TCREUR_Public/140421.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, April 21, 2014, Vol. 15, No. 77

                            Headlines

D E N M A R K

TELLER A/S: Fitch Affirms 'BB+/B' IDRs; Outlook Stable


F R A N C E

HOLDING BERCY: Fitch Affirms 'B+' IDR; Outlook Stable


G E R M A N Y

DECO 7: Fitch Affirms 'Dsf' Rating on EUR35-Mil. Class H Notes
HAPAG-LLOYD AG: CSAV Agreement No Impact on Moody's B2 CFR
STRENESSE: To Restructure Under Insolvency Proceedings


I R E L A N D

CORDATUS LOAN: Moody's Raises Rating on Class E Notes to Ba3
MOUNT WOLSELEY HOTEL: Files Application for Examinership
SETANTA INSURANCE: Faces Liquidation, 75,000 Drivers at Risk
SHOE RACK: To Seek Fresh Investment Following Examinership


I T A L Y

BANCA POPOLARE: Fitch Affirms 'BB+' LT Issuer Default Rating
CREDITO VALTELLINESE: Moody's Affirms 'Ba3' Deposit Ratings
ENEL SPA: Fitch Affirms 'BB+' Preferred Stock Rating
TEAMSYSTEM HOLDING: Moody's Affirms 'B2' CFR; Outlook Negative


K A Z A K H S T A N

ASIACREDIT BANK: Fitch Corrects April 16 Ratings Release


L U X E M B O U R G

COLOUROZ MIDCO: Moody's Assigns 'B2' CFR; Outlook Stable
SUNRISE COMMUNICATIONS: Fitch Affirms 'BB-' Long-Term IDR


N E T H E R L A N D S

BABSON EURO 2014-1: Moody's Assigns B2 Rating to EUR14.5MM Notes
BABSON EURO 2014-1: Fitch Assigns 'B-' Rating to Class F Notes


R U S S I A

BANCA INTESA: Moody's Changes Outlook on Ba1 Rating to Negative
CHERKIZOVO GROUP: Acquisition No Impact on Moody's B2 Ratings
CREDIT EUROPE: Moody's Lowers Long-Term Deposit Ratings to Ba3
FAR-EASTERN SHIPPING: Fitch Lowers IDR to 'B'; Outlook Stable
GLOBALTRANS INVESTMENT: Fitch Affirms 'BB' IDR; Outlook Stable

MDM BANK: Moody's Cuts Deposit & Debt Rating to B1; Outlook Neg.


S P A I N

BANKIA SA: Fitch Lifts Viability Rating to bb-; Outlook Negative
BANKOA SA: Moody's Alters Ba1 Rating Outlook to Stable
LA SEDA DE BARCELONA: Cristian Lay Group Acquires Two Units
NCG BANCO: Fitch Affirms 'BB+' Long-Term IDR; Outlook Negative
STRAWINSKY I: Moody's Affirms C Rating on EUR10.27MM Class Notes

* Fitch Revises Outlooks on 16 Spanish RMBS Tranches to Stable


S W E D E N

SAAB AUTOMOBILE: Trustee Claims Execs' Missteps Led to Bankruptcy


T U R K E Y

FINANSBANK: Fitch Affirms 'BB-' Support Rating Floor


U N I T E D   K I N G D O M

HERCULES ECLPISE 2006-4: Moody's Affirms B1 Rating on Cl. B Notes
LADBROKES PLC: Fitch Cuts Long-Term IDR to 'BB'; Outlook Stable
PREMIERTEL PLC: Fitch Lowers Rating on Class B Notes to 'BBsf'


X X X X X X X X

* BOND PRICING: For the Week April 14 to April 18, 2014


                            *********


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D E N M A R K
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TELLER A/S: Fitch Affirms 'BB+/B' IDRs; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Teller A/S's and Teller AS's
(collectively Teller companies) Long-term Issuer Default Ratings
(IDR) at 'BB+' with a Stable Outlook, Short-term IDRs at 'B' and
Support Ratings at '3'.

KEY RATING DRIVERS - IDRs

The Teller companies' ratings reflect their monoline business
models in Nordic merchant acquiring of international payment
cards and potentially large exposures to operational risk.  This
risk is mitigated by the absence of debt and their strong
liquidity management.  The ratings also reflect the companies'
leading franchises and low historical credit losses.  Fitch rates
the Teller companies at the same level despite their slightly
different performance and capital levels.  The high level of
integration between the entities and the common branding supports
this view.

The Teller companies' key risk is the potential need to bridge a
liquidity gap that could be caused by a major operational event,
such as a system failure which would delay payments from credit
card issuers.  However, Fitch believes such a scenario to be
unlikely and the risk is mitigated by the Teller companies'
strong track record in managing operational risk and their
holdings of cash and liquid securities.

Credit risk can stem from both fraud and default of a merchant.
Losses have consistently remained at low levels and are
comfortably absorbed by earnings.  Fitch expects that the Teller
companies will maintain prudent underwriting standards and strict
risk controls, particularly for their high-risk customers with
large pre-payments of goods and/or services.

The Teller companies are subject to regulatory capital
requirements, which they exceed by a wide margin, although the
amount of capital is relatively small.  As all profits are up-
streamed to Nets Holding A/S (their parent company), internal
capital generation is poor.

RATING SENSITIVITIES - IDRs

The Teller companies' monoline business model and relatively
small capital base somewhat limit the ratings' upside potential.

Downward pressure on the ratings would most likely be a result of
any significant increase in the Teller companies' risk appetite
through less prudent liquidity management or expansion into
higher-risk markets.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATINGS

The Teller companies' Support Ratings reflect Fitch's expectation
of a moderate probability of support from their ultimate owners;
the largest being Danmarks Nationalbank, Danske Bank (A/Outlook
Stable), DNB Bank and Nordea Bank Danmark (AA-/Outlook Stable).
This is driven by the Teller companies' important role in the
Nordic payments system, and is supported by their fairly small
sizes relative to the combined balance sheets of their owners.
The Support Ratings are sensitive to any potential change in
ownership or in Fitch's assumptions about the propensity or
ability of the owners to provide timely support to the Teller
companies.



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F R A N C E
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HOLDING BERCY: Fitch Affirms 'B+' IDR; Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed foodservices company Holding Bercy
Investissement SCA's (HBI) Issuer Default Rating (IDR) at 'B+'
with a Stable Outlook.  HBI is the holding company of France-
based contract foodservices and concession catering operator,
Elior Group (Elior).  Fitch has also affirmed the instrument
rating on the company's senior secured credit facility and the
EUR350 million senior secured notes issued by Elior Finance & Co.
SCA (Elior Finance) at 'BB-'/'RR3'.

The affirmation reflects Elior's balanced business profile
resulting from its broad product offering, strong customer and
business diversification, and the high barriers to entry in the
catering sector.  The long-term secular trend toward outsourced
foodservices, along with the company's strong reputation and
expertise, are expected to support continued sales and profit
growth over the intermediate term.  Furthermore, the asset-light
nature and low capital intensity of the business allows Elior to
consistently convert profits into free cash flow (FCF).

However, Elior's substantial debt remains the principal
constraining factor for the current ratings.  The amount of
deleveraging in FY13 (ending September 2013) was below Fitch's
previous expectation as a result of increased borrowings to fund
the acquisition of TrustHouse Services (THS).  From a business
risk standpoint, Fitch continues to view Elior as having a
profile in line with a higher rating category (BB).  Conversely,
the company's financial profile remains more in line with a 'B'
rated issuer.  Fitch expects Elior will be able to regain its
headroom under its 'B+' IDR driven by steady profitability and
strong FCF margin averaging 2% of sales over the next four years.

KEY RATING DRIVERS

High Leverage

Credit metrics improved slightly in FY13 although the degree of
improvement is below Fitch's original expectations.  Profits from
previous bolt-on acquisitions and the impact of the French CICE
tax rebate helped to offset the impact that several one-time cash
outflows and increased debt to fund the THS acquisition had on
credit metrics.  FFO adjusted leverage has declined to c. 7.5x at
FYE13 from almost 8.0x at FYE12.

Fitch expects credit metrics to show additional improvement in
FY14 driven by moderate organic sales growth and mild profit
margin expansion as extraordinary costs dissipate.  Thereafter,
any meaningful deleveraging will be predicated on continued
profit growth and Fitch does not expect any material repayment of
debt prior to bullet maturities in 2019/2020.

Strong Cash Flow Conversion

The asset-light nature and low capital intensity of the business
allows Elior to consistently convert operating profits into
strong cash flow before debt service and provides significant
financial flexibility which is viewed as a key supporting factor
of the company's credit profile.

Sound Business Risk Profile Relative to Peers

Elior's geographical concentration in France and other southern
European countries remains a constraining factor on the rating
relative to its closest peers Compass (A-/Stable) and Sodexo
(BBB+/Stable), who maintain broader geographical diversification.
Nonetheless, Elior possesses several company-specific traits akin
to low investment grade for business services companies such as a
broad range of services and customer diversification as well as a
high proportion of contracted revenues and low renewal risk.
Diversified Profit Drivers

Elior's contract catering and support services segment
(representing 68% of FY13 group EBITDA) is a key anchor to the
rating. Fitch expects the profitability under these contracts,
which is largely P&L based, to remain steady in a low
inflationary environment while keeping any productivity
improvements.  Fitch also expects concession activities,
accounting for one-third of group EBITDA, to remain structurally
more profitable albeit more capital intensive than contract
catering over the next two years.

Adequate Liquidity

Cash of EUR168 million at end of December 2013 (EUR210 million at
FY13) together with access to nearly EUR200 million of undrawn
revolving credit facilities is sufficient to address business
needs relative to moderate near term debt repayments under the
current capital structure.

Above-average Expected Recoveries for Senior Creditors upon
Default

Elior's Recovery Ratings reflect Fitch's expectations that the
enterprise value of the company would be maximized in a
restructuring scenario (going concern approach), rather than a
liquidation due to the asset-light nature of the business.  Fitch
believes that a 6.0x distressed EV/EBITDA multiple and 25%
discount to EBITDA resulting from unsustainable financial
leverage, possibly as a result of increasingly aggressive
acquisition activity or contract losses, are fair assumptions
under a distress scenario.  This results in above-average
expected recoveries (51%-70%) for first lien creditors, resulting
in an affirmation of the senior secured credit facility and
senior secured notes' rating at 'BB-'/'RR3', one notch above
Elior's IDR. Our analysis includes lenders under the Facility H1
(amounting to EUR350 million) to Elior Finance, whose voting
rights are limited to enforcement instructions and certain other
matters, but rank pari passu with all existing HBI lenders with
regard to security enforcement in the event of default.

RATING SENSITIVITIES

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

- Additional diversification, by segment and/or geography.
- Further deleveraging resulting in FFO adjusted gross leverage
    below 5.0x.
- FFO fixed charge coverage above 2.8x.
- FCF/total adjusted debt margin above 12%.

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

- FFO adjusted gross leverage remaining above 7.0x.
- FFO fixed charge coverage below 2.0x.
- FCF/total adjusted debt margin below 5%.



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G E R M A N Y
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DECO 7: Fitch Affirms 'Dsf' Rating on EUR35-Mil. Class H Notes
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on DECO 7 - Pan Europe 2
plc (DECO 7), a commercial mortgage-backed securitization, and
affirmed the ratings as follows:

EUR70 million class A2 (XS0246470214) affirmed at 'AAsf'; Outlook
Stable

EUR108.5 million class B (XS0244895073) affirmed at 'BBBsf';
Outlook revised to Stable from Negative

EUR54 million class C (XS0244895586) affirmed at 'BBsf'; Outlook
revised to Stable from Negative

EUR17.6 million class D (XS0244896048) affirmed at 'Bsf'; Outlook
Negative

EUR35.8 million class E (XS0244896394) affirmed at 'CCsf';
Recovery Estimate (RE) 20%

EUR19.4 million class F (XS0246471881) affirmed at 'Csf'; RE 0%

EUR16.4 million class G (XS0246474042) affirmed at 'Csf'; RE 0%

EUR35 million class H (XS0246475445) affirmed at 'Dsf'; RE 0%

The transaction is a securitization of 10 commercial real estate
loans originated by Deutsche Bank AG between August 2005 and
February 2006. Out of the 10 underlying exposures, five loans
remain.  Three (Karstadt Kompakt, Procom, and Schmeing, together
49.4% of the pool balance), are currently specially serviced by
Hatfield Philips International Ltd.

Key Rating Drivers

The affirmation of the notes reflects the transaction's stable
performance.  The revised Outlook on the class B and C reflects
Fitch's expectation of significant principal repayment of the
Tiago and Procom loans.

The Karstadt Kompakt loan (33.7% of the pool) is secured by a
portfolio of 21 vacant retail properties in secondary locations
across western Germany, previously let to the department store
chain, Hertie Gmbh, which became insolvent in July 2008. As the
properties are vacant, the repayment of liquidity drawings and
liquidation and workout fees are being funded from sales
proceeds. Since Fitch's last rating action in June 2013, nine
properties were sold at an average premium of 24% against their
2011 market value, but below their respective allocated loan
amount.  The disposal activity therefore resulted in an increase
in the loan-to-value ratio (LTV) to 202.7% from 181.5%.  Fitch
expects a further EUR68.0 million loss from the remaining
properties at the loan final recovery date.

The Tiago loan (26.6% of the pool) is secured by two office
properties in Frankfurt, a multi let office building and single
let office property on a long lease to a subsidiary of Air
Liquide.  In January 2013, the loan was restructured and extended
until January 2014. Based on evidence of an upcoming refinancing,
the special servicer extended the loan until March 31, 2014.
Fitch expects the loan to repay in line with its current LTV of
89% and robust income profile.

The World Fashion Centre loan (24% of the pool) is secured by two
adjoining office properties on the outskirts of Amsterdam used
mainly as showrooms for fashion industry companies.  Since
Fitch's last rating action, the LTV (based on a 2005 valuation)
has decreased to 58.3% from 61% as a result of a cash sweep.
However, the vacancy rate increased to 22.6% from 18.1%.  On the
basis of the volatile performance and a more conservative value
assessment, Fitch believes the loan is likely to be transferred
to special servicing at its loan maturity in April 2014.

The Procom loan (13.1% of the pool) is secured by a portfolio of
eight retail properties located across Germany.  In October 2012,
the loan was transferred to special servicing after failing to
repay.  Since Fitch's last rating action, the loan amortized by
EUR1.8 million due to a cash sweep.  In addition, five properties
were sold for a cumulative sale price of EUR16.3 million, which
represents an average premium of 8% compared with the 2011 market
value but an average discount of 5% against their respective
allocated loan amount.  Net sales proceeds are expected to be
distributed at the April 2014 interest payment date.  Fitch
expects the loan to suffer losses.

The Schmeing loan (2.6% of the pool balance) is secured by three
fully-occupied retail properties located in western Germany.
Based on its current LTV (121%), the loan is expected to suffer a
loss.

Rating Sensitivities

Fitch estimates 'Bsf' recoveries of GBP253.3 million.

A protracted workout of the Karstadt Kompakt loan could have a
detrimental effect on the expected level of recoveries and the
ratings of the notes.


HAPAG-LLOYD AG: CSAV Agreement No Impact on Moody's B2 CFR
----------------------------------------------------------
Moody's Investors Service has said that the B2 corporate family
rating (CFR), B2-PD probability of default rating (PDR) and Caa1
senior unsecured ratings of Hapag-Lloyd AG are unchanged,
following the signing of an agreement to combine its container
liner shipping activities with those of Compania Sud Americana de
Vapores S.A. (CSAV). The outlook on the ratings is negative.

"Moody's recognizes that the combination would create the fourth-
largest container shipping player in the world, as well as
strengthen the company's Latin American operations and bring with
it significant cost synergies," says Marie Fischer-Sabatie, a
Moody's Vice President -- Senior Credit Officer and lead analyst
for Hapag-Lloyd. "That said, the combined entity would initially
have a high leverage, which Moody's estimate at around 7x in the
first year following the merger."

The closing of the transaction is subject to the approval of
competition authorities, as well as to the condition that not
more than 5% of CSAV's shareholders exercise their appraisal
rights.

Hapag-Lloyd announced on 16 April 2014 that it has signed an
agreement with CSAV to combine their container liner shipping
activities, in exchange of which CSAV will receive a 30%
shareholding in Hapag-Lloyd AG. With this transaction, CSAV's
container activities will be integrated into the Hapag-Lloyd
organization. The transaction would create a larger player in the
container shipping segment with the combined entity becoming the
fourth-largest player worldwide. The combination would, in
particular, strengthen Hapag-Lloyd's position in Latin America,
where CSAV has a strong presence, and also allow for cost
synergies, (estimated by the company at approximately US$300
million), especially related to network optimization.

However, the combination entails some integration risks, with
CSAV having undergone significant challenges over the past years
and still implementing a heavy restructuring of its fleet. The
improvement in EBITDA of the combined entity is premised on the
(1) successful completion of CSAV's restructuring plan, whereby
it is terminating onerous charter contracts; and (2) successful
implementation of cost optimization, in particular on the
combined fleet, which will also be dependent on the evolution of
market conditions in the container shipping segment. In addition,
the financial profile of the combined entity will have high
leverage initially, with a ratio of (gross) debt/EBITDA
(including Moody's adjustments) that Moody's projects at around
7.0x in the first year following the merger, which is still high
for the B2 category.

Moody's positively notes that Hapag-Lloyd has successfully
integrated in the past another company, CP Ships, the results of
which saw the company outperform initially targeted synergies. In
addition, the transaction entails a first EUR370 million capital
increase, which is planned to take place at the closing of the
transaction and is guaranteed, with CSAV's shareholders committed
to raising 70% and Hapag-Lloyd's shareholders 30% of the amount.
This would strengthen the profile of the combined entity and
contribute to the financing of its capital expenditures. A second
capital increase of EUR370 million will be linked to Hapag-
Lloyd's planned stock exchange listing at a later date.

Moody's also expects that the liquidity profile of the combined
entity will be satisfactory, underpinned by (1) increased cash
balances, helped by the planned capital increase of EUR370
million in 2014; (2) access to a US$95 million revolving credit
facility (undrawn), two legacy bank facilities of CSAV of
approximately US$180 million (both undrawn) and availability of
approximately US$170 million under Hapag-Lloyd's securitization
program (as at December 31, 2013); and (3) comfortable leeway
under its financial covenants.

Hapag-Lloyd's B2 CFR continues to reflect (1) the environment in
which the company operates, characterized by high competition,
which limits operators' ability to recover operating costs, and
the overreliance of the container shipping segment on short-term
contracts, which limits market visibility; (2) the high adjusted
debt of the company, with a ratio of (gross) debt/EBITDA of 8.3x
at year-end 2013. The rating also takes account of (1) the
company's good business profile, thanks to its leading market
position; (2) the flexibility of its fleet (due to the high
number of chartered vessels that could be redelivered in the next
12 months); and (3) Hapag-Lloyd's stable financial position,
supported by adequate liquidity and good headroom under the
company's financial covenants.

The Caa1 rating assigned to Hapag-Lloyd's senior unsecured notes
is two notches lower than Hapag-Lloyd's CFR as it reflects not
only their pari passu ranking with all other unsecured
indebtedness issued by Hapag-Lloyd, but also their contractual
subordination to secured debt existing within the group. The
combination with CSAV adds both senior secured (vessel financing)
and senior unsecured (corporate financing) debt, which maintains
the two-notch differential between the B2 CFR and the Caa1 rating
of the notes.

The negative rating outlook reflects Hapag-Lloyd's weak credit
metrics for the rating category, combined with the challenges
facing the global container shipping market. While the rating
agency recognizes that the successful integration of CSAV's
container activities into the group would translate into material
cost optimization and the improvement of its financial profile
over time, the leverage of the combined entity will remain high
in the 12-18 months following the closing of the transaction. In
addition, any progress Hapag-Lloyd makes in strengthening its
credit metrics will depend on the future evolution of the
container market and the global level of demand. Freight rates in
the next few quarters dipping sustainably below current levels
and/or bunker costs increasing could put pressure on the ratings.

Positive rating pressure could arise if the company were to
demonstrate progress towards (1) a reduction in financial
leverage approaching 6.0x on a sustainable basis; and (2) an
increase in its (funds from operations (FFO) + interest
expense)/interest expense to above 2.5x on a sustainable basis.

The ratings presently incorporate Moody's expectation that Hapag-
Lloyd's currently weak credit metrics for the rating category
will improve in 2014, helped by the combination with CSAV's
container activities. Moody's could downgrade the rating if
Hapag-Lloyd is unable to demonstrate a path to a stronger credit
metrics profile during 2014. For instance, financial leverage
remaining above 7.0x on a sustained basis or (FFO + interest
expense)/interest expense of below 1.5x could exert pressure on
the rating. A rating downgrade could also result from any
pressure on Hapag-Lloyd's liquidity profile.

Headquartered in Hamburg, Germany, Hapag-Lloyd AG is the largest
container liner shipping company in Germany and one of the
biggest worldwide based on global market coverage. At year-end
2013, Hapag-Lloyd operated a fleet comprising 151 container ships
including 57 owned, 87 chartered-in and seven leased vessels, and
recorded a turnover of EUR6.6 billion on a last-12-months basis.


STRENESSE: To Restructure Under Insolvency Proceedings
------------------------------------------------------
Alexander Huebner at Reuters reports that Strenesse, once known
for dressing the German national soccer team at official events,
said on Wednesday it has filed for insolvency.

According to Reuters, the family-owned company, which has been
struggling with its finances but seemed back on a firmer footing
in February when creditors agreed a new EUR12 million (US$16.6
million) bond, said it would seek to restructure itself under
insolvency proceedings.

"We want to return Strenesse to profitability as soon as
possible," Reuters quotes lawyer Michael Pluta, who will act as
chief restructuring officer, as saying.

Strenesse is German luxury fashion company.  The company, which
is mainly active in German-speaking countries, Italy, the United
States, Japan and eastern Europe, mainly designs women's
clothing.  It employs around 360 people.



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CORDATUS LOAN: Moody's Raises Rating on Class E Notes to Ba3
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Cordatus Loan Fund I P.L.C.:

  EUR39.6M Class B Deferrable Secured Floating Rate Notes due
  2024, Upgraded to Aa2 (sf); previously on Sep 15, 2011 Upgraded
  to A1 (sf)

  EUR24.3M Class C Deferrable Secured Floating Rate Notes due
  2024, Upgraded to A2 (sf); previously on Sep 15, 2011 Upgraded
  to Baa2 (sf)

  EUR31.5M Class D Deferrable Secured Floating Rate Notes due
  2024, Upgraded to Baa3 (sf); previously on Sep 15, 2011
  Upgraded to Ba2 (sf)

  EUR18M Class E Deferrable Secured Floating Rate Notes due 2024,
  Upgraded to Ba3 (sf); previously on Sep 15, 2011 Upgraded to B1
  (sf)

  EUR7M (current outstanding amount EUR 4.51M) Class W
  Combination Notes due 2024, Upgraded to A3 (sf); previously on
  Sep 15, 2011 Upgraded to Baa3 (sf)

Moody's also affirmed the ratings on the following notes issued
by Cordatus Loan Fund I P.L.C.:

  EUR78.75M Senior Secured Floating Rate Variable Funding Notes
  due 2024, Affirmed Aaa (sf); previously on Sep 15, 2011
  Upgraded to Aaa (sf)

  EUR174.6M Euro Class A1 Senior Secured Floating Rate Notes due
  2024, Affirmed Aaa (sf); previously on Sep 15, 2011 Upgraded to
  Aaa (sf)

  GBP22.635M Sterling Class A2 Senior Secured Floating Rate Notes
  due 2024, Affirmed Aaa (sf); previously on Sep 15, 2011
  Upgraded to Aaa (sf)

Cordatus Loan Fund I P.L.C., issued in January 2007, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans, managed by CVC
Cordatus Group Limited. This transaction ended its reinvestment
period in January 2014. It is predominantly composed of senior
secured loans.

Ratings Rationale

The rating actions are primarily a result of modelling the actual
credit metrics (WARF, DS and WAS) of the underlying pool.

In consideration of the reinvestment restrictions during the
amortization period, and therefore the limited ability to effect
significant changes to the current collateral pool, Moody's
analyzed the deal assuming a higher likelihood that the
collateral pool characteristics would maintain an adequate buffer
relative to certain covenant requirements. In particular, Moody's
assumed that the deal will benefit from a shorter amortization
profile and higher spread levels compare to the levels assumed
prior to the end of the reinvestment period in January 2014.

The credit quality has marginally improved as reflected in the
improvement in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF). As of
the trustee's February 2014 report, the WARF was 2788 compared
with 2838 in February 2013. The reported weighted average spread
and diversity score have increased to 4.14% and 43 in February
2014 from 4.03% and 34 respectively a year ago.

As of the latest trustee report dated February 2014, the Class A,
Class B, Class C, Class D and Class E over-collateralization
ratios are reported at 153.32%, 133.72%, 123.99%, 113.31% and
107.99% respectively, as compared to 150.21%, 130.45%, 120.71 %,
110.05% and 104.77 %, respectively, on February 2013. All of the
notes are passing their over-collateralization tests.

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

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having
(a) an EUR pool with performing par and principal proceeds
balance of EUR324.86 million, and defaulted par of EUR12.63
million and (b) a GBP pool with par and principal proceeds of
GBP69.39 million, a weighted average default probability 21.13%
(consistent with a WARF of 2890 with a weighted average life of
4.64 years), a weighted average recovery rate upon default of
45.96% for a Aaa liability target rating, a diversity score of 35
and a weighted average spread of 4.14%. The GBP-denominated
liabilities are naturally hedged by the GBP assets.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has
exposures to 17.22% of obligors in Italy, Ireland, and Spain,
whose LCC is A2, A2 and A1 respectively. Moody's ran the model
with different par amounts depending on the target rating of each
class of notes, in accordance with Section 4.2.11 and Appendix 14
of the methodology. The portfolio haircuts are a function of the
exposure to peripheral countries and the target ratings of the
rated notes, and amount to 2.89% for the Class A notes, 1.81%for
the Class B notes and 0.72% for the Class C notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 89.22% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

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:

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed lower weighted average spread. Moody's ran a
model in which it lowered the base case WAS by 30 basis points to
3.84%, the model generated outputs that were within one notch of
the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of the uncertainty about credit conditions in the
general economy, especially the portfolio has a 17.22% exposure
to obligors located in Ireland, Spain and Italy. CLO notes'
performance may also be impacted either positively or negatively
by 1) the manager's investment strategy and behavior and 2)
divergence in the legal interpretation of CDO documentation by
different transactional parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

(1) Portfolio amortization: The main source of uncertainty in
this transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

(2) Around 16.82% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

(3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

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


MOUNT WOLSELEY HOTEL: Files Application for Examinership
--------------------------------------------------------
RTE News reports that Mount Wolseley Hotel and Golf Resort, which
owes various banks EUR60 million, has asked the High Court for
protection from its creditors long enough to put a rescue plan in
place and save up to 175 jobs.

The High Court was told that the Tullow, Co Carlow, resort is
currently worth only EUR5 million to EUR6.5 million, RTE News
relates.

The Morrisey family, which owns the resort, asked Mr. Justice
David Keane to appoint insolvency practitioner Ian Lawlor as
Examiner to run and hopefully save the business as a going
concern, RTE News discloses.

Bank of Ireland, which is owed about EUR28 million by the
resort's owners, has opposed the application, claiming the
Examinership process has no reasonable prospect of securing the
investment required to succeed, RTE News relays.

BOI wants to appoint a receiver to sell the business, RTE News
says.

Judge Keane heard that the resort owes various banks more than
EUR60 million, most of which had been borrowed during the Celtic
Tiger era, RTE News discloses.

Property valuation experts estimated the resort as currently
worth at most EUR6.5 million, RTE News states.

Bernard Dunleavy, counsel for prospective examiner, said
Mr. Lawlor had received eight expressions of interest from
potential investors, none of whom had any connection with the
current owners, RTE News relates.

Mr. Lawlor, of JPA Brenson Lawlor, was appointed interim examiner
in early April to the resort company and two related companies
Lismare Enterprises and LIsmare Properties, RTE News recounts.

The court heard the companies are ultimately owned by members of
the Morrissey family, RTE News states.

According to RTE News, Gary McCarthy, counsel for the Morrissey
family, said an independent accountant's report stated the resort
had a reasonable prospect of surviving as a going concern if
certain steps were taken.

These steps included the securing of additional investment and
that an examiner be appointed in order to put together a scheme
of arrangement with the resort's creditors, RTE News states.

Judge Keane, as cited by RTE News, said he would give his
judgment at a sitting of the High Court in Cork on April 29.

Until then the interim examiner was to remain in place and the
resort remain under the control of its existing management, RTE
News notes.

Mount Wolseley Hotel and Golf Resort is a popular wedding venue
and comprises a 143-room hotel together with holiday homes, a
leisure centre, spa and an 18 hole golf course designed by former
Ryder Cup hero Christy O'Connor Jnr.


SETANTA INSURANCE: Faces Liquidation, 75,000 Drivers at Risk
------------------------------------------------------------
Eoin Burke-Kennedy at The Irish Times reports that up to 75,000
van and car drivers have been advised to urgently seek
alternative insurance cover following the collapse of Dublin-
based Setanta Insurance.

The insurance firm, which was licensed by the Maltese Financial
Services Authority (MFSA), had been in the process of winding
down its business here since January, The Irish Times discloses.

However, at an extraordinary general meeting on Wednesday,
shareholders were informed that the proposed solvent run-off of
the business was no longer possible, and a decision was made to
immediately dissolve the business, The Irish Times relates.

As a consequence, the insurer has suspended all payments that
were already in the process of being issued, The Irish Times
notes.

The Central Bank, as cited by The Irish Times, said Setanta was
not in a position to confirm if claims will be met in full since
any and all claims will be subject to the relevant liquidation
process, which will be overseen by the Maltese authorities.

The Central Bank -- which has no regulatory authority over
Setanta -- said it was notified by the financial authorities in
Malta that Setanta shareholders were winding up the company, The
Irish Times relays.

It is understood the company has about 75,000 Irish-based
customers on its books, down from the 100,000 it had just prior
to its winding-down announcement in January, according to The
Irish Times.

Setanta Insurance, a subsidiary of Malta based Setanta Insurance,
was established in 2007 and was authorized to write business in
Ireland by the Malta Financial Services Authority on a freedom of
services basis.


SHOE RACK: To Seek Fresh Investment Following Examinership
----------------------------------------------------------
Barry O'Halloran at The Irish Times reports that Shoe Rack plans
to seek fresh investment after the appointment of an examiner to
the footwear chain.

The High Court appointed accountant Anthony Weldon of Kieran Ryan
& Co. as examiner following a petition from its directors earlier
this month, The Irish Times relates.

According to The Irish Times, the chain has been struggling with
a number of leases, dating back to the property bubble, where
rents are above current market levels and which are governed by
"upward-only reviews".

The examiner is expected to seek fresh investment that will form
part of a rescue plan -- known formally as a scheme of
arrangement -- for the business, The Irish Times discloses.

Recently lodged accounts for the business show that sales in the
12 months to February 28th last year were EUR5.9 million, The
Irish Times notes.  Its operations lost EUR280,000, a 45%
reduction on the previous financial year, when the shortfall was
EUR506,000, The Irish Times relays.

Shoe Rack employs 70 people and operates 10 stores under its own
brand and three concessions.



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


BANCA POPOLARE: Fitch Affirms 'BB+' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Banca Popolare di Milano's (BPM) Long-
term Issuer Default Rating (IDR) at 'BB+' with Negative Outlook.
It has also downgraded its Viability Rating (VR) to 'b+' from
'bb-' and removed it from Rating Watch Negative (RWN).

Key Rating Drivers - IDRs, Support Rating, Support Rating Floor
And Senior Debt

Banca Popolare di Milano's Long-and Short-term IDRs and senior
debt ratings are driven by its Support Rating Floor (SRF).  BPM's
Support Rating (SR) and SRF reflect the regional importance of
the bank to Italy and Fitch's view that there is a moderate
probability that the authorities would provide support to the
bank if required because of BPM's strong franchise in its home
region of Lombardy and its fairly large customer funding base.

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

The ratings are sensitive to a weakening of Fitch's assumptions
around the ability or propensity of Italy to provide timely
support to the bank.

Of these, the greatest sensitivity is to a weakening of support
propensity in respect of further progress being made in
addressing practical and legislative impediments to effective
bank resolution.  "We believe this will mainly occur through
national implementation of the requirements of the Bank Recovery
and Resolution Directive (BRRD).  We also believe banking union
will reduce national influence over resolution decisions.  Our
current base case is that BPM's SR and SRF are likely to be
downgraded and revised downwards, respectively to '5' and 'No
Floor' over the next one to two years.  At this stage, this is
likely to be in 2H14 or in 1H15, but this could change.  The
timing will be influenced by Fitch's continuing analysis of
progress made on bank resolution and could also be influenced by
idiosyncratic events," Fitch said.

The Outlook is Negative because such a downward revision of SRF
is likely to result in downgrades of the Long-term IDR and long-
term senior debt ratings to the level of the bank's VR, unless
mitigating factors arise in the meantime.  Mitigating factors
could include an upgrade of BPM's VR to the level of the bank's
current SRF, the existence of large buffers of junior debt or
corporate actions.

The Outlook is also Negative because it is in line with the
Outlook on Italy's 'BBB+' Long-term IDR and reflects the ability
of the Italian authorities to provide timely support to the
banks. The Italian state's ability to provide such support is
dependent upon its creditworthiness, reflected in its Long-term
IDR.  A downgrade of Italy's sovereign rating would reflect a
weakened ability of the state to provide support and therefore
likely result in the downward revision of the BPM's SRF and
ultimately also its Long-term IDR.

Key Rating Drivers - VR

The downgrade of the VR reflects the halted reform process, for
the second time, of the bank's corporate governance after its
rejection by the bank's EGM on April 12, 2014.  As a result,
BPM's VR reflects Fitch's opinion of the bank's weak corporate
governance, which acts as a constraint on the ratings.

In 2013, the bank's previous management and supervisory boards
had attempted to reform the bank's corporate governance but
failed to do so in the absence of shareholders' consensus.  This
further rejection, in Fitch's opinion, points to the difficulty
of improving BPM's weak and convoluted corporate governance.  BPM
announced its intention to resume the process of reforming its
corporate governance after the completion of the capital
increase; however, the timescale is currently uncertain..

The downgrade is limited to only one notch as Fitch expects the
bank to be successful in raising the necessary capital to
strengthen its balance sheet.  The planned new share issue of
EUR500 million, which is underwritten by a syndicate of banks,
will strengthen the bank's regulatory Basel 2.5 Core Tier 1 ratio
by 150bps to 8.7%.  This new level of Core T1 will compare
adequately with its direct domestic peers and put the bank in a
stronger position ahead of the asset quality review undertaken by
the European Central Bank.

Capital may increase further if the additional risk weightings
currently imposed by the Italian regulator are removed and if the
bank's internal credit risk models are validated.  Even excluding
the benefit that may arise from the removal of the additional
risk weightings and internal capital generation, management has
some further moderate flexibility to strengthen capitalization,
if needed, in the form of capital gains, assets disposals and
recourse to additional tier 1 capital instruments.

BPM's operating performance improved in 2013, aided by contained
loan impairment charges and better efficiency, which allowed the
bank to report a EUR96 million operating profit.  The pace of
asset quality deterioration at BPM was in line with sector
trends. However, BPM's impaired loans ratio of 12.2% at end-2013
still compared favorably with most of its peers' and was below
the sector's average. Coverage levels are acceptable, but Fitch
expects loan impairment charges to remain high.  Above-average
exposure to the real estate and construction sectors weakens
BPM's credit risk profile.

Rating Sensitivities - VR

As the bank's weak corporate governance is the factor
constraining the VR, any upgrade of BPM's VR would be contingent
on a credible strengthening of its corporate governance
standards.

Key Rating Drivers And Sensitivities - Subordinated Debt And
Other Hybrid Securities

The subordinated Lower Tier 2 notes issued by BPM are notched
down from its VR in accordance with Fitch's assessment of the
instruments' respective non-performance and relative loss
severity risk profiles.  Their ratings are primarily sensitive to
any change in the bank's VR but also to any change to Fitch's
view of non-performance or loss severity risk relative to the
bank's viability.

The preferred stock and hybrid capital instruments issued by BPM
are notched down from its VR in accordance with Fitch's
methodologies and are sensitive to changes to the bank's VR.

The rating actions are as follows:

Banca Popolare di Milano

Long-term IDR: affirmed at 'BB+'; Outlook Negative
Short-term IDR: affirmed at 'B';
Viability Rating: downgraded to 'b+' from 'bb-'; off RWN
Support Rating: affirmed at '3';
Support Rating Floor: affirmed at 'BB+';
Senior unsecured notes and EMTN program: affirmed at 'BB+'/'B';
Commercial paper: affirmed at 'B';
Subordinated lower tier 2 debt: 'downgraded to 'B' from B+'; off
  RWN
Preferred stock and hybrid capital instrument: affirmed at 'CCC'


CREDITO VALTELLINESE: Moody's Affirms 'Ba3' Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has affirmed Credito Valtellinese
(CreVal)'s long and short-term deposit ratings of Ba3/Not-Prime
and standalone bank financial strength rating (BFSR) of E+,
equivalent to a standalone baseline credit assessment (BCA) of
b1. The outlook for the long-term deposit rating remains
negative, and in line with most Italian banks.

According to Moody's, the rating action takes into account the
positive impact of the EUR400 million capital increase planned by
the bank. However, the positive effects of the planned increase
are counterbalanced by uncertainty relating to the European
Central Bank's (ECB) Asset Quality Review (AQR), in the context
of lower-than-average coverage of problem loans, and the bank's
still weak profitability and capital generation capability.

Ratings Rationale

CreVal's Tier 1 ratio improved in 2013, as a result of
deleveraging, the sale of non-core assets, and by risk-weighted
assets (RWA) optimization. CreVal reported a Basel 2.5 Tier 1
ratio of 8.6% as at December 2013, up from the 8.1% reported as
at December 2012. In March 2014, CreVal announced that it will
launch a EUR400 million capital increase by June 2014, and that
it had entered into an underwriting agreement for this increase
with four investment banks. Moody's believes that the capital
injection is positive for CreVal, as it provides a significant
additional buffer ahead of the ECB's AQR. However, Moody's notes
that the AQR could still challenge this level of capital. In
particular, the AQR will require CreVal and all other banks to
evaluate collateral at market value, and to post an adequate
provision against forborne loans, which banks still need to
disclose (see note 1 at the end of this press release).

CreVal estimates that this capital increase, together with the
early exercise of a warrant, will provide a significant benefit
of 220 basis points to the bank's CET1 (of which only 9 basis
points stem from the early exercise of the warrant). The bank
estimates its pro-forma fully-loaded CET1 to be 10.9% as at
December 2013, which indicates a significant buffer of 290 basis
points against the minimum 8% phased-in CET1 required by the AQR.

At 2013 year-end, ahead of the ECB's AQR, many Italian banks have
increased their coverage of problem loans; CreVal's coverage
however declined slightly to 47% as at December 2013 (see note 2)
from 49% as at December 2012. This compares with a 54% system
average as at June 2013 (see note 3), while some Italian banks,
at 2013 year-end increased coverage to levels significantly
higher than this, ahead of the AQR. For example Intesa Sanpaolo
(Baa2 stable, D+/baa3 stable) and UniCredit SpA (Baa2 stable,
D+/ba1 stable) reached 65% and 71% respectively.

Moody's says that the level of capital and coverage of problem
loans must also be seen in the context of the bank's weak
internal capital generation capability, with the persistent low
interest-rate environment and still-high cost of risk weighing on
CreVal's profitability. Moody's expects CreVal's profitability to
remain weak in 2014, particularly given that is likely that the
AQR will require CreVal to increase its coverage of problem
loans. In 2013, the bank reported a net profit of just EUR14
million, after lower loan loss charges of EUR205 million,
compared to EUR281 million in 2012.

The affirmed long-term deposit rating of Ba3 reflects the
maintained standalone BCA of b1, together with Moody's unchanged
assumption of moderate systemic (government) support in case of
need.

The negative outlook reflects the reduced, but still-present risk
that the impact of the AQR could lead to a meaningful
deterioration of CreVal's capital adequacy, and it is in line
with most Italian banks.

What Could Move The Ratings Up/Down

A limited impact from the ECB's AQR would exert upward pressure
on CreVal's standalone BCA; a raising of the standalone BCA could
result in an upgrade of CreVal's long-term deposit rating.

Moody's might lower CreVal's standalone BCA if the AQR reveals
the requirement for an increase in coverage of problem loans to
extent that the bank's capital is significantly weakened. A
lowering of the standalone BCA would prompt a downgrade of the
long-term deposit rating.

(note 1) Unless otherwise noted, data in this press release are
from Company data or Moody's Financial Metrics.

(note 2) Problem loans include non-performing loans (sofferenze),
watchlist (incagli), restructured (ristrutturati), and past-due
(scaduti); Moody's adjusts these numbers and only incorporates
30% of the watchlist category as an estimate of those over 90
days overdue.

(note 3) System averages are sourced from the Bank of Italy's 5th
Financial Stability Report, published in April 2013, as adjusted
under Moody's standards.

List of Affected Ratings

Affirmations:

Adjusted Baseline Credit Assessment, maintained at b1

Baseline Credit Assessment, maintained at b1

Bank Financial Strength Rating, Affirmed E+ STA

Long-term Deposit Ratings, Affirmed Ba3 NEG

Short-term Deposit Rating, Affirmed NP

Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba3

Subordinate Medium-Term Note Program, Affirmed (P)B2

Junior Subordinate Medium-Term Note Program, Affirmed (P)B3

Short-term Medium-Term Note Program, Affirmed (P)NP

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 NEG

Subordinate Regular Bond/Debenture, Affirmed B2 NEG

Outlook, Negative(m)

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


ENEL SPA: Fitch Affirms 'BB+' Preferred Stock Rating
----------------------------------------------------
Fitch Ratings has affirmed Enel SpA and Endesa SA's Long-term
Issuer Default Ratings (IDR) and senior unsecured ratings at
'BBB+' and removed them from Rating Watch Negative (RWN) where
they were placed on July 16, 2013.  The Outlook is Stable.

The rating actions follow further disclosure of regulatory
impacts for Enel group's Spanish business and delivery of the
business plan for 2014-2018.  The Stable Outlook reflects Fitch
view that Enel's financial profile will remain within the
leverage and coverage guidance for a 'BBB+' rating despite the
negative impact from regulatory changes affecting Endesa's
operations in Spain.

However, Fitch highlights that according to the new strategic
plan, Enel's future growth has a greater exposure to emerging
markets risks, while Italian and Spanish operations remain
exposed to weak demand recovery prospects and structural thermal
generation overcapacity issues.

KEY RATING DRIVERS: ENEL

Large, Integrated and Geographically Diversified

Enel is one of the largest European utilities with a good
business mix and geographical diversification, and a solid
incumbent position in Italy and Spain.  These countries together
contribute almost 60% of group EBITDA, while non-European
exposure accounts for around 25% including 23% to Latam
countries.  EBITDA from the networks business is about 50% of the
total while 11% is contributed by the renewable business, which
is either subsidized or contracted.

Penalized by Regulation Reform in Spain

Over the past two years, the profitability of Enel's operations
in Spain has been negatively affected by various regulatory
changes implemented by the government in an effort to eliminate
the tariff deficit (TD) by reducing system costs and move to a
fully cost-reflective tariff system. Of the Spanish utilities,
Endesa is the most exposed to the tariff deficit issue.

The company expects the full-year gross impact of 2012-2013
remuneration reduction on EBITDA to be around EUR1.7 billion in
2014.  Fitch believes that the regulatory changes introduced
largely remove the structural mismatch in the power market and
thus reduce regulatory risk.  There is a remaining element of
uncertainty since not all measures have yet been ratified and
legal challenges might still be raised.

Weak Domestic Markets Fundamentals

Italy and Spain, Enel and Endesa's respective domestic markets
are characterized by a prolonged economic downturn, declining
demand, excess of renewable installations and overcapacity of
conventional generation.  Macro indicators for 2014 suggest that
electricity demand will remain weak.  Fitch expects GDP growth to
be below 1% in both countries.  Average market base load clean
spark spread in Spain was deeply negative in 2013 and worsened in
the first two months of 2014.  In Italy, average market clean
spark spread in 2013 was still positive but declined by 65% from
the 2012 level and dipped into negative territory in the first
two months of 2014.

Debt Reduction On Track

Enel's deleveraging efforts resulted in a decrease of Fitch's
calculated net debt at YE13 to EUR50 billion (excluding TD
receivables) from EUR53.8 billion at YE12.  Including outstanding
TD receivables and other financial receivables, net debt at YE13
would fall to EUR43.9 billion from EUR48.5 billion at YE12.  The
debt reduction was supported by the cash proceeds from disposals
(EUR1.6 billion) and the monetization of past TD's receivables.
Enel's FFO adjusted net leverage at YE13 increased marginally to
4.2x from 4.1x at YE12 and remained within the guidance for the
rating (below 4.5x) despite a decline of FFO.

Between 2014 and 2018, Enel expects to complete an additional
EUR4.4 billion of disposals and remain free cash flow positive,
which should improve FFO adjusted net leverage according to
Fitch's projections.

Thermal Portfolio under Restructuring

The deterioration of the generation market in Europe prompted
EUR2.5 billion of asset impairments in 2012, primarily thermal
generation assets in Spain and supported Enel's choice to
restructure its thermal generation fleet in Italy and Spain
through plant closures and mothballing.  The current plan
envisages 8% reduction of capacity over the next four years.
Fitch believes the magnitude of mothballing will depend on the
capacity payment level individual countries may introduce.

Focus on Networks and Renewables

In response to the crisis affecting the electricity sector in
mature markets like Italy and Spain, the 2014-2018 business plan
strategically focuses on networks and renewables, which are
allocated 43% and 23% of the net capex budget, respectively.  As
far as the geographical focus around 43% of investments will
primarily go to Latam, the international and the renewables
divisions.  The strategy for mature markets is linked to the
restructuring of the thermal generation fleet and the development
of energy efficiency solution products leveraging on its retail
customer base.

Increasing Exposure to Emerging Markets

Fitch forecasts increasing exposure to Latam through the existing
portfolio as well as near-term expansion investments in the
region.  This is likely to undermine the asset quality and market
risk assessment within Fitch's sector credit factors for
integrated utilities.  Within Endesa, consolidated group earnings
from Latam will outpace earnings from Spain and Portugal in 2014
due to the regulatory changes that will affect regulated revenues
in Spain.  From 2015, while Iberia's revenues are expected to
stagnate or have a modest growth, Latam's operations are expected
to growth at a high single digit rate.  A substantial increase of
operations in emerging markets with a higher business risk in
total EBITDA could lead Fitch to tighten the ratio guideline for
the current rating.

LIQUIDITY AND DEBT STRUCTURE

Enel group's available liquidity covers maturities up to 2016.
Cash and available committed credit lines (expiring after
December 2015) as of end-December 2013 amounted to EUR8 billion
and EUR13.4 billion, respectively.  Fitch forecasts Enel to
report positive free cash flow in 2014.  To date, Enel has issued
EUR4.2 billion equivalent of the planned EUR5 billion of
subordinated hybrid bonds that qualify for 50% equity credit
under Fitch's hybrid methodology.  Fitch expects Enel to complete
its hybrid program issues by YE14.

RATING SENSITIVITIES: ENEL

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

-- FFO adjusted net leverage below 3.5x and FFO interest
    coverage above 4.5x on a sustained basis.

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

-- An increase of FFO adjusted net leverage up to and above 4.5x
    and FFO interest coverage below 3.7x on a sustained basis.

-- Adverse regulatory or fiscal changes affecting the
    predictability of cash flows.

-- A substantial increase of operations in emerging markets with
    a higher business risk in total EBITDA could lead us to
    tighten the ratio guideline for the current rating.

KEY RATING DRIVERS: ENDESA

Endesa, S.A.'s IDR is aligned with Enel's reflecting our
assessment of the operational, strategic and legal links between
the companies as strong according to Fitch's 'Parent and
Subsidiary Rating Linkage' methodology.

RATING SENSITIVITIES: ENDESA

Positive: Future developments that may potentially lead to an
upgrade include:

- An upgrade of Enel's ratings.

Negative: Future developments that may potentially lead to a
downgrade include:

- A downgrade of Enel's ratings.

FULL LIST OF RATING ACTIONS

Enel, S.p.A.

Long-term IDR affirmed at 'BBB+', removed from RWN, Stable
  Outlook
Short-term IDR affirmed at 'F2' removed from RWN
Senior unsecured rating affirmed at 'BBB+' removed from RWN
Subordinated notes rating affirmed at 'BBB-' removed from RWN

Enel Finance International NV

Senior unsecured rating affirmed at 'BBB+' removed from RWN
Short-term commercial paper rating affirmed at 'F2' removed from
  RWN

Enel Investment Holding BV

Senior unsecured rating affirmed at 'BBB+' removed from RWN

Endesa, S.A.

Long-term IDR affirmed at 'BBB+', removed from RWN, Stable
Outlook
Short-term IDR affirmed at 'F2' removed from RWN
Senior unsecured rating affirmed at 'BBB+'/'F2' removed from RWN
Preferred Stock affirmed at 'BB+' removed from RWN

International Endesa BV

Commercial paper rating affirmed at 'F2' removed from RWN


TEAMSYSTEM HOLDING: Moody's Affirms 'B2' CFR; Outlook Negative
--------------------------------------------------------------
Moody's affirmed TeamSystem Holding S.p.A.'s B2 CFR, B2-PD PDR,
and also the B2 rating on the company's senior secured notes due
2020. The ratings outlook was changed to negative from stable.

Ratings Rationale

The rating action follows the company's announcement of a EUR130
million tap on its EUR300 million senior secured notes due 2020.
The new notes will be used primarily to fund the acquisition of
Il Sole24Ore's Software business, and replenish the revolving
credit facility that it drew to fund the acquisition of ACG in
December 2013.

The change in outlook reflects the fact the wholly debt-funded
nature of the company's acquisitions will result in an increase
in the company's leverage, with deleveraging not happening in the
timescale Moody's originally anticipated' Moody's now anticipates
leverage of around 6.3x by the end of 2014. The company has also
demonstrated a greater appetite for significant M&A than Moody's
originally expected.

TeamSystem's revenues grew by 3% in 2013 to EUR156 million,
mainly via its Software and Services business unit, despite a 9%
decline in its Education business unit as SMEs cut corporate
spending. However, free cash flow generation remains close to
zero, and will remain constrained through 2014 due to the
substantial capital expenditure as part of the Product Renewal
project. The company's credit profile is supported by its
satisfactory liquidity position, with EUR25million cash plus the
EUR45 million revolving credit facility replenished through the
tap.

Given the company's weak position within the B2 rating category,
an upgrade is unlikely in the short term. However, positive
pressure on the ratings could develop if TeamSystem managed to
show a track record of improving operating performance leading to
a financial leverage below 4.5x and an RCF to net debt above 10%.
Conversely, negative pressure on the ratings could occur if
Moody's no longer believes leverage will fall below 6.0x by the
end of 2015, if its liquidity profile deteriorates, or if FCF
stays negative for a prolonged period

Founded in 1979, TeamSystem is the leading provider of
information management software in Italy to SMEs and
professionals. In 2013, the group generated EUR155.7 million of
revenues, EUR53.2 million of EBITDA and employed 1,174 people.
Based on the number of end user, the company accounted for 17% of
the Italian SME software market and 31% of the Italian
professional advisor software market at the end of 2013 with
approximately 126,000 end customers.



===================
K A Z A K H S T A N
===================


ASIACREDIT BANK: Fitch Corrects April 16 Ratings Release
--------------------------------------------------------
Fitch Ratings has upgraded AsiaCredit Bank JSC's (ACB) Long-term
Issuer Default Ratings (IDRs) to 'B' from 'B-' with a Stable
Outlook and affirmed JSC SB Alfa Bank Kazakhstan's (ABK) Long-
term IDRs at 'B+' with a Stable Outlook.

This commentary replaces the version published on April 16, 2014
and corrects the source of funding in paragraph 14.

Key Rating Drivers - ACB

The upgrade of ACB reflects considerable equity contributions by
the bank's major shareholder in 2013 preserving ACB's solid
capitalization, as well as an expectation of further capital
injections in line with the bank's rapid growth strategy.  The
upgrade also reflects management's ability to find new borrowers,
while maintaining reasonable asset quality.  At the same time
ACB's ratings also factor in its currently small franchise, high
concentrations on both sides of the balance sheet with
significant reliance on deposits of state-owned entities, and
only moderate profitability.

ACB's shareholder contributed KZT8 billion of new equity during
2013, which allowed the bank to sustain a sound 23% Fitch Core
Capital (FCC) ratio at end-2013 (29% at end-2012) despite a rapid
91% loan growth.  Due to ACB's moderate internal capital
generation (return on average equity of only 8% in 2013) further
equity contributions will be required to achieve a planned annual
loan growth of 30%-80% in the medium term.  According to
management, the shareholder is ready to provide KZT17 billion of
equity in 2014-2017, of which KZT8bn are expected in 2014.

ACB's reported assets quality is reasonable with non-performing
loans (NPLs, over 90 days overdue) at 4.1% of gross loans at end-
2013 and a further 1.3% of restructured exposures.  The latter
number may be somewhat understated, as among the top 25 loans
(comprised 51% of the loan book at end-2013) there is one
exposure equal to 2.7% of loans, which in Fitch's view could be
restructured.  The bank has also reported a consistently elevated
share of one-day overdue loans (18.7% at end-2M14) in its
regulatory accounts, which is explained by management as being
due to technical delays, but in Fitch's view this shows that
asset quality is potentially vulnerable.  ACB is also over
reliant on collateral reflected in a low coverage of NPLs by
reserves of only 37%.  Positively, ACB's current capital buffer
could allow it to fully reserve up to 18.8% of its loans and
still comply with regulatory capital requirements.

ACB mainly relies on corporate customer funding (57% of end-2013
liabilities), but has gradually been diversifying its liability
structure through attracting retail deposits (15%) and issuance
of local bonds (21%).  At least 49% of total customer funding
(35% of total liabilities) was sourced from state bodies, which,
although representing considerable concentration risk, tends to
be stable.

ACB maintains reasonable liquidity cushion sufficient to cover
about 20% of customer accounts at end-2M14. Wholesale debt
repayments are limited in the medium term (KZT4.4 billion in
2014, KZT2.5 billion in 2015).  The biggest risk to liquidity is
the sudden outflows of largest depositors, which is not Fitch's
central scenario.

The Support Rating '5' reflects Fitch's view that support from
the bank's private shareholder, although possible, cannot be
relied upon. Support Rating Floor of 'No Floor' is based on ACB's
low systemic importance.

ACB's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.

Rating Sensitivities - ACB

Upside potential for ACB's ratings is currently limited.
However, further growth of the franchise supported by capital
injections, while maintaining reasonable asset quality and
performance would be positive for the credit profile. Lack of or
delays in provision of fresh capital that would result in
material weakening of ACB's loss-absorption capacity, significant
deterioration of asset quality and/or sharp funding outflows
putting pressure on liquidity would result in a downgrade.

Key Rating Drivers - ABK

ABK's Long-term IDRs and National Rating are based on the bank's
individual strength, which in turn is reflected in its Viability
Rating (VR) of 'b+'.  The VR reflects the bank's small franchise,
continuing rapid growth and high single-name concentrations on
both sides of the balance sheet.  At the same time, the VR
positively considers its strong reported asset quality and solid
capital adequacy, reasonable liquidity and sound operating
performance helped by low average funding costs.

Asset quality is strong.  NPLs and restructured loans were,
respectively, modest at 1.2 and 2% of gross loans at end-2013 and
were adequately covered by reserves of 3.6%.  Although rapid 42%
loan growth in 2013 means loans are unseasoned, a detailed review
of the top 20 borrowers (52% of gross loans) confirmed that most
exposures are of reasonable quality.  However, some of the bigger
exposures (12% of gross loans) are less sound either financially
or in terms of collateral quality, while retail loans (7%) are
also potentially vulnerable.

Credit risks are mitigated by robust pre-impairment
profitability, which equals about 5% of average loans, and solid
capitalization with FCC and regulatory total capital ratio of
18.5% and 21%, respectively, at end-2013. Regulatory capital
would allow ABK to increase its loan impairment reserves to 12%
of gross loans from 4%, before reaching minimum regulatory
capital ratios.

Capitalization is likely to remain comfortable in 2014; however,
if growth outpaces earnings generation (return on equity of 20%
in FY13) the bank is likely to receive its pre-approved USD40
million equity injection from Alfa Group.

Liquidity is adequate. ABK relies on short-term funding from
local corporates (69% of total funding at end-2013),
approximately half of which was accounted by 20 depositors.
Withdrawal risk is mitigated by a KZT46 billion liquidity buffer
consisting of cash and unencumbered securities, which equalled
28% of customer funding. Scheduled debt repayments are a moderate
KZT7 billion in 2014.  As a further mitigant ABK has an
unutilized KZT9 billion limit (6% of liabilities) from its 100%
shareholder OJSC Alfa Bank (ABR; BBB-/Negative/bbb-).

The Support Rating of '4' reflects Fitch's view of the limited
probability of support that might be forthcoming from ABR, if
needed.  In Fitch's view, support may be forthcoming in light of
the common branding of ABK and other group entities, potential
reputational risk of any default at ABK and the small cost of any
support that may be required.

At the same time, Fitch views ABR's propensity to provide support
as limited because (i) it holds shares in ABK on behalf of ABH
Holdings S.A.(ABHH) to which it has ceded control and voting
rights through a call option under which ABHH may acquire the
shares in ABK until end-June 2014 (this agreement likely to be
extended); (ii) limited operational integration between ABK and
ABR; and (iii) ABR's tight regulatory capital preventing it from
providing capital to the subsidiary.

Support from other Alfa Group entities, in Fitch's view, also
cannot always be relied on due to ABK's small size and as a
result that support could be withheld under certain
circumstances, especially in a systemic financial crisis in
Kazakhstan. Fitch notes ABHH's failure to provide full support to
its Ukraine-based subsidiary PJSC Alfa-Bank (ABU; CCC) in 2008.
The agency, however believes there is a lower probability of Alfa
Group not supporting ABK, relative to ABU. This is reflected in
ABK's higher Support Rating '4' than ABU's '5'.

ABK's senior unsecured local debt ratings are aligned with the
bank's Long-term Local Currency IDR and National Long-term
rating.

Rating Sensitivities - ABK

An upgrade of Long-term IDRs, VR, National Rating and debt
ratings would result from a strengthening of the franchise and an
extended track record of good performance and asset quality.  The
ratings could be downgraded following a material deterioration in
capitalization or asset quality.

The Support Rating could be downgraded if ABK does not receive
timely support when needed. Potential for an upgrade of the
Support Rating is limited.

The rating actions are as follows:

ACB

Long-term foreign currency IDR: upgraded to 'B' from 'B-';
  Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
Long-term local currency IDR: upgraded to 'B' from 'B-'; Outlook
  Stable
National long-term rating: assigned at 'BB(kaz)'; Outlook Stable
Viability Rating: upgraded to 'b' from 'b-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: assigned at 'B', Recovery Rating 'RR4'
National senior unsecured debt rating: assigned at 'BB(kaz)'

ABK

Long-term foreign-currency Issuer Default Rating (IDR) affirmed
  at 'B+'; Outlook Stable
Short-term foreign-currency IDR affirmed at 'B'
Long-term local-currency IDR affirmed at 'B+'; Outlook Stable
National long-term rating affirmed at 'BBB(kaz)'; Outlook Stable
Viability Rating affirmed at 'b+'
Support Rating affirmed at '4'
Senior unsecured debt: affirmed at 'B+', Recovery Rating 'RR4'
National senior unsecured debt rating: affirmed at 'BBB(kaz)'



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


COLOUROZ MIDCO: Moody's Assigns 'B2' CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) and a B2-PD probability of default rating (PDR) to
ColourOz MidCo, the parent and indirect holding company of Flint
Group. Concurrently, Moody's has assigned (P)B1 ratings to the
EUR150 million revolving credit facility maturing in 2019 and to
the EUR1,250 million first lien term loan maturing in 2021, and a
(P)Caa1 rating to the EUR300 million second lien term loan
maturing in 2022.

The proceeds from the term loans together with EUR500 million of
common equity will be used to finance the acquisition of Flint by
Goldman Sachs Merchant Banking Division and Koch Equity
Development LLC, a subsidiary of Koch Industries Inc. Moody's
expects that the revolving credit facility will be undrawn at
closing. The first-lien and second-lien term loans will be 50% US
dollar-denominated.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, including any possible changes
during the syndication process, Moody's will endeavor to assign a
definitive rating to the facilities. A definitive rating may
differ from a provisional rating.

Ratings Rationale

The B2 CFR reflects Flint's relative scale in its key markets,
supported by its extensive global presence in 140 locations
across 40 countries, low capital intensity and its broad product
offering and customer base. The rating also factors limited
growth opportunities in the next few years due to its end markets
dynamics, and projected weak financial metrics including high
leverage with little de-leveraging anticipated over the near
term.

Flint is a leading producer and supplier of a wide range of inks
and other consumables, such as printing blankets and flexographic
plates. It operates in a concentrated, yet highly competitive
global industry. The company states that more than three-forths
of its FY13 revenues stemmed from Europe and North America. Flint
has a comprehensive product offering and enjoys a stable and
diversified customer base, with no customer having greater than
10% of revenues.

Flint is less diversified by end markets. The company serves the
printing industry through two segments; namely Packaging and
Print Media, each accounting for 50% of FY13 EBITDA, with the
former being more profitable. In Print Media, Flint is managing a
contracting market due to the advent of the internet and, to a
lesser extent, digital printing, but has been able to increase
its market share from 2008 to 2012. Due to its strategy, Flint
has become the largest supplier of heatset ink in Europe and
North America and plans to maintain the current level of printing
earnings by picking up volumes from exiting competitors and
continuing to restructure its cost base. Flint will also need to
deliver good growth in the Packaging area to maintain the size of
the earnings base.

As evidenced in 2009 and in the recent performance, and albeit to
a different degree, both the Print Media and Packaging industries
show cyclical behavior. However, Moody's note that the strategy
to expand in faster-growing emerging markets partially mitigates
the potential softening in demand in some regions.

Industries dynamics and the slow economic recovery expected for
Europe, which is Flint's largest market, raise concerns over the
growth prospects in the next few years. In light of the
historical earnings volatility, Moody's also believe that Flint's
strategy to grow by gaining market shares, expanding further in
faster growing emerging markets, gradually reducing its
dependency from Print Media and continuing to support margins
with ongoing restructuring of the cost base, retains a certain
degree of execution risk.

Flint has a service-oriented business model, which is reflected
in the attractive margins. Whilst Flint is vulnerable to raw
material price fluctuations, it proactively manages volatility in
raw material prices by managing its procurement activities and
moving towards long-term customer contracts with flexible pricing
to allow pass-through.

Flint has relatively low capex needs, ranging from 1.5% to 2% of
revenues, and does not have substantial working capital
requirements, helping it to generate positive free cash flow.

Pro-forma for the transaction, Flint will have high Moody's
adjusted opening leverage with Debt/EBITDA at 5.6x. Taking into
account low EBITDA growth and limited contractual amortization,
Moody's do not anticipate any material deleveraging. However,
Moody's expect the company to generate positive cash flow, which
will support net debt reduction, and an EBIT/interest expense
ratio above 2x over the rating horizon. Although the debt
facilities include a cash sweep, the definition is issuer-
friendly. The company has indicated that it will maintain a
conservative acquisition strategy, with small add-ons for the
Packaging segment.

Flint's liquidity position is good for its near term
requirements, with EUR100 million of balance sheet cash at
closing, the EUR150 million revolver and expected positive free
cash flow. The term loans do not have financial covenants, but
there is a first-lien net leverage maintenance covenant for the
RCF, set at 5.6x, which will only be tested quarterly when
outstandings under the RCF are in excess of 35% of the total
revolving facility size (excluding letters of credit in the
aggregate less than EUR20 million and any letters of credit that
are cash collateralized). The documentation also includes four
equity cures and a deemed cure. In addition, the company has
limited mandatory debt amortization and capital expenditures.

The debt facilities will be secured by pledges over assets and
shares and guaranteed by material subsidiaries representing at
least 80% of the consolidated EBITDA and gross assets, albeit
with limitations dictated by the cross-border structure and
additional customary limitations set forth in the agreed
securities principles. The intercreditor provides for the
revolver and the first lien term loan to rank pari passu but
ahead of the second lien term loan.

The stable rating outlook reflects Moody's expectations that
Flint will continue to hold strong leadership positions in its
key end markets and slowly grow whilst maintaining the current
level of profitability. Moody's also expect the company to
generate positive free cash flow and Moody's adjusted
EBIT/interest expense ratio to stay above 2x. Finally, the stable
outlook assumes that the company will not embark on any sizeable
acquisitions or make debt-funded shareholder distributions.

Upward pressure on the ratings could materialize if Flint
delivers its growth strategy managing the Print Media decline
whilst sustaining profitability margins and deleveraging. The
ratings could be upgraded if adjusted debt/EBITDA falls below
4.5x, with FCF/Debt above 10%. Conversely, downward ratings
pressure would occur if performance weakens as a result of a
material deterioration of the trading environment including an
unexpected acceleration of the rate of decline of Print Media not
offset by the rest of the business, a change in financial policy,
weakening liquidity, or adjusted debt/EBITDA ratio rising above
6x.

Headquartered in Luxembourg, Flint is one the largest global
integrated suppliers of ink and other consumables with a wide
range of support services for the printing industry. Flint
reported c. EUR2.2 billion of revenues for the year ended
December 2013.


SUNRISE COMMUNICATIONS: Fitch Affirms 'BB-' Long-Term IDR
---------------------------------------------------------
Fitch Ratings has affirmed Sunrise Communications Holdings S.A.'s
Long-term Issuer Default Rating (IDR) at 'BB-' and Mobile
Challenger Intermediate Group's (HoldCo) IDR at 'B+'.  The
Outlook remains Stable.

The rating actions reflects Fitch's expectation that the group's
leverage profile will remain within the negative rating
guidelines over the next 12-18 months despite the expectation of
potential pressure on EBITDA and cash flow generation driven by
aggressive bundle competition from Swisscom and Cablecom
resulting in market share losses in fixed broadband and voice and
approximately 20% of Sunrise's mobile post-paid customers having
not yet migrated to lower price points introduced in 2012 as of
4Q13.

Nonetheless, Fitch believes there is some element of uncertainty
that could lead to a material deterioration in the competitive
environment and/or in the company's performance.  These relate
primarily to the potential entrance of Cablecom in the mature
Swiss mobile market through a mobile virtual network operator
(MVNO) agreement with Orange, as well as uncertainty regarding
customer reaction to the recent change in the handset subsidy
model which has not been replicated by Swisscom and Orange.  The
agency will therefore closely monitor the development of the
operating environment as well as the company's performance to
assess any material deterioration in the group's business and/or
financial risk profile.

Key Rating Drivers

Strong Market Position
The IDR reflects the company's strong market position in the
Swiss telecommunications market behind the dominant player
Swisscom and ahead of Orange and Cablecom.  Sunrise is the second
largest mobile operator in Switzerland by number of subscribers
with an estimated 28% market share (under Swisscom's reporting
rules), and the number-three player in fixed broadband with
approximately 10% market share as of December 2013.

Deterioration in the Operating Environment
Competition in the Swiss telecoms market remains strong, mainly
in the fixed-line where Cablecom and Swisscom have become more
aggressive -- and successful -- in marketing their multi-play
bundles with ultra-broadband speeds.  This has placed pressure on
Sunrise's fixed-line business, which Fitch views as quite
vulnerable to competition, as evidenced by mid-to-high single
digit decline in fixed voice and broadband customers in 2013.
Fitch expects fierce competition to continue in this segment over
the short-to-medium term due to high broadband and pay-TV
penetration rates as well as customer migration towards higher
broadband speeds.  Although Sunrise currently retains a solid
level of strategic flexibility, underpinned by its ability to
offer quad-play bundles and access to Swisscom's VDSL network as
well as access to FTTH via Swiss Fibre Net, competition could
become even more intense with the likely entrance of Cablecom in
the mobile market by end-2014.

Pressure on Operating Performance
Sunrise's performance has deteriorated in 2013 with revenues and
EBITDA declining by low-single-digits, despite having performed
two small acquisitions in July 2013 and cost-saving measures
implemented in 4Q12.  Fitch estimates that mobile revenues, which
account for 63% of total revenues, have declined by 5% y-o-y in
organic terms in 2013 driven by customer migration to lower price
points.  "We expect performance to remain under pressure in the
foreseeable future with continued decline in fixed-line
subscribers and migration of mobile customers to lower price
points introduced in 2012.  Fitch notes that additional pressure
could arise from the entrance of MVNO Cablecom as well as by
uncertainty over customer response to the company's recent change
in the handset subsidy model," Fitch said.

Negative Free Cash Flow (FCF) in 2015/2016
Fitch anticipates neutral-to-positive cash flow generation in
2014 before turning negative in 2015-2016 largely due to the
remaining spectrum payments, increased cash taxes and slightly
higher capex than previously expected reflecting ongoing LTE
roll-out, investments in fibre backhaul capacity, as well as
investments in set-top boxes for its IPTV service.  While FCF
before spectrum payments is expected to remain strong over the
medium-term, interest payments on the PIK Toggle notes will place
additional pressure on the company's cash flow profile.  The
ratings are constrained by the company's leveraged capital
structure -- with funds from operations (FFO) adjusted net
leverage of 4.3x as of December 2013 -- as well as by the
expectation of a moderate increase in leverage in 2015/2016 due
to the expected slow-down in FCF generation.

PIK Toggle Notes
Fitch has revised its treatment of HoldCo PIK Toggle notes.
Fitch now considers the PIK notes as debt due to the presence of
change of control provisions within the restricted group
financing documentation.  In Sunrise's case, however, activation
of the change of control feature, also given the conditionality
of the cash payments to the PIK vehicle, is regarded as a remote
possibility.  At the 'BB-' IDR level, the likelihood that this
indirect cross-default mechanism would be triggered to the
detriment of Restricted Group holders is diminished.  Also in
this case, given the current liquidity cushion, the cash upstream
mechanism is not considered too detrimental to the restricted
group.

Parent Company Rating
HoldCo's IDR reflects its higher default risk relative to
Sunrise. This is largely attributable to the higher degree of
financial risk of the latter due to its subordinated nature
within the holding structure and significant limitations (e.g.
restricted payments) to upstream payments from the restricted
group. According to Fitch's "Parent and Subsidiary Rating
Linkage" criteria and Fitch's Special Report on the "Treatment of
Junior Corporate Debt in Europe", both available, Fitch notes
that although strategic ties exist between HoldCo and the
restricted group, HoldCo's IDR could be at best one notch lower
than the restricted group's IDR.  The one-notch differential
between the IDRs of the two entities reflects the default risk of
HoldCo, which is linked to the operating performance of the
restricted group.

Rating Sensitivities (Sunrise):

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

-- FFO net adjusted leverage to fall well below 4.0x (or below
    5.0x including the PIK)
-- FFO fixed charge cover above 3.0x (or above 2.5x including
    the PIK)

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

-- Failure by the company to maintain leverage below 4.5x on FFO
    adjusted net basis (or below 5.5x including the PIK)

-- FFO fixed charge cover below 2.5x (2.0x including the PIK)

-- Mid-single digit decline in EBITDA in 2014 and/or
    expectations of negative FCF excluding spectrum payments in
    the next two years

Rating Sensitivities (Mobile Challenger Intermediate Group SA):
Positive: Future developments that could lead to positive rating
actions include:

-- Positive rating actions on Sunrise

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

-- Negative rating actions on Sunrise
-- An increase in the notching differential from Sunrise's IDR
    is likely to be driven by an increase in leverage of HoldCo
    or the issuance of new cash pay debt with no PIK option.

The rating actions are as follows:

Sunrise Communications Holdings SA

Long-term IDR: affirmed 'BB-'; Stable Outlook
Senior secured RCF due 2016: affirmed at 'BB'
Senior secured notes due 2017: affirmed at 'BB'
Senior notes due 2018: affirmed at 'B'

Mobile Challenger Intermediate Group SA

Long-term IDR: affirmed 'B+'; Stable Outlook
Senior PIK Toggle notes due 2019: affirmed at 'B-'



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


BABSON EURO 2014-1: Moody's Assigns B2 Rating to EUR14.5MM Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Babson Euro CLO
2014-1 B.V.:

EUR201,250,000 Class A-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR30,000,000 Class A-2 Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aaa (sf)

EUR20,500,000 Class B-1 Senior Secured Floating Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2027, Definitive Rating Assigned Aa2 (sf)

EUR22,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned A2 (sf)

EUR19,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Baa2 (sf)

EUR31,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned Ba2 (sf)

EUR14,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2027, Definitive Rating Assigned B2 (sf)

Ratings Rationale

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2027. The definitive 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, Babson Capital
Europe Limited ("Babson"), has sufficient experience and
operational capacity and is capable of managing this CLO.

Babson Euro 2014-1 is a managed cash flow CLO. At least 90% of
the portfolio must consist of secured senior obligations and up
to 10% of the portfolio may consist of unsecured senior
obligations, second-lien loans, mezzanine obligations and high
yield bonds. The portfolio is expected to be minimum 70% 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.

Babson 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 eight classes of notes rated by Moody's, the
Issuer will issue EUR43,750,000 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: EUR400,000,000

Diversity Score: 35

Weighted Average Rating Factor (WARF): 2785

Weighted Average Spread (WAS): 4.20%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 39.75%

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 10% of the total portfolio, where exposures to countries
local currency country risk ceiling of A3 or below cannot exceed
5% (with none allowed below Baa3). As a result and in conjunction
with the current foreign government bond ratings of the eligible
countries, as a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with Aa3 local currency country
ceiling and 5% in A3 local currency country ceiling. The
remainder of the pool will be domiciled in countries which
currently have a local currency country ceiling of Aaa. 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
assigned ratings, whereby a negative difference corresponds to
higher expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3203 from 2785)

Ratings Impact in Rating Notches:

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

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

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

Class C 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 3621 from 2785)

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

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

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

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

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -2

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. Babson's investment decisions
and management of the transaction will also affect the notes'
performance.


BABSON EURO 2014-1: Fitch Assigns 'B-' Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Babson Euro CLO 2014-1 B.V.'s notes
final ratings, as follows:

EUR201.25m Class A-1 notes: 'AAAsf'; Outlook Stable
EUR30m Class A-2 notes: 'AAAsf'; Outlook Stable
EUR20.5m Class B-1 notes: 'AAsf'; Outlook Stable
EUR30m Class B-2 notes: 'AAsf'; Outlook Stable
EUR22.5m Class C notes: 'Asf'; Outlook Stable
EUR19m Class D notes: 'BBBsf'; Outlook Stable
EUR31m Class E notes: 'BBsf'; Outlook Stable
EUR14.5m Class F notes: 'B-sf; Outlook Stable
EUR44.8m subordinated notes: not rated

Babson Euro CLO 2014-1 B.V. is an arbitrage cash flow CLO.

KEY RATING DRIVERS

Average Portfolio Credit Quality

Fitch assesses the average credit quality of obligors at the 'B'
category.  Fitch has credit opinions on all obligors in the
indicative portfolio.  The weighted average rating factor of the
indicative portfolio is 33.8.

Above-Average Recoveries

At least 90% of the portfolio 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 to all assets in the
indicative portfolio.  The weighted average recovery rate of the
indicative portfolio is 71.4%.

Payment Frequency Switch

The notes pay quarterly while the portfolio assets can reset to a
semi-annual basis.  The transaction has an interest smoothing
account, but no liquidity facility.  The liquidity stress for the
non-deferrable class A-1, A-2, B-1 and B-2 notes, which stems
from a large proportion of assets resetting to a semi-annual
basis in any one quarterly period, is addressed by switching the
payment frequency on the notes to semi-annual in such a scenario,
subject to certain conditions.

Partial Interest Rate Hedge

Between 10% and 20% of the portfolio may be invested in fixed-
rate assets, while fixed-rate liabilities account for 15% of the
target par amount.  Therefore the transaction is hedged against
rising interest rates.

Limited FX Risk

Any non-euro-denominated assets have to be hedged with perfect
asset swaps as of the settlement date.  The transaction is
allowed to invest up to 20% of the portfolio in non-euro-
denominated assets.

TRANSACTION SUMMARY

Net proceeds from the issue of the notes are being used to
purchase a EUR400 million portfolio of European leveraged loans
and bonds.  The portfolio is managed by Babson Capital Europe
Limited. 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
comment.

RATING SENSITIVITIES

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

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



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


BANCA INTESA: Moody's Changes Outlook on Ba1 Rating to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Banca Intesa (Russia)'s Ba1 long-term domestic and
foreign currency deposit ratings, and its standalone D- bank
financial strength rating (BFSR). Moody's has also affirmed the
aforementioned long-term ratings, as well as the Not-Prime short-
term domestic- and foreign-currency deposit ratings.

Ratings Rationale

The negative outlook on Banca Intesa (Russia)'s long-term ratings
reflects Moody's assessment of the risks associated with (1) the
current deteriorating operating environment in Russia, to which
the bank is particularly exposed given its focus on the
relatively vulnerable SME segment; and (2) the ongoing decline of
the bank's business volumes that undermines its profit-generating
capacity.

In 2013, Banca Intesa (Russia) reported an 85% decline in net
IFRS income to RUB179 million (2012: RUB1.2 billion), which
translated into return on average assets (ROAA) of 0.24% (2012:
1.44%). In 2013, the bank's net income was pressured both by loan
loss provisions which almost doubled compared to 2012, and by a
17% decline in net interest income. The increase in provisions
was partly attributed to a one-off charge (related to two
relatively large non-performing loans (NPLs) recognized in 2013),
while the pressure on net interest income was caused by a
combination of reduced interest-earning assets (gross loans
contracted 3% in 2013 and 17% in 2012), increased cost of funding
(as relatively cheap foreign-currency funding was replaced by
rouble deposits) and limited ability to pass this higher funding
cost onto borrowers, given strong competition from larger banks.

In Moody's view, any improvements in Banca Intesa (Russia)'s
profitability in the next 12 months will depend on its ability to
(1) grow interest-earning assets in order to compensate for the
declining net interest margin (NIM); (2) sustain asset-quality
pressures amid the deteriorating operating environment; and (3)
improve control over operating costs (which remained relatively
high at 5.3% of average assets in 2013).

Given the current operating environment in Russia (Moody's
expects the country's real GDP to decline by 1% in 2014), Banca
Intesa (Russia) will be particularly challenged to achieve
business expansion without compromising asset quality. As at
year-end 2013, the bank's share of problem loans (defined as
"impaired" corporate loans and "90+ days overdue" retail loans)
accounted for 11.4% of the total loan book (year-end 2012:
10.9%), and loan loss reserves covered 70% of problem loans. In
Moody's opinion, this coverage level may be deficient given the
volatile operating environment and the continuing pressure on the
SME sector.

According to Moody's, Banca Intesa (Russia)'s high capital
adequacy is the key factor mitigating the aforementioned risks.
As of year-end 2013, the bank reported a Tier 1 capital ratio of
23.9% and total capital adequacy ratio (CAR) of 24.2% in
accordance with Basel II. As of 1 April 2014, the bank's
regulatory common equity Tier 1 (N1.1) and total CAR (N1.0) stood
at 14.89% and 15.05%, respectively, compared to the minimum
requirements of 5% and 10%, respectively. Moody's believes that,
at these levels, the bank's capital provides sufficient cushion
to absorb potential credit losses and to facilitate growth,
should the opportunities arise.

What Could Move The Ratings Up/Down

Moody's notes that Banca Intesa (Russia)'s ratings have limited
upside potential as captured by the negative outlook. However,
the outlook can be changed to stable if the bank restores its
profitability and demonstrates an ability to sustain its market
positions in its target segments.

Moody's says that Banca Intesa (Russia)'s ratings could be
negatively affected by elevated credit risks stemming from its
exposure to the SME segment in the current deteriorating economic
environment. The bank's ratings could be downgraded if these
risks result in a significant deterioration of asset quality,
further negative pressure on profitability and declining capital
levels.

Downward pressure could be exerted on Banca Intesa (Russia)'s Ba1
deposit ratings, which include parental support, if Intesa
Sanpaolo's capacity or willingness to provide support to its
Russian subsidiary weakens, although Moody's does not currently
see any immediate risks associated with the commitment of the
parent to its subsidiary.

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

Headquartered in Moscow, Russia, Banca Intesa (Russia) reported
total (audited IFRS) assets of RUB67.1 billion (US$2.0 billion)
and shareholder equity of RUB14.2 billion (US$432 million) at
year-end 2013. The bank reported net income of RUB179 million
(US$5.6 million) for 2013, a substantial 85% decline compared to
RUB1.2 billion in 2012.


CHERKIZOVO GROUP: Acquisition No Impact on Moody's B2 Ratings
-------------------------------------------------------------
Moody's Investors Service has said that the B2 ratings (stable
outlook) of Cherkizovo Group, JSC, one of the leading integrated
and diversified meat producers in Russia, are unaffected by its
acquisition of poultry producer, LISKO Broiler (not rated). The
acquisition should not result in a substantial step up in the
company's leverage. At the same time, it will enhance
Cherkizovo's market positioning making it the largest poultry
producer in the country and providing it with access to markets
in the South of Russia.

On March 26, 2014, Cherkizovo announced the acquisition of LISKO
Broiler, the largest poultry producer in the Voronezh region, for
a total consideration of around RUB5 billion (around US$140
million), out of which around RUB2.6 billion (around US$70
million) the company paid in cash. Cherkizovo will also assume
around RUB2.4 billion (around US$65 million) of LISKO Broiler's
debt.

According to Moody's preliminary estimation, the deal should not
have a material negative impact on the company's financial
metrics.

At the same time, the acquisition should enhance Cherkizovo's
market positioning in the poultry segment. With total production
capacity of around 95 thousand tonnes, LISKO Broiler is one of
the leaders in the Central and Southern Federal Districts and
accounts for around 2% of the country's poultry market (according
to Russian Poultry Union). Thus, as a result of the acquisition,
Cherkizovo will receive access to Southern Russia markets while
its compound production capacity will exceed 500 thousand tonnes
making it the largest poultry producer in Russia. In addition,
with modern and efficient production facilities LISKO Broiler
generates healthy profitability margins, which may be further
enhanced by the potential development of a vertical integration
chain with a land bank Cherkizovo has in this region as well as
through the optimization of logistics and distribution
operations.

Cherkizovo Group, JSC is a leading integrated and diversified
meat producer in Russia (based on volume). The company's key
production facilities include six meat-processing plants, eight
poultry and 14 pork production complexes, and six combined fodder
production plants. In addition, the company operates grain
storage facilities and has a land bank of more than 100,000
hectares. In 2013, Cherkizovo's US dollar-denominated
consolidated sales totaled around US$1.7 billion and it generated
over US$200 million of Moody's-adjusted EBITDA. The company is
controlled both by Mr. Igor Babaev (the founder of the company
and chairman of its board), and by his family members.


CREDIT EUROPE: Moody's Lowers Long-Term Deposit Ratings to Ba3
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 Credit
Europe Bank N.V.'s (CBNV) long-term deposit ratings, prompted by
the weakening in the standalone credit profile of the bank's main
subsidiary Credit Europe Bank Ltd. (CEBL), based in Russia (Baa1
review for downgrade), reflected in the lowering of the Russian
subsidiary's standalone financial strength rating (BFSR) to E+ /
b1 baseline credit assessment (BCA) from D-/ba3.

The rating agency has also affirmed CEBL's Ba3 debt and deposit
ratings. The outlook on all CEBL's long-term debt and deposit
ratings remains negative while the outlook on BFSR is now stable.

The rating agency has also downgraded CBNV's subordinated debt
rating to B1 from Ba3, and lowered the BFSR to D- from D, now
equivalent to a BCA of ba3 from ba2. The Not Prime short-term
deposit ratings are affirmed and the outlook on all long-term
ratings of CBNV and its BFSR remains negative.

Ratings Rationale

Credit Europe Bank N.V. (Netherlands)

Downgrade of the Debt and Deposit Ratings

The downgrade of the deposit ratings by one notch follows the
lowering of CBNV's BFSR and thus its BCA by one notch. Moody's
does not incorporate any government (systemic) support from the
Dutch government (Aaa stable) into CBNV's ratings, because of the
bank's low market share in the segments in which it operates. As
a result, the long-term deposit ratings of CBNV are in line with
its BCA. As the subordinated debt rating is positioned one notch
below that of CBNV's BCA, the lowering of the bank's BCA by one
notch resulted in the one notch downgrade of the subordinated
debt rating.

The Lowering of the BFSR

The weakening in the credit profile of its main subsidiary
CEBL -- whose BCA was lowered by one notch -- prompted the
lowering of CBNV's BFSR and its BCA. The credit profiles of the
two entities are interlinked as CEBL forms a significant 32% of
the consolidated assets and contributed a high 73% of CBNV's
consolidated revenues, as of year-end 2013.

CBNV's BCA and its one-notch higher position compared to that of
CEBL is supported by CBNV's (1) stronger liquidity; (2) moderate
reliance on market funds; (3) satisfactory capital cushion; and
(4) adequate internal capital generation capacity.

As of year-end 2013, average liquid assets to total assets are
31% of balance sheet, whilst reliance on market funds is moderate
at 33%. Additional liquidity relief, in case of need, comes from
the average loan-to-deposit ratio (109%) and relatively short
duration of its loan book (equating to 10% of the total balance
sheet that matures within one month). The Tier 1 is 9.29%, whilst
net income over average risk-weighted assets is satisfactory, at
1.27%.

Moody's expects bottom line profitability to remain acceptable.
The projected improvements in non-Russian operations will largely
offset profitability pressures from these operations (due to
devaluation of the rouble and increasing credit risk).

Maintaining The Negative Outlook

The negative outlook on CBNV's BFSR reflects the headwinds that
its Russian operations face. Moody's expects improving trends in
the non-Russian operations of CBNV mainly on the back of (1)
stronger economic growth in Europe, positively contributing to
the lending revenues; and (2) cost cuttings through the disposal
of some non-core assets and improved operational efficiencies.

However, the strong credit linkages between CBNV's and CEBL's
credit profiles will remain over the medium-term. Moody's
believes that CBNV's Russian operations will continue to
represent more than 50% of the consolidated revenues and a
significant share of consolidated assets.

Credit Europe Bank Ltd (Russia)

Affirmation of the Debt and Deposit Ratings

The affirmation of CEBL's debt and deposit ratings reflects the
significant financial and key strategic importance of the Russian
business for its parent, CBNV. Moody's incorporates its
assessment of a high probability of support from the bank's
immediate parent in the Ba3 debt and deposit ratings that now
results in one notch of parental rating uplift in the ba3
adjusted BCA from the bank's b1 BCA. The support from the parent,
particularly in a form of direct liquidity injections, might be
constrained at some level by regulatory third-party exposure
limits subject to the Dutch regulator's waiver. However, Moody's
believes that the stronger liquidity and improvement in the
performance of the non-Russia operations of CBNV enable it to
inject capital into CEBL and/or purchase some of its assets, in
case of refinancing pressures. The deposit and senior debt
ratings of CEBL equal its adjusted BCA of ba3 and do not
incorporate any systemic support from the Russian government, due
to the bank's small market share of below 0.5% in customer
deposits.

CEBL's subordinated debt rating has been affirmed as it is
positioned one notch below the adjusted BCA.

The Lowering of the BFSR

The downgrade of CEBL's BFSR reflects its weaker balance-sheet
structure. In Moody's view, the bank's recently increased
reliance on short-term funding renders its operations more
vulnerable to refinancing risk, despite the partly self-
liquidating character of the bank's operations with an emphasis
on short-term consumer and corporate lending. This is
particularly relevant because Russian banks are currently finding
it challenging to access the wholesale markets and interest rates
have recently increased.

As of year-end 2013, CEBL reported an increase of its loan-to-
deposit ratio to 287% from 274% as of year-end 2012. Most
importantly, wholesale funds (debt securities issued and due from
banks) maturing within 12 months stood at 37% of total assets as
of year-end 2013 compared with 25% a year earlier. Moody's also
notes the relatively thin cushion of liquid assets (cash and due
from banks) that accounted for just 6.2% of total assets as of
year-end 2013.

Maintaining Negative Outlook

Moody's acknowledges CEBL's better capital adequacy and asset
quality metrics compared with the majority of Russian monoline
consumer lenders. However, deteriorating credit conditions in the
segment and the weakening economic outlook will push CEBL to
deleverage to preserve the good quality of its loan portfolio.
These deleveraging risks might be further amplified by the
increasing refinancing risks, exerting further pressure on the
bank's operating efficiency and profitability.

What Could Move The Ratings Up/Down

The negative outlook indicates that there is currently no upward
pressure on the ratings.

CBNV's ratings could experience downward pressure following (1)
further weakening in the performance of non-Russian operations
that would increase the convergence between the risk profiles of
CBNV and CEBL, in the absence of strong revenue diversification;
(2) significant weakening of CEBL's risk profile; (3) further
tightening of CBNV's liquidity indicators; and/or (4) further
deterioration of the bank's core capitalization.

CEBL's ratings could be downgraded if (1) the parent's rating is
downgraded; or (2) if the bank's credit-risk profile,
profitability or loss-absorption capacity deteriorates.

List of Rating Actions

Moody's took the following rating actions:

Credit Europe Bank N.V.

  Long-term local and foreign-currency deposit ratings downgraded
  to Ba3 (negative) from Ba2 (negative)

  Short-term local and foreign-currency deposit ratings affirmed
  at Not Prime

  Long-term foreign-currency subordinated debt rating downgraded
  to B1 (negative) from Ba3 (negative)

  BFSR downgraded to D- (negative, ba3 BCA) from D (negative, ba2
  BCA)

Credit Europe Bank Ltd.

  Local and foreign-currency deposit ratings affirmed at Ba3
  (negative)

  Short-term local and foreign-currency deposit ratings affirmed
  at Not Prime

  Long-term local-currency senior unsecured debt rating affirmed
  at Ba3 (negative)

  Long-term foreign-currency subordinated debt rating affirmed at
  B1(negative)

  BFSR downgraded to E+ (stable, b1 BCA) from D- (negative, ba3
  BCA)


FAR-EASTERN SHIPPING: Fitch Lowers IDR to 'B'; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Far-Eastern Shipping Company Plc's
(FESCO) Long-term foreign currency Issuer Default Rating (IDR) to
'B' from 'B+'.  The Outlook is Stable.

The downgrade reflects a weaker-than-expected market environment
in 2013 and so far in 2014, resulting in weaker cash flow and
deterioration of credit metrics.  Fitch do not expect FESCO's
credit metrics to improve significantly in the medium term and
forecast leverage will only modestly improve in 2014-2016.  The
modest improvement will be driven by a moderate recovery of the
company's key divisions, in addition to its policy of zero
dividend payments until net debt to EBITDA falls below 2.5x (5.1x
in 2013) and fairly flexible, subject to market conditions,
capex.

KEY RATING DRIVERS

Materially Weaker Credit Metrics

At end-2013 FESCO reported net FFO adjusted leverage of 5.6x and
fixed charge coverage (FCC) of 1.3x that were considerably weaker
than Fitch's expectations of 4.4x and 2.2x respectively.  This
was primarily driven by a fall in revenue and EBITDA in 2013 of
4.8% and 24.7% yoy respectively, due to underperformance of the
rail division amid challenging rail market conditions.  Fitch
expects, over the short-to-medium-term, FFO net adjusted leverage
to remain well above 4x and FCC at below 2x.

Fitch credit metrics calculations exclude the REPO loan of USD150
million obtained from VTB with a pledge of FESCO's 24.1% stake in
Transcontainer.  Fitch do not assess this loan to be fully ring-
fenced and treat it as limited recourse debt.

Material Rail Division Underperformance

The rail business is subject to cyclical variations given its
dependency on GDP growth and commodity exposure.  Freight rail
volumes and prices declined in 2013, mostly due to intensifying
competition from smaller players and overall stagnation of the
Russian economy and, in particular, industrial production.
FESCO's rail division reported revenue of USD251 million and
EBITDA of USD90 million in 2013, a 28% and 46% yoy decrease
respectively, due to a decline in non-container cargo
transportation volumes and gondola rates that were halved in
2013.  Fitch does not expect significant volume recovery in the
short-to-medium-term given still depressed GDP growth (Fitch
forecast: 1%-2% in 2014 and 2015) and does not expect significant
increase in gondola rates partly due to surplus capacity.

Port Stable but Restructuring Delayed

FESCO's port business is a key source of the company's earnings
given its higher margins and lower earnings volatility.
Vladivostok is one of the largest ports in the Russian Far-East
and is key in the importing and exporting of commodities as well
as consumer goods.

FESCO's port division reported revenue of USD200 million and
EBITDA of USD90 million in 2013, a 12.5% and 4.3% yoy increase
respectively, on higher container handling volumes and
consolidation of Port of Vladivostok and Vladivostok Container
Terminal.  However, while the port division continues to perform
well relative to the rail division, synergies from the merger of
Port of Vladivostok and the terminal business are not expected to
make an impact until 2014. This should result in more cost
savings, i.e. reduced headcount and improved business processes,
etc.

Flexible Capex Ensures Positive FCF

Fitch expects FESCO to continue to generate stable cash flow from
operations of USD90 million on average over 2014-2016.  FESCO's
capex program is fairly flexible and subject to market
conditions. This, together with its policy of zero dividend
payments until net debt/EBITDA falls below 2.5x, allow management
to keep free cash flow in the positive territory.  Management
confirmed that it will not increase expansion capex until the
market for rail services improves.  Maintenance capex is
estimated to average USD18 million-USD20 million, which
represents almost half of our capex forecast per annum over 2014-
2016.  The company demonstrated flexibility in 2013, when it cut
capex to USD47 million from USD65 million.  This has meant that
despite the deterioration in the rail business the company has
continued to generate positive free cash flow and limit
deterioration in credit metrics.

FX Risk

FESCO is subject to foreign currency fluctuations risks as about
80% of its total debt is denominated in USD, comprising two
eurobonds that mature in 2018 and 2020.  This contrasts with only
around 50%-60% of revenues that are USD-linked or USD-
denominated. The company is seeking to improve the natural hedge
of its earnings through the negotiation of its contracts and
through focusing on exports at the Vladivostok port.  While
repayment risk is not imminent in the short-term continued
decline of RUB versus the USD could result in conversion risk.

Diversified Exposure; Commodities Dominate

FESCO is fairly well-diversified by cargo type, facilitated by
its balanced and flexible fleet portfolio.  In common with some
of its rail peers, commoditized goods including coal, iron ore
and construction materials dominate its rail division, comprising
around 77% of total volumes transported by rail in 2012.  FESCO's
Port and Liner and Logistics divisions provide the group with
greater exposure to higher-value goods, as well as diversity in
terms of geographical markets.  Although bulk cargo is skewed
towards exports, given Asia's demand for raw materials, trade
flows in terms of container throughput are fairly well-balanced.

Moderate Customer Diversification

Although FESCO's customer base is fairly broad (around 1,500
customers spanning a variety of industries and of fairly sound
quality) it exhibits greater concentration than peers,
particularly in the rail division where the five largest direct
clients accounted for 38% of the division's revenues in 2012.

LIQUIDITY & DEBT STRUCTURE

At end-2013 FESCO's cash and cash equivalents stood at USD191
million which comfortably covered short-term debt of USD20
million, excluding limited recourse short-term REPO loan of
USD150 million, which Fitch do not include in our credit metrics
calculations.  Additionally, FESCO started to generate positive
free cash flows in 2012 and Fitch expects it to continue in the
medium term. FESCO's debt repayment profile is not onerous with
local bonds of USD151 million due in 2016 and eurobonds of USD550
million and USD325 million due in 2018 and 2020 respectively.

Financial covenants (i.e. fixed charge coverage ratio (FCCR) at
2.0x or higher and consolidated total leverage ratio (CTLR) of
less than 3.25x) per the eurobonds documentation limit the
ability to incur additional debt but their breach will not
constitute an event of default as they are not maintenance
covenants.  The company adhered to its non-financial covenants as
at FY13.

RATING SENSITIVITIES

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

-- A sustainable improvement in FFO net adjusted leverage to
    below 4.0x and FFO fixed charge cover trending towards 2.0x

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

-- Inability to reduce FFO net adjusted leverage towards 5.0x by
    2015 and maintain FFO fixed charge cover above 1.5x due to
    lower-than-expected growth and/or efficiency-savings in the
    port division and/or material debt-funded acquisitions or
    dividends

-- Signs of increased competition or greater volatility of
    earnings in the port and/or rail business

Full List of Ratings

Far-Eastern Shipping Company Plc

  Long-term foreign currency IDR downgraded to 'B' from 'B+';
   Outlook Stable

  Long-term local currency IDR downgraded to 'B' from 'B+';
   Outlook Stable

  National Long-term rating downgraded to 'BBB+(rus)' from
   'A(rus)'; Outlook Stable

  Local currency senior unsecured rating downgraded to 'B' from
   'B+'

Far East Capital Limited S.A. (Luxembourg)

  Foreign currency senior unsecured rating downgraded to 'B' from
  'B+'


GLOBALTRANS INVESTMENT: Fitch Affirms 'BB' IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Globaltrans Investment PLC's (GLTR)
Long-term foreign currency Issuer Default Rating (IDR) at 'BB'.
The Outlook is Stable.

GLTR's ratings reflect its solid business and financial profile,
but also consider its exposure to cyclical commodity industries.
GLTR is smaller than UCL Rail B.V. (BB+/Stable), but has a
younger fleet, and its customer base is more concentrated, with a
focus on higher margin cargoes.

Key Rating Drivers

One of the Largest Private Operators
GLTR is one of the largest private freight rail transportation
groups in Russia with a market share of about 8.3% of total
freight volume transported by rail in Russia during 2013.  In
2012-2013 GLTR acquired captive rail freight operators of JSC
Holding Company Metalloinvest (Metalloinvest; BB-/Positive) and
OJSC Magnitogorsk Iron & Steel Works (MMK; BB+/Negative) with
about 12 thousand units of rolling stock in total, which were
deployed mainly with these two existing customers.

Cash Generative Profile
The company's financial profile is supported by a healthy
adjusted EBITDA margin of about 45% on average during 2008-2013,
adjusted for pass-through costs.  At end-2013 GLTR reported flat
funds from operations (FFO) adjusted net leverage at 1.9x.  Fitch
expects GLTR to report strong cash flows from operation (CFO)
over the medium term and free cash flow is expected to remain
positive over the same period due to low capex expectations.

Modern Fleet, Higher-Priced Cargo Dominate
GLTR's ratings benefit from its competitive position compared
with its Russian peers as it owns a relatively modern railcar
fleet with an average age of about eight years at end-2013.  As a
result, GLTR's maintenance and fleet renewal costs are a smaller
burden on cash flow.  The company's ratings also benefit from the
dominance of higher-priced cargo transportation, including oil
products and oil and metallurgical cargoes, which accounted for
73% of total freight rail turnover making 82% of net revenue from
operation of rolling stock in 2013.

Customer Concentration, Short-term Contracts
GLTR's rating is constrained by customer concentration as its top
four customers accounted for about 68% of net revenue from
operation of rolling stock in 2013 and primarily one-year-term
transportation agreements under which the company operates.
Although customer concentration is higher compared with rated
peers, it is mitigated by the counterparties' market positions
and credit profiles as well as prepayment terms under the
majority of transportation agreements in common with its peers.

Fitch notes that in order to increase its cash flow visibility,
GLTR entered into a three year service contract with
Metalloinvest in May 2012 (that has been extended for additional
19 months in January 2014) and a five year service contract with
MMK in February 2013, which secure a significant portion of
GLTR's non-oil fleet.  In addition, GLTR intends to diversify its
customer base by increasing the number of mid- and small size
clients. Possible introduction of longer-term agreements with
other large customers may further increase the company's cash
flow visibility.

Lease-Adjusted Ratios
GLTR's leased-in rail fleet fluctuated between 6%-25% of total
owned and leased-in rail fleet in 2008-2013.  Fitch expects the
share of leased-in rail fleet to be around 4%-5% of total owned
and leased in rail fleet over the medium term.  "We treated
operating lease rentals as a debt-like obligation and applied a
5x multiple to capitalize the related costs as we expect that
part of the operating lease agreements will be maintained over
the long term. Fitch expects GLTR's FFO adjusted net leverage to
remain at around 2x at end-2014 and to then improve.  This
leverage expectation and FFO fixed charge coverage of around 4.2x
support the ratings," Fitch said.

Elevated Volume Risks
Similarly to its peers, GLTR's strengths are partially offset by
the company's exposure to cyclical commodity industries.  Fitch
assesses GLTR's volume risk as elevated, although this is
mitigated by a comparatively low share of fixed costs in the
company's cost structure and signed medium- to long term
contracts with Metalloinvest and MMK, that were responsible for
about 30% of net revenue from operation of rolling stock in 2013.

Moderate Market Expectations
In Russia, railroads remain the main method of cargo
transportation, accountable for as much as 85% of total freight
turnover (excluding pipelines).  The growth of rail freight
turnover has been on average 1% below that of real GDP since
2002. Fitch does not expect significant volume growth in the
short to medium term given still depressed GDP growth, which we
currently forecast to be within 1%-2% over 2014-2015.
Consequently, we expect market freight rates to grow slowly below
the inflation level in the short to medium term.

Liquidity and Debt Structure

Adequate Liquidity
Fitch views GLTR's liquidity at end-2013 as adequate, consisting
of USD104 million of cash and cash equivalents, USD192 million of
undrawn credit facilities and considering positive free cash flow
in 2014 (after dividends and capex), compared with short-term
maturities of USD277 million at end-2013.  "Although the group
does not have a centralized treasury, we believe that it can
manage liquidity in an efficient and expeditious manner mainly
with dividends from its subsidiaries," Fitch said.

Secured Bank Debt
GLTR's outstanding debt at end-2013 amounted to USD1,014 million
and comprise mainly bank loans (USD596 million or 59%), bonds
(USD352 million or 35%) and finance leases (USD45 million or 4%),
the latter are common for the sector.  At end-2013 all
outstanding bank debt (USD596 million) was secured by a pledge of
rail fleet.

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

-- Diversification of the customer base and lengthening of
    contract duration with volume visibility with key customers.

-- A sustained decrease in FFO lease-adjusted net leverage below
    1.0x and FFO fixed charge coverage of above 5.0x.

-- Sustained stronger economic growth and infrastructure
    improvements and/or a substantial increase in GLTR's market
    share in terms of fleet number and therefore transported
    volumes and revenue generated allowing greater efficiency.

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

-- A sustained rise in FFO lease-adjusted net leverage above
    2.0x would be negative for the ratings, and may lead to
    further review and ratings implications due to complex
    corporate structure.

-- Sustained slowdown of the Russian economy leading to a
    material deterioration of the group's credit metrics.

-- Unfavorable changes in Russian legislative framework for the
    railway transportation industry, which continues to be
    reformed.

The rating actions are as follows:

Long-term foreign currency IDR affirmed at 'BB'; Outlook Stable
Long-term local currency IDR affirmed at 'BB' Outlook Stable
Short-term foreign currency IDR affirmed at 'B'
Short-term local currency IDR affirmed at 'B'
National Long-term rating affirmed at 'AA-(rus)'; Outlook Stable


MDM BANK: Moody's Cuts Deposit & Debt Rating to B1; Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded MDM Bank's long-term
deposit ratings and local-currency senior unsecured debt rating
to B1 from Ba3. The bank's standalone bank financial strength
rating (BFSR) was also downgraded to E+ from D-, and the baseline
credit assessment (BCA) is now equivalent to b1 (formerly ba3).
Moody's has also affirmed the Not-Prime short-term deposit
ratings. The outlook on the bank's long-term ratings is negative
while the standalone E+ BFSR now carries a stable outlook.

Ratings Rationale

The ongoing deterioration in the Russian economy prompted Moody's
to reassess the level of expected losses on MDM Bank's problem
assets that include problem loans and repossessed collateral
(investment property). This reassessment effectively lowers the
bank's capital cushion (measured as capital and loan loss
reserves minus expected losses on problem assets). In addition,
Moody's expects that negative pressure will be exerted on the
bank's pre-provision profits and operating efficiency as a result
of a decline in the bank's regulatory capital, recent deposit
outflow and recently increased interest rates. These expectations
and recently deteriorated credit conditions, in turn, exert
further pressure on capital, and render MDM Bank more vulnerable
if compared with Ba-rated banks.

As at end-September 2013, MDM Bank's non-performing loans (NPLs,
defined as all overdue loans in the corporate segment and loans
overdue by more than 90 days in the retail segment) stood at
11.6% of gross loans. In addition to overdue loans, there are
'impaired' but not 'past due' loans of RUB33 billion (17% of
gross loans). Moody's considers that the above-mentioned impaired
loans (legacy loans) require additional provisioning and,
therefore, the rating agency considers the 11.2% level of loan
loss reserves to be insufficient, particularly because of the
ongoing deterioration in the Russian economy and limited track
record of recoveries on these loans in recent years. Moody's also
notes the revaluation risk associated with the high volume of
investment property that totalled RUB11.3 billion or 3.9% of
assets (these assets mainly include relatively illiquid
repossessed collateral).

Moody's notes that MDM Bank reported a healthy capital cushion
(under Basel I): at end-September 2013, the Tier 1 and total
capital adequacy ratios stood at 17.7% and 19.2%, respectively.
The high reported capital adequacy ratio positions the bank
favourably to absorb elevated credit loss levels, given the
bank's high level of problem loans and relatively low level of
loan loss reserves. At the same time, if adjusted for additional
expected losses, Moody's considers MDM Bank's capital cushion to
be weaker than that reported by the bank.

The downgrade of MDM Bank's long-term ratings also reflects the
bank's recently decreased regulatory capital and weak recurring
earnings. As at end-March 2014, MDM Bank's regulatory capital
declined to RUB35.5 billion from RUB38.8 billion reported as at
end-March 2013. Given MDM Bank's low regulatory capital adequacy,
Moody's regards as limited the bank's ability to improve its
currently weak operating efficiency and pre-provision earnings as
MDM Bank has to preserve: (1) its regulatory capital adequacy
ratio; and (2) net interest margin amid recently increased
funding costs in Russia.

The downgrade also takes into account the recent deterioration of
MDM Bank's liquidity profile against the background of the
decline in customer deposits during the past six months. In the
past, Moody's had regarded the bank's healthy liquidity profile
as one of the major positive rating drivers. As at end-September
2013, MDM's loan-to-deposits ratio was at 90%, while the cash
assets amounted to RUB37.4 billion or about 19% of the bank's
total customer funding.

In the first nine months of 2013, MDM Bank's reported pre-
provision income accounted for 1.75% of the bank's average
assets. Moody's considers that pre-provision profitability,
albeit improving in 2013, might be low and thus unable to absorb
ongoing credit losses associated with the bank's performing loan
book, especially given the recently deteriorating operating
environment. Based on this scenario and the above-mentioned risk
exposure for pre-provision earnings, Moody's expects further
pressure on the bank's capital in 2014. The negative outlook on
MDM Bank's debt and deposit ratings mainly reflects this risk as
well as the bank's recently weakening liquidity profile.

At the same time, Moody's notes low single-name concentrations in
the loan book and funding that positions MDM Bank favourably
compared to its single-B rated peers. The bank's customer funding
also displays a fairly granular structure compared to many
Russian-based peers: at end-September 2013, the top 10 customers
together accounted for 13% of total customer deposits.

What Could Move The Ratings Up/Down

MDM Bank's ratings have limited upside potential, as captured in
the negative outlook. The rating outlook can be changed to stable
if the bank eliminates risks of capital erosion via improving its
risk-adjusted profitability and decreasing of problem loans.

The ratings could be further downgraded if MDM Bank's problem
loans require higher loan loss provisioning than currently
anticipated by Moody's, or if the deterioration in the operating
environment negatively affects the bank's financial fundamentals.

Headquartered in Moscow, Russia, MDM Bank reported total
(unaudited IFRS) assets of RUB290 billion and shareholder equity
of RUB48.8 billion at September 30, 2013. For the first nine
months of 2013, the bank earned a net income of RUB43 million.



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


BANKIA SA: Fitch Lifts Viability Rating to bb-; Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Spain-based Bankia, S.A.'s Long-term
Issuer Default Rating (IDR) at 'BBB-', with a Negative Outlook,
and its Short-term IDR at 'F3'.  The agency has also upgraded
Bankia's Viability Rating (VR) to 'bb-' from 'b'.

The upgrade of Bankia's VR mainly reflects significant progress
achieved under its 2012-2015 restructuring plan, particularly in
downsizing and asset de-risking.  These factors have helped to
improve the bank's capital position, which nevertheless is
considered modest and at risk from fairly high unreserved problem
assets.  Further, the bank's funding and liquidity profile has
improved but still shows imbalances.  The VR also considers weak
banking earnings and asset quality.

Fitch has simultaneously taken rating actions on Bankia's parent
bank holding company, Banco Financiero y de Ahorros S.A. (BFA),
including an upgrade of its VR to 'bb-' from 'b-'.  The VRs of
Bankia and BFA are now aligned.  Fitch believes a differential
between the VRs of the two banks is no longer justified given the
similarity in risk profiles and much reduced double leverage at
BFA.

KEY RATING DRIVERS - BANKIA'S AND BFA'S IDRS AND SENIOR DEBT,
SUPPORT RATING AND SUPPORT RATING FLOOR

Bankia's and BFA's Long-term IDRs and senior debt ratings are
driven by their Support Rating Floors (SRFs).  Bankia's SRF of
'BBB-' reflects Fitch's expectation that there remains a high
probability of support from the Spanish state (BBB/Stable) if
required.  This is because of Bankia's national systemic
importance, with an 8.6% deposit market share.  BFA's SRF is
lower than Bankia's, indicating a moderate probability of
support, and reflecting its role as a bank holding company,
rather than a deposit-taking bank.

The Negative Outlook on the two banks' Long-term IDRs reflects
Fitch's view that there is a clear intention to reduce implicit
state support for financial institutions in the EU.  This is
demonstrated by a series of legislative, regulatory and policy
initiatives, including the EU's Bank Recovery and Resolution
Directive (BRRD) and the Single Resolution Mechanism (SRM).  A
downgrade of Spain's sovereign rating would also put pressure on
Bankia's and BFA's SRs and SRFs (and hence IDRs).

RATING SENSITIVITIES - BANKIA'S AND BFA'S IDRS AND SENIOR DEBT,
SUPPORT RATING AND SUPPORT RATING FLOOR

As the Long-term IDRs of Bankia and BFA are at their SRFs, the
sensitivities of their IDRs and senior debt ratings are
predominantly the same as those for their SRFs.

The Negative Outlook indicates that a downward revision of the
SRFs of the two banks would likely cause downgrades of their
Long-term IDRs and long-term senior debt ratings to the level of
their respective VRs.  Currently, this would mean a three-notch
downgrade to 'BB-' unless mitigating factors arise.  Mitigating
factors, for example, might include an upgrade of the VRs of the
respective banks to the level of their current SRFs or an
increase in levels of junior debt, potentially providing large
buffers.

KEY RATING DRIVERS - VR

Bankia's VR reflects significant progress achieved in its
restructuring plan.  This was required under state-aid rules.
Achievements have been undertaken by an experienced management
team.  The bank's capital position as well as funding and
liquidity have all improved.

In 2013, Bankia significantly reduced its branch network and
staff, making progress towards completing targets well ahead of
schedule.  Of the identified EUR90 billion of non-core assets to
be disposed of, Bankia-BFA aims to reduce this by EUR50 billion,
of which 76% have been achieved to date (including about EUR23
billion of net asset transfers to Spain's bad bank (SAREB).

Bankia's Fitch core capital (FCC)/weighted risks ratio of 9.2% at
end-2013 benefited from a recapitalization completed in May 2013,
significant asset de-risking and some internal capital
generation. However, Fitch still considers capital to be on the
low side, considering its unreserved impaired assets of around
130% of FCC. Bankia expects to boost capital through continued
asset disposals and improved earnings.  Fitch believes this is
feasible.

Bankia's funding and liquidity profile benefited from strong
balance sheet deleveraging.  However, at 126%, the net
loan/deposit ratio would benefit from further reductions.
Bankia's reliance on wholesale funding is still high, in
particular usage of ECB funds which remains well above peers
despite recent reductions.  The bank is employing ECB funding
largely to protect margins and overall profitability with carry
trades.  Unencumbered liquid assets are adequate in relation to
debt maturities.  Positively, Bankia issued senior debt in the
wholesale markets in January 2014.

Bankia's non-performing loan (NPL) ratio of 14.6% (16.3%,
including foreclosures) is high, signaling weak credit quality
across retail and in particular SME back book loans.  This is
also a reflection of conservative classification criteria.
Positively, Bankia started to show a declining trend in NPL stock
in 2013 but the ability to sustain this trend remains to be seen.

Concentrations in both the loan and bond portfolios remain high.
Fitch expects Bankia's banking earnings to remain weak in 2014
due to low interest rates, muted volumes and additional
impairments (albeit lower than in 2013).  This is despite a
gradual lowering of funding costs.  Positively, further costs
savings, albeit of a lower magnitude than in 2013, are expected
in 2014 as franchise rationalization starts to make its full
impact.

RATING SENSITIVITIES - VR

Upward VR rating potential may arise if Bankia is able to
significantly reduce the level of its problem assets, improve
core banking profitability and continue the asset de-risking
process. This should support capital.  Further balancing of its
funding structure would also be rating-positive.

While currently less likely, a VR downgrade would arise from a
further sharp deterioration in asset quality and/or
profitability, renewed capital pressures and/or failure to
realize divestments plans.

KEY RATING DRIVERS AND SENSITIVITES - BFA'S VR

BFA is wholly owned by Spain's Fund for Orderly Bank Resolution.
It holds a 61% stake in Bankia.  BFA is supervised by the Bank of
Spain on a group basis despite the fact that it does not directly
carry out banking operations and that its Board of Directors
requested for its banking license to be revoked.

BFA's VR is linked to that of its main subsidiary, Bankia, as
Fitch believes there is a close correlation between their risk
profiles.  BFA's VR has been equalized with that of Bankia
following a significant reduction in its double leverage ratio.
BFA's VR is therefore largely sensitive to changes in Bankia's VR
and to changes in its ownership of Bankia and in double leverage.

The rating actions are as follows:

Bankia, S.A.:

Long-term IDR affirmed at 'BBB-'; Outlook Negative
Short-term IDR affirmed at 'F3'
VR: upgraded to 'bb-' from 'b'
Support Rating affirmed at '2'
SRF affirmed at 'BBB-'
Long-term senior unsecured debt affirmed at 'BBB-'
Commercial paper affirmed at 'F3'
Market-linked senior unsecured securities affirmed at 'BBB-emr'

Banco Financiero y de Ahorros, S.A. (BFA):

Long-term IDR affirmed at 'BB'; Outlook Negative
Short-term IDR affirmed at 'B'
VR upgraded to 'bb-' from 'b-'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB'
Long-term senior unsecured debt affirmed at 'BB'
State-guaranteed debt affirmed at 'BBB'


BANKOA SA: Moody's Alters Ba1 Rating Outlook to Stable
------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Bankoa, S.A's Ba1 long-term deposit ratings and on its
D-/ba3 standalone Bank Financial Strength Rating/Baseline Credit
Assessment. Concurrently, Moody's has affirmed all the bank's
ratings.

The affirmation of the ratings and the change of the outlook to
stable reflect Moody's view that the downside risks to Bankoa's
credit profile have substantially diminished, sustained by the
gradual recovery of the Spanish economy, and underpinned by
Bankoa's capacity to maintain an adequate loss absorption
capacity throughout the crisis.

Ratings Rationale

Rationale For Changing The Outlook To Stable

The stable outlook on Bankoa's standalone ratings reflects (1)
Moody's view that the downside risks to the bank's credit profile
have substantially diminished, sustained by the gradual recovery
of the Spanish economy; and (2) the bank's resilient credit
performance throughout the crisis, with solid asset-quality
indicators that compare favorably with the system average and an
adequate capital cushion.

The stable outlook on Bankoa's deposit ratings is underpinned by
the stable outlook on the bank's standalone ratings as well as by
the stable outlook on the ratings of Bankoa's parent company.
Bankoa's deposit ratings benefit from Moody's assessment of a
high probability of support from Groupe Credit Agricole via
Bankoa's parent company Caisse Regional de Credit Agricole
Pyrenees Gascogne (deposits A2/Prime-1 stable) and Credit
Agricole S.A. (deposits A2/Prime-1 stable, BFSR D stable/BCA
ba2). This assessment of parental support results in a two-notch
uplift from its standalone credit assessment of D-/ba3.

Rationale for Affirmation of Bankoa's Ratings

The affirmation of Bankoa's ratings has been driven by the bank's
ability to maintain an adequate loss-absorption capacity
throughout a challenging period in the bank's operating
environment in the Basque country in Northern Spain, underpinned
by its solid asset quality indicators which outperform the
Spanish banking system average across all asset classes. The
bank's favorable asset quality performance can be observed either
in terms of level (the bank's non-performing loans (NPL) ratio --
at 4.6% at end-December 2013 -- compares very favorably with the
system average of 13.6%), or in terms of a more moderate
increasing trend (NPLs increased by 0.9 percentage points in 2013
compared to 3.2 percentage points for the system).

Moody's also notes Bankoa's strong ranking relative to the system
with respect to other asset quality indicators monitored by the
rating agency. Real estate assets acquired from troubled
borrowers amounted to less than 1% of the total loan book at
year-end 2013, compared with a system-average ratio estimated by
Moody's to be around 7% of total loans.

In this context, Moody's acknowledges that Bankoa's ability to
exhibit a stronger asset quality performance in relation to the
system has been a key consideration in the rating affirmation,
because the bank displays a weaker-than-average coverage of its
problem loans, and its recurring earnings power is also modest.
The bank's coverage ratio (defined as loan loss reserves as a
percentage of NPLs stood at 43% at end-December 2013 compared
with a system average of 58%.

What Could Change The Rating Up/Down

Upward pressure could be exerted on Bankoa's ratings as a result
of (1) an improvement in the level of recurring risk-adjusted
profitability; or (2) a strengthening of its franchise value,
combined with a more balanced funding profile with less reliance
on parent funding. The strengthening of the franchise value could
be achieved through a material increase of market shares,
provided that these changes do not result in a higher risk
profile.

Downward pressure on Bankoa's ratings could ultimately result
from (1) any worsening in operating conditions beyond Moody's
current expectations (e.g., economic growth below Moody's current
GDP forecasts of 0.8% for 2014); (2) failure to maintain its
positive asset-quality indicators; or (3) any weakening of the
parent's ongoing liquidity support.

In addition, Bankoa's long-term deposit ratings could be
downgraded if Moody's assesses a lower probability of parental
support, or if Caisse Regional de Credit Agricole Pyrenees
Gascogne's or Credit Agricole's ratings are downgraded.


LA SEDA DE BARCELONA: Cristian Lay Group Acquires Two Units
-----------------------------------------------------------
Richard Higgs at European Plastic News reports that Spanish
industrial conglomerate Cristian Lay Group has purchased two
units of the bankrupt Spanish PET packaging group La Seda de
Barcelona.

LSB's Artenius Espana PET polymers plant was sold to Cristian
Lay's Plastiverd Pet Reciclado SA while feedstock chemicals
facility Industrias Quimicas Asociadas LSB (IQA) went to the
group's Industrias Quimicas del Oxido de Etileno SA, European
Plastic News relates.

The deal with Cristian Lay was confirmed following its formal
approval of the Barcelona commercial court overseeing the
liquidation of 12 of LSB group's polymer, chemicals, packaging
and recycling operations, European Plastic News discloses.

Final settlement was subject to agreement by the buyer on
retaining workers and maintaining industrial production at the
LSB businesses, European Plastic News notes.

In June 2013, LSB of Barcelona finally filed for voluntary
insolvency after it failed to reach agreement on debt
restructuring with its creditors, European Plastic News recounts.
The disposal of LSB businesses is continuing, overseen by the
Barcelona commercial court, European Plastic News says.


NCG BANCO: Fitch Affirms 'BB+' Long-Term IDR; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed NCG Banco, S.A. (NCG)'s Long-term
Issuer Default Rating (IDR) at 'BB+', Short-term IDR at 'B',
Support Rating (SR) at '3' and Support Rating Floor at 'BB+'
(SRF).  At the same time, the agency upgraded NCG's Viability
Rating (VR) to 'bb-' from 'b+'.  The Outlook for the Long-term
IDR is Negative. A full list of rating actions is provided at the
end of this comment.

The VR has been upgraded to reflect an improvement in the bank's
capital adequacy ratios, following balance sheet restructuring
and deleveraging.  Profitability is improving slightly but core
earnings and asset quality remain weak.

NCG was privatized through an auction, concluded in
December 2013. Once regulatory approvals are received, expected
by
May 2014, Banco Etcheverria - Banesco Group will own 88.3% of
NCG.  The new owners' stated aim is to focus on retail banking,
particularly in the bank's home region of Galicia, and to
continue to restructure the bank with a view to boosting
earnings.

KEY RATING DRIVERS - IDRS AND SENIOR DEBT, SUPPORT RATING AND
SUPPORT RATING FLOOR

NCG's IDRs, Support Rating (SR), Support Rating Floor (SRF) and
senior debt rating are driven by Fitch's expectation of a
moderate probability of support from the Spanish state
(BBB/Stable) if required.  The Long-term IDR is at its SRF.  The
SRF reflects NCG Banco's regional systemic importance to Spain.

The Negative Outlook reflects Fitch's view that there is a clear
intention ultimately to reduce implicit state support for
financial institutions in the EU.  This is demonstrated by a
series of legislative, regulatory and policy initiatives,
including the EU's Bank Recovery and Resolution Directive (BRRD)
and the Single Resolution Mechanism (SRM).

RATING SENSITIVITIES - IDRS AND SENIOR DEBT, SUPPORT RATING AND
SUPPORT RATING FLOOR

As the Long-term IDR of NCG Banco is at its SRF, the
sensitivities of its IDRs and senior debt ratings are
predominantly the same as those for the SRF.  A downgrade of
Spain's sovereign rating would put pressure on NCG's SR and SRF
(and hence IDRs).  The SR and SRF are sensitive to a weakening of
the assumptions around Spain's ability and propensity to provide
timely support to the group. Of these, the greatest sensitivity
is to progress made in implementing BRRD and SRM. Fitch expects
to downgrade NCG Banco's SR to '5' and its SRF to 'No floor'
either during the course 2014 or 1H15.  Timing will be influenced
by progress made on bank resolution legislation.

A downward revision of NCG Banco's SRF would likely trigger a
downgrade of its Long-term IDR and long-term senior debt ratings
to the level of the bank's VR.  Currently, this would mean a two-
notch downgrade to 'BB-' unless mitigating factors arise, for
example an upgrade of NCG's VR.  This is not Fitch's current base
case.

KEY RATING DRIVERS - VR

The upgrade reflects progress made in the implementation of a
restructuring plan.  A portion of the bank's non-core branch
network was sold in 2013.  Balance sheet deleveraging and a
slight improvement in profitability are improving capital
adequacy.

A change in legislation relating to corporation tax, effective at
the outset of 2014, is also boosting the bank's capital ratios.
The Fitch core capital/weighted risks ratio is estimated to have
improved to 11.5% at end-2013 (2012: pro-forma 8.9%) following
the legislation change.  Nevertheless, Fitch considers the bank's
capital is low, considering that unreserved impaired assets,
including foreclosed assets, represented around 95% of equity at
end-2013.

NCG Banco's impaired loans/total loans ratio deteriorated to a
high 18% in 2013 (2012: 14%).  The bank maintains loan loss cover
at a reasonable 56%.  In addition, a large proportion of
restructured loans are already classified as either impaired or
substandard, which carry loan impairment reserves.  Nevertheless,
Fitch considers NCG Banco's loan quality weak, which along with
currently limited earnings generation capability, exerts negative
pressure on the VR.

NCG Banco's funding profile is adequate, having improved slightly
in 2013 to a loans-to- deposit ratio of 103%.  Nevertheless, NCG
Banco remains reliant on wholesale funding, in particular,
sourced from the ECB. NCG Banco holds a buffer of unencumbered
liquid assets totaling 18% of assets at end-2013.

RATING SENSITIVITIES - VR

NCG Banco's VR is sensitive to a change in Fitch's assumptions of
asset quality prospects and the potential for developing
sustainable core profits.

Downward pressure could also arise from high future dividend
payments negatively impacting capital ratios given that the new
shareholders will need to repay by end-2018 around EUR600m of
commitments taken on to fund the acquisition of the bank.

The rating actions are as follows:

NCG Banco

Long-term IDR affirmed at 'BB+'; Outlook Negative
Short-term IDR affirmed at 'B'
Viability Rating upgraded to 'bb-' from 'b+'
Support Rating affirmed at '3'
Support Rating Floor: affirmed at 'BB+'
Long-term senior unsecured debt: affirmed at 'BB+'
Commercial paper: affirmed at 'B'
State-guaranteed debt: affirmed at 'BBB'


STRAWINSKY I: Moody's Affirms C Rating on EUR10.27MM Class Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Strawinsky I P.L.C.:

  EUR43M (Current Outstanding Balance: EUR32.1M) Class A2 Senior
  Secured Floating Rate Notes due 2024, Upgraded to Aaa (sf);
  previously on May 8, 2013 Upgraded to Aa2 (sf)

  EUR23M Class B Senior Secured Floating Rate Notes due 2024,
  Upgraded to A1 (sf); previously on May 8, 2013 Upgraded to Baa2
  (sf)

Moody's also affirmed the ratings of the following notes issued
by Strawinsky I P.L.C.:

  EUR19M (Current Outstanding Balance: EUR19.9M) Class C Senior
  Secured Deferrable Floating Rate Notes due 2024, Affirmed Caa2
  (sf); previously on May 8, 2013 Upgraded to Caa2 (sf)

  EUR12M (Current Outstanding Balance: EUR14.1M) Class D Senior
  Secured Deferrable Floating Rate Notes due 2024, Affirmed Ca
  (sf); previously on May 8, 2013 Affirmed Ca (sf)

  EUR10.27M (Current Outstanding Balance: EUR13.6M) Class E
  Senior Secured Deferrable Floating Rate Notes due 2024,
  Affirmed C (sf); previously on May 8, 2013 Affirmed C (sf)

Strawinsky I P.L.C., issued in August 2007, is a multi-currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield senior secured European loans. The portfolio is
managed by IMC Asset Management B.V. This transaction passed its
reinvestment period in August 2013.

Ratings Rationale

The rating actions on the notes are primarily a result of the
improvement in over-collateralization ratios following the
February 2014 payment date. The Class A1-T was fully paid down by
EUR6.1M or 5.8% of its original outstanding balance and Class A2
amortized by EUR10.9M or 25.3% of its original outstanding
balance.

As a result of the deleveraging, over-collateralization of
Classes A/B and C have increased. As of the trustee's March 2014
report, the Class A/B, Class C, Class D and Class E had over-
collateralization ratios of 146.7%, 107.82%, 90.75% and 78.74%,
respectively, compared with 135.29%, 106.98%, 93.29% and 83.15%,
respectively, as of the trustee's January 2014 report.

The key model inputs Moody's uses, such as par, weighted average
rating factor, diversity score and the weighted average recovery
rate, are based on its published methodology and could differ
from the trustee's reported numbers. In its base case, Moody's
analyzed the underlying collateral pool as having a performing
par and principal proceeds balance of EUR77.74M and GBP8.87M,
defaulted par of EUR34.9M, a weighted average default probability
of 27.48% (consistent with a WARF of 4,195), a weighted average
recovery rate upon default of 44.43% for a Aaa liability target
rating, a diversity score of 12 and a weighted average spread of
3.86%.

In its base case, Moody's addresses the exposure to obligors
domiciled in countries with local currency country risk bond
ceilings (LCCs) of A1 or lower. Given that the portfolio has 15%
exposures to obligors in Spain, whose LCC is A1, Moody's ran the
model with different par amounts depending on the target rating
of each class of notes, in accordance with Section 4.2.11 and
Appendix 14 of the methodology. The portfolio haircuts are a
function of the exposure to peripheral countries and the target
ratings of the rated notes and amount to 2% for the Class A2
notes and 1.25% for the Class B notes.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% of the 85.57% of the portfolio
exposed to first-lien senior secured corporate assets upon
default, 15% of the 1.97% remaining non-first-lien loan corporate
assets upon default and 10.79% of the 12.46% structured finance
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

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:

In addition to the base case analysis described above, Moody's
also performed sensitivity analysis on key parameters for the
rated notes, which includes deteriorating credit quality of
portfolio to address the refinancing risk. Approximately 3.73% of
the portfolio is European corporate rated B3 and below and
maturing between 2014 and 2015, which may create challenges for
issuers to refinance. Moody's considered a model run where the
base case WARF was increased to 4,335 by forcing ratings on 50%
of refinancing exposures to Ca. This run generated model outputs
that were consistent with the base case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of 1) uncertainty about credit conditions in the
general economy especially as 15% of the portfolio is exposed to
obligors located in Spain 2) the concentration of lowly- rated
debt maturing between 2014 and 2015, which may create challenges
for issuers to refinance. CLO notes' performance may also be
impacted either positively or negatively by 1) the manager's
investment strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities.

Additional uncertainty about performance is due to the following:

1) Portfolio amortization: The main source of uncertainty in this
transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

2) Around 49.85% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates.

3) Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

4) Foreign currency exposure: The deal has a 10.2% exposure to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss
of rated tranches.

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


* Fitch Revises Outlooks on 16 Spanish RMBS Tranches to Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlooks on 16 Spanish RMBS
tranches to Stable from Negative. It is also maintaining two
tranches on Rating Watch Positive and affirmed the rest. The
transactions reviewed are AyT Colaterales Caixa Galicia I
(Galicia I), AyT Colaterales Caixa Galicia II (Galicia II), AyT
Colaterales Global Hipotecario, FTA Serie AyT Colaterales Global
Hipotecario Caja Cantabria I (Cantabria), Ayt Colaterales Global
Hipotecario, FTA Serie Ayt Colaterales Global Hipotecario Caja
Vital 1(Vital), AyT Colaterales Global Hipotecario CCM 1 (CCM)
and VAL Bancaja 1 FTA (Val Bancaja).

Key Rating Drivers

Divergence in Asset Performance
As of the latest interest payment date (IPD), three month plus
arrears (excluding defaults) ranged from 0.6% (Vital) to 2.8%
(Galicia II) of the current collateral balances, comparable with
Fitch's Spanish RMBS index (2.5%).  The higher level of arrears
in Galicia II can be attributed to the high portion of negative
amortization loans (97% of the initial pool) and non-resident
borrowers (22% of the initial pool).  The agency expects late
stage arrears to translate into defaults on the upcoming payment
dates, which will most likely lead to reserve fund draws given
the low excess spread generated by the structure (annualized
gross excess spread excluding recovery is at 0.13% of current
pool balance).  For this reason, the Outlook remains Negative on
the most junior notes for Galicia II.

Higher Payment Rates
Annualized principal payment rate (PPR) were much higher for
Galicia I (17%) and Galicia II (15%), compared with the market
average (3.9%) while cumulative defaults remain low at 0.2% and
0.4% of initial pool balance for Galicia I and II respectively.
Given the low cumulative defaults and high PPR, Fitch cannot rule
out the possibility that some prepayments are the result of the
originator (NCG Banco, rated BB+/Negative) refinancing troubled
borrowers.  The practice of refinancing troubled borrowers may
not be sustainable indefinitely and therefore Fitch has applied
conservative assumptions in its analysis and has not relied on
the strong past performance of the transactions being maintained.

Resilient Structures
In the absence of hedging in CCM and Val Bancaja, in the analysis
of the transactions Fitch applied stresses to account for the
mismatch between the portion of loans paying 12 month Euribor
(99%) and the interest payable on the notes.  As the swap
counterpart in Vital is not deemed to be eligible (Caja Vital) to
perform this role, in its analysis of the transaction Fitch did
not give any credit to the basis swap agreement.  Fitch found
that the resulting reduction in excess spread has no impact on
the ratings and the available credit enhancement (CE) is
sufficient to withstand the resulting stresses for CCM, Val
Bancaja and Vital.

Reserve Fund below Target
Reserve fund for Cantabria currently stands at 73% of target, and
Fitch expects further defaults and low excess spread (annualized
stable at 4bp) to cause further reserve fund draws in the next 18
months.  This is reflected in the Negative Outlook on Cantabria's
class C and D notes.

Val Bancaja's reserve fund currently stands at 93% of target, as
a consequence of recent draws caused by large period defaults
that could not be fully provisioned using excess spread.  Fitch
expects further reserve draws to be limited, given the low
pipeline of late stage arrears and the large size of the reserve
fund (currently at EUR27m). For this reason, Fitch revised the
Outlook to Stable from Negative for all rated tranches of this
transaction.

Reserve funds of Vital and CCM are at 93% and 16% of their
respective targets, and are replenishing. Fitch expects these
reserve funds to be replenished slowly to their targets given
limited arrears and defaults, which is reflected in the Stable
Outlooks for both transactions.  The revision of Outlook on 16
tranches is due to the CE available having built up to
comfortably withstand the respective rating stresses.

Rating Cap
The role of account bank in Cantabria, CCM and Val Bancaja is
performed by Banco Santander, whose 'BBB+'/Stable rating can
support a maximum rating of 'A+sf' according to Fitch's
counterparty criteria.

Rating Sensitivities
A change in Spain's Issuer Default Rating and Country Ceiling or
the rating of direct support counterparties may result in a
revision of the highest achievable rating.

An increase in defaults and associated pressure on excess spread
levels and reserve funds beyond Fitch's expectations could result
in negative rating actions.

The rating actions are as follows:

AyT Colaterales Caixa Galicia I (Galicia I):
Class A (ES0312273289) 'AA-sf'; remain on RWP
Class B (ES0312273297) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class C (ES0312273305) affirmed at 'BB+sf'; Outlook revised to
Stable from Negative
Class D (ES0312273313) affirmed at 'B+'; Outlook revised to
Stable from Negative

AyT Colaterales Caixa Galicia II (Galicia II):
Class A (ES0312273404) affirmed at 'AA-sf'; Outlook Stable
Class B (ES0312273412) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class C (ES0312273420) affirmed at 'BB-sf'; Outlook revised to
Stable from Negative
Class D (ES0312273438) affirmed at 'Bsf'; Outlook Negative

AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales
Global Hipotecario Caja Cantabria I (Cantabria):
Class A (ISIN ESO312273446): affirmed at 'A+sf'; Outlook revised
to Stable from Negative
Class B (ISIN ESO312273453): affirmed at 'BBB+sf'; Outlook
revised to Stable from Negative
Class C (ISIN ESO312273461): affirmed at 'BBsf'; Outlook Negative
Class D (ISIN ESO312273479): affirmed at 'Bsf'; Outlook Negative

Ayt Colaterales Global Hipotecario, FTA Serie Ayt Colaterales
Global Hipotecario Caja Vital 1(Vital):
Class A (ES0312273081) 'AA-sf'; remain on RWP
Class B (ES0312273099) affirmed at 'Asf'; Outlook revised to
Stable from Negative
Class C (ES0312273107) affirmed at 'BBsf'; Outlook revised to
Stable from Negative
Class D (ES0312273115) affirmed at 'Bsf'; Outlook revised to
Stable from Negative

AyT Colaterales Global Hipotecario CCM 1 (CCM):
Class A (ISIN ES0312273248): affirmed at 'A-sf'; Outlook revised
to Stable from Negative
Class B (ISIN ES0312273255): affirmed at 'BBsf'; Outlook revised
to Stable from Negative
Class C (ISIN ES0312273263): affirmed at 'CCCsf'; Recovery
Estimate 75%
Class D (ISIN ES0312273271): affirmed at 'CCsf'; Recovery
Estimate 0%

VAL Bancaja 1 FTA
Class A1 (ISIN ES0339721005): affirmed at 'A+sf'; Outlook revised
to Stable from Negative
Class A2 (ISIN ES0339721013): affirmed at 'A+sf'; Outlook revised
to Stable from Negative
Class B (ISIN ES0339721021): affirmed at 'Asf'; Outlook revised
to Stable from Negative
Class C (ISIN ES0339721039): affirmed at 'BBBsf'; Outlook revised
to Stable from Negative



===========
S W E D E N
===========


SAAB AUTOMOBILE: Trustee Claims Execs' Missteps Led to Bankruptcy
-----------------------------------------------------------------
Law360 reported that the trustee for the U.S. arm of Saab
Automobile AB's bankruptcy case filed an adversary suit in
Delaware federal court against three of the company's former
executives, saying they made several ill-advised decisions,
including taking on a letter of credit, that pushed the company
into insolvency.

According to the report, Edward T. Gavin alleges that ex-
President and CEO Tim Colbeck, ex-General Counsel Alan Lowenthal
and ex-Chief Financial Officer Marcellos Matos made various
missteps while at the helm of Saab Cars North America Inc.

                     About Saab Automobile

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab halted production in March 2011 when it ran out of
cash to pay its component providers.  On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.

Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.

The Troubled Company Reporter, on July 18, 2013, reported that
the U.S. arm of Saab Automobile AB won approval of its Chapter 11
liquidation plan, marking the end of the road for Swedish auto
maker's bankruptcy proceedings.



===========
T U R K E Y
===========


FINANSBANK: Fitch Affirms 'BB-' Support Rating Floor
----------------------------------------------------
Fitch Ratings has affirmed the Long-term foreign currency Issuer
Default Ratings (IDR) of Finansbank A.S. and Denizbank T.A.S. at
'BBB-' and of Turk Ekonomi Bankasi A.S. (TEB) and ING Bank A.S.
(INGBT) at 'BBB'.  The Outlook on Finansbank, TEB and ING is
Stable. Fitch has revised the Outlook on Denizbank's Long-term
IDR to Negative from Stable.  At the same time, Fitch has
downgraded Denizbank's Viability Rating (VR) to 'bb+' from 'bbb-
'.

Fitch has also affirmed the Long-term foreign currency IDR of
Deniz Finansal Kiralama A.S.'s (Deniz Leasing), Denizbank's
wholly-owned leasing subsidiary, at 'BBB-' and revised the
Outlook to Negative from Stable.  A full list of rating actions
is at the end of this comment.

KEY RATING DRIVERS - IDRS, NATIONAL RATINGS AND SUPPORT RATINGS

The four banks are second-tier Turkish institutions, majority
owned by foreign shareholders.  In Fitch's opinion, all
subsidiaries are strategically important to their parents.
Parental support is factored into the ratings of Denizbank, TEB
and INGBT, but not Finansbank due to the weak financial profile
of its parent, National Bank of Greece (NBG; B-/Stable/b-).
Finansbank's IDRs are driven by its intrinsic financial strength,
as reflected by its 'bbb-' VR.  The IDRs of the remaining three
banks are driven by potential support from their major
shareholders: Sberbank of Russia (BBB/Negative/bbb) in the case
of Denizbank; BNP Paribas (A+/Stable/a+) for TEB; and ING Bank
N.V. (A+/Negative/a) for INGBT.

TEB's and INGBT's 'BBB' Long-term foreign currency IDRs are
capped at Turkey's Country Ceiling.  The 'BBB+' Long-term local
currency IDRs also take into account country risks.

Deniz Leasing's IDRs and National Ratings are equalised with
those of Denizbank, reflecting close integration and Fitch's view
that this subsidiary operates as if it were a division of the
bank, sharing systems, policies and board members.

The 'AAA(tur)' National Ratings of TEB and INGBT reflect Fitch's
opinion that on a relative scale, these issuers have some of the
best credit profiles in Turkey, based on shareholder support.
The National ratings assigned to Finansbank and Denizbank have
been downgraded to 'AA+ (tur)' from 'AAA(tur)' to reflect these
banks' lower ratings, relative to peers, on the international
scale.

RATING SENSITIVITIES - IDRS, NATIONAL RATINGS AND SUPPORT RATINGS

TEB's and INGBT's IDRs could be upgraded or downgraded if there
were changes to Turkey's Country Ceiling, although this is not
expected at present, given the Stable Outlook on Turkey's
sovereign ratings.  The ratings could also be downgraded if there
was a multi-notch downgrade of either BNPP or ING Bank N.V., or a
sharp reduction in parent commitment to their subsidiaries,
neither of which is currently anticipated by Fitch.

The Long-term IDRs of Denizbank and Deniz Leasing could be
downgraded if Sberbank's Long-term IDRs, currently on Negative
Outlook, were downgraded. Finansbank's IDRs are sensitive to any
change in the bank's VR.

KEY RATING DRIVERS - VRs

The VRs of the four banks reflect their mid-sized and stable
franchises and currently reasonable asset quality and performance
metrics.  However, the ratings also factor in risks relating to
recent rapid credit growth and gradual seasoning of loan books in
a tougher operating environment characterised by slower economic
growth, higher interest rates, exchange rate volatility and
political uncertainty.

The downgrade of Denizbank's VR reflects the erosion of the
bank's capital ratios, which are now significantly lower than
peers', more rapid recent and targeted loan growth and somewhat
higher borrower concentrations.  Sberbank has been supportive of
growth, providing regular injections of subordinated debt.
Nevertheless, rapid growth has placed some strain on leverage and
the bank's Fitch core capital (FCC) ratio has fallen to 8%, while
the regulatory capital ratio is only just above 12%, below the
sector average of 15.3% at end-2013.

Asset quality indicators are holding up well but there is
significant concentration risk in the bank's recently expanded
loan book, with the top five exposures representing around 100%
of FCC.  Positively, earning capabilities are reasonable and the
bank's ability to absorb potential credit losses through income
is strong.  The loan to deposit ratio is a reasonable 112%.

INGBT's 'bb+' VR is one notch lower than Finansbank and TEB's
VRs. This mainly reflects the bank's weaker earnings profile and
a funding structure still heavily dependent on its parent.
INGBT's franchise also lags that of its peers, with a deposit
share of around 1.7%, lower than Denizbank (3.7%), TEB (3.7%) and
Finansbank (4.2%).  At the same time, asset quality has been
sound to date.

Finansbank's 'bbb-' VR reflects its relatively high capital
adequacy ratios, supported by greater earnings generation given
the bank's traditional focus on higher margin retail and SME
business.  Loan quality indicators are weaker than at more
corporate-focused peers, but loan loss reserve coverage is sound.
Higher impairment charges over the past two years have eroded a
greater proportion of pre-impairment operating profit, but have
so far been comfortably absorbed by the bank's higher margins.
Finansbank's decision to slow loan growth in 2014 is viewed
positively by Fitch.  Finansbank's VR also reflects Fitch's view
that contagion risks from its 95% ownership by NBG are low.

TEB's 'bbb-' VR is supported by its more moderate risk appetite
and overall sound financial metrics, while management systems
benefit from input from BNP Paribas.  Asset quality ratios have
proved robust to date, profitability has been reasonable and
capitalisation is satisfactory relative to the bank's risk
appetite.

Impaired loans were moderate at TEB (2.3%), INGBT (2.2%) and
Denizbank (2.9%) at end-2013, but higher at Finansbank (6.5%),
reflecting the latter's greater exposure to the retail and SME
segments. Restructured loans are rising, representing around 2.5%
of total loans at the four banks, except for INGBT (0.8%).

However, restructured loans classified in the watch category were
more moderate, ranging from 0.4% at INGBT and 0.6% at TEB, to
1.5% and 1.4% at Denizbank and Finansbank, respectively.  Loan
loss cover is highest at INGBT, followed by TEB and Finansbank,
with specific and general reserves covering 106%, 95% and 90% of
impaired and watch-list restructured loans, which is positive.
Coverage at Denizbank is lower (77%).

Funding at each of the banks is sourced primarily from customer
deposits.  However, wholesale funding is becoming more
significant.  Loans/deposit ratios were all in excess of 100% at
end-2013, reaching a high 167% at INGBT, around 120% for
Finansbank and TEB, and a somewhat lower 112% at Denizbank.  All
parents have provided subordinated debt to subsidiaries to
support regulatory capital and growth, although this is not
considered part of FCC.

Capital ratios have weakened. FCC represented 12.6% of
Finansbank's risk-weighted assets at end-2013, but a lower 10% at
TEB and 8% at Denizbank.

RATING SENSITIVITIES - VRs

There is limited potential for an upgrade of VRs in the
foreseeable future.  This primarily reflects the anticipated
difficult operating environment in Turkey during the remainder of
2014 and the already relatively high level of the ratings.

Downward pressure on VRs could arise in case of increased loan
impairment, especially in unsecured retail/SME portfolios and
foreign currency loans extended to unhedged corporates, in
particular if this results in a reduction in capital ratios.

The rating actions are as follows:

Finansbank:

  Long-term foreign and local currency IDRs: affirmed at 'BBB-'
   with Stable Outlook
  Short-term foreign and local currency IDRs: affirmed at 'F3'
  Viability Rating: affirmed at 'bbb-'
  Support Rating: affirmed at '3'
  National Rating: downgraded to 'AA+(tur)' from 'AAA(tur)';
   Stable Outlook
  Support Rating Floor: affirmed at 'BB-'
  Senior unsecured long-term debt: affirmed at 'BBB-'

Denizbank and Deniz Finansal Kiralama:

  Long-term foreign and local currency IDRs: affirmed at 'BBB-';
   Outlook revised to Negative from Stable
  Short-term foreign and local currency IDRs: affirmed at 'F3'
  Viability Rating (Denizbank only): downgraded to 'bb+' from
   'bbb-'
  Support Rating: affirmed at '2'
  National Rating: downgraded to 'AA+(tur)' from 'AAA (tur)';
  Outlook Negative

Turk Ekonomi Bankasi:

  Long-term foreign currency IDR: affirmed at 'BBB' with Stable
  Outlook
  Long-term local currency IDR: affirmed at 'BBB+' with Stable
  Outlook
  Short-term foreign currency IDR: affirmed at 'F3'
  Short-term local currency IDR: affirmed at 'F2'
  National Long-term rating: affirmed at 'AAA(tur)' with Stable
  Outlook
  Viability Rating: affirmed at 'bbb-'
  Support Rating: affirmed at '2'

ING Bank Turkey:

  Long-term foreign currency IDR: affirmed at 'BBB' with Stable
  Outlook
  Long-term local currency IDR: affirmed at 'BBB+' with Stable
  Outlook
  Short-term foreign currency IDR: affirmed at 'F3'
  Short-term local currency IDR: affirmed at 'F2'
  National Long-term rating: affirmed at 'AAA(tur)' with Stable
   Outlook
  Viability Rating: affirmed at 'bb+'
  Support Rating: affirmed at '2'


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


HERCULES ECLPISE 2006-4: Moody's Affirms B1 Rating on Cl. B Notes
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of two classes
of Notes issued by Hercules (Eclpise 2006-4) plc.

  GBP666M(current outstanding balance of GBP625.66M) A Notes,
  Affirmed Baa1 (sf); previously on Apr 7, 2011 Downgraded to
  Baa1 (sf)

  GBP43.95M(current outstanding balance of GBP43.86M) B Notes,
  Affirmed B1 (sf); previously on Apr 7, 2011 Downgraded to B1
  (sf)

Moody's does not rate the Class C, Class D, and the Class E
Notes.

Ratings Rationale

The affirmation action reflects the stable performance of the
transaction since the last review in May 2013. All seven loans
remain outstanding whilst the note balance has reduced by GBP4.8
million resulting in only a minor increase in credit enhancement.

Moody's affirmation reflects a base expected loss in the range of
10%-20% of the current balance, the same as at the last review.
Moody's derives this loss expectation from the analysis of the
default probability of the securitized loans (both during the
term and at maturity) and its recovery expectation for the
collateral.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was Moody's
Approach to Rating EMEA CMBS Transactions published in December
2013.

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

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

Main factors or circumstances that could lead to a downgrade of
the ratings are generally (i) a decline in the property values
backing the underlying loans or (ii) an increase in default risk
assessment, especially for the largest three loans, which account
for 73% of aggregate pool balance.

Main factors or circumstances that could lead to an upgrade of
the rating are generally (i) an increase in the property values
backing the underlying loans, (ii) repayment of loans with an
assumed high refinancing risk, (iii) a decrease in default risk
assessment.

Moody's Portfolio Analysis

As of the January 2014 IPD, the transaction balance has declined
by 5% to GPB774.3 from GPB814.9 at closing in Dec 2006 due to
loan amortization. The notes are currently secured by first-
ranking legal mortgages over 166 commercial properties ranging in
size from 26.5% to under 1% of the current pool balance. The pool
has an above average concentration in terms of geographic
location to London (53% based on UW market value) and East Anglia
(29%), whilst the portfolio is concentrated in offices (49%) and
Retail (37%). Moody's uses a variation of the Herfindahl Index,
in which a higher number represents greater diversity, to measure
the diversity of loan size. Large multi-borrower transactions
typically have a Herf of less than 10 with an average of around
5. This pool has a Herf of 5.0, the same as at Moody's prior
review.

The weighted average Moody's loan-to-value (LTV) ratio on the
securitized pool is 100%. This compares to the UW LTV of 81%.

Only one loan, Ashbourne Portfolio Priority A, is in special
servicing, no loans are on the servicer's watchlist.

Summary Of Moody's Loan Assumptions

Below are Moody's key assumptions for the Top 5 loans.

River Court (26.5% of pool) - LTV: 107.3% (Whole)/ 93.3% (A-
Loan); Total Default Probability: Very High; Expected Loss: 0% -
10%.

The loan is backed by River Court a 425,000 sq ft office located
on Fleet Street in central London. The asset is almost fully let
to Goldman Sachs on a lease which expires in 2025 but has a break
option in 2020. Moody's understands that Goldman Sachs are
constructing a new office complex nearby and as such have assumed
the break option will be exercised.

Chapelfield (26.5% of pool) - LTV: 101.9% (Whole)/ 101.9% (A-
Loan); Total Default Probability: Very High; Expected Loss: 0% -
10%.

The Chapelfield loan is backed by Norwich's pre-eminant shopping
mall. Built in 2005 with over 500,000 sf ft of retail and leisure
space, the centre in anchored by House of Fraser and includes
most national retailers in its tenant-mix. The centre is managed
by Intu, the countries largest shopping centre owner.

Cannon Bridge (20% of pool) - LTV: 124.1% (Whole)/ 105.5% (A-
Loan); Total Default Probability: Very High; Expected Loss: 10% -
20%.

The Cannon Bridge Loan is secured by Cannon Bridge House, a
288,800 sq ft office located above Cannon Street train station in
central London. The multitenanted asset has a weighted average
remaining lease until break of 4.7 years and a current ICR of
1.8x.

Ashbourne (9.3% of pool) - LTV: 272.3% (Whole)/ 120.5% (A-Loan);
Total Default Probability: N/A - Defaulted; Expected Loss: 30% -
40%.

The Ashbourne Portfolio Priority A loan is secured against 85
care homes across the UK. Southern Cross surrendered the leases
to the borrower in 2011 and as a consequence two new operators
were identified and selected to run the homes now rebranded
"Larchwood Care".

Booker (7.3% of pool) - LTV: 176.2% (Whole)/ 126.8% (A-Loan);
Total Default Probability: Very High; Expected Loss: 10% - 20%.

The Booker loan is secured against 30 Cash & Carry warehouses.
The marority of assets are located in poor secondary trading
locations, however the WA remaining lease term of over 11 years
until break, partially mitigates the refinance risk.


LADBROKES PLC: Fitch Cuts Long-Term IDR to 'BB'; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded Ladbrokes Plc's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating to 'BB' from
'BB+'.  The Short-term IDR has been affirmed at 'B'. The Outlook
is Stable.  The short term rating on the EMTN program rated 'B'
is withdrawn, as it is no longer relevant to the agency's
coverage.

The downgrade reflects the difficult UK betting shop environment
due to increased costs and taxes, together with Fitch's concerns
over the future profitability of Ladbrokes' on-line business.
This trading weakness and uncertainty on digital profitability
means it is unlikely that Ladbrokes will return to pre-2013
levels of operating margins and cash flow generation in 2014 may
be weaker than anticipated.  2015 will also be affected by the
increase in machine gaming duty (MGD) announced in the March 2014
UK budget, which we estimate will cost GBP16.5 million in lost
profits in 2015.

As a result leverage metrics will only fall slowly from this
year's peak of 3.8x (on an adjusted funds from operations (FFO)
net leverage basis) at end-2013.  "We forecast that Ladbrokes
will not return to FFO adjusted net leverage below 3.0x by end-
2015 and this is inconsistent with a 'BB+' rating, although
leverage will fall to a range comfortably within a 'BB' rating,
as reflected by the Stable Outlook," Fitch said.

Key Rating Drivers
Weak UK trading
After a difficult 2013 betting shop environment characterized by
higher than inflation cost increases, particularly in content
costs, 2014 UK retail profitability will be negatively impacted
by the increase in MGD from 20% to 25%, which could reduce
operating profits at Ladbrokes by up to GBP22 million in a full
year.

High Digital Transformation Costs
Ladbrokes started slowly in the digital market and has been
underperforming in what is becoming a transformational
requirement for a modern betting business.  Fitch views the five-
year partnership with Playtech positively as it gives the company
access to up-to-date technology and know-how.  All the
transitional changes are expected to be complete by end of 1H14,
and the effects on digital's performance from 2H14 should be
positive.

Ladbrokes has however confirmed a continued high level of capex
in FY14 for its digital operation, within the context of a fierce
advertising and expensive marketing battle between the large
betting groups to recruit new active and profitable customers.
Fitch is therefore concerned about the ability of Ladbrokes to
convert the re-launch of its digital operations into sustained
higher profits in 2014 and 2015.

Maintained Dividends
The higher 2013 operating costs have negatively affected the
company's free cash flow generation and thus deleveraging efforts
during 2013.  Despite this reduced cash flow generation,
Ladbrokes continues its shareholder friendly policy as the
company has decided to maintain its dividend policy (GBP81
million in 2013).

Deleveraging Slowing
With weaker operating cash flow in 2013 and maintained dividends,
Ladbrokes' de-leveraging stalled. Leverage increased to 3.8x at
end 2013, and Fitch does not expect it to reduce below 3.0x by
end-2015. This reduces financial flexibility at a time of strong
competition in the betting markets.

FOBT Gaming Regulation
If the UK government introduces new restrictions on fixed odds
betting terminals (FOBT) in 2014, Ladbrokes will probably be more
affected than its competitor William Hill, as over 50% of
Ladbrokes' UK retail operating profits come from FOBT terminals
and it currently has a weaker digital platform.  Fitch estimates
that in the worst case, UK government restrictions on the maximum
bet per machine could reduce machine gross wins by up to 15%. The
gaming industry has however already responded with a voluntary
code of conduct in terms of preventing gaming addiction.

Solid Liquidity
The group has good liquidity with over GBP365 million of cash and
undrawn committed facilities at end-2013. Ladbrokes does not face
any meaningful debt maturities until 2016, when the group's
GBP540 million bilateral facility falls due whereas its GBP225
million bond only matures in March 2017.

Rating Sensitivities

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

-- Further strengthening of operations with the achievement of
    an established competitive profile in online gaming, a fully
    stabilized UK retail business and lower reliance on the UK
    market.

-- Positive FCF on a sustained basis.
-- FFO adjusted net leverage sustainably below 3.0x.
-- FFO fixed charge cover above 3.0x.

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

-- Further material deterioration in UK Retail operating
    profits, adverse regulatory developments and no significant
    improvement in digital operating profits.

-- FCF in negative territory.
-- FFO adjusted net leverage towards 4.0x due to continued weak
    trading, or for over 12 to 18 months due to M&A activity.
-- FFO fixed charge cover below 2.5x.


PREMIERTEL PLC: Fitch Lowers Rating on Class B Notes to 'BBsf'
--------------------------------------------------------------
Fitch Ratings has taken rating action on Premiertel plc's CMBS
notes as follows:

  GBP73,348,325 Class A (XS0180245515) due May 2029: affirmed at
  'AAsf'; Outlook Stable

  GBP203,618,373 Class B (XS0180245945) due May 2032: downgraded
  to 'BBsf' from 'BBBsf'; Outlook Stable

Key Rating Drivers

The affirmation of the class A notes, which are not credit-
linked, reflects Fitch's view on the quality of the underlying
collateral and class A leverage (based on the portfolio's
stressed vacant possession value).  The downgrade of the class B
notes, which have now been de-linked from the rating of British
Telecommunications plc (BT; 'BBB'/Stable/'F2') on account of
sustained cost increases, reflects the risk that the notes are
not repaid in full from contracted income at legal final maturity
in 2032.  The increase in costs has recently been compounded by a
rise in liquidity facility costs triggered by a stand-by drawing.
There is no assurance that this will be reversed.

Since closing, all interest due to the class A and B notes, as
well as principal to the class A notes, has been paid as
scheduled.  Since February 2010, senior ranking costs have caused
deferrals in scheduled principal payments to the class B notes
(GBP0.367 million at the February interest payment date (IPD)).
Since Fitch's previous rating action in May 2013, senior costs
have risen further due to the non-compliance of the liquidity
facility provider (Royal Bank of Scotland) with documented rating
requirements.  The resultant stand-by drawing fee contributed to
some GBP0.114 million of scheduled principal deferring on the
class B notes in February.

The increase in costs raises the specter of the class B notes
failing to be repaid in full out of contracted lease income by
May 2032.  However, the borrower will still own long leasehold
and freehold interests in the residual value of the real estate
portfolio, which ought to provide sufficient collateral to
refinance the outstanding balance.  Nevertheless, the probability
of default of the class B notes is no longer determined by the
creditworthiness of BT, and noteholders may be reliant on the
sponsor refinancing its assets to avoid bond default.  Estimating
the borrower's equity value in 2032 is speculative given the lack
of visibility on prevailing local market conditions and on future
property quality, and so Fitch no longer considers the notes as
investment grade.

Rating Sensitivities

If local property market conditions deteriorate, the notes may be
downgraded according to their respective reliance on portfolio
vacant possession value.

Fitch will continue to monitor the performance of the
transaction.



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


* BOND PRICING: For the Week April 14 to April 18, 2014
-------------------------------------------------------

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

AUSTRIA
-------
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

BELGIUM
-------
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

BULGARIA
--------
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
------
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

CZECH REPUBLIC
--------------
Sazka AS               9.00  7/12/2021    EUR   10.13

DENMARK
-------
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

FINLAND
-------
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

FRANCE
------
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

GEORGIA
-------
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

GERMANY
-------
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
getgoods.de 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

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

ICELAND
-------
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

IRELAND
-------
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

ITALY
-------
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

LUXEMBOURG
----------
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

NETHERLANDS
-----------
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

NORWAY
------
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

PORTUGAL
--------
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

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

RUSSIA
------
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

SPAIN
-----
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

SWEDEN
------
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

SWITZERLAND
-----------
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

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

UKRAINE
-------
Agroton Public Ltd    12.50  7/14/2014    USD   50.00

UNITED KINGDOM
--------------
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.

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


                            *********


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

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

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
202-241-8200.


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