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

                           E U R O P E

          Thursday, November 21, 2013, Vol. 14, No. 231

                            Headlines

A L B A N I A

ALBANIA: Moody's Says B1 Gov't. Bond Rating Remains Constrained


B E L G I U M

BELFIUS BANK: S&P Raises Subordinated Debt Rating From 'BB+'


F I N L A N D

TALVIVAARA MINING: Bankruptcy Looms After Reorganization Petition


F R A N C E

PHOTONIS TECHNOLOGIES: S&P Assigns 'B+' CCR; Outlook Stable


G E R M A N Y

DOUGLAS HOLDING: S&P Affirms 'B' Corp. Credit Rating
PULS 2007-1: Moody's Lowers Ratings on Two Note Classes to C


I T A L Y

BANCA CARIGE: Fitch Cuts Viability Rating to 'b-'
BANCA POPOLARE: Fitch Cuts Longterm IDR to BB+, Off Watch Neg.
CIRENE FINANCE: S&P Lowers Rating on Class E Notes to 'B-'


L A T V I A

HEARTS OF MIDLOTHAN: Administrators Opens CVA Talks with UBIG
PK LATVIA: Pro Kapital Grupp Council Opts for Liquidation


L U X E M B O U R G

BANK OF CREDIT: Creditors Head to Saudi to Collect US$326 Million


M O N T E N E G R O

RUDNICI BOKSITA: Montenegrin Court Opens Bankruptcy Proceedings


N E T H E R L A N D S

EURO GALAXY: Fitch Rates EUR20.75MM Notes Notes 'BB(EXP)'
KPNQWEST: KPN to Pay EUR50-Mil. to Settle Bankruptcy Litigation
TELEFONICA EUROPE: S&P Assigns 'BB+' Rating to Hybrid Securities


R O M A N I A

ALBA MUNICIPALITY: Moody's Assigns Ba1 Issuer Rating; Outlook Neg


R U S S I A

KEMEROVO REGION: Fitch Affirms 'BB' Long-Term Currency Ratings


S P A I N

PYMES SANTANDER 6: S&P Assigns 'CC' Rating to Class C Notes


U K R A I N E

KHARKOV CITY: Fitch Cuts Long-Term Currency Ratings to 'B-'
KYIV CITY: Fitch Affirms 'B-' Long-Term Currency Ratings
ODESSA REGION: Fitch Lowers Long-Term Currency Ratings to 'B-'


U N I T E D   K I N G D O M

BRAMWELL PUB COMPANY: Buyout Deal Saves 2 Pubs in Sunderland
CO-OPERATIVE BANK: Flowers Scandal May Put Rescue Deal at Risk
GRAINGER PLC: Fitch Assigns 'BB' Issuer Default Rating
REDTOP ACQUISITIONS: Moody's Assigns 'B1' Corporate Family Rating
SOUTHERN PACIFIC: S&P Raises Rating on Class E2c Notes to BB-

TIE RACK: To Close 44 UK Stores; About 200 Jobs at Risk
VENDSIDE LTD: In Administration, Faced Profitability


X X X X X X X X

EUROPE: EU Member States to Reach Agreement on Bank Resolution

* Upcoming Meetings, Conferences and Seminars


                            *********

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A L B A N I A
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ALBANIA: Moody's Says B1 Gov't. Bond Rating Remains Constrained
---------------------------------------------------------------
In a report published Moody's Investors Service says that
Albania's B1 government bond rating remains constrained by the
country's significant fiscal challenges, its rising debt levels
and the subdued economic growth that the rating agency expects
over the next few years. That being said, positive externalities
are likely to be derived from Albania potentially being granted
EU candidate status in December and the construction of the Trans
Adriatic Natural Gas Pipeline in 2015.

The rating agency's report is an annual update to the markets and
does not constitute a rating action.

Moody's notes that Albania's credit challenges are primarily
reflected in the significant deterioration in the government's
fiscal performance over the past year, which has resulted in
materially higher debt levels than its B1-rated peers. These
challenges are exacerbated by the fragile funding structure,
which displays (1) a low, albeit steadily increasing, weighted
average debt maturity; and (2) a narrow investor base via the
domestic banking system, and (3) the banking system's and the
government's significant foreign-currency exposure. Mitigating
factors include the Bank of Albania's macro-prudential track
record and strong price-stability credentials, which are
reflected in its stable exchange-rate performance over the past
few years. Moreover, recently implemented improvements in the
collateral execution process further hold the potential to
accelerate the workout of the sizable non-performing loan
overhang in the banking system.

Moody's says that the credit strengths of Albania include the
economy's relative resilience to the global financial and euro
area debt crises due to fiscal and monetary stimulus. Moreover,
durable foreign direct investment continues to cover a large part
of the economy's sizable current account deficit. However, the
country continues to report low average incomes and the economy
remains small in size, has a narrow export base and retains
significant trade and financial ties with the euro area.
Moreover, economic activity has slowed significantly in 2012 amid
contracting credit supply, and Moody's expects growth to remain
subdued over the forecast horizon. That being said, the rating
agency expects positive externalities to be derived from it
potentially being granted EU candidate status in December this
year and from the construction of the Trans Adriatic Natural Gas
Pipeline starting in 2015.

The stable outlook on Albania's bond rating balances its
potential EU candidate status with the government's high public
debt ratio and vulnerabilities in the domestic debt-financing
structure. Although the government has started to address the
economy's structural problems, more substantial progress would be
needed before Moody's considered an upgrade of the country's
ratings. More immediately, a failure to reign in the
deterioration in fiscal metrics could undermine the rating.



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B E L G I U M
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BELFIUS BANK: S&P Raises Subordinated Debt Rating From 'BB+'
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A-/A-2' long-
and short-term counterparty credit ratings on Belfius Bank SA/NV.
The outlook remains negative.

At the same time, S&P raised its issue rating on the bank's
subordinated debt to 'BBB-' from 'BB+'.  S&P also upgraded the
junior subordinated debt instruments issued by subsidiary Belfius
Financing Co. (not rated) and guaranteed by Belfius Bank SA/NV to
'BB' from 'BB-'.

The rating actions and the revision of Belfius Bank's stand-alone
credit profile (SACP) to 'bbb' from 'bbb-' reflect the material
improvement in the bank's liquidity position over the past 18
months.  From December 2011 to June 2013, the bank reduced its
recourse to European Central Bank funding to EUR13.5 billion
(long-term refinancing operations only) from EUR42.5 billion.
This decline stemmed mostly from the decrease in Belfius Bank's
exposure to the Franco-Belgian banking group Dexia (as part of
the latter's restructuring process).  The bank's moves to trim
the size of its securities portfolio following asset disposals --
as part of its risk reduction strategy -- also contributed to the
decrease.  In addition, Belfius Bank has built a liquidity
reserve, which improves its ability to withstand an adverse
scenario.  Consequently, S&P has raised its assessment of the
bank's liquidity to "adequate" from "moderate."

The upward revision of Belfius Bank's SACP by one notch did not
translate into an upgrade of the bank.  This is because S&P now
factors into the long-term rating on the bank two notches for
potential extraordinary government support instead of three
previously, in line with S&P's view of the bank's enhanced
ability to withstand stress on liquidity on its own.

S&P's raising of the issue ratings on Belfius Bank's subordinated
debt reflects the upward revision of the bank's SACP.  The 'BBB-'
issue rating on Belfius Bank's dated subordinated debt is one
notch below the SACP, in accordance with S&P's criteria for non-
deferrable capital instruments in jurisdictions such as Belgium,
where S&P considers that the government is unlikely to support
the payment of non-deferrable subordinated debt, even though it
may support senior debt.

"Our 'BB' issue rating on Belfius Bank's junior subordinated debt
stands three notches below the bank's SACP.  This is one notch
below our minimal standard notching for hybrid capital
instruments.  This differential is because, in our opinion, as
long as Belfius Bank remains subject to the European Commission's
ban on paying discretionary coupon on the bank's outstanding
junior subordinated debt instruments, there is an incrementally
higher risk of potential coupon suspension on junior subordinated
debt than our minimal standard notching suggests," S&P said.

In S&P's view, Belfius Bank continues to exhibit an "adequate"
business position, "moderate" capital and earnings, a "moderate"
risk position, and "average" funding, as S&P's criteria define
those terms.

The negative outlook on Belfius Bank primarily reflects that on
the Kingdom of Belgium (unsolicited AA/Negative/A-1+).  If S&P
was to downgrade Belgium to 'AA-', with its assessment of Belfius
Bank's SACP remaining at 'bbb', S&P would likely lower the long-
term rating on the bank to 'BBB+', all other things remaining
equal.  This would reflect a one-notch reduction of the uplift
for extraordinary government support that S&P currently factors
into the rating.

The negative outlook on the bank also incorporates S&P's view
that the economic climate for Belgian banks remains subject to
potential downside risks.  If S&P was to lower its economic risk
score on Belgium, this would lower the anchor for commercial
banks operating only in Belgium to 'bbb+' from 'a-'.  This would
in turn lead to a one-notch downgrade of Belfius Bank, unless the
bank is able to improve its capital base to a level that S&P
believes would allow it to cope with a more demanding operating
environment.

Also factored into S&P's negative outlook is its perception of
some risks in Belfius Bank's portfolios of securities, including
sensitivity to credit spreads and interest rate risk.

S&P could revise the outlook on Belfius Bank to stable, all other
things being equal, if the abovementioned risks abated.



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F I N L A N D
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TALVIVAARA MINING: Bankruptcy Looms After Reorganization Petition
-----------------------------------------------------------------
UPI reports that a temporary shutdown and reorganization petition
filed by Talvivaara Mining has brought predictions of its
eventual bankruptcy.

UPI relates that debt-laden Talvivaara Friday announced the
temporary suspension of ore and metals recovery operations at its
northern Finland site and a decision to file for corporate
reorganization.

The halt in production took effect immediately and company Chief
Executive Pekka Pera said it is expected to last a month, while
the organization could mean layoffs or hourly cutbacks among its
workforce of 570 employees, UPI discloses.

Talvivaara, UPI says, is seeking short-term financing of US$54
million from its stakeholders, which includes the government
investment company Solidium -- a proposal that so far hasn't
found any takers.

According to UPI, Finnish Minister of Economic Affairs Jan
Vapaavuori called Talvivaara's situation "so critical that the
firm's entire future can seriously be said to be hanging in the
balance."

Mr. Pera warned that a bankruptcy declaration would eliminate
1,600 jobs from the production chain and would indirectly affect
up to three times as many, UPI notes.

The main problem faced by Talvivaara -- which reported a
quarterly loss of US$40 million last month -- is low nickel
prices, UPI states.

According to UPI, the Finnish daily Helsingen Sanomat, citing two
independent sources close to the situation, reported Saturday
Talvivaara's creditors are seeking Mr. Pera's ouster as chief
executive as a condition for new financing.

If the company doesn't agree to meet the requirement to change
its management team, it is unlikely obtain financing and a
bankruptcy would be the result, the newspaper, as cited by UPI,
said, adding Mr. Pera refused to comment on the report.

Talvivaara Mining Co. Ltd. is a Finnish nickel producer.



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F R A N C E
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PHOTONIS TECHNOLOGIES: S&P Assigns 'B+' CCR; Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B+'
long-term corporate credit rating to Photonis Technologies SAS, a
France-headquartered electro-optic component manufacturer.
The outlook is stable.

At the same time, we assigned our 'B+' issue rating to Photonis'
EUR250 million (about US$325 million) proposed six-year, first-
lien secured term loan.  The recovery rating of '3' on this loan
indicates S&P's expectation of meaningful (50%-70%) recovery for
the lenders in the event of a payment default.

The current ratings on Photonis are at the same level as the
preliminary ratings S&P assigned on Aug. 23, 2013, reflecting its
view of its unchanged financial risk profile under its final
capital structure.  As part of its refinancing plan and in
addition to the EUR250 term loan issue, a syndicate of banks has
granted Photonis a EUR30 million revolving credit facility (RCF)
maturing in September 2018.

The ratings are primarily constrained by S&P's view of Photonis'
"highly leveraged" financial risk profile and "aggressive"
financial policy, reflecting that AXA Private Equity has acquired
the company through a leveraged buyout.

"In addition to the EUR250 million term loan and the EUR30
million RCF, understand that the existing non-cash interest-
bearing convertible bond (EUR175 million at year-end 2012)
provided by shareholders and preferred shares (EUR25 million at
year-end 2012) will remain in place.  When calculating fully
adjusted debt, we treat both instruments as debt-like in nature.
The company's Standard & Poor's-adjusted debt-to-EBITDA ratio for
2013-2014 is slightly above 8x and funds from operations (FFO) to
debt is about 8%.  We also expect that the company will sustain a
cash interest cover ratio of roughly 3x, a level we see as
ratings-commensurate," S&P said.

Excluding the non-cash interest-bearing debt, S&P forecasts debt
to EBITDA at 4.0x-4.5x and FFO to debt at slightly above 15% for
2013-2014.  These metrics are for information purposes only and
should not be construed as an indication that S&P do not treat
the non-cash interest-bearing instruments as debt-like.

"Our assessment of Photonis' adjusted debt metrics and aggressive
financial policy are in line with a financial risk profile in the
"highly leveraged" category.  However, the financial risk profile
is supported by our anticipation that free operating cash flow
(FOCF) generation will be significantly positive in 2013 and
2014, in line with the company's recent track record.  This is
based on our forecast of continuously solid operating performance
and our expectation that Photonis' EBITDA cash conversion will
continue to be high.  The company has relatively limited
maintenance capital expenditure requirements, no significant
expansion plans, and limited working capital swings," S&P added.

The ratings are supported by Photonis' business risk profile,
which S&P assess at the upper end of its "fair" category, under
its criteria.  The company's business risk is restricted by its
modest size -- EUR171 million in reported sales and EUR57 million
in reported EBITDA in 2012 -- and very limited business
diversity.

On the positive side, S&P sees that Photonis has dominant niche
market positions in night vision electro-optic equipment in its
addressable markets, particularly in Europe, the Middle East, and
Asia-Pacific.  S&P notes that the company's addressable markets
do not include the U.S., Russia, or China.  S&P's business risk
assessment is also supported by its expectation that Photonis
will maintain its very strong operating margins, with an adjusted
EBITDA margin, net of capitalized development costs, slightly
above 30% over 2013-2014.  This is supported by the company's
track record of very stable margins and resilience in downturns,
as Photonis' revenue generation is not generally correlated to
GDP trends in its markets.

The outlook is stable, based on S&P's anticipation that Photonis
will maintain its solid market shares and operating margins in
the coming years.  In S&P's view, ratings-commensurate credit
metrics include a cash interest cover ratio of about 3x and
continuously positive discretionary cash flow.

S&P could lower the ratings if Photonis reported weaker revenues
and profitability than currently.  Additionally, ratings downside
could occur if the company adopted a more shareholder-friendly
financial policy as a result of its private equity ownership.
Acquisitions and tight credit metrics for the current rating
level could also prompt a negative rating action.

S&P believes that an upgrade is unlikely in the next two years,
given Photonis' highly leveraged capital structure.  S&P already
factors its forecast of continued strong operating performance
into the ratings.



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G E R M A N Y
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DOUGLAS HOLDING: S&P Affirms 'B' Corp. Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its long-term
corporate credit rating on German non-food discretionary goods
retailer Douglas Holding AG at 'B'.  The outlook is stable.

At the same time, S&P affirmed the 'B+' issue rating on Douglas'
amended senior secured debt facilities, maturing in 2018 and
2019. The recovery rating on these facilities remains at '2',
which indicates S&P's expectation of substantial (70%-90%)
recovery prospects in a default scenario.

S&P has assigned a 'B+' issue rating to the new EUR20 million
acquisition facility due 2018 and the new tranche (Term Loan C of
EUR475 million) of the senior secured debt facilities due 2020,
which will replace the EUR200 million facility Term Loan A.  S&P
therefore expects to withdraw its 'B+' issue and '2' recovery
rating on Term Loan A due 2018 on successful issuance of the
EUR475 million Term Loan C notes.

The ratings on the proposed amendments (which also include a
EUR35 million increase in the RCF) to the senior secured debt
facilities, including the new tranche, are subject to the receipt
and satisfactory review of the final documentation.

The affirmation follows Douglas' intention to acquire French
perfumery chain Groupe Nocibe SAS (not rated) for a total cash
consideration of EUR540 million.  It reflects S&P's view that the
transaction will not alter Douglas' "fair" business risk and
"highly leveraged" financial risk profiles.  In S&P's view, the
proposed transaction will enhance Douglas' international
diversification and increase its market share.  The acquisition
would make Douglas the second-largest cosmetics retailer in
France; the second-largest fragrance, cosmetics, and toiletries
market in Europe; and would further support the Douglas group's
position as a leading perfumery chain in Europe.  However, in
S&P's view, the proposed transaction will not substantially
improve the group's reported profitability, due to the relatively
moderate impact of Nocibe's business on Douglas' operating
performance.

"In our base-case scenario, after completion of the proposed
acquisition, we forecast Douglas' pro forma group revenues will
be over EUR3 billion and Standard & Poor's-adjusted EBITDA will
be about EUR360 million (with reported EBITDA of about
EUR300 million).  We consider that the proposed transaction is in
line with management's strategy to diversify outside its core
German market and further develop its position as a leading
perfumery chain in Europe.  This assessment includes our
assumption of a challenging macroeconomic environment for
Douglas' operations in some of its markets, mitigated by
increased presence on a French market, following the acquisition
of Nocibe.  This will likely lead to some improvement of Standard
& Poor's-adjusted EBITDA margins, although we don't expect them
to grow significantly above 12% (with a reported EBITDA margin of
around 10%), unless the group garners some quick wins in
operating efficiency," S&P added.

The contemplated acquisition would create the largest perfumery
store network in France, with 625 stores.  The addition of Nocibe
to Douglas' chain of perfumeries would create a large player in
the European fragrance and cosmetics industry, with about
EUR2.4 billion in perfumery sales.  The proposed acquisition is
conditional to customary approvals, such as the completion of the
consultation process with the workers' councils and antitrust
clearance.  Provided that the necessary approvals are obtained,
S&P understands that the acquisition will likely close in the
first quarter of 2014.

Douglas plans to fund the transaction with a mixture of senior
debt, by issuing a new Term Loan C of EUR475 million due 2020,
and a subordinated shareholder loan of EUR240 million, maturing
in 10 years.  In addition to financing the transaction, Term Loan
C will replace the EUR200 million existing amortizing Term Loan
A, which is due to mature in 2018.

The increase in Douglas' financial debt after closing the
transaction will likely result in the adjusted debt-to-EBITDA
ratio rising to about 7x (including adjustments for operating
leases and a shareholder loan, which S&P regards as debt).  The
adjusted EBITDA cash interest coverage (excluding the noncash
interest parts of the capital structure) will be below 3x, in
S&P's view.  This continues to position the group's financial
risk profile in the "highly leveraged" category.

The issue rating on the amended senior secured debt facilities is
'B+'.  The recovery rating on these facilities is '2', indicating
S&P's expectation of substantial (70%-90%) recovery prospects in
the event of a payment default.  The issue and recovery ratings
are supported by S&P's view of Douglas as a going concern in a
default scenario, given the group's market-leading position and
its well-known brands in Germany and France.  Changes to the
facilities include a EUR35 million increase in the RCF, a new
EUR20 million acquisition facility, and a new EUR475 million Term
Loan C tranche, which will replace Term Loan A.

The recovery rating is also supported by the company's
incorporation in Germany, a jurisdiction that S&P views as
relatively favorable for senior secured creditors in the event of
insolvency, and the amortization feature under Term Loan A, which
reduces the overall amount of debt at the point of default.  On
the other hand, S&P's recovery ratings are constrained by the
group's lack of tangible assets, and it notes that if the company
failed to reorganize and instead was liquidated, recovery
prospects would be extremely low.  S&P's hypothetical default
scenario contemplates a default in 2016, as a result of weaker
profitability and overall operating performance, caused by a
severe economic downturn in Germany and France, leading to a
reduction in discretionary consumer spending.  S&P assumes that
the downturn would be accelerated by a tough competitive
environment.

The stable outlook reflects S&P's view that the Douglas group,
with the added contribution from the Nocibe acquisition, will be
able to maintain its robust market positions and profitability,
despite the lukewarm macroeconomic environment.

In S&P's view, Douglas will be able to maintain an adjusted
EBITDA cash interest coverage ratio over 2.5x after acquiring
Nocibe, while achieving free operating cash flow close to EUR80
million over the next 12 months.

S&P could lower the ratings if pressure on earnings intensifies
more than it anticipates or if unexpected shortfalls in operating
efficiency or failure to properly integrate the new acquisition
cause Douglas' financial metrics to fall short of the
aforementioned levels, notably if EBITDA cash interest coverage
falls below 2x and free operating cash flow generation comes
under pressure.  A stronger-than-anticipated contraction of
headroom under the revised financial covenants following such a
scenario could be another reason for S&P to lower its liquidity
assessment, leading to potential downside pressure on the rating.

S&P could take a positive rating action if Douglas is able to
secure early wins in operating efficiency that outweigh the
growth challenges presented by the difficult trading environment,
causing the group's EBITDA margins to improve meaningfully.  In
S&P's view, this would also likely be on the back of the
successful integration of the acquisition, the securing of
synergies, and other operating benefits.

In addition, S&P sees upside potential if, notwithstanding
operating improvements, adjusted EBITDA cash interest coverage
exceeds 3x on a sustainable basis.  However, S&P believes the
latter scenario is unlikely over the next 12 months.


PULS 2007-1: Moody's Lowers Ratings on Two Note Classes to C
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of the following notes issued by PULS 2007-1 Limited:

  EUR40M (current balance EUR25.25M) A1 Notes, Downgraded to Caa2
  (sf); previously on Jan 19, 2012 Downgraded to B2 (sf)

  EUR123.5M (current balance EUR 65.56M) A2A Notes, Downgraded to
  Ba2 (sf); previously on Jan 19, 2012 Downgraded to Baa2 (sf)

  EUR30.9M A2B Notes, Downgraded to Ca (sf); previously on Jan
19,
  2012 Downgraded to Caa2 (sf)

  EUR22.2M B Notes, Downgraded to C (sf); previously on Jan 19,
  2012 Downgraded to Ca (sf)

  EUR28.5M C Notes, Downgraded to C (sf); previously on Aug 20,
  2010 Downgraded to Ca (sf)

Moody's also affirmed the ratings of the following notes issued
by PULS 2007-1 Limited:

  EUR16.8M D Notes, Affirmed C (sf); previously on Aug 20, 2010
  Downgraded to C (sf)

  EUR7.2M E Notes, Affirmed C (sf); previously on Aug 20, 2010
  Downgraded to C (sf)

PULS 2007-1 Limited, issued in April 2007, is a cash-flow
collateralized debt obligation backed by a static portfolio of
subordinated and senior unsecured debt issued by primarily German
small and medium-sized enterprises (SMEs).

Ratings Rationale:

Rating actions are driven by continuing and worse than expected
credit deterioration observed in the underlying pool. The
deterioration is reflected in an increase in the number of
defaults and a resulting decrease in the overcollateralization
levels of the rated classes.

Updated information provided by Capital Securities Group AG
(Patrimonium), the portfolio manager, reveals that as at October
2013, defaults and impairments in the transaction total EUR123.3
million, including defaulted assets sold. Due to the length of
the German workout process the more recent defaulted obligations
have not returned recoveries to date, except for 1 obligor where
a part of the defaulted bond was sold for approximately EUR0.3
million.

The two largest sector concentrations are in the Automobile, and
Chemicals, Plastics & Rubber, representing 26% and 18% of the
current performing pool, respectively. Approximately 47% of the
performing portfolio is subordinated debt. The portfolio's
diversity has reduced due to defaults and full and partial early
amortizations at par. Currently the six largest obligors comprise
approximately 39% of the performing portfolio.

The current performing portion of the portfolio consists of 15
senior bonds totaling EUR65.25 million and 16 subordinated bonds
totaling EUR58.04 million, issued by 30 obligors (one obligor has
issued subordinated and senior bonds). Of these, 8 obligors with
a balance of EUR33.2 million are reported in credit watch
category by Patrimonium, and 2 obligors with a balance of EUR7.5
million are reported as credit impaired. Moody's reading of the
commentary provided by the portfolio manager on the credit watch
and credit impaired obligors leads it to conclude that 4 credit
watch obligors and 2 credit impaired obligors with EUR27.5
million bonds in total are almost certain to default. These 6
obligors are loss making, have little or negative equity, poor
commercial prospects and some are also in arrears on interest
payments. The remaining 4 obligors in the credit watch category
with a EUR13.2 million balance are considered risky.

In the process of determining rating actions, Moody's considered
a number of scenarios. Assuming the full performing pool of
EUR123.29 million to be non-impaired, the overcollateralization
ratios for Class A1, Class A2A and Class A2B are 101.3%, 149.0%
and 101.3% respectively. If the 6 obligors considered almost
certain to default are excluded from the performing pool, the
overcollateralization ratios for Class A1, Class A2A and Class
A2B reduce to 78.7%, 115.8% and 78.7%, respectively. In the
former case, Classes A1 and A2B will just about be fully repaid.
In the latter case, Class A1 would experience a loss of 22% of
its current balance and Class A2B would experience a higher loss
of 67 % because of its relative subordinated position. Any
additional defaults will worsen these losses, and may even
imperil full repayment of Class A2A notes. For example, in the
event that the 4 risky obligors with a balance of EUR13.2 million
also defaulted, Class A1/A2B would experience a losses of 32% and
100% respectively, and Class A2A would experience a small 0.16%
loss.

In line with the above, Moody's considers that the likelihood of
full repayment on Classes A1 and A2B to be minimal, and has
downgraded them to levels consistent with the range of losses
estimated above. The current investment grade rating for Class
A2A is not supported by its over-collateralization metrics
detailed above, given its vulnerability to additional impairments
or defaults arising from the low credit quality of the pool,
large obligor concentrations and low recoveries on defaults.
Classes B and C are highly unlikely to receive any principal
payments at all.

In its analysis, Moody's assumes a low single digit recovery rate
for defaulting senior bonds and a zero recovery rate for
defaulting subordinated bonds given the paucity of realised
recoveries in the transaction. On total defaults of EUR123.30
million since closing, realised recoveries of EUR5.51 million to
date amount to a paltry 4.47%.

In reaching its ratings decisions, Moody's has incorporated the
qualitative and quantitative information on individual obligors'
performance provided by Patrimonium as portfolio manager in the
latest investor report.

Moody's views the concentration risk in this transaction as very
material in the light of elevated refinancing difficulties likely
to be faced by an increasing number of the weaker obligors over
the coming years to scheduled maturity.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by uncertainties of
credit conditions in the general economy and the large
concentration of speculative-grade debt maturing in 2014, which
may create challenges for obligors to refinance.

Specific sources of additional performance uncertainties for PULS
2007-1 Limited include:

1) Low portfolio granularity: The performance of the portfolio
depends to a large extent on the credit conditions of a few large
obligors that are rated non investment grade, especially when
they experience jump to default. The realization of higher than
anticipated default rate due to the weakness of large obligors
would negatively impact the ratings.

2) There is the potential for elevated refinancing difficulty
particularly among obligors with weaker credit quality. The
emergence of increased refinancing difficulty at the time of
maturity would negatively impact the notes.

No cash flow analysis, sensitivity or stress scenarios have been
conducted as these rating actions are based on the observed
credit deterioration of the transaction portfolio and qualitative
considerations.

In addition to the quantitative factors, qualitative factors are
part of the rating committee considerations. These qualitative
factors include the structural protections in each transaction,
the recent deal performance in the current market environment,
the legal environment, specific documentation features, and the
potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic
forecasts, input from other Moody's analytical groups, market
factors, and judgments regarding the nature and severity of
credit stress on the transactions, may influence the final rating
decision.



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


BANCA CARIGE: Fitch Cuts Viability Rating to 'b-'
-------------------------------------------------
Fitch Ratings has affirmed Banca Carige's Long-term Issuer
Default Rating (IDR) and Support Rating Floor (SRF) at 'BB' and
downgraded its Viability Rating (VR) to 'b-' from 'bb'. The
bank's VR remains on Rating Watch Negative (RWN). The Outlook on
the Long-term IDR is Negative.

Key Rating Drivers - IDRs, Support Rating, Support Rating Floor
and Senior Debt:

Carige's Long-term IDR is at the bank's 'BB' SRF and reflects
potential support from the Italian authorities.

The affirmation of Carige's Support Rating (SR) and SRF reflect
Fitch's view that there is a moderate probability that the
authorities would provide support to Carige if required because
of its franchise in its home region of Liguria and relatively
large customer funding base.

The Negative Outlook on Carige's Long-term IDR is in line with
that on Italy's 'BBB+' Long-term IDR.

Rating Sensitivities - IDRs, Support Rating, Support Rating Floor
and Senior Debt:

Carige's Long-term IDR, SR, SRF and senior debt ratings are
sensitive to a change in Fitch's assumptions about the propensity
or ability of the Italian authorities to provide timely support
to the bank. The Italian state's ability to provide such support
is dependent upon its creditworthiness, reflected in its Long-
term IDR. A downgrade of Italy's sovereign rating would reflect a
weakened ability of the state to provide support and therefore
likely result in the downward revision of Carige's SRF.

Carige's SR and SRF are also sensitive to changes in the agency's
assumptions around the propensity of support, in light of the
weakening of legal, regulatory, political and economic dynamics
about potential future sovereign support for senior creditors of
banks across jurisdictions, as indicated in "The Evolving
Dynamics of Support for Banks" and "Bank Support.

Any downward revision of Carige's SRF would lead to a downgrade
of the bank's Long-term IDR. In line with Fitch's criteria, the
bank's Long-term IDR is the higher of the VR and the SRF.

Key Rating Drivers - VR:

The downgrade of Carige's VR reflects the material delay in its
EUR800m capital strengthening plan announced in early 2013
combined with the significant deterioration in asset quality and
operating performance.

Carige originally planned to complete its capital strengthening
by end-2013. The delay in implementing the plan was in part
caused by the complete change of the bank's board of directors
and the appointment of a new CEO, and in Fitch's opinion, this
delay has further increased the execution risk of the plan, which
includes significant asset disposals.

Fitch believes that the disposal of Carige's two insurance
subsidiaries included in its capital plan, which would have
simplified the group's structure and removed a drag on the bank's
profitability, is unlikely to occur in the short term. The bank
has postponed the completion of its capital increase to 1H14.

Carige's largest shareholder, a banking foundation, has limited
financial flexibility and a substantial capital increase would
result in it being diluted. This adds to the complexity of the
bank's capital strengthening process and, in Fitch's opinion,
increases execution risk.

Carige's asset quality has deteriorated sharply and is weak. The
group's gross impaired loans/total loans ratio stood at 16.2% at
end-9M13, up from 9.5% at end-3M13, and coverage of impaired
loans is low at 37%. Carige's Fitch core capital (FCC) ratio
stood at 6.6% at end-1H13, which Fitch considers weak in light of
the high level of unreserved impaired loans. At end-9M13 the
amount of unreserved impaired loans was equal to about 187% of
end-1H13 FCC.

Carige's reported Basel 2.5 core tier 1 ratio at end-September
2013 was low at 5.8%. The bank estimates a pro-forma core Tier 1
ratio of 7.7% at the same date, which includes the gains on the
sale of its asset management subsidiary and the lower capital
deductions following the conversion of deferred tax assets into
tax credits. However, the pro-forma ratio is below the 8% Basel
III CET1 ratio set by the European Central Bank as the minimum
ratio for its asset quality review. Operating profitability in
9M13 was weak as Carige's commercial banking business barely
broke even.

Rating Sensitivities - VR:

The RWN on Carige's VR reflects Fitch's opinion that the
likelihood of the bank failing to achieve the required capital
strengthening has increased. Should the bank not be able to raise
the necessary capital in full or in part, the VR would likely be
downgraded to reflect the risks to its standalone viability.

An upgrade of Carige's VR would require evidence of the bank's
turnaround, stronger capitalization, and improving profitability
and asset quality. The disposal of the bank's two insurance
subsidiaries would be an indicator of the bank's successful
turnaround.

Key Rating Drivers and Sensitivities - Subordinated Debt and
other Hybrid Securities:

The subordinated notes issued by Carige are notched down from its
VR in accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risk
profiles. Their rating is primarily sensitive to any change in
the bank' VR but also to any change in Fitch's view of non-
performance or loss severity risk relative to the bank's
viability.

The rating actions are as follows:

Long-term IDR: affirmed at 'BB'; Negative Outlook
Short-term IDR: affirmed at 'B'
Viability Rating: downgraded to 'b-' from 'bb'; remains on RWN
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB'
Senior unsecured notes: affirmed at 'BB'/'B'
Subordinated notes: downgraded to 'CCC' from 'BB-'; remains on
   RWN


BANCA POPOLARE: Fitch Cuts Longterm IDR to BB+, Off Watch Neg.
--------------------------------------------------------------
Fitch Ratings has downgraded Banca Popolare di Milano's (BPM)
Long-term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and
removed it from Rating Watch Negative (RWN). The Long-term IDR is
now at the bank's 'BB+' Support Rating Floor (SRF), which has
been affirmed. The Outlook on the Long-term IDR is Negative. At
the same time Fitch has downgraded BPM's Viability Rating (VR) to
'bb-' from 'bbb-'. BPM's VR remains on RWN.

Key Rating Drivers - IDRs, Support Rating, Support Rating Floor
and Senior Debt:

BPM's Long-term IDR is at the bank's 'BB+' Support Rating Floor
(SRF) and reflects potential support from the Italian
authorities.

Fitch has affirmed BPM's Support Rating (SR) and SRF, which
reflect Fitch's view that there is a moderate probability that
the authorities would provide support to BPM if required because
of BPM's strong franchise in its home region of Lombardy and its
relatively large customer funding base.

The Negative Outlook on BPM's Long-term IDR is in line with the
Outlook on Italy's 'BBB+' Long-term IDR.

Rating Sensitivities - IDRs, Support Rating, Support Rating Floor
and Senior Debt:

BPM's Long-term IDR, SR, SRF and senior debt ratings are
sensitive to a change in Fitch's assumptions about the propensity
or ability of the Italian authorities to provide timely support
to the bank.

The Italian state's ability to provide such support is dependent
upon its creditworthiness, reflected in its Long-term IDR. A
downgrade of Italy's sovereign rating would reflect a weakened
ability of the state to provide support and therefore likely
result in the downward revision of BPM's SRF.

BPM's SR and SRF are also sensitive to changes in the agency's
assumptions around the propensity of support, in light of the
weakening of legal, regulatory, political and economic dynamics
about potential future sovereign support for senior creditors of
banks across jurisdictions, as indicated in "The Evolving
Dynamics of Support for Banks" and "Bank Support.

Any downward revision of BPM's SRF would lead to a downgrade of
the bank's Long-term IDR. In line with Fitch's criteria, the
bank's Long-term IDR is the higher of the VR and the SRF.

Key Rating Drivers - VR:

The downgrade of BPM's VR reflects Fitch's view that uncertainty
over the bank's future strategy and its ability to strengthen
capitalization has increased following the delay in the bank's
shareholders reaching an agreement on how to strengthen the
bank's corporate governance. This has also led to a delay in the
planned EUR500 million capital increase.

At BPM, a small group of active current and retired employee
shareholders with close links to the unions have at times blocked
strategic and restructuring proposals. The process of
strengthening BPM's corporate governance has come to a standstill
as shareholders could not reach an agreement on how to improve
the bank's corporate governance. The bank's CEO, who had
contributed to the bank's progress in improving cost efficiency,
resigned in late October 2013, and an Ordinary Shareholders'
Meeting has been called in December 2013 to appoint a new
supervisory board, which in turn will have to nominate a new
management board. The uncertainty over the future composition of
the bank's key decision taking bodies means that uncertainty over
the bank's future governance and strategy has increased
materially at a time when BPM needs to strengthen its
capitalization further by the announced EUR500 million.

Excluding higher risk weightings imposed by the regulator in
2011, BPM's Basel 2.5 Core Tier 1 ratio at end-9M13 stood at
8.9%, which compares adequately with its direct domestic peers.
However, the reported statutory ratio was lower at 7.25%, below
the 8% Basel III CET1 ratio set by the European Central Bank as
the minimum ratio for its asset quality review.

BPM's performance, with the exception of asset quality, has
improved, and the bank reported a EUR139 million net profit for
9M13. BPM's VR continues to reflect its deteriorating asset
quality, its above-average exposure to the real estate and
construction sectors and increasing impaired loans. BPM's
efficiency has improved and funding and liquidity are acceptable.
Its impaired loans ratios reached 11% at end-9M13, which is
however still lower than at most of its peers and below the
average for the sector. Coverage levels are acceptable, but Fitch
expects loan impairment charges to remain high.

Rating Sensitivities - VR:

The RWN on BPM's VR reflects Fitch's view that failure to reach a
durable solution for the bank's future corporate governance,
which would make a successful capital increase more uncertain,
would result in a downgrade of its VR. Doubts over the bank's
ability to raise capital would likely result in a downgrade of
its VR by more than one notch, most likely to the 'b' range, to
reflect the increased risks to the bank's viability.

BPM's VR would also come under pressure if asset quality
deterioration was materially worse than currently expected by the
agency, or if liquidity and funding weakened.

Any upgrade of BPM's VR would require a credible strengthening of
its corporate governance, higher capital levels (through the
announced EUR500m capital increase and the removal of the higher
risk-weightings imposed by the regulator) and improving asset
quality ratios.


Key Rating Drivers and Sensitivities - Subordinated Debt and
other Hybrid Securities:

The subordinated notes issued by BPM are notched down from its VR
in accordance with Fitch's assessment of each instrument's
respective non-performance and relative loss severity risk
profiles. Their rating is primarily sensitive to any change in
the bank' VR but also to any change in Fitch's view of non-
performance or loss severity risk relative to the bank's
viability.

The rating of the preferred stock and hybrid capital instruments
reflects their non-performance in the form of non-payment of
interest. Their rating is sensitive to changes in Fitch's view of
their loss severity.

Banca Popolare di Milano

  Long-term IDR: downgraded to 'BB+' from 'BBB-'; RWN removed;
   Outlook Negative

  Short-term IDR: downgraded to 'B' from 'F3'; RWN removed

  Viability Rating: downgraded to 'bb-' from 'bbb-'; RWN
   maintained

  Support Rating: affirmed at '3'

  Support Rating Floor: affirmed at 'BB+'

  Senior unsecured notes and EMTN programme: downgraded to
   'BB+'/'B' from 'BBB-'/'F3'; RWN removed

  Subordinated Lower Tier 2 debt: downgraded to 'B+' from 'BB+';
   RWN maintained

  Preferred stock and hybrid capital instruments: affirmed at
   'CCC'


CIRENE FINANCE: S&P Lowers Rating on Class E Notes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Cirene Finance S.r.l.'s class D and E notes.  At the same time,
S&P has affirmed its rating on the class C notes.

The rating actions follow S&P's review of the nonperforming loan
(NPL) portfolio's performance, the portfolio's recovery
prospects, and the transaction's structural deleveraging since
closing.

On the June 2013 interest payment date (IPD), the servicer
reported a gross book value (GBV) of EUR118.89 million, compared
with EUR215.05 million at closing.  Cumulative collections are
currently EUR120.75 million, of which EUR75.9 million are from
fully closed positions (representing 63% of the total collections
since closing).  The reported gross collections relative to the
reported GBV on the closed positions reflect a recovery rate of
78.8%.  Since closing, the issuer has redeemed about 75% of the
original principal balance of the rated notes.

Over the past two semiannual collection periods, gross
collections have been about EUR6 million, compared with EUR10.7
million in the previous two collection periods.

On the latest IPD, the principal shortfall mechanism was
triggered.  The available funds repaid full interest and partial
principal on the class C notes.  The class D and E notes'
interest was deferred to the next IPD.

In S&P's stressed cash flow scenarios arising from the average
collection amounts for each rating category, it assessed the
likelihood that the outstanding notes would fully redeem by the
transaction's legal final maturity in December 2017.  In
addition, S&P stressed the recovery timings in its analysis,
whereby S&P further adjusted projected collections to account for
a continuing decline.

In S&P's opinion, its rating on the class C notes remains
commensurate with its expectations that interest and principal on
these notes will be repaid under a 'AA-' stress scenario.  S&P
has therefore affirmed its 'AA- (sf)' rating on these notes.

S&P has lowered its ratings on the class D notes as it considers
these notes to be more vulnerable to future cash flow
disruptions. S&P's rating of the notes has accounted for the
availability of the reserve account at legal final maturity.

S&P has also lowered its rating on the class E notes, as it
considers that these notes are unlikely to repay interest and
principal by legal final maturity.

Cirene Finance is a 2006 commercial mortgage-backed securities
(CMBS) transaction backed by a portfolio of secured and unsecured
NPLs. Banca Monte dei Paschi di Siena SpA originated the loans.
The portfolio largely comprises positions secured by first-
ranking mortgages on residential and commercial/industrial
properties. Since closing, the underlying portfolio's composition
has not changed significantly.

RATINGS LIST

Class        Rating         Rating
             To             From

Cirene Finance S.r.l.
EUR101.45 Million Mortgage-Backed Floating-Rate Notes and
Deferrable-Interest Notes

Ratings Lowered

D            B (sf)         BBB (sf)
E            B- (sf)        BB (sf)

Rating Affirmed

C            AA- (sf)



===========
L A T V I A
===========



HEARTS OF MIDLOTHAN: Administrators Opens CVA Talks with UBIG
-------------------------------------------------------------
The Scotsman reports that BDO, administrators of the Hearts of
Midlothian Football Club, have opened "tentative" talks with the
insolvency firm in control of Ukio Banko Investicine Grupe (UBIG)
on Nov. 20, just two days remaining to strike the deal which
could save the club from liquidation.

However, it is understood that the stricken Tynecastle football
club have been given no indication how fallen investment giant
UBIG will vote at Friday's creditors meeting, The Scotsman notes.

UBIG is Hearts' majority shareholder with a 49.9% stake.  It is
currently being run by Vilnius-based UAB Bankroto Administravimo
Paslaugos after being formally declared bankrupt last week, The
Scotsman discloses.

After initially fruitless efforts, BDO now has an effective line
of communication with UBIG and has answered a number of queries
regarding the company voluntary arrangement (CVA) deal being
proposed at Friday's creditors meeting, The Scotsman relays.

The bid, which has been tabled on behalf of fans' group
Foundation of Hearts, is worth GBP2.5 million, The Scotsman
relates.  However, that fee will be paid solely to Ukio Bankas,
as the club's only secured creditor, The Scotsman notes.

UBIG, on the other hand, is effectively being offered nothing in
return for their "yes" vote, The Scotsman says.  But, given their
debt is effectively worthless, BDO is hopeful they can be
convinced to accept the terms, The Scotsman states.

As Hearts' second largest creditor, with GBP8.2 million of their
total GBP28.5 million debt, UBIG must either vote in favor of the
CVA or abstain for the process to continue, The Scotsman says.
If they vote against the proposal, the takeover bid will
collapse, The Scotsman states.  While it is understood that would
not mean immediate liquidation for Hearts, a senior source close
to the club admitted it would leave the Gorgie institution in a
"bleak" situation, The Scotsman notes.

According to The Scotsman, if the CVA is successfully agreed this
week, however, then the members/shareholders meeting next Friday
is expected to be a formality which will finally result in the
club's shares being handed over.

Hearts of Midlothian Football Club, more commonly known as
Hearts, is a Scottish professional football club based in Gorgie,
in the west of Edinburgh.


PK LATVIA: Pro Kapital Grupp Council Opts for Liquidation
---------------------------------------------------------
AS Pro Kapital Grupp Council decided on Nov. 19 to approve the
liquidation of two companies registered in Latvian Republic,
which belong to the concern of AS Pro Kapital Grupp.

PK Latvia LLC, company 100% shareholder is JSC Pro Kapital
Latvia, which belongs 100% to AS Pro Kapital Grupp.  Principal
activity of the company was development, rent and sale of real
estate located at Stabu street 19, Riga.  Reason for liquidation
is the fact that the company has in course of day to day economic
activity sold all its premises.  The company does not have any
other active economic activity.  Liquidation of the company does
not have any effect on AS Pro Kapital Grupp.

PROKURS LLC, company 70% shareholder is LLC Pasaules
Tirdzniecibas Centrs RIGA, which is the subsidiary of JSC Pro
Kapital Latvia, which belongs 100% to AS Pro Kapital Grupp.
Principal activity of the company was development, rent and sale
of real estate located at Kugu street 26, Riga.  Reason for
liquidation is the fact that the company has in course of day to
day economic activity sold all its premises.  The company does
not have any other active economic activity.  Liquidation of the
company does not have any effect on AS Pro Kapital Grupp.



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


BANK OF CREDIT: Creditors Head to Saudi to Collect US$326 Million
-----------------------------------------------------------------
Asa Fitch at The Wall Street Journal reports that when
liquidators closed the books on the Bank of Credit and Commerce
International case in May, a 21-year-old scandal that shook the
global financial system and ensnared arms dealers, dictators and
even the CIA appeared to be over.  Earlier this month, however,
creditors of the failed bank got the go-ahead from a judge in
Luxembourg to partially reopen the case and make one last attempt
to collect US$326 million from Saudi Arabia, the Journal relays.

According to the Journal, the move could add to about US$8.5
billion of recoveries made by Deloitte and the bank's other
liquidators since 1991 -- already about 86% of what was lost.

Led by Adil Elias, a real estate developer from Orlando who has
been a central figure in the global effort to recover BCCI
assets, the creditors are hoping they will be able to get the
extra money thanks to a change in Saudi law earlier this year
that streamlined the enforcement of foreign judgments, the
Journal discloses.  They made their case in Luxembourg because
that's where BCCI was incorporated in 1972, the Journal notes.

"There's a lot of money on the table," the Journal quotes Mr.
Elias as saying, adding that in closing the case the liquidators
"were about to commit a big crime leaving all this money on the
table."

The creditors won the US$326 million in a U.S. case more than
10 years ago against Abdul Raouf Khalil, a large BCCI depositor
who was found to have participated in the fraud, the Journal
recounts.  Mr. Khalil, who died in 2008, had assets valued in the
range of US$500 million in Saudi, mostly in real estate holdings
but also in gold, the Journal says, citing people familiar with
the case.

After the initial decision against Mr. Khalil in the U.S., the
creditors went to Saudi Arabia to get it enforced in 2003, the
Journal relates.  They brought it before the country's Board of
Grievance, which at the time was responsible for deciding whether
foreign judgments could be enforced in the kingdom, the Journal
discloses.  According to the Journal, the BOG dismissed the case
the following year on the grounds that the U.S. did not
reciprocally enforce Saudi judgments.  The creditors appealed,
however, and in 2007, the BOG decided it was, in fact,
enforceable, the Journal notes.  Mr. Khalil then made his own
appeal, but the judicial panel upheld the decision a few months
after he died in 2008, the Journal relays.

"The BOG and the Saudi courts were very busy and had a lot of
files, so they couldn't achieve the tasks on time and enforcement
could take five or six years," the Journal quotes Fadi Daher, a
lawyer in Saudi Arabia who submitted an affidavit on behalf of
the creditors in the Luxembourg case outlining the changes, as
saying.  "Now it's just an execution judge with expertise in the
enforcement of foreign judgments."

BCCI, incorporated in Luxembourg and ran from London, collapsed
in 1991 with as much as US$16 billion in debt.  The failure
affected 80,000 depositors.  Deloitte sued Bank of England for
misfeasance, claiming GBP850 million.



===================
M O N T E N E G R O
===================


RUDNICI BOKSITA: Montenegrin Court Opens Bankruptcy Proceedings
---------------------------------------------------------------
SeeNews reports that a Montenegrin commercial court has opened
bankruptcy proceedings against Rudnici Boksita over EUR1.59
million (US$2.1 million) outstanding claims.

According to SeeNews, news portal Vijesti.me said the bankruptcy
proceedings were launched at the request of local bank Crnogorska
Komercijalna Banka.

The first meeting of Rudnici Boksita's creditors is scheduled for
December 19, while their first court hearing will take place on
January 10, 2014, SeeNews discloses.

Rudnici Boksita posted a net loss of EUR5.9 million at the end of
June 2012, SeeNews says, citing the latest available financial
data released by the country's securities commission.

Russia's CEAC Holdings, a subsidiary of Russian tycoon Oleg
Deripaska's En+ Group, and the state of Montenegro control
31.8145% of Rudnici Boksita each, SeeNews discloses.

Rudnici Boksita is a Montenegrin bauxite mining company.



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


EURO GALAXY: Fitch Rates EUR20.75MM Notes Notes 'BB(EXP)'
---------------------------------------------------------
Fitch Ratings has assigned Euro-Galaxy III CLO B.V.'s notes
expected ratings, as follows:

EUR67.0m Variable Funding Notes: 'AAA(EXP)sf'; Outlook Stable
EUR94.0m Class A-1: 'AAA(EXP)sf'; Outlook Stable
EUR40.0m Class A-2: 'AAA(EXP)sf'; Outlook Stable
EUR19.0m Class B-1: 'AA(EXP)sf'; Outlook Stable
EUR22.25m Class B-2: 'AA(EXP)sf'; Outlook Stable
EUR7.75m Class C-1: 'A(EXP)sf'; Outlook Stable
EUR11.25m Class C-2: 'A(EXP)sf'; Outlook Stable
EUR6.75m Class D-1: 'BBB(EXP)sf'; Outlook Stable
EUR7.75m Class D-2: 'BBB(EXP)sf'; Outlook Stable
EUR20.75m Class E: 'BB(EXP)sf'; Outlook Stable
EUR38.5m Subordinated Notes: not rated

Transaction Summary:

Euro-Galaxy III CLO B.V. (the issuer) is an arbitrage cash flow
collateralized loan obligation (CLO). Net proceeds from the
issuance of the notes will be used to purchase a EUR327.75
million portfolio of European leveraged loans and bonds. The
portfolio will be managed by Pinebridge Investments Europe
Limited. During the reinvestment period, Credit Industriel et
Comercial will act as junior collateral manager. The reinvestment
period is scheduled to end in 2017.

Key Rating Drivers:

Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions on 53 of the 57 obligors
in the indicative portfolio.

Above-Average Recoveries:

At least 90% of the portfolio will comprise senior secured
obligations. Recovery prospects for these assets are typically
more favourable than for second-lien, unsecured, and mezzanine
assets. Fitch has assigned Recovery Ratings to 59 of the 63
assets in the indicative portfolio.

Limited Reset Risk:

The transaction uses an interest smoothing account and a
liquidity facility (LF) to mitigate reset risk. The notes will
initially pay interest quarterly, then switch to semi-annual
payments once the LF matures. The LF expires after four years
(unless renewed) and in any case no later than the repayment of
the class A-2 notes in full.

The LF documents only include rating triggers based on another
agency's ratings. If the LF provider defaults, the transaction
switches to a semi-annual payment frequency. There is a residual
risk of an event of default if a jump to default of the LF
provider occurs in a quarterly period when a large proportion of
assets resets to a semi-annual payment frequency and the
portfolio has already incurred substantial losses. Fitch
considers the scenario to be sufficiently remote to be
commensurate with a 'AAAsf' rating.

Partial Interest Rate Hedge:

Between 5% and 10% of the portfolio may be invested in fixed rate
assets while fixed rate liabilities account for 10% of total
liabilities. This provides a partial hedge against excess spread
compression in a rising interest rate environment. However, the
efficacy of the hedge is sensitive to the timing of defaults and
the share of fixed rate assets in the portfolio over the life of
the transaction.

Limited FX Risk:

Asset swaps are used to mitigate any currency risk on non-euro-
denominated assets. The exposure to any single asset swap
provider may not exceed 20% of the portfolio.

Amendments to Documents:

Fitch notes that the documents allow the trustee to approve
certain changes to transaction documents upon the receipt of
rating confirmation without further reference to investors.
However, the rating impact is not equivalent to determining
whether such a change is prejudicial to the interests of
investors. It should also be noted that the provision of rating
confirmations is at the discretion of Fitch and we may choose not
to provide rating confirmations.

Rating Sensitivities:

-- A 25% increase in the expected obligor default probability
    would lead to a downgrade of one to two notches for the rated
    notes.

-- A 25% reduction in the expected recovery rates would lead to
a
    downgrade of one to five notches for the rated notes.


KPNQWEST: KPN to Pay EUR50-Mil. to Settle Bankruptcy Litigation
---------------------------------------------------------------
Reuters reports that Dutch telecoms group KPN said on Tuesday
that it had reached a tentative agreement to pay EUR50 million
(US$67.6 million) to settle litigation related to the bankruptcy
of its former joint venture KPNQwest.

KPNQwest, a wholesale fiber-optic telecoms venture between U.S.
phone carrier Qwest, since acquired by CenturyLink, and KPN for
corporate customers, was listed in 1999 but went bankrupt in 2002
after the telecoms and technology bubble burst, Reuters recounts.

The trustees accused KPNQwest of mismanagement and held its
shareholders liable for damages, Reuters relays.  It had been
seeking EUR2.2 billion, Reuters discloses.

Reuters relates KPN said in a statement on Tuesday that it,
CenturyLink and the trustees had reached a tentative agreement
for a potential total settlement of EUR260 million, towards which
KPN would contribute EUR50 million.

The tentative agreement is subject to several conditions,
including the approval of the Dutch bankruptcy court, Reuters
notes.

Assuming a definitive settlement is agreed, litigation will end
and KPN will waive certain claims against the bankruptcy estate,
Reuters states.

Hoofddorp, Netherlands-based KPNQwest NV is a joint venture of
Royal KPN NV and Qwest Communications International Inc.


TELEFONICA EUROPE: S&P Assigns 'BB+' Rating to Hybrid Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB+' long-term issue rating to the proposed seven-year non-call,
perpetual, optionally deferrable, and subordinated hybrid
securities to be issued by Telefonica Europe B.V., the Dutch
finance subsidiary of Spain-based telecom group Telefonica S.A.
(BBB/Negative/A-2), the guarantor of the securities.

The completion and size of the overall issue will be subject to
market conditions.

S&P classifies the proposed securities as having "intermediate"
equity content until their first call date in 2020 because they
meet S&P's criteria in terms of their subordination, permanence,
and optional deferability during this period.

Consequently, in S&P's calculation of Telefonica's credit ratios,
it will treat 50% of the principal outstanding and accrued
interest under the hybrids as equity rather than as debt.  S&P
will also treat 50% of the related payments on these securities
as equivalent to a common dividend.  Both treatments are in line
with S&P's hybrid capital criteria.

According to S&P's criteria, the two-notch difference between its
'BB+' rating on the proposed hybrid notes and its 'BBB' corporate
credit rating on Telefonica reflects:

   -- One notch for the proposed notes' subordination because the
      corporate credit rating on Telefonica is investment grade
      ('BBB-' or above); and

   -- An additional notch for the optional deferability of
      interest.

The notching of the proposed securities takes into account S&P's
view that there is a relatively low likelihood that Telefonica
will defer interest payments.

Should S&P's view on the likelihood of deferring interest
payments change, it may significantly increase the number of
downward notches that it applies to the issue rating.

The interest to be paid on the proposed securities will increase
by 25 basis points in 2025, and a further 75 basis points in
2040. S&P considers the cumulative 100 basis points as a material
step-up, which provides an incentive for Telefonica to redeem the
instruments on the 2040 call date.

Consequently, in accordance with S&P's criteria, it will no
longer recognize the instrument as having intermediate equity
content after the first call date in 2020, because the remaining
period until economic maturity would, by then, be less than 20
years.

    KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S PERMANENCE

Although the securities are perpetual, Telefonica can redeem them
as of the first call date in 2020, and every coupon payment date
thereafter.  If such an event occurs, the company intends to
replace the instrument, although it is not obliged to do so.

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S
SUBORDINATION

The proposed securities will be deeply subordinated obligations
of Telefonica, ranking junior to all unsubordinated or
subordinated obligations, and only senior to common shares.
Also, the proposed instruments will rank pari passu with about
EUR59 million of still outstanding preferred securities issued in
2002 and with the hybrid securities issued in September 2013.

  KEY FACTORS IN OUR ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

In S&P's view, Telefonica's option to defer payment of interest
on the proposed securities is discretionary.  This means that the
group may elect not to pay accrued interest on an interest
payment date because it has no obligation to do so.

However, any outstanding deferred interest payment would have to
be settled in cash if Telefonica paid an equity dividend or
interest on equal-ranking securities, or if Telefonica
repurchased common shares or equal-ranking securities (except the
2002 preferred securities).  This condition remains acceptable
under S&P's rating methodology because, once the issuer has
settled the deferred amount, it can choose to defer payment on
the next interest payment date.

Telefonica retains the option to defer coupons throughout the
instrument's life.  The deferred interest on the proposed
securities is cash-cumulative and compounding.



=============
R O M A N I A
=============


ALBA MUNICIPALITY: Moody's Assigns Ba1 Issuer Rating; Outlook Neg
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 issuer rating to the
Romanian Municipality of Alba Iulia. The outlook on the rating is
negative.

Ratings Rationale:

The Municipality of Alba Iulia's Ba1 issuer rating takes into
account the municipality's solid track record of prudent
budgetary management, as reflected in its sound operating
surpluses, good financial performances and comfortable cash
reserves. The comprehensive system of supervision and financial
reporting stipulated by national law is also recognized as an
important contributor to the municipality's overall good fiscal
discipline. However, the rating also captures the challenges
associated with the municipality's limited revenue-raising
capabilities and the potential increase in its debt burden over
the next two years due to its substantial capital expenditure
program.

Moody's notes that Alba Iulia has displayed sound gross operating
balances (GOB) over the last few years. More recently, its GOB
improved to a very solid 30% of operating revenue in 2012 from
19% at year-end 2011, reflecting increasing levels of tax revenue
and intergovernmental transfers associated with austerity
measures implemented by the local administration. This robust
performance is expected to continue over the next two years.

Moody's says that Alba Iulia's track record of solid financial
performances has led to a comfortable liquidity position. Its
accumulated cash reserves averaged 14% of operating revenue in
2010-12. Although reserves fell slightly to 10% at the end of
2012, this continues to represent a solid financial cushion
against potential budgetary pressures and in support of capital
investment in the medium term.

Moody's considers Alba Iulia's high capital spending to be a
challenge for its debt profile. The municipality's debt level
decreased to 46% of operating revenue at year-end 2012 from a
relatively stable 51% in 2009-2011. The net debt ratio should
rise to 62% of municipality's expected operating revenue in 2013,
as the municipality plans to draw the first tranche of its newly
signed RON26 million revolving facility and to provide a RON7
million guarantee to its regional water company.

Alba Iulia's debt-repayment profile is favorable, with the
redemption of the bonds (68% of the total debt) spread out until
2027 and the loans spread across 12 years. Medium-term debt
repayments are expected at 6%-7% of total revenue, which is
manageable by the municipality's finances.

Rationale for Negative Outlook:

The rating outlook mirrors the negative outlook on the Baa3
sovereign rating, reflecting the macroeconomic and institutional
framework linkages between the state and local governments in
Romania. Alba Iulia is highly dependent on intergovernmental
revenues in the form of shared taxes and central government
transfers, which represent around 80% of operating revenue in the
past five years. The municipality has limited leeway to generate
additional own-source revenue to offset external pressure.

What Could Change the Ratings Up/Down:

Any positive rating actions on Romania's sovereign rating could
have positive rating implications for the municipality. In
addition, the municipality's ability to sustain its operating
surpluses and reduce its debt burden would be considered credit
positive.

Any negative rating actions on Romania's sovereign rating could
have negative rating implications for the municipality. A
material deterioration in the municipality's operating
performance or any relevant increase into its debt and debt-
servicing needs will be viewed negatively.

Specific economic indicators as required by EU regulation are not
applicable for this entity.

On October 11, 2013, a rating committee was called to discuss the
rating of the Alba Iulia, Municipality of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength. The issuer's institutional
strength/framework. The issuer's governance and management. The
issuer's fiscal or financial strength, including its debt
profile. The assessment of extraordinary support.



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


KEMEROVO REGION: Fitch Affirms 'BB' Long-Term Currency Ratings
--------------------------------------------------------------
Fitch Ratings has affirmed Kemerovo Region's Long-term foreign
and local currency ratings at 'BB', with Stable Outlooks, and its
Short-term foreign currency rating at 'B'. The agency has also
affirmed the region's National Long-term rating at 'AA-(rus)'
with Stable Outlook.

Key Rating Drivers:

The ratings factor in substantial deficit before debt variation
in 2012-2013 caused by deterioration in the region's operating
revenue, its high capex, and foreign-currency exposure stemming
from a long-term bank loan. The Stable Outlook reflects Fitch's
expectation of Kemerovo's satisfactory operating performance and
moderate direct risk for 2013-2015.

Fitch expects the region's operating margin to stabilize at about
6% during 2013-2015, up slightly from a low 4.5% in 2012 (2011:
7.5%). The operating balance deteriorated in 2012 as operating
revenue declined mostly due to a significant drop in corporate
income tax. The CIT reduction was due to weak results at major
local taxpayers and the introduction of new CIT regulation by the
national government. The administration only managed to cut
operating expenditure by 6.7%, which was not sufficient to
compensate an almost 10% drop in operating revenue in 2012.

Fitch expects Kemerovo's direct risk will remain moderate at
below 45% of current revenue during 2013-2015. High deficit
before debt variation during 2012 and so far in 2013 have
resulted in rapid rise of absolute debt, leading Fitch to expect
an increase in direct risk to RUB34.9 billion at end-2013 from
RUB19 billion at the beginning of 2012. The region relies on bank
and federal budget loans with three-to five-year maturity. Of its
debt, 66% matures during 2014-2016 -- which is typical of Russian
regions -- exposing the region to some refinancing pressure.

The region is exposed to unhedged foreign-currency risk because
22% of its direct risk (US$230 million) was denominated in USD as
of 1 October 2013. It is represented by liabilities to
Vnesheconombank (BBB/Stable/F3) that were assumed by the region
in the mid-2000s. Annual interest rate for the outstanding debt
is only 1% and the maturity profile is smoothed out to 1 January
2035, which helps take the pressure off the debt servicing
burden.

Kemerovo has low contingent risk stemming from public sector
entities' financial debt and issued guarantees. In late 2011, the
region imposed a moratorium on new guarantees issuance and as of
November 1, 2013 the region had no outstanding guarantees.

The region has a strong economy dominated by the coal and metal
industries. This provides an extensive tax base for the region's
budget, allowing the region to rely on its own budget revenue
rather than on transfers from the federal budget. However, a
large portion of tax revenues depends on companies' profits,
resulting in high revenue volatility. This is evident in a
decline of tax proceeds when market conditions for coal and steel
turn unfavorable.

Rating Sensitivities:

Improvement of operating balance to an average 12% of operating
revenue for two years in a row and a debt coverage ratio
(currently 4.7 years) in line with the average debt maturity
(currently about 3 years) would lead to an upgrade.

Direct risk growth above 50% of operating revenue accompanied by
persistently weak budgetary performance with an operating margin
below 5% would lead to a downgrade.

Key Assumptions:

   -- Russia has an evolving institutional framework with a
system
      of inter-governmental relations between federal, regional
      and local governments still under development. However,
      Fitch expects Kemerovo will continue to receive a steady
      flow of earmarked transfers from the federation

   -- Kemerovo Region will continue to have fair access to
      domestic financial markets to enable it to refinance
      maturing debt

   -- Kemerovo Region will continue to benefit from the revenue
      inflow underpinned by a strong industrial base and natural
      resource endowment. The local economy will continue to
      demonstrate modest economic growth.



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


PYMES SANTANDER 6: S&P Assigns 'CC' Rating to Class C Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Fondo de Titulizacion de Activos PYMES SANTANDER 6's class A, B,
and C notes.

The issuer is a "fondo de titulizacion de activos" (a Spanish
special-purpose entity established to issue the notes), which S&P
considers to be in line with its European legal criteria.

"Our ratings on the class A and B notes reflect our assessment of
the transaction's credit and cash flow characteristics, as well
as our analysis of the transaction's exposure to counterparty,
legal, and operational risks.  For the class A notes, our
analysis indicates that the available credit enhancement is
sufficient to mitigate the transaction's exposure to credit and
cash flow risks at a higher rating level than 'A (sf)'.  We
consider that the class A notes can withstand all of our relevant
cash flow stresses applicable at a 'AA+ (sf)' rating level.
However, the transaction's exposure to counterparty risk caps at
'A (sf)' our rating on the class A notes under our current
counterparty criteria," S&P said.

As the class C notes are not an asset-backed security, the issuer
used the class C notes' issuance proceeds to fund the initial
reserve fund at closing.

This transaction is exposed to counterparty risk through Banco
Santander S.A. as bank account provider, holding the payment
account and the cash reserve account.  Banco Santander is also
the originator and servicer of the loans.  The transaction's
downgrade provisions state that if the rating on the bank account
provider falls below 'BBB/A-3', the issuer would have to find a
suitably rated replacement within 60 calendar days.  Banco
Santander would bear any costs arising from the remedy action.
This counterparty risk exposure is classified as "bank account
limited" under S&P's current counterparty criteria, which cap at
'A (sf)' the transaction's maximum achievable rating.

S&P's European small and midsize enterprise (SME) collateralized
loan obligation (CLO) criteria contain supplemental stress tests.
Consequently, the largest industry and the largest region default
tests are not applicable under S&P's criteria.  The transaction's
current capital structure passes the largest obligor default
test, which is the only stress test applicable under S&P's
criteria.

The transaction has a reserve fund, which provides credit
enhancement to the class A and B notes.  This pays interest and
principal shortfalls on the class A and B notes during the
transaction's life.  The proceeds of the issuance of the class C
notes fully funded the reserve fund at closing.  The reserve
fund's initial amount is 20% of the initial collateral balance,
and the issuer will deposit it in a treasury account held with
Banco Santander.

There is no interest rate swap agreement in place to hedge the
transaction's exposure to interest rate risk arising from the
mismatch between the interest rate paid under the assets and the
interest rate paid under the notes.

As is typical in other Spanish transactions, interest and
principal are combined into a single priority of payments, with
an interest deferral trigger for the class B notes, based on
cumulative defaults.  Principal for the class B notes is fully
subordinated to the class A notes.

The class A and B notes pay floating-rate interest quarterly
(three-month Euro Interbank Offered Rate [EURIBOR] plus a 1.5%
and 1.6% margin, respectively).  The class C notes also pay
floating-rate interest.  However, they are subordinated and
entitled to a distribution amount, depending on the extent of the
available funds.

PYMES SANTANDER 6 securitizes a static pool of secured and
unsecured loans, which Banco Santander granted to Spanish SMEs
and self-employed borrowers.

          POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

These ratings are based on S&P's applicable criteria, including
those set out in the criteria article "Nonsovereign Ratings That
Exceed EMU Sovereign Ratings: Methodology And Assumptions,"
published on June 14, 2011.  However, please note that these
criteria are under review.

As a result of this review, S&P's future criteria applicable to
ratings above the sovereign may differ from its current criteria.
This potential criteria change may affect the ratings on all
outstanding notes in this transaction.  S&P will continue to rate
and surveil these notes using its existing criteria.

RATINGS LIST

Fondo de Titulizacion de Activos, PYMES SANTANDER 6
EUR408 Million Asset-Backed Floating-Rate Notes

Class    Rating              Amount
                           (mil. EUR)

A        A (sf)              234.60
B        B+ (sf)             105.40
C        CC (sf)              68.00



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


KHARKOV CITY: Fitch Cuts Long-Term Currency Ratings to 'B-'
-----------------------------------------------------------
Fitch Ratings has downgraded the City of Kharkov's Long-term
foreign and local currency ratings to 'B-' from 'B' and National
Long-Term Rating to 'A+(ukr)' from 'AA-(ukr)'. The agency has
affirmed the Short-term foreign currency rating at 'B'. The
Outlooks on the Long-term ratings are Negative.

The Long-term local currency rating of Kharkov's outstanding
UAH99.5 million senior unsecured domestic bonds has also been
downgraded to 'B-' from 'B' and its National Long-term rating to
'A+(ukr)' from 'AA-(ukr)'.

Key Rating Drivers:

The rating actions follow the downgrade of Ukraine's Long-term
foreign and local currency Issuer Default Ratings (IDRs) to 'B-'
from 'B'.

The downgrade of the City of Kharkov's ratings reflects the
application of Fitch's 'International Local and Regional
Governments Rating Criteria outside United States' whereby local
and regional governments cannot be rated above the sovereign.

Rating Sensitivities:

Any further negative rating action on Ukraine or continuous sharp
growth of debt coupled with deterioration in the operating margin
would lead to negative rating action on Kharkov.


KYIV CITY: Fitch Affirms 'B-' Long-Term Currency Ratings
--------------------------------------------------------
Fitch Ratings has revised the Outlook on Ukraine's City of Kyiv's
Long-term foreign and local currency ratings to Negative from
Stable. The agency also affirmed Kyiv's Long-term foreign and
local currency ratings at 'B-'.

Fitch has also downgraded the city's National Long-term rating to
'BBB(ukr)' from 'BBB+(ukr)'. The Outlook on the National Long-
term rating is Negative. Its Short-term foreign currency rating
was affirmed at 'B'.

Kyiv's outstanding senior unsecured eurobonds totalling USD550m
(US225407AA34, US50154TAA34, XS0644750027 and XS0233620235) were
affirmed at 'B-'. Its domestic bonds totalling UAH5.4bn
(UA4000142707, UA4000142715, UA4000142723, UA4000142731,
UA4000142749 and UA4000142884) were downgraded to 'BBB(ukr)' from
'BBB+(ukr)' and affirmed at 'B-'.

Key Rating Drivers:

This rating actions follow the downgrade of Ukraine's Issuer
Default Rating (IDR) to 'B-' from 'B'.

The City of Kyiv's Outlook has been revised to Negative because
under Fitch's 'International Local and Regional Governments
Rating Criteria outside United States' local and regional
governments cannot be rated above the sovereign. Affirmation of
the city's Long-term foreign and local currency ratings reflects
Kyiv's status as Ukraine's political, economic, and financial
capital.

Rating Sensitivities:

A further downgrade could result from any downgrade of Ukraine's
sovereign ratings, adverse changes to the institutional framework
or weakening of the budgetary performance leading to a
significant deterioration in the city's debt position.

The ratings could be positively affected by Ukraine's Outlook
being revised to Stable or by an upgrade of the sovereign,
accompanied by an improvement in the financial position of the
city.


ODESSA REGION: Fitch Lowers Long-Term Currency Ratings to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Odessa Region's Long-term foreign
and local currency ratings to 'B-' from 'B' and National Long-
term rating to 'AA-(ukr)' from 'AA(ukr)'. The agency has affirmed
the region's Short-term foreign currency rating at 'B'. The
Outlook on the Long-term ratings is Negative.

Key Rating Drivers:

The rating actions follow the downgrade of Ukraine's Issuer
Default Rating (IDR) to 'B-' from 'B'.

The downgrade of Odessa region's ratings reflects the application
of Fitch's 'International Local and Regional Governments Rating
Criteria outside United States' whereby local and regional
governments cannot be rated above the sovereign.

Rating Sensitivities:

A downgrade could result from any further downgrade of Ukraine's
sovereign ratings and/or materialization of any unfavorable
changes in the institutional framework for Ukrainian subnationals
that would lead to weaker budgetary performance and to a
significant deterioration in the region's debt position.

The rating could be positively affected by a revision of the
Outlook or an upgrade of Ukraine.



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


BRAMWELL PUB COMPANY: Buyout Deal Saves 2 Pubs in Sunderland
------------------------------------------------------------
David Allison at Sunderland Echo reports that jobs at two city
bars owned by Bramwell Pub Company have been secured now that
they have been bought by a national company.

Bramwell Pub Company plunged into administration earlier this
month, the Sunderland Echo recounts.  The firm operated Varsity,
Chaplins, the Chesters and The Blue Bell in Sunderland, as well
as Varsity in Durham.  All of the pubs had continued to trade,
but there were fears for their futures after an administrator was
called in for Bramwell, according to the report.

The report relates that the Chesters, Blue Bell and Varsity in
Durham have now been bought by Stonegate Pub Company.

There is however still uncertainty over the future of Varsity's
Sunderland bar, in Green Terrace, and Chaplins, in Stockton Road,
as they were not included in the takeover deal, the Sunderland
Echo relates.

The Grey Horse in East Boldon has also been bought by Stonegate,
having formerly been a Bramwell pub.

Varsity Sunderland and Chaplins said they are continuing trading
as normal.

The report adds that a spokesman for Zolfo Cooper, acting as an
administrator for Bramwell, said: "Following the appointment, the
joint administrators continued to trade the business while
seeking expressions of interest . . . .  As a result of this
process, the joint administrators are pleased to announce that
they have now successfully secured a sale of 78 sites to the
Stonegate Pub Company in a transaction which secures
approximately 1,700 jobs nationwide . . . .  The joint
administrators will continue to trade the remaining sites while
exploring opportunities to achieve going concern sales."


CO-OPERATIVE BANK: Flowers Scandal May Put Rescue Deal at Risk
--------------------------------------------------------------
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/1
0461119/Flowers-scandal-puts-1.5bn-Co-op-Bank-rescue-at-risk.html

Harry Wilson and James Quinn at The Telegraph report that The
Co-operative Bank's GBP1.5 billion recapitalization could be "at
risk", as it continues to face the fall out from damaging
revelations about the private life of its disgraced former
chairman.

According to The Telegraph, Lord Myners, the former City
minister, warned the growing scandal over the sex life and
alleged drug use by Paul Flowers, the Co-op Bank's chairman until
his resignation in June, risked scuppering a rescue deal for the
bank and could lead the lender's backers to rethink the terms of
recent recapitalization plan.

It was alleged on Monday that Mr. Flowers, 63, a Methodist
minister, had organized drug-fuelled gay sex parties with rent
boys and been forced to step down from Bradford council two years
ago because of "inappropriate but not illegal adult content" on
his work computer, The Telegraph relates.

"There must be some risk that the hedge funds who control the
future of the Co-op Bank may say in the light of these
developments that the Co-op Bank is in a much worse state than we
thought it was.  That the brand has been very fundamentally and
seriously damaged, we either don't want to go ahead with the
deal, which I don't think they'll conclude, but they may conclude
they want to rewrite the terms of the deal again," The Telegraph
quotes Lord Myners, a member of the former Labour government, as
saying.

At present, bondholders have agreed a deal to put GBP1.06 billion
into the Co-op Bank by the end of the year as part of an exchange
offer that will hand them a 70% stake in the lender, The
Telegraph discloses.  The deal must be completed before the end
of the year, according to the report.

                     About Co-operative Bank

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

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

                           *     *     *

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


GRAINGER PLC: Fitch Assigns 'BB' Issuer Default Rating
------------------------------------------------------
Fitch Ratings has assigned Grainger Plc an Issuer Default Rating
(IDR) of 'BB' with Stable Outlook. Fitch has also assigned the
company's prospective GBP200 million secured notes an expected
rating of 'BB+(EXP)'. The final instrument rating is contingent
upon the receipt of final documentation conforming to information
already received by the agency.

Grainger is the UK's largest residential landlord with resilient
through-the-cycle cash flow across its diversified income streams
of rental income, trading profits from portfolio sales and fee
income from managing third-party residential portfolios. The
rating reflects its bias towards the London market, a defensive
GBP1.8bn property portfolio focused on regulated tenancies and
recent de-leveraging driven by divestments. Grainger's business
model is more focused on proceeds from portfolio sales than on
rental income, and its financial metrics and debt structure -
although robust for the current rating - are likely to limit
Grainger from achieving an investment grade. Fitch forecasts
stable financial metrics into 2014 and 2015 with comfortable
headroom for the rating.

The notes are rated a notch higher than Grainger's IDR to reflect
above-average recovery expectations. The secured notes will be
issued from Grainger Plc with a guarantor group providing a
floating charge over a large majority of Grainger's UK
residential portfolio providing an asset cover of 1.4x. The
prospective notes will rank pari passu with other secured
lenders. Recovery expectations are further enhanced by a sizeable
net asset value from non-guarantor wholly owned subsidiaries and
JV investments.

Key Rating Drivers:

UK-Focused Residential Portfolio

Grainger's portfolio of around 10,000 units is spread across the
UK with London and South East accounting for 60% as of the
financial year to September 2013. The portfolio is defensive and
includes a large proportion of regulated tenancies. The average
value of a UK unit is GBP213,000 based on vacant possession
value. A further 3,000 market- rented units in Germany add modest
geographical diversification. In terms of portfolio value Germany
represents less than 10% of the portfolio.

Focus on Reversionary Assets:

Around half of EBITDA is typically trading profits generated from
the sale of regulated tenanted properties. These tenants are
often on state benefits with an average age of 71. These
properties are reversionary assets as they are purchased at a
discount to market value, and with the tenant on average vacating
the property in 10-12 years, typically driven by mortality rates.
Current reversionary assets equate to about 70% of the portfolio
and would be worth around 30% more (GBP452 million at FYE13) in
vacant possession. This reversionary surplus is then crystallized
into profits over time upon sale of the properties.

Stable Forecasts:

Fitch expects stable financial metrics into 2014 and 2015 with
EBITDA net interest cover (NIC) above 1.5x and loan to value
(LTV) around 55%. This follows recent years of de-leveraging
primarily driven by disposals and slower re-investment in the
group's reversionary assets. Fitch's rating case expects Grainger
to generate around GBP100 million EBITDA yearly. Fitch includes
net rental income, fee income and trading profits into its EBITDA
estimates in line with management's operating profit less non-
recurring and fair value items. Fitch LTV is roughly 6%-7% higher
than management's consolidated reported LTV as we exclude net
asset value from JV interests and development assets.

Stable Trading Profits:

Grainger's large portfolio ensures that a constant number of
reversionary properties become vacant on a yearly basis, having
averaged around 7% per year. Profit margins are partly a function
of house price inflation. However, volumes of sales are constant
through the cycle, underlining the liquidity of residential
assets. The number of reversionary asset disposals, and profit
margins have been in line with historical trends, except in 2009
when the latter was slightly below trend.

Inflation Positive on Cash-flow:

Most aspects of the business model benefit from long-term
inflation. Inflationary rental income increases are passed on,
and over the long term property valuations have outperformed
inflation. Grainger's current capital structure is adequate to
withstand the cyclical nature of property values. Reversionary
assets are long term in nature and over the last 50 years there
has not been a decade in the UK without positive house price
inflation. Fitch expects this trend will continue given the
under-supplied UK housing market.

Adapting to Long-term Trends:

Because of the finite number of regulated tenancies in the UK
Grainger may encounter fewer opportunities to re-invest sales
proceeds into new reversionary assets. This is not currently a
risk as the current portfolio is likely to be able to sustain its
trading profits at current levels for at least the next ten
years. Beyond this timeframe re-investment of sale proceeds are
likely to be redeployed into boosting other segments.

Increase in Fee Income:

Grainger has de-leveraged through divesting minority stakes and
growing revenue streams such as fee income from services provided
for assets under management. Grainger generated GBP13 million in
FY13, up from around GBP6 million in FY10. Essentially some of
the foregone net rental income from divestments has been replaced
with fee income. Strategically fee income allows Grainger to grow
its revenue streams with less capital employed. JV interests are
funded on a non-recourse basis and in aggregate have similar
leverage metrics to Grainger Plc. They are equity-accounted and
are treated by Fitch as off balance sheet and not factored into
our ratios.

New Bond Issue:

The prospective secured notes will pre-pay existing bank debt, in
turn extending debt maturities and, importantly, reducing bank
debt exposure. Post the transaction around 40% of the company's
debt will be financed by non-banking institutions. The average
debt maturity will be around four to five years with around 70%
of debt funding either hedged or fixed over that similar period.
The Germany portfolio is funded in EUR-denominated debt,
minimizing currency translation risk.

Strong Liquidity:

At FYE13 the group had GBP62 million of unrestricted cash and
GBP213 million of undrawn headroom under the core bank facility
committed until 2016. This comfortably covers debt maturities
over the next 18 months of GBP73 million (assuming the notes
pre-pay bank facilities) and committed capex of GBP23 million.
Our rating case expects Grainger to remain free cash flow
positive into 2014 and 2015. As a result the Fitch liquidity
score on an 18-month basis is 2.9x. Grainger has a solid track
record of accessing equity markets with strong institutional
investor support, coupled with support from its relationship
banks.

Rating Sensitivities:

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

   -- Sustainable recurring trading, rental and fee income
      resulting in EBITDA NIC above 1.75x on a consistent basis
      and LTV below 50%

   -- Increase in asset cover to above 1.5x. Asset cover is
      defined as the market value of properties held by the
      secured notes core guarantors over net debt at the issuer
      level.

   -- Improved diversification of funding sources with longer
debt
      maturities

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

   -- A material reduction in trading, rental and fee income
      resulting in EBITDA NIC below 1.25x on a consistent basis
      and LTV above 65%

   -- Declining asset cover to below 1.2x and shrinkage of the
      core guarantors property portfolio to below GBP500 million
      for the secured group

   -- Liquidity score on an 18 month cycle below 1.25x and a
      decline in average debt maturities to below three years


REDTOP ACQUISITIONS: Moody's Assigns 'B1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) and a B1-PD probability of default rating
(PDR) to Redtop Acquisitions Limited, which is the parent holding
company of CPA Global ("CPA").

Concurrently, Moody's has assigned a provisional (P)Ba3 rating to
approximately GBP488 million first lien senior secured
facilities, consisting of (1) a US$80 million-equivalent
revolving credit facility (RCF) due 2018; (2) a US$365 million
term loan B facility due 2020; and (3) a EUR250 million
equivalent term loan B facility due 2020. Moody's has also
assigned a (P) B3 rating to the proposed US$300 million second
lien facility. The outlook on all ratings is stable.

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

Around GBP181 million of the proceeds from the proposed
transaction will be used to partly redeem existing preference
shares. The remainder will be used to refinance existing debt
facilities.

Ratings Rationale:

The B1 rating assigned to Redtop Acquisitions Limited
incorporates CPA's high opening financial leverage of over 6.5x
pro forma for the proposed transaction. However, the rating
derives considerable support from the company's strong business
profile including (1) CPA's leading market position in the patent
renewal niche market; (2) a degree of revenue predictability and
strong cash flow generation from CPA's resilient patent renewal
business which represents about two thirds of the company's gross
income; and (3) CPA's history of low customer churn of less than
5%.

The rating also derives support from CPA's track record of
deleveraging through a combination of debt repayments and EBITDA
growth since it was acquired by private equity firm Cinven in
March 2012. In the first half of 2013, the company made an
unscheduled debt repayment of GBP15 million whilst also posting
year on year growth in EBITDA, adjusted Debt / EBITDA reduced
from 6.4x in 2012 to 5.3x as of fiscal yearend 2013. CPA has
demonstrated a good level of cash conversion in the recent past,
with positive adjusted free cash flow representing over 40% of
adjusted EBITDA, on average, over the two-year period through
fiscal yearend 2013.

CPA's new financing is cov-lite with no financial maintenance
covenants on any of the proposed debt facilities except for the
RCF when it is at least 30% drawn. Despite the financial
flexibility that it implies in terms of dividend payments and/or
acquisitions, the B1 CFR assumes that CPA will reduce its
leverage towards 6x by the end of July 2014.

Liquidity:

Moody's deems CPA's liquidity profile to be solid. It is
supported by GBP45 million of cash balances and a USD80 million-
equivalent undrawn committed revolving credit facility pro forma
the transaction in conjunction with Moody's expectation of
continued positive free cash flow generation. Moody's considers
that the RCF has been adequately sized to accommodate for large
swings in working capital inherent to the industry in which CPA
operates. Swings in working capital arise from timing differences
between debtor cash receipts which are typically months end and
creditor payments to patent offices typically made weekly.

Structural Considerations:

The assignment of (P) Ba3 ratings to CPA's proposed senior
secured first lien loans, one notch higher than the CFR, reflect
the cushion provided by the second lien which ranks junior in the
debt waterfall. The debt facilities will benefit from guarantees
by all material subsidiaries; representing at least 80 % of the
group's sales, EBITDA and gross assets. The (P) B3 rating
assigned to the US$300 million second lien reflects its
contractual subordination to the RCF and senior secured fist lien
loans.

Outlook:

The stable outlook reflects Moody's expectation that the company
will reduce its high opening leverage towards 6x by the end of
the fiscal year 2014 through EBITDA growth and/or prepayment of
the debt facilities. It also assumes that the company will
maintain a solid liquidity profile and will not engage in any
material debt-funded M&A activity.

What Could Change the Rating Up/Down:

Positive pressure on the ratings could develop if CPA is able to
reduce adjusted leverage comfortably below 5.0x, while
maintaining solid liquidity profile. Conversely, negative
pressure could develop if credit metrics do not improve as
projected. This would include debt to EBITDA not falling towards
6.0x by the end of July 2014. Any concerns on the company's
liquidity profile could also exert negative pressure on the
ratings.

Headquartered in Jersey, Redtop Acquisitions Limited is the
parent holding company of CPA Global (formerly known as Computer
Patent Annuities) and several other operating companies based
around the world. CPA Global is a business outsourcing company
that provides a range of intellectual property ("IP") and legal
support services globally.


SOUTHERN PACIFIC: S&P Raises Rating on Class E2c Notes to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB- (sf)' from
'B (sf)' its credit rating on Southern Pacific Securities 05-2
PLC's class E2c excess spread notes.  At the same time, S&P has
affirmed its ratings on all other classes of notes.

The rating actions follow S&P's credit and cash flow analysis of
the most recent information that it has received for this
transaction (September 2013) and the application of its relevant
criteria.

In the December 2012 investor report, the servicer (Acenden Ltd.)
updated how it reports arrears to include amounts outstanding,
delinquencies, and other amounts owed.  The servicer's definition
of other amounts owed includes (among other items), arrears of
fees, charges, costs, ground rent, and insurance.  Delinquencies
include principal and interest arrears on the mortgages, based on
the borrowers' monthly installments.  Amounts outstanding are
principal and interest arrears, after payments from borrowers are
first allocated to other amounts owed.

In this transaction, the servicer first allocates any arrears
payments to other amounts owed, then to interest amounts, and
subsequently to principal.  From a borrowers' perspective, the
servicer first allocates any arrears payments to interest and
principal amounts, and secondly to other amounts owed.  This
difference in the servicer's allocation of payments for the
transaction and the borrower results in amounts outstanding being
greater than delinquencies.  Except for a 0.41% drop in total
delinquencies in September 2013, amounts outstanding and
delinquencies have both been rising, with the former increasing
at a higher rate.

Acenden uses amounts outstanding to determine the level of 90+
day arrears.  The transaction pays principal sequentially because
the 90+ day arrears trigger of 22.5% (the current level is 42.9%)
remains breached.  As the amounts outstanding continue to
increase, we consider that the transaction will likely continue
paying principal sequentially and we have incorporated this
assumption in our cash flow analysis.

The transaction's total delinquencies are higher than S&P's U.K.
nonconforming residential mortgage-backed securities (RMBS)
index. In addition, 120+ days delinquencies increased to 24.53%
in September 2013, from 17.68% in September 2012.  Given this
trend in 120+ days delinquencies and to address the potential for
increasing arrears in the pool, S&P has projected arrears of
6.85% in its credit analysis.  Consequently, S&P has raised its
weighted-average foreclosure frequency (WAFF) assumptions since
its previous review on May 14, 2012.  Given the servicer's method
of payment allocation for other amounts owed for the transaction,
in S&P's analysis, it expects potential losses to be higher and
have factored the other amounts owed into its weighted-average
loss severity (WALS) assumptions.

Rating     WAFF     WALS
level       (%)      (%)
AAA       59.32    49.78
AA        52.99    44.50
A         45.80    35.50
BBB       38.41    30.27
BB        31.81    26.64
B         28.64    20.78

As the transaction has been deleveraging, the increase in the
available credit enhancement has been sufficient to offset the
increase in S&P's WAFF and WALS assumptions for all classes of
notes.

S&P's current counterparty criteria continue to cap the maximum
achievable ratings on these classes of notes at its long-term 'A'
issuer credit rating on Barclays Bank PLC as the guaranteed
investment contract (GIC) account provider.  S&P has therefore
affirmed its 'A (sf)' ratings on the class B1a, B1c, C1a, and C1c
notes.

Based on the results of S&P's cash flow analysis, it has affirmed
its 'BBB- (sf)' rating on the class D1a notes.

S&P considers the available credit enhancement for the class E1c
notes to be commensurate with the currently assigned rating.
Furthermore, S&P do not expect this class of notes to experience
interest shortfalls in the next 12 to 18 months.  S&P has
therefore affirmed its 'B- (sf)' rating on the class E1c notes.

The transaction uses excess spread to repay the class E2c notes'
principal and the notes have paid down to GBP396,652.44 from
GBP1,519,201.98 over the past 12 months.

Under the transaction documents, the applicable fee on the
liquidity facility steps up from September 2013, which is likely
to reduce the transaction's available excess spread, in S&P's
opinion.  Nevertheless, in view of the class E2c notes'
outstanding balance of GBP396,652.44, and if the excess spread in
the transaction remains at recent levels (adjusted for the
September 2013 liquidity facility step-up), S&P expects the class
E2c notes to be redeemed within the next three to five payment
dates.  Therefore, S&P has raised to 'BB- (sf)' from 'B (sf)' its
rating on the class E2c notes.

Southern Pacific Securities 05-2 is a securitization of
nonconforming U.K. residential mortgages originated by Southern
Pacific Mortgages Ltd. and Southern Pacific Personal Loans Ltd.

RATINGS LIST

Class              Rating
            To                From

Southern Pacific Securities 05-2 PLC
EUR145.8 Million, GBP310.75 Million,
and US$205 Million Mortgage-Backed Floating-Rate Notes

Rating Raised

E2c         BB- (sf)          B (sf)

Ratings Affirmed

B1a         A (sf)
B1c         A (sf)
C1a         A (sf)
C1c         A (sf)
D1a         BBB- (sf)
E1c         B- (sf)


TIE RACK: To Close 44 UK Stores; About 200 Jobs at Risk
-------------------------------------------------------
Graham Ruddick at The Telegraph reports that Tie Rack is planning
to close 44 of its UK stores, putting approximately 200 jobs at
risk.

The retailer has launched a closing down sale at its high street
stores with a view to the sites closing by the end of the year,
although it is in negotiations with airport operators to try to
keep its airport outlets open, The Telegraph relates.

The demise of Tie Rack is the latest example of the pressure on
retailers as consumer spending remains restrained, The Telegraph
notes.

According to The Telegraph, a spokesman for Tie Rack said:
"Following a period of prolonged decline in Tie Rack's fortunes,
it is with regret that we announce this closing down sale.
Management are working with staff to provide support during this
difficult time."

The Fingen Group, Tie Rack's Italian owners, are understood to
have asked accountancy firm Grant Thornton to look for
prospective buyers of around 30 overseas stores, The Telegraph
discloses.  They will retain ownership of Tie Rack's online
business, The Telegraph states.

Tie Rack was founded by South Africa entrepreneur Roy Bishko in
1981 and had more than 450 shops by 1998.

However, since then, the company has faced a long battle against
fierce competition on the high street and declining sales, The
Telegraph relates.  According to The Telegraph, the most recent
financial results show the company was losing GBP7 million a
year.


VENDSIDE LTD: In Administration, Faced Profitability
----------------------------------------------------
Chad News reports that another controversial episode from
Nottinghamshire's coal mining history was revived with the news
that the Union of Democratic Mineworkers subsidiary Vendside Ltd
had gone into administration.

A spokesman for administrators Price Waterhouse Coopers said
Vendside had faced a number of issues over recent years with
regard to profitability as it had diversified, according to Chad
News.

The spokesman added: "It has received notice of a substantial
number of potential actions in respect of the handling of some
legacy claims . . . .  In the light of these actions the
directors made the decision to place Vendside into
administration. Our role is to assess the position of the
business and the potential claims it faces in order to oversee a
plan to maximize the return to creditors and shareholders as
appropriate."

The report recalls that in 2005 the company was subject to a
Serious Fraud Office investigation based on allegations UDM
members had been defrauded of fees which had been diverted to
'financial intermediation' company Indiclaim.  The investigation
was discontinued in 2010, the report notes.

The UDM established Vendside in 1997 to handle personal injury
claims of miners and former miners in the local area.  Vendside,
which employs 19 people, has diversified into property rental and
other property services more recently.



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


EUROPE: EU Member States to Reach Agreement on Bank Resolution
--------------------------------------------------------------
Rebecca Christie at Bloomberg News reports that Thomas Wieser,
the official in charge of preparing meetings of euro-area finance
ministers, said the European Union's 28-member states are on
track to reach an agreement on bank resolution by the end of
2013.

"We will, I'm quite sure, come to a conclusion on the Single
Resolution Mechanism which will not be perfect, but I think will
lead us into the direction of actually integrating over time in a
next step much much more in the euro area," Bloomberg quotes Mr.
Wieser as saying at a conference in Frankfurt on Tuesday.

Bloomberg News relates that Mr. Wieser said a report from an EU
high-level working group, led by Bank of Finland Governor
Erkki Liikanen, has been "languishing in some drawers in Brussels
and other capitals".

"There has been no succinct communication on what Europe proposes
to do as a follow-up, and in the meantime, several member states
have started preparing or even implementing such rules which will
lead to a tremendously uneven playing field," Bloomberg quotes
Mr. Wieser as saying.  "In a true banking union this should not
happen and it could not happen."

Mr. Wieser, as cited by Bloomberg, said he hoped the EU would
take "decisive action" on the report's recommendations in late
2014.


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

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

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


                            *********

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

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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,
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


                 * * * End of Transmission * * *