TCREUR_Public/140331.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, March 31, 2014, Vol. 15, No. 63





BOSNIA AND HERZEGOVINA: S&P Affirms 'B' Rating; Outlook Stable


CROATIAN BANK: Moody's Affirms 'Ba1' Issuer Rating; Outlook Neg.


WINDERMERE XII: S&P Lowers Rating on 3 Note Classes to 'CC'


ENTERPRISE NETWORKS: S&P Affirms 'CCC+' CCR; Outlook Stable
TAKKO FASHION: S&P Revises Outlook to Negative & Affirms 'B' CCR
VOLVO AUTO: Moody's Withdraws 'Ba3' Deposit Rating & 'E+' BFSR


HUNGARY: S&P Revises Outlook to Stable & Affirms 'BB' Rating


AMEY LAGAN: S&P Puts 'BB' Rating on CreditWatch Positive
BLOXHAM: Appeals Ruling on ISE Membership Termination
CARLYLE GLOBAL: Fitch Assigns 'B-sf' Rating to Class F Notes
CB MEZZCAP: S&P Lowers Rating on Class A Notes to 'D(sf)'
CVC CORDATUS: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes

HARVEST CLO VIII: S&P Assigns 'B' Rating to Class F Notes
HARVEST CLO VIII: Fitch Puts 'Bsf' Rating to EUR10MM Cl. F Notes
MARQUETTE US: S&P Raises Ratings on 2 Note Classes to 'B-'
PERMANENT TSB: DBRS Assigns 'BB(low)' LT Debt & Deposit Ratings
ST. PAUL'S CLO IV: Fitch Assigns 'B-(sf)' Rating to Class E Notes

ST. PAUL'S CLO IV: S&P Assigns 'B' Rating to Class E Notes
ULSTER BANK: RBS Mulls Sale of Irish Hotel Assets


BORMIOLI ROCCO: S&P Lowers CCR to 'B+' on Weaker Credit Metrics


ALLIANCE BANK: S&P Lowers Sr. Unsecured Debt Rating to 'D'


ALLNEX LUXEMBOURG: S&P Affirms 'B+' Corp. Credit Rating


AI AVOCADO: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
CEVA HOLDINGS: S&P Raises CCR to 'B-' on Completed Refinancing
GRESHAM CAPITAL V: S&P Raises Rating on Class D Notes to CCC
RHODIUM 1: S&P Affirms 'CCC-' Rating on Class D Notes


* ROMANIA: Banks See Improvement in Liquidated Asset Sales


MOSCOW UNITED: S&P Revises Outlook to Negative & Affirms 'BB' CCR
ROSTELECOM OJSC: S&P Affirms 'BB+' CCR; Outlook Stable
RUSHYDRO: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
VODOKANAL ST PETERSBURG: S&P Affirms 'BB+' CCR; Outlook Positive


CABLEUROPA SAU: S&P Puts 'B+' CCR on CreditWatch Positive


UBS AG: Moody's Lowers Rating on EUR25MM Term Notes to 'Ba3'


UKRAINE: On Brink of Financial Bankruptcy, PM Says

U N I T E D   K I N G D O M

AES CORPORATION: Fitch Affirms 'B' ST Issuer Default Rating
CVC CORDATUS: Moody's Assigns (P)B2 Rating to EUR13.5MM Notes
DEVIX MIDCO: Moody's Assigns 'B2' Corporate Family Rating
REDIRACK: RGF Unlikely to Recover Almost GBP4-Mil. Claims


* Moody's Takes Rating Actions on 19 CSO Tranches
* BOND PRICING: For the Week March 24 to March 28, 2014



Moody's Investors Service has downgraded the senior unsecured
debt and deposit ratings of Oesterreichische Volksbanken AG
(VBAG) to Ba1 from Baa3 and placed the ratings on review for
further downgrade. The rating agency has also downgraded the
short-term rating to Not Prime from Prime-3 and affirmed the
standalone bank financial strength rating (BFSR) at E, equivalent
to a caa1 baseline credit assessment (BCA). During the review
period Moody's will also assess the potential for downward
adjustment for the bank's BCA.

The downgrade of VBAG's debt and deposit ratings reflects Moody's
assessment of weakened willingness of the Austrian government for
further capital support for VBAG as evidenced by statements of
government officials. The potential for downward adjustments of
the bank's BCA and, as a consequence, of the long-term debt and
deposit ratings results from a potential need for additional
capital measures driven by VBAG's weak credit profile and follows
a projected loss in excess of EUR200 million at the single entity
level for VBAG for the fiscal year 2013, as announced by VBAG on
19 December 2013. The performance of VBAG's run-down portfolios
and its Romanian operations create further uncertainties around
the bank's future capital needs.

The ratings are placed on review for downgrade to allow Moody's
to further assess the Austrian government's preparedness to
continue extending support to VBAG and the entire sector as a key
shareholder of VBAG. In addition, Moody's will assess (1) VBAG's
2013 financial performance and potential further capital needs
based on the annual accounts to be published by April 2014; and
(2) the ability of the Austrian Volksbanken sector (unrated) to
provide support, if needed. These factors will determine any
downward adjustment of VBAG's caa1 BCA.

Moody's also downgraded to Ba1 from Baa3 and placed on review for
further downgrade the senior unsecured ratings of VBAG's former
subsidiary Investkredit Bank AG (which VBAG assumed in September

The Caa2 ratings of the subordinate and senior subordinate debt
of VBAG and its former subsidiary Investkredit Bank AG
(Investkredit) were also placed on review for downgrade. Hybrid
capital instruments of VBAG, Investkredit or other issuing
entities of the group continue to be rated on an expected loss
basis and remain unaffected by the rating action.

Rating Rationale

Downgrade of Debt and Deposit Ratings Reflect Uncertainty About
the Provision of External Support

Recently, the officials of the Austrian government has stated
publicly that it is no longer willing to step in to fill any
further capital shortfalls at VBAG following those in 2009 and
2012. Instead, the sector as the bank's majority owner would need
to provide the additional capital if needed. While Moody's does
not infer from these statements that the probability of
government support is zero, the rating agency has lowered its
support assumptions for VBAG and reduced the support uplift
incorporated in the rating to six notches from seven. In
addition, the ratings remain on review for further downgrade to
assess the Austrian government's intentions and likelihood of
providing support in case of need.

Previously, VBAG's ratings reflected Moody's expectation of a
very high probability of systemic support from Austria (Aaa,
stable) being forthcoming in the event of need. The government
owns around 43% of VBAG. Austria evidenced its commitment in the
past through repeated support measures for VBAG since the onset
of the financial crisis including a EUR1 billion injection of
participation capital in 2009 and EUR250 million of equity
provided in 2012. In March 2013, VBAG received a EUR100 million
asset guarantee until 2015.

Potential Additional Capital Needs to Ensure Ongoing Compliance
with Capital Requirements at the Level of the Volksbanken Sector

A potential remapping of VBAG's E BFSR could result from
additional capital needs that may necessitate a capital injection
at the level of the sector. According to a draft report on the
Joint Risk Assessment and Decision-Process (JRAD), the Austrian
regulator requires a 13.6% minimum total capitalization of the
Volksbanken sector under Basel III. Despite a 15% capitalization
under Basel II.5 as of October 2013, Moody's believes that there
is a reasonable likelihood that additional capital will be needed
at the level of the sector in the medium term because of (1)
VBAG's continued weak operating performance and profitability,
and (2) the need to replace the government's EUR300 million
participation capital at the end of 2017 when it will lose its
regulatory recognition. Further provisioning needs may arise from
the European Central Bank's Comprehensive Assessment which the
sector is subject to.

In Moody's central scenario, the sector continues to be able to
address capital needs on its own, which may include additional
capital raising at the level of the sector. In addition, Moody's
expects that VBAG's deleveraging will also be a crucial element
for the sector to comply with minimum capitalization needs from
the Austrian regulator. VBAG continued to downsize its non-core
operations to EUR8.2 billion assets in September 2013, down from
EUR10.7 billion at year-end 2012. This has resulted in
significantly stronger capital ratios of 13.0% Tier 1 and 17.5%
total capitalization under Basel II.5, up from 10.9% and 15.7% at
year end.

Vbag Remains Vulnerable Given Its Continued Weak Fundamentals and
Further Tail Risk From Romanian Operations

VBAG continues to show (1) weak fundamentals given the poor
operating performance, (2) asset quality weaknesses concentrated
in its EUR8.2 billion non-core portfolio and its Romanian
operations. As a result, visibility of VBAG's core earnings
remains low.

VBAG showed moderate provisioning levels of 52% as of September
2013, against non-performing loans of 19.2% or EUR2.4 billion in
VBAG's loan book. The bank's Romanian operations pose particular
credit risks. VBAG holds 51% in VB Romania (unrated), which is
accounted for at equity since September 2011, having been fully
consolidated before. Apart from EUR1.1 billion impaired loans
there is significant additional risk for further impairments in
VB Romania's EUR3.8 billion loan portfolio, in Moody's view. In
October 2013, VB Romania needed a capital injection of EUR120
million, of which VBAG provided EUR61 million on their pro-rata
ownership basis. As of September 2013, VBAG continued to provide
EUR1 billion funding to VB Romania.

What Could Move The Rating -- Up / Down

Downward pressure on VBAG's standalone BCA would emerge if
Moody's believes that the sector does not have the capacity to
support VBAG, in case of need. Capital shortfalls at the level of
VBAG might be one issue that would trigger the need for this
support. Further pressure would arise if VBAG's funding profile
and liquidity comes under pressure; any delay in the bank's
ability to offload its substantial run-down portfolio would
likely trigger this extra pressure.

VBAG's debt and deposit ratings could suffer from downward
pressure as a result of (1) pressure on its BCA; and/or (2) if
Moody's further revises its assumptions regarding the likelihood
of the Austrian government being willing to provide systemic
support to VBAG.

Upward pressure on VBAG's BFSR would result from a successful
recapitalization and/or asset disposals that would allow VBAG to
execute its restructuring plan. In particular, a successful
deleveraging and de-risking of its balance sheet, which will
support the preservation of an adequate liquidity position.

Upward pressure on the bank's debt and deposit rating would
require substantial improvements in the bank's standalone BCA.
Moody's believes that these improvements are currently unlikely
given the high level of support already incorporated into the
bank's ratings.

List of Affected Ratings

The following ratings of VBAG were downgraded:

  Long-term senior debt and deposit ratings and issuer rating to
  Ba1, review for downgrade, from Baa3, stable;

  Short-term debt and deposit ratings to Not Prime from Prime-3.

The following rating of VBAG was affirmed:

  E BFSR, equivalent to a BCA of caa1.

The following ratings of VBAG and Investkredit Bank AG were
placed on review for downgrade:

  Subordinate and senior subordinate debt ratings at Caa2.

The following ratings of Investkredit Bank AG were downgraded:

  Long-term senior unsecured debt ratings to Ba1, review for
  downgrade, from Baa3, stable.


BOSNIA AND HERZEGOVINA: S&P Affirms 'B' Rating; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina.  The outlook is stable.


The ratings on Bosnia and Herzegovina are constrained by S&P's
view of its fragile, overlapping government institutions, its
weak fiscal management framework, and external vulnerabilities
arising from persistent current account deficits and funding
challenges. The ratings are supported by S&P's expectation of
continued and significant international support.

S&P believes that the domestic political environment will likely
remain divided along ethnic lines and entity boundaries,
structured under the 1995 Dayton Accord that concluded the
1992-1995 Bosnian war.  Under this structure, Bosnia is divided
into two political entities -- the Federation of Bosnia and
Herzegovina (with a predominantly Bosnian Muslim [Bosniak] and
Croat population) and the Republika Srpska (predominantly Serbian
Orthodox Christian and Bosniak).  In addition, the multi-ethnic,
self-governing Brcko District was created in 2000 from both
entities.  Under the Agreement, both the Federation and the
Republika Srpska have their own parliament, which has executive
legislative powers over the respective entity.  The Federation is
further subdivided into 10 cantonal governments.  Among other
responsibilities, foreign policy, judicial powers, and monetary
policy belong to the state and are exercised by state-level

Tensions exist between the entities and the state-level
institutions and, increasingly, between the combined authorities
of Bosnia and Herzegovina and the international community.  In
S&P's view, periodic events undermine confidence that political
cohesion is developing. For instance, the dismissal of the
Federation's finance minister by the Federation's president in
January this year put at risk the entity's ability to make
operational payments, such as wages, and to service debt
obligations.  The crisis was averted when the constitutional
court temporarily reinstated the finance minister.

In S&P's view, such frequent events in the political landscape
detract from important issues and weigh on growth prospects by
slowing down the reform process.  The current parliamentary term
has been characterized by lengthy government reshuffles within
the entities.  Meanwhile, entity governments have been unable to
agree on a coordination mechanism to allocate EU funds.  Further,
progress on a key constitutional amendment, a prerequisite for EU
candidacy, has been pending since a 2009 ruling by the European
Court for Human Rights.  As a result of this stalemate, the EU
has halved funds under the Instrument for Pre-Accession
Assistance (IPA) for 2013 to EUR40 million (0.3% of 2013 GDP).

In S&P's opinion, Bosnia and Herzegovina could risk losing more
IPA funds if an effective coordination mechanism is not
implemented.  However, recent civil unrest reduces the
possibility of a complete suspension of funds.  The protests,
which started in Tuzla in February by workers of privatized
companies over unpaid wages, spread to other parts of the country
and widened to general discontent against the political class,
high unemployment, and low living standards.  This has prompted
the EU to announce a new approach to Bosnia and Herzegovina by
which it will focus more on economic and social challenges,
rather than political issues.

Parliamentary elections will be held in October this year.  S&P
expects a further slowing of reform momentum coupled with an
increase in inter- and intra-entity tensions in the run-up to the
elections.  S&P also do not exclude the possibility of renewed
political uncertainty related to the formation of governments
following the elections.  S&P do not believe that the recent
protests will significantly influence election outcomes given
that no new alternatives have yet emerged.

The authorities' continued progress under the IMF Stand-By
Arrangement (SBA or the program) allowed them to successfully
apply for an extension until June 2015.  In S&P's view, the
program extension will help to tide over the election period and
to meet higher external debt servicing obligations this year.  By
tying disbursements to progress under program stipulations, the
IMF SBA has been an important policy anchor since it was secured
in September 2012.  That said, S&P believes risks to IMF program
implementation and delays to reforms may persist given the
complex institutional set-up and potential political disruptions.

"We estimate that the Bosnian economy expanded by 1% in 2013
driven by net exports, particularly electricity.  At the same
time, continued weak domestic demand suppressed import growth.
We expect that an improvement in external demand will sustain
export growth over 2014-2017.  In our opinion, domestic demand
will improve gradually from the second half of 2015, spurred in
part by a slight relaxation in fiscal policy post program
completion.  We expect investment will remain constrained by low
credit growth and will not return to its 2008 peak of 28% of GDP
over the 2014-2017 forecast horizon.  We forecast real GDP to
grow on average by 2.6% annually, a pace that will not
significantly bring down the unemployment rate," S&P said.

"We believe that the need to secure ongoing financing from the
IMF will sufficiently motivate the entities to keep fiscal
consolidation on track until the completion of the program.
This, coupled with both entities' strained finances, reduces the
likelihood of significant pre-election expenditure overruns, in
our opinion.  However, we expect upward pressure on wages will
slow fiscal consolidation from the second half of next year
assuming that the authorities do not enter a fresh program with
the IMF," S&P added.

"We expect the general government fiscal deficit to be entirely
financed by borrowings, with an increased reliance on domestic
borrowings.  Accordingly, we expect general government debt to
increase by an average of 1.5% of GDP over 2014-2017, bringing
net general government debt to just under 40% of GDP in 2017.
Risks to this forecast could arise from expenditure overruns from
lower levels of government or weaker-than-anticipated economic
growth. About 60% of total general government debt is denominated
in foreign currency and held externally.  This is predominantly
concessional debt and has kept interest rates fairly low.  We
estimate general government interest at about 2% of general
government revenues in 2014," S&P said.

In S&P's opinion, the banking system represents a limited
contingent liability for the government.  It is largely owned by
foreign parent banks and has a moderate degree of financial
intermediation (S&P estimates claims on the resident
nongovernment sector at 55% of 2013 GDP).

Though the banking system appears well-capitalized -- with
reported Tier 1 capital equal to 14.6% of risk-weighted assets at
September 2013 -- non-performing loans (NPLs) have continued to
increase steadily since early 2012.  NPLs reached 14.9% of total
loans at the end of September 2013, from 5.9% at the end of 2009,
and may rise further.  As a result, S&P expects that banks
(mostly owned by Austrian and Italian parents) will continue to
be cautious in extending credit even when the demand for loans
starts to pick up.

External vulnerabilities have arisen from persistent current
account deficits (estimated at 7% of GDP in 2013), though
financing from the IMF and other multilateral lending
institutions has somewhat reduced external funding challenges.
While the large trade deficit (estimated at 32% of 2014 GDP) is
offset partially by net remittances (S&P estimates net transfers
flow of nearly 14% of 2014 GDP), S&P expects the current account
deficit to remain above 5% of GDP over 2014-2017.

S&P anticipates that direct investment inflows will continue to
amount to about one-third of the current account deficit, and
therefore forecast an increase in external indebtedness over the
forecast horizon.  External deficit financing is likely to become
more uncertain with the conclusion of the program in 2015 and
will represent a key vulnerability.

S&P believes that Bosnia and Herzegovina's large current account
deficit, along with its external repayments, will keep its gross
external financing needs high at an average of 155% of current
account receipts and usable reserves from 2014-2017.

Bosnia and Herzegovina has a currency board regime and the
convertible marka is pegged to the euro.  While the currency
board provides stability, it limits monetary flexibility in S&P's
opinion.  S&P believes that the central bank has limited ability
to act as a lender of last resort.  The coverage of monetary
liabilities by reserves was 1.07x at the end of January 2014.
Bosnia and Herzegovina, like other regional peers, has a high
level of euroization; nearly two-thirds of all loans are in or
indexed to a foreign currency, mostly euros.


The stable outlook balances S&P's view of the risks to program
implementation posed by the complex institutional set-up, the
general elections later this year, and the country's external
vulnerabilities against the program's role in guiding policy
direction and providing financing, as well as S&P's expectation
of continued international support.

S&P could lower the ratings if it sees a significant
deterioration in Bosnia and Herzegovina's external position or if
the government fails to meet IMF conditions and thereby
jeopardizes disbursements.

If S&P sees delays in payments to official creditors -- as
happened in January 2012 amid ambiguity over the extension of
temporary financing -- S&P could lower the ratings by more than
one notch.

In S&P's opinion, if tensions between the two entities abate, and
if their relations with state institutions improve, this would
gradually enable autonomous reform implementation that does not
rely on international pressure and policy conditionality.  S&P
believes this would strengthen the business environment and pave
the way for more sustainable growth and better external
performance.  This could lead us to consider raising the ratings.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed

Bosnia and Herzegovina
Sovereign Credit Rating                B/Stable/B
Transfer & Convertibility Assessment   BB-


CROATIAN BANK: Moody's Affirms 'Ba1' Issuer Rating; Outlook Neg.
Moody's Investors Service has affirmed Croatian Bank for
Reconstruction and Development's (known as Hrvatska banka za
obnovu i razvitak or HBOR) Ba1 foreign-currency issuer rating and
(P)Ba1 foreign-currency backed senior unsecured medium-term note
programme rating and changed the corresponding outlook to
negative from stable.

The rating action follows Moody's change to negative from stable
of the outlook on Croatia's Ba1 sovereign bond rating on
March 21, 2014.

Ratings Rationale

The change in the rating outlook on HBOR, a 100% government-owned
development bank, is driven by the weakening credit profile of
the government, as indicated by the assignment of a negative
outlook to Croatia's ratings. As HBOR's obligations benefit from
an unconditional, explicit and irrevocable state guarantee,
Moody's aligns the bank's issuer and debt ratings with Croatia's
local-currency bond rating.

The change in outlook also takes into account the prolonged
weakness in Croatia's operating environment, which has remained
in recession since 2009 and for which Moody's expects only a weak
recovery in 2014. Although HBOR's capital buffers (with an
equity-to-assets ratio of 31.8% as at end-September 2013) provide
the bank with a substantial cushion against unforeseen credit
losses, the sustained weakness in the operating environment
increases downsides risks to the bank's asset quality and

What Could Move The Ratings Up/Down

As indicated by the negative outlook, there is currently limited
upward pressure on HBOR's ratings. A weakening in the
creditworthiness of the government of Croatia, as signaled by a
downgrade of Croatia's local-currency bond rating, would exert
downward pressure on HBOR's ratings.

The principal methodology used in this rating was Government-
Related Issuers: Methodology Update Published in July 2010.

As of the end of September 2013, HBOR had total assets of HRK26.9
billion (US$4.8 billion). HBOR is headquartered in Zagreb,


WINDERMERE XII: S&P Lowers Rating on 3 Note Classes to 'CC'
Standard & Poor's Ratings Services lowered to 'CC (sf)' its
credit ratings on Windermere XII FCC's class E, F, and G notes.

The downgrades reflect S&P's view that the class E, F, and G
notes will experience principal losses on the April 2014 interest
payment date (IPD).

The notes are secured by "Coeur Defense," a trophy asset in
Paris, La Defense (France).  The loan was transferred to special
servicing in December 2008 following the Paris Commercial Court's
decision to place the borrower under the protection of French
"procedure de sauvegarde" (safeguard proceedings) -- a form of
pre-insolvency, Chapter 11-style proceeding available in France
for distressed companies.  The safeguard plan of the borrower
provides for the repayment of the principal amount by July 2014.

On March 7, 2014, an affiliate of Lone Star Real Estate Fund III
acquired the entire share capital of LB Dame Sarl & Partners SCA,
after receiving antitrust clearance.  LB Dame Sarl & Partners is
the parent company of Dame, which is in turn the parent company
of Heart of La Defense SAS (HOLD), the owner of Coeur Defense.

On the same day, the issuer received a letter from HOLD with a
proposal for the noteholders.  Under the proposal, the issuer
would receive a total principal amount of EUR1.3 billion, and a
total interest amount of EUR3,941,674.75, which corresponds to
the loan interest due on April 5, 2014.

On March 21, 2014, the noteholders approved this proposal, which
includes the termination of the loan by March 28, 2014.

On the April 2014 IPD, the issuer will use the EUR1.3 billion to
repay principal on the notes.  As a result, the class A, B, C,
and D notes will fully repay.  However, the class E, F, and G
notes will experience principal losses.

As S&P anticipates that these notes will experience principal
losses, it has lowered to 'CC (sf)' its ratings on these classes
of notes, in line with its criteria for assigning 'CCC+', 'CCC',
'CCC-', and 'CC' ratings.


Windermere XII FCC
EUR1.519 Billion Commercial Mortgage-Backed Floating-Rate Notes

Class    Rating       Rating
         To           From

Ratings Lowered

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


ENTERPRISE NETWORKS: S&P Affirms 'CCC+' CCR; Outlook Stable
Standard & Poor's Ratings Services said that it had affirmed its
'CCC+' long-term corporate credit rating on Enterprise Networks
Holdings B.V. (ENH), a Germany-headquartered provider of
enterprise communications-related technology and solutions.  The
outlook is stable.

At the same time, S&P affirmed its 'CCC+' issue rating on the
senior secured notes, issued by ENH's subsidiary Unify Germany
Holdings B.V.  The recovery rating on these notes is '4',
indicating S&P's expectation of average (30%-50%) recovery in the
case of a payment default.

All the ratings were removed from CreditWatch, where they were
originally placed with positive implications on Sept. 27, 2013.

The affirmation and removal from CreditWatch primarily reflect
S&P's view that the positive short-term liquidity impact from the
disposal of the wholly owned subsidiary, Enterasys Networks Inc.,
for EUR115 million in cash, to U.S.-based Extreme Networks is
being offset by currently weak revenue trends and near-term
prospects, as well as continued very high restructuring cash
outflows.  In addition, S&P considers that the disposal of
Enterasys has weakened the group's business risk profile because
the subsidiary was significantly more profitable and cash
generative than the group's remaining business segments.  As a
result, S&P has revised its business risk profile assessment on
ENH to "vulnerable" from "weak."

ENH's business risk profile is constrained, in S&P's view, by the
company's relatively weak operating margins, high restructuring
costs, volatile customer demand, and significant competitive
pressures from larger industry players in the dynamic and
volatile enterprise communications market.  These factors are
partly offset by ENH's diverse customers and its position as a
established provider of communications systems, applications, and
services for enterprise customers, with leading market shares in
Europe (particularly Germany) and Brazil.

S&P's assessment of ENH's financial risk profile as "highly
leveraged" primarily reflects its anticipation of continued very
negative free operating cash flow (FOCF) generation in fiscal
2014 (ends Sept. 30), as well as its weak credit metrics, based
on Standard & Poor's-adjusted gross debt figures.

ENH is a joint venture between the former enterprise
communications business of Siemens AG (A+/Stable/A-1+; 49%
ownership) and private equity investor The Gores Group (not
rated; 51% ownership).  S&P do not factor into ENH's stand-alone
credit profile additional support from Siemens, primarily because
it assess ENH as a non-strategic subsidiary for Siemens under its
criteria.  This is primarily because don't think ENH is important
to Siemens' long-term strategy and will likely be sold in the
near to medium term.

The stable outlook reflects S&P's expectation that ENH will
gradually stabilize its revenues, improve its operating margins,
and trend toward breakeven FOCF generation in the next 12 months.
In particular, S&P expects cash balances in excess of EUR140
million at year-end fiscal 2014, coupled with prospects of about
breakeven FOCF in fiscal 2015.

S&P could raise the ratings if the group is able to achieve
EBITDA margins (after restructuring costs) of at least 7%
supported by the current cost cuts and improving industry demand,
demonstrates about breakeven FOCF generation, and maintains an
"adequate" liquidity profile.

S&P could lower the ratings if ENH's revenues didn't stabilize
year on year by the end of fiscal 2014, coupled with prospects of
continued large restructuring costs and negative FOCF in excess
of EUR10 million.  In addition, S&P could lower the ratings if
the group did not address the refinancing of its senior secured
notes by year-end 2014.

TAKKO FASHION: S&P Revises Outlook to Negative & Affirms 'B' CCR
Standard & Poor's Ratings Services said that it has revised its
outlook on German apparel retailer Takko Fashion S.a.r.l. to
negative from stable.  At the same time, S&P affirmed its 'B'
long-term corporate credit rating on the company.

S&P also affirmed the issue rating of 'B-' on Takko Fashion's
EUR525 million senior secured notes.  The recovery rating of '5'
on these notes remains unchanged, indicating S&P's expectation of
modest (10%-30%) recovery in the event of a payment default.

Takko Fashion's profitability at mid-year (Oct. 31, 2013) showed
a material 8.5% year-on-year deterioration in reported EBITDA,
partially driven by adverse weather effects.  At the same time,
the group's EBITDA margin declined to 11.5% from 12.9%.  The
outlook revision reflects this weak performance and uncertainty
about the company's ability to recover in the second half of
fiscal 2014 and full-year 2015.

S&P continues to regard Takko Fashion's business risk profile as
"fair" under its criteria.  This reflects the company's reliance
on discretionary consumer spending from mid- to lower-income
families and its positioning in the price-competitive value
retail clothing market.  The company competes against high-street
fashion retailers as well as hard discounters.

The negative outlook reflects S&P's expectation that credit
measures could further deteriorate over the next 12 months if
weak trading trends continue.  If the company was unable to raise
group EBITDA in fiscal 2015, S&P sees a risk that cash flow
generation could be insufficient to fully cover planned capital
expenditures. Since around one-third of the RCF has already been
drawn, both a rise in EBITDA and operating cash flow therefore
remain crucial in S&P's view.

S&P could consider a downgrade in the coming 12 months, if market
circumstances or other factors prevented a significant recovery
in EBITDA.  Although S&P still considers headroom under the
revised financial covenants as "adequate," a series of weak
quarters could quickly lead to a severe tightening of the
financial situation.  S&P could also lower the rating if it
became apparent that the company's operating cash flow would be
insufficient to cover capital expenditures.

S&P could revise its outlook to stable if the company improved
its operating performance, with a continued positive EBITDA
growth trajectory over the next few quarters, demonstrating that
management's strategic initiatives are successful and that they
can turn around the recent performance erosion.  Under this
scenario, EBITDA would need to grow by around 10% year on year in
fiscal 2015 and the company would need to tightly control
additional working capital needs and capital expenditures.  This
would lead to neutral free operating cash flow and operating
lease-adjusted total debt to EBITDA of around 7x.

VOLVO AUTO: Moody's Withdraws 'Ba3' Deposit Rating & 'E+' BFSR
Moody's Investors Service has withdrawn Volvo Auto Bank
Deutschland GmbH's (VAB) long- and short-term bank deposit
ratings at Ba3/Not-Prime. Moody's has also withdrawn VAB's stand-
alone bank financial strength rating of E+ (equivalent to a b2
baseline credit assessment). The ratings had a stable outlook at
the time of withdrawal.

VAB will cease to exist as of March 31, 2014 and any remaining
activities will be merged into Volvo Car Holding Germany GmbH
(unrated), VAB's sole and direct owner. As a consequence, VAB
will also return its banking license in due course.

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

The following ratings were withdrawn at the current rating level:

   Bank Financial Strength Rating: E+, stable

   Long-term Bank Deposit Ratings: Ba3, stable

   Short-term Bank Deposit Ratings: Not-Prime

VAB had no outstanding debt affected by the rating withdrawal.


HUNGARY: S&P Revises Outlook to Stable & Affirms 'BB' Rating
Standard & Poor's Ratings Services revised its outlook to stable
from negative on the long-term sovereign credit ratings on
Hungary.  At the same time, S&P affirmed the 'BB/B' long- and
short-term foreign and local currency sovereign credit ratings.
S&P also affirmed its 'BB' long-term issuer credit rating on the
National Bank of Hungary.


The outlook revision reflects the rebalancing of Hungary's open
economy, and what S&P views as steadying economic prospects.

The ratings are supported by S&P's assessment of Hungary's
comparatively advanced economy, highly skilled labor force, and
relatively well-diversified economic and export structures.  The
Hungarian government's success in maintaining general government
borrowing needs within EU limits also supports the rating, as
does its commitment to denominating all net general government
financing in local currency.  The ratings remain constrained by
declining but still-high stocks of external debt, as well as
substantial general government liabilities.

S&P now projects average GDP growth of 1.8% annually over the
2014-2016 forecast horizon versus the 1.3% S&P projected last
October.  While GDP growth in 2013 (1.1%) was driven primarily by
a strong agricultural sector and EU-financed public investment
spending, S&P believes that private-sector demand should recover
further in 2014 as credit conditions start to normalize.  S&P
also notes progress on increasing participation in the labor

In S&P's view, Hungary's long-term growth prospects are still
constrained by what it sees as a large and encroaching public
sector, and less predictable policies toward foreign investors.
Given the openness of the Hungarian economy -- with exports of
just less than 100% of GDP this year versus around 80% in 2008 --
economic performance will also be sensitive to eurozone demand,
and in particular to global demand for German exports.  S&P also
notes that Hungary imports the majority of gas consumed
domestically from the Russian Federation; in S&P's view, this
supply could be subject to future interruption, though S&P
expects that Hungary would find alternative supplies (as it did
in 2009).

General elections are scheduled for April 6, 2014, with most
polls indicating victory for the current governing party, Fidesz,
and its much smaller coalition partner, the Christian Democratic
People's Party (KDNP).  As a result of electoral reform passed in
2011, on April 6 there will be only one round of elections
(previously it was a two-round system).  In addition, the number
of seats in the next parliament will decline to 199, from 386.

In S&P's view, the hallmark of Prime Minister Viktor Orban's
governing style has been his willingness to re-purpose the
legislative framework (as well as electoral districts) to his
party's advantage, particularly by re-codifying the charters of
key institutions including the National Bank of Hungary, the
Fiscal Council, and the Constitutional Court.  S&P believes that
these institutional changes have weakened the checks and balances
between branches of government.

The government has, on the other hand, made a concerted effort to
achieve below the 3% of GDP headline fiscal targets so as to
remain one of 11 EU member states not subject to the European
Council's Excessive Deficit Procedure (EDP).  The government
exited the EDP in June 2013, after nine years of related actions.
Hungary continues to receive its full allotment of EU structural
cohesion funds -- totaling an estimated US$6.7 billion (5% of
GDP) during 2013 -- via the net transfers and capital account
components of its balance of payments.

One of the government's key economic policies has been to support
recovery by channeling these transfers into public-sector capital
expenditure, while alleviating the impact of a credit crunch on
households by increasing tax and regulatory pressures on key
services providers (largely foreign) in the financial and utility
sectors.  Measures to increase voters' disposable incomes are no
longer being funded from the general government budget; instead
they are financed via EU inflows, tariff cuts, and loan
restructurings (funded by declining profitability of foreign
corporations and banks).  Cuts to residential energy tariffs
have, for example, generated savings for households, at the cost
of weakened profitability of foreign-owned utilities and a higher
cost of energy for the nonresidential private sector.

While headline fiscal performance has improved, S&P notes a step-
up in quasi-fiscal activity via state-owned enterprises'
increased energy-sector acquisitions, state-owned banks' expanded
balance sheets, and recurrent state transfers to public sector
companies, particularly in the transport sector.

The Hungarian economy's gross external financing needs (maturing
debt plus current account payments) are high but declining.  S&P
estimates these at 102% of current account receipts (CARs;
equivalent to 143% of GDP) for 2014 versus 135% in 2008 (when
Hungary was provided with an emergency credit line of US$25
billion from the EU/IMF/World Bank).  Since 2012, the economy as
a whole has paid down an estimated 18.4% of GDP of net external
debt -- nearly all net financial sector debt.  Last year the
government also paid back the final tranche of its loan from the
IMF, ahead of schedule.

Such rapid external deleveraging has come at a price.  Up until
second-quarter 2013, domestic demand had contracted for eight
consecutive quarters.  Between 2008 and end-2013, household debt
declined by an estimated 5% of GDP to 24% of GDP.  While S&P
views external risks as having somewhat diminished since 2008, it
still sees material refinancing risks for Hungary's government
and banks should the external environment deteriorate.

"We classify Hungary's banking sector in group '8' under our
Banking Industry Country Risk Assessment (BICRA) methodology ('1'
being the lowest risk; '10' the highest).  Our BICRA assessment
reflects Hungary's weak financial sector profitability, high
embedded credit risk in the economy, and a lingering high
reliance on external financing.  We estimate nonperforming loans
at a still substantial 17%.  We view capital and liquidity levels
as adequate and do not anticipate the need for substantial state
support as a consequence of the upcoming European Banking
Authority stress tests," S&P said.

Non-debt financing has come primarily via EU funds into the
current and capital accounts.  For 2013, Hungary's capital
account recorded a surplus of more than 3% of GDP and S&P expects
it will do so again in 2014 and 2015.  In net terms, FDI was
close to zero last year, partly reflecting the government's
decision to spend 0.8% of GDP on the renationalization of the
domestic gas distribution business of German utility company E.ON
SE.  This was purchased by the state-owned Hungarian Electricity

Meanwhile, the general government primary budgetary position
improved somewhat to a surplus of 1.0% of GDP in 2013, from close
to 0% of GDP in 2009.  S&P expects the 2013 result will be
repeated in 2014.  S&P estimates the 2013 general government
deficit will come in just under 3% of GDP; S&P has treated the
government's capital injection of Hungarian forint 136 billion
(0.45% of GDP) into the savings bank system as an expenditure
item, not an acquisition of liquid assets.  Excluding this, S&P
estimates the deficit for last year at about 2.5% of GDP.  S&P
understands this differs from Eurostat's expected accounting
treatment of the transaction.

Budgetary consolidation since 2008 has been roughly balanced
between general government revenue and expenditure items; the
process has not materially lowered Hungary's already-high tax
burden on the private sector, while it has increased tax pressure
on banks and utilities.  At 46% and 49% of GDP, respectively,
Hungary's general government revenues and expenditures are
comparable to 2008 levels. Social transfers remain considerably
higher than Central Eastern European peers'.  Recent state
acquisitions in the utility and financial sectors -- which must
be financed in the market -- suggest a growing rather than
receding public sector.

Absent further budgetary consolidation, S&P expects net general
government debt levels to remain close to 74% of GDP between now
and 2017.  About 41% of the central government debt stock is
foreign-currency denominated; this means a 10% depreciation of
the forint would imply an increase of nearly 3% of GDP in the
central government debt burden.  Nevertheless, S&P notes that
real effective exchange rate data since 2004 suggests that the
forint is close to its fair long-term value.

A relatively weak monetary transmission channel remains a
challenge for the central bank.  This reflects an estimated 54%
of loans to households and corporations being denominated in
foreign currency, and Hungarian households and businesses having
been funded historically via interbank lending from foreign
parent banks.  Efforts to reduce foreign currency lending are
understandable, in this context.  Between end-2012 and March 25,
2014, the central bank had cut its rate by 315 basis points to a
historic low of 2.60%.  If the external environment were to
worsen and the forint to weaken, S&P expects the bank would
reverse these cuts.

About 36% of commercial general government local-currency debt is
held by nonresidents.  While S&P views this as positive in terms
of diversified funding, the financial crisis in late 2008
illustrated the rapidity with which local currency bonds held by
nonresidents can be sold if investor confidence falters.


The stable outlook balances S&P's assessment of Hungary's
stabilizing economy and relatively steady headline fiscal
performance against still-high stocks of foreign debt amid
generally less-predictable policymaking.

S&P could raise the ratings if the government were to establish
policies that encourage investment, while implementing its
structural reform program.  Similarly, S&P could consider an
upgrade if it saw a sustained reduction in external debt net of
liquid assets, even as economic growth strengthens.

Conversely, S&P could lower the ratings if Hungary's economic
recovery weakens significantly more than it currently expects; if
banks accelerate their withdrawal of credit; or if external or
public finances weaken materially.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The chair
ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.


Ratings Affirmed; CreditWatch/Outlook Action
                                    To             From
Sovereign Credit Rating            BB/Stable/B    BB/Negative/B

Hungary (National Bank of)
Issuer Credit Rating               BB/Stable/--   BB/Negative/--

Ratings Affirmed

Transfer & Convertibility Assessment   BBB-
Senior Unsecured                       BB
Short-Term Debt                        B

Hungary (National Bank of)
Senior Unsecured                       BB


AMEY LAGAN: S&P Puts 'BB' Rating on CreditWatch Positive
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its 'BB' long-term issue ratings on an
index-linked senior secured bond and a European Investment Bank
(EIB) loan, issued by Northern Ireland-based special-purpose
vehicle Amey Lagan Roads Financial PLC (ProjectCo).

The CreditWatch placement follows ProjectCo's stated intention to
carry out a financial restructuring, with the aim of improving
its forecast debt service coverage ratios (DSCRs).  S&P
understands that the plan to do so has been approved in principle
by ProjectCo's shareholders.

Details of the intended restructuring are yet to be confirmed.
However, in S&P's view, it is likely that its terms will
constitute an "opportunistic" offer according to the terms of
S&P's criteria.  Consequently, the nature of the intended
restructuring would have no rating implications.  The current
ratings reflect S&P's view of the relatively weak financial
profile of the project, driven by the step-up margin payments
being made to the EIB.  Following the restructuring, if
successfully implemented as currently envisaged, S&P understands
that ProjectCo aims to increase the forecast DSCRs of the

The debt comprises GBP144.963 million in index-linked guaranteed
secured bonds, including GBP24 million in variation bonds, due
2037, and GBP120.963 million in index-linked guaranteed loan
facilities from the EIB, due 2035.  The proceeds of both the
bonds and the loan were onlent to the concession company and used
to design, build, finance, and operate three contiguous
upgrading, widening, and new construction highway schemes to the
south and west of Belfast in Northern Ireland.  By employing an
availability-based payment mechanism, ProjectCo is insulated from
traffic risk.  The project includes a high proportion of existing
roads and structures which, in S&P's view, increase lifecycle
risk above that of a pure new-build road.

The bonds and EIB loan retain an unconditional and irrevocable
guarantee provided by monoline insurer Ambac of payment of
scheduled interest and principal.  According to S&P's criteria,
the rating on a monoline-insured debt issue should reflect the
higher of the rating on the monoline (where such a rating exists)
or the Standard & Poor's Underlying Rating (SPUR).  In this case,
the rating on the bonds reflects the SPUR as Ambac is not rated.

The CreditWatch positive placement reflects the impending
financial restructuring of the project, and S&P's view of the
likely improvement in its forecast financial ratios that this
will bring.  S&P expects to resolve the CreditWatch once the
final structure is known and has been implemented by all parties.

S&P could affirm the current ratings, and remove the CreditWatch,
if the planned financial restructuring is not implemented as it
currently expects.

Alternatively, S&P could raise the ratings, possibly by more than
one notch, if the planned financial restructuring is implemented
and, as a result, the forecast DSCRs of the project improve, with
no adverse impact on operations.

BLOXHAM: Appeals Ruling on ISE Membership Termination
Joe Brennan at Bloomberg News reports that Bloxham's liquidator
appealed a High Court ruling last month upholding the Irish Stock
Exchange's decision in 2012 to remove the stockbroking firm as a
member of the bourse.

According to Bloomberg, Paddy Hughes, spokesman for liquidator
Kieran Wallace of KPMG, said Mr. Wallace lodged an appeal with
the country's supreme court, which may take two to five years.

As reported by the Troubled Company Reporter-Europe on Feb. 14,
2014, The Irish Times related that the High Court's Mr. Justice
Peter Charleton on Feb. 13 ruled there was "no reliable evidence"
the December 2012 decision to terminate Bloxham's membership
arose from a conspiracy or was engineered so as to financially
benefit other member firms of the Irish Stock Exchange Ltd. as
opposed to being made for the benefit of the ISE as a whole.  The
revocation of Bloxham's membership of the exchange arose after
the Central Bank suspended Bloxham in late May 2012 from trading
as a result of concerns about its financial position, The Irish
Times recounted.

Bloxham is one of Ireland's oldest stockbrokers.

CARLYLE GLOBAL: Fitch Assigns 'B-sf' Rating to Class F Notes
Fitch Ratings has assigned Carlyle Global Market Strategies Euro
CLO 2014-1 Limited's notes ratings, as follows:

EUR218.25 million class A: 'AAAsf'; Outlook Stable
EUR40.0 million class B: 'AAsf'; Outlook Stable
EUR19.35 million class C: 'A+sf'; Outlook Stable
EUR17.0 million class D: 'BBB+sf'; Outlook Stable
EUR31.6 million class E: 'BBsf'; Outlook Stable
EUR10.9 million class F: 'B-sf'; Outlook Stable
EUR37.9 million subordinated notes: not rated

Carlyle Global Market Strategies Euro CLO 2014-1 Limited (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 EUR363.8 million portfolio of European leveraged
loans and bonds.  The portfolio will be managed by CELF Advisors
LLP (part of The Carlyle Group LP).  The reinvestment period is
scheduled to end in 2018.

Key Rating Drivers

Payment Frequency Switch
The notes pay quarterly, while the portfolio assets can reset to
semi-annual.  The transaction has an interest-smoothing account,
but no liquidity facility.  A liquidity stress for the non-
deferrable class A and B notes, stemming from a large proportion
of assets resetting to semi-annual in any one quarter, is
addressed by switching the payment frequency on the notes to
semi-annual, subject to certain conditions.

Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category.  Fitch has public ratings or credit opinions on all
66 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 favorable than for second-lien, unsecured, and mezzanine
assets.  Fitch has assigned Recovery Ratings to 63 of the 66
assets in the indicative portfolio.

Limited Interest Rate Risk
Interest rate risk is naturally hedged for most of the portfolio,
as all the notes are floating rate, and fixed-rate assets can
account for no more than 10% of the portfolio.  Fitch modeled a
10% fixed-rate bucket in its analysis and the rated notes can
withstand the excess spread compression in a rising interest rate

Limited FX Risk
The transaction is allowed to invest up to 20% of the portfolio
non-euro-denominated assets, provided suitable asset swaps can be
entered into.

Rating Sensitivities

-- A 25% increase in the expected obligor default probability
   would lead to a downgrade of one to three notches for the
   rated notes.  A 25% reduction in the expected recovery rates
   would lead to a downgrade of one to four notches for the rated

Document Amendments

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyses the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings.  Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.

CB MEZZCAP: S&P Lowers Rating on Class A Notes to 'D(sf)'
Standard & Poor's Ratings Services lowered to 'D(sf)' from
'CC(sf)' its credit rating on CB MezzCAP Limited Partnership's
class A notes.  At the same time, S&P has affirmed its 'D(sf)'
ratings on the class B, C, D, and E notes.

The rating actions follow the class A notes' interest shortfall
as a result of insufficient funds on the January 2014 interest
payment date (IPD).

S&P has reviewed the transaction, including the latest available
investor report dated Jan. 27, 2014.  The transaction reached its
scheduled maturity on Jan. 27, 2013, and contains only profit
participation agreements, which have had a principal deficiency

S&P has lowered to 'D (sf)' from 'CC (sf)' its rating on the
class A notes as a result of the interest shortfall.  The class
B, C, D, and E notes are already in default on their respective
interest payments as of the January 2013 IPD.  S&P has therefore
affirmed its 'D (sf)' ratings on these classes of notes.

CB MezzCAP Limited Partnership is a German small and midsize
enterprise (SME) collateralized loan obligation (CLO) transaction
that securitizes a static portfolio of profit participation


CB MezzCAP Limited Partnership
EUR199.5 Million Floating-Rate Notes

Class       Rating          Rating
            To              From

Rating Lowered

A           D (sf)          CC (sf)

Ratings Affirmed

B           D (sf)
C           D (sf)
D           D (sf)
E           D (sf)

CVC CORDATUS: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
Fitch Ratings has assigned CVC Cordatus Loan Fund III Ltd's notes
expected ratings, as follows:

Class A-1 Notes: 'AAA(EXP)sf'; Outlook Stable
Class A-2 Notes: 'AAA(EXP)sf'; Outlook Stable
Class B-1 Notes: 'AA(EXP)sf'; Outlook Stable
Class B-2 Notes: 'AA(EXP)sf'; Outlook Stable
Class C-1 Notes: 'A+(EXP)sf'; Outlook Stable
Class C-2 Notes: 'A+(EXP)sf'; Outlook Stable
Class D Notes: 'BBB+(EXP)sf'; Outlook Stable
Class E Notes: 'BB(EXP)sf'; Outlook Stable
Class F Notes: 'B-(EXP)sf; Outlook Stable

Subordinated Notes: Not Rated

Key Rating Drivers

Average Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category.  Fitch has credit opinions on all obligors in the
indicative portfolio.  The covenanted minimum Fitch weighted
average rating factor (WARF) for assigning expected ratings is
34.0. The WARF of the indicative portfolio is 33.1.

Above-Average Recoveries
At least 90% of the portfolio will comprise senior secured
obligations.  Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned Recovery Ratings (RR) to all assets
in the indicative portfolio.  The covenanted minimum weighted
average recovery rate (WARR) for assigning expected ratings is
68.0%. The WARR of the indicative portfolio is 68.7%.

Exposure to Unhedged Non-Euro-Denominated Assets
The transaction is allowed to invest up to 5% of the portfolio in
non-euro-denominated assets.  Unhedged non-euro-denominated
assets are limited to a maximum exposure of 2.5% of the portfolio
subject to principal haircuts, and any other non-euro-denominated
asset will be hedged with FX forward agreements from settlement
date up to 90 days.   The manager can only invest in unhedged or
forward hedged assets if after the applicable haircuts, the
aggregate balance of the assets is above the reinvestment target
par balance.  Investment in non-euro-denominated assets hedged
with perfect asset swaps as of the settlement date is allowed up
to 20% of the portfolio.

Partial Interest Rate Hedge

Between 5% and 15% of the portfolio can be invested in fixed rate
assets, while fixed rate liabilities account for 10% of the
target par amount.  Therefore, the transaction is partially
hedged against rising interest rates.

Rating Sensitivities

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

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

In addition, in line with its Exposure Draft - Criteria for
Sovereign Risk in Developed Markets for Structured Finance and
Covered Bonds dated January 2014, Fitch analyzed a sensitivity of
a 50% devaluation haircut to recovery rates for assets in these
jurisdictions, assuming that recovery rates may be realized in
non-euro currencies.  This sensitivity would not result in the
downgrade of the class A-1 or A-2 notes.  This was done to assess
transfer and convertibility risk if a country was to leave the
currency union and it is consistent with the proposals of the
Exposure Draft.

Transaction Summary

CVC Cordatus Loan Fund is an arbitrage cash flow CLO. Net
proceeds from the issuance of the notes will be used to purchase
a EUR436.5 million portfolio of mainly European leveraged loans
and bonds. The portfolio is managed by CVC Credit Partners Group
Ltd and the sub-manager CVC Credit Partners Investment Management
Ltd. The reinvestment period is scheduled to end in 2018.

The transaction documents may be amended subject to rating agency
confirmation or note holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a comment if the change would not
have a negative impact on the then current ratings.  Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from the
perspective of the rating Fitch may decline to comment.
Noteholders should be aware that the structure considers the
confirmation to be given in the case where Fitch declines to

HARVEST CLO VIII: S&P Assigns 'B' Rating to Class F Notes
Standard & Poor's Ratings Services assigned credit ratings to
Harvest CLO VIII Ltd.'s class A, B, C, D, E, and F senior secured
floating-rate notes. At closing, Harvest CLO VIII also issued
unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest up to the earlier of the liquidity facility's expiry or
termination date.  Following this, the notes switch to semi-
annual payment.  The liquidity facility expires at the end of the
reinvestment period, subject to renewal of one or two additional

At the end of the ramp-up period, S&P understands that the
portfolio will represent a well-diversified pool of corporate
credits, with a fairly uniform exposure to all of the credits.
Therefore, S&P has conducted its credit and cash flow analysis by
applying its 2009 corporate cash flow collateralized debt
obligation criteria.

"In our cash flow analysis, we used a portfolio target par amount
of EUR412.0, assuming that 10% of the portfolio comprises fixed-
rate assets, using the covenanted weighted-average spread and
weighted-average coupon (4.2% and 5.0%, respectively), and the
covenanted weighted-average recovery rates at each rating level,"
S&P said.

The portfolio's replenishment period ends 4.1 years after
closing, and the portfolio's maximum average maturity date is 7.6

Deutsche Bank AG (London Branch) (A/Stable/A-1) is the bank
account provider, custodian, and liquidity facility provider.
The participants' downgrade remedies, as of closing, are in line
with S&P's current counterparty criteria.

The issuer is in line with our bankruptcy-remoteness criteria
under S&P's European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

Harvest CLO VIII is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily senior
secured loans made to speculative-grade European corporates. 3i
Debt Management Investments Ltd. manages the transaction.


Ratings Assigned

Harvest CLO VIII Ltd.
EUR425.0 Million Senior Secured Floating-Rate
and Subordinated Notes

Class               Rating             Amount
                                     (mil. EUR)
A                   AAA (sf)            243.0
B                   AA (sf)              47.0
C                   A (sf)               27.0
D                   BBB (sf)             21.0
E                   BB (sf)              31.0
F                   B (sf)               10.0
Subordinated        NR                   46.0

NR-Not rated.

HARVEST CLO VIII: Fitch Puts 'Bsf' Rating to EUR10MM Cl. F Notes
Fitch Ratings has assigned Harvest CLO VIII Limited notes final
ratings, as follows:

EUR243.0 million Class A: 'AAAsf'; Outlook Stable
EUR47.0 million Class B: 'AAsf'; Outlook Stable
EUR27.0 million Class C: 'Asf'; Outlook Stable
EUR21.0 million Class D: 'BBBsf'; Outlook Stable
EUR31.0 million Class E: 'BBsf'; Outlook Stable
EUR10.0 million Class F: 'Bsf'; Outlook Stable
EUR46.0 million Subordinated Notes: not rated

Harvest CLO VIII Ltd (the issuer) is an arbitrage cash flow CLO.
Net proceeds from the issuance of the notes will be used to
purchase a EUR412 million portfolio of European leveraged loans
and bonds. The portfolio is managed by 3i Debt Management
Investments Limited. The reinvestment period is scheduled to end
in 2018.

Key Rating Drivers

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B'/'B-' range.  Fitch has credit opinions on 94% of the
indicative portfolio and a public rating on the remaining

Above-Average Recoveries
At least 90% of the portfolio will comprise senior secured loans
and senior secured bonds.  Recovery prospects for these assets
are typically more favorable than for second-lien, unsecured, and
mezzanine assets.  Fitch has assigned Recovery Ratings to 84% of
the indicative portfolio.

Lower Weighted Average Life
The covenanted weighted average life is 7.6 years, lower than the
average for Fitch-rated CLOs 2.0.

Limited FX Risk
All non-euro-denominated assets have to be hedged using suitable
asset swaps and are limited to 30% of the portfolio.
Limited Interest Rate Risk
Fixed rate assets can account for no more than 10% of the

Limited Basis/Reset Risk
A liquidity facility (LF) and an interest smoothing account are
used to mitigate reset risk from assets switching to semi-annual
while the notes are paying quarterly.  If the LF expires or is
terminated, the notes will switch to semi-annually.

The spread on the LF is linked to the outstanding rating on the
senior notes.  In addition, if Fitch withdraws its rating on the
senior notes, or downgrades them below 'BBsf', the LF provider
may terminate the LF.  Fitch believes that ratings should not be
used in this way in transaction documents and has highlighted
this to the manager.

Trading Gain Release
The portfolio manager may designate trading gains as interest
proceeds if the portfolio balance remains above the reinvestment
target par balance and the class E overcollateralization test
stays above its value at the effective date.

Rating Sensitivities

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

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

Transaction Summary

The transaction documents may be amended subject to rating agency
confirmation or note holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyses the
proposed change and may provide a comment if the change has a
negative impact on the then current ratings.  Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final

If in the agency's opinion the amendment is risk-neutral from the
perspective of the rating Fitch may decline to comment.
Noteholders should be aware that the structure considers the
confirmation to be given in the case where Fitch declines to

MARQUETTE US: S&P Raises Ratings on 2 Note Classes to 'B-'
Standard & Poor's Ratings Services raised its ratings on the
class A-1B, A-2, B-1, B-2, C-1, C-2, D-1, and D-2 notes from
Marquette US/European CLO PLC.  At the same time, S&P affirmed
its ratings on the class A-1A, E-1, and E-2 notes.  S&P also
removed its ratings on the class A-1B, A-2, B-1, B-2, C-1, C-2,
D-1, D-2, E-1, and E-2 notes from CreditWatch, where S&P had
placed them with positive implications on Jan. 22, 2014.

Marquette US/European CLO PLC is a multicurrency collateralized
loan obligation (CLO) transaction managed by Neuberger Berman
Inc. The portfolio primarily consists of senior secured leverage
loans denominated in U.S. dollars and euros.  According to the
February 2014 trustee report, the portfolio holds about US$57
million U.S. dollar-denominated assets and about EUR61 million
euro-denominated assets.  The class A-1A, A-1B, B-1, C-1, D-1,
and E-1 notes are U.S. dollar-denominated, and have a current
total outstanding balance of about US$62 million.  The class A-2,
B-2, C-2, D-2, and E-2 notes are euro-denominated and have a
current total outstanding balance of about EUR53 million.  The
U.S. dollar-denominated assets prepaid faster than the euro-
denominated assets, which resulted in an imbalance between the
U.S. dollar-denominated assets and liabilities.  The transaction
may convert euro proceeds at the spot rate to pay down the U.S.
dollar-denominated notes.

The upgrades mainly reflect paydowns to the class A-1A and A-2
notes.  The class A-1A notes received US$42.0 million in
principal paydowns and the class A-2 notes received EUR31.5
million in principal paydowns since S&P's June 2013 rating
actions.  As of February 2014, the class A-1A and A-2 outstanding
balances were about 25% and 32% of their respective original

S&P observed increased overcollateralization (O/C) available to
support the rated notes according to the February 2014 monthly
trustee report:

   -- The A/B O/C ratio was 167.94%, up from 135.74% in May 2013;
   -- The C O/C ratio was 135.80%, up from 121.15% in May 2013;
   -- The E O/C ratio was 114.91%, up from 109.92% in May 2013;
   -- The E O/C ratio was 109.59%, up from 106.80% in May 2013.

The ratings on the class D-1 and D-2 notes are driven by S&P's
largest obligor default test, a supplemental stress test it
introduced as part of its 2009 corporate criteria update.

The affirmations on the class A-1A, E-1, and E-2 notes reflect
adequate credit support available to the notes at their current
rating levels.

S&P affirmed its 'B- (sf)' rating on the class E-1 and E-2 notes
although the largest obligor default test indicated a limitation
at 'CCC+ (sf)'.  In S&P's analysis, it considered the increased
overcollateralization, low levels of defaults in the portfolio,
and cash flow results.  Consequently, S&P believes that the class
E-1 and E-2 notes' credit support is commensurate with a 'B-'
rating level.

S&P will continue to review whether, in its view, the ratings
currently assigned to the notes remain consistent with the credit
enhancement available to support them, and S&P will take further
rating actions as it deems necessary.


Marquette US/European CLO PLC

                             Cash flow
        Previous             implied     Cash flow    Final
Class   rating               rating      cushion(i)   rating
A-1A    AAA (sf)             AAA (sf)       35.73%    AAA (sf)
A-1B    AA+ (sf)/Watch Pos   AAA (sf)       32.21%    AAA (sf)
A-2     AA+ (sf)/Watch Pos   AAA (sf)       32.21%    AAA (sf)
B-1     AA (sf)/Watch Pos    AAA (sf)       14.80%    AAA (sf)
B-2     AA (sf)/Watch Pos    AAA (sf)       14.80%    AAA (sf)
C-1     BBB+ (sf)/Watch Pos  AA+ (sf)        2.50%    AA+ (sf)
C-2     BBB+ (sf)/Watch Pos  AA+ (sf)        2.50%    AA+ (sf)
D-1     BB (sf)/Watch Pos    BBB- (sf)       2.03%    BB+ (sf)
D-2     BB (sf)/Watch Pos    BBB- (sf)       2.03%    BB+ (sf)
E-1     B- (sf)/Watch Pos    B+ (sf)         7.51%    B- (sf)
E-2     B- (sf)/Watch Pos    B+ (sf)         7.51%    B- (sf)

(i) The cash flow cushion is the excess of the tranche break-
     even default rate above the scenario default rate at the
     cash flow implied rating for a given class of rated notes.


In addition to S&P's base-case analysis, it generated additional
scenarios in which it made negative adjustments of 10% to the
current collateral pool's recovery rates relative to each
tranche's weighted average recovery rate.

S&P also generated other scenarios by adjusting the intra- and
inter-industry correlations to assess the current portfolio's
sensitivity to different correlation assumptions assuming the
correlation scenarios outlined below.

Scenario        Within industry (%)  Between industries (%)
Below base case               15.0                     5.0
Base case                     20.0                     7.5
Above base case               25.0                    10.0

                  Recovery   Correlation  Correlation
       Cash flow  decrease   increase     decrease
       implied    implied    implied      implied     Final
Class  rating     rating     rating       rating      rating
A-1A   AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
A-1B   AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
A-2    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
B-1    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
B-2    AAA (sf)   AAA (sf)   AAA (sf)     AAA (sf)    AAA (sf)
C-1    AA+ (sf)   AA (sf)    AA (sf)      AA+ (sf)    AA+ (sf)
C-2    AA+ (sf)   AA (sf)    AA (sf)      AA+ (sf)    AA+ (sf)
D-1    BBB- (sf)  BB+ (sf)   BBB- (sf)    BBB+ (sf)   BB+ (sf)
D-2    BBB- (sf)  BB+ (sf)   BBB- (sf)    BBB+ (sf)   BB+ (sf)
E-1    B+ (sf)    B+ (sf)    B+ (sf)      BB- (sf)    B- (sf)
E-2    B+ (sf)    B+ (sf)    B+ (sf)      BB- (sf)    B- (sf)


Marquette US/European CLO PLC
Class        To          From
A-1A         AAA (sf)    AAA (sf)
A-1B         AAA (sf)    AA+ (sf)/Watch Pos
A-2          AAA (sf)    AA+ (sf)/Watch Pos
B-1          AAA (sf)    AA (sf)/Watch Pos
B-2          AAA (sf)    AA (sf)/Watch Pos
C-1          AA+ (sf)    BBB+ (sf)/Watch Pos
C-2          AA+ (sf)    BBB+ (sf)/Watch Pos
D-1          BB+ (sf)    BB (sf)/Watch Pos
D-2          BB+ (sf)    BB (sf)/Watch Pos
E-1          B- (sf)     B- (sf)/Watch Pos
E-2          B- (sf)     B- (sf)/Watch Pos

PERMANENT TSB: DBRS Assigns 'BB(low)' LT Debt & Deposit Ratings
DBRS Ratings Limited considers the 2013 results for Permanent tsb
Group Holdings plc (PTSB or the Bank) as reflecting the
significant challenges the Bank is still facing.  For the full-
year, PTSB reported an underlying loss before impairment charges
and exceptional items of EUR48 million, a slight improvement on
the EUR86 million underlying loss in 2012.  The lower loss
primarily reflects the expiry of the Eligible Liabilities
Guarantee scheme (ELG) in March 2013 as the fees related to this
have reduced considerably.  Positively, the Bank reported a 10
basis points (bps) year-on-year improvement in net interest
margin (NIM), excluding ELG fees, to 0.82% in 2013.  In the core
retail bank, referred to as permanent tsb Strategic Business
Unit, NIM also improved, standing at 1.03%.  However, the Bank
reported an underlying loss of EUR977 million in 2013 due to an
increased impairment charge of EUR929 million, although this was
mitigated to a certain degree by exceptional items that totalled
EUR309 million and an exceptional tax credit of EUR414 million
that led to a net loss after tax of EUR261 million.  DBRS notes
that the impairment charge incorporates approximately EUR300
million as a result of the balance sheet assessment conducted by
the Central Bank of Ireland in 4Q13.

From DBRS's perspective, part of the challenge facing the Bank is
to reinvigorate the franchise while completing its restructuring.
Therefore DBRS views positively the business growth that the Bank
has seen in 2013 in certain product lines.  Over 58,000 new
current accounts have been opened since the Bank launched a
fee-free product in April 2013, and customer deposits (excluding
deposits from the government) have shown good growth, up 5% on

The level of impaired loans further increased in 2013, mainly
driven by the domestic mortgage portfolios.  Nonetheless, the
investment in arrears management is beginning to have a positive
impact with total arrears now declining.  In particular, the
performance of the buy-to-let book has improved with loans over
90 days in arrears reducing to a still high 16.5% at end-2013
from 21% at end-2012.  The increased impairment provisions taken
by the Bank in 2013 has led to a slight improvement in the
coverage ratio to 47% at end-2013.  Nevertheless, asset quality
remains weak with non-performing loans (defined as loans which
are greater than 90 days in arrears, or impaired) accounting for
26% of the EUR33.3 billion total loan book.

The Bank's Core Tier 1 ratio under Basel II at end-2013 was
13.1%, down from 18% at end-2012.  The reduction reflects the
loss in 2013, as well as an increase in risk weighted assets as a
result of the balance sheet assessment.  Under the transitional
rules that became effective as of January 1, 2014, the fully
loaded Basel III Common Equity Tier 1 capital ratio would have
been 13.4% at end-2013.  Although the capital level ratios are
relatively high at the moment DBRS anticipates further reduction
in capital due to the Bank's ongoing restructuring, thus
highlighting the need for the Bank to return to profitability in
order to be able to generate capital through earnings retention.

DBRS rates PTSB at BB (low), with a Negative trend, for Non-
Guaranteed Long-Term Debt & Deposits.

ST. PAUL'S CLO IV: Fitch Assigns 'B-(sf)' Rating to Class E Notes
Fitch Ratings has assigned St. Paul's CLO IV Limited's notes
final ratings as follows:

EUR248.25 million class A-1: 'AAAsf'; Outlook Stable
EUR55.75 million class A-2: 'AAsf'; Outlook Stable
EUR23.50 million class B: 'Asf'; Outlook Stable
EUR21.00 million class C: 'BBBsf'; Outlook Stable
EUR29.00 million class D: 'BBsf'; Outlook Stable
EUR14.00 million class E: 'B- sf'; Outlook Stable
EUR43.41 million subordinated notes: not rated

St. Paul's CLO IV Limited is an arbitrage cash flow
collateralized loan obligation (CLO).  Net proceeds from the
notes will be used to purchase a EUR425 million portfolio of
European leveraged loans and bonds (60% of which has already been
purchased as of the closing date).  The portfolio is managed by
Intermediate Capital Managers Limited.  The transaction has a
four-year re-investment period scheduled to end in 2018.

Key Rating Drivers

Frequency Switch Period

Interest on the notes will be payable quarterly while the
portfolio assets can pay semi-annually or less frequently
(although in the latter case they would not account for more than
5% of the aggregate collateral balance and would not pay less
frequently than annually).  In order to mitigate the risk of
interest shortfalls, the transaction envisages both an amortizing
liquidity facility and an interest smoothing account.  As soon as
the class A-1 notes are redeemed in full or the liquidity
facility is otherwise terminated, the payment frequency on the
notes will switch to semi-annual and no further payment will be
made to the interest smoothing account.

Portfolio Credit Quality

The covenanted minimum weighted average Fitch rating factor
communicated to us before pricing is 33.0%.  Fitch therefore
expects the average credit quality of obligors to be in the 'B'/
'B-' range. Fitch has public ratings or credit opinions on all
assets in the initial pool.

Above Average Recoveries

The percentage limitations ensure that at least 90% of the
portfolio will comprise senior secured loans and senior secured
floating rate notes/bonds (with senior secured notes accounting
for no more than 35%).  Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured
and mezzanine assets.  The covenanted minimum weighted average
Fitch recovery rate communicated to us before pricing was 68.50%.
Fitch has assigned Recovery Ratings to all assets in the initial

Limited Interest Rate Risk

While interest due on the rated notes is based on a floating
index, fixed-rate assets can account for up to 10% of the
portfolio balance.  Fitch factored a 10% fixed-rate bucket in its
cash flow analysis and the rated notes can withstand the excess
spread compression in a rising interest rate environment.

Limited FX Risk

Asset swaps are used to mitigate any currency risk on non-euro-
denominated assets.  The transaction is allowed to invest up to
30% of the portfolio in non-euro-denominated assets, provided
that suitable asset swaps can be entered into.

Rating Sensitivities

Rating sensitivities are described in the accompanying new issue
report, which will be published in the coming days.

Amendments to Documents

The transaction documents may be amended subject to rating agency
confirmation or note-holder approval.  Where rating agency
confirmation relates to risk factors, Fitch will analyses the
proposed change and may provide a rating action commentary if the
change has a negative impact on the then current ratings.  Such
amendments may delay the repayment of the notes as long as
Fitch's analysis confirms the expected repayment of principal at
the legal final maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment.  Noteholders
should be aware that the structure considers the confirmation to
be given if Fitch declines to comment.

ST. PAUL'S CLO IV: S&P Assigns 'B' Rating to Class E Notes
Standard & Poor's Ratings Services assigned credit ratings to St.
Paul's CLO IV Ltd.'s class A-1, A-2, B, C, D, and E notes.  At
closing, St. Paul's CLO IV issued an unrated subordinated class
of notes.

St. Paul's CLO IV is a European cash flow corporate loan
collateralized loan obligation (CLO) securitization of a
revolving pool, comprising primarily euro-denominated senior
secured loans and bonds issued mainly by European borrowers.
Intermediate Capital Managers Ltd. acts as the collateral

S&P's ratings reflect its assessment of the collateral
portfolio's credit quality.  The portfolio at closing is
diversified, comprising primarily broadly syndicated speculative-
grade euro-denominated senior secured loans and bonds issued
mainly by European borrowers.

S&P has determined the available credit enhancement for the rated
notes through the subordination of payable cash flow.  S&P
conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.

To determine the BDR for each rated class, S&P used the target
par amount, the covenanted weighted-average spread, the
covenanted weighted-average coupon, and the covenanted weighted-
average recovery rates.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Our ratings are commensurate with our assessment of available
credit enhancement following our credit and cash flow analysis.
Our analysis shows that the available credit enhancement for each
class of notes was sufficient to withstand the defaults that we
applied in our supplemental tests (not counting excess spread)
outlined in our corporate collateralized debt obligation (CDO)
criteria," S&P said.

"Following the application of our nonsovereign ratings criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.  This is
because the concentration of the pool comprising assets in
countries rated lower than 'A-' is limited to 10% of the
aggregate collateral balance," S&P added.

The transaction's legal structure is bankruptcy-remote, in
accordance with S&P's European legal criteria.

Ratings Assigned

St. Paul's CLO IV Ltd.

EUR434.91 Million Secured And Secured Deferrable Floating-Rate
Notes And Subordinated Notes

Class                   Rating         Amount
                                     (mil. EUR)

A-1                     AAA (sf)       248.25
A-2                     AA (sf)         55.75
B                       A (sf)          23.50
C                       BBB (sf)        21.00
D                       BB (sf)         29.00
E                       B (sf)          14.00
Subordinated            NR              43.41

NR--Not rated.

ULSTER BANK: RBS Mulls Sale of Irish Hotel Assets
Irish Examiner reports that Royal Bank of Scotland Group is
weighing up the sale of over EUR400 million of Irish hotel

According to Irish Examiner, sources said the lender's Irish
unit, Ulster Bank, would sell loans and lodgings in portions to
generate more income.

The people said that the bank is also considering selling
development land, in tranches, Irish Examiner relates.

Ulster Bank chief executive Jim Brown said in January his
division has to wind down GBP9 billion of assets being put into a
bad bank by the end of 2016, Irish Examiner recounts.

The bank hired investment bank Eastdil Secured LLC last month to
advise on a separate potential sale of EUR1bn of commercial-
property assets, Irish Examiner relays.

Ulster Bank's assets include a stake in three lodgings in
Dublin's Ballsbridge embassy district, Irish Examiner notes.

Ulster is the biggest bank in Northern Ireland and the third
biggest in the Republic of Ireland.


BORMIOLI ROCCO: S&P Lowers CCR to 'B+' on Weaker Credit Metrics
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Italy-based glass and plastic
packaging company Bormioli Rocco Holdings S.A. to 'B+' from
'BB-'.  The outlook is stable.

In addition, S&P lowered its issue rating on Bormioli Rocco's
EUR250 million senior secured notes to 'B+' from 'BB-'.  The
recovery rating on the notes is unchanged at '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event
of a payment default.

The downgrade reflects S&P's view that Bormioli's credit metrics
will remain weaker than its guidelines for the 'BB-' rating for a
prolonged period.  The ratio of funds from operations (FFO) to
debt for the 12 months ended Sept. 30, 2013, declined to 12.3%
from 13.1% for the full year of 2012.  This was due to lower top-
line profit and production problems in the glass,
pharmaceuticals, and food and beverage businesses.  During the
same period, the group's debt to EBITDA weakened to 4.1x from

S&P don't foresee a significant recovery of Bormioli's credit
metrics in the near term.  Rather, S&P forecasts Bormioli's FFO
to debt to be 10%-12% and debt to EBITDA to average 4.0x-4.5x in
2014-2015, in line with its estimates for 2013.  These
projections also reflect S&P's expectation that free cash flow
will be negative over 2014 and 2015 as the group ramps up capital
expenditure to refurbish its furnaces and improve productivity
and efficiency.  That said, the EBITDA margin should improve over
2014 because the group sold its loss-making perfumery division in
December 2013.

S&P views Bormioli's business risk profile as "fair," reflecting
the group's relatively small scope of operations, weaker-than-
average margins for the industry, sensitivity to volatile input
costs, and relatively high capital intensity.  Bormioli also
lacks significant geographic diversification; Italy and France
represent about 60% of sales.  Nevertheless, Bormioli has a
leading niche position in the mature and consolidated Italian and
French markets and long-standing relationships with customers in
relatively stable end markets of pharmaceutical and food and

S&P continues to view the group's financial risk profile as
"aggressive."  The group has the potential to deleverage over the
medium term, but is currently reinvesting free cash into the
business, mainly to finance the refurbishment of furnaces nearing
the end of their technical life, increase production capacity,
and improve operating flexibility.  These factors will likely
result in negative free cash flow over 2014 and 2015.

S&P applies a one-notch downward adjustment based on its
comparable ratings analysis.  This stems from S&P's expectation
that Bormioli's key ratio of FFO to debt will likely remain at
about 12%, at the higher end of the range for S&P's "aggressive"
category, over 2014-2015; and that its free cash flow will likely
be negative.

In S&P's base case, it assumes:

   -- Flat revenue growth in 2013 declining by high single digits
      in 2014 as result of the sale of the perfumery business;

   -- Reported EBITDA in 2013 and 2014 close to that of 2012.  In
      particular, for 2014 S&P assumes that volumes will not
      increase significantly because of still difficult operating
      conditions, production stoppages to refurbish furnaces, and
      no cost increases, thanks to energy cost management;

   -- Capital expenditure to increase to refurbish furnaces and
      improve productivity and efficiency; and

   -- No dividends or acquisitions.

Based on these assumptions, S&P forecasts the following key
credit metrics:

   -- FFO to debt in the 10%-12% range in 2013 and 2014, compared
      with 13% for 2012;

   -- Debt to EBITDA of 4.0x-4.5x, against 3.9x in 2012; and

   -- Negative free cash flow in 2014 and 2015.

The stable outlook reflects S&P's view that Bormioli's key credit
metrics will not weaken over the next 12-18 months.  S&P
forecasts FFO to debt to stay at about 12% and debt to EBITDA at
4.0x-4.5x over this period.  In S&P's view, Bormioli's continued
investment in improving production capacity and efficiency, and
its ability to largely neutralize the effect of raw material
price increases, should enable it to sustain an EBITDA margin
slightly above 13% in 2014.  This is higher than in 2013, when
the loss-making perfumery business was included.

S&P might consider a positive rating action if Bormioli's credit
metrics were to strengthen significantly.  Particularly, an
increase in the FFO-to-debt ratio to above 14% over a sustained
period might lead to an upgrade.  This would likely happen if
operating conditions improved, resulting in higher profitability
margins and positive free cash flow generation.  S&P views such a
scenario as rather unlikely over the next 12 months, however.

"We might take a negative rating action if the group's adjusted
credit metrics weakened further over the next 12-18 months and
were well below those in our base case.  Specifically, we would
lower the ratings if adjusted debt to EBITDA rose to almost 5x or
the adjusted FFO-to-debt ratio fell to less than 10%, without
sufficient potential for a swift return to stronger levels.  In
such a scenario, we would revise our assessment of the financial
risk profile down to "highly leveraged."  We consider production
problems, specifically unexpected furnace stoppages or
breakdowns, as one of the key risks to Bormioli's current
metrics," S&P said.

The ratings could also come under pressure if liquidity weakened
or if Bormioli's shareholders adopted a more aggressive financial
policy, resulting in weaker credit measures than S&P considers
commensurate with the rating.


ALLIANCE BANK: S&P Lowers Sr. Unsecured Debt Rating to 'D'
Standard & Poor's Ratings Services said that it had lowered its
issue ratings on Kazakhstan-based Alliance Bank JSC's senior
unsecured debt to 'D' from 'CC' and the ratings on the
subordinated debt to 'D' from 'C'.  The ratings on the bank
remain at 'D/D' (default).

The rating actions follow Alliance Bank's non-payment on
March 26, 2014, of a coupon payment on its senior discount
Kazakhstani tenge (KZT) and U.S. dollar notes, due in 2017; the
senior par KZT and U.S. dollar notes, due 2020; and the
subordinated KZT notes, due in 2030, in line with S&P's
expectations.  As a result, S&P lowered its ratings on the bank's
senior unsecured and subordinated debt to 'D' (default).

Alliance Bank had already missed a payment due to noteholders on
Dec. 26, 2013.  Then on Jan. 23, 2014, the bank announced its
intention to restructure its outstanding senior and subordinated
bonds.  A week later, on Jan. 31, 2014, Alliance Bank announced
the Board of Directors' decision to start restructuring the bank.
S&P subsequently lowered its counterparty credit ratings on the
bank to 'D'.

S&P expects to review the ratings on the bank and its debt
instruments after the bank completes its restructuring and
publishes quarterly financial results.  According to the bank, it
plans to complete the restructuring by the middle of this year.


ALLNEX LUXEMBOURG: S&P Affirms 'B+' Corp. Credit Rating
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit rating on Luxembourg-registered, Brussels-based
coating resins and additives producer Allnex (Luxembourg) & Cy
SCA.  The outlook remains stable.

At the same time, S&P affirmed its 'B+' issue rating on the
group's first lien secured debt, including its $120 million
revolving credit facility (RCF) and US$687 million term loan.
The recovery rating is '3'.  S&P also affirmed its 'B-' issue
rating on the group's US$150 million second lien secured term
loan.  The recovery rating is '6'.

The affirmation reflects Allnex's overall resilient operating
performance, with adjusted EBITDA likely to end up at $190
million in 2013, in line with S&P's expectations.  S&P forecasts
similar or slightly higher profit in 2014.

S&P's assessment of Allnex's business risk profile has improved
to "fair" from "weak" previously.  These factors in the group's
prolonged track record of resilient profits, supported by its
fair geographic reach, strong product portfolio across different
types of coating resins -- including liquid, powder, radcure and
cross-linkers -- and the cost savings realized since its takeover
by private equity company Advent from previous owner Cytec.  At
the same time, S&P continues to assess Allnex's financial risk
profile as "highly leveraged," according to its criteria,
capturing its full private equity ownership and fairly high debt
since the closing of the transaction.

The anchor is unchanged at 'b' and S&P continues to adjust it
upwards by one notch for comparable rating analysis.  This takes
into account S&P's expectation that Allnex's financial ratios and
free cash flows are stronger than most other highly leveraged

S&P's assessment of Allnex's business risk profile as fair
captures its expectation that the group should continue to
deliver stable, or even slightly rising, adjusted EBITDA of about
$190 million-$200 million in 2014-2015.

"We assess Allnex's financial risk profile as highly leveraged
under our corporate criteria because we believe it is constrained
by the group's full private equity ownership.  Leverage is
therefore substantial -- according to our base case for 2013 and
2014, adjusted debt to EBITDA will be 5x and 4.5x when excluding
the US$271 million preferred equity certificates held by Advent,
or 6.3x and 6.1x when including these in our adjusted debt," S&P

"We adjust the rating upwards by one notch for comparable rating
analysis, reflecting our view of Allnex's positive free cash
flows in 2013 and thereafter, with cash balances rising to $100
million at year-end 2013.  This is supported by the group's
operating resilience, the fairly limited capital intensity of the
business, and the moderate capital expenditures we assume under
our base case.  Nevertheless, the accompanying deleveraging trend
will depend on the use of excess cash flows, depending eventually
on investments, acquisitions, and dividends policy".

The stable outlook reflects S&P's expectations that Allnex will
continue to deliver resilient EBITDA and free cash flow in 2014
and 2015, supported by its recent good performance and boosted by
good global geographic diversity and product mix.  S&P views an
adjusted ratio of debt to EBITDA of about 4.5-5x as commensurate
with the rating when excluding the preferred equity certificates,
and 6x or slightly above when including them.

S&P might consider a negative rating action if it saw a more
aggressive financial policy than we currently factor in,
including any releveraging above 5x.  Another risk factor would
be greater cyclical downside for Allnex's industrial coating
resins than S&P current assumes.

Rating upside is limited for now given Allnex's private equity
ownership, and related aggressive financial policies.  Limited
diversity beyond coating resins and the cyclical nature of its
main end markets are also constraints on S&P's assessment of
Allnex's business risk profile.


AI AVOCADO: S&P Assigns 'B' Corp. Credit Rating; Outlook Stable
Standard and Poor's ratings services said that it assigned its
'B' corporate credit rating to AI Avocado Holding B.V. (AI
Avocado). The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating to the
EUR440 million senior secured term loan and revolving credit
facility (RCF) of up to EUR50 million to be borrowed by AI
Avocado B.V. and its subsidiaries, including Netherlands-based
software company Unit4 N.V.

Private equity firm Advent International, through AI Avocado, has
acquired Unit 4 in a public-to-private leveraged buyout.  The
ratings on AI Avocado reflect S&P's assessment of Unit 4's
business risk profile as "fair" and its financial risk profile as
"highly leveraged."

S&P's assessment of Unit4's business risk profile is underpinned
by the company's resilient enterprise resource planning (ERP)
software revenue base, including during downturns.  The company
has a high customer retention rate (above 95% on average), due in
part to meaningful switching costs and the recurring revenues
generated by the maintenance agreements and some of the services
contracts.  In addition, S&P views the recent change of business
model toward "software as a service" (SaaS), instead of the
legacy license-maintenance model, as potentially improving the
predictability of revenues and allowing the company to be more
profitable in the medium term.  However, the company has a narrow
offering compared with the broader software and services sector,
and competes with much larger, more diversified, and financially
stronger software companies -- Oracle, SAP, and Microsoft.  Also,
Unit4's adjusted EBITDA margin of about 17% is below average for
the software sector.

"We assess Unit4's financial risk profile as "highly leveraged."
We estimate that at year-end 2014, the company's Standard &
Poor's-adjusted debt-to-EBITDA ratio will be about 11.5x
(including the subordinated shareholder loan and adjusting EBITDA
for capitalized software development costs; excluding the
shareholder loan, leverage will be about 7x).  We see the
likelihood of deleveraging as limited due to the capitalized
nature of the subordinated loan's interest rate, which is likely
to offset any EBITDA increase.  Over time, senior leverage could
decrease if the company uses free cash flow to prepay debt under
its cash flow sweep mechanism," S&P said.

S&P's base-case scenario assumes:

   -- Modest annual top-line increases of 2%, slightly below its
      expected nominal GDP growth in Unit4's countries of
      operation in Western and Northern Europe, partly
      constrained by the change of business model toward SaaS.

   -- Modest adjusted EBITDA margin expansion (expensing
      capitalized software development costs) toward 18% in 2017
      from 17% in 2014, thanks to operating leverage.

   -- Relatively small capital expenditure (capex) of about EUR9
      million-EUR10 million per year (as capitalized software
      development costs are expensed).

Based on these assumptions, S&P arrives at the following credit

   -- Adjusted debt to EBITDA of about 11.5x (about 7x excluding
      the shareholder loan);

   -- Adjusted free operating cash flow (FOCF) to debt of about
      1% (2% excluding the shareholder loan);

   -- A modest buildup of cash as the company faces no near-term
      debt amortization requirements; and

   -- Adjusted EBITDA to interest of about 1.3x (EBITDA to cash
      interest of about 2x).

The stable outlook reflects S&P's anticipation of modest revenue
growth and gradual improvement in the EBITDA margin slightly
above 17%.  The outlook also reflects S&P's anticipation that AI
Avocado will remain highly leveraged, but with "adequate"
liquidity and EBITDA to cash interest coverage of at least 2.0x.

S&P sees the likelihood of an upgrade as limited over the next 12
months, given Unit4's high leverage.  S&P forecasts adjusted
leverage to remain above 11.5x (7x excluding the shareholder

S&P could consider raising the rating if Unit4 improves its
adjusted EBITDA margin toward the sector standard of above 20%,
coupled with a cash-interest coverage ratio comfortably above

S&P believes that the likelihood of a downgrade is currently
limited, as Unit4 has modest debt amortization requirements and
it do not currently anticipate revising downward its assessment
of its "fair" business risk profile.  S&P could consider lowering
the rating if it revises downward its assessment of the group's
business risk profile, possibly due to increased customer
turnover and the loss of key contracts to competitors, leading to
a drop in EBITDA cash interest coverage toward 1.5x.

CEVA HOLDINGS: S&P Raises CCR to 'B-' on Completed Refinancing
Standard & Poor's Ratings Services said it had raised its long-
term corporate credit ratings on Netherlands-based integrated
logistics services provider CEVA Group PLC and its holding
company CEVA Holding LLC to 'B-' from 'CCC+'.  The outlook is

At the same time, S&P raised its issue rating on CEVA's US$390
million first-lien notes to 'B-' from 'CCC+'.  The recovery
rating is '4', reflecting S&P's expectation of average (30%-50%)
recovery in the event of default.  S&P also raised the issue
rating on the z43 million 12.75% senior notes, maturing 2020, to
'CCC' from 'CCC-'.  The recovery rating is '6', reflecting S&P's
expectation of negligible (0%-10%) recovery after a default.

S&P removed all the ratings from CreditWatch, where it placed
them with positive implications on March 5, 2014.

The rating actions follow the completion of CEVA's debt
refinancing, announced on March 5, 2014, and reflect its impact
on zEVA's credit metrics.

The corporate credit ratings reflect S&P's assessment of CEVA's
"weak" business risk profile and "highly leveraged" financial
risk profile.

The business risk profile incorporates S&P's view of "low" risk
in the railroad/package express industry -- which includes
logistics providers -- and CEVA's exposure to "low" country risk,
based on its globally diversified operations.  S&P's assessment
of business risk also takes into consideration CEVA's weak
absolute profitability compared with peers', and S&P's view that
difficult market conditions in the freight-management business,
particularly the airfreight segment, has led to declining volumes
and profitability.

S&P assess the financial risk profile as "highly leveraged,"
based on certain key metrics, including funds from operations
(FFO) to debt, which stands at 6.0%, and debt to EBITDA of 7.6x.
In addition, CEVA's ownership by a financial sponsor caps its
financial risk profile.  This is indicated by S&P's assessment of
financial policy as FS-6, as defined in its criteria.

In S&P's view, the recent refinancing has improved CEVA's
liquidity position and debt maturity profile because no material
amounts of debt will mature until May 2018.  In S&P's view, this
affords CEVA additional time to implement measures to sustainably
improve its absolute profitability, which should support its
current capital structure.

CEVA's reported free cash flow has also improved, despite a
reduction in reported EBITDA, mainly because working capital has
decreased while capital expenditure (capex) has fallen.  Working
capital management will remain an important area of focus in
S&P's analysis.

The stable outlook reflects S&P's view that, over the next 12
months, CEVA's financial risk profile will remain highly
leveraged and, following the recent refinancing, liquidity will
be sufficient to meet its financing needs.

S&P considers an upgrade to be unlikely in the near term, based
on its forecast that adjusted FFO to debt will remain materially
below 12%, the level S&P would regard as commensurate with a
positive rating action.

S&P believes that rating downside could arise if liquidity
weakened materially, for example, because of greater negative
free operating cash flow than S&P currently forecasts.  This
could stem from further deterioration in the global supply chain
industry or higher capex than S&P expects.  S&P could also lower
the rating if it considered CEVA's capital structure to be

GRESHAM CAPITAL V: S&P Raises Rating on Class D Notes to CCC
Standard & Poor's Ratings Services raised its credit ratings on
Gresham Capital CLO V B.V.'s class A to D notes.

The rating actions follow S&P's credit and cash flow analysis of
the transaction using data from the trustee report dated Jan. 20,
2014 and the application of S&P's relevant criteria.

S&P conducted its cash flow analysis to determine the break-even
default rate (BDR) for each rated class of notes.  The BDR
represents S&P's estimate of the maximum level of gross defaults,
based on its stress assumptions, that a tranche can withstand and
still fully repay the noteholders.  S&P used the portfolio
balance that it considers to be performing, the reported
weighted-average spread, and the weighted-average recovery rates
that S&P considered to be appropriate.  S&P incorporated various
cash flow stress scenarios using its standard default patterns,
levels, and timings for each rating category assumed for each
class of notes, combined with different interest stress scenarios
as outlined in our criteria.

"Our review of the transaction highlights that the class A notes
have amortized by nearly 74% of the outstanding balance since our
previous review.  This has resulted in double the available
credit enhancement for the class A notes compared with our last
review. Our cash flow analysis indicates that the notes are able
to sustain defaults at a rating level that is higher than the
current one.  Our cash flow results show that the available
credit enhancement for the class A notes is commensurate with a
'AAA (sf)' rating.  We have therefore raised to 'AAA (sf') from
'AA- (sf)' our rating on the class A notes," S&P said.

"The latest trustee report indicates that there is about EUR78
million of cash in the principal collection account.  We
understand that the collateral manager does not intend to
reinvest any of these proceeds, and is likely to use these
proceeds on the next payment date to pay the notes sequentially.
With only EUR51.875 million class A notes outstanding, it is
likely that these notes will be fully repaid on the June 2014
payment date," S&P said.

"Our analysis highlights that the available credit enhancement
for the class B notes is commensurate with a higher rating than
previously assigned.  This is mainly due to the class A notes'
amortization and the available principal cash proceeds.  We have
therefore raised to 'AA+ (sf)' from 'BBB+ (sf)' our rating on the
class B notes," S&P added.

"Our cash flow results indicate that the available credit
enhancement for the class C notes is commensurate with a 'A (sf)
rating.  The largest obligor test constrains our rating on this
class of notes at a 'BB+' rating level.  We have therefore raised
to 'BB+ (sf)' from 'B+ (sf)' our rating on the class C notes,"
S&P noted.

"Under our cash flow analysis, the class D note BDRs pass their
scenario default rates (SDRs) at a 'B' rating level.  The SDR is
the minimum level of portfolio defaults that we expect each CDO
tranche to be able to support the specific rating level using CDO
Evaluator.  However, the application of the largest obligor
default test constrains our rating on this class of notes.  We
have therefore raised to 'CCC (sf)' from 'CCC- (sf)' our rating
on the class D notes.  This test measures the risk of several of
the largest obligors within the portfolio defaulting
simultaneously. We introduced this supplemental stress test in
our 2009 criteria update for corporate collateralized debt
obligations (CDOs)," S&P added.

Gresham Capital CLO V is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.  The transaction closed in
June 2008.  The transaction's reinvestment period will end in
June 2014.


Class        Rating            Rating
             To                From

Gresham Capital CLO V B.V.

EUR518.825 Million Floating-Rate And Subordinated Deferrable
Secured Floating-Rate Notes (Including A Tap Issuance Of
EUR176.5635 Million Floating-Rate Notes And EUR15.0495 Million
Deferrable Floating-Rate Notes)

Ratings Raised

A            AAA (sf)          AA- (sf)
B            AA+ (sf)          BBB+ (sf)
C            BB+ (sf)          B+ (sf)
D            CCC (sf)          CCC- (sf)

RHODIUM 1: S&P Affirms 'CCC-' Rating on Class D Notes
Standard & Poor's Ratings Services raised to 'A- (sf)' from 'BBB+
(sf)' its credit rating on Rhodium 1 B.V.'s class B notes.  At
the same time, S&P has affirmed its credit ratings on the class C
and D notes.

The rating actions follow S&P's performance review, which
included its credit and cash flow analysis and the application of
its relevant criteria.  S&P used data from the February 2014
payment date report and took into account recent transaction

As the transaction amortizes, the percentage of the pool's
speculative-grade assets has increased, as well as the percentage
of assets that S&P considers to be in the 'CCC' category (assets
rated 'CCC+', 'CCC', and 'CCC-').

Since S&P's previous review on Aug. 23, 2013, the transaction's
class A/B/C and class D overcollateralization par value ratios
have increased following the class B notes' deleveraging.  These
ratios are above the transaction's documented trigger level for
the overcollateralization tests.

S&P conducted its cash flow analysis to determine the break-even
default rates (BDRs) at each rating level by applying its
corporate cash flow criteria and its criteria for collateralized
debt obligations (CDOs) of asset-backed securities (ABS).

In S&P's cash flow analysis, it used the reported portfolio
balance that it considered to be performing, the principal cash
balance, the current weighted-average spread, and the weighted-
average recovery rates that S&P considered to be appropriate.
S&P incorporated various cash flow stress scenarios using various
default patterns, levels, and timings for each liability rating
category, in conjunction with different interest rate stress

S&P based its credit analysis on its updated assumptions to
determine the scenario default rates at each rating level, which
we then compared with the notes' respective BDRs.

"Since our previous review, the available credit enhancement for
the class B notes has increased mainly due to deleveraging in the
transaction.  Taking into account the results of our credit and
cash flow analysis and the increase in available credit
enhancement, we have raised to 'A- (sf)' from 'BBB+ (sf)' our
rating on the class B notes. We have affirmed our ratings on the
class C and D notes as their available credit enhancement and the
results of our credit and cash flow analysis are commensurate
with our currently assigned rating levels," S&P said.

Rhodium 1 is a static cash flow CDO of a portfolio of mainly
mortgage-backed securities.


Class                 Rating             Rating
                      To                 From

Rhodium 1 B.V.
EUR304.4 Million Asset Backed Floating-Rate Notes

Rating Raised

B                     A- (sf)            BBB+ (sf)

Ratings Affirmed

C                     CCC+ (sf)
D                     CCC- (sf)


* ROMANIA: Banks See Improvement in Liquidated Asset Sales
Oana Gavrila at Property Investor Europe reports that banks see
improvement in asset liquidation sales and support company
restructuring outside of insolvency procedures, which they
consider simpler and less costly than insolvency.


Standard & Poor's Ratings Services revised its outlook on Russian
government-owned electricity company Interregional Distributive
Grid Company of Center JSC (IDGC of Center) to negative from

At the same time, S&P affirmed its 'BB/B' long- and short-term
corporate credit ratings and 'ruAA' Russia national scale rating
on the company.

The outlook revision follows a similar action on the Russian
Federation on March 20, 2014.  All else remaining equal, a
downgrade of Russia could trigger a downgrade of IDGC of Center,
owing to S&P's view of Russia's weakened capacity to provide
extraordinary support to the company if needed.

According to S&P's criteria for rating government-related
entities, it continues to apply one notch of uplift to its long-
term rating on IDGC of Center to reflect S&P's view that there's
a "moderate" likelihood that the Russian government would provide
timely and sufficient extraordinary support to IDGC of Center in
the event of financial distress.  S&P's view is based on its
assessment of IDGC of Center's:

   -- "Important" role for the federal government (at least for
      several regional governments) as a provider of essential
      infrastructure services in its areas of operation; and
      "Limited" link to the federal government, given its
      indirect majority ownership of the company and the
      existence of a number of minority shareholders, which
      increases uncertainty about the timeliness and mechanism of
      any extraordinary support.

The ratings also incorporate S&P's assessment of IDGC of Center's
stand-alone credit profile (SACP) at 'bb-', based on its view of
the company's "fair" business risk profile and "aggressive"
financial risk profile.

In S&P's view, the main constraints on the ratings on IDGC of
Center include:

   -- The company's aging operating assets;
   -- Untested results under the new tariff regime and past
      governments' attempts to manually control tariffs;
   -- An aggressive financial profile;
   -- Heavy reliance on new debt to finance its investments; and
   -- A concentrated customer base.

Moreover, the economies of the regions that the company serves
are relatively weak, which has led to an increased amount of
customer nonpayments.  The transitional features of Russia's
economy, including a somewhat volatile funding environment, also
constrain the ratings.

These constraints are mitigated by IDGC of Center's role as the
major distribution grid operator in its service areas, its 82%
market share, and its relatively stable cash flows from regulated
power distribution.  S&P thinks that the company's well-spread
debt maturity profile and management's prudent approach to
liquidity management are also supportive for the ratings.

The negative outlook mirrors that on Russia, which reflects S&P's
view that there is at least a one-in-three chance that it could
reassess the risks to Russia's creditworthiness based on its
deteriorating external profile and reduced monetary policy
flexibility and, as a result, could lower its ratings on Russia
within the next 24 months.  S&P's negative outlook on Russia also
indicates a probability that it could equalize the local and
foreign currency ratings on Russia in case of a downgrade.  This,
all else remaining equal, could trigger a downgrade of IDGC of
Center, owing to S&P's view of Russia's weakened capacity to
provide extraordinary support to the company if needed.

Given the SACP of 'bb-', S&P expects IDGC of Center will maintain
a Standard & Poor's-adjusted debt-to-EBITDA ratio of less than
3.0x with very temporary deviations of up to 3.5x.

S&P could lower the rating on IDGC of Center if there is a two-
notch downgrade of the local currency sovereign rating on Russia,
all else being equal.  However, a one-notch downgrade of the
sovereign, all else remaining equal, is unlikely to result in a
similar rating action on IDGC of Center.

S&P might consider a negative rating action if it observes that
IDGC of Center takes on a more aggressive financial policy or if
regulatory actions result in higher-than-expected debt levels.
S&P might also consider a downgrade if the company starts to rely
excessively on short-term financing, if its liquidity
deteriorates to less-than-adequate levels, or if its
profitability materially decreases, weakening financial metrics.

S&P might lower the long-term rating to the level of the SACP if
it revises the likelihood of extraordinary government support to
"limited" from "moderate."  This would likely happen if S&P
observed that IDGC of Center's role for the government had
diminished, with weakening control and focus on the company as a
result of government-owned stake privatization, for example.

S&P could revise the outlook to stable if it revises the outlook
on the Russian Federation to stable and the SACP for IDGC of
Center remains unchanged.

Upside potential for the SACP might arise if the company
maintains its debt-to-EBITDA ratio at less than 2x while
maintaining adequate liquidity and maturity profiles.  In
addition, evidence that the system of regulatory tariffs is
operating without material changes or political intervention
could lead to an upward revision of the SACP.  A one-notch upward
revision of the SACP would lead to a positive rating action, all
else being equal.

MOSCOW UNITED: S&P Revises Outlook to Negative & Affirms 'BB' CCR
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian state-owned electricity company Moscow United
Electric Grid Co. JSC (MOESK) to negative from stable.

At the same time, S&P affirmed the 'BB' long-term corporate
credit rating and the 'ruAA' Russia national scale rating on

The outlook revision follows a similar action on the Russian
Federation.  According to S&P's criteria for rating government-
related entities, the ratings on MOESK reflect its unchanged view
that there's a "moderate" likelihood that the Russian government,
MOESK's ultimate owner, would provide timely and sufficient
extraordinary support to MOESK in the event of financial

"Our assessment of MOESK's stand-alone credit profile (SACP) at
'bb-' is based on our assessments of its business risk profile as
"fair" and its financial risk profile as "aggressive."  The main
constraining factors include MOESK's aged operating assets and
ambitious grid-development plans, which result in a heavy medium-
term investment program and negative projected generation of free
operating cash flow (FOCF).  Other key constraining factors are
political interference in regulatory remuneration, a somewhat
concentrated customer base, and above-industry-average losses in
the grids, owing to large transit volumes through the area.  The
main supportive factors for the SACP are the company's dominant
position as the major distribution grid operator in the City of
Moscow and the Moscow Oblast, with an 80% market share in Moscow
and 65% market share in the oblast.  MOESK's relatively stable
cash flows from electricity power distribution and a favorable
long-term debt maturity profile also support our assessment of
MOESK's SACP," S&P said.

"The negative outlook mirrors that on Russia and reflects our
view that there is at least a one-in-three chance that we could
reassess the risks to Russia's creditworthiness based on its
deteriorating external profile and reduced monetary policy
flexibility and, as a result, could lower our ratings on Russia
within the next 24 months.  Our negative outlook on Russia also
mentions a probability that we could equalize the local and
foreign currency ratings on Russia in case of a downgrade, which,
all else remaining equal, could trigger a downgrade of MOESK
owing to our view of Russia's weakened capacity to provide
extraordinary support to the company in case of need," S&P added.

To be in line with an SACP of 'bb-', S&P expects MOESK's Standard
& Poor's-adjusted debt-to-EBITDA ratio to be less than 3x on a
sustainable basis, with very temporary deviations of up to 3.5x.

S&P could downgrade MOESK if it lowers the local currency rating
on Russia by two notches, all else being equal.  A one-notch
downgrade of the sovereign is unlikely to result in a similar
rating action on MOESK, all else being equal.

S&P could consider a negative rating action if it observed a more
aggressive financial policy by MOESK or regulatory actions that
would result in higher debt levels for MOESK than S&P currently
anticipates.  S&P might also consider such an action if the
company starts to rely excessively on short-term financing, if
its liquidity deteriorates to "less than adequate," or if its
profitability significantly decreases, which would weaken its
financial metrics.

S&P might lower the long-term rating to the level of the SACP if
we revise the likelihood of extraordinary state support to
"limited."  That would likely happen if S&P saw signs that
MOESK's role for the government had diminished, with weakening
control and focus on the company, for example, as a result of the
privatization of a state-owned stake.

S&P could revise its outlook on MOESK to stable if it revises the
outlook on Russia to stable and MOESK's SACP remains unchanged.

Upside potential for the SACP could result if the company manages
to keep its leverage under 2x consistently while maintaining
"adequate" liquidity and maturity profiles.  S&P would also need
to see evidence that the system of regulatory tariffs is
operating without significant changes or political intervention.
If S&P revised the SACP up by one notch, it would lead to an
upgrade of MOESK, all else being equal.

ROSTELECOM OJSC: S&P Affirms 'BB+' CCR; Outlook Stable
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on Russia's largest fixed-line
telecommunications operator Rostelecom OJSC.  The outlook is

The affirmation follows S&P's review of Rostelecom's stand-alone
credit profile (SACP), which we revised upward to 'bb+' from
'bb'. Therefore, in accordance with S&P's methodology for
government-related entities (GREs), the rating on Rostelecom no
longer incorporates notches of uplift from the rating on Russia
and is unaffected by the outlook revision on the sovereign to
negative from stable.

The upward revision of the SACP reflects the improvement in the
company's liquidity, which S&P now views as "adequate," versus
its previous assessment of "less than adequate."  In the past 12
months, Rostelecom has taken steps to increase the maturity
profile of its debt, which improves the ratio of liquidity
sources to liquidity uses to above 1.2x.

S&P's 'BB+' rating on Rostelecom is derived from its anchor of
'bb+', which reflects its assessments of its "fair" business risk
profile and its "intermediate" financial risk profile.  S&P's
modifiers have no impact on the anchor.

In S&P's opinion, Rostelecom's "fair" business risk profile
primarily reflects its currently "weak" competitive position in
Russia's lucrative and competitive mobile telephony market.  The
business risk profile is supported by the company's solid
position in the fixed-line segment, due to its former incumbent
status. Although revenues from traditional fixed-line services
are declining, largely due to fixed-to-mobile substitution, the
company's extensive network has allowed for growth in related
segments, such as broadband internet and pay-TV.

S&P's assessment of Rostelecom's "intermediate" financial risk
profile reflects its assumption that its Standard & Poor's-
adjusted debt-to-EBITDA ratio will remain below 2.5x following
the ongoing spin-off of its mobile assets.  It also reflects
S&P's expectation that the company will generate positive free
operating cash flow with reduced capital expenditure

Under S&P's base-case scenario for 2014 and 2015, it assumes:

   -- Flat revenue growth, as S&P believes the developments in
      broadband and related services will fully offset the
      decline in traditional voice.

   -- Stable profitability, although the reported EBITDA margin
      will likely improve as deconsolidated mobile business had
      materially weaker profitability.

   -- A decline in capital expenditures, given that a significant
      portion of capital expenditures over the past few years was

Based on these assumptions, S&P arrives at the following credit
measures in 2014 and 2015:

   -- Debt to EBITDA of about 1.9x.
   -- Funds from operations to debt of close to 40%.

S&P continues to believe there is a "moderate" likelihood that
the Russian government would provide timely and sufficient
extraordinary support to Rostelecom in the event of financial
distress.  Although S&P notes that Rostelecom could be privatized
in the medium term, it has not observed the government take any
steps in that direction.

The stable outlook reflects S&P's expectation that Rostelecom
should generate free operating cash flow following the spin-off
of its mobile assets because it will focus on organic growth in
existing segments.  S&P anticipates a ratio of debt to EBITDA
lower than 2.5x, in line with the current rating.

S&P could lower the ratings on Rostelecom if its Standard &
Poor's-adjusted debt-to EBITDA ratio exceeded 2.5x due to
financial policy decisions or underperformance.  However, S&P
views the latter scenario as unlikely.

The upside potential for the rating is remote, in S&P's view, as
it would require a meaningfully stronger diversification to
mobile telephony.  This could be achieved, in the long term, if
the mobile joint venture improves its market position and starts
paying meaningful dividends.  However, S&P believes this would
take more than three years to happen.

RUSHYDRO: S&P Revises Outlook to Negative & Affirms 'BB+' CCR
Standard & Poor's Ratings Services said that it had revised its
outlook on Russian state-owned electricity generation company,
RusHydro (OJSC) to negative from stable.

At the same time, S&P affirmed its 'BB+' long-term and 'B' short-
term corporate credit ratings and 'ruAA+' Russia national scale
rating on the company.

The outlook revision follows a similar action on the Russian
Federation on March 20, 2014.  According to S&P's criteria for
rating government-related entities (GREs), the long-term rating
on RusHydro includes one notch of uplift to reflect its unchanged
view that there's a "moderately high" likelihood that the Russian
government would provide timely and sufficient extraordinary
support to RusHydro in the event of financial distress.  This
view is based on S&P's assessment of the group's:

   -- "Important" role for the government, given its status as a
      mainly profit-oriented enterprise in a competitive
      environment, its dominant position in the energy sector,
      key support of power-intensive industries, and capacity
      regulation reserve function; and

   -- "Strong" link with the Russian government, which owns a
      66.8% stake in RusHydro.  S&P also factors in its
      expectation that the government's stake will not fall to
      less than 50% plus one share over the medium term
     (supported by the government's decision to include RusHydro
      in the list of strategic entities), ongoing state support
      in the form of asset and capital injections, the state's
      intention to continue providing support on a temporary and
      exceptional basis, and the risk to the sovereign's
      reputation if RusHydro were to default.

The ratings also take into account S&P's assessment of RusHydro's
stand-alone credit profile (SACP) at 'bb', based on a "fair"
business risk profile and "significant" financial risk profile.

S&P's assessment incorporates RusHydro's aging operating assets
and its exposure to fluctuating water levels for its largely
hydro-powered generation fleet, the deregulated and inherently
volatile local electricity market, and the developing regulatory
environment.  In addition, RusHydro has a sizable investment
program, resulting in S&P's projection of materially negative
free operating cash flow for at least the next two years; and the
company relies heavily on external funding to finance its

These weaknesses are mitigated by the company's solid market
position; low cost base; geographically diverse asset fleet,
which somewhat reduces the volatility of hydro-resources; ongoing
and potential extraordinary support from the Russian government,
the majority shareholder; and good access to capital markets.

The negative outlook on RusHydro mirrors that on the long-term
sovereign rating.  Given the SACP of 'bb', S&P expects RusHydro
to maintain a Standard & Poor's-adjusted debt-to-EBITDA ratio of
less than 3.0x over the next two years, as well as adequate
liquidity and some flexibility in its investment program.

Downside scenario

S&P could lower the ratings on RusHydro if it lowered the long-
term local currency sovereign credit rating on Russia by two or
more notches, all else being equal.  A one-notch downgrade of the
sovereign is unlikely to result in a similar rating action on
RusHydro, all else being equal, in accordance with S&P's criteria
for GREs.

In S&P's view, pressure on RusHydro's credit profile could result
from more aggressive financial policies than S&P currently
anticipates, including greater capital spending and a leverage
ratio (debt to EBITDA) exceeding 3.0x.  In addition, S&P could
take a negative rating action if the company started to rely more
heavily on short-term financing, its liquidity deteriorated to
"less-than-adequate" levels, or profitability dropped
significantly, which could weaken the financial metrics.  Any
negative intervention from the government would likely prompt S&P
to reassess RusHydro's business risk profile to "weak," which
could lead S&P to revise RusHydro's SACP downward and lower
the ratings.

In addition, if S&P was to revise its view of the likelihood of
extraordinary government support to "low" from "moderately high,"
S&P would remove the notch of uplift in the long-term rating on
RusHydro, resulting in a downgrade.

Upside scenario

S&P could revise the outlook on RusHydro to stable if the outlook
on Russia were revised to stable and its SACP assessment remained

If S&P believed that the regulatory environment and RusHydro's
operating performance were improving, and it saw a track record
of prudent financial strategies and a sustainably better
financial position than S&P currently forecasts, it might revise
its assessment of the SACP upward.  In particular, S&P could
revise the SACP if it believed the group capable of maintaining a
debt-to-EBITDA ratio sustainably lower than 2.0x.  This might
ultimately lead S&P to raise the long-term rating on RusHydro,
assuming that the local currency long-term sovereign credit
rating remained at 'BBB+'.

VODOKANAL ST PETERSBURG: S&P Affirms 'BB+' CCR; Outlook Positive
Standard & Poor's Ratings Services said that it had affirmed its
'BB+/B' long- and short-term corporate credit ratings on Russian
regional water utility Vodokanal St. Petersburg (VKSPB).  The
outlook remains positive.

At the same time, S&P affirmed the 'ruAA+' Russia national scale
rating on VKSPB.

"We affirmed the ratings and kept the outlook positive, even
though our outlook on VKSPB's owner, Russian City of St.
Petersburg, is negative.  This reflects our view that we could
raise our long-term rating on VKSPB if we deem the company's
credit metrics to be sustainable at least over the next 24
months. We will review our opinion after we have reviewed the
long-term strategic development plan for the company, which we
expect to be approved by the city government by mid-2014.  We
think that the new strategies might enhance the visibility of
VKPSB's investment needs in the coming years.  We assume,
however, that the city's budget will at least partly cover these
investment needs (as in the past), resulting in sustained modest
debt leverage for VKSPB," S&P said.

"We think that VKSPB's stable cash flow generation capacity,
coupled with manageable levels of debt and capital expenditures,
should allow the company to post 2013 adjusted debt to EBITDA
below 2x and adjusted funds from operations (FFO) to debt above
50%. If achieved and deemed sustainable at these levels over the
medium term, both measures could support our assessment of an
improved financial risk profile," S&P added.

The ratings on VKSPB reflect S&P's opinion that there is a "very
high" likelihood that the company's 100% owner, St. Petersburg,
would provide timely and sufficient extraordinary support to
VKSPB in the event of financial distress.  S&P assess VKSPB's
stand-alone credit profile (SACP) at 'b+', based on its
assessment of its business risk profile as "weak" and financial
risk profile as "intermediate."

VKSPB's business risk profile continues to reflect S&P's view of
the company's aged asset base and resulting sizable medium-term
investment needs, a politicized and short-term tariff regulation
regime, and operating risk stemming from deteriorating water
quality.  These weaknesses are partly offset by VKSPB's monopoly
position in its franchise area, its relatively stable earnings
and cash flows derived primarily from regulated activities, a
fairly diverse customer base, and strategic importance to St.
Petersburg, which is evidenced by the strong ongoing financial
support VKSPB receives for its investments.

S&P's view of VKSPB's financial risk profile is constrained by
the utility's aggressive liquidity management, pronounced
exposure to foreign currency risk, and the lack of clear and
long-term financial policies.  S&P considers these weaknesses to
be mitigated by modest financial leverage and a satisfactory debt
maturity profile.

In accordance with S&P's criteria for rating government-related
entities (GREs), its current view of a "very high" likelihood of
extraordinary government support is based on S&P's assessment of
VKSPB's "very important" role for and "very strong" link with the
city's government.

"The positive outlook reflects our view that we could raise the
ratings if we deem VKSPB's solid credit metrics to be sustainable
and the company increases covenant headroom and enhances
transparency and clarity around its long-term financial policies.
We expect that continued ongoing financial support from the city
will alleviate VKSPB's need for external financing and help keep
the company's debt leverage moderate," S&P added.

"We might consider a positive rating action if our assessment of
VKSPB's financial risk profile improved to "modest" from
"intermediate" under our criteria, that is if FFO to debt were
consistently above 45% and debt to EBITDA remained below 2x
within all of the rating horizon (2014-2016).  An upgrade also
might be triggered by our revising our view of the company's
liquidity to "adequate" following increased covenant headroom,
more transparent and granular financial policies, as well as a
cautious approach to liquidity management, S&P noted".

If S&P do not observe improvements in the company's financial
policies and liquidity management, or if the company relies on
external debt above its expectations, which would lead to S&P not
seeing upside potential anymore, S&P would most likely revise the
outlook to negative, mirroring the outlook on the owner.  Any
lowering of the long-term local currency credit rating on St.
Petersburg would likely prompt S&P to lower its corporate credit
rating on VKSPB, provided that at that time S&P continued to
assess VKSPB's SACP at 'b+' and the likelihood of extraordinary
government support at "very high."

In line with S&P's criteria for GREs, it would lower the rating
by one notch if it was to see a two-notch drop in the company's
SACP, assuming the likelihood of extraordinary support and its
long-term local currency rating on St. Petersburg remained
unchanged.  If S&P was to reassess its view of the likelihood of
extraordinary government support to least "high" from the
existing "very high," we could lower the rating by one notch if
the SACP remained at 'b+'.


CABLEUROPA SAU: S&P Puts 'B+' CCR on CreditWatch Positive
Standard & Poor's Ratings Services said it placed its 'B+' long-
term corporate credit rating on Spain-based cable TV, telephony,
and broadband services provider Cableuropa S.A.U. and all issue
ratings on the group's debt on CreditWatch with positive

The CreditWatch placement follows the March 17, 2014,
announcement by Vodafone Group PLC (Vodafone) that it has agreed
to acquire Cableuropa, subject to regulatory approval.  The
placement reflects the high likelihood that S&P could raise the
rating on Cableuropa by a maximum of several notches, in line
with the rating on Vodafone, if the transaction closes
successfully.  S&P believes that Cableuropa's credit quality
after the acquisition will benefit from potentially closer
operational and legal integration into the Vodafone group,
including access to Vodafone's Spanish mobile network.  In
addition, given Vodafone's track record of not maintaining debt
at the subsidiary level, S&P expects that it could refinance
Cableuropa's debt, either as part of a change of control tender
offer, or in the year following the acquisition, with timing
driven by redemption premiums.

The current rating on Cableuropa reflects S&P's view of the
group's business risk profile as "satisfactory" and its financial
risk profile as "highly leveraged."

"Our assessment of the business risk profile as satisfactory
reflects Cableuropa's position as one of Spain's leading
facility-based providers of triple-play services (telephony,
broadband, and pay-TV), quad-play bundles as a mobile virtual
network operator (MVNO), and its strong proprietary network.
These strengths are offset by fierce competition in the Spanish
telecoms market, notably with the dominant incumbent Telefonica.
This has presented Cableuropa with difficulty in retaining its
subscriber base, especially in the pay-TV segment, because of
tough macroeconomic conditions that have heightened customer
price sensitivity," S&P said.

Cableuropa's highly leveraged financial risk profile reflects its
significant adjusted leverage of about 5.2x at year-end 2013, its
private equity ownership which S&P views as financially
aggressive, and its moderate free operating cash flow (FOCF)


UBS AG: Moody's Lowers Rating on EUR25MM Term Notes to 'Ba3'
Moody's Investors Service has downgraded the rating on the
following credit linked notes issued by UBS AG:

  Ser 174, EUR25m FIX Credit-Linked Step-Up Euro Medium Term
  Notes, Downgraded to Ba3 (sf); previously on Jul 25, 2013
  Downgraded to Ba2 (sf)

Ratings Rationale

Moody's explained that the rating action taken is the result of a
rating action on UniCredit Bank Austria AG, whose subordinated
rating was downgraded to Ba2 from Ba1 on 21 March 2014.

The transaction is a credit linked note issued by UBS AG
referencing the subordinated debt of UniCredit Bank Austria AG.
In addition to the expected loss calculation described below in
"Loss and Cash Flow Analysis", Moody's also applied stresses on
the default probability and severity of the UniCredit Bank
Austria AG subordinated debt in order to take into account the
widely defined credit event definitions and deliverable

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the rating:

Given the nature of the structure, noteholders are mainly exposed
to the credit risk of the issuer and the reference entity. A
downgrade or upgrade of either the issuer or the reference entity
could trigger a downgrade or upgrade on the Notes.

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

Loss and Cash Flow Analysis:

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

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


UKRAINE: On Brink of Financial Bankruptcy, PM Says
FOCUS News Agency reports that Ukrainian Prime Minister
Arseniy Yatsenyuk said Ukraine's total fiscal deficit amounts to
UAH289 billion.

"The country is on the brink of economic and financial
bankruptcy," FOCUS News quotes the Prime Minister as saying.

U N I T E D   K I N G D O M

AES CORPORATION: Fitch Affirms 'B' ST Issuer Default Rating
Fitch Ratings has affirmed the Issuer Default Rating (IDR) of AES
Corporation (AES) at 'BB-'. Fitch has also affirmed the following

-- Short-term IDR at 'B' ;
-- Senior secured debt at 'BB+' ;
-- Unsecured debt at 'BB' ;
-- Trust preferred stock issued by AES Trust III at 'B+' .

The Rating Outlook is Stable.

The rating affirmation reflects the diversity and stability of
AES' cash flows and a reduction in risk with the continuous sale
of assets in non-core regions and the exit from certain high-risk
countries.  The majority of parent cash flows are derived from
utilities and generating assets with long-term contracts in
various parts of the world.  The large number of projects provide
geographic diversity and substantial upstream dividends to
support AES' financial obligations.  Going forward the ratings
are supported by management's strategy to continue to invest in
regulated electricity utility businesses, and long-term
contracted generating assets in countries that have a strong
credit profile. Historical credit protection measures have been
stronger than the guidelines for its current ratings, but the
company faces headwinds in Brazil and higher capex in the U.S.
and Chile over the early part of the rating horizon (2014-2016).

Key Rating Drivers
Cash-flow Diversity Drives Credit Profile: AES owns a portfolio
of electric utilities and power generating assets across five
continents.  Historically, its cash flow included distributions
from over 50 projects in any given year.  Investment diversity
shields the company from the macro and micro economic environment
adversity affecting a local domestic electricity sector.
Additionally, growth through investment in contracted assets
improves cash flow quality.

Growth Investments: Fitch expects that organic growth investments
in select assets, including Indianapolis Power & Light (IPL) and
internationally, Chilean and Asian projects, will increase cash
flow beginning in 2016.  In the interim, however, lower
distributions from these subsidiaries in 2014 and 2015 and
downstream equity contributions will stress credit metrics during
the construction period. Overall, Fitch believes the construction
spending will remain manageable.

Exit from Non-Core Markets: Fitch expects AES to continue to
improve its credit and business risk profile by exiting non-core
markets, narrowing its investment focus in terms of geographical
diversity, and to use sale proceeds to proportionally reduce
debt. Since 2011, AES has received about US$1.4 billion in
proceeds from the sale of non-core assets and a large portion of
proceeds was used to fund its share buyback program.

Deleveraging is Critical: As AES exits non-core markets, Fitch
expects a proportional reduction in absolute debt to maintain or
improve existing leverage.  Any increase in leverage due to
incremental shareholder distributions from sale proceeds will be
negative for AES' credit profile.  Further, a rising interest
rate environment will require lower leverage in the future to
maintain its current credit profile.

Quality of Cash flow: Distribution from utilities and contracted
generating assets improve the overall cash flow quality as these
utility businesses provide long-term cash flow visibility and
stability.  Fitch expects at least 70% of AES' future cash flow
over the rating horizon (2014-2016) to be from investments in
operating utilities and contracted generation facilities.  The
average remaining life of its power sale contracts is about seven

Higher Capital Spending: Fitch believes large capital expenditure
at its U.S.-based utility, IPL, and its Chilean and Asian
subsidiaries to be adverse for AES' financial metrics through
2015. Fitch expects AES to supplement the combination of
subsidiary level operating cash flow and debt with equity
contributions to alleviate funding needs for these subsidiaries
and is reflected in current ratings.  Stress on credit metrics
during the construction period is manageable with the given
liquidity position at AES and subsidiaries, diversity of cash
distributions, and current return on its environmental capex at

Geopolitical Risks Affect Credit Profile: AES owns and operates
electricity utility businesses in more than 20 countries that are
subject to foreign exchange rate volatility and adverse global
macro-economic conditions. In addition, governmental policy in
these countries regarding electricity tariffs, sector growth,
currency controls, and foreign direct investment also increase
its business risk profile. These risks are reflected in the
credit profile for its current IDR.

High Counterparty Credit Risks: AES continuously faces high
default risk in sub-investment grade countries, adversely
affecting its subsidiary level cash flow.  These risks are common
in emerging economies where state finances and property rights
are weak.  Fitch's forecast is adjusted for these uncertainties
and they are reflected in its IDR.

Aggressive Shareholder Distribution Policy: The potential for a
continuation of a share buyback program without an absolute
reduction in leverage remains a rating concern.  The company has
spent about $1 billion on share buybacks since 2010.  Over the
next two years the company plans average annual shareholder
distributions of about $160 million.

AES has sufficient liquidity to meet its short-term obligations
at least through 2015.  The company had US$132 million in cash
and cash equivalents at the end of December 2013.  In addition,
US$799 million was available under its revolving bank credit
facilities maturing in 2018.  With the refinancing of 2017 debt
maturities in March 2014, the remainder of AES' debt maturities
through 2017 are manageable given the company's liquidity and
cash flow profile.

Adjusted Parent-Only Cash Flow
Fitch analyzes AES as a holding company owning a portfolio of
assets and investments in a global electricity sector given its
somewhat unique corporate profile and structure.  Financially,
this represents a deconsolidated approach with respect to AES'
cash flows and debt levels . Fitch uses adjusted parent operating
cash flows (APOCF), a non-GAAP measure, with its emphasis on
dividends received and return on capital, to analyze AES' credit
metrics.  This approach, similar to the method used by AES'
lenders in financial covenants, recognizes that the subsidiaries
are encumbered by individual debt that is structurally superior
to the debt of the corporate parent.  The residual subsidiary
cash flow available for upstream dividends and distributions has
greater volatility than the direct cash flow of the operating
subsidiaries, and may be subject to payment restrictions under
subsidiary debt covenants, corporate by-laws, or national laws.

Trends in Credit Metrics
In 2013, the company benefited from lower corporate overheads,
low interest rate environment, and higher free cash flow at its
Philippines and UK based businesses, but upstream dividends were
tempered by lower tariffs at its Brazilian electricity
distribution utility (Eletropaulo) and higher capex at IPL and
Gener subsidiaries.  Financial ratios for 2013 are slightly
stronger than Fitch's guidelines for the 'BB-' IDR.

Fitch expects AES' 2016 recourse debt-to-APOCF and APOCF-to-
interest ratios to be over 5.5x and around 3x, respectively.
These ratios are moderately below Fitch's guideline metrics for
the 'BB-' IDR.

Stable Rating Outlook: The Stable Outlook reflects adequate
liquidity and no significant debt maturities until 2017.  Over
70% of total distributions received by AES in any given year are
from utilities and contracted electricity-generating assets,
limiting exposure to merchant risk.  It is Fitch's expectation
that management will fund new project investments using parent-
level free cash flow, including proceeds from the sale of noncore

Rating Sensitivities

Positive: An upgrade of AES is considered unlikely given its
credit risk profile, a business model that subordinates the
parent-level debt to the non-recourse debt and is subject to the
financing documentation covenants.  However, Fitch will consider
an upgrade if Debt/APOCF ratio remains below 4.5x and
APOCF/interest ratio improves to 3.5x on a sustainable basis.

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

-- An adverse event leading to decline in APOCF/interest to
    below 2.5x and Debt/APOCF ratio increases to 6x, on a
    sustainable basis;
-- Leveraged acquisition;
-- Material reduction in dividends received on a sustainable

CVC CORDATUS: Moody's Assigns (P)B2 Rating to EUR13.5MM Notes
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by CVC Cordatus Loan Fund III
Limited (the "Issuer"):

EUR235,500,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aaa (sf)

EUR21,100,000 Class A-2 Senior Secured Fixed Rate Notes due
2027, Assigned (P)Aaa (sf)

EUR38,000,000 Class B-1 Senior Secured Floating Rate Notes due
2027, Assigned (P)Aa2 (sf)

EUR14,500,000 Class B-2 Senior Secured Fixed Rate Notes due
2027, Assigned (P)Aa2 (sf)

EUR14,700,000 Class C-1 Senior Secured Deferrable Floating Rate
due 2027, Assigned (P)A2 (sf)

EUR9,400,000 Class C-2 Senior Secured Deferrable Fixed Rate
Notes due 2027, Assigned (P)A2 (sf)

EUR21,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Baa2 (sf)

EUR33,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)Ba2 (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings. A definitive rating (if any) may
differ from a provisional rating.

Ratings Rationale

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2027. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, CVC Credit
Partners Group Limited ("CVC"), has sufficient experience and
operational capacity and is capable of managing this CLO.

CVC Cordatus Loan Fund III Limited is a managed cash flow CLO. At
least 90% of the portfolio must consist of senior secured
obligations and up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations
and high yield bonds. The portfolio is expected to be 60% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the [six]
month ramp-up period in compliance with the portfolio guidelines.

CVC will manage the CLO. It will direct the selection,
acquisition and disposition of collateral on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's four-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations, and are subject to certain restrictions.

In addition to the nine classes of notes rated by Moody's, the
Issuer will issue EUR 47,900,000 of subordinated notes. Moody's
has not assigned rating to this class of notes.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Loss and Cash Flow Analysis:

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 436,500,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2700

Weighted Average Spread (WAS): 4.10%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 41.00%

Weighted Average Life (WAL): 8 years.

Moody's has analyzed the potential impact associated with
sovereign related risk of countries with non-Aaa ceilings As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings of
eligible countries, such exposure may not exceed 15% of the total
portfolio. Exposures to countries with a local currency country
risk ceiling between A1 and A3 may not exceed 10% of the total
portfolio and exposures to countries with a local currency
country risk ceiling between Baa1 and Baa3 cannot exceed 5% (with
none allowed below Baa3). Given this portfolio composition, the
model was run with different target par amounts depending on the
target rating of each class of notes as further described in the
methodology. The portfolio haircuts are a function of the
exposure size to peripheral countries and the target ratings of
the rated notes and amount to 0.75% for the class A notes, 0.50%
for the Class B notes, 0.38% for the Class C notes and 0% for
Classes D, E and F.

Stress Scenarios:

Together with the set of modelling assumptions above, Moody's
conducted an additional sensitivity analysis, which was an
important component in determining the provisional rating
assigned to the rated notes. This sensitivity analysis includes
increased default probability relative to the base case. Below is
a summary of the impact of an increase in default probability
(expressed in terms of WARF level) on each of the rated notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds
to higher expected losses), holding all other factors equal.

Percentage Change in WARF: WARF + 15% (to 3105 from 2700)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -2

Class B-2 Senior Secured Floating Rate Notes: -2

Class C-1 Senior Secured Deferrable Floating Rate Notes:-2

Class C-2 Senior Secured Deferrable Floating Rate Notes:-2

Class D Senior Secured Deferrable Floating Rate Notes: -1

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3510 from 2700)

Class A-1 Senior Secured Floating Rate Notes: -1

Class A-2 Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Floating Rate Notes: -3

Class C-1 Senior Secured Deferrable Floating Rate Notes:-4

Class C-2 Senior Secured Deferrable Floating Rate Notes:-4

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.

Factors that would lead to an upgrade or downgrade of the rating:

The rated notes' performance is subject to uncertainty. The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change. CVC's investment decisions and
management of the transaction will also affect the notes'

DEVIX MIDCO: Moody's Assigns 'B2' Corporate Family Rating
Moody's Investors Service has assigned a first-time B2 corporate
family rating (CFR) and B2-PD Probability of Default Rating (PDR)
to Devix Midco S.A. (Devix), the holding company for the former
Rexam Healthcare devices and prescription retail businesses.
REXAM PLC (Baa3 stable) sold these businesses to Montagu Private
Equity in February 2014.

At the same time, Moody's has assigned a provisional (P)B1 rating
with loss given default (LGD) 3 to the proposed senior secured
USD380 million first lien term loans due 2021 and to the USD65
million Revolving Credit Facility (RCF) due 2019; and a (P)Caa1
(LGD) 5 to the USD175 million second lien term loans due 2022 to
be borrowed at various entities within the group.

"The assigned B2 corporate family rating reflects both the fairly
aggressive capital structure and concentrated nature of Devix's
businesses in terms of products" says Richard Morawetz, a Moody's
Vice President - Senior Credit Officer and lead analyst for
Devix. "However we do not expect that the metrics will change
substantially in coming quarters, resulting in our stable

The outlook on all ratings is stable.

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

Ratings Rationale

Corporate Family Rating And Probability Of Default Rating

In Moody's view, the company's capital structure will be fairly
leveraged, with gross adjusted leverage estimated at 5.4x pro
forma for the transaction and based on 2013 earnings results. In
addition, while the company is a leading supplier of its products
in a consolidated market, its product range and client base
remain quite concentrated. In both segments the top five clients
make up over half of segmental sales, while sales in the
prescription retail segment are fairly evenly split between
wholesale and retail. Whilst Moody's recognizes the long-term
relationships and low probability of a client shifting supplier,
the loss of a single client could affect the company's earnings
significantly. Similarly, in the devices segment, the key
products are exposed to price negotiations and contract renewals.
Other business risks include technological obsolescence of
products over time and the loss of patent protection. In 2012 the
decline in earnings was partly attributed to a key devices
contract being renegotiated with lower pricing as a product came
off patent, although profits grew again in 2013.

Supporting factors for the rating include the company's strong
market shares in its key categories for devices (insulin pens;
nasal devices; dermal pumps and dry powder inhalers). This is
also reflected in the company's high EBITDA margins and the
company's ability to generate free cash flows. In our view,
despite the potential for short-term volatility, Devix's products
will see sustainable long-term growth, underpinned by both the
non-discretionary nature of many products, as well as rising
demand, in particular in emerging markets. Moody's also expects
that demand in the prescription retail segment will remain
stable, with moderate growth, albeit potentially benefitting from
healthcare reform in the US, as the segment focuses nearly
exclusively on the North American market. Finally, Moody's notes
the company's long-term relationships with key retail clients,
which is credit positive.

Provisional (P)B1 And (P)Caa1 Ratings Of The Secured Credit

The B2 CFR and B2-PD probability of default rating (PDR) are
assigned at Devix Midco S.A., the holding company for the group's
US and European operating companies. The company is being
acquired for USD805 million, including USD555 million in term
loans, and USD305 million in equity. The equity component
includes a shareholder loan of USD100 million, which is deemed
equity for the purpose of our metrics. The term loans include a
first lien term loan (USD380 million) due 2021 and a second lien
term loan (USD175 million) due 2022, which will be fully drawn at
closing. The first lien credit agreement will also include the
RCF (USD65 million) due 2019. The term loans will be guaranteed
and secured on all material assets of the subsidiaries in the
restricted group. The first and second lien loans will be secured
on the same assets; while under the terms of an intercreditor
agreement, the first lien loans retain priority in repayment in
case of an enforcement on collateral. In light of this, the first
lien instruments are rated (P)B1, and the second lien loans are
rated (P)Caa1 to reflect their ranking in the debt capital

In terms of liquidity, the company expects to have no cash at
transaction close, with any cash thereafter accruing from free
cash flows. Initially, therefore, Moody's believes that some
drawing on the RCF may be required to manage working capital
flows. There is limited seasonality in the business, given that
demand is driven by healthcare spending, and as such Moody's
expects that the development of the quarterly cash balance will
depend on capex and general earnings trends. The company will
have virtually no short-term debt; the First Lien Term Loan will
amortize at 1% per year until final repayment; while the Second
Lien Term Loan is a bullet repayment. The RCF will be undrawn at
closing. It will contain one covenant for total net leverage, but
this will only be applicable when the RCF is at least 30% drawn.
In light of the lack of cash at the outset, loss of access to the
RCF would have credit negative implications. Moody's believes
this to be a weak covenant structure that would limit ability to
call the loans in case of underperformance.

Rationale For The Stable Outlook

The stable outlook reflects Moody's expectation that metrics are
unlikely to change substantially in coming quarters. Although
Moody's recognizes the growth potential as well as the ability to
generate positive free cash flows to reduce net debt, market
uncertainties, including trends in illnesses, can result in
short-term variations in earnings, while growth targets or
financial policies could also delay deleveraging in the medium

What Could Change The Rating Up/Down

Moody's believes that the company is adequately positioned in the
current rating category, with no near-term pressure expected,
depending on the company's own financial policy. Moody's would
consider upward pressure on the rating or outlook if adjusted
gross leverage were to fall sustainably below 5x with a solid
liquidity profile. If the leverage metric were to trend above 6x
or if free cash flows turn negative, or if there were liquidity
concerns, this could be negative for the rating or outlook.

Principal Methodology

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

Devix Midco S.A., formerly the devices and prescription retail
business of Rexam PLC, has leading positions in the global niche
market for the manufacturing and delivery of healthcare packaging
and delivery solutions. Nearly two thirds of sales are generated
from devices and the remainder from prescription retail. In 2013,
the company reported sales and operating profits of about USD467
million and USD58 million, respectively.

REDIRACK: RGF Unlikely to Recover Almost GBP4-Mil. Claims
Laurence Kilgannon at Insider Media reports that a flagship
government economic stimulus program is among creditors expected
to lose out to the tune of almost GBP4 million after the collapse
of an GBP11 million-turnover manufacturer.

The Department of Business, Innovation and Skills told Insider
Media that RediRack is one of only two companies to have received
Regional Growth Fund money and subsequently fallen into

The company failed in January with the loss of 87 jobs, but
administrators from PwC have since tied up a GBP150,000 deal with
West Midlands-based Stakapal, Insider Media recounts.

Lyn Vardy and Toby Underwood of PwC were appointed as joint
administrators of RediRack Ltd on Jan. 15, Insider Media relates.
Following the appointment the company ceased to trade and almost
all of the workforce was made redundant, Insider Media notes.

According to Insider Media, PwC said that delays associated with
two major contracts, a general downturn in business and a reduced
profit margin on certain existing contracts had led to the

At the time of its collapse, RediRack was primarily financed
through an invoice discounting facility of up to GBP1.25 million
with Yorkshire Bank, Insider Media states.  The business had also
secured RGF funding in 2012, Insider Media relays.

Administrators, as cited by Insider Media, said at the date of
their report the bank had been paid GBP367,412, but there was not
likely to be enough cash to pay unsecured creditor claims
estimated at GBP3.8 million.  Those unsecured creditors include
the RGF which made payments of GBP667,000 to RediRack, Insider
Media notes.

According to Insider Media, a spokesman for BIS said the
department had written to the administrators seeking recovery
from the company's remaining assets.

RediRack was a Yorkshire-based pallet-racking and mezzanine floor


* Moody's Takes Rating Actions on 19 CSO Tranches
Moody's Investors Service has downgraded the ratings of 12
tranches of Corporate Synthetic Collateralized Debt Obligations
(CSOs), totalling approximately EUR321 million of outstanding
rated balance. The magnitude of these downgrades range between 1
to 3 notches. Moody's had previously on November 21, 2013 placed
the transactions on review for downgrade following the revision
of the CSO methodology; the actions conclude the rating reviews.


Series 2007-CSTON-10A-2 USD31,000,000 Secured Limited Recourse
Credit-Linked Notes due 2017, Downgraded to Caa3 (sf); previously
on Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible

Issuer: ELM B.V.

Series 42 NOK606,000,000 Secured Fixed Rate Notes due 2016,
Downgraded to Caa3 (sf); previously on Nov 21, 2013 Caa2 (sf)
Placed Under Review for Possible Downgrade

Series 81 Morro Bay Class JSSEUR10,000,000 due 2016, Downgraded
to Ba3 (sf); previously on Nov 21, 2013 Baa3 (sf) Placed Under
Review for Possible Downgrade


EUR14M Credit-Linked Portfolio Schuldschein Notes, Downgraded to
Ba1 (sf); previously on Nov 21, 2013 Baa3 (sf) Placed Under
Review for Possible Downgrade

EUR2M Credit-Linked Portfolio Schuldschein Notes, Downgraded to
Ba1 (sf); previously on Nov 21, 2013 Baa3 (sf) Placed Under
Review for Possible Downgrade


EUR40M Class A Series 8 Secured Floating Rate Notes, Downgraded
to Baa3 (sf); previously on Nov 21, 2013 Baa2 (sf) Placed Under
Review for Possible Downgrade

EUR30M Class B Series 8 Secured Floating Rate Notes, Downgraded
to Baa3 (sf); previously on Nov 21, 2013 Baa2 (sf) Placed Under
Review for Possible Downgrade

EUR30M Class C Series 8 Secured Floating Rate Notes, Downgraded
to Baa3 (sf); previously on Nov 21, 2013 Baa2 (sf) Placed Under
Review for Possible Downgrade

EUR40M Class A Series 14 Bond, Downgraded to Baa3 (sf);
previously on Nov 21, 2013 Baa2 (sf) Placed Under Review for
Possible Downgrade

EUR30M Class B Series 14 Bond, Downgraded to Baa3 (sf);
previously on Nov 21, 2013 Baa2 (sf) Placed Under Review for
Possible Downgrade

EUR30M Class C Series 14 Bond, Downgraded to Baa3 (sf);
previously on Nov 21, 2013 Baa2 (sf) Placed Under Review for
Possible Downgrade


EUR50M Series 83 Floating Rate Credit-Linked Notes due 2016,
Downgraded to B1 (sf); previously on Nov 21, 2013 Ba1 (sf) Placed
Under Review for Possible Downgrade

Moody's also confirmed the ratings of the following notes:


USD40,000,000 Partial Credit Loss Protected Step-Down Portfolio
Credit-Linked Notes due 2027, Confirmed at Caa2 (sf); previously
on Nov 21, 2013 Caa2 (sf) Placed Under Review for Possible

Issuer: ELM B.V.

Series 67 Class J Morro Bay USD2,000,000 due 2016, Confirmed at
Caa2 (sf); previously on Nov 21, 2013 Caa2 (sf) Placed Under
Review for Possible Downgrade

Series 75 Class G Morro Bay USD9,500,000 due 2016, Confirmed at
Caa1 (sf); previously on Nov 21, 2013 Caa1 (sf) Placed Under
Review for Possible Downgrade

Series 83 Class L Morro Bay USD10,000,000 Short Strategy Linked
due 2016, Confirmed at Caa1 (sf); previously on Nov 21, 2013 Caa1
(sf) Placed Under Review for Possible Downgrade

Series 139 Cadenza EUR15,000,000 Secured Tranched Portfolio
Credit Linked Notes due 2015, Confirmed at Baa3 (sf); previously
on Nov 21, 2013 Baa3 (sf) Placed Under Review for Possible

Series 142 Cadenza EUR7,000,000 Secured Tranched Portfolio
Credit Linked Notes due 2015, Confirmed at Baa3 (sf); previously
on Nov 21, 2013 Baa3 (sf) Placed Under Review for Possible

Moody's also affirmed the rating of the following notes:

Issuer: ELM B.V.

Series Class H Morro Bay USD18,000,000 due 2016, Affirmed Caa3
(sf); previously on Aug 19, 2009 Downgraded to Caa3 (sf)

Ratings Rationale

The actions reflect key changes to the modelling assumptions,
which incorporate (1) removal of the 30% macro default
probability stress for corporate credits (2) lowering the average
recovery rate assumptions for most types of debt (3) modifying
the modelling framework for corporate asset correlations (4)
introducing an adverse selection adjustment on default
probabilities where relevant, and (5) simplifying the cheapest-
to-deliver haircut that applies to recoveries. Full details of
these changes may be found in the methodology listed below.

The rating actions also incorporate current performance of the
credit quality of the reference portfolios since the last rating

Moody's notes that these transactions are sensitive to the
adjustment for adverse selection. All transactions have large
concentrations in the Banking, Finance, Insurance and Real Estate
sectors, ranging from 18% to 30% percent. On average, the Market
Implied Ratings (MIRs) for entities belonging to these sectors
are at least one notch lower than Moody's public ratings.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating Corporate Synthetic Collateralized Debt
Obligations" published in November 2013.

Factors that would lead to an upgrade or downgrade of the

Moody's notes that these transactions are subject to a high level
of uncertainties, the primary sources of which are (1) unexpected
volatility in the credit environment and the general economy, (2)
divergence in legal interpretation of documentation by different
transactional parties due to embedded ambiguities, and (3)
unexpected changes in portfolio composition as a result of
certain transaction parties actions.

For CSOs, the credit default swaps' performance may be affected
either positively or negatively by (1) variations over time in
default rates for instruments with a given rating, (2) variations
in recovery rates for instruments with particular
seniority/security characteristics, and (3) uncertainty about the
default and recovery correlations characteristics of the
reference pool. Given the tranched nature of CSO liabilities,
rating transitions in the reference pool may amplify rating
movements of the CSO liabilities, thus leading to high rating
volatility. All else being equal, the volatility is likely to be
higher for more junior or thinner liabilities.

Moody's performed sensitivity analyses, discussed in the scenario
below. Results are given in terms of the number of notches'
difference versus the base case, where higher notches correspond
to lower expected losses, and vice-versa.

Moody's ran scenarios in which it removed the adjustments for
forward-looking measures of reference credits that are on review
for upgrade or downgrade, or with a negative outlook. The results
of these runs are within one notch on average of the base case

In addition to the quantitative factors that are explicitly
modeled, 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 portfolio manager's track record.
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.

* BOND PRICING: For the Week March 24 to March 28, 2014

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

IMMOFINANZ AG          4.25   3/8/2018    EUR    4.70
Alpine Holding Gmb     6.00  5/22/2017    EUR    0.25
Alpine Holding Gmb     5.25   7/1/2015    EUR    0.25
Alpine Holding Gmb     5.25  6/10/2016    EUR    0.25
A-TEC Industries A     8.75 10/27/2014    EUR    1.63
A-TEC Industries A     2.75  5/10/2014    EUR    2.00
A-TEC Industries A     5.75  11/2/2010    EUR    1.88
Hypo Alpe-Adria-Ba     0.79 11/29/2032    EUR   70.93
Hypo Alpe-Adria-Ba     0.68 12/18/2030    EUR   72.49
Investkredit Bank      4.63  4/12/2022    EUR   74.70
KA Finanz AG           4.90  6/23/2031    EUR   67.75
KA Finanz AG           4.44 12/20/2030    EUR   65.13
Oberoesterreichisc     0.63  11/6/2030    EUR   72.60
Oberoesterreichisc     0.52  4/25/2042    EUR   65.26
Oesterreichische V     1.06  7/29/2018    EUR   25.00
Oesterreichische V     5.27   2/8/2027    EUR   63.00
Raiffeisen Centrob    14.40   3/6/2014    EUR   73.77
UniCredit Bank Aus     0.75  8/20/2033    EUR   73.41
UniCredit Bank Aus     0.70 12/27/2031    EUR   71.81
UniCredit Bank Aus     0.57  1/25/2031    EUR   73.50
UniCredit Bank Aus     0.61  1/24/2031    EUR   73.64
UniCredit Bank Aus     0.72  1/22/2031    EUR   73.74

Econocom Group         4.00   6/1/2016    EUR   27.70
Ideal Standard Int    11.75   5/1/2018    EUR   72.33
Ideal Standard Int    11.75   5/1/2018    EUR   73.13

Petrol AD              8.38  1/26/2017    EUR   57.66
Aralco Finance SA     10.13   5/7/2020    USD   75.05
Aralco Finance SA     10.13   5/7/2020    USD   74.63
OGX Austria GmbH       8.50   6/1/2018    USD   12.03
OGX Austria GmbH       8.38   4/1/2022    USD   12.03
OGX Austria GmbH       8.50   6/1/2018    USD   11.88
OGX Austria GmbH       8.38   4/1/2022    USD   11.88
Clariden Leu Ltd/N     5.25   8/6/2014    CHF   65.59
Clariden Leu Ltd/N     4.50  8/13/2014    CHF   62.47
Credit Suisse/Nass     7.25   4/4/2014    USD   64.87
Clariden Leu Ltd/N     4.52  9/10/2014    CHF   65.99

Cyprus Government      4.63   2/3/2020    EUR   73.86
Cyprus Government      6.00   7/1/2023    EUR   73.75
Cyprus Government      4.75   7/1/2020    EUR   73.13
Cyprus Government      5.25   7/1/2022    EUR   71.00
Cyprus Government      5.00   7/1/2021    EUR   71.75

Sazka AS               9.00  7/12/2021    EUR   10.13

Kommunekredit          0.50  7/30/2027    TRY   26.38
Kommunekredit          0.50  9/19/2019    BRL   53.55
Kommunekredit          0.50  2/20/2020    BRL   51.34
Kommunekredit          0.50  5/11/2029    CAD   50.52
Kommunekredit          0.50 10/22/2019    BRL   53.10
Kommunekredit          0.50 12/14/2020    ZAR   60.44

Municipality Finan     0.50 10/27/2016    BRL   73.96
Municipality Finan     0.50 11/30/2016    BRL   73.14
Municipality Finan     0.50 11/16/2017    TRY   71.26
Municipality Finan     0.50  6/19/2024    ZAR   37.00
Municipality Finan     0.50  2/17/2017    BRL   71.34
Municipality Finan     0.50  4/27/2018    ZAR   70.77
Municipality Finan     0.50  5/31/2022    ZAR   45.84
Municipality Finan     0.50 11/17/2016    BRL   73.90
Municipality Finan     0.50 11/10/2021    NZD   67.05
Municipality Finan     0.50 11/21/2018    ZAR   67.19
Municipality Finan     0.50  4/26/2022    ZAR   46.35
Municipality Finan     0.50 12/20/2018    ZAR   66.70
Municipality Finan     0.50  3/28/2018    BRL   62.02
Municipality Finan     0.50 12/14/2018    TRY   64.02
Municipality Finan     0.50   2/7/2018    BRL   68.42
Municipality Finan     0.50  3/16/2017    BRL   71.42
Municipality Finan     0.50  2/22/2019    IDR   65.22
Municipality Finan     0.50 11/21/2018    TRY   64.13
Municipality Finan     0.50  1/10/2018    BRL   64.01
Municipality Finan     0.50  6/22/2017    IDR   74.39
Municipality Finan     0.50  1/23/2018    BRL   64.50
Municipality Finan     0.25  6/28/2040    CAD   23.91
Municipality Finan     0.50 12/21/2021    NZD   66.64
Municipality Finan     0.50 11/25/2020    ZAR   54.11
Municipality Finan     0.50  3/17/2025    CAD   61.50
Talvivaara Mining      4.00 12/16/2015    EUR   17.99

Air France-KLM         4.97   4/1/2015    EUR   12.75
Air France-KLM         2.03  2/15/2023    EUR   10.59
Alcatel-Lucent/Fra     4.25   7/1/2018    EUR    3.12
Alcatel-Lucent/Fra     5.00   1/1/2015    EUR    3.36
Assystem               4.00   1/1/2017    EUR   24.27
AtoS                   2.50   1/1/2016    EUR   61.09
AtoS                   1.50   7/1/2016    EUR   60.87
BNP Paribas SA         0.50  1/31/2018    RUB   73.33
BNP Paribas SA         0.50 11/16/2032    MXN   39.68
BNP Paribas SA         0.50   5/6/2021    MXN   71.71
Caisse Centrale du     7.00  5/16/2014    EUR   53.03
Caisse Centrale du     7.00  5/18/2015    EUR    9.08
Caisse Centrale du     7.00  9/10/2015    EUR   15.35
Cap Gemini SA          3.50   1/1/2014    EUR   48.05
CGG SA                 1.75   1/1/2016    EUR   28.39
CGG SA                 1.25   1/1/2019    EUR   31.31
Club Mediterranee      6.11  11/1/2015    EUR   19.71
Credit Agricole Co     0.50  2/28/2018    RUB   73.06
Credit Agricole Co     0.50   3/6/2023    RUB   48.05
Dexia Credit Local     0.88  7/10/2017    EUR   74.75
Dexia Credit Local     4.38  2/12/2019    EUR   71.75
Etablissements Mau     7.13  7/31/2014    EUR   16.90
Etablissements Mau     7.13  7/31/2015    EUR   15.67
Faurecia               4.50   1/1/2015    EUR   24.46
Faurecia               3.25   1/1/2018    EUR   27.55
GFI Informatique S     5.25   1/1/2017    EUR    5.30
Ingenico               2.75   1/1/2017    EUR   57.77
Le Noble Age           4.88   1/3/2016    EUR   19.50
Nexans SA              2.50   1/1/2019    EUR   72.92
Nexans SA              4.00   1/1/2016    EUR   58.43
Novasep Holding SA     9.75 12/15/2016    USD   49.50
Novasep Holding SA     9.75 12/15/2016    USD   49.50
OL Groupe              7.00 12/28/2015    EUR    6.53
Orpea                  1.75   1/1/2020    EUR   48.99
Orpea                  3.88   1/1/2016    EUR   51.28
Peugeot SA             4.45   1/1/2016    EUR   26.65
Publicis Groupe SA     1.00  1/18/2018    EUR   60.32
SG Option Europe S     8.00  9/29/2015    USD   62.49
SG Option Europe S     7.00   5/5/2017    EUR   52.35
SG Option Europe S     7.00  9/22/2017    EUR   68.73
SG Option Europe S     8.00 12/18/2014    USD   40.49
SG Option Europe S     7.50 12/24/2014    EUR   38.00
SG Option Europe S     7.25   8/5/2014    EUR   62.59
Societe Air France     2.75   4/1/2020    EUR   21.03
Societe Generale S     0.50  6/12/2023    RUB   45.95
Societe Generale S     0.50   4/3/2023    RUB   46.79
Societe Generale S     0.50 11/29/2022    AUD   63.45
Societe Generale S     0.50  7/11/2022    USD   71.63
Societe Generale S     0.50  4/27/2022    USD   72.50
Societe Generale S     0.50 12/21/2022    AUD   63.21
Societe Generale S     0.50  4/30/2023    RUB   46.47
Societe Generale S     0.50  7/11/2022    AUD   64.99
Societe Generale S     0.50  12/6/2021    AUD   67.38
Societe Generale S     0.50  4/27/2022    AUD   65.81
Societe Generale S     0.50   9/7/2021    AUD   69.04
SOITEC                 6.75  9/18/2018    EUR    2.50
SOITEC                 6.25   9/9/2014    EUR    8.61
Tem SAS                4.25   1/1/2015    EUR   55.58
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00
Zlomrex Internatio     8.50   2/1/2014    EUR   62.00

Bank J Safra Saras    13.60  2/17/2014    CHF   71.13
Bank Julius Baer &     6.20  4/15/2014    CHF   63.95
Bank Julius Baer &     9.00 12/13/2013    USD   67.65
Bank Julius Baer &    14.00  5/23/2014    USD   55.80
Bank Julius Baer &     8.50 12/13/2013    USD   56.05
Bank Julius Baer &     9.50 12/13/2013    USD   61.50
Bank Julius Baer &    12.60 12/13/2013    USD   52.65
Bank Julius Baer &     7.25  4/10/2014    USD   64.50
Bank Julius Baer &     9.00  1/29/2014    CHF   71.40
Bank Julius Baer &     6.10  4/17/2014    CHF   65.15
Bank Julius Baer &     6.20  4/17/2014    EUR   65.45
Bank Julius Baer &     5.00 12/23/2013    CHF   67.05
Bank Julius Baer &    10.20 11/29/2013    USD   52.45
Bank Julius Baer &    11.50  3/18/2014    USD   61.85
Bank Julius Baer &     6.80  4/11/2014    USD   70.15
Bank Julius Baer &     6.50  4/11/2014    USD   71.25
Bank Julius Baer &     9.00  4/11/2014    USD   71.05
Bank Julius Baer &     7.80  2/14/2014    USD   70.35
Bank Julius Baer &     7.50  2/14/2014    CHF   69.75
Bank Julius Baer &    10.00   4/4/2014    USD   62.75
Bank Julius Baer &     6.90  3/21/2014    USD   70.45
Banque Cantonale V     4.90   9/9/2014    CHF   73.73
EFG International      6.00 11/30/2017    EUR   39.45
EFG International     13.40 11/14/2013    CHF   58.64
EFG International      6.82   6/4/2014    CHF   70.01
EFG International     12.86 10/30/2017    EUR   35.40
EFG International     12.10  3/10/2014    USD   50.04
EFG International      4.50  2/20/2014    USD   58.50
EFG International      5.85 10/14/2014    CHF   72.75
EFG International     10.00 12/17/2013    USD   66.27
Leonteq Securities    11.90  1/15/2014    EUR   50.01
Leonteq Securities    17.00 11/21/2013    CAD   40.23
Leonteq Securities     9.25  11/5/2013    USD   36.80
Leonteq Securities    12.65 12/10/2013    EUR   50.06
Leonteq Securities     7.80  8/26/2014    CHF   55.40
Leonteq Securities    15.00  2/13/2014    CHF   55.94
Leonteq Securities    12.00 11/15/2013    CHF   54.70
Leonteq Securities    17.05  2/14/2014    CHF   42.69
Leonteq Securities    10.03 10/25/2013    CHF   48.39
Leonteq Securities     5.06  5/26/2014    CHF   74.49
Leonteq Securities    18.00  12/6/2013    CHF   58.34
Leonteq Securities     8.40 11/27/2013    CHF   69.11
Leonteq Securities     8.80  12/6/2013    EUR   66.34
Leonteq Securities    20.00 12/12/2013    CHF   59.36
Leonteq Securities    12.80 12/12/2013    CHF   56.01
Leonteq Securities     8.00 12/12/2013    CHF   67.47
Leonteq Securities     8.10 12/13/2013    CHF   56.63
Leonteq Securities     9.20 11/15/2013    CHF   72.96
Leonteq Securities     7.21 11/14/2013    CHF   72.00
Leonteq Securities    10.00 11/21/2013    CHF   48.23
Leonteq Securities    13.60  12/6/2013    CHF   53.15
Leonteq Securities     8.75   6/6/2014    GBP   71.26
Leonteq Securities     8.00  12/6/2013    USD   65.15
Leonteq Securities    12.89 12/10/2013    GBP   52.10
Leonteq Securities    10.20 11/14/2013    CHF   56.32
Leonteq Securities     8.01 11/15/2013    CHF   44.99
Leonteq Securities    21.75  5/22/2014    USD   45.78
Leonteq Securities    20.00  5/27/2014    CHF   71.16
Leonteq Securities    12.00  2/24/2014    CHF   69.73
Leonteq Securities     9.46   6/3/2014    AUD   61.68
Leonteq Securities    24.40  2/25/2014    USD   44.15
Leonteq Securities    22.75   2/4/2014    USD   68.91
Leonteq Securities    15.60   2/6/2014    CHF   55.74
Leonteq Securities    12.25  1/30/2014    CHF   49.87
Leonteq Securities    20.52  3/25/2014    USD   50.23
Leonteq Securities    10.00  1/17/2014    CHF   54.64
Leonteq Securities    21.50  3/21/2014    USD   57.05
Leonteq Securities     8.90  3/28/2014    EUR   63.16
Leonteq Securities    14.25  2/13/2015    USD   62.34
Leonteq Securities    11.50  2/11/2014    USD   70.57
Leonteq Securities    20.50  2/13/2014    CHF   65.24
Leonteq Securities     5.80  8/20/2014    USD   70.34
Leonteq Securities    13.25  2/14/2014    USD   60.87
Leonteq Securities    10.00  7/29/2014    USD   58.84
Leonteq Securities    29.61 10/26/2017    EUR   39.70
Leonteq Securities     9.00 10/31/2013    CHF   43.77
Leonteq Securities    12.00   3/5/2014    CHF   60.81
Leonteq Securities     8.50 12/24/2013    USD   54.18
Leonteq Securities    14.06 12/18/2013    USD   52.76
Leonteq Securities     5.76 12/20/2013    GBP   67.92
Leonteq Securities    10.00  1/23/2014    CHF   54.82
Leonteq Securities     8.00  6/19/2014    CHF   73.01
Leonteq Securities     6.80 12/19/2014    USD   71.84
Leonteq Securities    14.05 12/27/2013    CHF   55.88
Leonteq Securities     6.00  5/20/2014    CHF   66.65
Leonteq Securities    10.00 11/27/2013    CHF   74.15
Leonteq Securities    20.00 11/27/2013    CHF   57.98
Leonteq Securities    11.95 11/29/2013    EUR   54.01
Leonteq Securities     8.35   1/3/2014    AUD   70.38
Leonteq Securities     9.20 12/27/2013    CHF   70.21
Leonteq Securities     9.60   1/8/2014    USD   47.95
Leonteq Securities     8.40  1/15/2014    CHF   74.30
Leonteq Securities    14.00  9/22/2014    CHF   66.90
Leonteq Securities    10.80  1/15/2014    CHF   54.68
Leonteq Securities     5.50  1/25/2016    EUR   64.28
Leonteq Securities    12.00  12/6/2013    GBP   52.45
Leonteq Securities    20.14   4/9/2014    USD   55.40
Leonteq Securities     5.50  8/19/2014    USD   72.76
Leonteq Securities    20.07  2/19/2014    USD   41.82
Leonteq Securities    10.00   2/6/2014    USD   57.48
Leonteq Securities    23.90  1/24/2014    USD   43.75
Leonteq Securities    10.00  11/5/2013    USD   71.34
Leonteq Securities    25.70  1/24/2014    USD   50.45
Mare Baltic PCC Lt     2.00  11/1/2015    DKK    0.00
Zurcher Kantonalba    12.35 11/13/2013    CHF   56.78
Zurcher Kantonalba     8.22 11/15/2013    CHF   56.56
Zurcher Kantonalba     6.05 12/19/2013    EUR   65.62
Zurcher Kantonalba     9.00 12/31/2013    CHF   58.57
Zurcher Kantonalba    10.40  12/5/2013    EUR   60.48
Zurcher Kantonalba    10.65  12/6/2013    CHF   57.99

ATU Auto-Teile-Ung     7.47  10/1/2014    EUR   18.67
BDT Media Automati     8.13  10/9/2017    EUR   65.75
BNP Paribas Emissi     6.00 11/21/2013    EUR   72.21
BNP Paribas Emissi     5.00 11/21/2013    EUR   58.40
BNP Paribas Emissi     7.00 12/30/2013    EUR   60.64
BNP Paribas Emissi     5.50 11/21/2013    EUR   60.09
BNP Paribas Emissi     5.00 11/21/2013    EUR   60.05
BNP Paribas Emissi     6.50 12/30/2013    EUR   59.53
BNP Paribas Emissi     5.50 11/21/2013    EUR   68.77
BNP Paribas Emissi     4.50 11/21/2013    EUR   72.24
BNP Paribas Emissi     6.00 11/21/2013    EUR   74.37
Bremer Landesbank      0.69  3/21/2031    EUR   67.09
Bremer Landesbank      0.72   4/5/2041    EUR   54.49
Centrosolar Group      7.00  2/15/2016    EUR   13.75
Commerzbank AG         8.40 12/30/2013    EUR    2.56
Commerzbank AG         5.05 12/24/2013    EUR   67.54
DekaBank Deutsche      2.21  9/22/2021    EUR   13.92
Deutsche Bank AG       7.00 10/31/2013    EUR   56.20
Deutsche Bank AG       5.00 11/29/2013    EUR   65.00
Deutsche Bank AG       5.00 10/31/2013    EUR   64.80
Deutsche Bank AG       6.00 10/31/2013    EUR   61.70
Deutsche Bank AG       6.00 11/29/2013    EUR   62.00
Deutsche Bank AG       7.00 11/29/2013    EUR   56.60
Deutsche Bank AG       8.20  6/24/2014    EUR   61.80
Deutsche Bank AG       6.20  6/24/2014    EUR   66.00
Deutsche Bank AG       7.20  6/24/2014    EUR   62.90
Deutsche Bank AG       6.20  3/25/2014    EUR   66.40
Deutsche Bank AG       8.20  3/25/2014    EUR   61.50
Deutsche Bank AG       7.20  3/25/2014    EUR   62.90
Deutsche Bank AG       5.00  8/20/2014    EUR   69.00
Deutsche Bank AG       5.00  8/20/2014    EUR   65.10
Deutsche Bank AG       5.00  8/20/2014    EUR   61.50
Deutsche Bank AG       5.00  8/20/2014    EUR   56.80
Deutsche Bank AG       6.00  8/20/2014    EUR   69.80
Deutsche Bank AG       6.00  8/20/2014    EUR   65.90
Deutsche Bank AG       6.00  8/20/2014    EUR   62.30
Deutsche Bank AG       6.00  8/20/2014    EUR   57.70
Deutsche Bank AG       7.00  8/20/2014    EUR   70.70
Deutsche Bank AG       7.00  8/20/2014    EUR   66.70
Deutsche Bank AG       7.00  8/20/2014    EUR   63.20
Deutsche Bank AG       7.00  8/20/2014    EUR   58.50
Deutsche Bank AG       6.00  6/25/2014    EUR   66.70
Deutsche Bank AG       5.00  6/25/2014    EUR   59.24
Deutsche Bank AG       7.50  6/24/2014    EUR   55.20
Deutsche Bank AG       8.50  6/24/2014    EUR   55.90
Deutsche Bank AG       9.50  6/24/2014    EUR   56.60
Deutsche Bank AG       5.50  6/24/2014    EUR   52.50
Deutsche Bank AG       6.50  6/24/2014    EUR   53.20
Deutsche Bank AG       7.50  6/24/2014    EUR   53.90
Deutsche Bank AG       8.50  6/24/2014    EUR   54.50
Deutsche Bank AG       9.50  6/24/2014    EUR   55.20
Deutsche Bank AG       5.50  6/24/2014    EUR   51.20
Deutsche Bank AG       6.50  6/24/2014    EUR   51.90
Deutsche Bank AG       7.50  6/24/2014    EUR   52.60
Deutsche Bank AG       8.50  6/24/2014    EUR   53.30
Deutsche Bank AG       9.50  6/24/2014    EUR   53.90
Deutsche Bank AG       5.50  6/24/2014    EUR   60.00
Deutsche Bank AG       6.50  6/24/2014    EUR   60.70
Deutsche Bank AG       7.50  6/24/2014    EUR   61.30
Deutsche Bank AG       8.50  6/24/2014    EUR   62.00
Deutsche Bank AG       9.50  6/24/2014    EUR   62.70
Deutsche Bank AG       5.50  6/24/2014    EUR   58.30
Deutsche Bank AG       6.50  6/24/2014    EUR   59.00
Deutsche Bank AG       7.50  6/24/2014    EUR   59.70
Deutsche Bank AG       8.50  6/24/2014    EUR   60.40
Deutsche Bank AG       9.50  6/24/2014    EUR   61.00
Deutsche Bank AG       6.50  6/24/2014    EUR   57.40
Deutsche Bank AG       7.50  6/24/2014    EUR   58.10
Deutsche Bank AG       8.50  6/24/2014    EUR   58.80
Deutsche Bank AG       9.50  6/24/2014    EUR   59.50
Deutsche Bank AG       6.50  6/24/2014    EUR   55.90
Deutsche Bank AG       7.50  6/24/2014    EUR   56.60
Deutsche Bank AG       8.50  6/24/2014    EUR   57.30
Deutsche Bank AG       9.50  6/24/2014    EUR   58.00
Deutsche Bank AG       5.50  6/24/2014    EUR   53.80
Deutsche Bank AG       6.50  6/24/2014    EUR   54.50
Deutsche Bank AG       6.00  4/24/2014    EUR   68.90
Deutsche Bank AG       7.00  4/24/2014    EUR   65.30
Deutsche Bank AG       8.00  4/24/2014    EUR   62.10
Deutsche Bank AG       8.00  7/22/2014    EUR   72.10
Deutsche Bank AG       9.50  3/25/2014    EUR   62.10
Deutsche Bank AG       5.50  3/25/2014    EUR   58.60
Deutsche Bank AG       6.50  3/25/2014    EUR   59.10
Deutsche Bank AG       7.50  3/25/2014    EUR   59.50
Deutsche Bank AG       9.50  3/25/2014    EUR   60.40
Deutsche Bank AG       8.50  3/25/2014    EUR   58.30
Deutsche Bank AG       6.50  3/25/2014    EUR   55.90
Deutsche Bank AG       7.50  3/25/2014    EUR   56.30
Deutsche Bank AG       8.50  3/25/2014    EUR   56.80
Deutsche Bank AG       9.50  3/25/2014    EUR   57.20
Deutsche Bank AG       5.50  3/25/2014    EUR   54.00
Deutsche Bank AG       8.50  3/25/2014    EUR   55.30
Deutsche Bank AG       9.50  3/25/2014    EUR   55.70
Deutsche Bank AG       8.50  3/25/2014    EUR   53.90
Deutsche Bank AG       6.50  3/25/2014    EUR   51.70
Deutsche Bank AG       9.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  9/23/2014    EUR   74.80
Deutsche Bank AG       8.50  9/23/2014    EUR   73.60
Deutsche Bank AG       8.00 12/20/2013    EUR   54.70
Deutsche Bank AG       9.50 12/20/2013    EUR   63.80
Deutsche Bank AG      11.00 12/20/2013    EUR   64.10
Deutsche Bank AG       7.50  3/25/2014    EUR   61.20
Deutsche Bank AG       6.50  3/25/2014    EUR   57.40
Deutsche Bank AG       6.50  3/25/2014    EUR   54.40
Deutsche Bank AG       7.50  3/25/2014    EUR   54.90
Deutsche Bank AG       5.50  3/25/2014    EUR   52.60
Deutsche Bank AG       6.50  3/25/2014    EUR   53.00
Deutsche Bank AG       7.50  3/25/2014    EUR   53.50
Deutsche Bank AG       5.50  3/25/2014    EUR   51.30
Deutsche Bank AG       8.50  3/25/2014    EUR   52.60
Deutsche Bank AG       8.00 12/20/2013    EUR   63.60
Deutsche Bank AG       8.00 12/20/2013    EUR   59.70
Deutsche Bank AG       9.50 12/20/2013    EUR   60.00
Deutsche Bank AG       9.50 12/20/2013    EUR   55.00
Deutsche Bank AG      11.00 12/20/2013    EUR   60.20
Deutsche Bank AG       6.00  3/25/2014    EUR   66.40
Deutsche Bank AG       8.00  3/25/2014    EUR   61.40
Deutsche Bank AG       7.00  3/25/2014    EUR   62.80
Deutsche Bank AG      11.00 12/20/2013    EUR   55.20
Deutsche Bank AG       6.00 10/31/2013    EUR   62.70
Deutsche Bank AG       8.00 10/31/2013    EUR   53.80
Deutsche Bank AG       6.00 11/29/2013    EUR   63.00
Deutsche Bank AG       8.00 10/31/2013    EUR   72.80
Deutsche Bank AG       7.00  2/28/2014    EUR   60.60
Deutsche Bank AG       5.00 12/20/2013    EUR   63.10
Deutsche Bank AG       7.00 12/20/2013    EUR   56.10
Deutsche Bank AG       7.50 11/29/2013    EUR   55.80
Deutsche Bank AG       5.00 11/29/2013    EUR   67.30
Deutsche Bank AG       7.00 11/29/2013    EUR   59.20
Deutsche Bank AG       8.00 11/29/2013    EUR   54.30
Deutsche Bank AG       6.00  2/28/2014    EUR   64.00
Deutsche Bank AG       8.00  2/28/2014    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   59.40
Deutsche Bank AG       6.50 11/29/2013    EUR   59.20
Deutsche Bank AG       8.50 10/31/2013    EUR   58.90
Deutsche Bank AG       7.50 10/31/2013    EUR   62.70
Deutsche Bank AG       7.50 11/29/2013    EUR   63.20
Deutsche Bank AG       8.50 11/29/2013    EUR   59.40
Deutsche Bank AG       7.50 12/20/2013    EUR   59.60
Deutsche Bank AG      10.00 12/20/2013    EUR   53.60
Deutsche Bank AG       8.00 12/20/2013    EUR   56.30
Deutsche Bank AG       8.50 12/20/2013    EUR   56.40
Deutsche Bank AG       9.00 12/20/2013    EUR   54.90
Deutsche Bank AG       5.00 10/31/2013    EUR   67.10
Deutsche Bank AG       7.00 10/31/2013    EUR   58.80
Deutsche Bank AG       9.00 11/29/2013    EUR   73.50
Deutsche Bank AG       5.50 11/29/2013    EUR   62.90
Deutsche Bank AG       8.50 12/20/2013    EUR   59.80
Deutsche Bank AG       9.00 12/20/2013    EUR   58.10
Deutsche Bank AG      10.00 12/20/2013    EUR   58.30
Deutsche Bank AG       6.00 12/20/2013    EUR   55.90
Deutsche Bank AG       6.50 12/20/2013    EUR   56.00
Deutsche Bank AG       6.00 12/20/2013    EUR   57.60
Deutsche Bank AG       7.00 12/20/2013    EUR   57.80
Deutsche Bank AG       8.00 12/20/2013    EUR   57.90
Deutsche Bank AG       7.50 12/20/2013    EUR   56.20
Deutsche Bank AG      10.00 12/20/2013    EUR   56.60
Deutsche Bank AG       7.00 12/20/2013    EUR   59.50
Deutsche Bank AG       9.50 12/20/2013    EUR   56.50
Deutsche Bank AG       6.00  3/26/2014    EUR   66.95
Deutsche Bank AG       7.50 12/20/2013    EUR   57.90
Deutsche Bank AG       9.00 12/20/2013    EUR   59.90
Deutsche Bank AG       5.00  3/26/2014    EUR   70.59
Deutsche Bank AG       9.00 12/20/2013    EUR   56.40
Deutsche Bank AG      12.00 12/20/2013    EUR   51.20
Deutsche Bank AG       6.50 12/20/2013    EUR   59.40
Deutsche Bank AG      10.00 12/20/2013    EUR   55.00
Deutsche Bank AG       5.00  6/24/2014    EUR   71.70
Deutsche Bank AG       4.50  3/25/2014    EUR   75.00
Deutsche Bank AG       5.00  3/25/2014    EUR   72.70
Deutsche Bank AG       7.00  1/31/2014    EUR   62.00
Deutsche Bank AG       8.00  1/31/2014    EUR   60.40
Deutsche Bank AG       5.50  3/25/2014    EUR   60.30
Deutsche Bank AG       6.50  3/25/2014    EUR   60.80
Deutsche Bank AG       8.50  3/25/2014    EUR   61.60
Deutsche Bank AG       8.50  3/25/2014    EUR   59.90
Deutsche Bank AG       7.50  3/25/2014    EUR   57.90
Deutsche Bank AG       9.50  3/25/2014    EUR   58.70
Deutsche Bank AG       9.50  3/25/2014    EUR   54.30
Deutsche Bank AG       7.50  3/25/2014    EUR   52.20
Deutsche Bank AG       6.00  1/31/2014    EUR   65.80
Deutsche Bank AG       4.50  6/24/2014    EUR   73.70
Dresdner Bank AG       0.89 11/19/2029    EUR   51.13
Dresdner Bank AG       5.45  2/22/2029    EUR   65.92
Dresdner Bank AG       1.08 12/31/2021    EUR   72.13
DZ Bank AG Deutsch    12.00 10/25/2013    EUR   73.65
DZ Bank AG Deutsch     2.35  3/24/2023    EUR   70.50
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   70.93
DZ Bank AG Deutsch     8.50 10/25/2013    EUR   72.67
DZ Bank AG Deutsch     7.00 10/25/2013    EUR   50.42
DZ Bank AG Deutsch     5.75 12/31/2013    EUR   55.46
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   72.18
DZ Bank AG Deutsch     7.75  11/8/2013    EUR   54.90
DZ Bank AG Deutsch     6.25 10/25/2013    EUR   73.66
DZ Bank AG Deutsch     7.00 12/31/2013    EUR   51.95
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   62.43
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   74.95
DZ Bank AG Deutsch     6.50 11/22/2013    EUR   49.33
DZ Bank AG Deutsch     6.25  11/8/2013    EUR   56.39
DZ Bank AG Deutsch     5.00 12/31/2013    EUR   64.79
DZ Bank AG Deutsch     9.40 12/31/2013    EUR   58.13
DZ Bank AG Deutsch     9.50 10/25/2013    EUR   48.70
DZ Bank AG Deutsch    15.75 11/22/2013    EUR    4.94
DZ Bank AG Deutsch    10.75 12/31/2013    EUR   56.51
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   58.18
DZ Bank AG Deutsch     5.75  6/27/2014    EUR   60.94
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   58.40
DZ Bank AG Deutsch     8.50  9/26/2014    EUR   59.94
DZ Bank AG Deutsch     7.00   4/7/2014    EUR   62.91
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   63.50
DZ Bank AG Deutsch     5.00 10/25/2013    EUR   58.00
DZ Bank AG Deutsch     5.00 12/20/2013    EUR   68.68
DZ Bank AG Deutsch     9.50  1/10/2014    EUR   65.98
DZ Bank AG Deutsch    12.25  1/10/2014    EUR   68.31
DZ Bank AG Deutsch    10.75  7/11/2014    EUR   74.40
DZ Bank AG Deutsch     6.30  7/11/2014    EUR   69.50
DZ Bank AG Deutsch     5.50 12/13/2013    EUR   55.94
DZ Bank AG Deutsch     3.50 12/31/2013    EUR   64.92
DZ Bank AG Deutsch     7.50  6/13/2014    EUR   66.92
DZ Bank AG Deutsch     2.50 12/13/2013    EUR   68.49
DZ Bank AG Deutsch     8.00  3/28/2014    EUR   53.91
DZ Bank AG Deutsch     7.40  7/11/2014    EUR   68.63
DZ Bank AG Deutsch     4.75 12/13/2013    EUR   59.73
DZ Bank AG Deutsch     7.50  1/15/2014    EUR   74.79
DZ Bank AG Deutsch     6.00 11/11/2013    EUR   49.46
DZ Bank AG Deutsch     5.00 12/13/2013    EUR   59.41
DZ Bank AG Deutsch     6.25   3/7/2014    EUR   58.45
DZ Bank AG Deutsch     5.50  2/14/2014    EUR   56.46
DZ Bank AG Deutsch    10.00 12/31/2013    EUR   63.87
DZ Bank AG Deutsch     5.25  6/27/2014    EUR   69.05
DZ Bank AG Deutsch     8.75  9/26/2014    EUR   66.80
DZ Bank AG Deutsch     9.25  3/28/2014    EUR   65.56
DZ Bank AG Deutsch     9.75  6/27/2014    EUR   65.38
DZ Bank AG Deutsch     4.00 12/13/2013    EUR   60.82
DZ Bank AG Deutsch     5.25 10/25/2013    EUR   54.26
DZ Bank AG Deutsch     6.00 12/13/2013    EUR   72.70
DZ Bank AG Deutsch     6.50  6/27/2014    EUR   64.75
DZ Bank AG Deutsch     7.50  6/27/2014    EUR   63.09
DZ Bank AG Deutsch     9.75  6/13/2014    EUR   64.24
DZ Bank AG Deutsch     4.50 12/31/2013    EUR   62.28
DZ Bank AG Deutsch     6.50  3/14/2014    EUR   52.87
DZ Bank AG Deutsch     6.00  1/17/2014    EUR   58.65
DZ Bank AG Deutsch     4.00  3/28/2014    EUR   57.78
DZ Bank AG Deutsch     4.00 12/20/2013    EUR   68.55
DZ Bank AG Deutsch     5.75 11/22/2013    EUR   58.79
DZ Bank AG Deutsch     9.75 11/22/2013    EUR   53.48
DZ Bank AG Deutsch     7.50  1/10/2014    EUR   70.79
DZ Bank AG Deutsch     6.00  3/28/2014    EUR   60.96
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
EDOB Abwicklungs A     7.50  3/29/2049    EUR    3.25
Estavis AG             7.75  6/25/2017    EUR    2.29 AG         7.75  10/2/2017    EUR   68.50
Goldman Sachs & Co    11.00 10/23/2013    EUR   60.54
Goldman Sachs & Co    13.00 10/23/2013    EUR   47.86
Goldman Sachs & Co     7.00 12/27/2013    EUR   68.38
Goldman Sachs & Co    12.00 12/27/2013    EUR   44.22
Goldman Sachs & Co    13.00 12/27/2013    EUR   72.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   67.54
Goldman Sachs & Co    10.00 11/20/2013    EUR   70.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   43.09
Goldman Sachs & Co    16.00 11/20/2013    EUR   61.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   47.51
Goldman Sachs & Co    10.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    14.00 10/23/2013    EUR   44.71
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.30
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.51
Goldman Sachs & Co    12.00  3/26/2014    EUR   73.08
Goldman Sachs & Co     8.00  3/26/2014    EUR   57.54
Goldman Sachs & Co    14.00 10/23/2013    EUR   69.75
Goldman Sachs & Co    11.00  3/26/2014    EUR   74.11
Goldman Sachs & Co    14.00 11/20/2013    EUR   70.69
Goldman Sachs & Co    16.00 10/23/2013    EUR   68.67
Goldman Sachs & Co    16.00 11/20/2013    EUR   66.17
Goldman Sachs & Co    16.00  3/26/2014    EUR   69.23
Goldman Sachs & Co     6.00 10/23/2013    EUR   72.71
Goldman Sachs & Co    12.00 10/23/2013    EUR   71.90
Goldman Sachs & Co    14.00 11/20/2013    EUR   72.42
Goldman Sachs & Co     8.00 11/20/2013    EUR   57.14
Goldman Sachs & Co     9.00 10/23/2013    EUR   47.84
Goldman Sachs & Co    11.00  3/26/2014    EUR   56.14
Goldman Sachs & Co     8.00 10/23/2013    EUR   52.12
Goldman Sachs & Co    18.00 10/23/2013    EUR   43.70
Goldman Sachs & Co    12.00 11/20/2013    EUR   74.24
Goldman Sachs & Co    13.00 11/20/2013    EUR   72.22
Goldman Sachs & Co     9.00 12/27/2013    EUR   55.96
Goldman Sachs & Co     7.00  3/26/2014    EUR   54.46
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.40
Goldman Sachs & Co    15.00 11/20/2013    EUR   46.58
Goldman Sachs & Co    16.00  3/26/2014    EUR   50.67
Goldman Sachs & Co    17.00 10/23/2013    EUR   72.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.79
Goldman Sachs & Co    13.00 12/24/2014    EUR   72.15
Goldman Sachs & Co     9.00 12/24/2014    EUR   61.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   71.38
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.72
Goldman Sachs & Co    14.00 12/27/2013    EUR   50.02
Goldman Sachs & Co    16.00 12/27/2013    EUR   46.96
Goldman Sachs & Co     8.00 12/27/2013    EUR   67.65
Goldman Sachs & Co     6.00  3/26/2014    EUR   69.01
Goldman Sachs & Co    10.00 12/27/2013    EUR   59.73
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.64
Goldman Sachs & Co     9.00 12/27/2013    EUR   54.56
Goldman Sachs & Co    10.00  3/26/2014    EUR   53.04
Goldman Sachs & Co     6.00 12/27/2013    EUR   67.36
Goldman Sachs & Co     6.00 12/27/2013    EUR   60.95
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.49
Goldman Sachs & Co    15.00 12/27/2013    EUR   55.92
Goldman Sachs & Co     4.00  3/26/2014    EUR   63.10
Goldman Sachs & Co     5.00  3/26/2014    EUR   67.72
Goldman Sachs & Co     5.00  3/26/2014    EUR   65.56
Goldman Sachs & Co     7.00  3/26/2014    EUR   58.88
Goldman Sachs & Co     9.00  3/26/2014    EUR   56.78
Goldman Sachs & Co    10.00  3/26/2014    EUR   60.15
Goldman Sachs & Co     5.00  6/25/2014    EUR   61.58
Goldman Sachs & Co     8.00  6/25/2014    EUR   61.84
Goldman Sachs & Co    10.00  6/25/2014    EUR   59.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.92
Goldman Sachs & Co    19.00  3/26/2014    EUR   56.61
Goldman Sachs & Co     4.00  6/25/2014    EUR   66.52
Goldman Sachs & Co     4.00  6/25/2014    EUR   62.76
Goldman Sachs & Co     6.00  9/24/2014    EUR   61.79
Goldman Sachs & Co     8.00  9/24/2014    EUR   65.32
Goldman Sachs & Co     8.00  9/24/2014    EUR   63.62
Goldman Sachs & Co    19.00  6/25/2014    EUR   57.83
Goldman Sachs & Co     5.00  9/24/2014    EUR   67.95
Goldman Sachs & Co    13.00  9/24/2014    EUR   58.17
Goldman Sachs & Co    17.00  9/24/2014    EUR   59.59
Goldman Sachs & Co     8.00 10/23/2013    EUR   49.40
Goldman Sachs & Co     5.00 10/23/2013    EUR   62.52
Goldman Sachs & Co     5.00 12/27/2013    EUR   57.12
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     7.00  8/20/2014    EUR   58.46
Goldman Sachs & Co    10.00 12/27/2013    EUR   69.58
Goldman Sachs & Co     7.00 12/27/2013    EUR   49.99
Goldman Sachs & Co    11.00 12/27/2013    EUR   59.96
Goldman Sachs & Co    13.00 12/27/2013    EUR   58.55
Goldman Sachs & Co     7.00 12/27/2013    EUR   64.12
Goldman Sachs & Co    14.00 12/27/2013    EUR   71.02
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    10.00 12/27/2013    EUR   49.26
Goldman Sachs & Co     6.50 12/27/2013    EUR   43.13
Goldman Sachs & Co     8.00 12/27/2013    EUR   37.67
Goldman Sachs & Co     3.00 12/24/2014    EUR   68.05
Goldman Sachs & Co    12.00  3/26/2014    EUR   54.84
Goldman Sachs & Co    17.00  2/26/2014    EUR   74.27
Goldman Sachs & Co     8.00 12/27/2013    EUR   59.43
Goldman Sachs & Co     9.00  3/26/2014    EUR   59.71
Goldman Sachs & Co    17.00  3/26/2014    EUR   55.75
Goldman Sachs & Co     8.00  1/22/2014    EUR   61.77
Goldman Sachs & Co     7.00  3/26/2014    EUR   61.74
Goldman Sachs & Co    17.00  1/22/2014    EUR   72.86
Goldman Sachs & Co    12.00 12/27/2013    EUR   52.26
Goldman Sachs & Co    14.00  2/26/2014    EUR   52.23
Goldman Sachs & Co    11.00  1/22/2014    EUR   58.90
Goldman Sachs & Co    13.00  1/22/2014    EUR   56.41
Goldman Sachs & Co    16.00  1/22/2014    EUR   55.68
Goldman Sachs & Co    17.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    11.00 12/24/2014    EUR   58.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   50.47
Goldman Sachs & Co     7.00 12/27/2013    EUR   72.82
Goldman Sachs & Co    13.00 12/27/2013    EUR   55.54
Goldman Sachs & Co    16.00 12/27/2013    EUR   73.11
Goldman Sachs & Co    10.00 12/27/2013    EUR   73.16
Goldman Sachs & Co     8.00 12/27/2013    EUR   70.65
Goldman Sachs & Co    14.00 11/20/2013    EUR   66.64
Goldman Sachs & Co    12.00 10/23/2013    EUR   61.94
Goldman Sachs & Co    15.00 12/27/2013    EUR   63.22
Goldman Sachs & Co    14.00  3/26/2014    EUR   66.42
Goldman Sachs & Co     6.00  3/26/2014    EUR   63.94
Goldman Sachs & Co     8.00 11/20/2013    EUR   50.98
Goldman Sachs & Co    10.00 10/23/2013    EUR   49.39
Goldman Sachs & Co    11.00  3/26/2014    EUR   49.64
Goldman Sachs & Co    11.00 11/20/2013    EUR   45.17
Goldman Sachs & Co    15.00 11/20/2013    EUR   42.06
Goldman Sachs & Co    17.00 11/20/2013    EUR   41.31
Goldman Sachs & Co    13.00 10/23/2013    EUR   70.25
Goldman Sachs & Co    10.00  3/26/2014    EUR   73.65
Goldman Sachs & Co    16.00 11/20/2013    EUR   67.23
Goldman Sachs & Co    13.00  3/26/2014    EUR   69.70
Goldman Sachs & Co     6.00  3/26/2014    EUR   54.89
Goldman Sachs & Co     9.00 12/27/2013    EUR   56.40
Goldman Sachs & Co    18.00 12/27/2013    EUR   52.01
Goldman Sachs & Co    15.00  3/26/2014    EUR   54.90
Goldman Sachs & Co    12.00  2/26/2014    EUR   55.73
Goldman Sachs & Co     7.00 12/27/2013    EUR   59.19
Goldman Sachs & Co     7.00 12/27/2013    EUR   48.72
Goldman Sachs & Co    12.00 11/20/2013    EUR   73.14
Goldman Sachs & Co    12.00  3/26/2014    EUR   68.12
Goldman Sachs & Co    12.00  3/26/2014    EUR   51.20
Goldman Sachs & Co     7.00 10/23/2013    EUR   74.87
Goldman Sachs & Co    13.00 12/27/2013    EUR   66.31
Goldman Sachs & Co    15.00 10/23/2013    EUR   71.91
Goldman Sachs & Co     6.00 11/20/2013    EUR   52.23
Goldman Sachs & Co    14.00 11/20/2013    EUR   48.85
Goldman Sachs & Co    16.00 11/20/2013    EUR   45.57
Goldman Sachs & Co    11.00 10/23/2013    EUR   74.03
Goldman Sachs & Co     8.00 12/27/2013    EUR   56.22
Goldman Sachs & Co    11.00 11/20/2013    EUR   49.88
Goldman Sachs & Co    18.00 10/23/2013    EUR   42.71
Goldman Sachs & Co    15.00  3/26/2014    EUR   47.30
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 10/23/2013    EUR   70.26
Goldman Sachs & Co    15.00 11/20/2013    EUR   70.55
Goldman Sachs & Co    13.00 12/27/2013    EUR   54.06
Goldman Sachs & Co    16.00 12/27/2013    EUR   65.08
Goldman Sachs & Co    13.00 12/27/2013    EUR   68.50
Goldman Sachs & Co     9.00 12/27/2013    EUR   61.48
Goldman Sachs & Co    10.00 12/27/2013    EUR   56.30
Goldman Sachs & Co     6.00 12/27/2013    EUR   57.30
Goldman Sachs & Co    15.00 12/27/2013    EUR   68.63
Goldman Sachs & Co    14.00 12/27/2013    EUR   48.78
Goldman Sachs & Co    13.00 12/27/2013    EUR   48.65
Goldman Sachs & Co     6.00 11/20/2013    EUR   64.83
Goldman Sachs & Co    14.00 11/20/2013    EUR   51.46
Goldman Sachs & Co    16.00 11/20/2013    EUR   50.28
Goldman Sachs & Co    15.00  3/26/2014    EUR   52.47
Goldman Sachs & Co    16.00 12/27/2013    EUR   48.06
Goldman Sachs & Co    12.00 10/23/2013    EUR   49.43
Goldman Sachs & Co    17.00 10/23/2013    EUR   50.76
Goldman Sachs & Co     9.00  3/26/2014    EUR   53.69
Goldman Sachs & Co    11.00 12/27/2013    EUR   47.15
Goldman Sachs & Co    13.00 12/27/2013    EUR   71.84
Goldman Sachs & Co    10.00 12/27/2013    EUR   55.02
Goldman Sachs & Co     9.00 12/27/2013    EUR   59.61
Goldman Sachs & Co     4.00 12/27/2013    EUR   60.59
Goldman Sachs & Co     4.00 12/27/2013    EUR   69.44
Goldman Sachs & Co     7.00  3/26/2014    EUR   57.47
Goldman Sachs & Co     3.00  3/26/2014    EUR   64.72
Goldman Sachs & Co     8.00  9/24/2014    EUR   59.95
Goldman Sachs & Co    13.00  2/26/2014    EUR   48.40
Goldman Sachs & Co     9.00 10/23/2013    EUR   52.85
Goldman Sachs & Co     6.00 10/23/2013    EUR   64.68
Goldman Sachs & Co     7.00 12/27/2013    EUR   63.13
Goldman Sachs & Co     4.00  3/26/2014    EUR   74.62
Goldman Sachs & Co     9.00  6/25/2014    EUR   60.40
Gunther Zamek Prod     7.75  5/15/2017    EUR   55.50
Hamburgische Lande     0.60  1/22/2041    EUR   68.03
Hamburgische Lande     0.61 10/30/2040    EUR   68.07
Hamburgische Lande     0.61 11/28/2030    EUR   74.77
Hamburgische Lande     0.60 10/25/2030    EUR   75.00
Hamburgische Lande     0.56 10/30/2030    EUR   74.24
Hamburgische Lande     0.64  7/18/2031    EUR   74.20
Hamburgische Lande     0.69  11/8/2030    EUR   74.82
Hamburgische Lande     0.59   2/5/2031    EUR   73.86
Hamburgische Lande     0.58 10/25/2030    EUR   74.61
Hamburgische Lande     0.59  12/1/2030    EUR   73.55
Hanwha Q-CELLS Gmb     6.75 10/21/2015    EUR    1.32
HSBC Trinkaus & Bu    10.50 12/30/2013    EUR   73.80
HSBC Trinkaus & Bu    12.50 12/30/2013    EUR   70.21
HSBC Trinkaus & Bu    11.00 12/30/2013    EUR   73.68
HSH Nordbank AG        1.03  2/14/2017    EUR   68.24
HSH Nordbank AG        1.07  2/14/2017    EUR   68.16
IKB Deutsche Indus     1.12  9/13/2016    EUR   74.66
IKB Deutsche Indus     0.97  1/23/2017    EUR   71.62
KFW                    0.25  10/6/2036    CAD   33.42
Landesbank Berlin      4.80  11/7/2014    EUR   58.28
Landesbank Berlin      7.25  6/27/2014    EUR   58.30
Landesbank Berlin      4.00 12/30/2013    EUR   63.19
Landesbank Berlin      5.00  6/27/2014    EUR   64.20
Landesbank Berlin      4.00 12/30/2014    EUR   68.24
Landesbank Berlin      7.00 12/30/2014    EUR   64.80
Landesbank Berlin      4.75 12/30/2014    EUR   65.47
Landesbank Berlin      8.50  3/28/2014    EUR   62.32
Landesbank Berlin      4.75  3/28/2014    EUR   70.71
Landesbank Berlin      8.50  3/28/2014    EUR   65.88
Landesbank Berlin     11.00 12/30/2013    EUR    7.94
Landesbank Berlin      5.50  6/27/2014    EUR   62.69
Landesbank Berlin      4.00  3/28/2014    EUR   61.97
Landesbank Berlin      5.00   8/8/2014    EUR   58.13
Landesbank Berlin      5.00  3/28/2014    EUR   60.58
Landesbank Berlin      6.00  3/28/2014    EUR   65.28
Landesbank Berlin      3.00  3/28/2014    EUR   72.82
Landesbank Berlin      4.50  3/28/2014    EUR   68.83
Landesbank Berlin      5.00 12/30/2013    EUR   59.52
Landesbank Berlin      4.00  3/28/2014    EUR   65.95
Landesbank Berlin      8.00  3/28/2014    EUR   60.17
Landesbank Berlin      7.00  6/27/2014    EUR   58.72
Landesbank Berlin     11.00  6/27/2014    EUR   14.56
Landesbank Berlin      4.00  6/27/2014    EUR   65.46
Landesbank Berlin      5.50 12/23/2013    EUR   60.90
Landesbank Berlin      4.00  6/27/2014    EUR   68.01
Landesbank Berlin      7.00  6/27/2014    EUR   62.46
Landesbank Hessen-     0.85  7/18/2031    EUR   63.96
Landesbank Hessen-     4.00  6/20/2014    EUR   59.10
Landeskreditbank B     0.25 10/13/2037    CAD   29.38
Landeskreditbank B     0.50  5/10/2027    CAD   57.81
Landwirtschaftlich     0.50  4/19/2017    TRY   74.97
LBBW                   0.62  10/4/2030    EUR   71.11
LBBW                   4.00 11/22/2013    EUR   74.51
LBBW                   4.00  3/28/2014    EUR   60.31
LBBW                   5.00  3/28/2014    EUR   57.49
LBBW                   3.00 11/22/2013    EUR   66.79
LBBW                   5.00 11/22/2013    EUR   62.53
LBBW                   4.00 11/22/2013    EUR   65.79
LBBW                   4.00  7/25/2014    EUR   64.82
LBBW                   3.00  2/28/2014    EUR   67.30
LBBW                   5.00  2/28/2014    EUR   58.88
LBBW                   6.00  2/28/2014    EUR   56.10
LBBW                   5.00 11/22/2013    EUR   58.10
LBBW                   3.00 11/22/2013    EUR   63.63
LBBW                   4.00 11/22/2013    EUR   60.83
LBBW                   3.00  6/27/2014    EUR   64.58
LBBW                   4.00  6/27/2014    EUR   61.78
LBBW                   5.00  6/27/2014    EUR   59.62
LBBW                   3.00  8/22/2014    EUR   67.39
LBBW                   4.00  8/22/2014    EUR   65.35
LBBW                   5.00  8/22/2014    EUR   63.72
LBBW                   3.00  2/28/2014    EUR   64.90
LBBW                   5.00  2/28/2014    EUR   61.60
LBBW                   5.00  9/26/2014    EUR   61.16
LBBW                   4.00 10/25/2013    EUR   58.36
LBBW                   4.00  3/28/2014    EUR   61.06
LBBW                   3.00  3/28/2014    EUR   64.74
LBBW                   4.00  1/24/2014    EUR   67.54
LBBW                   6.00  1/24/2014    EUR   60.58
LBBW                   7.00  1/24/2014    EUR   58.00
LBBW                   7.00 11/22/2013    EUR   69.09
LBBW                   4.00  6/27/2014    EUR   63.66
LBBW                   6.00  6/27/2014    EUR   59.62
LBBW                   6.00  7/25/2014    EUR   61.69
LBBW                   4.00  3/28/2014    EUR   60.09
LBBW                   5.10  1/15/2014    EUR   68.01
LBBW                   5.00  6/27/2014    EUR   58.31
LBBW                   4.00  6/27/2014    EUR   59.42
LBBW                   3.00  6/27/2014    EUR   61.09
LBBW                   3.00  9/26/2014    EUR   64.39
LBBW                   4.00  9/26/2014    EUR   62.54
LBBW                   7.00  9/26/2014    EUR   59.20
LBBW                   5.00 11/22/2013    EUR   63.58
LBBW                   6.00 11/22/2013    EUR   64.98
LBBW                   8.00 11/22/2013    EUR   58.71
Norddeutsche Lande     0.69 10/21/2030    EUR   74.42
Praktiker AG           5.88  2/10/2016    EUR    1.50
Qimonda Finance LL     6.75  3/22/2013    USD    3.44
SiC Processing Gmb     7.13   3/1/2016    EUR    5.50
Solarwatt GmbH         7.00  11/1/2015    EUR   14.75
Solarworld AG          6.13  1/21/2017    EUR   37.25
Solarworld AG          6.38  7/13/2016    EUR   33.00
Solon SE               1.38  12/6/2012    EUR    0.63
Sparkasse KoelnBon     0.68   5/7/2031    EUR   71.54
Sparkasse KoelnBon     0.74  9/29/2034    EUR   68.26
TAG Immobilien AG      6.50 12/10/2015    EUR    9.45
TUI AG                 2.75  3/24/2016    EUR   64.09
UniCredit Bank AG      0.92 11/19/2029    EUR   65.48
Vontobel Financial     5.45 12/31/2013    EUR   59.48
Vontobel Financial     5.47  3/17/2014    EUR   35.50
Vontobel Financial     4.30 12/31/2013    EUR   63.20
Vontobel Financial     7.70 12/31/2013    EUR   54.94
Vontobel Financial     5.30  6/27/2014    EUR   60.94
Vontobel Financial     4.25 12/31/2013    EUR   63.14
Vontobel Financial     5.30 12/31/2013    EUR   59.38
Vontobel Financial     9.85 12/31/2013    EUR   73.66
Vontobel Financial     4.20 12/31/2013    EUR   63.14
Vontobel Financial     5.35 12/31/2013    EUR   59.50
Vontobel Financial     7.40 12/31/2013    EUR   54.84
Vontobel Financial     9.85 12/31/2013    EUR   51.06
Vontobel Financial     6.10 12/31/2013    EUR   59.66
Vontobel Financial     5.50 12/31/2013    EUR   59.56
Vontobel Financial     6.85 12/31/2013    EUR   54.78
Vontobel Financial     7.15 12/31/2013    EUR   54.82
Vontobel Financial     9.10 12/31/2013    EUR   50.96
Vontobel Financial     5.10  4/14/2014    EUR   30.60
Vontobel Financial    17.15 12/31/2013    EUR   52.48
Vontobel Financial     4.25 12/31/2013    EUR   63.20
Vontobel Financial     8.65 12/31/2013    EUR   56.66
Vontobel Financial     6.30 12/31/2013    EUR   59.72
Vontobel Financial     8.70 12/31/2013    EUR   73.44
Vontobel Financial     7.85 12/31/2013    EUR   50.72
Vontobel Financial     5.50 12/31/2013    EUR   54.52
Vontobel Financial     5.10  6/27/2014    EUR   60.50
Vontobel Financial     8.00 12/31/2013    EUR   55.02
Vontobel Financial     7.35  6/27/2014    EUR   57.28
Vontobel Financial     4.60  3/28/2014    EUR   60.20
Vontobel Financial     4.75 12/31/2013    EUR   59.42
Vontobel Financial     7.20  3/28/2014    EUR   56.40
Vontobel Financial     7.45 12/31/2013    EUR   59.94
Vontobel Financial    10.20 12/31/2013    EUR   56.98
Vontobel Financial     4.80 12/31/2013    EUR   56.58
Vontobel Financial     5.50 12/31/2013    EUR   56.38
Vontobel Financial     8.85 12/31/2013    EUR   54.96
Vontobel Financial     8.35 12/31/2013    EUR   56.92
Vontobel Financial     7.70 12/31/2013    EUR   54.74
Vontobel Financial     7.40 12/31/2013    EUR   59.92
Vontobel Financial     5.40  6/27/2014    EUR   57.68
Vontobel Financial     5.05  3/28/2014    EUR   57.46
Vontobel Financial     7.60  3/28/2014    EUR   58.24
Vontobel Financial     5.65  3/28/2014    EUR   57.40
Vontobel Financial     4.35 12/31/2013    EUR   63.26
Vontobel Financial     8.65 12/31/2013    EUR   60.16
Vontobel Financial     7.75 12/31/2013    EUR   54.72
Vontobel Financial     8.15 12/31/2013    EUR   56.38
Vontobel Financial    15.75 12/31/2013    EUR   52.14
Vontobel Financial    10.45 12/31/2013    EUR   55.40
Vontobel Financial     6.35 12/31/2013    EUR   54.68
Vontobel Financial     8.00 12/31/2013    EUR   54.98
Vontobel Financial     5.25 12/31/2013    EUR   59.50
Vontobel Financial     6.45 12/31/2013    EUR   74.82
Vontobel Financial     5.00  1/24/2014    EUR   61.50
Vontobel Financial     7.39 11/25/2013    EUR   62.60
WGZ-Bank AG Westde     2.50 12/23/2013    EUR   68.43
WGZ-Bank AG Westde     3.00  1/30/2014    EUR   69.85
WGZ-Bank AG Westde     4.00  1/30/2014    EUR   65.48
WGZ-Bank AG Westde     5.00  1/30/2014    EUR   63.64
WGZ-Bank AG Westde     6.00 12/18/2013    EUR   52.92
WGZ-Bank AG Westde     4.00 12/18/2013    EUR   59.07
WGZ-Bank AG Westde     5.00 12/18/2013    EUR   55.81
WGZ-Bank AG Westde     7.50 12/18/2013    EUR   50.43
WGZ-Bank AG Westde     4.00  3/27/2014    EUR   66.20
WGZ-Bank AG Westde     3.00  6/25/2014    EUR   61.31
WGZ-Bank AG Westde     5.50  6/25/2014    EUR   56.15
WGZ-Bank AG Westde     4.00  6/25/2014    EUR   58.30
WGZ-Bank AG Westde     7.00  6/25/2014    EUR   54.32
WGZ-Bank AG Westde     6.00  1/30/2014    EUR   61.94
WGZ-Bank AG Westde     6.00  3/11/2014    EUR   54.62
WGZ-Bank AG Westde     4.00  9/30/2014    EUR   74.98
WGZ-Bank AG Westde     5.00  9/30/2014    EUR   73.89
WGZ-Bank AG Westde     6.00  9/30/2014    EUR   73.00
WGZ-Bank AG Westde     3.00  3/27/2014    EUR   68.09
WGZ-Bank AG Westde     5.00  3/27/2014    EUR   64.45
WGZ-Bank AG Westde     6.00  3/27/2014    EUR   62.91
Windreich GmbH         6.50  7/15/2016    EUR   11.13
Windreich GmbH         6.50   3/1/2015    EUR    9.88
Windreich GmbH         6.75   3/1/2015    EUR   11.13
Windreich GmbH         6.25   3/1/2015    EUR   11.13

Yioula Glassworks      9.00  12/1/2015    EUR   74.00
Yioula Glassworks      9.00  12/1/2015    EUR   74.00

Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      5.75  10/4/2011    USD   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      6.50   2/3/2045    EUR    0.13
Kaupthing Bank Hf      3.00  2/12/2010    CHF   22.88
Kaupthing Bank Hf      4.70  2/15/2010    CAD   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      4.65  2/19/2013    EUR   22.88
Kaupthing Bank Hf      6.13  10/4/2016    USD   22.88
Kaupthing Bank Hf      7.50   2/1/2045    USD    0.13
Kaupthing Bank Hf      1.99   7/5/2012    JPY   22.88
Kaupthing Bank Hf      9.75  9/10/2015    USD   22.88
Kaupthing Bank Hf      7.13  5/19/2016    USD    0.13
Kaupthing Bank Hf      5.50   2/2/2009    USD   22.88
Kaupthing Bank Hf      1.80 10/20/2009    JPY   22.88
Kaupthing Bank Hf      5.80   9/7/2012    EUR   22.88
Kaupthing Bank Hf      7.63  2/28/2015    USD   22.88
Kaupthing Bank Hf      0.80  2/15/2011    EUR   22.88
Kaupthing Bank Hf      7.50  12/5/2014    ISK   22.88
Kaupthing Bank Hf      3.75  2/15/2024    ISK   22.88
Kaupthing Bank Hf      7.00  4/28/2012    ISK    0.13
Kaupthing Bank Hf      5.25  7/18/2017    BGN   22.88
Kaupthing Bank Hf      1.65   7/5/2010    JPY   22.88
Kaupthing Bank Hf      7.90   2/1/2016    EUR   22.88
Kaupthing Bank Hf      4.95   5/6/2009    EUR   22.88
Kaupthing Bank Hf      8.00  6/22/2011    ISK    0.13
Kaupthing Bank Hf      7.70  10/2/2011    EUR   22.88
Kaupthing Bank Hf      4.50  1/17/2011    EUR   22.88
Kaupthing Bank Hf      0.69  5/21/2011    JPY   22.88
Kaupthing Bank Hf      7.00  7/24/2009    ISK   22.88
Kaupthing Bank Hf      0.20  7/12/2009    JPY   22.88
Kaupthing Bank Hf      5.00  11/8/2013    EUR   22.88
Kaupthing Bank Hf      7.50   4/2/2011    EUR   22.88
Kaupthing Bank Hf      7.50  10/2/2010    EUR   22.88
Kaupthing Bank Hf      7.00   1/3/2011    EUR   22.88
Kaupthing Bank Hf      4.53  4/24/2012    EUR   22.88
Kaupthing Bank Hf      4.47 10/27/2010    EUR   22.88
Kaupthing Bank Hf      0.95 10/20/2010    JPY   22.88
Kaupthing Bank Hf      5.00   1/4/2027    SKK   22.88
Kaupthing Bank Hf      4.90  5/29/2017    EUR   22.88
Kaupthing Bank Hf      6.50  10/8/2010    ISK   22.88
Kaupthing Bank Hf      5.40  3/22/2014    ISK    0.13
Kaupthing Bank Hf      7.90  4/28/2016    EUR   22.88
Kaupthing Bank Hf      1.75   6/7/2016    EUR   22.88
Kaupthing Bank Hf      6.40 12/15/2015    EUR   22.88
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.20  5/10/2010    SKK    8.00
LBI HF                 2.25  2/14/2011    CHF    8.00
LBI HF                 6.10  8/25/2011    USD    8.00
LBI HF                 3.00  12/7/2010    CHF    8.00
LBI HF                 4.40  1/18/2010    CAD    8.00
LBI HF                 4.38 10/20/2008    EUR    8.00
LBI HF                 4.75  5/31/2013    EUR    8.00
LBI HF                 4.53  4/24/2012    EUR    8.00
LBI HF                 7.25   4/2/2011    EUR    8.00
LBI HF                 8.65   5/1/2011    ISK    8.00
LBI HF                 4.08  3/16/2015    EUR    8.00
LBI HF                 6.75  8/18/2015    EUR    8.00
LBI HF                 4.40  11/3/2009    CZK    8.00
LBI HF                 6.00   6/6/2017    EUR    8.00
LBI HF                 5.44   9/3/2018    EUR    0.13
LBI HF                 4.28 11/19/2010    EUR    8.00
LBI HF                 2.14   2/3/2020    JPY    8.00
LBI HF                 4.32  1/31/2010    EUR    8.00
LBI HF                 4.40 11/30/2035    EUR    0.13
LBI HF                 5.25   6/5/2023    EUR    8.00
LBI HF                 5.08   3/1/2013    ISK    8.00
LBI HF                 7.00   4/2/2010    EUR    8.00
LBI HF                 3.00 10/22/2015    EUR    8.00
LBI HF                 1.68 12/22/2014    JPY    8.00
LBI HF                 4.00  9/23/2015    EUR    8.00
LBI HF                 3.45 12/18/2033    JPY    0.13
LBI HF                 2.22 10/15/2019    JPY    8.00
LBI HF                 4.34   3/1/2011    EUR    8.00
LBI HF                 3.34  5/11/2012    EUR    8.00
LBI HF                 7.75  2/22/2016    USD    8.00
LBI HF                 2.75  3/16/2011    EUR    8.00
LBI HF                 3.36  8/17/2012    EUR    8.00
LBI HF                 7.20  4/27/2026    EUR    0.13
LBI HF                 6.75  2/18/2015    EUR    8.00
LBI HF                 3.11 11/10/2008    EUR    8.00
LBI HF                 4.34 12/22/2025    EUR    8.00

Corsicanto Ltd         3.50  1/15/2032    USD   74.94
Depfa ACS Bank         4.90  8/24/2035    CAD   69.73
Depfa ACS Bank         0.50   3/3/2025    CAD   46.53
Kalvebod PLC           2.00   5/1/2106    DKK   40.00

Banca delle Marche     1.18   6/1/2017    EUR   42.39
A2A SpA                3.20  8/10/2036    EUR   62.44
Banca delle Marche     5.50  9/16/2030    EUR   69.25
Banca di Cividale      0.34  10/2/2036    EUR   57.63
Banca Monte dei Pa     1.23  1/15/2018    EUR   74.60
Cassa Depositi e P     0.29 10/31/2029    EUR   61.70
Cirio Finanziaria      8.00 12/21/2005    EUR    0.63
City of Lecco Ital     0.46  6/30/2026    EUR   67.27
Comune di Andrano      3.92 12/31/2035    EUR   71.20
Comune di Fiumicin     0.49 12/31/2026    EUR   66.65
Comune di Grontard     4.10 12/31/2035    EUR   73.36
Comune di Marcheno     4.23 12/31/2036    EUR   74.59
Comune di Marscian     4.03 12/31/2035    EUR   72.47
Comune di Mercato      3.97 12/31/2035    EUR   71.83
Comune di Piadena      4.05 12/31/2035    EUR   72.74
Comune di San Ferd     0.53 12/27/2026    EUR   67.26
Comune di Santa Ma     0.60  5/31/2026    EUR   69.00
Comune di Seminara     0.72 10/31/2026    EUR   69.14
Comune di Verona       0.43  12/1/2026    EUR   64.53
Enel SpA               0.96 10/20/2032    EUR   63.62
Intesa Sanpaolo Sp     1.06  3/20/2023    EUR   74.70
Italy Government I     1.85  9/15/2057    EUR   65.06
Italy Government I     2.00  9/15/2062    EUR   67.03
Italy Government I     2.20  9/15/2058    EUR   72.77
Italy Government I     2.87  5/19/2036    JPY   69.43
Province of Bresci     0.73 12/22/2036    EUR   57.22
Province of Bresci     0.72  6/30/2036    EUR   57.58
Province of Chieti     0.65 12/29/2023    EUR   74.35
Province of Milan      0.59 12/22/2033    EUR   63.54
Province of Rovigo     0.59 12/28/2035    EUR   58.80
Province of Teramo     0.44 12/30/2030    EUR   60.80
Province of Teramo     0.47 12/30/2025    EUR   68.61
Province of Trevis     0.47 12/31/2034    EUR   58.04
Province of Trevis     0.57 12/31/2034    EUR   59.52
Province of Trevis     0.34 12/31/2034    EUR   56.82
Region of Abruzzo      0.68  11/7/2036    EUR   63.64
Region of Abruzzo      0.52  11/7/2031    EUR   61.27
Region of Abruzzo      4.45   3/1/2037    EUR   70.52
Region of Aosta Va     0.45  5/28/2021    EUR   73.65
Region of Molise I     0.72 12/15/2033    EUR   64.40
Region of Piemont      0.45 11/27/2036    EUR   55.47
Region of Puglia I     0.74   2/6/2023    EUR   69.69
Seat Pagine Gialle    10.50  1/31/2017    EUR   23.00
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.75
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.13
Seat Pagine Gialle    10.50  1/31/2017    EUR   22.63

3W Power SA            9.25  12/1/2015    EUR   55.75
ArcelorMittal          7.25   4/1/2014    EUR   20.83
Bank of New York M     4.48 12/30/2099    EUR   18.04
Bank of New York M     4.73 12/15/2050    EUR   52.00
Cerruti Finance SA     6.50  7/26/2004    EUR    3.00
Cirio Finance Luxe     7.50  11/3/2002    EUR    1.25
Cirio Holding Luxe     6.25  2/16/2004    EUR    0.13
Codere Finance Lux     8.25  6/15/2015    EUR   52.02
Codere Finance Lux     9.25  2/15/2019    USD   50.50
Codere Finance Lux     9.25  2/15/2019    USD   50.98
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Codere Finance Lux     8.25  6/15/2015    EUR   51.75
Codere Finance Lux     8.25  6/15/2015    EUR   50.75
Del Monte Finance      6.63  5/24/2006    EUR   13.63
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
ECM Real Estate In     5.00  10/9/2011    EUR   10.38
Erste Europaeische     0.27   2/1/2037    USD   55.57
European Media Cap    10.00   2/1/2015    USD   75.00
European Media Cap    10.00   2/1/2015    USD   75.00
Finmek Internation     7.00  12/3/2004    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hellas Telecommuni     8.50 10/15/2013    EUR    0.13
Hypothekenbank Fra     0.25 12/20/2029    USD   67.37
International Indu     9.00   7/6/2011    EUR    1.00
International Indu    11.00  2/19/2013    USD    0.88
IT Holding Finance     9.88 11/15/2012    EUR    0.13
IT Holding Finance     9.88 11/15/2012    EUR    0.13
La Veggia Finance      7.13 11/14/2004    EUR    0.25
Teksid Aluminum Lu    11.38  7/15/2011    EUR    0.75

Astana Finance BV      7.88   6/8/2010    EUR    4.00
Astana Finance BV      9.00 11/16/2011    USD    3.50
Astana Finance BV     14.50   7/2/2013    USD    3.75
Bank Nederlandse G     0.50  5/10/2017    TRY   73.62
Bank Nederlandse G     0.50  7/12/2022    ZAR   52.90
Bank Nederlandse G     0.50  7/12/2017    TRY   72.46
Bank Nederlandse G     0.50   6/7/2022    ZAR   53.32
Bank Nederlandse G     0.50  6/12/2017    TRY   73.13
Bank Nederlandse G     0.50   8/9/2017    TRY   72.30
Bank Nederlandse G     0.50  6/22/2021    ZAR   57.64
Bank Nederlandse G     0.50  3/29/2021    NZD   70.64
Bank Nederlandse G     0.50  8/15/2022    ZAR   52.50
Bank Nederlandse G     0.50   8/9/2022    MXN   64.98
Bank Nederlandse G     0.50   3/3/2021    NZD   64.80
Bank Nederlandse G     0.50  2/24/2025    CAD   65.15
Bank Nederlandse G     0.50  5/12/2021    ZAR   58.17
Bank Nederlandse G     0.50  9/20/2022    ZAR   52.08
BLT Finance BV         7.50  5/15/2014    USD    9.01
BLT Finance BV        12.00  2/10/2015    USD   10.25
BLT Finance BV         7.50  5/15/2014    USD    9.63
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Bulgaria Steel Fin    12.00   5/4/2013    EUR    0.38
Cirio Del Monte NV     7.75  3/14/2005    EUR    3.38
Cooperatieve Centr     0.50 11/26/2021    ZAR   48.95
Cooperatieve Centr     0.50 10/30/2043    MXN   23.60
Cooperatieve Centr     0.50  8/21/2028    MXN   46.15
Cooperatieve Centr     0.50  7/30/2043    MXN   23.80
Cooperatieve Centr     0.50  1/31/2033    MXN   36.68
Cooperatieve Centr     0.50 10/29/2027    MXN   48.35
Cooperatieve Centr     0.50 11/30/2027    MXN   48.11
Cooperatieve Centr     0.50 12/29/2027    MXN   47.89
Cooperatieve Centr     9.20  3/13/2014    USD   60.77
Cooperatieve Centr     8.60  3/13/2014    CHF   60.50
Cooperatieve Centr     8.15   3/5/2014    CHF   58.60
Cooperatieve Centr     9.20  3/13/2014    USD   60.43
JP Morgan Structur     6.00   2/7/2014    USD   69.19
JP Morgan Structur     5.00  12/3/2013    CHF   64.32
JP Morgan Structur     6.00  2/25/2014    EUR   73.83
JP Morgan Structur    12.30 11/29/2013    USD   48.32
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV           10.00  3/15/2012    EUR    0.25
KPNQwest NV            8.13   6/1/2009    USD    0.38
KPNQwest NV            7.13   6/1/2009    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            8.88   2/1/2008    EUR    0.25
KPNQwest NV            7.13   6/1/2009    EUR    0.25
Lehman Brothers Tr     7.25  10/5/2035    EUR    9.75
Lehman Brothers Tr     6.00  11/2/2035    EUR    6.00
Lehman Brothers Tr     8.25  3/16/2035    EUR   14.00
Lehman Brothers Tr     6.00  2/15/2035    EUR    6.00
Lehman Brothers Tr     7.00  5/17/2035    EUR   10.38
Lehman Brothers Tr     2.88  3/14/2013    CHF    2.13
Lehman Brothers Tr     5.00  9/22/2014    EUR    6.00
Lehman Brothers Tr     5.00  2/16/2015    EUR    6.00
Lehman Brothers Tr     5.10   5/8/2017    HKD    2.50
Lehman Brothers Tr     7.00 11/26/2013    EUR    6.00
Lehman Brothers Tr     6.00  3/14/2011    EUR    6.00
Lehman Brothers Tr     5.00  2/27/2014    EUR    6.00
Lehman Brothers Tr     8.50   7/5/2016    EUR    6.00
Lehman Brothers Tr     4.00  2/16/2017    EUR    1.38
Lehman Brothers Tr    14.90  9/15/2008    EUR    1.38
Lehman Brothers Tr     4.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  3/18/2015    EUR    6.00
Lehman Brothers Tr     3.03  1/31/2015    EUR    1.38
Lehman Brothers Tr     4.00 10/24/2012    EUR    6.00
Lehman Brothers Tr     1.00   5/9/2012    EUR    6.00
Lehman Brothers Tr     5.25  5/26/2026    EUR    6.00
Lehman Brothers Tr     8.25  12/3/2015    EUR    1.38
Lehman Brothers Tr     5.70  3/18/2015    USD    6.00
Lehman Brothers Tr     7.00   6/6/2017    EUR    6.00
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00  12/2/2012    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    EUR    6.00
Lehman Brothers Tr     1.46  2/19/2012    JPY    2.50
Lehman Brothers Tr     3.00  6/23/2009    EUR    6.00
Lehman Brothers Tr     1.75   2/7/2010    EUR    1.38
Lehman Brothers Tr     4.00  2/28/2010    EUR    1.38
Lehman Brothers Tr     4.00  7/20/2012    EUR    6.00
Lehman Brothers Tr    10.00  6/17/2009    USD    1.38
Lehman Brothers Tr     7.00 10/22/2010    EUR    6.00
Lehman Brothers Tr     4.00  7/27/2011    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr    10.44 11/22/2008    CHF    1.38
Lehman Brothers Tr     5.00  8/16/2017    EUR    6.00
Lehman Brothers Tr    12.22 11/21/2017    USD    6.00
Lehman Brothers Tr     3.00  9/13/2010    JPY    2.50
Lehman Brothers Tr     4.10  6/10/2014    SGD    1.38
Lehman Brothers Tr     8.00  4/20/2009    EUR    6.00
Lehman Brothers Tr     3.86  9/21/2011    SGD    1.38
Lehman Brothers Tr     3.50 12/20/2027    USD    6.00
Lehman Brothers Tr     5.00  5/12/2011    CHF    6.00
Lehman Brothers Tr     5.00   8/1/2025    EUR    6.00
Lehman Brothers Tr     5.55  3/12/2015    EUR    1.38
Lehman Brothers Tr     7.05   4/8/2015    USD    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.25   9/5/2011    EUR    6.00
Lehman Brothers Tr    23.30  9/16/2008    USD    1.38
Lehman Brothers Tr     8.00 10/17/2014    EUR    6.00
Lehman Brothers Tr     8.88  1/28/2011    HKD    2.50
Lehman Brothers Tr     5.25 11/21/2009    USD    6.00
Lehman Brothers Tr     4.10  2/19/2010    EUR    6.00
Lehman Brothers Tr    10.00   1/3/2012    BRL    6.00
Lehman Brothers Tr    13.50   6/2/2009    USD    1.38
Lehman Brothers Tr     6.00   8/7/2013    EUR    6.00
Lehman Brothers Tr     8.00  3/21/2018    USD    6.00
Lehman Brothers Tr    13.50 11/28/2008    USD    1.38
Lehman Brothers Tr    10.00  6/11/2038    JPY    6.00
Lehman Brothers Tr     3.50  9/19/2017    EUR    1.38
Lehman Brothers Tr     5.50  4/23/2014    EUR    6.00
Lehman Brothers Tr     5.50  6/22/2010    USD    6.00
Lehman Brothers Tr     8.00  2/16/2016    EUR    6.00
Lehman Brothers Tr     4.00  3/10/2011    EUR    6.00
Lehman Brothers Tr     4.00  4/13/2011    CHF    6.00
Lehman Brothers Tr     4.50   3/7/2015    EUR    6.00
Lehman Brothers Tr     7.60  1/31/2013    AUD    1.38
Lehman Brothers Tr    16.00  11/9/2008    USD    1.38
Lehman Brothers Tr     9.75  6/22/2018    USD    6.00
Lehman Brothers Tr     5.12  4/30/2027    EUR    1.38
Lehman Brothers Tr     7.50   5/2/2017    EUR    6.00
Lehman Brothers Tr     5.00  2/28/2032    EUR    6.00
Lehman Brothers Tr     4.60   7/6/2016    EUR    6.00
Lehman Brothers Tr     5.10  6/22/2046    EUR    1.38
Lehman Brothers Tr     6.65  8/24/2011    AUD    2.50
Lehman Brothers Tr    16.00 12/26/2008    USD    1.38
Lehman Brothers Tr     2.50 12/15/2011    GBP    1.38
Lehman Brothers Tr     4.68 12/12/2045    EUR    1.38
Lehman Brothers Tr     7.06 12/29/2008    EUR    6.00
Lehman Brothers Tr     4.05  9/16/2008    EUR    6.00
Lehman Brothers Tr     2.00  6/28/2011    EUR    6.00
Lehman Brothers Tr     5.70   3/4/2015    USD    6.00
Lehman Brothers Tr     4.69  2/19/2017    EUR    1.38
Lehman Brothers Tr     7.59 11/22/2009    MXN    2.50
Lehman Brothers Tr     1.28  11/6/2010    JPY    2.50
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     6.60   2/9/2009    EUR    6.00
Lehman Brothers Tr     0.50   6/2/2020    EUR    1.38
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     5.38   2/4/2014    USD    6.00
Lehman Brothers Tr     6.30 12/21/2018    USD    6.00
Lehman Brothers Tr     7.00  2/15/2010    CHF    1.38
Lehman Brothers Tr    16.20  5/14/2009    USD    1.38
Lehman Brothers Tr     4.60 10/11/2017    ILS    2.38
Lehman Brothers Tr    15.00  3/30/2011    EUR    6.00
Lehman Brothers Tr     7.50 10/24/2008    USD    1.38
Lehman Brothers Tr     8.00   8/3/2009    USD    1.38
Lehman Brothers Tr     8.60  7/31/2013    GBP    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.50   7/2/2020    EUR    1.38
Lehman Brothers Tr     5.25   7/8/2014    EUR    1.38
Lehman Brothers Tr     6.50  5/16/2015    EUR    6.00
Lehman Brothers Tr    14.90 11/16/2010    EUR    1.38
Lehman Brothers Tr     6.72 12/29/2008    EUR    6.00
Lehman Brothers Tr     0.50 12/20/2017    AUD    6.00
Lehman Brothers Tr    15.00   6/4/2009    CHF    1.38
Lehman Brothers Tr    18.25  10/2/2008    USD    1.38
Lehman Brothers Tr     3.50 10/31/2011    USD    6.00
Lehman Brothers Tr     2.80  3/19/2018    JPY    1.38
Lehman Brothers Tr     2.00 11/16/2009    EUR    6.00
Lehman Brothers Tr     7.25  10/6/2008    EUR    1.38
Lehman Brothers Tr     5.00 11/22/2012    EUR    6.00
Lehman Brothers Tr     9.25  6/20/2012    USD    6.00
Lehman Brothers Tr     7.60  5/21/2013    USD    6.00
Lehman Brothers Tr    13.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     0.01  9/20/2011    USD    6.00
Lehman Brothers Tr     6.00  2/19/2023    USD    6.00
Lehman Brothers Tr    10.60  4/22/2014    MXN    6.00
Lehman Brothers Tr     3.00  12/3/2012    EUR    6.00
Lehman Brothers Tr     2.50  8/23/2012    GBP    1.38
Lehman Brothers Tr     2.37  7/15/2013    USD    6.00
Lehman Brothers Tr     4.87  10/8/2013    USD    1.38
Lehman Brothers Tr     5.75  6/15/2009    CHF    1.38
Lehman Brothers Tr     6.00 10/24/2008    EUR    1.38
Lehman Brothers Tr     7.38  9/20/2008    EUR    1.38
Lehman Brothers Tr     3.00  8/15/2017    EUR    6.00
Lehman Brothers Tr     3.50  9/29/2017    EUR    1.38
Lehman Brothers Tr     3.00   8/8/2017    EUR    6.00
Lehman Brothers Tr     8.25   2/3/2016    EUR    6.00
Lehman Brothers Tr    13.43   1/8/2009    ILS    1.38
Lehman Brothers Tr    16.00  10/8/2008    CHF    1.38
Lehman Brothers Tr     5.00  3/13/2009    EUR    6.00
Lehman Brothers Tr     5.25   4/1/2023    EUR    1.38
Lehman Brothers Tr     7.63  7/22/2011    HKD    1.38
Lehman Brothers Tr    11.00   7/4/2011    CHF    1.38
Lehman Brothers Tr     7.80  3/31/2018    USD    6.00
Lehman Brothers Tr     5.00   5/2/2022    EUR    1.38
Lehman Brothers Tr     4.25  5/15/2010    EUR    6.00
Lehman Brothers Tr     8.28  7/31/2013    GBP    6.00
Lehman Brothers Tr     4.35   8/8/2016    SGD    2.50
Lehman Brothers Tr     8.50   7/6/2009    CHF    1.38
Lehman Brothers Tr    10.50   8/9/2010    EUR    1.38
Lehman Brothers Tr     7.00  7/11/2010    EUR    6.00
Lehman Brothers Tr     4.82 12/18/2036    EUR    1.38
Lehman Brothers Tr     4.20  12/3/2008    HKD    6.00
Lehman Brothers Tr     3.00   6/3/2010    EUR    6.00
Lehman Brothers Tr    12.40  6/12/2009    USD    1.38
Lehman Brothers Tr    11.00   7/4/2011    USD    1.38
Lehman Brothers Tr    12.00   7/4/2011    EUR    1.38
Lehman Brothers Tr     5.50   7/8/2013    EUR    6.00
Lehman Brothers Tr     9.30 12/21/2010    EUR    1.38
Lehman Brothers Tr     8.00 12/31/2010    USD    1.38
Lehman Brothers Tr     1.50   2/8/2012    CHF    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr     0.50 12/20/2017    USD    6.00
Lehman Brothers Tr    11.00  2/16/2009    CHF    1.38
Lehman Brothers Tr    10.00  2/16/2009    CHF    1.38
Lehman Brothers Tr     8.00  3/19/2012    USD    6.00
Lehman Brothers Tr     9.50   4/1/2018    USD    6.00
Lehman Brothers Tr     7.15  3/21/2013    USD    6.00
Lehman Brothers Tr     6.25 11/30/2012    EUR    6.00
Lehman Brothers Tr     1.00  2/26/2010    USD    6.00
Lehman Brothers Tr     3.50  6/20/2011    EUR    6.00
Lehman Brothers Tr     7.50  2/14/2010    AUD    1.38
Lehman Brothers Tr    10.00 10/23/2008    USD    1.38
Lehman Brothers Tr    10.00 10/22/2008    USD    1.38
Lehman Brothers Tr     6.45  2/20/2010    AUD    1.38
Lehman Brothers Tr    10.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.60   8/1/2013    EUR    6.00
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     7.60   3/4/2010    NZD    1.38
Lehman Brothers Tr     3.63   3/2/2012    EUR    1.38
Lehman Brothers Tr     7.75  2/21/2016    EUR    6.00
Lehman Brothers Tr     8.80 12/27/2009    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     0.75  3/29/2012    EUR    6.00
Lehman Brothers Tr     5.00  12/6/2011    EUR    1.38
Lehman Brothers Tr    11.00 12/20/2017    AUD    6.00
Lehman Brothers Tr     4.00   1/4/2011    USD    1.38
Lehman Brothers Tr    11.75   3/1/2010    EUR    1.38
Lehman Brothers Tr     3.82 10/20/2009    USD    1.38
Lehman Brothers Tr     3.00  8/13/2011    EUR    6.00
Lehman Brothers Tr     4.80 11/16/2012    HKD    1.38
Lehman Brothers Tr     4.00 10/12/2010    USD    1.38
Lehman Brothers Tr     8.00 10/23/2008    USD    1.38
Lehman Brothers Tr     6.00  9/20/2011    EUR    6.00
Lehman Brothers Tr     3.40  9/21/2009    HKD    1.38
Lehman Brothers Tr     2.30  4/28/2014    JPY    6.00
Lehman Brothers Tr     7.50  6/15/2017    USD    6.00
Lehman Brothers Tr     6.00 12/30/2017    EUR    6.00
Lehman Brothers Tr     4.10  5/20/2009    USD    1.38
Lehman Brothers Tr     2.00  5/17/2010    EUR    1.38
Lehman Brothers Tr    13.00  7/25/2012    EUR    1.38
Lehman Brothers Tr    10.00   8/2/2037    JPY    6.00
Lehman Brothers Tr     1.50 10/12/2010    EUR    6.00
Lehman Brothers Tr     4.10  8/23/2010    USD    1.38
Lehman Brothers Tr     4.60  11/9/2011    EUR    6.00
Lehman Brothers Tr     6.00  2/14/2012    EUR    1.38
Lehman Brothers Tr     7.00  2/15/2012    EUR    1.38
Lehman Brothers Tr     6.00  5/12/2017    EUR    6.00
Lehman Brothers Tr     6.60  2/22/2012    EUR    1.13
Lehman Brothers Tr     5.20  3/19/2018    EUR    1.38
Lehman Brothers Tr     1.95  11/4/2013    EUR    1.38
Lehman Brothers Tr    11.00 12/19/2011    USD    6.00
Lehman Brothers Tr    10.00  3/27/2009    USD    6.00
Lehman Brothers Tr     5.00 10/24/2008    CHF    1.38
Lehman Brothers Tr     7.00  4/14/2009    EUR    1.38
Lehman Brothers Tr     7.75  1/30/2009    EUR    1.38
Lehman Brothers Tr     0.25  7/21/2014    EUR    6.00
Lehman Brothers Tr     4.95 10/25/2036    EUR    6.00
Lehman Brothers Tr    11.00  6/29/2009    EUR    1.38
Lehman Brothers Tr     5.50  6/15/2009    CHF    1.38
Lehman Brothers Tr     1.50 10/25/2011    EUR    6.00
Lehman Brothers Tr     6.75   4/5/2012    EUR    6.00
Lehman Brothers Tr     5.00  4/24/2017    EUR    6.00
Lehman Brothers Tr     7.39   5/4/2017    USD    6.00
Lehman Brothers Tr     3.35 10/13/2016    EUR    6.00
Lehman Brothers Tr     0.80 12/30/2016    EUR    6.00
Lehman Brothers Tr     6.00  5/23/2018    CZK    6.00
Lehman Brothers Tr     4.00  5/30/2010    USD    1.38
Lehman Brothers Tr     4.00  5/17/2010    USD    6.00
Lehman Brothers Tr     2.48  5/12/2009    USD    6.00
Lehman Brothers Tr     2.25  5/12/2009    USD    6.00
Lehman Brothers Tr     2.30  6/27/2013    USD    1.38
Lehman Brothers Tr     3.50 10/24/2011    USD    6.00
Lehman Brothers Tr     0.25 10/19/2012    CHF    6.00
Lehman Brothers Tr     1.68   3/5/2015    EUR    6.00
Lehman Brothers Tr     9.00  5/15/2022    USD    6.00
Lehman Brothers Tr     7.50  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.32  7/31/2013    GBP    6.00
Lehman Brothers Tr     7.50  9/13/2009    CHF    1.38
Lehman Brothers Tr     6.50  7/24/2026    EUR    6.00
Lehman Brothers Tr     4.50   8/2/2009    USD    1.38
Lehman Brothers Tr     0.50  2/16/2009    EUR    1.38
Lehman Brothers Tr     4.25  3/13/2021    EUR    1.38
Lehman Brothers Tr     6.00  3/17/2011    EUR    6.00
Lehman Brothers Tr     4.70  3/23/2016    EUR    6.00
Lehman Brothers Tr     6.00  12/6/2016    USD    6.00
Lehman Brothers Tr     5.00   9/1/2011    EUR    6.00
Lehman Brothers Tr     3.70   6/6/2009    EUR    6.00
Lehman Brothers Tr     4.50   3/6/2013    CHF    6.00
Lehman Brothers Tr     4.00  4/24/2009    USD    1.38
Lehman Brothers Tr     9.00  6/13/2009    USD    1.38
Lehman Brothers Tr     9.00  3/17/2009    GBP    1.38
Lehman Brothers Tr     7.00 11/28/2008    CHF    1.38
Lehman Brothers Tr     3.85  4/24/2009    USD    1.38
Lehman Brothers Tr     8.00  5/22/2009    USD    1.38
Lehman Brothers Tr     4.50  7/24/2014    EUR    6.00
Lehman Brothers Tr     4.50 12/30/2010    USD    1.38
Lehman Brothers Tr     7.75   1/3/2012    AUD    1.38
Lehman Brothers Tr     3.10   6/4/2010    USD    1.38
Lehman Brothers Tr     2.50  8/15/2012    CHF    6.00
Lehman Brothers Tr    13.15 10/30/2008    USD    1.38
Lehman Brothers Tr     0.50   8/1/2020    EUR    1.38
Lehman Brothers Tr    14.10 11/12/2008    USD    1.38
Lehman Brothers Tr     4.00  8/11/2010    USD    6.00
Lehman Brothers Tr    12.00  7/13/2037    JPY    6.00
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     6.00  7/28/2010    EUR    1.38
Lehman Brothers Tr     7.50   8/1/2035    EUR    6.00
Lehman Brothers Tr     4.90  7/28/2020    EUR    6.00
Lehman Brothers Tr     4.15  8/25/2020    EUR    1.38
Lehman Brothers Tr     7.50  5/30/2010    AUD    1.38
Lehman Brothers Tr    11.00   5/9/2020    USD    6.00
Lehman Brothers Tr     4.30   6/4/2012    USD    1.38
Lehman Brothers Tr     4.00   6/5/2011    USD    1.38
Lehman Brothers Tr     2.30   6/6/2013    USD    1.38
Lehman Brothers Tr     6.00  6/21/2011    EUR    6.00
Lehman Brothers Tr     2.00  6/21/2011    EUR    6.00
Lehman Brothers Tr    10.00   1/4/2010    USD    6.00
Lehman Brothers Tr    17.00   6/2/2009    USD    1.38
Lehman Brothers Tr    16.80  8/21/2009    USD    1.38
Lehman Brothers Tr     5.22   3/1/2024    EUR    1.38
Lehman Brothers Tr     6.60  5/23/2012    AUD    1.38
Lehman Brothers Tr     3.45  5/23/2013    USD    6.00
Lehman Brothers Tr    16.00 10/28/2008    USD    1.38
Lehman Brothers Tr     5.00  2/15/2018    EUR    6.00
Lehman Brothers Tr     9.00   5/6/2011    CHF    1.38
Lehman Brothers Tr     2.75 10/28/2009    EUR    6.00
Lehman Brothers Tr     5.50 11/30/2012    CZK    6.00
Lehman Brothers Tr     2.50  11/9/2011    CHF    6.00
Lehman Brothers Tr     4.00 11/24/2016    EUR    6.00
Lehman Brothers Tr     6.00 10/30/2012    USD    1.38
Lehman Brothers Tr     3.00  9/12/2036    JPY    2.50
Lehman Brothers Tr    13.00 12/14/2012    USD    6.00
Lehman Brothers Tr     2.40  6/20/2011    JPY    6.00
Lehman Brothers Tr     1.60  6/21/2010    JPY    6.00
Lehman Brothers Tr     8.05 12/20/2010    HKD    1.38
Lehman Brothers Tr     7.25  6/20/2010    USD    6.00
Lehman Brothers Tr     7.00  9/20/2011    USD    6.00
Lehman Brothers Tr     6.70  4/21/2011    USD    6.00
Magyar Telecom BV      9.50 12/15/2016    EUR   45.04
Magyar Telecom BV      9.50 12/15/2016    EUR   44.63
Morgan Stanley BV      9.00  4/16/2015    EUR   71.90
Nederlandse Waters     0.50  3/11/2025    CAD   65.79
New World Resource     7.88   5/1/2018    EUR   68.24
New World Resource     7.88  1/15/2021    EUR   36.78
New World Resource     7.88  1/15/2021    EUR   36.25
New World Resource     7.88   5/1/2018    EUR   68.47
NIBC Bank NV          25.98   5/7/2029    EUR   50.62
Nutritek Internati     8.75 12/11/2008    USD    2.00
Q-Cells Internatio     1.38  4/30/2012    EUR   32.45
Q-Cells Internatio     5.75  5/26/2014    EUR   32.09
Sairgroup Finance      4.38   6/8/2006    EUR   10.50
Sairgroup Finance      6.63  10/6/2010    EUR   12.13
Sidetur Finance BV    10.00  4/20/2016    USD   55.25
Sidetur Finance BV    10.00  4/20/2016    USD   55.00
SNS Bank NV            6.25 10/26/2020    EUR    2.13
SNS Bank NV            6.63  5/14/2018    EUR    4.13
WPE International     10.38  9/30/2020    USD   59.90
WPE International     10.38  9/30/2020    USD   59.38

Eksportfinans ASA      0.25  7/14/2033    CAD    8.50
Eksportfinans ASA      0.50   5/9/2030    CAD   14.25
Kommunalbanken AS      0.50   3/7/2017    BRL   69.77
Kommunalbanken AS      0.50  5/10/2017    BRL   68.32
Kommunalbanken AS      0.50  8/29/2017    BRL   66.85
Kommunalbanken AS      0.50  5/25/2018    ZAR   70.89
Kommunalbanken AS      0.50  9/26/2017    BRL   65.80
Kommunalbanken AS      0.50  3/28/2017    BRL   68.91
Kommunalbanken AS      0.50  6/28/2017    BRL   67.67
Kommunalbanken AS      0.50  9/20/2018    BRL   64.71
Kommunalbanken AS      0.50   3/2/2018    BRL   62.66
Kommunalbanken AS      0.50   6/1/2017    BRL   68.22
Kommunalbanken AS      0.50  8/15/2018    BRL   67.16
Kommunalbanken AS      0.50  3/29/2017    BRL   70.51
Kommunalbanken AS      0.50  8/16/2016    BRL   73.83
Kommunalbanken AS      0.50  5/27/2022    ZAR   47.60
Kommunalbanken AS      0.50  7/28/2016    BRL   74.11
Norske Skogindustr     7.00  6/26/2017    EUR   60.59
Norske Skogindustr    11.75  6/15/2016    EUR   74.02
Norske Skogindustr     6.13 10/15/2015    USD   72.75
Norske Skogindustr     6.13 10/15/2015    USD   69.53
Norske Skogindustr     7.13 10/15/2033    USD   51.63
Norske Skogindustr    11.75  6/15/2016    EUR   73.50
Norske Skogindustr     7.13 10/15/2033    USD   50.08
Petromena ASA          9.75  5/24/2014    NOK    6.75
Petromena ASA         10.85 11/19/2010    USD    6.75

AdP - Aguas de Por     0.33  1/23/2023    EUR   63.88
Banco Espirito San     3.50   1/2/2043    EUR   50.13
Caixa Geral de Dep     5.98   3/3/2028    EUR   57.00
CP - Comboios de P     5.70   2/5/2030    EUR   60.31
Empresa de Desenvo     0.33 11/21/2018    EUR   66.63
Metropolitano de L     4.80  12/7/2027    EUR   73.38
Metropolitano de L     4.06  12/4/2026    EUR   71.93
Parpublica - Parti     4.20 11/16/2026    EUR   68.25
Portugal Obrigacoe     4.10  4/15/2037    EUR   72.12
Rede Ferroviaria N     4.25 12/13/2021    EUR   70.38
Rede Ferroviaria N     4.05 11/16/2026    EUR   71.78

City of Iasi Roman     4.45 11/15/2028    RON   71.23

Arizk                  3.00 12/20/2030    RUB   46.44
Kuzbassenergo-Fina     8.70  4/15/2021    RUB   72.01
Mechel                 8.40  5/27/2021    RUB   70.02
Mechel                 8.40   6/1/2021    RUB   70.13
Mechel                 8.40  5/27/2021    RUB   70.21
Mobile Telesystems     5.00  6/29/2021    RUB   74.25
MORTGAGE AGENT AHM     3.00   9/9/2045    RUB    9.17
Novosibirsk TIN Pl    12.50  8/26/2014    RUB    5.00
RBC OJSC               3.27  4/19/2018    RUB   51.50
Russian Railways J     8.40   6/8/2028    RUB  100.00
Saturn Research &      8.50   6/6/2014    RUB    1.01
TGC-2                 12.00 10/10/2018    RUB   75.00
World of Building      4.20  6/25/2019    RUB    3.60

Autonomous Communi     4.25 10/31/2036    EUR   65.75
Autonomous Communi     4.22  4/26/2035    EUR   64.14
Autonomous Communi     4.69 10/28/2034    EUR   68.88
Autonomous Communi     2.97   9/8/2039    JPY   59.88
Autonomous Communi     0.48 10/17/2022    EUR   70.50
Autonomous Communi     2.10  5/20/2024    EUR   73.97
Autonomous Communi     0.27 11/29/2021    EUR   74.92
Banco de Castilla      1.50  6/23/2021    EUR   65.00
Bankinter SA           6.00 12/18/2028    EUR   65.13
City of Madrid Spa     0.34 10/10/2022    EUR   66.37
City of Madrid Spa     4.55  6/16/2036    EUR   73.57
Comunidad Autonoma     3.90 11/30/2035    EUR   63.84
Comunidad Autonoma     4.20 10/25/2036    EUR   66.58
Comunidad Autonoma     4.06 11/23/2035    EUR   63.94
Diputacion Foral d     4.32 12/29/2023    EUR   61.41
Ibercaja Banco SAU     1.09  4/20/2018    EUR   70.93
Junta Comunidades      0.41  12/5/2023    EUR   54.38
Junta Comunidades      3.88  1/31/2036    EUR   60.38
Junta de Extremadu     0.95  6/10/2024    EUR   72.31
Pescanova SA           5.13  4/20/2017    EUR   18.74
Pescanova SA           8.75  2/17/2019    EUR   17.79
Pescanova SA           6.75   3/5/2015    EUR   17.96
Spain Government I     2.92  12/2/2030    JPY   69.99

Dannemora Mineral     11.75  3/22/2016    USD   41.50
Northland Resource     4.00 10/15/2020    USD    6.63
Northland Resource     4.00 10/15/2020    NOK    7.00
Svensk Exportkredi     0.50  9/14/2016    BRL   74.58
Svensk Exportkredi     0.50  2/22/2022    ZAR   46.97
Svensk Exportkredi     0.50  6/29/2017    IDR   73.20
Svensk Exportkredi     0.50  1/31/2022    ZAR   47.32
Svensk Exportkredi     0.50  6/28/2022    ZAR   45.13
Svensk Exportkredi     0.50  3/19/2018    IDR   68.74
Svensk Exportkredi     0.50  8/28/2018    BRL   59.21
Svensk Exportkredi     0.50  3/15/2022    ZAR   46.66
Svensk Exportkredi     0.50  8/26/2021    AUD   68.36
Svensk Exportkredi     0.50 12/17/2027    USD   60.33
Svensk Exportkredi     0.50 12/14/2016    BRL   72.32
Svensk Exportkredi     0.50  9/28/2017    IDR   71.27
Svensk Exportkredi     0.50   2/3/2017    BRL   70.83
Svensk Exportkredi     0.50  7/21/2017    BRL   67.44
Svensk Exportkredi     0.50 12/21/2016    BRL   72.17
Svensk Exportkredi     0.50  9/20/2017    TRY   71.95
Svensk Exportkredi     0.50 12/22/2016    BRL   72.19
Svensk Exportkredi     0.50  8/28/2020    TRY   54.02
Svensk Exportkredi     0.50   9/5/2017    IDR   71.10
Svensk Exportkredi     0.50  3/10/2017    BRL   70.65
Svensk Exportkredi     0.50  1/26/2017    BRL   71.31
Svensk Exportkredi     0.50  6/30/2017    BRL   67.86
Svensk Exportkredi     1.00 11/15/2021    AUD   72.00
Svensk Exportkredi     0.50  6/21/2017    BRL   68.05
Svensk Exportkredi     0.50  8/25/2021    ZAR   56.85

UBS AG                24.75   1/3/2014    EUR   66.60
Banque Cantonale V    11.80  1/29/2014    CHF   63.63
Banque Cantonale V     6.50  10/5/2015    CHF   72.74
Banque Cantonale V     2.00   7/8/2014    CHF   61.29
SAir Group             6.25 10/27/2002    CHF   11.00
SAir Group             4.25   2/2/2007    CHF   11.63
SAir Group             2.13  11/4/2004    CHF   11.00
SAir Group             0.13   7/7/2005    CHF   11.25
SAir Group             5.50  7/23/2003    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.00
SAir Group             2.75  7/30/2004    CHF   11.13
SAir Group             6.25  4/12/2005    CHF   10.88
UBS AG                24.50   1/3/2014    EUR   53.44
UBS AG                23.75   1/3/2014    EUR   58.46
UBS AG                 8.87  4/15/2014    USD   10.17
UBS AG                24.00   1/3/2014    EUR   71.67
UBS AG                24.25   1/3/2014    EUR   60.63
UBS AG                18.45 10/24/2013    USD    8.73
UBS AG                14.25   1/3/2014    EUR   52.30
UBS AG                20.00   1/3/2014    EUR   56.56
UBS AG                 7.25  7/29/2014    USD   31.57
UBS AG                 6.03  5/14/2014    USD   54.95
UBS AG                24.50   1/3/2014    EUR   67.05
UBS AG                 7.50   1/3/2014    EUR   64.51
UBS AG                12.70  4/22/2014    USD   66.71
UBS AG                 8.94  2/13/2014    USD   14.64
UBS AG                 6.29  2/26/2014    USD   32.99
UBS AG                 6.22  2/26/2014    USD   38.93
UBS AG                24.00   1/3/2014    EUR   72.58
UBS AG                16.50   1/3/2014    EUR   69.19
UBS AG                18.25   1/3/2014    EUR   62.22
UBS AG                18.75   1/3/2014    EUR   66.02
UBS AG                20.25   1/3/2014    EUR   63.41
UBS AG                17.25   1/3/2014    EUR   42.91
UBS AG                11.50   1/3/2014    EUR   52.05
UBS AG                15.50   1/3/2014    EUR   72.73
UBS AG                22.00   1/3/2014    EUR   61.74
UBS AG                17.75   1/3/2014    EUR   68.54
UBS AG                 6.04  8/29/2014    USD   35.75
UBS AG                10.46   1/2/2014    USD   35.35
UBS AG                 8.75   1/3/2014    EUR   69.50
UBS AG                15.25   1/3/2014    EUR   63.26
UBS AG                10.75   1/3/2014    EUR   69.94
UBS AG                12.50   1/3/2014    EUR   62.75
UBS AG                19.00   1/3/2014    EUR   53.05
UBS AG                14.25   1/3/2014    EUR   70.59
UBS AG                20.50   1/3/2014    EUR   69.50
UBS AG                 8.50   1/3/2014    EUR   69.72
UBS AG                24.00   1/3/2014    EUR   63.30
UBS AG                22.25   1/3/2014    EUR   63.98
UBS AG                 9.53 12/17/2013    USD   48.94
UBS AG                 6.49  5/23/2014    USD   21.20
UBS AG                 6.53  5/27/2014    USD   21.09
UBS AG                 6.33  5/12/2014    USD   19.48
UBS AG                 9.25  4/30/2014    USD    9.78
UBS AG                14.00  6/27/2014    EUR   55.27
UBS AG                11.75  6/27/2014    EUR   48.70
UBS AG                 8.29  1/14/2014    USD   19.98
UBS AG                 5.22  1/28/2014    USD   11.48
UBS AG                 7.86  1/31/2014    USD   20.24
UBS AG                 9.17  6/30/2014    USD   67.70
UBS AG                 7.25   8/8/2014    USD   45.54
UBS AG                 8.35 10/24/2013    USD   50.89
UBS AG                 9.45 10/22/2013    USD   20.95
UBS AG                 9.00   1/3/2014    EUR   48.64
UBS AG                14.75   1/3/2014    EUR   44.63
UBS AG                 7.15  2/26/2014    USD   32.50
UBS AG                10.75   1/3/2014    EUR   55.72
UBS AG                 5.00   1/3/2014    EUR   63.46
UBS AG                 8.21  2/26/2014    USD   50.39
UBS AG                10.00   1/3/2014    EUR   43.67
UBS AG                13.50   1/3/2014    EUR   56.28
UBS AG                13.75   1/3/2014    EUR   56.97
UBS AG                10.00   1/3/2014    EUR   62.22
UBS AG                 8.25   1/3/2014    EUR   62.15
UBS AG                23.00   1/3/2014    EUR   69.99
UBS AG                18.75   1/3/2014    EUR   69.15
UBS AG                 7.25   1/3/2014    EUR   69.51
UBS AG                23.25   1/3/2014    EUR   48.61
UBS AG                22.75   1/3/2014    EUR   59.35
UBS AG                21.50   1/3/2014    EUR   61.38
UBS AG                17.50   1/3/2014    EUR   68.73
UBS AG                14.50   1/3/2014    EUR   74.99
UBS AG                16.00   1/3/2014    EUR   71.69
UBS AG                21.00   1/3/2014    EUR   38.60
UBS AG                 6.19   1/8/2014    USD   19.82
UBS AG                 9.93  6/18/2014    USD   50.46
UBS AG                 9.89 11/22/2013    EUR   71.22
UBS AG                 8.00   1/3/2014    EUR   55.16
UBS AG                 4.75   1/3/2014    EUR   69.04
UBS AG                 4.50  6/27/2014    EUR   48.72
UBS AG                 8.75  6/27/2014    EUR   58.09
UBS AG                 6.80  2/20/2014    USD   27.83
UBS AG                 6.80  2/20/2014    USD   27.76
UBS AG                 5.50  3/28/2014    EUR   55.86
UBS AG                 9.50  3/28/2014    EUR   50.93
UBS AG                13.50  3/28/2014    EUR   62.47
UBS AG                12.00  3/28/2014    EUR   42.70
UBS AG                11.50   1/3/2014    EUR   39.79
UBS AG                14.00  3/28/2014    EUR   52.93
UBS AG                 7.75  6/27/2014    EUR   45.94
UBS AG                 6.00  3/28/2014    EUR   49.43
UBS AG                 7.00  6/27/2014    EUR   50.45
UBS AG                11.00  3/28/2014    EUR   46.42
UBS AG                11.00  6/27/2014    EUR   59.64
UBS AG                13.00  6/27/2014    EUR   45.50
UBS AG                13.00   1/3/2014    EUR   59.17
UBS AG                10.75  3/28/2014    EUR   58.16
UBS AG                 5.00  6/27/2014    EUR   63.87
UBS AG                10.50  6/27/2014    EUR   52.89
UBS AG                12.25  6/27/2014    EUR   71.08
UBS AG                 6.25  6/27/2014    EUR   56.36
UBS AG                11.25  3/28/2014    EUR   72.74
UBS AG                11.00   1/3/2014    EUR   70.06
UBS AG                12.25  3/28/2014    EUR   68.98
UBS AG                12.00   1/3/2014    EUR   66.02
UBS AG                13.75  6/27/2014    EUR   65.24
UBS AG                 8.00  3/28/2014    EUR   56.96
UBS AG                20.25   1/3/2014    EUR   67.22
UBS AG                24.50   1/3/2014    EUR   59.05
UBS AG                21.75   1/3/2014    EUR   58.98
UBS AG                12.25   1/3/2014    EUR   52.20
UBS AG                18.00   1/3/2014    EUR   64.27
UBS AG                24.75   1/3/2014    EUR   54.61
UBS AG                22.00   1/3/2014    EUR   63.63
UBS AG                19.25   1/3/2014    EUR   71.52
UBS AG                23.50   1/3/2014    EUR   72.60
UBS AG                18.50   1/3/2014    EUR   71.37
UBS AG                 6.50   1/3/2014    EUR   63.77
UBS AG                13.00   1/3/2014    EUR   49.48
UBS AG                 5.75   1/3/2014    EUR   54.70
UBS AG                 4.25   1/3/2014    EUR   54.36
UBS AG                 6.25   1/3/2014    EUR   48.11
UBS AG                20.00   1/3/2014    EUR   64.93
UBS AG                14.41 11/21/2013    USD   40.01
UBS AG                23.25   1/3/2014    EUR   65.06
UBS AG                15.50   1/3/2014    EUR   45.13
UBS AG                18.25   1/3/2014    EUR   41.49
UBS AG                 6.75   1/3/2014    EUR   68.80
UBS AG                20.75   1/3/2014    EUR   70.05
UBS AG                16.25   1/3/2014    EUR   72.22
UBS AG                19.75   1/3/2014    EUR   64.89
UBS AG                10.00   1/3/2014    EUR   55.96
UBS AG                13.75   1/3/2014    EUR   47.78
UBS AG                12.50   1/3/2014    EUR   49.77
UBS AG                 8.50   1/3/2014    EUR   60.73
UBS AG                23.50   1/3/2014    EUR   36.11
UBS AG                22.75   1/3/2014    EUR   59.75
UBS AG                19.50   1/3/2014    EUR   65.22
UBS AG                20.50   1/3/2014    EUR   70.00
UBS AG                23.50   1/3/2014    EUR   72.59
UBS AG                18.25   1/3/2014    EUR   41.55
UBS AG                24.75   1/3/2014    EUR   72.66
UBS AG                17.50   1/3/2014    EUR   69.19
UBS AG                21.50   1/3/2014    EUR   61.80
UBS AG                 7.98  3/17/2014    USD   10.60
UBS AG                14.75  3/28/2014    EUR   71.70
UBS AG                11.50  6/27/2014    EUR   74.62
UBS AG                 4.50  3/28/2014    EUR   64.14
UBS AG                 6.50  3/28/2014    EUR   44.45
UBS AG                 7.30   7/7/2014    USD   28.53

APP International     11.75  10/1/2005    USD    5.00
Yuksel Insaat AS       9.50 11/10/2015    USD   72.64

Agroton Public Ltd    12.50  7/14/2014    USD   50.00

Alpha Credit Group     0.73  2/21/2021    EUR   52.38
Alpha Credit Group     6.00  7/29/2020    EUR   72.88
Barclays Bank PLC      0.61 12/28/2040    EUR   64.00
Barclays Bank PLC      8.00  5/23/2014    USD   10.81
Barclays Bank PLC      2.20 11/30/2025    USD   21.86
Barclays Bank PLC      0.50  3/13/2023    RUB   47.04
Barclays Bank PLC      6.75 10/16/2015    GBP    1.15
Barclays Bank PLC      7.40  2/13/2014    GBP    1.04
Barclays Bank PLC      2.50   3/7/2017    EUR   35.67
Barclays Bank PLC      8.25  1/26/2015    USD    1.13
Barclays Bank PLC      1.99  12/1/2040    USD   71.38
Barclays Bank PLC      1.64   6/3/2041    USD   66.57
Barclays Bank PLC      7.50  4/29/2014    GBP    1.06
Barclays Bank PLC      2.33   1/2/2041    USD   73.08
Cattles Ltd            6.88  1/17/2014    GBP    2.50
Cattles Ltd            7.13   7/5/2017    GBP    2.50
Commercial Bank Pr     5.80   2/9/2016    USD   69.01
Co-Operative Bank      9.25  4/28/2021    GBP   72.74
Co-Operative Bank      5.75  12/2/2024    GBP   68.46
Co-Operative Bank      7.88 12/19/2022    GBP   70.52
Co-Operative Bank      5.88  3/28/2033    GBP   69.57
Co-Operative Bank      5.63 11/16/2021    GBP   55.13
Co-Operative Bank      1.01  5/18/2016    EUR   69.71
Credit Suisse AG/L    11.50   4/4/2014    CHF   70.01
Credit Suisse AG/L     8.50  11/5/2013    CHF   45.66
Credit Suisse AG/L     6.50  1/14/2014    CHF   55.22
Credit Suisse AG/L     9.00 11/14/2013    CHF   51.41
Credit Suisse AG/L     1.64   6/1/2042    USD   46.62
Credit Suisse AG/L     8.00  1/14/2014    USD   55.38
Credit Suisse AG/L     6.85   8/8/2014    USD   57.36
Credit Suisse AG/L    10.50 11/15/2013    USD   51.48
Credit Suisse Inte     4.40 10/24/2013    EUR   57.10
Credit Suisse Inte     4.45 12/13/2013    EUR   53.20
Dunfermline Buildi     6.00  3/31/2015    GBP    1.38
Emporiki Group Fin     5.00  2/24/2022    EUR   60.75
Emporiki Group Fin     5.00  12/2/2021    EUR   61.13
Emporiki Group Fin     5.10  12/9/2021    EUR   62.13
ERB Hellas PLC         0.52   9/3/2014    EUR   72.13
Goldman Sachs Inte     2.50  8/17/2018    EUR   20.40
HSBC Bank PLC          0.50   4/3/2023    AUD   62.86
HSBC Bank PLC          0.50  12/2/2022    AUD   64.19
HSBC Bank PLC          0.50  2/24/2023    AUD   63.27
HSBC Bank PLC          0.50 10/25/2021    AUD   68.62
HSBC Bank PLC          0.50 11/30/2021    NZD   65.52
HSBC Bank PLC          0.50 12/20/2018    RUB   69.82
HSBC Bank PLC          0.50  6/30/2021    NZD   67.16
HSBC Bank PLC          0.50   2/2/2023    AUD   63.51
HSBC Bank PLC          0.50 12/29/2022    AUD   63.89
HSBC Bank PLC          0.50   2/5/2018    RUB   74.86
HSBC Bank PLC          0.50   3/1/2018    RUB   74.48
HSBC Bank PLC          0.50  4/27/2027    NZD   47.02
HSBC Bank PLC          0.50 11/22/2021    AUD   68.35
HSBC Bank PLC          0.50  7/30/2027    NZD   46.29
HSBC Bank PLC          0.50  1/29/2027    NZD   47.70
HSBC Bank PLC          0.50 10/30/2026    NZD   48.42
HSBC Bank PLC          0.50 12/29/2026    AUD   50.10
HSBC Bank PLC          0.50  12/8/2026    AUD   50.28
HSBC Bank PLC          0.50  2/24/2027    NZD   47.50
Royal Bank of Scot     1.69 11/14/2016    GBP    1.10
RSL Communications    10.50 11/15/2008    USD    1.20
RSL Communications    10.13   3/1/2008    USD    1.25
RSL Communications     9.13   3/1/2008    USD    1.25
RSL Communications     9.88 11/15/2009    USD    1.25
RSL Communications    12.00  11/1/2008    USD    1.25
UBS AG/London         25.00  3/20/2014    CHF   62.25
UBS AG/London          7.63  9/30/2015    USD   16.71
UBS AG/London         20.25  4/17/2014    CHF   66.13
UBS AG/London          6.88  8/31/2015    USD   15.37


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

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

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

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


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

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

Copyright 2014.  All rights reserved.  ISSN 1529-2754.

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

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

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

                 * * * End of Transmission * * *