could occur if the group does not moderate its
capital expenditures from the peak recorded in 2012.  S&P will
also closely monitor future covenant headroom, as well as
profitability evolution:  S&P believes the operating margin could
be squeezed again if raw material prices significantly increase.

Equally importantly, under S&P's criteria, the long-term
sovereign rating and transfer and convertibility (T&C) assessment
on Ukraine constrain the rating on Creativ, based on S&P's view
that the group's cash flow generation is sensitive to country

A downgrade of Ukraine could therefore affect the ratings on
Creativ.  A downgrade of Ukraine to 'B-' could affect the outlook
on Creativ, which would then mirror the outlook on Ukraine.  A
downgrade of Ukraine by more than one notch would trigger a
downgrade of Creativ.

U N I T E D   K I N G D O M

ANDERSON PRECISION: In Administration; 38 Jobs Affected
Erikka Askeland reports that Anderson Precision Gearing, which
was awarded a GBP1.6 million grant by Scottish Enterprise in
January, has called in an administrator.

The immediate closure of APG means the loss of 38 jobs, the
Scotsman notes.

According to the Scotsman, administrator PricewaterhouseCoopers
said the firm had been hit by a downturn in demand and the loss
of contracts after a failure to find a buyer.

In January, the company, which employed 42 people, announced it
had won a government-funded regional selective assistance grant
which it would use to move into bigger premises at Bellshill
industrial estate and hire 53 staff over the next three years,
the Scotsman recounts.  PwC confirmed that the enterprise agency
was a creditor and is owed GBP825,000 which had been advanced to
the firm, the Scotsman relates.

PwC's Bruce Cartwright and Alan Brown, as cited by the Scotsman,
said the business had ceased trading with only four staff
retained "to assist in realizing the value of APG's assets".

Anderson Precision Gearing is a 114-year old engineering firm in
Motherwell.  The business specializes in manufacturing heavy
industrial gears for the rail, oil and gas, construction and
mining industries.

BEATBOX BARS: Goes Into Administration, Closes Fire Island Bar
WalesOnline reports that London-based administrators the SFP
Group has confirmed that Beatbox Bars Limited, the firm behind
Cardiff bars Buffalo, 10 Feet Tall, and Fire Island has gone into
administration after citing financial difficulties.

SFP's Simon and Daniel Plant were appointed joint administrators
for Beatbox Bars by the board of directors on July 22.

Buffalo and 10 Feet Tall will continue trading, despite the
sudden closure of Fire Island last week, WalesOnline relates.

The Fire Island bar, which specialised in craft ales, had only
been open eight months and had received a GBP250,000 investment
from Finance Wales, a subsidiary of the Welsh Government, the
report cites.

WaleOnline notes that while the sudden closure of Fire Island has
come as a shock to many, SFP revealed that it is currently in
negotiations with a number of interested parties in the hope that
the bar will be up and running again soon, albeit under new

A Beatbox Bars spokesman said the firm is undertaking marketing
efforts to seek out potential purchasers for Buffalo and 10 Feet
Tall, WalesOnline relates.  Group partner Daniel Plant, according
to the report, expressed his belief that 10 Feet Tall and Buffalo
represent an excellent opportunity for a potential purchaser,
especially one with industry knowledge and local connections.

Beatbox Bars is run by a group of friends -- Daniel Biscombe,
Nathan Vaughan, Ian Dakin, Claire Biscombe and Alex Power -- who
worked their way up through the licensed trade and, after
spotting a gap in the market in 2004, seized the opportunity to
form a company.  They opened Buffalo in 2005, 10 Feet Tall in
2008, while the lease for Fire Island was first negotiated in
early 2010.

CP GROUP: Two Bailiff Bridge Sites For Sale Amid Administration
Brighouse Echo reports that two derelict sites in the heart of
Bailiff Bridge, a village north of Brighouse, West Yorkshire,
England, is on the market as its owner, CP Group Limited, goes
into administration.

Administrators for CP Group have instructed Edward Symmons to get
the best possible price for the sites.

The land parcels are adjacent to each other and located in
Bradford Road.  Brighouse Echo relays that the first site is the
former Clifton Mills, which has recently been granted planning
permission for three shops and outline plans for a 56-bed care
home.  The second site is behind the former St. Aidan's Church in
Wyke Old Lane, which had a planning consent for 18 apartments
with car parking, a clock tower and bin store.  It is believed
this planning application has now expired.

The advertisement for the first site does specify that part of it
is pre-let to the Co-operative Group Food Limited, the report
relates.  Brighouse Echo relates that CP Group has entered into
an April 4, 2012 lease agreement for the unit following
construction for a 20-year term at an initial rent of GBP60,000
per year.

Written offers for the first site can be made until noon on
Friday, August 2, according to Brighouse Echo.

C P Group Limited was incorporated on Jul 6, 1998 and is located
in Leeds.  The company is in real estate business.  It was
founded by Bruce Heblethwayte Raper and William Moran Law.  The
company has four subsidiaries.  It went into administration on
April 24, 2013, after undergoing cash flow problems in early
2013.  Begbies Traynor act as administrators of the company.

JAGUAR LAND: S&P Raises CCR to 'BB'; Outlook Stable
Standard & Poor's Ratings Services said it raised its long-term
corporate credit rating on U.K.-based automaker Jaguar Land Rover
Automotive PLC (JLR) to 'BB' from 'BB-'.  The outlook is stable.

S&P has also raised its issue rating on JLR's senior unsecured
debt to 'BB' from 'BB-', in line with the action on the corporate
credit rating.  S&P has changed its recovery rating on this debt
to '3' from '4', indicating its expectations for meaningful
(50%-70%) recovery in the event of a payment default.

The upgrade reflects S&P's opinion that JLR has confirmed its
solid positioning in the premium car segment.  In fiscal 2013
(year ended March 31), it maintained a steady operating margin
and according to S&P's estimate generated free operating cash of
more than GBP400 million, notwithstanding its increased
investments.  S&P assess JLR's business risk and financial risk
profiles respectively as fair and intermediate and factor these
views into the rating.  The rating is constrained by that on its
India-based 100% owner, Tata Motors Ltd. (BB/Stable/--).

JLR has reported sound fiscal 2013 results, on the back of the
strong increase in sales of the Land Rover brand.  The reported
EBITDA margin was 15.2% at about last year's figure.  JLR is
continuing to increase its investment to expand its Land Rover
product range and the relaunch of its Jaguar brand.  The company
benefits from the positive momentum of demand from premium cars
in all the major economies, in S&P's opinion.  In S&P's base-case
scenario for 2014-2015, it assumes that this demand will continue
and that JLR will report a fresh 10%-15% jump in revenues in
fiscal 2014.  S&P also thinks the reported EBITDA margin will
contract only marginally, to about 14% in 2014 from about 15%
this year, due to the cost related to the significant expected
expansion in products and sales in the coming years.  The margin
should then stay at about the same level in fiscal 2015.  S&P
believes that Jaguar sales should start to rise more than in the
past year thanks to the effect of the new Jaguar XF model and
other derivative models.  S&P understands that the repositioning
of the Jaguar brand will be completed only in the next two years
as other new products are launched.

Given JLR's high reported free cash flow in fiscal 2013, S&P
estimates that its adjusted funds from operations (FFO)-to-debt
ratio for JLR at fiscal yearend is about 130%, not far from the
previous-year level.  The company has announced new increases in
investments, however.  S&P believes the investments will total
about GBP2.8 billion in the current year and could rise further
subsequently, which will likely push JLR's free cash flow
generation into negative territory both this fiscal year and the
following one.  S&P consequently expects weakening credit metrics
in the next two years, but FFO to debt should stay above 30%-35%,
which is the minimum target for the current rating.

"We apply our parent-subsidiary criteria to the ratings on JLR,
based on its full ownership by Tata Motors.  JLR is large in the
group, having generated about 66% of Tata Motors' consolidated
revenues and 70% of its consolidated EBITDA in fiscal 2013.  We
rate JLR and Tata Motors are now at the same level after the
upgrade.  Consequently, any potential future rating upgrade of
JLR can only occur if we also upgrade Tata Motors.  Still, we
acknowledge that JLR's credit quality could improve over the next
two years, based on our forecasts," S&P said.

"The stable outlook reflects that on JLR's parent company, Tata
Motors, and our opinion that JLR will maintain credit metrics
well in line with our guidelines for the current rating.  We also
factor in our view that the company's profitability will
deteriorate only slightly owing to the cost related to the
significant expected expansion in products and sales in the next
years.  We believe that the company's FFO to debt will be higher
than the 30%-35% target for the current rating in fiscal 2014,
but we expect significant cash burn of about EUR400 million
before dividends.  According to our base-case scenario, sales
will continue to grow, exceeding 10% in fiscal 2014; supported by
the positive product momentum and the favorable trend in demand
for premium cars," S&P added.

S&P could take a negative rating action if JLR's reported EBITDA
falls due to lack of interest for its new products and this
weakness appears to S&P to not to be temporary and triggers a
cash burn significantly higher than what is assumed in the base
case scenario that weakens the ratios below the targets.

S&P could upgrade JLR if we upgrade Tata Motors and if JLR
successfully launches new models, and maintains the reported
EBITDA margin at least at 15% and FFO to debt at about 40%.

KITSONS ENVIRONMENTAL: Bought Out Of Administration
Tom Keighley at Bdaily reports that Kitsons Environmental Europe
Limited has been acquired by South Yorkshire-based Euro
Dismantling Services Ltd (EDS).

Warrington-headquartered Kitsons entered into administration this
month and parent company Silverdell Plc has now bought the
business back through its subsidiary, EDS, according to Bdaily.

The report notes that the deal has been capped at GBP8 million
following the completion of a valuation of the Kitsons business.

Bdaily discloses that Kitsons will now operate as a separate
division of EDS and all staff will transfer.

The firm also has a base on Teesside.

PREMIER WASTE: In Liquidation; Owes GBP19 Million to Creditors
Joe Willis at The Northern Echo reports that Premier Waste
Management has gone into liquidation with debts of GBP19 million.

Furious small business owners have accused Durham County Council
and Darlington Borough Council of allowing Premier Waste
Management to continue trading when they knew it was insolvent,
the Northern Echo discloses.

The company, which is majority owned by Durham Council with the
Darlington authority holding a smaller share, has about 150
creditors, with the biggest being the staff pension fund which
has been left with a GBP12.5 million black hole, the Northern
Echo discloses.

The scheme is now likely to be passed to the Pension Protection
Fund, which would issue compensation to members -- although
potentially not 100% of what is due to former employees, the
Northern Echo notes.

The company entered a Company Voluntary Agreement (CVA) in
February after Durham County Council handed the contract for
domestic waste collection in the county to a rival company, the
Northern Echo recounts.  The company stopped trading at the end
of May and joint liquidators from KPMG were brought in earlier
this month, the Northern Echo relates.  About 50 staff
transferred to the new contractor, however 11 were made redundant
ahead of the liquidators' arrival, the Northern Echo discloses.

KPMG's Mark Firmin and Howard Smith were appointed joint
liquidators of Premier Waste Management and its parent company
Durham County Waste Management Company (DCWM) on July 1, the
Northern Echo relates.

Independent Durham county councilor John Shuttleworth is also
furious with the way the authorities have handled the company,
the Northern Echo discloses.

According to the Northern Echo, Don McLure, Durham County Council
corporate director of resources, denies any rules have been

Mr. McLure, as cited by the Northern Echo, said "Premier Waste
Ltd. has been trading through a regulated Company Voluntary
Arrangement since February 2013 under which all creditors have
been paid in full between then and May 31, 2013 when the company
ceased trading.

"The company is now in the process of voluntary liquidation and
the outstanding creditors will have made a claim through KPMG who
is the liquidator.

"There has been no wrongful trading and county council officers
on the board of the company are subject to the same legal duties
and responsibilities as all other directors."

Premier Waste Management is a waste company based at Aykley
Heads, in Durham City.


* New Pension Trends Credit Positive for European Insurers
Sovereign states and private employers across Europe are
increasingly stepping back from providing for individuals in
their retirement, says Moody's Investors Service in a new Special
Comment entitled "European Pensions: Opportunity for Life
Insurers, But Macro Challenges Will Suppress Demand."

This increases the onus on individuals to provide for themselves
and look for ways to supplement their retirement income, creating
an opportunity for life insurers to fill the pensions gap.

Moody's says that the long-term growth opportunities arising from
the shift in pension provision will be credit positive for life
insurers. However, whilst macro pressures across Europe will
provide near-term constraints to such growth, competition from
banks and asset managers will provide longer-term constraints.

Moody's believes that the shift towards increasing the onus on
individuals to provide for themselves in their retirement years
creates significant opportunities for life insurers (as well as
banks and asset managers) to make up the shortfall between the
retirement expectations of the individual and the reality of
their retirement provision.

Moody's also says that pensions products sold by life insurers
continue to benefit from tax advantages in many European
jurisdictions. If these tax advantages continue, Moody's expects
life insurers to be well placed to take advantage of these
shifts, relative to other types of financial institution.

However, demand for life insurance and pensions across Europe is
likely to remain pressurized in the near-term, given the macro
economic challenges with many households' discretionary spending
under pressure. At the same time, Moody's believes that life
insurers face two main challenges in obtaining this business: (1)
encouraging consumers to act; and (2) defending against the
challenge of asset managers and banks, particularly in those
markets where tax incentives for pension products have been
removed or reduced. In addition, insurers providing annuities are
exposed to longevity risk in the event of their policyholders
living longer than expected when pricing the annuity at

* BOND PRICING: For the Week July 22 to July 26, 2013

Issuer                  Coupon    Maturity  Currency     Price
------                  ------    --------  --------     -----

A-TEC INDUSTRIES          8.750  10/27/2014      EUR      27.75
A-TEC INDUSTRIES          2.750   5/10/2014      EUR      29.13
IMMOFINANZ                4.250    3/8/2018      EUR       4.29
RAIFF CENTROBANK          8.907   7/24/2013      EUR      58.30
RAIFF CENTROBANK          8.588   1/23/2013      EUR      73.37
RAIFF CENTROBANK          7.965   1/23/2013      EUR      55.53
RAIFF CENTROBANK          7.873   1/23/2013      EUR      66.96
RAIFF CENTROBANK          7.646   1/23/2013      EUR      45.43
RAIFF CENTROBANK          5.097   1/23/2013      EUR      58.24
RAIFF CENTROBANK          8.417   1/22/2014      EUR      67.62
RAIFF CENTROBANK          7.122   1/22/2014      EUR      66.49
RAIFF CENTROBANK         11.134   7/24/2013      EUR      66.13
RAIFF CENTROBANK          9.200   7/24/2013      EUR      56.71
RAIFF CENTROBANK          9.304   1/23/2013      EUR      62.19
RAIFF CENTROBANK          9.876   1/23/2013      EUR      60.11
RAIFF CENTROBANK          9.558   1/23/2013      EUR      67.69
RAIFF CENTROBANK          8.920   1/23/2013      EUR      52.62

ECONOCOM GROUP            4.000    6/1/2016      EUR      22.94
TALVIVAARA                4.000  12/16/2015      EUR      72.61

AIR FRANCE-KLM            4.970    4/1/2015      EUR      12.38
ALCATEL-LUCENT            5.000    1/1/2015      EUR       2.62
ALTRAN TECHNOLOG          6.720    1/1/2015      EUR       5.62
ASSYSTEM                  4.000    1/1/2017      EUR      23.27
ATOS ORIGIN SA            2.500    1/1/2016      EUR      58.17
CAP GEMINI SOGET          3.500    1/1/2014      EUR      38.69
CGG VERITAS               1.750    1/1/2016      EUR      31.64
CLUB MEDITERRANE          6.110   11/1/2015      EUR      17.80
EURAZEO                   6.250   6/10/2014      EUR      55.33
FAURECIA                  3.250    1/1/2018      EUR      17.91
FAURECIA                  4.500    1/1/2015      EUR      19.45
INGENICO                  2.750    1/1/2017      EUR      48.14
MAUREL ET PROM            7.125   7/31/2015      EUR      17.13
MAUREL ET PROM            7.125   7/31/2014      EUR      18.15
NEXANS SA                 2.500    1/1/2019      EUR      66.69
NEXANS SA                 4.000    1/1/2016      EUR      56.09
ORPEA                     3.875    1/1/2016      EUR      47.89
PEUGEOT SA                4.450    1/1/2016      EUR      23.56
PIERRE VACANCES           4.000   10/1/2015      EUR      73.63
PUBLICIS GROUPE           1.000   1/18/2018      EUR      54.06
SOC AIR FRANCE            2.750    4/1/2020      EUR      21.24
SOITEC                    6.250    9/9/2014      EUR       7.25
TEM                       4.250    1/1/2015      EUR      54.36

BNP EMIS-U.HANDE          9.750  12/28/2012      EUR      58.32
BNP EMIS-U.HANDE         10.500  12/28/2012      EUR      47.62
BNP EMIS-U.HANDE          9.500  12/31/2012      EUR      64.67
BNP EMIS-U.HANDE          7.750  12/31/2012      EUR      49.92
COMMERZBANK AG            6.000  12/27/2012      EUR      73.49
COMMERZBANK AG            7.000  12/27/2012      EUR      60.71
COMMERZBANK AG           13.000  12/28/2012      EUR      47.48
COMMERZBANK AG           16.750    1/3/2013      EUR      73.77
COMMERZBANK AG            8.400  12/30/2013      EUR      13.74
COMMERZBANK AG            8.000  12/27/2012      EUR      43.32
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.20
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      64.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      67.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.90
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      71.60
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      74.20
DEUTSCHE BANK AG         12.000   2/28/2013      EUR      75.00
DEUTSCHE BANK AG         11.000    4/2/2013      EUR      73.80
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      69.50
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      72.10
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      70.30
DEUTSCHE BANK AG         15.000   2/20/2013      EUR      68.00
DEUTSCHE BANK AG         11.000   1/18/2013      EUR      73.10
DEUTSCHE BANK AG         15.000  12/20/2012      EUR      62.10
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      66.50
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      41.90
DEUTSCHE BANK AG         12.000  12/20/2012      EUR      68.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      74.90
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      72.10
DEUTSCHE BANK AG         10.000  12/20/2012      EUR      63.00
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      62.90
DEUTSCHE BANK AG          9.000  12/20/2012      EUR      73.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      61.20
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      70.40
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      69.50
DEUTSCHE BANK AG          8.000  12/20/2012      EUR      38.60
DEUTSCHE BANK AG          7.000  12/20/2012      EUR      69.40
DEUTSCHE BANK AG         12.000  11/29/2012      EUR      65.20
DEUTSCHE BANK AG          9.000  11/29/2012      EUR      67.10
DEUTSCHE BANK AG          6.500   6/28/2013      EUR      53.50
DEUTSCHE BANK AG         12.000    4/2/2013      EUR      74.50
DEUTSCHE BANK AG          8.000  11/29/2012      EUR      71.50
DZ BANK AG               15.500  10/25/2013      EUR      71.05
DZ BANK AG               15.750   9/27/2013      EUR      74.86
DZ BANK AG               15.750   7/26/2013      EUR      71.21
DZ BANK AG               15.000   7/26/2013      EUR      75.00
DZ BANK AG                6.000   7/26/2013      EUR      69.50
DZ BANK AG               22.000   6/28/2013      EUR      73.36
DZ BANK AG               18.000   6/28/2013      EUR      69.28
DZ BANK AG               14.000   6/28/2013      EUR      73.43
DZ BANK AG                6.500   6/28/2013      EUR      67.14
DZ BANK AG                6.000   6/28/2013      EUR      65.07
DZ BANK AG               19.500   4/26/2013      EUR      61.83
DZ BANK AG               18.500   4/26/2013      EUR      57.11
DZ BANK AG               17.000   4/26/2013      EUR      15.42
DZ BANK AG               16.500   4/26/2013      EUR      59.63
DZ BANK AG               15.750   4/26/2013      EUR      43.33
DZ BANK AG               14.500   4/26/2013      EUR      56.77
DZ BANK AG               20.000   3/22/2013      EUR      70.81
DZ BANK AG               18.500   3/22/2013      EUR      74.74
DZ BANK AG               13.000   3/22/2013      EUR      74.16
DZ BANK AG               13.000   3/22/2013      EUR      73.95
DZ BANK AG               12.500   3/22/2013      EUR      72.97
DZ BANK AG               12.250   3/22/2013      EUR      74.07
DZ BANK AG               13.750    3/8/2013      EUR      54.29
DZ BANK AG               10.000    3/8/2013      EUR      68.17
DZ BANK AG                9.750    3/8/2013      EUR      73.96
DZ BANK AG               15.000   2/22/2013      EUR      74.66
DZ BANK AG               10.000  11/23/2012      EUR      72.63
DZ BANK AG               18.000   1/25/2013      EUR      61.25
DZ BANK AG               19.000   1/25/2013      EUR      44.10
DZ BANK AG               10.250    2/8/2013      EUR      71.38
DZ BANK AG               10.250    2/8/2013      EUR      71.88
DZ BANK AG               15.000   2/22/2013      EUR      70.66
DZ BANK AG               15.000   2/22/2013      EUR      71.94
DZ BANK AG               15.000   2/22/2013      EUR      69.43
DZ BANK AG               15.000   2/22/2013      EUR      73.27
DZ BANK AG               15.000   2/22/2013      EUR      68.24
DZ BANK AG               15.000   2/22/2013      EUR      67.09
DZ BANK AG               11.500  11/23/2012      EUR      74.94
DZ BANK AG               16.750  11/23/2012      EUR      63.46
DZ BANK AG               20.000  11/23/2012      EUR      41.34
DZ BANK AG                5.000  12/14/2012      EUR      69.68
DZ BANK AG                9.750  12/14/2012      EUR      66.05
DZ BANK AG                6.000    1/2/2013      EUR      74.23
DZ BANK AG                9.500    1/2/2013      EUR      71.10
DZ BANK AG               12.000    1/2/2013      EUR      65.09
DZ BANK AG               16.250    1/2/2013      EUR      68.65
DZ BANK AG               10.500   1/11/2013      EUR      66.00
DZ BANK AG               14.000   1/11/2013      EUR      48.04
DZ BANK AG               15.500   1/11/2013      EUR      53.41
DZ BANK AG               12.500   1/25/2013      EUR      50.73
GOLDMAN SACHS CO         13.000   3/20/2013      EUR      74.90
GOLDMAN SACHS CO         17.000   3/20/2013      EUR      73.30
GOLDMAN SACHS CO         16.000   6/26/2013      EUR      74.30
GOLDMAN SACHS CO         18.000   3/20/2013      EUR      69.10
GOLDMAN SACHS CO         14.000  12/28/2012      EUR      72.60
GOLDMAN SACHS CO         15.000  12/28/2012      EUR      71.70
GOLDMAN SACHS CO         13.000  12/27/2013      EUR      72.70
HSBC TRINKAUS            25.500   6/28/2013      EUR      57.61
HSBC TRINKAUS            30.000   6/28/2013      EUR      46.90
HSBC TRINKAUS            26.000   6/28/2013      EUR      48.63
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.76
HSBC TRINKAUS             7.500   3/22/2013      EUR      74.06
HSBC TRINKAUS             8.000   3/22/2013      EUR      67.07
HSBC TRINKAUS             8.500   3/22/2013      EUR      67.98
HSBC TRINKAUS            10.500   3/22/2013      EUR      72.84
HSBC TRINKAUS            10.500   3/22/2013      EUR      62.42
HSBC TRINKAUS            10.500   3/22/2013      EUR      45.38
HSBC TRINKAUS            10.500   3/22/2013      EUR      65.52
HSBC TRINKAUS            12.000   3/22/2013      EUR      72.94
HSBC TRINKAUS            13.000   3/22/2013      EUR      60.74
HSBC TRINKAUS            13.500   3/22/2013      EUR      60.07
HSBC TRINKAUS            13.500   3/22/2013      EUR      61.08
HSBC TRINKAUS            14.000   3/22/2013      EUR      74.53
HSBC TRINKAUS            14.000   3/22/2013      EUR      61.21
HSBC TRINKAUS            15.000   3/22/2013      EUR      71.40
HSBC TRINKAUS            15.500   3/22/2013      EUR      41.52
HSBC TRINKAUS            16.000   3/22/2013      EUR      72.28
HSBC TRINKAUS            16.000   3/22/2013      EUR      67.45
HSBC TRINKAUS            16.500   3/22/2013      EUR      74.88
HSBC TRINKAUS            17.500   3/22/2013      EUR      58.58
HSBC TRINKAUS            17.500   3/22/2013      EUR      65.46
HSBC TRINKAUS            17.500   3/22/2013      EUR      56.90
HSBC TRINKAUS            18.000   3/22/2013      EUR      74.29
HSBC TRINKAUS            18.000   3/22/2013      EUR      69.93
HSBC TRINKAUS            18.000   3/22/2013      EUR      66.09
HSBC TRINKAUS            18.500   3/22/2013      EUR      55.92
HSBC TRINKAUS            18.500   3/22/2013      EUR      73.85
HSBC TRINKAUS            18.500   3/22/2013      EUR      69.38
HSBC TRINKAUS            18.500   3/22/2013      EUR      39.60
HSBC TRINKAUS            19.000   3/22/2013      EUR      55.12
HSBC TRINKAUS            19.500   3/22/2013      EUR      71.17
HSBC TRINKAUS            19.500   3/22/2013      EUR      67.58
HSBC TRINKAUS            20.000   3/22/2013      EUR      72.33
HSBC TRINKAUS            20.500   3/22/2013      EUR      56.78
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.74
HSBC TRINKAUS            21.000   3/22/2013      EUR      54.43
HSBC TRINKAUS            21.000   3/22/2013      EUR      70.19
HSBC TRINKAUS            22.000   3/22/2013      EUR      38.33
HSBC TRINKAUS            22.000   3/22/2013      EUR      54.00
HSBC TRINKAUS            22.500   3/22/2013      EUR      67.68
HSBC TRINKAUS            23.000   3/22/2013      EUR      52.08
HSBC TRINKAUS            23.500   3/22/2013      EUR      65.24
HSBC TRINKAUS            24.000   3/22/2013      EUR      61.96
HSBC TRINKAUS            24.000   3/22/2013      EUR      67.46
HSBC TRINKAUS            24.000   3/22/2013      EUR      73.10
HSBC TRINKAUS            26.500   3/22/2013      EUR      61.24
HSBC TRINKAUS            27.000   3/22/2013      EUR      53.26
HSBC TRINKAUS            27.500   3/22/2013      EUR      43.48
HSBC TRINKAUS             6.000   6/28/2013      EUR      74.16
HSBC TRINKAUS             6.500   6/28/2013      EUR      68.24
HSBC TRINKAUS             7.000   6/28/2013      EUR      73.22
HSBC TRINKAUS             8.000   6/28/2013      EUR      49.20
HSBC TRINKAUS             8.000   6/28/2013      EUR      72.27
HSBC TRINKAUS             8.500   6/28/2013      EUR      69.16
HSBC TRINKAUS            10.000   6/28/2013      EUR      73.12
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.56
HSBC TRINKAUS            10.000   6/28/2013      EUR      67.11
HSBC TRINKAUS            10.500   6/28/2013      EUR      46.20
HSBC TRINKAUS            11.000   6/28/2013      EUR      63.23
HSBC TRINKAUS            12.500   6/28/2013      EUR      63.33
HSBC TRINKAUS            13.500   6/28/2013      EUR      61.67
HSBC TRINKAUS            14.000   6/28/2013      EUR      70.50
HSBC TRINKAUS            14.000   6/28/2013      EUR      43.06
HSBC TRINKAUS            14.000   6/28/2013      EUR      61.82
HSBC TRINKAUS            15.500   6/28/2013      EUR      67.79
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.22
HSBC TRINKAUS            16.500   6/28/2013      EUR      41.80
HSBC TRINKAUS            16.500   6/28/2013      EUR      71.08
HSBC TRINKAUS            16.500   6/28/2013      EUR      59.77
HSBC TRINKAUS            16.500   6/28/2013      EUR      67.72
HSBC TRINKAUS            17.000   6/28/2013      EUR      57.46
HSBC TRINKAUS            17.500   6/28/2013      EUR      74.75
HSBC TRINKAUS            17.500   6/28/2013      EUR      71.43
HSBC TRINKAUS            18.000   6/28/2013      EUR      70.95
HSBC TRINKAUS            18.500   6/28/2013      EUR      73.14
HSBC TRINKAUS            18.500   6/28/2013      EUR      57.51
HSBC TRINKAUS            19.000   6/28/2013      EUR      40.97
HSBC TRINKAUS            19.000   6/28/2013      EUR      74.92
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.78
HSBC TRINKAUS            19.500   6/28/2013      EUR      59.74
HSBC TRINKAUS            19.500   6/28/2013      EUR      56.67
HSBC TRINKAUS            19.500   6/28/2013      EUR      71.65
HSBC TRINKAUS            21.000   6/28/2013      EUR      54.87
HSBC TRINKAUS            21.000   6/28/2013      EUR      64.56
HSBC TRINKAUS            21.500   6/28/2013      EUR      68.02
HSBC TRINKAUS            22.500   6/28/2013      EUR      60.02
HSBC TRINKAUS            23.500   6/28/2013      EUR      64.88
LANDESBK BERLIN           5.500  12/23/2013      EUR      72.60
LB BADEN-WUERTT           9.000   7/26/2013      EUR      74.42
LB BADEN-WUERTT           6.000   8/23/2013      EUR      74.40
LB BADEN-WUERTT           7.000   8/23/2013      EUR      72.18
LB BADEN-WUERTT           9.000   8/23/2013      EUR      69.10
LB BADEN-WUERTT          10.000   8/23/2013      EUR      73.11
LB BADEN-WUERTT          10.000   8/23/2013      EUR      71.91
LB BADEN-WUERTT          12.000   8/23/2013      EUR      68.83
LB BADEN-WUERTT          12.000   8/23/2013      EUR      69.40
LB BADEN-WUERTT           7.000   9/27/2013      EUR      74.38
LB BADEN-WUERTT           9.000   9/27/2013      EUR      71.33
LB BADEN-WUERTT          11.000   6/28/2013      EUR      67.25
LB BADEN-WUERTT          11.000   9/27/2013      EUR      70.06
LB BADEN-WUERTT           7.000   6/28/2013      EUR      73.23
LB BADEN-WUERTT           7.500   6/28/2013      EUR      67.52
LB BADEN-WUERTT           7.500   6/28/2013      EUR      72.98
LB BADEN-WUERTT           7.500   6/28/2013      EUR      73.55
LB BADEN-WUERTT           9.000   6/28/2013      EUR      69.23
LB BADEN-WUERTT          10.000   6/28/2013      EUR      71.99
LB BADEN-WUERTT          10.000   6/28/2013      EUR      68.21
LB BADEN-WUERTT          10.000   6/28/2013      EUR      65.70
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.15
LB BADEN-WUERTT           5.000  11/23/2012      EUR      18.44
LB BADEN-WUERTT           5.000  11/23/2012      EUR      49.68
LB BADEN-WUERTT           5.000  11/23/2012      EUR      70.65
LB BADEN-WUERTT           5.000  11/23/2012      EUR      71.98
LB BADEN-WUERTT           7.500  11/23/2012      EUR      73.69
LB BADEN-WUERTT           7.500  11/23/2012      EUR      41.51
LB BADEN-WUERTT           7.500  11/23/2012      EUR      67.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      42.64
LB BADEN-WUERTT           7.500  11/23/2012      EUR      64.20
LB BADEN-WUERTT           7.500  11/23/2012      EUR      15.76
LB BADEN-WUERTT           7.500  11/23/2012      EUR      61.12
LB BADEN-WUERTT           7.500  11/23/2012      EUR      63.31
LB BADEN-WUERTT          10.000  11/23/2012      EUR      36.96
LB BADEN-WUERTT          10.000  11/23/2012      EUR      14.49
LB BADEN-WUERTT          10.000  11/23/2012      EUR      58.79
LB BADEN-WUERTT          10.000  11/23/2012      EUR      55.36
LB BADEN-WUERTT          10.000  11/23/2012      EUR      71.19
LB BADEN-WUERTT          10.000  11/23/2012      EUR      69.90
LB BADEN-WUERTT          10.000  11/23/2012      EUR      67.15
LB BADEN-WUERTT          10.000  11/23/2012      EUR      38.06
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.82
LB BADEN-WUERTT          10.000  11/23/2012      EUR      70.92
LB BADEN-WUERTT          10.000  11/23/2012      EUR      74.57
LB BADEN-WUERTT          10.000  11/23/2012      EUR      56.18
LB BADEN-WUERTT          15.000  11/23/2012      EUR      46.61
LB BADEN-WUERTT           5.000    1/4/2013      EUR      51.63
LB BADEN-WUERTT           5.000    1/4/2013      EUR      38.27
LB BADEN-WUERTT           5.000    1/4/2013      EUR      67.54
LB BADEN-WUERTT           5.000    1/4/2013      EUR      18.70
LB BADEN-WUERTT           5.000    1/4/2013      EUR      57.92
LB BADEN-WUERTT           5.000    1/4/2013      EUR      63.31
LB BADEN-WUERTT           7.500    1/4/2013      EUR      54.39
LB BADEN-WUERTT           7.500    1/4/2013      EUR      65.07
LB BADEN-WUERTT           7.500    1/4/2013      EUR      51.99
LB BADEN-WUERTT           7.500    1/4/2013      EUR      32.90
LB BADEN-WUERTT           7.500    1/4/2013      EUR      58.58
LB BADEN-WUERTT           7.500    1/4/2013      EUR      72.77
LB BADEN-WUERTT           7.500    1/4/2013      EUR      16.46
LB BADEN-WUERTT           7.500    1/4/2013      EUR      59.10
LB BADEN-WUERTT           7.500    1/4/2013      EUR      67.25
LB BADEN-WUERTT          10.000    1/4/2013      EUR      66.61
LB BADEN-WUERTT          10.000    1/4/2013      EUR      30.35
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.62
LB BADEN-WUERTT          10.000    1/4/2013      EUR      70.66
LB BADEN-WUERTT          10.000    1/4/2013      EUR      15.06
LB BADEN-WUERTT          10.000    1/4/2013      EUR      52.34
LB BADEN-WUERTT          10.000    1/4/2013      EUR      60.85
LB BADEN-WUERTT          10.000    1/4/2013      EUR      49.73
LB BADEN-WUERTT          10.000    1/4/2013      EUR      61.11
LB BADEN-WUERTT          10.000    1/4/2013      EUR      58.93
LB BADEN-WUERTT           5.000   1/25/2013      EUR      74.47
LB BADEN-WUERTT           5.000   1/25/2013      EUR      72.12
LB BADEN-WUERTT           5.000   1/25/2013      EUR      25.04
LB BADEN-WUERTT           7.500   1/25/2013      EUR      22.14
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.50
LB BADEN-WUERTT           7.500   1/25/2013      EUR      61.75
LB BADEN-WUERTT           7.500   1/25/2013      EUR      67.92
LB BADEN-WUERTT           7.500   1/25/2013      EUR      65.65
LB BADEN-WUERTT          10.000   1/25/2013      EUR      73.79
LB BADEN-WUERTT          10.000   1/25/2013      EUR      57.74
LB BADEN-WUERTT          10.000   1/25/2013      EUR      70.62
LB BADEN-WUERTT          10.000   1/25/2013      EUR      61.42
LB BADEN-WUERTT          10.000   1/25/2013      EUR      55.00
LB BADEN-WUERTT          10.000   1/25/2013      EUR      62.58
LB BADEN-WUERTT          10.000   1/25/2013      EUR      72.60
LB BADEN-WUERTT          10.000   1/25/2013      EUR      20.18
LB BADEN-WUERTT          10.000   1/25/2013      EUR      74.43
LB BADEN-WUERTT           5.000   2/22/2013      EUR      72.06
LB BADEN-WUERTT           7.500   2/22/2013      EUR      62.21
LB BADEN-WUERTT          10.000   2/22/2013      EUR      55.52
LB BADEN-WUERTT          15.000   2/22/2013      EUR      47.17
LB BADEN-WUERTT           8.000   3/22/2013      EUR      68.03
LB BADEN-WUERTT          10.000   3/22/2013      EUR      65.16
LB BADEN-WUERTT          12.000   3/22/2013      EUR      66.23
LB BADEN-WUERTT          15.000   3/22/2013      EUR      74.79
LB BADEN-WUERTT          15.000   3/22/2013      EUR      59.20
LB BADEN-WUERTT           5.000   6/28/2013      EUR      68.83
MACQUARIE STRUCT         13.250    1/2/2013      EUR      67.09
MACQUARIE STRUCT         18.000  12/14/2012      EUR      63.38
Q-CELLS                   6.750  10/21/2015      EUR       1.08
QIMONDA FINANCE           6.750   3/22/2013      USD       4.50
SOLON AG SOLAR            1.375   12/6/2012      EUR       0.58
TAG IMMO AG               6.500  12/10/2015      EUR       9.73
TUI AG                    2.750   3/24/2016      EUR      56.50
VONTOBEL FIN PRO         11.150   3/22/2013      EUR      68.40
VONTOBEL FIN PRO         11.850   3/22/2013      EUR      55.54
VONTOBEL FIN PRO         12.000   3/22/2013      EUR      65.10
VONTOBEL FIN PRO         12.050   3/22/2013      EUR      62.30
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      43.92
VONTOBEL FIN PRO         12.200   3/22/2013      EUR      70.66
VONTOBEL FIN PRO         12.700   3/22/2013      EUR      71.00
VONTOBEL FIN PRO         13.700   3/22/2013      EUR      42.16
VONTOBEL FIN PRO         14.000   3/22/2013      EUR      63.30
VONTOBEL FIN PRO         14.500   3/22/2013      EUR      50.88
VONTOBEL FIN PRO         15.250   3/22/2013      EUR      40.58
VONTOBEL FIN PRO         16.850   3/22/2013      EUR      39.28
VONTOBEL FIN PRO         17.450  12/31/2012      EUR      56.96
VONTOBEL FIN PRO         17.100  12/31/2012      EUR      50.44
VONTOBEL FIN PRO         17.050  12/31/2012      EUR      54.28
VONTOBEL FIN PRO         16.950  12/31/2012      EUR      56.32
VONTOBEL FIN PRO         16.850  12/31/2012      EUR      60.40
VONTOBEL FIN PRO         16.700  12/31/2012      EUR      71.48
VONTOBEL FIN PRO         16.550  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         16.450  12/31/2012      EUR      73.60
VONTOBEL FIN PRO         16.350  12/31/2012      EUR      57.44
VONTOBEL FIN PRO         16.150  12/31/2012      EUR      63.18
VONTOBEL FIN PRO         16.100  12/31/2012      EUR      71.56
VONTOBEL FIN PRO         16.050  12/31/2012      EUR      72.06
VONTOBEL FIN PRO         15.900  12/31/2012      EUR      73.46
VONTOBEL FIN PRO         15.750  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         15.250  12/31/2012      EUR      57.52
VONTOBEL FIN PRO         14.950  12/31/2012      EUR      74.14
VONTOBEL FIN PRO         14.700  12/31/2012      EUR      73.84
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      72.78
VONTOBEL FIN PRO         14.600  12/31/2012      EUR      53.42
VONTOBEL FIN PRO         14.550  12/31/2012      EUR      73.38
VONTOBEL FIN PRO         14.500  12/31/2012      EUR      63.86
VONTOBEL FIN PRO         14.450  12/31/2012      EUR      53.02
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      70.94
VONTOBEL FIN PRO         14.350  12/31/2012      EUR      71.90
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      71.30
VONTOBEL FIN PRO         14.300  12/31/2012      EUR      48.14
VONTOBEL FIN PRO         14.100  12/31/2012      EUR      74.06
VONTOBEL FIN PRO         14.000  12/31/2012      EUR      70.76
VONTOBEL FIN PRO         13.600  12/31/2012      EUR      72.66
VONTOBEL FIN PRO         13.550  12/31/2012      EUR      57.82
VONTOBEL FIN PRO         13.500  12/31/2012      EUR      61.24
VONTOBEL FIN PRO         13.150  12/31/2012      EUR      70.92
VONTOBEL FIN PRO         13.050  12/31/2012      EUR      67.64
VONTOBEL FIN PRO         12.900  12/31/2012      EUR      50.58
VONTOBEL FIN PRO         12.800  12/31/2012      EUR      46.66
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      56.42
VONTOBEL FIN PRO         12.650  12/31/2012      EUR      73.70
VONTOBEL FIN PRO         12.550  12/31/2012      EUR      73.98
VONTOBEL FIN PRO         12.250  12/31/2012      EUR      68.20
VONTOBEL FIN PRO         12.000  12/31/2012      EUR      61.78
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      72.42
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      56.12
VONTOBEL FIN PRO         11.950  12/31/2012      EUR      49.92
VONTOBEL FIN PRO         11.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO         11.850  12/31/2012      EUR      68.54
VONTOBEL FIN PRO         11.750  12/31/2012      EUR      55.44
VONTOBEL FIN PRO         11.700  12/31/2012      EUR      61.98
VONTOBEL FIN PRO         11.600  12/31/2012      EUR      74.12
VONTOBEL FIN PRO         11.450  12/31/2012      EUR      54.80
VONTOBEL FIN PRO         11.400  12/31/2012      EUR      58.20
VONTOBEL FIN PRO         11.150  12/31/2012      EUR      72.30
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.90
VONTOBEL FIN PRO         11.000  12/31/2012      EUR      70.64
VONTOBEL FIN PRO         10.900  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.50
VONTOBEL FIN PRO         10.550  12/31/2012      EUR      58.28
VONTOBEL FIN PRO         10.500  12/31/2012      EUR      41.50
VONTOBEL FIN PRO         10.050  12/31/2012      EUR      63.46
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      52.92
VONTOBEL FIN PRO          9.950  12/31/2012      EUR      61.94
VONTOBEL FIN PRO          9.900  12/31/2012      EUR      72.76
VONTOBEL FIN PRO          9.650  12/31/2012      EUR      70.46
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      72.14
VONTOBEL FIN PRO          9.600  12/31/2012      EUR      71.92
VONTOBEL FIN PRO          9.500  12/31/2012      EUR      59.22
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      73.08
VONTOBEL FIN PRO          9.400  12/31/2012      EUR      54.40
VONTOBEL FIN PRO          9.350  12/31/2012      EUR      72.40
VONTOBEL FIN PRO          9.250  12/31/2012      EUR      41.18
VONTOBEL FIN PRO          9.150  12/31/2012      EUR      73.58
VONTOBEL FIN PRO          9.050  12/31/2012      EUR      73.74
VONTOBEL FIN PRO          8.650  12/31/2012      EUR      66.36
VONTOBEL FIN PRO         18.500   3/22/2013      EUR      38.32
VONTOBEL FIN PRO         20.900   3/22/2013      EUR      72.12
VONTOBEL FIN PRO         21.750   3/22/2013      EUR      73.52
VONTOBEL FIN PRO          8.200  12/31/2012      EUR      65.04
VONTOBEL FIN PRO          7.950  12/31/2012      EUR      52.66
VONTOBEL FIN PRO         19.700  12/31/2012      EUR      62.56
VONTOBEL FIN PRO         23.600   3/22/2013      EUR      70.72
VONTOBEL FIN PRO          4.000   6/28/2013      EUR      44.06
VONTOBEL FIN PRO          6.000   6/28/2013      EUR      63.20
VONTOBEL FIN PRO          8.000   6/28/2013      EUR      71.76
VONTOBEL FIN PRO          7.700  12/31/2012      EUR      67.42
VONTOBEL FIN PRO          7.400  12/31/2012      EUR      55.46
VONTOBEL FIN PRO          9.550   6/28/2013      EUR      74.90
VONTOBEL FIN PRO          7.250  12/31/2012      EUR      53.62
VONTOBEL FIN PRO         13.050   6/28/2013      EUR      72.48
VONTOBEL FIN PRO          7.389  11/25/2013      EUR      44.60
VONTOBEL FIN PRO          5.100   4/14/2014      EUR      32.80
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      72.38
VONTOBEL FIN PRO         18.200  12/31/2012      EUR      73.86
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      50.70
VONTOBEL FIN PRO         18.850  12/31/2012      EUR      63.10
VONTOBEL FIN PRO         18.900  12/31/2012      EUR      51.46
VONTOBEL FIN PRO         18.950  12/31/2012      EUR      68.80
VONTOBEL FIN PRO         19.300  12/31/2012      EUR      66.04
VONTOBEL FIN PRO         20.000  12/31/2012      EUR      69.94
VONTOBEL FIN PRO         20.850  12/31/2012      EUR      72.94
VONTOBEL FIN PRO         21.150  12/31/2012      EUR      68.12
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      54.82
VONTOBEL FIN PRO         21.200  12/31/2012      EUR      74.18
VONTOBEL FIN PRO         22.250  12/31/2012      EUR      66.40
VONTOBEL FIN PRO         22.700  12/31/2012      EUR      66.06
VONTOBEL FIN PRO         24.700  12/31/2012      EUR      43.38
VONTOBEL FIN PRO         24.900  12/31/2012      EUR      51.50
VONTOBEL FIN PRO         26.050  12/31/2012      EUR      69.82
VONTOBEL FIN PRO         27.600  12/31/2012      EUR      40.62
VONTOBEL FIN PRO         28.250  12/31/2012      EUR      38.08
VONTOBEL FIN PRO         11.000    2/1/2013      EUR      55.10
VONTOBEL FIN PRO         13.650    3/1/2013      EUR      35.30
VONTOBEL FIN PRO         10.100    3/8/2013      EUR      74.60
VONTOBEL FIN PRO          5.650   3/22/2013      EUR      68.18
VONTOBEL FIN PRO          7.500   3/22/2013      EUR      73.88
VONTOBEL FIN PRO          8.550   3/22/2013      EUR      61.34
VONTOBEL FIN PRO          8.850   3/22/2013      EUR      73.64
VONTOBEL FIN PRO          9.200   3/22/2013      EUR      65.12
VONTOBEL FIN PRO          9.950   3/22/2013      EUR      70.06
VONTOBEL FIN PRO         10.150   3/22/2013      EUR      59.84
VONTOBEL FIN PRO         18.050  12/31/2012      EUR      64.74
VONTOBEL FIN PRO         17.650  12/31/2012      EUR      73.18
VONTOBEL FIN PRO         10.300   3/22/2013      EUR      70.72
VONTOBEL FIN PRO         10.350   3/22/2013      EUR      73.54
VONTOBEL FIN PRO         10.750   3/22/2013      EUR      46.30
WGZ BANK                  8.000  12/28/2012      EUR      59.08
WGZ BANK                  8.000  12/21/2012      EUR      66.08
WGZ BANK                  5.000  12/28/2012      EUR      73.18
WGZ BANK                  6.000  12/28/2012      EUR      67.75
WGZ BANK                  7.000  12/28/2012      EUR      63.10
WGZ BANK                  6.000  12/21/2012      EUR      74.00
WGZ BANK                  7.000  12/21/2012      EUR      68.47

BCV GUERNSEY              8.020    3/1/2013      EUR      56.54
BKB FINANCE              10.950   5/10/2013      CHF      62.57
BKB FINANCE              10.150   9/11/2013      CHF      73.89
BKB FINANCE              13.200   1/31/2013      CHF      50.08
BKB FINANCE               9.450    7/3/2013      CHF      68.52
BKB FINANCE              11.500   3/20/2013      CHF      59.30
BKB FINANCE               8.350   1/14/2013      CHF      54.15
EFG INTL FIN GUR         14.500  11/13/2012      EUR      73.04
EFG INTL FIN GUR         17.000  11/13/2012      EUR      64.12
EFG INTL FIN GUR         12.830  11/19/2012      CHF      70.07
EFG INTL FIN GUR          8.000  11/20/2012      CHF      62.03
EFG INTL FIN GUR          8.300  11/20/2012      CHF      64.99
EFG INTL FIN GUR         11.500  11/20/2012      EUR      55.05
EFG INTL FIN GUR         14.800  11/20/2012      EUR      65.84
EFG INTL FIN GUR          9.250  11/27/2012      CHF      68.70
EFG INTL FIN GUR         11.250  11/27/2012      CHF      64.89
EFG INTL FIN GUR         14.500  11/27/2012      CHF      31.64
EFG INTL FIN GUR         16.000  11/27/2012      EUR      59.21
EFG INTL FIN GUR          9.750   12/3/2012      CHF      72.96
EFG INTL FIN GUR         13.750   12/6/2012      CHF      35.12
EFG INTL FIN GUR          8.500  12/14/2012      CHF      58.17
EFG INTL FIN GUR         14.250  12/14/2012      EUR      66.29
EFG INTL FIN GUR         17.500  12/14/2012      EUR      62.97
EFG INTL FIN GUR          9.300  12/21/2012      CHF      64.50
EFG INTL FIN GUR         10.900  12/21/2012      CHF      64.73
EFG INTL FIN GUR         12.600  12/21/2012      CHF      64.81
EFG INTL FIN GUR          8.830  12/28/2012      USD      57.56
EFG INTL FIN GUR         10.000    1/9/2013      EUR      52.73
EFG INTL FIN GUR          9.000   1/15/2013      CHF      27.36
EFG INTL FIN GUR         10.250   1/15/2013      CHF      23.41
EFG INTL FIN GUR         11.250   1/15/2013      GBP      73.41
EFG INTL FIN GUR         12.500   1/15/2013      CHF      28.91
EFG INTL FIN GUR         13.000   1/15/2013      CHF      74.41
EFG INTL FIN GUR         16.500   1/18/2013      CHF      50.63
EFG INTL FIN GUR          5.800   1/23/2013      CHF      69.35
EFG INTL FIN GUR         19.050   2/20/2013      USD      74.67
EFG INTL FIN GUR         15.000    3/1/2013      CHF      71.34
EFG INTL FIN GUR         10.000    3/6/2013      USD      71.83
EFG INTL FIN GUR         12.250  12/27/2012      GBP      67.82
EFG INTL FIN GUR          8.000    4/2/2013      CHF      63.34
EFG INTL FIN GUR         16.000    4/4/2013      CHF      23.40
EFG INTL FIN GUR          7.530   4/16/2013      EUR      49.58
EFG INTL FIN GUR          7.000   4/19/2013      EUR      55.27
EFG INTL FIN GUR         12.000   4/26/2013      CHF      66.95
EFG INTL FIN GUR          9.500   4/30/2013      EUR      28.64
EFG INTL FIN GUR         14.200    6/7/2013      EUR      71.88
EFG INTL FIN GUR          6.500   8/27/2013      CHF      51.39
EFG INTL FIN GUR          8.400   9/30/2013      CHF      63.25
EFG INTL FIN GUR         19.000   10/3/2013      GBP      74.39
EFG INTL FIN GUR          8.160   4/25/2014      EUR      71.56
EFG INTL FIN GUR          5.850  10/14/2014      CHF      57.06
EFG INTL FIN GUR          6.000  11/12/2012      CHF      56.98
EFG INTL FIN GUR          6.000  11/12/2012      EUR      57.81
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         10.500  11/13/2012      CHF      65.60
EFG INTL FIN GUR         12.750  11/13/2012      CHF      22.70
EFG INTL FIN GUR         12.750  11/13/2012      CHF      71.49
EFG INTL FIN GUR         13.000  11/13/2012      CHF      22.91
EFG INTL FIN GUR         13.000  11/13/2012      CHF      74.82
EFG INTL FIN GUR         14.000  11/13/2012      USD      23.41
EFG INTL FIN GUR         10.750   3/19/2013      USD      71.27
ZURCHER KANT FIN          9.250   11/9/2012      CHF      62.81
ZURCHER KANT FIN          9.250   11/9/2012      CHF      54.03
ZURCHER KANT FIN         12.670  12/28/2012      CHF      70.24
ZURCHER KANT FIN         11.500   1/24/2013      CHF      59.11
ZURCHER KANT FIN         17.000   2/22/2013      EUR      59.39
ZURCHER KANT FIN         10.128    3/7/2013      CHF      64.97
ZURCHER KANT FIN         13.575   4/10/2013      CHF      74.72
ZURCHER KANT FIN          7.340   4/16/2013      CHF      70.68
ZURCHER KANT FIN         12.500    7/5/2013      CHF      70.56
ZURCHER KANT FIN         10.200   8/23/2013      CHF      67.39
ZURCHER KANT FIN          9.000   9/11/2013      CHF      69.23

KAUPTHING                 0.800   2/15/2011      EUR      26.50

ARCELORMITTAL             7.250    4/1/2014      EUR      21.66

BLT FINANCE BV           12.000   2/10/2015      USD      24.88
EM.TV FINANCE BV          5.250    5/8/2013      EUR       5.89
KPNQWEST NV              10.000   3/15/2012      EUR       0.13
LEHMAN BROS TSY           7.500   9/13/2009      CHF      22.63
LEHMAN BROS TSY           6.600   2/22/2012      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2012      EUR      22.63
LEHMAN BROS TSY           6.000   2/14/2012      EUR      22.63
LEHMAN BROS TSY           2.500  12/15/2011      GBP      22.63
LEHMAN BROS TSY          12.000    7/4/2011      EUR      22.63
LEHMAN BROS TSY          11.000    7/4/2011      CHF      22.63
LEHMAN BROS TSY          11.000    7/4/2011      USD      22.63
LEHMAN BROS TSY           4.000    1/4/2011      USD      22.63
LEHMAN BROS TSY           8.000  12/31/2010      USD      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY           9.300  12/21/2010      EUR      22.63
LEHMAN BROS TSY          14.900  11/16/2010      EUR      22.63
LEHMAN BROS TSY           4.000  10/12/2010      USD      22.63
LEHMAN BROS TSY          10.500    8/9/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           6.000   7/28/2010      EUR      22.63
LEHMAN BROS TSY           4.000   5/30/2010      USD      22.63
LEHMAN BROS TSY          11.750    3/1/2010      EUR      22.63
LEHMAN BROS TSY           7.000   2/15/2010      CHF      22.63
LEHMAN BROS TSY           1.750    2/7/2010      EUR      22.63
LEHMAN BROS TSY           8.800  12/27/2009      EUR      22.63
LEHMAN BROS TSY          16.800   8/21/2009      USD      22.63
LEHMAN BROS TSY           8.000    8/3/2009      USD      22.63
LEHMAN BROS TSY           4.500    8/2/2009      USD      22.63
LEHMAN BROS TSY           8.500    7/6/2009      CHF      22.63
LEHMAN BROS TSY          11.000   6/29/2009      EUR      22.63
LEHMAN BROS TSY          10.000   6/17/2009      USD      22.63
LEHMAN BROS TSY           5.750   6/15/2009      CHF      22.63
LEHMAN BROS TSY           5.500   6/15/2009      CHF      22.63
LEHMAN BROS TSY           9.000   6/13/2009      USD      22.63
LEHMAN BROS TSY          15.000    6/4/2009      CHF      22.63
LEHMAN BROS TSY          17.000    6/2/2009      USD      22.63
LEHMAN BROS TSY          13.500    6/2/2009      USD      22.63
LEHMAN BROS TSY          10.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY           8.000   5/22/2009      USD      22.63
LEHMAN BROS TSY          16.200   5/14/2009      USD      22.63
LEHMAN BROS TSY           4.000   4/24/2009      USD      22.63
LEHMAN BROS TSY           3.850   4/24/2009      USD      22.63
LEHMAN BROS TSY           7.000   4/14/2009      EUR      22.63
LEHMAN BROS TSY           9.000   3/17/2009      GBP      22.63
LEHMAN BROS TSY          13.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          11.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY          10.000   2/16/2009      CHF      22.63
LEHMAN BROS TSY           0.500   2/16/2009      EUR      22.63
LEHMAN BROS TSY           7.750   1/30/2009      EUR      22.63
LEHMAN BROS TSY          13.432    1/8/2009      ILS      22.63
LEHMAN BROS TSY          16.000  12/26/2008      USD      22.63
LEHMAN BROS TSY           7.000  11/28/2008      CHF      22.63
LEHMAN BROS TSY          10.442  11/22/2008      CHF      22.63
LEHMAN BROS TSY          14.100  11/12/2008      USD      22.63
LEHMAN BROS TSY          16.000   11/9/2008      USD      22.63
LEHMAN BROS TSY          13.150  10/30/2008      USD      22.63
LEHMAN BROS TSY          16.000  10/28/2008      USD      22.63
LEHMAN BROS TSY           7.500  10/24/2008      USD      22.63
LEHMAN BROS TSY           6.000  10/24/2008      EUR      22.63
LEHMAN BROS TSY           5.000  10/24/2008      CHF      22.63
LEHMAN BROS TSY           8.000  10/23/2008      USD      22.63
LEHMAN BROS TSY          10.000  10/22/2008      USD      22.63
LEHMAN BROS TSY          16.000   10/8/2008      CHF      22.63
LEHMAN BROS TSY           7.250   10/6/2008      EUR      22.63
LEHMAN BROS TSY          18.250   10/2/2008      USD      22.63
LEHMAN BROS TSY           7.375   9/20/2008      EUR      22.63
LEHMAN BROS TSY          23.300   9/16/2008      USD      22.63
LEHMAN BROS TSY          14.900   9/15/2008      EUR      22.63
LEHMAN BROS TSY           3.000   9/12/2036      JPY       5.50
LEHMAN BROS TSY           6.000  10/30/2012      USD       5.50
LEHMAN BROS TSY           2.500   8/23/2012      GBP      22.63
LEHMAN BROS TSY          13.000   7/25/2012      EUR      22.63
Q-CELLS INTERNAT          1.375   4/30/2012      EUR      26.88
Q-CELLS INTERNAT          5.750   5/26/2014      EUR      26.88
RENEWABLE CORP            6.500    6/4/2014      EUR      61.31
SACYR VALLEHERM           6.500    5/1/2016      EUR      51.72

Rorvik Timber             6.000   6/30/2016      SEK      66.00

BANK JULIUS BAER          8.700    8/5/2013      CHF      60.55
BANK JULIUS BAER         15.000   5/31/2013      USD      69.05
BANK JULIUS BAER         13.000   5/31/2013      USD      70.65
BANK JULIUS BAER         12.000    4/9/2013      CHF      56.05
BANK JULIUS BAER         10.750   3/13/2013      EUR      66.60
BANK JULIUS BAER         17.300    2/1/2013      EUR      54.65
BANK JULIUS BAER          9.700  12/20/2012      CHF      75.00
BANK JULIUS BAER         11.500   2/20/2013      CHF      47.15
BANK JULIUS BAER         12.200   12/5/2012      EUR      54.40
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.19
CLARIDEN LEU NAS          0.000   6/10/2014      CHF      62.13
CLARIDEN LEU NAS          0.000   5/26/2014      CHF      65.30
CLARIDEN LEU NAS          0.000   5/13/2014      CHF      63.03
CLARIDEN LEU NAS          0.000   2/24/2014      CHF      55.39
CLARIDEN LEU NAS          0.000   2/11/2014      CHF      54.50
CLARIDEN LEU NAS         18.400  12/20/2013      EUR      74.64
CLARIDEN LEU NAS          0.000  11/26/2013      CHF      64.17
CLARIDEN LEU NAS          4.500   8/13/2014      CHF      48.74
CLARIDEN LEU NAS         16.500   9/23/2013      USD      57.03
CLARIDEN LEU NAS          0.000   9/23/2013      CHF      50.04
CLARIDEN LEU NAS          3.250   9/16/2013      CHF      49.05
CLARIDEN LEU NAS          7.500  11/13/2012      CHF      58.71
CLARIDEN LEU NAS          7.250  11/13/2012      CHF      74.60
CLARIDEN LEU NAS         10.250  11/12/2012      CHF      73.60
CLARIDEN LEU NAS          0.000   8/27/2014      CHF      55.45
CLARIDEN LEU NAS          0.000   9/10/2014      CHF      51.16
CLARIDEN LEU NAS          0.000  10/15/2014      CHF      57.48
CLARIDEN LEU NAS          5.250    8/6/2014      CHF      51.70
CLARIDEN LEU NAS          7.000   7/22/2013      CHF      72.18
CLARIDEN LEU NAS         10.000   6/10/2013      CHF      70.08
CLARIDEN LEU NAS          0.000   5/31/2013      CHF      55.87
CLARIDEN LEU NAS          6.500   4/26/2013      CHF      58.21
CLARIDEN LEU NAS          0.000   3/25/2013      CHF      59.57
CLARIDEN LEU NAS          0.000   3/18/2013      CHF      74.71
CLARIDEN LEU NAS         12.500    3/1/2013      USD      74.21
CLARIDEN LEU NAS          9.000   2/14/2013      CHF      66.37
CLARIDEN LEU NAS         11.500   2/13/2013      EUR      57.40
CLARIDEN LEU NAS          0.000   1/24/2013      CHF      66.96
CLARIDEN LEU NAS          8.750   1/15/2013      CHF      68.73
CLARIDEN LEU NAS          8.250  12/17/2012      CHF      61.30
CLARIDEN LEU NAS          0.000  12/17/2012      EUR      67.37
CLARIDEN LEU NAS         12.500  12/14/2012      EUR      72.83
CLARIDEN LEU NAS          0.000  12/14/2012      CHF      36.53
CLARIDEN LEU NAS         12.000  11/23/2012      CHF      47.83
CLARIDEN LEU NAS          8.000  11/20/2012      CHF      74.87
CLARIDEN LEU NAS          7.125  11/19/2012      CHF      58.17
CLARIDEN LEU NAS          7.250  11/16/2012      CHF      58.79
CREDIT SUISSE LD          8.900   3/25/2013      EUR      57.79
CREDIT SUISSE LD         10.500    9/9/2013      CHF      66.05
S-AIR GROUP               0.125    7/7/2005      CHF      10.63
SARASIN CI LTD            8.000   4/27/2015      CHF      68.67
SARASIN/GUERNSEY         13.600   2/17/2014      CHF      71.51
SARASIN/GUERNSEY         13.200   1/23/2013      EUR      72.52
SARASIN/GUERNSEY         15.200  12/12/2012      EUR      73.12
UBS AG                   11.870   8/13/2013      USD       4.68
UBS AG                    9.600   8/26/2013      USD      15.21
UBS AG                   10.200   9/20/2013      EUR      61.15
UBS AG                   12.900   9/20/2013      EUR      57.98
UBS AG                   15.900   9/20/2013      EUR      55.99
UBS AG                   17.000   9/27/2013      EUR      73.19
UBS AG                   17.750   9/27/2013      EUR      73.50
UBS AG                   18.500   9/27/2013      EUR      71.56
UBS AG                   19.750   9/27/2013      EUR      74.84
UBS AG                   20.000   9/27/2013      EUR      70.19
UBS AG                   20.500   9/27/2013      EUR      74.87
UBS AG                   20.500   9/27/2013      EUR      71.43
UBS AG                   21.750   9/27/2013      EUR      72.53
UBS AG                   22.000   9/27/2013      EUR      71.57
UBS AG                   22.500   9/27/2013      EUR      70.55
UBS AG                   22.750   9/27/2013      EUR      67.91
UBS AG                   23.000   9/27/2013      EUR      72.72
UBS AG                   23.250   9/27/2013      EUR      68.81
UBS AG                   23.250   9/27/2013      EUR      68.35
UBS AG                   24.000   9/27/2013      EUR      69.47
UBS AG                   24.750   9/27/2013      EUR      65.71
UBS AG                    8.060   10/3/2013      USD      19.75
UBS AG                   13.570  11/21/2013      USD      16.25
UBS AG                    6.980  11/27/2013      USD      34.85
UBS AG                   17.000    1/3/2014      EUR      74.48
UBS AG                   17.500    1/3/2014      EUR      73.41
UBS AG                   18.250    1/3/2014      EUR      73.31
UBS AG                   18.250    1/3/2014      EUR      74.28
UBS AG                   19.500    1/3/2014      EUR      73.10
UBS AG                   20.000    1/3/2014      EUR      74.53
UBS AG                   20.500    1/3/2014      EUR      71.30
UBS AG                   20.750    1/3/2014      EUR      71.59
UBS AG                   21.000    1/3/2014      EUR      72.44
UBS AG                   22.250    1/3/2014      EUR      74.19
UBS AG                   23.000    1/3/2014      EUR      71.55
UBS AG                   23.250    1/3/2014      EUR      70.29
UBS AG                   23.250    1/3/2014      EUR      70.57
UBS AG                   24.000    1/3/2014      EUR      72.95
UBS AG                   24.250    1/3/2014      EUR      68.40
UBS AG                   24.250    1/3/2014      EUR      70.18
UBS AG                    6.440   5/28/2014      USD      51.67
UBS AG                    3.870   6/17/2014      USD      38.08
UBS AG                    6.040   8/29/2014      USD      35.22
UBS AG                    7.780   8/29/2014      USD      20.85
UBS AG                   11.260  11/12/2012      EUR      47.13
UBS AG                   11.660  11/12/2012      EUR      34.35
UBS AG                   13.120  11/12/2012      EUR      68.36
UBS AG                   13.560  11/12/2012      EUR      36.51
UBS AG                   13.600  11/12/2012      EUR      56.96
UBS AG                   13.000  11/23/2012      USD      62.55
UBS AG                    8.150  12/21/2012      EUR      72.14
UBS AG                    8.250  12/21/2012      EUR      74.88
UBS AG                    8.270  12/21/2012      EUR      74.19
UBS AG                    8.990  12/21/2012      EUR      72.49
UBS AG                    9.000  12/21/2012      EUR      69.13
UBS AG                    9.150  12/21/2012      EUR      71.84
UBS AG                    9.450  12/21/2012      EUR      74.42
UBS AG                    9.730  12/21/2012      EUR      70.24
UBS AG                    9.890  12/21/2012      EUR      66.37
UBS AG                   10.060  12/21/2012      EUR      72.98
UBS AG                   10.060  12/21/2012      EUR      69.64
UBS AG                   10.160  12/21/2012      EUR      73.41
UBS AG                   10.490  12/21/2012      EUR      68.12
UBS AG                   10.690  12/21/2012      EUR      71.60
UBS AG                   10.810  12/21/2012      EUR      63.85
UBS AG                   11.000  12/21/2012      EUR      67.59
UBS AG                   11.260  12/21/2012      EUR      66.14
UBS AG                   11.270  12/21/2012      EUR      70.63
UBS AG                   11.330  12/21/2012      EUR      70.28
UBS AG                   11.770  12/21/2012      EUR      61.53
UBS AG                   11.970  12/21/2012      EUR      65.67
UBS AG                   11.980  12/21/2012      EUR      69.02
UBS AG                   12.020  12/21/2012      EUR      64.27
UBS AG                   12.200  12/21/2012      EUR      56.09
UBS AG                   12.400  12/21/2012      EUR      68.07
UBS AG                   12.760  12/21/2012      EUR      59.39
UBS AG                   12.800  12/21/2012      EUR      62.51
UBS AG                   12.970  12/21/2012      EUR      63.87
UBS AG                   13.320  12/21/2012      EUR      66.64
UBS AG                   13.560  12/21/2012      EUR      65.71
UBS AG                   13.570  12/21/2012      EUR      60.85
UBS AG                   13.770  12/21/2012      EUR      57.41
UBS AG                   13.980  12/21/2012      EUR      62.18
UBS AG                   14.350  12/21/2012      EUR      59.29
UBS AG                   14.690  12/21/2012      EUR      64.44
UBS AG                   14.740  12/21/2012      EUR      63.53
UBS AG                   14.810  12/21/2012      EUR      55.58
UBS AG                   15.000  12/21/2012      EUR      60.59
UBS AG                   15.130  12/21/2012      EUR      57.81
UBS AG                   15.860  12/21/2012      EUR      53.88
UBS AG                   15.920  12/21/2012      EUR      56.41
UBS AG                   15.930  12/21/2012      EUR      61.51
UBS AG                   16.030  12/21/2012      EUR      59.10
UBS AG                   16.600  12/21/2012      EUR      50.18
UBS AG                   16.710  12/21/2012      EUR      55.09
UBS AG                   16.930  12/21/2012      EUR      52.30
UBS AG                   17.070  12/21/2012      EUR      57.69
UBS AG                   17.500  12/21/2012      EUR      53.84
UBS AG                   18.000  12/21/2012      EUR      50.83
UBS AG                   19.090  12/21/2012      EUR      51.52
UBS AG                   10.770    1/2/2013      USD      38.33
UBS AG                   13.030    1/4/2013      EUR      73.40
UBS AG                   13.630    1/4/2013      EUR      71.63
UBS AG                   14.230    1/4/2013      EUR      69.95
UBS AG                   14.820    1/4/2013      EUR      68.36
UBS AG                   15.460    1/4/2013      EUR      74.82
UBS AG                   15.990    1/4/2013      EUR      65.39
UBS AG                   16.500    1/4/2013      EUR      73.32
UBS AG                   17.000    1/4/2013      EUR      73.98
UBS AG                   17.150    1/4/2013      EUR      62.69
UBS AG                   17.180    1/4/2013      EUR      74.58
UBS AG                   18.000    1/4/2013      EUR      73.54
UBS AG                   18.300    1/4/2013      EUR      60.23
UBS AG                   19.440    1/4/2013      EUR      57.99
UBS AG                   19.750    1/4/2013      EUR      69.92
UBS AG                   20.500    1/4/2013      EUR      70.21
UBS AG                   20.570    1/4/2013      EUR      55.94
UBS AG                   21.700    1/4/2013      EUR      54.05
UBS AG                   21.750    1/4/2013      EUR      69.65
UBS AG                   23.750    1/4/2013      EUR      66.55
UBS AG                   11.020   1/25/2013      EUR      67.05
UBS AG                   12.010   1/25/2013      EUR      65.34
UBS AG                   14.070   1/25/2013      EUR      62.22
UBS AG                   16.200   1/25/2013      EUR      74.54
UBS AG                    8.620    2/1/2013      USD      14.04
UBS AG                    8.980   2/22/2013      EUR      72.86
UBS AG                   10.590   2/22/2013      EUR      69.90
UBS AG                   10.960   2/22/2013      EUR      67.35
UBS AG                   13.070   2/22/2013      EUR      63.96
UBS AG                   13.660   2/22/2013      EUR      61.23
UBS AG                   13.940   2/22/2013      EUR      73.02
UBS AG                   15.800   2/22/2013      EUR      67.24
UBS AG                    8.480    3/7/2013      CHF      58.00
UBS AG                   10.000    3/7/2013      USD      72.30
UBS AG                   12.250    3/7/2013      CHF      59.20
UBS AG                    9.000   3/22/2013      USD      11.16
UBS AG                    9.850   3/22/2013      USD      19.75
UBS AG                   16.500    4/2/2013      EUR      72.16
UBS AG                   17.250    4/2/2013      EUR      72.45
UBS AG                   18.000    4/2/2013      EUR      73.44
UBS AG                   19.750    4/2/2013      EUR      69.63
UBS AG                   21.250    4/2/2013      EUR      69.05
UBS AG                   21.500    4/2/2013      EUR      73.98
UBS AG                   21.500    4/2/2013      EUR      73.88
UBS AG                   22.250    4/2/2013      EUR      67.19
UBS AG                   22.250    4/2/2013      EUR      69.43
UBS AG                   24.250    4/2/2013      EUR      65.24
UBS AG                   24.750    4/2/2013      EUR      68.24
UBS AG                   10.860    4/4/2013      USD      37.21
UBS AG                    9.650   4/11/2013      USD      27.17
UBS AG                    9.930   4/11/2013      USD      24.77
UBS AG                   11.250   4/11/2013      USD      24.39
UBS AG                   10.170   4/26/2013      EUR      67.84
UBS AG                   10.970   4/26/2013      EUR      66.50
UBS AG                   12.610   4/26/2013      EUR      64.06
UBS AG                    7.900   4/30/2013      USD      33.75
UBS AG                    9.830   5/13/2013      USD      30.07
UBS AG                    8.000   5/24/2013      USD      63.90
UBS AG                   11.670   5/31/2013      USD      35.12
UBS AG                   12.780    6/7/2013      CHF      62.60
UBS AG                   16.410    6/7/2013      CHF      64.70
UBS AG                    9.330   6/14/2013      USD      22.00
UBS AG                   11.060   6/14/2013      USD      28.17
UBS AG                    6.770   6/21/2013      USD      10.43
UBS AG                    7.120   6/26/2013      USD      29.83
UBS AG                   15.250   6/28/2013      EUR      74.98
UBS AG                   17.000   6/28/2013      EUR      74.05
UBS AG                   17.250   6/28/2013      EUR      72.59
UBS AG                   19.250   6/28/2013      EUR      70.54
UBS AG                   19.500   6/28/2013      EUR      70.28
UBS AG                   20.250   6/28/2013      EUR      74.82
UBS AG                   20.500   6/28/2013      EUR      70.91
UBS AG                   21.000   6/28/2013      EUR      68.62
UBS AG                   22.000   6/28/2013      EUR      71.86
UBS AG                   22.500   6/28/2013      EUR      66.83
UBS AG                   23.000   6/28/2013      EUR      67.15
UBS AG                   23.500   6/28/2013      EUR      71.72
UBS AG                   24.000   6/28/2013      EUR      68.94
UBS AG                   24.500   6/28/2013      EUR      67.97
UBS AG                   11.450    7/1/2013      USD      27.96
UBS AG                    6.100   7/24/2013      USD      30.07
UBS AG                    8.640    8/1/2013      USD      27.87
UBS AG                   13.120    8/5/2013      USD       4.62
UBS AG                    0.500   4/27/2015      CHF      52.50
UBS AG                    6.070  11/12/2012      EUR      65.82
UBS AG                    8.370  11/12/2012      EUR      59.26
UBS AG                    8.590  11/12/2012      EUR      53.53
UBS AG                    9.020  11/12/2012      EUR      43.76
UBS AG                    9.650  11/12/2012      EUR      37.64
UBS AG                   10.020  11/12/2012      EUR      71.72
UBS AG                   10.930  11/12/2012      EUR      64.23
BARCLAYS BK PLC          11.000   6/28/2013      EUR      43.13
BARCLAYS BK PLC          11.000   6/28/2013      EUR      74.83
BARCLAYS BK PLC          10.750   3/22/2013      EUR      41.06
BARCLAYS BK PLC          10.000   3/22/2013      EUR      42.44
BARCLAYS BK PLC           6.000    1/2/2013      EUR      50.37
BARCLAYS BK PLC           8.000   6/28/2013      EUR      47.66
ESSAR ENERGY              4.250    2/1/2016      USD      72.62
MAX PETROLEUM             6.750    9/8/2013      USD      40.36


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

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  Go to order any title today.


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

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

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

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

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

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

                 * * * End of Transmission * * *